点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【众安在线（6060.HK）】承保改善推动利润高增，银行板块首次扭亏为盈——2025年半年报点评 2025年上半年，众安在线实现营业收入161.8亿元，同比+0.9%；保险服务收入150.4亿元，同比-0.3%；归 母净利润6.7亿元，同比+1103.5%；承保利润6.6亿元，同比+109.1%；集团净投资收益率（年化）2.0%， 同比+0.2pct，总投资收益率（年化）3.4%，同比+0.6pct；保险板块净投资收益率（年化）2.1%，同 比-0.2pct，总投资收益率（年化）3.3%，同比持平。 （王一峰/黄怡婷） 2025-08-21 您可点击今日推送内容的第1条查看 【中信特钢（000708.SZ）】加速国际化项 ...

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but managed to achieve a modest increase in net profit, indicating resilience in a challenging market environment [4][5]. Financial Performance - In H1 2025, the company achieved operating revenue of 54.715 billion yuan, a year-on-year decrease of 4.02%, while net profit attributable to shareholders was 2.798 billion yuan, an increase of 2.67% [4]. - For Q2 2025, the company reported operating revenue of 27.875 billion yuan, a year-on-year decrease of 2.45%, but a quarter-on-quarter increase of 3.86% [4]. - The net profit for Q2 was 1.414 billion yuan, reflecting a year-on-year increase of 3.58% and a quarter-on-quarter increase of 2.21% [4]. Sales and Pricing - The company sold 9.8226 million tons of steel in H1 2025, a year-on-year increase of 3.23%, with exports remaining stable at 1.1216 million tons [5]. - The average selling price of steel products in H1 2025 was 5,570 yuan per ton, a decrease of 7.02% year-on-year, while the gross profit per ton increased by 8.56% to 800 yuan [6]. Product Demand and Structure Adjustment - The company actively seized opportunities in industries with strong demand, such as wind power, oil and gas, hydrogen energy, and new energy vehicles, adjusting its product structure accordingly [8]. - Sales of automotive steel rods and wires remained stable at 2.85 million tons, while sales of wind power billets increased by 2.6% to 1.592 million tons [8]. International Expansion - The company has made progress in its international projects, with plans to accelerate overseas project implementation in the second half of 2025 [9]. Shareholder Returns - The company plans to implement semi-annual dividends to enhance shareholder returns, with a total cash dividend of 1.009 billion yuan in H1 2025, representing a payout ratio of 36.07% [10].

Core Viewpoint - The special steel sector experienced a slight increase of 0.3% on August 21, with Jinzhou Pipeline leading the gains. The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1]. Group 1: Market Performance - Jinzhou Pipeline (002443) closed at 7.36, with a rise of 2.08% and a trading volume of 155,400 shares, amounting to a transaction value of 113 million yuan [1]. - Jiuli Special Materials (002318) closed at 22.65, up 1.80%, with a trading volume of 176,700 shares, totaling 398 million yuan [1]. - Changbao Co., Ltd. (002478) closed at 5.62, increasing by 0.90%, with a trading volume of 157,900 shares [1]. - CITIC Special Steel (000708) closed at 12.88, up 0.78%, with a trading volume of 222,700 shares [1]. - Jiao Jin Co., Ltd. (603995) closed at 18.44, increasing by 0.77%, with a trading volume of 86,100 shares [1]. - Fushun Special Steel (668009) closed at 5.63, remaining unchanged, with a trading volume of 441,900 shares [1]. - Taiyuan Iron & Steel (000825) closed at 4.18, unchanged, with a trading volume of 343,300 shares [1]. - Xining Special Steel (600117) closed at 3.56, down 0.28%, with a trading volume of 1,551,000 shares [1]. - Fangda Special Steel (600507) closed at 6.12, down 0.33%, with a trading volume of 152,900 shares, totaling 93.4 million yuan [1]. - Gande Zhengtai (300881) closed at 37.16, down 0.38%, with a trading volume of 22,200 shares, totaling 82.7 million yuan [1]. Group 2: Capital Flow - The special steel sector saw a net outflow of 18.99 million yuan from main funds, while retail funds experienced a net inflow of 2.63 million yuan [3]. - Speculative funds had a net inflow of 16.37 million yuan into the sector [3].

