智通财经APP获悉，国泰海通发布研报称，维持同程旅行(00780)增持评级。考虑OTA行业竞争格局依然 稳定，且公司通过补贴效率提升等方式维持利润率稳步提升，维持公司25/26/27年经调整归母净利润至 33.11/38.47/44.02亿元人民币(下同)。考虑公司自身成长性和业绩弹性，和相比携程体量，给予2025年 18xPE估值，维持目标市值596亿元人民币，以1HKD=0.9128CNY汇率计算，对应653亿港币，对应目标 价27.88元港币。 国泰海通主要观点如下： 25Q2业绩超预期，酒旅需求维持景气并驱动GMV同比恢复正增长;行业竞争格局稳定，通过营销补贴效 率提升驱动核心OTA利润率继续稳步提升。 业绩简述 25Q2公司实现收入46.69亿元，同比+10%，核心OTA实现收入40.08亿元，同比+13.66%。经调整净利润 7.75亿元/yoy+18%，经调整净利率16.6%/yoy+1.1pct。其中，核心OTA平台营业利润10.70亿/+24.69%， 核心OTA营业利润率26.7%/+2.4pct。业绩超预期，酒旅高景气且GMV增速回正。①本季财报重点关注 1)交通票务增速放缓对收入的拖累 ...

25Q2公司实现收入46.69亿元，同比+10%，核心OTA实现收入40.08亿元，同比+13.66%。经调整净利润 7.75亿元/yoy+18%，经调整净利率16.6%/yoy+1.1pct。其中，核心OTA平台营业利润10.70亿/+24.69%， 核心OTA营业利润率26.7%/+2.4pct。业绩超预期，酒旅高景气且GMV增速回正。①本季财报重点关注 1)交通票务增速放缓对收入的拖累。2)竞争格局变化，以及对应的营销投放效率提升对业绩提振效果。 ②25Q2公司业绩超预期，收入符合预期。本季GMV增速再次恢复正增长更值得关注，考虑大盘情况， 同程份额实际略有提升。③Take rate同比24Q2的提升在继续是收入增长的驱动力。但预计Q3起高基 数，因此25H2收入增速将环比H1放缓。 格局稳定营销效率提升，核心OTA利润率稳步提升 ①25Q2经调整净利润7.75亿，同比+18%，经调整EBITDA同比+29.75%，利润率提升动力依然来自效率 端改善。②销售费用率同比-2.2pct侧面验证行业竞争并未明显加剧。核心OTA营业利润10.42亿，同比 增速21.4%;营业利润率26%，同比+1.7pct。③ ...

智通财经APP获悉，国泰海通发布研报称，维持BOSS直聘-W(02076)增持评级。受宏观经济波动及自身 增速均值回归的影响，公司收入增速放缓，但公司进行了出色的费用控制，在保证核心经营指标继续正 增长的情况下，利润率继续提升。考虑宏观经济波动，维持2025/26/27年经调整归母净利润至 32.75/39.64/46.7亿元人民币(下同)。给予2025年高于行业平均30xPE估值，2025年目标市值950亿元人民 币，以1HKD=0.9109CNY汇率计算，对应1,043亿港币，对应目标价109.66元港币。 国泰海通主要观点如下： 25Q2业绩超预期，尽管收入增速放缓，但受益于规模经济，费用率方面提效明显。后续预期相对乐 观，收入增速有望逐季改善。业绩简述：公司25Q2营业收入21.02亿/+9.7%;GAAP净利润7.11亿/+70.4%; 经调整净利润9.41亿/+30.9%。股息及分红：宣布8,000万美元股息+2.5亿美元回购计划。 业绩超预期，收入放缓但利润持续释放 收入增速预计环比改善，AI布局及落地规划加速 ①根据公司业绩指引，预计25Q3收入为21.3~21.6亿元，同比+11.4~13% ...

