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 ...

Core Viewpoint - Hisense Visual achieved significant growth in revenue and net profit in the first half of 2025, indicating strong performance in the display industry [1][2]. Financial Performance - In H1 2025, the company reported revenue of 27.23 billion yuan, a year-on-year increase of 7.0%, and a net profit of 1.06 billion yuan, up 26.6% [1]. - In Q2 2025, revenue reached 13.86 billion yuan, reflecting an 8.6% year-on-year growth, while net profit was 500 million yuan, marking a 36.8% increase [1]. Market Position - Hisense's global market share for television shipments reached 14.38% in H1 2025, an increase of 0.57 percentage points year-on-year [2]. - In the Chinese market, Hisense held a retail market share of 29.96% in revenue and 25.73% in volume, both ranking first in the mainland [2]. Product Development - The new display business generated revenue of 3.434 billion yuan, a year-on-year growth of 7.43% [2]. - The company continued to optimize its product structure, with shipments of 98-inch and larger products increasing by 85.29% year-on-year, and MiniLED product shipments growing by 108.24% [2]. Profitability Improvement - The overall gross margin improved by 1.4 percentage points in Q2 2025 due to an optimized overseas supply chain [2]. - The net profit margin for Q2 2025 increased by 0.7 percentage points to 3.6% [2]. MiniLED Market Potential - Global MiniLED TV shipments reached 4.8 million units in H1 2025, a substantial year-on-year increase of 150% [3]. - In China, MiniLED shipments were 2.16 million units, with a growth rate exceeding 200%, while overseas shipments totaled 2.64 million units, reflecting a 116% increase [3]. Strategic Outlook - The company is recognized as a leading player in the global display industry, with ongoing improvements in competitive positioning and operational efficiency [4]. - Hisense is focusing on new technologies such as MiniLED, MicroLED, virtual reality displays, and AIGC, aiming to solidify its leadership in the display sector [4]. - The projected net profits for 2025-2027 are 2.57 billion yuan, 2.89 billion yuan, and 3.29 billion yuan, with corresponding dynamic PE ratios of 11.0x, 9.8x, and 8.6x [4].

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 ...

Core Insights - The article emphasizes that the ability to enjoy a 100-inch TV is determined more by viewing distance than by the size of the living space, with a recommended distance of over 3 meters for optimal experience [1][11] - It challenges the misconception that larger screens create discomfort, highlighting that a 100-inch TV can provide an immersive experience without the need for frequent head movement [3][4] Viewing Experience - The ideal viewing distance for a 100-inch TV is between 3 to 4 meters, where the screen occupies nearly 40° of the viewer's horizontal field of vision, enhancing immersion [3][4] - At a distance of 3 meters, viewers can comfortably see the entire screen with minimal eye movement, allowing for an engaging experience similar to sitting in the front rows of a cinema [3][4] Technology and Picture Quality - Concerns about picture quality at close distances are addressed, stating that with 4K resolution, individual pixels are indistinguishable from 3 meters away, providing sharp and clear images [6][10] - The article highlights the importance of advanced technology in TVs, such as Hisense's AI picture quality chip H7, which enhances image clarity and color accuracy [6][7][10] Display Features - Hisense's E8Q Pro model features a black曜屏 Ultra with a low reflection rate, ensuring deep blacks and vibrant colors even in well-lit environments [7][9] - The use of MiniLED technology allows for high brightness and contrast, effectively managing light and shadow to enhance the viewing experience [9][10] Conclusion - The article concludes that as long as the viewing distance exceeds 3 meters, there are no limitations on room size for enjoying a 100-inch TV, encouraging consumers to embrace this new viewing era [11]

海信视像（ [Table_StockNameRptType] 600060） 公司点评 结构和盈利改善如期兑现 ——海信视像 25Q2 业绩点评 | | | 报告日期： 2025-08-26 | [Table_BaseData] 收盘价（元） | 21.71 | | --- | --- | | 近 12 个月最高/最低（元） | 25.88/14.28 | | 总股本（百万股） | 1,305 | | 流通股本（百万股） | 1,295 | | 流通股比例（%） | 99.24 | | 总市值（亿元） | 283 | | 流通市值（亿元） | 281 | [公司价格与沪深 Table_Chart] 300 走势比较 -15% 9% 32% 56% 79% 8/24 11/24 2/25 5/25 海信视像 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com 主要观点： [⚫Table_Summary] 公司发布 202 ...

从资金流向上来看，当日黑色家电板块主力资金净流出4.26亿元，游资资金净流入6105.46万元，散户资 金净流入3.65亿元。黑色家电板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002429 | 非驰股份 | | 7310.66万 | 7.69% | -4255.24万 | -4.48% | -3055.42万 | -3.21% | | 000801 | 四川九洲 | | 5254.75万 | 7.35% | 3434.46万 | 4.80% | -8689.22万 | -12.15% | | 600060 | 海信视像 | | 2237.86万 | 4.54% | -3594.37万 | -7.29% | 1356.51万 | 2.75% | | 688696 极米科技 | | | 1719.52万 | 7.48% | -1109.74万 | -4.83% | -60 ...

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%。 公司报告 | 半年报点评 海信视像（600060） 证券研究报告 份额稳步提升，结构持续优化 事件： 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。我们看好公司中长期平稳向好发展，预计 25-27 年归母净利润 25.7/28.9/32.9 亿元，对应 25-27 年动态 PE 分别为 11.0x/9.8x/8.6x，维持"买 入"评级。 风险提示：国际贸易不确定性风险、面板价格剧烈波动影响利润率的风险、 新显示业务发展不及预期 ...

| 编纂]項下的[編纂]數目 : [編纂]股股份(視乎[編纂] 行使與否而定) | | --- | | [編纂]數目 :[編纂]股股份(可予[編纂]) | | [編纂]數目 :[编纂]股股份(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | 最高[編纂]:每股股份[編纂],另加[編纂]([編纂]》 | | 港元[編纂],多繳款項可予退還) | | 面值 : 每股股份0.02美元 | | [編纂] : [編纂] | 瑞财经 吴文婷8月25日，纳真科技公司（以下简称"纳真科技"）在港交所递交招股书，花旗和中信证券为其联席保荐人。 纳真科技是光通信与光连接解决方案的全栈式供应商，为AI算力网络提供最关键的光通信产品，同时其亦是全球少数同时拥有光模块和光芯片研发及量产 能力的企业之一。 根据弗若斯特沙利文的资料，2024年，按全球光模块收入计，公司在全球所有专业光模块厂商中排名第五；按中国光模块收入计，公司在全球所有专业光模 块厂商中排名第三。 据招股书，2022年-2024年，纳真科技实现收入分别为50.43亿元、42.39亿元、50.87亿元；年内溢利分别为4.29亿元、2.16亿元、8949万元。 2 ...