（文章来源：每日经济新闻） 民生证券8月21日发布研报称，给予中信特钢（000708.SZ，最新价：12.87元）推荐评级。评级理由主 要包括：1）销量同比增加，毛利率同环比增长；2）未来核心看点：加快品种结构调整，深挖成本优化 潜力。风险提示：原料价格大幅波动，下游需求不及预期，产能释放不及预期。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 12.78 yuan [6]. Core Insights - The company reported a revenue of 54.715 billion yuan for H1 2025, a decrease of 4.02% year-on-year, while the net profit attributable to shareholders was 2.798 billion yuan, an increase of 2.67% year-on-year [1]. - The company is focusing on accelerating product structure adjustments and optimizing cost efficiency to enhance profitability [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 54.715 billion yuan, down 4.02% year-on-year, and a net profit of 2.798 billion yuan, up 2.67% year-on-year. The net profit excluding non-recurring items was 2.769 billion yuan, an increase of 3.77% year-on-year [1]. - For Q2 2025, the revenue was 27.875 billion yuan, a decrease of 2.45% year-on-year but an increase of 3.86% quarter-on-quarter. The net profit was 1.414 billion yuan, up 3.58% year-on-year and 2.21% quarter-on-quarter [1]. Sales and Margins - The company reported a steel sales volume of 9.8226 million tons in H1 2025, an increase of 3.23% year-on-year, achieving 52.8% of the annual sales target. Export sales remained stable at 1.1216 million tons [2]. - The gross margin for Q2 2025 was 14.89%, an increase of 2.59 percentage points year-on-year and 1.07 percentage points quarter-on-quarter. The gross margins for various products were 16.50% for special steel bars, 11.20% for wire rods, 14.23% for plates, and 16.15% for seamless pipes, with year-on-year increases of 2.91, 0.97, 0.10, and 2.48 percentage points respectively [2]. Future Outlook - The company is accelerating product structure adjustments by targeting industries with strong demand such as wind power, oil and gas, hydrogen energy, and new energy vehicles. Sales of wind power round billets increased by 2.6% year-on-year, and sales of special welding wire steel grew by 21% [3]. - The company aims to enhance cost optimization by improving energy efficiency in key processes, with energy consumption in ironmaking and converter processes decreasing by 0.74% and 2.35% year-on-year respectively [3]. - The company has established a national strategic layout along the coast and rivers and is exploring overseas opportunities, focusing on projects in Southeast Asia, the Middle East, North America, and Europe [3]. Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 5.648 billion yuan, 6.123 billion yuan, and 6.650 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11x for 2025 and 2026, and 10x for 2027 [4][5].

