证券之星消息，8月12日摩托车及其他板块较上一交易日上涨1.71%，春风动力领涨。当日上证指数报 收于3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。摩托车及其他板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日摩托车及其他板块主力资金净流出7319.64万元，游资资金净流入1221.59万 元，散户资金净流入6098.05万元。摩托车及其他板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603129 | 春风动力 | 270.01 | 6.84% | 2.68万 | | 7.08亿 | | 301345 | 涛涛车业 | 171.60 | 4.00% | 3.00万 | | 5.11亿 | | 603529 | 爰玛科技 | 36.22 | 1.57% | 6.68万 | | 2.40亿 | | 60177 ...

Group 1 - The core viewpoint of the news highlights the performance of the CSI 500 Quality Growth Index and its ETF, indicating a positive trend with significant increases in both index and ETF values [1][2] - The CSI 500 Quality Growth ETF has seen a recent scale growth of 8.67 million yuan and an increase of 2 million shares, ranking in the top third among comparable funds [1] - The valuation of the CSI 500 Quality Growth Index is at a historical low, with a latest price-to-book ratio (PB) of 1.97, which is lower than 82.68% of the time over the past five years, indicating strong value for investors [1] Group 2 - Huaxi Securities notes that the current market rally is supported by various sources of incremental capital, including institutional funds from insurance, pension funds, public and private equity, as well as retail investor participation [2] - The M1-M2 year-on-year growth rate has shown a narrowing negative scissors difference, reflecting an increase in the activation of funds and a marginal recovery in consumer and investment willingness among residents [2] - The CSI 500 Quality Growth Index is composed of 100 stocks selected from the CSI 500 Index, focusing on companies with high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2][3]

渠道布局方面，公司加速全球网络建设，目前全球零售终端已突破7000家，产品覆盖北美洲、欧洲、南 美洲、东南亚及大洋洲等100多个国家和地区。国内市场实现直辖市和省会城市100%覆盖，地级市覆盖 率超90%，并持续渗透。 研发投入上，公司秉持"技术立企"理念，上半年研发费用5.49亿元，占营业收入比例5.57%，同比提升 19.86%，为产品创新与技术突破提供支撑。 春风动力凭借全球化布局与产品高端化战略，上半年业绩表现亮眼，全地形车龙头地位稳固，电动化转 型成效显著。有分析认为，公司长期增长逻辑清晰，有望持续受益于全球市场扩容及国内消费升级趋 势。(厉平) 8月11日晚间，春风动力（603129）(603129.SH)披露2025年半年报，期内业绩实现营收与净利润双增 长。数据显示，公司上半年实现营业收入98.55亿元，同比增长30.90%；归母净利润10.02亿元，同比增 幅达41.35%。 作为公司核心业务板块，全地形车持续领跑全球市场。上半年该板块实现销量10.18万辆，销售收入 47.31亿元，同比增长33.95%，营收贡献度达48.0%。其中出口表现尤为突出，出口额占国内全地形车行 业出口总量的74 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance exceeded expectations, with three major business segments experiencing rapid growth [7] - The company is positioned as a leader in the all-terrain vehicle and motorcycle markets, with significant sales growth in the first half of 2025 [7] Financial Performance Summary - For 2023, total revenue is projected at 12,110 million RMB, with a year-on-year growth of 6.44% - By 2025, total revenue is expected to reach 20,519 million RMB, reflecting a year-on-year increase of 36.44% [1] - The net profit attributable to the parent company for 2023 is estimated at 1,008 million RMB, with a year-on-year growth of 43.65% - The forecast for 2025 indicates a net profit of 1,869 million RMB, representing a year-on-year increase of 26.99% [1] - The latest diluted EPS for 2023 is projected at 6.60 RMB, increasing to 12.25 RMB by 2025 [1] Business Segment Performance - All-terrain vehicle sales reached 102,000 units in H1 2025, a year-on-year increase of 25.1%, with revenue of 4.73 billion RMB, up 33.9% [7] - Motorcycle sales totaled 150,000 units in H1 2025, a slight decline of 2.3% year-on-year, but with a revenue increase of 3.0% to 3.35 billion RMB [7] - The extreme core segment showed remarkable growth, with sales of 251,000 units in H1 2025, compared to 20,000 units in the same period last year, resulting in revenue of 870 million RMB, up 652% [7] Profitability Metrics - The gross margin for Q2 2025 was 27.3%, with a net profit margin of 11.0% [7] - The company maintained a stable expense ratio, with sales, management, and R&D expense ratios at 5.3%, 4.0%, and 5.4% respectively [7] Valuation Metrics - The projected P/E ratios for 2025-2027 are 20.6, 15.6, and 14.1 respectively, indicating a favorable valuation outlook [7] - The company’s market capitalization is approximately 38.56 billion RMB, with a closing price of 252.73 RMB [5]

