Core Viewpoint - BYD's July sales showed a month-on-month decline while accelerating its high-end and export strategies [1] Sales Performance - In July, BYD sold 344,000 vehicles, representing a month-on-month increase of 0.6% but a year-on-year decrease of 10% [1] - Cumulative sales from January to July reached 2.49 million vehicles, a year-on-year increase of 27%, including 540,000 units sold overseas, which is a year-on-year increase of 133% [1] International Expansion - BYD's factory in Thailand has commenced production, while the Hungary factory is expected to start production between the end of this year and Q2 next year, and a factory in Brazil is currently under construction [1] Pricing and ASP - The average selling price (ASP) is expected to increase due to higher prices in both high-end and overseas markets [1] Battery Installation and Supply - In July, battery installations increased by 35% year-on-year, with external battery supply continuing to grow significantly [1] - BYD installed 22.4 GWh of batteries in July, reflecting a month-on-month increase of 35% but a year-on-year decrease of 17% [1] - Cumulative battery installations from January to July reached 156.9 GWh, a year-on-year increase of 76%, benefiting from increased battery capacity per vehicle and external battery supply [1] - The total battery installation for the year is expected to be between 290-300 GWh, representing a year-on-year increase of 50% [1] Investment Rating - The company is given a target price of 149 yuan with a valuation of 26 times earnings for 2025, maintaining a "buy" rating [1]

Core Viewpoint - Dongwu Securities report indicates that Spring Power's three major businesses are experiencing upward synergy, accelerating growth as a leader in the power sports sector [1] Group 1: Business Performance - The company is a leader in all-terrain vehicles and motorcycles, with rapid growth in the electric motorcycle segment [1] - In the first half of 2025, all three major business segments are expected to show strong sales performance [1] - Significant optimization in the product structure of all-terrain vehicles and motorcycles is noted [1] Group 2: Financial Forecast - The profit forecast for the company's net profit attributable to shareholders for 2025-2027 has been raised to 1.87 billion, 2.47 billion, and 2.74 billion yuan, respectively, from the previous estimates of 1.68 billion, 1.95 billion, and 2.40 billion yuan [1] - Corresponding price-to-earnings ratios for 2025-2027 are projected to be 18.5, 14.0, and 12.7 times [1] Group 3: Investment Rating - Given the company's solid leadership position and the upward synergy of its three major businesses, the company maintains a "buy" rating [1]

Group 1 - The securities sector is experiencing a structural transformation, with mid-year performance catalyzing improvements in broker valuations and fundamentals due to policy support and inherent demand [1] - The Securities ETF (159841) has seen a net inflow of over 71.9 million yuan recently, with a total of over 1 billion yuan accumulated in the past five trading days, indicating strong investor interest [1] - As of August 1, 27 listed brokerages have released half-year performance forecasts, with 24 reporting profits, 23 showing growth, and 1 turning profitable, highlighting a positive outlook for the brokerage sector [2] Group 2 - The Securities ETF (159841) tracks the CSI All Share Securities Company Index, which focuses on large-cap securities leaders, including both traditional and fintech firms [1] - The brokerage sector is expected to see investment opportunities in the second half of the year, driven by deepening capital market reforms, liquidity easing, and an upward shift in market index levels [2] - The brokerage business is benefiting from favorable policies, leading to significant increases in market transactions and a recovery in IPO activities [2]

2024年1至12月份，威尔高的营业收入构成为：印制电路板占比88.87%，其他业务占比11.13%。 （文章来源：每日经济新闻） 威尔高（SZ 301251，收盘价：45.89元）发布公告称，2025年8月4日，威尔高接受东吴证券等投资者调 研，公司董事长邓艳群、财务经理肖如意参与接待，并回答了投资者提出的问题。 ...

东吴证券研报指出，仕净科技光伏配套+制造双轮驱动，拓展多元业务板块。公司凭品牌、技术、成本 优势巩固光伏电池制程废气治理设备龙头地位受益于新技术路线&一体化品类扩张带动公司单位价值量 提升，在手订单充裕。设备端：根据订单释放节奏，预计2025年配套设备订单同比修复，随下游扩张后 续稳健增长，制程污染防控设备/末端污染治理设备毛利率有望修复回升。光伏电池片：随着产能爬坡 收入提升，行业出清中先进产能更具优势，盈利有望逐步修复。考虑公司为光伏配套设备龙头，下游客 户多元化拓展，布局先进电池片产能，随行业出清&海外拓展，有望迎经营拐点，首次覆盖，给予"增 持"评级。 ...

