财报季，社保基金持股动向曝光！二季度末社保基金共现身12只个股前十大流通股东榜，新进2只，增 持6只。 证券时报·数据宝统计显示，社保基金最新出现在12只科创板股前十大流通股东名单中，合计持股量 4942.64万股，期末持股市值合计24.11亿元。持股变动显示，新进2只，增持6只，减持3只，1只股持股 量保持不变。 社保基金持有科创板股中，从前十大流通股东名单中社保基金家数来看，南微医学、凯立新材等2只股 有3家社保基金集中现身，持股量分别为917.85万股、636.42万股。 市场表现方面，获社保基金持有的科创板股7月以来平均上涨29.42%。从具体个股看，鼎通科技累计涨 幅92.20%，表现最好，苑东生物、南微医学等分别上涨52.36%、41.13%位居其后。从具体个股看，鼎 通科技累计涨幅92.20%，表现最好，苑东生物、南微医学等分别上涨52.36%、41.13%位居其后。（数 据宝） | 代码 | 简称 | 社保基金家 | | 社保基金持股量（万 | 环比 | 占流通股比例 | 持股市值（万 | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Group 1 - The core viewpoint of the report is that despite a decline in quarterly revenue, the company's profit has increased on a month-on-month basis, and the gross profit margin has reached a three-year high [2] - The pharmaceutical and basic chemical sales have experienced rapid growth, and high-priced sales have driven revenue growth in the first half of the year [2] - The company has made significant progress in catalyst research and development, with breakthroughs in basic chemical projects and the HNBR entering trial operation [2]

Group 1: Daotong Technology - Daotong Technology is developing an end-to-end payment solution in the AI + charging business, supporting multiple payment methods and exploring stablecoin payments and RW financing [1] - The AI and software business operates on a subscription model, providing various value-added services to enhance software revenue and renewal rates [1] - The growth of the TPMS business is driven by policy benefits and market demand, with significant global aftermarket replacement demand [1] - The AI + inspection business has been implemented in oilfield inspections, achieving a fully autonomous process closure and cluster collaborative response [1] Group 2: Kaili New Materials - In Q2, Kaili New Materials experienced significant profit growth, but revenue declined due to changes in business structure [2] - In the first half of the year, the revenue breakdown showed that the fine chemicals sector accounted for 70.48%, basic chemicals for 25.35%, and environmental new energy for 2.90% [2] - Sales of mercury-free PVC catalysts reached 258 tons, with 366 tons in hand orders, and sales of mercury-free PVC catalysts increased by 113.22% [2] - The high-performance platinum-based dehydrogenation catalyst is in batch trial production, while the hydrogenated nitrile rubber project is in the debugging phase, with applications in oilfields and the automotive industry [2] - The pharmaceutical segment saw a sales increase of 49.26%, with expectations for continued growth in the global pharmaceutical market and R&D service demand [2] - The company plans to optimize resources by deregistering Kaili Platinum, which has not commenced operations [2] - The fair value change loss is primarily due to the initiation of gold leasing business [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved a revenue of 1.014 billion yuan in the first half of 2025, representing a year-on-year increase of 24.9%, and a net profit attributable to the parent company of 61.2 million yuan, up 30.8% year-on-year [1]. - Despite a decline in revenue in Q2 2025, the net profit increased significantly by 79.4% compared to Q1 2025, with a gross margin reaching 18.26%, the highest in nearly three years [1][2]. - The growth in revenue is primarily driven by a 122.33% increase in catalyst product sales, particularly in the pharmaceutical and basic chemical sectors, which saw sales growth of 49.26% and 185.54% respectively [2]. - The company has made significant advancements in catalyst research and development, with 23 new invention patents filed in the first half of 2025, and several projects in the basic chemical sector achieving breakthroughs [3]. Financial Data and Forecast - The company is projected to achieve net profits of 174 million yuan, 241 million yuan, and 404 million yuan for the years 2025, 2026, and 2027 respectively, reflecting a positive growth trajectory [4][3]. - The expected revenue for 2025 is 2.266 billion yuan, with a growth rate of 34.33% compared to 2024 [4]. - The company's earnings per share (EPS) is forecasted to be 1.33 yuan in 2025, increasing to 3.09 yuan by 2027 [4]. Market Position and Competitive Advantage - The company has strengthened its market position in the pharmaceutical sector due to increased demand from core customers and enhanced competitiveness, leading to a rise in market share [2]. - In the basic chemical sector, the company has achieved a 113.22% increase in sales of mercury-free PVC catalysts, supported by the launch of multiple new products [2]. - The environmental and new energy sectors have also seen remarkable growth, with sales increasing by 1497.06% due to advancements in hydrogen energy catalysts and partnerships with leading hydrogen production companies [2].

