开源证券研报指出，海信视像2025Q1/2025Q2公司营收133.75/138.55亿元（同比分别 +5.31%/+8.59%），归母净利润5.54/5.02亿元（+18.61%/+36.82%），扣非归母净利润4.5/3.6亿元 （+19.52%/+36.67%）。受益于以旧换新政策以及结构调整拉动中高端产品增长，2025Q2内销延续较好 增长态势且内外销盈利持续提升，内销高端化升级叠加海外抢占韩系市场份额，长期继续看好公司盈利 稳健增长，维持"买入"评级。展望后续，内销通过推新卖贵以及联合渠道推动产品高端化或改善国补退 坡带来的负面影响，同时继续看好外销渠道深化+赛事营销驱动规模稳步增长，抢占韩系品牌市场份 额。 ...

8月22日，由中国家电网主办的"创异破局·智启新程 2025-2026中国空调行业高峰论坛"在长春举行。奥 维云网现场发布最新数据：2025冷年，中国家用空调销售19569万台，同比增长11.5%，其中，1-7月国 内空调市场零售量、额分别同比增长16.7%和13.8%。国补政策与极端高温叠加，催生"全民空调刚 需"新周期。 在这场行业大会上，海信空调以"健康新风+睡眠场景"解决方案获得行业关注，荣获"2025-2026年度中 国空调行业健康新风领军品牌"称号，旗下新风系列产品也双双加冕，海信新风空调X7Pro荣膺"中国空 调行业母婴级空调领军产品"称号，海信新风空调X3Pro获得"中国空调行业睡眠级空调领军产品"荣誉， 以实力定义健康睡眠呼吸新标准。 政策+热浪：空调进入全民刚需时代 今年夏天的极端高温天气，使得传统凉夏地区也开始购买空调，气候异常打破了地域消费惯性，中国家 用电器协会秘书长王雷建议空调企业既要盯牢固有市场的以旧换新需求，也要不失时机拓展新的地区市 场；奥维云网白电事业部副总裁何金明认为，国补政策叠加极端高温的确是今年量额齐升的核心推手， 政策明确向绿色节能、健康、智能产品倾斜，新风、0风感 ...

Group 1 - The core viewpoint of the report is that Goer Group plans to acquire Shanghai Aolai through its subsidiary Goer Optics, which will enhance its optical waveguide capacity and technical strength, accelerating the integration of optical products into global leading XR clients [1][2] - The report maintains a "Buy" rating for Goer Group, raising the target price to 43.05 yuan, considering the impact of product life cycles and client new product release schedules, while also increasing R&D investment [1][2] - The expected EPS for Goer Group is adjusted to 0.96/1.23 yuan for 2025-2026, with a forecast of 1.50 yuan for 2027, reflecting the company's high growth rate and leading position in AI glasses and AR products [1][2] Group 2 - Goer Group has established a vertical integration layout in the XR field, benefiting from future industry demand surges, and has close cooperation with global leading XR clients [3] - The company has made strategic investments and acquisitions to strengthen its customer resources and technical capabilities, including acquiring a stake in Silan Microelectronics and investing in Plessey to enhance its AR display capabilities [3] - The merger with Shanghai Aolai is expected to accelerate the expansion of mature optical waveguide production capacity and consolidate Goer Group's competitive advantage in wafer-level micro-nano optical devices [2][3]

