Core Viewpoint - The article highlights the selection of 240 stocks as "golden stocks" by brokerages, with a focus on those recommended by multiple firms, indicating strong investment interest in these companies [1] Group 1: Company Summaries - **Luoyang Molybdenum (603993.SH)**: A leading global producer of copper and cobalt, benefiting from rising prices and increased production, with a net profit growth of 55.49% in H1 2025 [2] - **Muyuan Foods (002714.SZ)**: A top player in pig farming with a significant cost advantage, experiencing a 952.92% increase in net profit in H1 2025 due to rising pig prices [3][4] - **AVIC Shenyang Aircraft (600760.SH)**: A core manufacturer of fighter jets, facing a decline in revenue and profit in H1 2025 but with strong future order potential [5] - **ZTE Corporation (000063.SZ)**: The fourth-largest global telecom equipment provider, seeing a 54.39% stock price increase driven by AI demand, despite a decline in net profit [6] - **Kingsoft Office (688111.SH)**: A leading office software provider with a strong user base, experiencing growth in subscription revenue but facing high valuation concerns [9] - **NewEase (300502.SZ)**: Specializes in optical modules with a significant market share, achieving a remarkable 340.13% stock price increase due to AI demand [10] - **Haiguang Information (688041.SH)**: Develops high-end processors, benefiting from AI demand and a strong order backlog, but facing high valuation risks [11] - **Luzhou Laojiao (000568.SZ)**: A leading producer of strong-flavor liquor, experiencing a 20.50% stock price increase despite a decline in revenue and profit [13] - **Shede Spirits (600702.SH)**: A liquor company with a diverse product range, seeing a 31.25% stock price increase amid expectations of consumption recovery [15] - **Zhaoyi Innovation (603986.SH)**: A semiconductor company benefiting from rising storage chip prices, with a 56.16% stock price increase and a forecasted profit growth of 41.52% [17] Group 2: Market Trends and Investment Logic - The overall market sentiment is positive for the selected stocks, driven by sector-specific demand and price increases, particularly in commodities and technology [1][2][3][4][5][6][10][11][13][15][17] - The companies are positioned well within their respective industries, with strong competitive advantages and growth potential, although some face high valuations and market risks [9][10][11][13][15][17]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to delivery progress and product structure adjustments, but showed improvement in Q2 compared to Q1 [1][2]. Financial Performance - The company achieved a revenue of 14.628 billion yuan in H1 2025, a year-on-year decrease of 32.35% [1]. - The net profit attributable to shareholders was 1.136 billion yuan, down 29.78% year-on-year [1]. - In Q2 2025, revenue was 8.8 billion yuan, representing a year-on-year decline of 27.5% but a quarter-on-quarter increase of 50.8% [2]. Cost and Expense Management - The gross margin slightly decreased to 12.3%, down 0.2 percentage points year-on-year, indicating effective cost control despite price reductions in downstream demand [2]. - The operating expense ratio increased to 3.7%, up 0.4 percentage points year-on-year, with management expenses rising due to increased repair and material consumption costs [2]. Segment Performance - The revenue from Shenfei Company was 13.87 billion yuan, down 34.8% year-on-year, with a net profit of 1.12 billion yuan, down 30.8% [2]. - The subsidiary's business showed positive growth, with revenue of 760 million yuan in H1 2025, a year-on-year increase of 107.7% [2]. Demand and Contracts - Contract liabilities surged to 7.53 billion yuan, an increase of 113.5% from the beginning of the period, mainly due to increased advance payments [3]. - The company’s inventory decreased by 15.3% to 11.51 billion yuan, indicating a production and delivery strategy aligned with orders [3]. Capital Investment and Development - The company received 4 billion yuan from a private placement, aimed at enhancing production capabilities in composite materials, titanium alloys, and aircraft maintenance [3]. - This investment is expected to significantly boost the company's defense equipment production and maintenance capabilities, facilitating a leap in the development of modern aviation industrial systems [3]. Market Outlook - The military trade sector is expected to improve, with the company poised to benefit from the evolving international military trade landscape [4]. - The company anticipates net profits of 3.751 billion yuan, 4.508 billion yuan, and 5.391 billion yuan for 2025-2027, with corresponding EPS of 1.32, 1.59, and 1.90 yuan [4].

证券代码：600760 证券简称：中航沈飞 公告编号：2025-049 中航沈飞股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、公司注册资本变更情况 1.向特定对象发行股票情况 2025年7月9日，中航沈飞股份有限公司（以下简称"公司"）披露了《中航沈飞股份有限公司关于2023年 度向特定对象发行A股股票结果暨股本变动的公告》（编号：2025-041），公司2023年度向特定对象发 行人民币普通股（A股）股票对应的80,000,000股已于2025年7月7日在中国证券登记结算有限责任公司 上海分公司办理完毕登记、托管及限售手续。本次发行完成后，公司总股本由2,755,699,513股变更为 2,835,699,513股。 2.股权激励限制性股票回购情况 2025年7月24日，公司披露了《中航沈飞股份有限公司股权激励限制性股票回购注销实施公告》（编 号：2025-044），由于公司A股限制性股票激励计划（第二期）的8名激励对象因调动或退休与公司终 止劳动关系或聘用关系，1名激励对象因 ...