养老金持有的科创板股 | 代码 | 简称 | 养老金家 | 养老金持股量（万 | 环比 | | 占流通股比例 | 持股市值（万 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数 | 股） | （%） | | （%） | 元） | | 688183 | 生益电 子 | 1 | 533.39 | 新进 | 0.64 | | 27309.59 | | 688768 | 容知日 新 | 1 | 350.00 | -5.41 | 4.04 | | 15536.50 | | 688269 | 凯立新 材 | 1 | 199.67 | 不变 | 1.53 | | 6628.99 | 二季度末养老金账户出现在生益电子、容知日新、凯立新材前十大流通股东榜。 基本养老保险基金一二零二组合为生益电子第十大流通股东，持股量为533.39万股，占流通股比例 0.64%。基本养老保险基金二一零一组合为容知日新第四大流通股东，持股量为350.00万股，占流通股 比例4.04%。基本养老保险基金一六零三二组合为凯立新材第四大流通股东，持股量为199.67万股，占 流通股比 ...

Core Viewpoint - The company reported strong financial performance in H1 2025, driven by increased sales of catalyst products and structural changes in its business model [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 1.014 billion, 61 million, and 63 million yuan respectively, representing year-on-year increases of 24.86%, 30.83%, and 48.74% [1] - In Q2 2025, the company recorded revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 389 million, 39 million, and 40 million yuan respectively, with year-on-year changes of -23.42%, +11.38%, and +15.47% [1] Group 2: Business Segments - The sales volume in the basic chemical sector increased by 185.5% year-on-year, primarily due to a 113.2% increase in sales of mercury-free PVC catalysts, along with the introduction of multiple basic chemical catalysts to the market [1] - The pharmaceutical segment saw a sales increase of 49.3% year-on-year, driven by increased demand from core customers and an improvement in market share [1] - The environmental and new energy segment experienced a staggering 1497.1% increase in sales year-on-year, attributed to significant progress in hydrogen catalysts and partnerships with leading companies in water electrolysis hydrogen production [1] Group 3: Future Outlook - The company is expected to maintain an upward trend in its fundamentals, with significant breakthroughs in key customer orders for PVC products anticipated in the second half of 2024 [2] - The company has a backlog of 461 tons of orders for PVC products as of the end of Q1 2025, which is expected to support high growth in sales and revenue for the basic chemical sector throughout the year [2] - The HNBR (hydrogenated nitrile butadiene rubber) industrialization project is expected to launch in the second half of 2025, which could lead to a significant improvement in production efficiency and product quality, positioning the company as a leader in the domestic high-end HNBR market [2] Group 4: Profit Forecast and Investment Recommendation - The company is projected to achieve net profits attributable to shareholders of 170 million, 236 million, and 268 million yuan for 2025-2027, representing year-on-year growth rates of 83.51%, 38.66%, and 13.67% respectively [3] - The current price-to-earnings ratios corresponding to these profit forecasts are 30.8, 22.2, and 19.5 times [3] - The company is expected to exhibit strong performance due to rising prices of key raw materials, increased production in the basic chemical sector, and a recovery in the pharmaceutical sector, leading to a favorable profit growth outlook [3]

