南财投研通数据显示，9月1日，券商给予上市公司目标价共37次，按最新收盘价计算，目标价涨幅排名居前的公司有珠海 冠宇、皖能电力、富临精工，目标价涨幅分别为54.55%、42.86%、40.28%，分别属于电池、电力、电池行业。 | | | 09月01日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 688772 | 珠海冠宇 | 中信证券 | 买人 | 34.00 | 54.55 | | 000543 | 皖能电力 | 中信证券 | 买人 | 10.30 | 42.86 | | 300432 | 富临精工 | 中信证券 | 买人 | 21.00 | 40.28 | | 002585 | 双星新材 | 中信证券 | 买人 | 7.80 | 39.78 | | 301565 | 中仑新材 | 中信证券 | 买人 | 33.00 | 38.36 | | 603337 | 杰克股份 | 中信证券 | 买人 | 66.00 | ...

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

研发费用大幅增加，投资收益回落影响业绩释放。从费用端看，2025 年H1公司销售/管理/研发/财务费 用分别为0.10/0.82/2.16/4.06 亿元，同比分别变化-7.43%/+0.70%/+169.24%/-5.36%，其中研发费用大幅 增加，导致公司整体期间费用有所增长。此外，2025 年H1 公司投资净收益为4.98 亿元，同比减少1.87 亿元，我们推测或系受电力业务量价双降影响，参股公司的投资收益有下降压力。 盈利预测与估值：我们预计公司2025-2027 年分别实现归母净利润22.03/23.63/25.13 亿元，同比分别变 化+6.75%/+7.29%/+6.32%， 2025 年8 月27 日股价对应PE 为7.52/7.01/6.59 倍。维持"推荐"评级。 风险提示：煤价大幅波动风险；下游用电需求不及预期风险；在建项目投产进度不及预期风险。 事件：公司发布2025 年半年度报告，2025 年H1 公司实现营业收入131.85亿元，同比-5.83%；实现归母 净利润10.82 亿元，同比+1.05%。其中，2025年Q2 公司实现营业收入67.66 亿元，同比-3.57%；实现归 母 ...

安徽电力需求旺盛，优质区域电量电价有支撑。依托于长三角一体化战略红利、多重国家战略叠加优 势，2024 年安徽省创新动能持续释放，经济运行稳中有进、进中提质，规上工业增加值增长9%，创 2019 年以来新高，用电量同比增长11.9%。2024 年，全国GDP 同比增长5.0%，安徽省地区GDP 同比增 长5.8%，高于全国平均值。安徽省经济体量的稳步提升，高技术制造业、大数据、新能源汽车、机器 人等新兴产业高速发展，为安徽省未来用电量增长提供强劲动力。电力需求充裕，优质区域电力运营商 电量、电价有支撑。 盈利预测与投资评级：考虑机组投运节奏与2025 年电价形势，我们调整公司2025-2027 年归母净利润预 计为23.73 亿元、24.66 亿元、26.16亿元，同比+15.0%、+3.9%、+6.1%，对应2025-2027 年PE 为7、7、 6，考虑到安徽省的经济区位优势，维持"买入"评级。 风险提示：用电量增速放缓、煤价波动、项目投产进度不及预期等。 公司煤炭业务实现营业收入23.70 亿元，同比-4.8%，占比总营收18.0%；实现毛利率0.71%，同 比-0.06pct。煤价：截至2025H1， ...

证券研究报告·公司点评报告·电力 2025 年中报点评：成本下降对冲收入下降幅 度，发电业务毛利率+4.92pct 至 18.63% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 27,867 | 30,094 | 28,046 | 25,955 | 25,514 | | 同比（%） | 8.26 | 7.99 | (6.80) | (7.45) | (1.70) | | 归母净利润（百万元） | 1,430 | 2,064 | 2,373 | 2,466 | 2,616 | | 同比（%） | 186.37 | 44.36 | 15.00 | 3.93 | 6.08 | | EPS-最新摊薄（元/股） | 0.63 | 0.91 | 1.05 | 1.09 | 1.15 | | P/E（现价&最新摊薄） | 11.59 | 8.03 | 6.98 | 6.72 | 6.33 | [Table_Tag] [Ta ...

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].

据证券之星公开数据整理，近期皖能电力（000543）发布2025年中报。截至本报告期末，公司营业总收 入131.85亿元，同比下降5.83%，归母净利润10.82亿元，同比上升1.05%。按单季度数据看，第二季度 营业总收入67.66亿元，同比下降3.57%，第二季度归母净利润6.38亿元，同比上升3.26%。本报告期皖 能电力盈利能力上升，毛利率同比增幅33.3%，净利率同比增幅15.5%。 财务报表中对有大幅变动的财务项目的原因说明如下： 投资活动产生的现金流量净额变动幅度为58.25%,原因:购建固定资产、无形资产和其他长期资产支付的 现金减少。 筹资活动产生的现金流量净额变动幅度为-325.33%,原因:取得借款收到的现金减少。 现金及现金等价物净增加额变动幅度为-67.04%,原因:经营、投资及筹资活动综合影响。 税金及附加变动幅度为42.18%,原因:水资源费改税，本年在税金及附加列支。 本次财报公布的各项数据指标表现一般。其中，毛利率16.25%，同比增33.3%，净利率12.3%，同比增 15.5%，销售费用、管理费用、财务费用总计4.98亿元，三费占营收比3.77%，同比增1.46%，每股净 ...