Group 1 - The core viewpoint of the article is that Dongwu Securities has given a "buy" rating to Jiahe Meikang (688246.SH) with a latest price of 37.07 yuan, highlighting its position as one of the earliest companies in China engaged in the research and industrialization of medical information software [2] - Jiahe Meikang has significant backing from major investors, including China Life and Alibaba, which enhances its credibility and market position [2] - The ongoing policy push for the continuous upgrade of hospital electronic medical record systems is expected to benefit companies like Jiahe Meikang, indicating a favorable market environment [2]

Core Viewpoint - 嘉和美康 is positioned as a leading player in the electronic medical record (EMR) sector, with a focus on expanding AI applications in healthcare [2][3]. Company Overview - 嘉和美康 is one of the earliest companies in China engaged in the research and industrialization of medical information software, with investments from China Life and Alibaba [2]. - The company primarily operates through self-developed software sales and customized development services, covering various business segments including clinical, operational management, medical data, and life sciences [2]. Financial Performance - For 2024, 嘉和美康's revenue is projected to be 5.92 billion yuan, representing a 15% year-on-year decline [2]. - The company is expected to transition from profit to loss in net profit due to short-term fluctuations in the medical industry's bidding rhythm and extended collection cycles [2]. Market Trends - The market for medical application software solutions is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2024 to 2029, reaching 39.75 billion yuan by 2029 [2]. - The electronic medical record system is a core infrastructure for hospital operations, and its assessment is crucial for hospital evaluations [2]. Competitive Position - 嘉和美康 has maintained the highest market share in China's electronic medical record system for 11 consecutive years from 2013 to 2024, and consistently ranks among the top three in the medical big data solutions market from 2019 to 2024 [3]. - The company is expanding its regional information platform and actively developing AI applications to enhance clinical decision support, research assistance, and other intelligent applications [3]. Profit Forecast - Revenue projections for 嘉和美康 from 2025 to 2027 are 7.55 billion yuan, 9.65 billion yuan, and 12.37 billion yuan, respectively, with a consistent year-on-year growth rate of 28% [3]. - Net profit forecasts for the same period are 420 million yuan, 810 million yuan, and 1.29 billion yuan, with significant year-on-year growth rates of 116%, 94%, and 60% [3].

Core Viewpoint - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 38th company to pass the review this year, with a focus on providing comprehensive engineering consulting services [1]. Company Overview - Zhongcheng Consulting aims to offer professional technical services including engineering cost, bidding agency, project supervision and management, BIM services, and engineering design [1]. - The company is controlled by Xu Xuele and Lu Jun, with Xu holding a direct stake of 57.40% and an indirect stake of 29.58%, giving them a total voting power of 86.98% [1]. IPO Details - The company plans to publicly issue up to 14 million shares, with an option for an additional 2.1 million shares through an over-allotment option, bringing the total potential issuance to 16.1 million shares [2]. - The funds raised, totaling approximately 199.9 million yuan, will be allocated to projects for building an engineering consulting service network and for research and information technology development [2]. Review Opinions - The review committee has requested the issuer to clarify the authenticity of sales returns from real estate clients and the adequacy of bad debt provisions for accounts receivable [3]. - The committee also inquired about the compliance and innovation of the information system procurement process and the necessity of the information technology construction project [4]. Market Position and Performance - The issuer is required to explain the market potential for its comprehensive consulting and EPC (Engineering, Procurement, and Construction) services, as well as the reasons for performance volatility compared to peers [4].

东吴证券8月5日发布研报称，给予九号公司（689009.SH，最新价：60.98元）买入评级。评级理由主要 包括：1）盈利能力持续优化，降本增效成绩斐然；2）两轮车产品&渠道共振带动业绩高增，新业务实 现盈利未来可期。风险提示：新品推广不及预期，海外开拓不及预期，国际贸易摩擦等。 （文章来源：每日经济新闻） ...

近期，A股上市公司专业化整合加速，传统产业与新兴产业并购齐头并进，并购形式更加多元，折射出 并购重组市场活跃度持续提升。市场人士预期，未来，更多具有标杆意义的并购重组案例有望持续涌 现。东吴证券首席经济学家芦哲表示，近期并购重组大部分基于产业自身补链强链的整合需求，从产业 协同性角度出发挑选投资标的，逐步回归产业链延伸需求的并购本源。（中证报） ...