Core Viewpoint - Kaili New Materials (688269) reported a strong performance in its 2025 mid-year financial results, with significant year-on-year increases in revenue and net profit, despite a decline in quarterly revenue [1]. Financial Performance - Total revenue for the first half of 2025 reached 1.014 billion yuan, a year-on-year increase of 24.86% compared to 812 million yuan in 2024 [1]. - Net profit attributable to shareholders was 61.20 million yuan, up 30.83% from 46.78 million yuan in the previous year [1]. - The gross profit margin improved to 12.0%, reflecting a 15.77% increase, while the net profit margin rose to 6.03%, a 4.72% increase [1]. - The company reported a significant increase in accounts receivable, which rose by 35.97% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.47 yuan, a 30.56% rise from 0.36 yuan [1]. - Operating cash flow per share was reported at -0.7 yuan, a significant decrease of 359.1% [1]. - The total of selling, administrative, and financial expenses amounted to 28.06 million yuan, accounting for 2.77% of revenue, which is a 14.6% increase year-on-year [1]. Changes in Financial Items - Accounts receivable increased by 45.79% due to a high volume of unsettled payments from revenue recognized in May and June [3]. - Contract assets surged by 334.82% due to increased sales of products with warranty deposits [3]. - Financial expenses rose dramatically by 238.97% due to increased short-term borrowing costs [4]. Investment Insights - The company's return on invested capital (ROIC) was reported at 6.81%, indicating average capital returns, with historical median ROIC at 20.12% [4]. - Analysts expect the company's performance for 2025 to reach 159 million yuan, with an average EPS forecast of 1.22 yuan [5]. Fund Holdings - The largest fund holding Kaili New Materials is the招商安本增利债券A, with 828,500 shares held, remaining unchanged [6]. - The fund's current scale is 1.148 billion yuan, with a recent net value increase of 0.36% [6]. Corporate Strategy - The company has received inquiries regarding potential mergers and acquisitions to strengthen its market position and enhance shareholder returns [7].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company's performance met expectations with a reported revenue of 1.014 billion yuan for H1 2025, reflecting a year-on-year increase of 24.86%, and a net profit attributable to shareholders of 61 million yuan, up 30.83% year-on-year [7] - The industry is experiencing a significant recovery, with the company's catalyst products seeing a 122.33% increase in overall sales year-on-year, driven by renewed demand in the pharmaceutical sector and enhanced market competitiveness [7] - The company is well-positioned to benefit from the promotion of mercury-free PVC catalysts, supported by strong R&D capabilities and new product developments [7] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2.372 billion yuan in 2025, with a year-on-year growth rate of 40.6% [5] - The net profit attributable to shareholders is expected to reach 197 million yuan in 2025, representing a substantial increase of 112.3% year-on-year [5] - The forecasted earnings per share for 2025 is 1.50 yuan, with a projected PE ratio of 26 [5]

Group 1 - At the end of Q2, pension accounts appeared in the top ten circulating shareholders of Rongzhi Rixin and Kaili New Materials [1] - The Basic Pension Insurance Fund 2101 Combination is the fourth largest circulating shareholder of Rongzhi Rixin, holding 3.5 million shares, accounting for 4.04% of circulating shares [1] - The Basic Pension Insurance Fund 16032 Combination is the fourth largest circulating shareholder of Kaili New Materials, holding 1.9967 million shares, accounting for 1.53% of circulating shares [1] Group 2 - Pension holdings in the Sci-Tech Innovation Board stocks include Rongzhi Rixin with 3.5 million shares, showing a decrease of 5.41% in holdings, valued at approximately 15,536.50 million yuan [1] - Kaili New Materials remains unchanged in pension holdings at 1.9967 million shares, valued at approximately 6,628.99 million yuan [1]

Group 1 - The core viewpoint of the article highlights the movements of social security funds in the stock market, particularly their investments in eight stocks on the Sci-Tech Innovation Board, with a total holding of 30.19 million shares valued at 1.364 billion yuan [1] - Social security funds increased their holdings in five stocks, entered one new stock, and reduced their holdings in one stock, while one stock's holding remained unchanged [1] - The stocks with the highest holdings by social security funds include Nanwei Medical and Kaili New Materials, with holdings of 9.1785 million shares and 6.3642 million shares, respectively [1][3] Group 2 - In terms of performance, eight stocks held by social security funds reported year-on-year net profit growth in the first half of the year, with the highest growth seen in Rongzhi Rixin at 14.2355 million yuan, reflecting a staggering increase of 2063.42% [2] - The social security funds' holdings are primarily concentrated in the pharmaceutical and basic chemical industries, with two stocks from each sector appearing on the list [3] - Since July, the average increase in the stocks held by social security funds on the Sci-Tech Innovation Board has been 25.90%, with Dingtong Technology showing the highest cumulative increase of 75.47% [3]