Summary of the Conference Call for WanNeng Power Company Overview - **Company**: WanNeng Power - **Period**: First half of 2025 Key Financial Metrics - **Net Profit**: Increased by 1% to 1.082 billion CNY [2][3] - **Revenue**: Decreased by 5.8% to 13.185 billion CNY [3] - **Total Costs**: Decreased by 8.5%, outpacing revenue decline [3] - **Total Installed Capacity**: 17.87 million kW, with operational capacity at 14.67 million kW [3] - **Power Generation**: Decreased by 3.9% to 27.38 billion kWh [2][3] - **Comprehensive Electricity Price**: Decreased by 4% to 429 CNY/MWh [2][3] - **Benchmark Coal Price**: Decreased by 14% to 790 CNY/ton [2][3] Power Generation and Pricing Insights - **Q2 Power Generation**: Approximately 13 billion kWh, with a decline of less than 1% year-on-year [5] - **Q2 Overall Electricity Price**: 0.44 CNY/kWh, a decrease of less than 4% [5] - **Capacity Fee**: Approximately 0.02 CNY/kWh, fully obtained due to good equipment status [6] - **Benchmark Coal Price in Q2**: Approximately 850 CNY/ton, with a decline exceeding 10% [7] Market Dynamics - **Market Procurement**: Increased proportion of market agreement procurement, with prices between long-term contracts and spot prices [8][9] - **Coal Consumption**: Remained stable, with seasonal peaks in Q3 and lows in Q1 and Q4 [10] - **Long-term Contract Pricing Outlook**: Primarily influenced by cost factors, with uncertain guidance from spot prices [11][17] Regional Electricity Market Developments - **Anhui Province Spot Electricity Price**: Trial operation since January 2025, averaging around 0.3 CNY/kWh [12][13] - **Electricity Demand Growth**: July saw a 15% year-on-year increase, while August's growth was around 9% [14] - **Impact of New Energy**: Expected to weaken in the second half of the year, with a rebound in electricity demand anticipated [15] Future Projects and Investments - **New Energy Projects**: 800,000 kW solar project in Xinjiang expected to be fully connected by September 2025, with a total cost of approximately 2.7 CNY/kWh [29] - **Future Capacity Plans**: Anhui Province plans to add over 10 million kW of coal and gas projects by 2026 [25] - **Nuclear Fusion Project**: Expected completion by the end of 2027, with minimal impact on R&D expenses [21][22] Risks and Challenges - **Investment Income Decline**: Decreased by approximately 20% due to reduced earnings from coal power companies [23] - **Potential Asset Impairment**: Possible during major upgrades or overhauls of new units [19] Conclusion - The company is navigating a challenging environment with declining power generation and prices, while also focusing on new energy projects and regional market integration. The outlook for the second half of 2025 suggests a potential recovery in electricity demand, which could positively impact financial performance.

证券日报网讯皖能电力（000543）8月26日在互动平台回答投资者提问时表示，截至2025年8月20日，公 司合并信用账户股东数为57，211户，未合并信用账户股东数为54，476户。 ...

公 华福证券 火力发电 2025 年 08 月 26 日 司 研 究 皖能电力（000543.SZ） 2Q25 归母净利增速转正，毛利率环比修复 投资要点： 公 事件：公司发布 2025 年半年度报告。1H2025 公司实现营收 131.85 亿 元，同比减少 5.83%；归属于母公司股东的净利润 10.82 亿元，同比增长 1.05%。分季度看，2Q2025 单季度营收 67.66 亿元，同比减少 3.57%；归属 于母公司股东的净利润 6.38 亿元，同比增长 3.26%。 司 财 报 点 评 1H25 营收降幅 6%，归母净利润同比微增 1%：1H2025 公司营业收入 下降 5.83%，我们认为或主要系量价影响：1）1H2025 安徽火电发电量同 比下降 7.9%；火电利用小时数为 2190 小时，同比减少 166 小时，上半年 公司存量火电机组发电量下降，但是会有增量机组电量缓冲（2024-2025 年先后投产了长丰燃气电厂、英格玛电厂和钱营孜电厂）。2）2025 年安 徽省双边协商电量电价 412.97 元/兆瓦时，同比 2024 年下降 23 元/兆瓦时， 对应降幅 5.35%。1H2025 公 ...