Core Viewpoint - The report maintains a buy rating for BOSS Zhipin-W (02076), highlighting a slowdown in revenue growth due to macroeconomic fluctuations and mean reversion, but effective cost control has led to continued profit margin improvement [1] Group 1: Financial Performance - In Q2 2025, the company reported revenue of 2.102 billion RMB, a year-on-year increase of 9.7%, and a GAAP net profit of 711 million RMB, up 70.4% [2] - Adjusted net profit for Q2 2025 was 941 million RMB, reflecting a 30.9% increase [2] - The company announced a dividend of 80 million USD and a share repurchase plan of 250 million USD [2] Group 2: Profitability and Cost Management - The company experienced a significant improvement in cost efficiency, with sales expense ratio down by 8.47 percentage points and R&D expense ratio down by 3.36 percentage points [3] - The reduction in stock-based compensation (SBC) contributed to a lower SBC expense ratio of 10.93%, down by 4.80 percentage points [3] - BOSS Zhipin has consistently demonstrated strong performance in profit margins due to low customer acquisition costs and high efficiency in marketing investments [3] Group 3: Future Outlook - Revenue for Q3 2025 is expected to be between 2.13 billion and 2.16 billion RMB, representing a year-on-year increase of 11.4% to 13% [4] - The company has a clear and rational plan for the commercialization of AI in the human resources service sector, with product testing expected to contribute to revenue in the near future [4] - The company is positioned to benefit from improving recruitment demand and cash collection trends, with AI developments anticipated to act as a significant catalyst for revenue growth [4]

公司现金分红比例在2023年以前长期维持在30%，2023年全年分红比例提升至40%，2024年末期股息进 一步提升至全年50%。公司2025年中期分红拟维持50%的比例，彰显对股东回报的高度重视。 风险提示：新品放量不及预期，市场竞争加剧。 公司2025H1实现销售收入66.4亿元同比持平;经调整归母净利润(剔除汇兑损益影响)10.2亿元，同比下降 6.1%，主要系部分产品降价和新产品营销投入所致。 普耗趋稳，药包、骨科引领增长 公司2025H1通用医疗器械板块实现收入33.0亿元，同比基本持平，主要产品如输液器、留置针、注射器 等价格保持稳定，销量小幅增长;药包板块收入11.7亿元，同比基本持平，预灌封注射器国内销售单价稳 定，销量小幅增长，已与150余家新药企业开展合作，自动注射笔中国市场放量显著，2025H1销量增长 约200%，本土及海外市场均有较大潜力;骨科板块收入7.3亿元，同比略降1.6%，分部溢利同比大增 74%，其中脊柱同比环比均实现双位数增长，关节因销售模式变化表观承压，下半年有望加速放量;介 入板块收入9.9亿元，同比下降2%;血液技术板块收入4.5亿元，同比增长8.1%，其中拉德索斯 ...

智通财经APP获悉，国泰海通发布研报称，维持威高股份(01066)增持评级。结合公司2025H1业绩情况 及经营趋势，下调2025-2027年预测EPS为0.44/0.50/0.56元(原为0.51/0.57/0.63元)，参考可比公司给予 2026年目标PE16X，给予目标价8.00元(折合8.76港元)。公司2025H1普耗趋稳，药品、骨科引领增长， 继续保持高分红比例。 国泰海通主要观点如下： 收入持平，净利率略有下降 公司2025H1通用医疗器械板块实现收入33.0亿元，同比基本持平，主要产品如输液器、留置针、注射器 等价格保持稳定，销量小幅增长;药包板块收入11.7亿元，同比基本持平，预灌封注射器国内销售单价稳 定，销量小幅增长，已与150余家新药企业开展合作，自动注射笔中国市场放量显著，2025H1销量增长 约200%，本土及海外市场均有较大潜力;骨科板块收入7.3亿元，同比略降1.6%，分部溢利同比大增 74%，其中脊柱同比环比均实现双位数增长，关节因销售模式变化表观承压，下半年有望加速放量;介 入板块收入9.9亿元，同比下降2%;血液技术板块收入4.5亿元，同比增长8.1%，其中拉德索斯辐照仪 ...

国债期货持仓日报 2025年9月17日 国债期货成交概要 | | 收盘价 | +/- | 成交量 | +/- | 成交额 | +/- | 持仓量 | +/- | 持仓保证金(亿元） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | T2512 | 108.16 | 0.13% | 101,611 | -27% | 1,098 | -27% | 222,606 | 6,322 | 48.2 | | T2603 | 107.86 | 0.16% | 10,278 | -4% | 111 | -4% | 23,281 | -830 | 5.0 | | T2606 | 107.68 | 0.15% | 231 | 66% | 2 | 66% | 302 | 7 6 | 0.1 | | 合 计 | | | 112,120 | -25% | 1,211 | -25% | 246,189 | 5,568 | 53.2 | | | 收盘价 | +/- | 成交量 | +/- | 成交额 | +/- | 持仓量 | +/- | 持仓保证金(亿元） ...