持股时间分析显示，长缆科技成为养老金账户持有时间最长的标的，已连续14个报告期出现在该公司前十大流通股东名单中，最新持股158.41万股，较上季 度保持不变。宏发股份、春风动力等个股的养老金账户持股时间也达到至少两个报告期，体现出养老金投资的长期性特征。 养老金账户的持股分布呈现出明显的结构性特征。从持股数量角度观察，宏发股份成为养老金持仓最重的标的，基本养老保险基金八零七组合、基本养老保 险基金一五零二二组合分别位列该公司第九、第七大流通股东，两个组合合计持有2822.27万股。卫星化学紧随其后，基本养老保险基金八零八组合作为第 十大流通股东，持股数量为1996.72万股。 从持股比例维度分析，春风动力获得养老金账户最高的持股占比。基本养老保险基金一六零三二组合、基本养老保险基金一六零二二组合分别担任该公司第 九、第三大流通股东，两个组合合计持股795.14万股，占流通股比例达到5.21%。容知日新、果麦文化等个股的养老金持股比例同样位居前列，分别为 4.04%、2.40%。 投资策略与持股变动情况 养老金账户在二季度的操作策略体现出积极的调仓换股特点。在现身的12只个股中，新进标的达到7只，增持标的为3只 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [8][25]. Core Views - The company reported strong performance in its 2025 mid-year results, with revenue reaching 9.855 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 1.002 billion yuan, up 41% year-on-year [2][4]. - The all-terrain vehicle segment showed remarkable growth, with sales revenue of 4.731 billion yuan, a 34% increase year-on-year, and a sales volume of 101,800 units, up 25% year-on-year [4][3]. - The electric two-wheeler brand "Jike" experienced explosive growth, achieving sales of 250,500 units and revenue of 872 million yuan, reflecting a staggering year-on-year growth of 652.06% [5][6]. Financial Performance Summary - The company's gross profit margin for the first half of 2025 was 28.38%, a decrease of 3.1 percentage points year-on-year, while the net profit margin improved to 10.57% [6][7]. - The company has adjusted its profit forecast upwards, expecting net profits of 1.867 billion yuan, 2.435 billion yuan, and 3.041 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 27%, 30%, and 25% [7][13]. - The report highlights a robust sales network expansion, with 130 new channels added in the first half of 2025, bringing the total to over 3,000 channels globally [4][5].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in both revenue and net profit, driven by the sales of two-wheeled and four-wheeled vehicles [2][3]. Financial Performance - In 2025H1, the company achieved revenue of 9.86 billion yuan, a year-on-year increase of 30.9%, and a net profit attributable to shareholders of 1 billion yuan, up 41.4% year-on-year [2]. - For Q2 2025, revenue reached 5.6 billion yuan, reflecting a year-on-year growth of 25.5% and a quarter-on-quarter increase of 31.9%. The net profit for the same quarter was 590 million yuan, up 36.0% year-on-year and 41.3% quarter-on-quarter [2]. Revenue Breakdown - Two-wheeled vehicle sales in 2025H1 totaled 150,000 units, generating revenue of 3.35 billion yuan, with an average selling price (ASP) of 22,000 yuan, indicating a successful high-end product strategy [3]. - In Q2 2025, two-wheeled vehicle sales were 88,000 units, down 1.3% year-on-year but up 42.4% quarter-on-quarter. The company also sold 250,000 electric vehicles under the "Jike" brand, generating revenue of 870 million yuan [3]. - Four-wheeled vehicle sales reached 102,000 units in 2025H1, with revenue of 4.73 billion yuan, a year-on-year increase of 34.0% and an ASP of 46,000 yuan, up 7.2% year-on-year [3]. Profitability Analysis - The net profit margin for 2025H1 was 11.0%, attributed to the optimization of product mix in two-wheeled and all-terrain vehicles, as well as cost structure improvements [3]. - The company reported a continuous optimization of expense ratios in Q2 2025, with sales, management, R&D, and financial expense ratios at 5.3%, 4.0%, 5.4%, and -1.2% respectively, showing year-on-year and quarter-on-quarter improvements [3]. Market Position and Strategy - The company maintained its leading position in the mid-to-large displacement motorcycle segment, with sales of 108,000 units in 2025H1, a year-on-year increase of 44.6%, and a market share of 21.6% [4]. - The "Jike" brand electric vehicle sales reached 250,000 units in 2025H1, with revenue of 870 million yuan, indicating strong growth and expansion into over 30 countries and regions [4]. - The company is focusing on the U.S. market for four-wheeled vehicles, with a strong performance from the U10PRO model, contributing to an increase in ASP to 46,000 yuan [4]. Investment Outlook - The company is expected to see continued growth in two-wheeled exports and four-wheeled high-end product strategies, with revenue projections for 2025-2027 at 19.91 billion, 24.51 billion, and 29.50 billion yuan respectively [5][8]. - Net profit forecasts for the same period are 1.83 billion, 2.39 billion, and 2.93 billion yuan, with corresponding EPS estimates of 11.96, 15.63, and 19.23 yuan [5][8].