Core Insights - The report highlights the robust performance of various sectors, particularly in electric equipment, coal, and healthcare, indicating potential investment opportunities in these areas [6][9][11]. Industry Commentary Electric Equipment and New Energy - UBTECH leads the establishment of two national technical standards for humanoid robots, indicating a strong push towards innovation in robotics [6]. - The China Photovoltaic Industry Association (CPIA) emphasizes the need for self-regulation to maintain fair competition in the photovoltaic market, urging companies to adhere to legal standards and avoid price wars [6]. - The price of polysilicon remains stable, with a current average of 44.0 CNY/kg, supported by production cuts from leading companies [6][10]. Coal Industry - The trend of shrinking coal imports has slowed, with July 2025 showing a year-on-year decrease of 22.94% but a month-on-month increase of 7.78% [9][12]. - The average import price for coal is reported at 67 USD/ton, reflecting a downward trend compared to the previous year [12]. Healthcare Sector - The report on Kaineng Health indicates stable performance with significant potential in the health sector, driven by high-margin terminal services [11][13]. Machinery and Equipment - Jinxi Axle reported a significant turnaround with a net profit of 13.90 million CNY in H1 2025, driven by high growth in railway vehicle contributions [23][25]. - Hangcha Group's revenue reached 9.30 billion CNY in H1 2025, with a notable increase in both domestic and export sales of forklifts [26]. Aerospace and Defense - AVIC Shenfei's contract liabilities increased significantly, indicating strong future demand for military aircraft, particularly the J-16 and J-35 models [28][31]. Chemical Industry - LUXI Chemical reported stable revenue growth, with a focus on transitioning from single-agent to compound agents, reflecting a strategic shift in product offerings [40]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the electric equipment sector, such as Aiko and Longi Green Energy, and those involved in coal production like Huayang Co. and Jinkong Coal [8][12][26]. - In the healthcare sector, companies like Kaineng Health are recommended due to their promising growth in high-margin services [11][13].

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].

制作：产品中心 《策略|"十五五"前瞻初探——"十五五"研究系列》 1、"十五五"规划展望。自 1953 年开始制定第一个"五年计划"以来， 我国已发布十四个"五年规划"。完善统一大市场：推进统一大市场建设 重点在于打破地方保护和市场分割，促进资源的高效配置流动，激发各类 市场主体活力与创造力。2、促进民生消费："十五五"规划可能在以下几 方面进一步对消费进行支持：1.财政支出从投资进一步转向民生；2.大力 支持消费结构升级。3、深化国有企业改革：整体来看，预计"十五五" 中，国有企业改革整体思路或依旧延续精细化区分、"一企一策"的思路， 同时要积极探索尝试有利于创新的国有企业经营机制和公司治理模式。4、 健全资本市场稳定机制："十五五"期间资本市场改革思路或转向"构建 内在稳定、韧性强的现代化资本市场生态系统"。整体来看，"十五五"期 间的资本市场稳定机制建设将是一个系统性的工程，完成从"政策驱动" 到"制度驱动"、从"单一维度"到"生态系统"的转型，推动资本市场 高质量发展,助力加快建设金融强国。 证券研究报告 | 2025 年 08 月 27 日 $$\overline{{{\prod_{\mathrm ...

事件： 2025 年8 月25 日，海信视像发布半年报。2025H1 公司实现营业收入272.3亿元，同比+7.0%；归母净利 润10.6 亿元，同比+26.6%。2025Q2，公司实现营业收入138.6 亿元，同比+8.6%；归母净利润5 亿元， 同比+36.8%。 点评： 全球出货份额更进一步。1）智慧显示终端板块是公司核心业务，根据奥维睿沃统计，2025 年上半年， 海信系电视全球出货量市占率为14.38%，同比+0.57pct；奥维云网全渠道监测数据表明，2025H1 海信 系电视中国内地零售额市占率为29.96%，零售量市占率为25.73%，均位居中国内地市场第一名。2）新 显示新业务实现主营业务收入34.34 亿元，同比增长7.43%。 投资建议：公司是全球显示行业龙头企业之一，在行业竞争格局持续优化的背景下，公司全球化发展能 力持续提升，多元品牌矩阵运营能力及经营效率有效提高，产品结构进一步升级。同时，公司持续深耕 高效协同、独立发展的"1+（4+N）"产业布局，在MiniLED、MicroLED、虚拟现实显示及AIGC 等新技 术方面加快研发和产品推广，持续夯实在显示行业的引领地位。我们看好公 ...