Group 1: Federal Reserve Rate Decision - The Federal Reserve is expected to announce a 0.25 percentage point rate cut due to recent slowing employment growth [1] - Market consensus anticipates a 25 basis point cut, but there are expectations for a 50 basis point cut or continued cuts until 2026 [1] Group 2: Market Reactions to Rate Cut - CICC believes the upcoming rate cut is a "preventive" measure, indicating a gradual recovery of the U.S. economy, with potential overheating risks [2] - The market is expected to shift from "easing trades" (bonds strong, stocks weak) to "recovery trades" (stocks strong, bonds weak) over a transition period of 1-3 months [2] Group 3: A-Share Market Performance - A-shares saw collective gains, with the Shanghai Composite Index up 0.37%, Shenzhen Component Index up 1.16%, and ChiNext Index up 1.95% [3] - The trading volume in the Shanghai and Shenzhen markets reached 23,767 billion yuan, a slight increase of 353 billion yuan from the previous day [4] Group 4: Sector Performance and Trends - The ChiNext Index, Shenzhen Component Index, Sci-Tech Innovation 50 Index, and CSI 500 Index reached new highs [5] - The recent K-line patterns of the Shenzhen Component Index and ChiNext Index show strong offensive characteristics, with key sectors like communication equipment and new energy driving the indices [6] Group 5: Broker Stocks and Market Dynamics - Major brokerage stocks, including CITIC Securities and Guotai Junan, experienced significant selling pressure, indicating they are not yet in a primary upward trend [7] - The market is characterized by rotation among major sectors, with human-shaped robots, automotive, communication, and AI sectors generally rising [7] Group 6: Future Outlook and Key Sectors - The communication equipment sector's index is being closely monitored for potential new highs, while AI hardware stocks are expected to lead the market [8] - The solid-state battery sector shows a promising upward trend, warranting attention on core stocks [8]

Core Viewpoint - Yunnan Copper Industry Co., Ltd. has seen a stock price increase of 5.01% to 16.76 CNY per share, with a trading volume of 2.126 billion CNY and a market capitalization of 33.581 billion CNY as of September 17 [1] Company Overview - Yunnan Copper was established on May 15, 1998, and listed on June 2, 1998. The company is located in Kunming, Yunnan Province, and its main business includes copper exploration, mining, smelting, precious and rare metal extraction and processing, sulfur chemical products, and trading [1] - The revenue composition of Yunnan Copper is as follows: cathode copper 74.00%, other products 12.42%, precious metals 12.24%, and sulfuric acid 1.33% [1] Fund Holdings - According to data, one fund under Guotai Haitong Asset Management has a significant holding in Yunnan Copper. The Guotai Junan CSI 500 Index Enhanced A (014155) held 1.8515 million shares in the second quarter, accounting for 1.15% of the fund's net value, making it the fourth-largest holding [2] - The fund has generated an estimated floating profit of approximately 1.4812 million CNY today [2] Fund Performance - The Guotai Junan CSI 500 Index Enhanced A (014155) was established on December 15, 2021, with a latest scale of 1.451 billion CNY. Year-to-date, it has achieved a return of 29.35%, ranking 1625 out of 4222 in its category. Over the past year, it has returned 66.34%, ranking 1386 out of 3804, and since inception, it has returned 26.3% [2] Fund Management - The fund is managed by Hu Chonghai and Deng Yakuan. Hu has a tenure of 3 years and 278 days, with a total asset scale of 8.512 billion CNY, achieving a best return of 72.56% and a worst return of -0.04% during his tenure [3] - Deng has a tenure of 1 year and 125 days, managing assets totaling 2.132 billion CNY, with a best return of 42.01% and a worst return of 11.38% during his tenure [3]

中国经济网北京9月17日讯 晶华微(688130.SH)日前披露2025年半年度报告。 （责任编辑：魏京婷） | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | | | | 減(%) | | | 营业收入 | 134.845.663.80 | 126.805.482.06 | 6.34 | 111.043.287.25 | | 扣除与主营业务无 关的业务收入和不 | 134.845.663.80 | 126.805.482.06 | 6.34 | 110,309,944.57 | | 具备商业实质的收 | | | | | | 入后的营业收入 | | | | | | 归属于上市公司股 | -10.270.082.81 | -20.350.966.15 | 不適用 | 22.125.087.12 | | 东的净利润 | | | | | | 归属于上市公司股 东的扣除非经常性 | -27.760.823.18 | -35.102.089.01 | 不适用 | ...