Group 1 - The core transaction of AVIC Shenyang Aircraft Corporation occurred on September 1, with a volume of 40,000 shares and a transaction amount of 2.576 million yuan, at a price of 64.40 yuan per share [2] - The closing price of AVIC Shenyang on the same day was 64.40 yuan, reflecting an increase of 1.47%, with a turnover rate of 2.29% and a total transaction amount of 3.991 billion yuan [2] - Over the past five days, the stock has seen a cumulative increase of 0.33%, with a total net outflow of funds amounting to 382 million yuan [2] Group 2 - The latest margin financing balance for the stock is 2.039 billion yuan, with an increase of 17.5167 million yuan over the past five days, representing a growth of 0.87% [3] - In terms of institutional ratings, ten institutions have provided ratings for the stock in the last five days, with the highest target price estimated by Huatai Securities at 80.96 yuan, published on August 26 [3] - The details of the block trade on September 1 include a transaction volume of 40,000 shares, a transaction amount of 2.576 million yuan, and a transaction price of 64.40 yuan, with no premium or discount relative to the closing price [3]

证券代码：600760 证券简称：中航沈飞 公告编号：2025-049 中航沈飞股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、公司注册资本变更情况 1.向特定对象发行股票情况 2025 年 7 月 9 日，中航沈飞股份有限公司（以下简称"公司"）披露了《中 航沈飞股份有限公司关于 2023 年度向特定对象发行 A 股股票结果暨股本变动的 公告》（编号：2025-041），公司 2023 年度向特定对象发行人民币普通股（A 股） 股票对应的 80,000,000 股已于 2025 年 7 月 7 日在中国证券登记结算有限责任公 司上海分公司办理完毕登记、托管及限售手续。本次发行完成后，公司总股本由 2,755,699,513 股变更为 2,835,699,513 股。 2.股权激励限制性股票回购情况 2025 年 7 月 24 日，公司披露了《中航沈飞股份有限公司股权激励限制性股 票回购注销实施公告》（编号：2025-044），由于公司 A 股限制性股票激励计划（第 二期）的 8 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | | 2025-09-01 | 中航沈飞 | 600760 | 257.6 64.4 | 中国中金财富证券 | 中国国际金融股份 | | | | | | 有限公司福州五四 | 有限公司北京建国 | | | | | | 路证券营业部 | 门外大街证券营业 | 9月1日，中航沈飞大宗交易成交4万股，成交额257.6万元，占当日总成交额的0.06%，成交价64.4元，较市场收盘价64.4元持平。 ...

2025 年 09 月 01 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 何申昊（分析师） 证书编号：S0790524070009 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 券商金股解析月报（2025 年 9 月） ——金融工程定期 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S07905191200 ...

天眼查工商信息显示，近日，中航沈飞（600760）发生工商变更，注册资本由约27.56亿人民币增至约 28.35亿人民币，同时，部分高管也发生变更。中航沈飞股份有限公司成立于1996年6月，法定代表人为 纪瑞东，经营范围为以自有资金对外投资，航空产品研发、服务保障，机械、电子产品开发、制造。股 东信息显示，该公司由中国航空工业集团有限公司、中信金融资产（02799.HK）、中航机载系统有限 公司、中航机载（600372）共同持股。 ...

证券研究报告 2025 年 09 月 01 日 国元证券 2025 年 9 月金股组合及投资逻辑 ——2025 年第 9 期 报告要点： [Table_Title] 金股报告 国元月度金股（2025 年 9 月） |  | 国元月度金股（2025 | 年 月） 9 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行 业 | 公司名称 | 股票代码 | | EPS | | 收盘价 | PE(TTM) | 推荐人 | | | | | 24A | 25E | 26E | | | | | 电新机械 | 凯格精机 | 301338.SZ | 0.66 | 1.44 | 1.81 | 66.33 | 64.07 | 楼珈利 | | 计算机 | 金山办公 | 688111.SH | 3.56 | 4.10 | 4.94 | 334.50 | 92.73 | 耿军军 | | 汽车 | 双环传动 | 002472.SZ | 1.21 | 1.51 | 1.85 | 37.26 | 28.05 | 刘乐 | | 医药生物 | 山外山 ...

Core Viewpoint - The article highlights the strategic adjustments made by prominent fund managers in response to the market's structural characteristics, focusing on sectors like AI, innovative pharmaceuticals, and consumer goods, while also indicating a clear divergence in the consumer sector's performance [2][3][4]. Group 1: Fund Manager Strategies - Prominent fund managers have collectively increased their positions in high-growth sectors such as AI and innovative pharmaceuticals while making structural adjustments within the consumer sector [2]. - The technology and pharmaceutical sectors have emerged as core allocation directions, with significant investments in companies like BYD (increased by 184.78%) and Alibaba (increased by 161.10%) [2]. - Fund managers are focusing on "hard technology" in the tech sector, with AI computing and robotics becoming key investment areas [4]. Group 2: Consumer Sector Dynamics - The consumer sector has shown significant structural differentiation, with fund managers displaying contrasting attitudes towards traditional liquor and new consumption trends [3]. - Some fund managers have increased their holdings in traditional liquor stocks like Wuliangye and Moutai, while others have reduced their positions in these stocks, indicating a shift towards new consumption opportunities [3][4]. - The performance of consumer companies has influenced fund adjustments, with companies like Yili achieving strong revenue growth while others like Yanghe experienced profit declines [4]. Group 3: Future Outlook - Looking ahead to the third quarter, there is optimism regarding the innovative pharmaceutical sector, driven by global collaborations and anticipated clinical data disclosures [5]. - The consumer healthcare sector is expected to continue benefiting from rising health awareness among residents, with demand for home medical devices projected to grow steadily due to an aging population [5]. - The overall economic environment is seen as favorable for investment, although structural pressures may persist, with policies aimed at reducing excessive competition likely to improve corporate profitability [5].