Investment Rating - The report assigns a "Buy-A" rating to Hisense Visual Technology, indicating a positive outlook for the company's stock performance in the next 6-12 months [5]. Core Insights - Hisense Visual Technology reported a total revenue of 27.231 billion yuan for H1 2025, representing a year-over-year increase of 6.95%, and a net profit attributable to shareholders of 1.056 billion yuan, up 26.63% year-over-year [2]. - The company has seen significant growth in its market share for Miniled and high-end products, with retail volume and revenue shares reaching 33.95% and 34.98% respectively for Miniled products, and 43.15% and 34.88% for high-end televisions [3]. - The global market for Hisense televisions in the 98-inch and above category has grown by 85.29%, with Miniled product shipments increasing by 108.24% year-over-year [3]. Financial Performance - For H1 2025, the company's gross margin was 16.37%, an increase of 0.56 percentage points year-over-year, while the net profit margin was 3.88%, up 0.6 percentage points [4]. - The projected revenues for 2025-2027 are 63.145 billion yuan, 67.783 billion yuan, and 73.4 billion yuan, with year-over-year growth rates of 7.9%, 7.3%, and 8.3% respectively [5]. - The expected net profits for the same period are 2.592 billion yuan, 2.843 billion yuan, and 3.141 billion yuan, with growth rates of 15.4%, 9.7%, and 10.5% [5]. Valuation Metrics - The report estimates the earnings per share (EPS) for 2025-2027 to be 1.99 yuan, 2.18 yuan, and 2.41 yuan, corresponding to price-to-earnings (P/E) ratios of 10.9, 10, and 9 respectively [5]. - The company's valuation is considered low, with a projected price-to-book (P/B) ratio decreasing from 1.5 in 2023 to 1.1 in 2027 [9].

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 全球份额不断提升，H1 业绩持续增长 事件：公司发布 2025 年半年报。公司 2025H1 实现营业总收入 272.31 亿元，同比增长 6.95%；实现归母净利润 10.56 亿元，同比增长 26.63%。 其中，2025Q2 单季营业总收入为 138.55 亿元，同比增长 8.59%；归母净 利润为 5.02 亿元，同比增长 36.82%。 国内及海外高端化领域龙头地位稳固。内销看，公司高端化领域龙头地位 巩固， 2025H1 公 司 在 百 寸 以 上 电 视 零 售 量 / 零 售 额 市 占 率 为 41.65%/48.66%；高端市场中，线上/线下额占有率为 34.88%/43.15%； MiniLED 产品中量/额市占率达 33.95%/34.98%。外销看，公司 Miniled 出 货量同比+108.24%，分区域看，北美 Miniled 占比+2.1pct 至 5.9%，品 牌价格指数同比提升 7.4；欧洲 MiniLED 占比+1.6pct 至 9.5%，品牌价格 指数提升 8；日本 MiniLED ...

那台躺在你购物车里的100吋电视，是不是让你既心动，又犹豫？心动于它的沉浸感，仿佛能将整个世 界拥入怀中；犹豫的是，下单前有一连串问号在闹海打转："我家这个距离，挂上去会不会太夸张 了？""离这么近看，眼睛能受得了吗？""画面会不会糊成一片，全是颗粒感？" 无论你住的是高层公寓、花园洋房还是别墅，这些担心在过去或许成立。但在"百吋风暴"蔚然成风的今 天，事实和数据均给出一个颠覆传统认知的结论：决定你能否驾驭100吋电视的，不是房子的总面积， 而是观看距离——只要大于3米，你完全可以开启"客厅wall时代"。 3米看100吋，是压迫感还是沉浸感？ 我们首先要打破一个误区：观看舒适度并非只由"距离"决定，更关键的是"视野包裹感"。根据THX标 准，100吋最佳观看距离是3-4米，过远反而会损失沉浸感。一台100吋的电视，屏幕宽度约2.21米。在3 米的距离观看时，屏幕可以占据人眼横向视野的近40°。这个角度意味着什么呢？ 一是视野被"裹住"，没有束缚感。在这个视角下，视线会自然地被画面内容填满，屏幕边缘的存在感被 大大削弱。你看的不再是一个"框里的世界"，而是仿佛透过一扇窗，直接望向了电影中的天空、街道或 战场。 ...