Investment Rating - The report maintains a "Recommended" rating for the company, with an expected revenue growth of 199.1 billion, 245.1 billion, and 295.0 billion for the years 2025 to 2027, respectively, and a projected net profit of 18.3 billion, 23.9 billion, and 29.3 billion for the same period [4][6]. Core Views - The company reported a strong performance in H1 2025, with revenue of 9.86 billion, a year-on-year increase of 30.9%, and a net profit of 1.00 billion, up 41.4% year-on-year. The Q2 2025 revenue was 5.60 billion, reflecting a 25.5% increase year-on-year and a 31.9% increase quarter-on-quarter [1][2]. - The growth in revenue and profit is attributed to the strong sales of both two-wheeled and four-wheeled vehicles, with significant contributions from the launch of new products and the expansion of the electric vehicle segment [2][4]. Summary by Sections Revenue Performance - In H1 2025, the company sold 150,000 fuel motorcycles, generating revenue of 3.35 billion, a 3.0% increase year-on-year. The average selling price (ASP) for these motorcycles was 22,000. In Q2 2025, motorcycle sales were 88,000, down 1.3% year-on-year but up 42.4% quarter-on-quarter. The company also sold 250,000 electric vehicles, generating revenue of 870 million [2][3]. Profitability - The net profit for H1 2025 was 1.00 billion, with a net profit margin of 11.0%. The profit growth is attributed to the optimization of product mix and cost structure [2][4]. Two-Wheeled Vehicles - The company led the market in the sales of mid-to-large displacement motorcycles, with sales of 108,000 units in H1 2025, a 44.6% increase year-on-year, and a market share increase to 21.6%. The new high-end 675cc three-cylinder model sold 34,000 units, a 593.8% increase year-on-year [3]. Four-Wheeled Vehicles - The company sold 102,000 all-terrain vehicles in H1 2025, generating revenue of 4.73 billion, a 34.0% increase year-on-year. The ASP for four-wheeled vehicles reached 46,000, a 7.2% increase year-on-year [4]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 19.91 billion in 2025, 24.51 billion in 2026, and 29.50 billion in 2027. The EPS is projected to be 11.96, 15.63, and 19.23 for the respective years [5][8].

公司摊薄每股收益为6.58元，较去年同报告期摊薄每股收益增加1.88元，实现5年连续上涨，同比较去年 同期上涨40.00%。 2025年8月12日，春风动力(603129.SH)发布2025年中报。 公司营业总收入为98.55亿元，较去年同报告期营业总收入增加23.27亿元，实现5年连续上涨，同比较去 年同期上涨30.90%。归母净利润为10.02亿元，较去年同报告期归母净利润增加2.93亿元，实现5年连续 上涨，同比较去年同期上涨41.35%。经营活动现金净流入为24.00亿元，较去年同报告期经营活动现金 净流入增加9.08亿元，实现4年连续上涨，同比较去年同期上涨60.84%。 公司最新资产负债率为58.39%。 公司最新毛利率为28.38%。最新ROE为14.79%，较去年同期ROE增加1.76个百分点。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 春风控股集团有限公司 | 29.49% | | 2 | 重庆春风投资有限公司 | 8.30% | | 3 | 基本养老保险基金一六零二二组合 | 3.96% | | 4 | 香港中央结算有限公司 | 3.88 ...

Core Insights - The article highlights the recent movements of social security funds in the stock market, revealing that 15 new stocks were added to their portfolio in the second quarter [1] - A total of 238 companies have released their semi-annual reports, with social security funds appearing in 40 stocks, indicating significant institutional activity [1] Summary by Category New Investments - Social security funds initiated positions in 15 new stocks during the second quarter, with the highest number of funds appearing in Su Shi Testing, where three funds are listed among the top ten shareholders [1] - The stock with the highest proportion held by social security funds among new investments is Zhong Chumei, with a holding ratio of 3.45%, followed by Beiding Co., Ltd. at 3.16% [1] Holdings and Changes - In terms of shareholding volume, the stock with the largest number of shares held by social security funds is Satellite Chemical, with 20,169,300 shares, followed by Su Shi Testing and Zhongyuan Expressway with 14,862,000 shares and 13,000,100 shares, respectively [1][2] - The article provides a detailed table listing the new stocks acquired by social security funds, including their stock codes, names, number of funds involved, shareholding volume, and industry classifications [2] Performance Metrics - Among the new investments, 14 companies reported year-on-year net profit growth, with the highest increase recorded by Xin Qiang Lian at 496.60% [2] - Other notable companies with significant net profit growth include Ta Pai Group and Guo Mai Culture, with increases of 92.47% and 80.38%, respectively [2]