Group 1: Fixed Income Market Insights - The fixed income market is experiencing a weak sentiment, with a preference for short to medium-term credit instruments as the stock market remains strong since June, leading to adjustments in the bond market [2][4] - Recommendations include focusing on city investment bonds with maturities of three years or less, high-quality city rural commercial bank bonds, and high-grade central state-owned enterprise real estate bonds with maturities of one year or less [2][4] - The bond curve is expected to remain steep, and investors are advised to avoid ultra-long-term bonds and credit ETF securities [2] Group 2: Transportation Sector Recovery - The transportation sector is entering a recovery phase, with expectations of a seasonal increase in demand as the peak season approaches [6] - The industry has seen a slowdown in volume growth, with retail sales and express delivery volumes showing year-on-year increases of 4.0%, 8.3%, and 15.1% respectively [6] - Recommendations include focusing on the e-commerce express delivery sector and leading international logistics companies like SF Express [6] Group 3: Beverage Industry Outlook - The liquor sector is showing signs of stabilization, with government policies aimed at boosting domestic demand providing support [6] - Major liquor companies are focusing on maintaining investor interests through long-term and interim dividend plans, with current dividend yields for leading brands exceeding 3.5% [6] - The sector is expected to enter a phase of healthy recovery, with strong fundamentals among leading companies [6] Group 4: AI and Technology Sector - The AI technology revolution is anticipated to drive corporate profit growth, providing a counterbalance to macroeconomic uncertainties [4] - Industrial Fulian's stock has surged approximately 69% since mid-July, reflecting renewed market interest in its growth potential within the AI industry [14] - The report emphasizes the importance of understanding the investment ceiling for AI computing power and the potential for significant growth in the sector [14] Group 5: Logistics and Delivery Sector - The logistics sector is expected to benefit from a price recovery due to the "anti-involution" policy, which aims to improve service quality and profitability [30] - ZTO Express reported a revenue increase of 9.8% year-on-year, although net profits declined due to intense price competition [30] - The outlook for the second half of the year remains positive, with expectations of improved profitability as the industry adjusts pricing strategies [30] Group 6: Insurance Sector Performance - Zhong An Insurance reported a significant increase in net profit for the first half of 2025, driven by strong growth in underwriting profits across various business lines [19] - The company’s overall performance reflects improvements in both insurance and investment segments, with a notable turnaround in its banking operations [19] - The report maintains a "buy" rating based on the positive trends across multiple business areas [19] Group 7: Power Generation Sector - Guiguan Electric's performance is in line with expectations, with a forecast for increased hydropower generation in the upcoming quarter due to favorable water conditions [26] - The company reported a revenue decline of 13.99% year-on-year, but net profits showed resilience [26] - The report suggests maintaining a "buy" rating based on anticipated growth in hydropower output [26] Group 8: E-commerce and Retail Sector - Salted Fish Shop's revenue and net profit for the first half of 2025 exceeded market expectations, driven by strong performance in its membership and retail channels [13] - The company reported a year-on-year revenue increase of 19.6%, with significant growth in its snack and retail segments [13] - The report highlights the importance of channel and product category growth in sustaining performance [13]

登录新浪财经APP 搜索【信披】查看更多考评等级 据证券之星公开数据整理，近期中信特钢(000708)发布2025年中报。截至本报告期末，公司营业总收入 547.15亿元，同比下降4.02%，归母净利润27.98亿元，同比上升2.67%。按单季度数据看，第二季度营 业总收入278.75亿元，同比下降2.45%，第二季度归母净利润14.14亿元，同比上升3.58%。本报告期中 信特钢盈利能力上升，毛利率同比增幅16.75%，净利率同比增幅7.41%。 本次财报公布的各项数据指标表现一般。其中，毛利率14.37%，同比增16.75%，净利率5.36%，同比增 7.41%，销售费用、管理费用、财务费用总计17.59亿元，三费占营收比3.21%，同比增2.93%，每股净资 产8.1元，同比增7.55%，每股经营性现金流1.05元，同比减6.91%，每股收益0.55元，同比增1.85% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 570.05亿 | 547.15 Z | -4.02% | | 归母净利润(元) | 27 ...

2025 年 8 月 20 日 事件：公司公告 2025 年半年度报告，2025 年上半年实现营业收入 547.15 亿元， 同比-4.02%，实现归母净利润 27.98 亿元，同比+2.67%；扣除非经常性损益后 归母净利润 27.69 亿元，同比+3.77%。2025 年 Q2 实现营业收入 278.75 亿元， 同比-2.45%，环比+3.86%，归母净利润 14.14 亿元，同比+3.58%，环比+2.21%， 扣除非经常性损益后的归母净利润 13.95 亿元，同比+4.87%，环比+1.60%。 2025H1 公司钢材销量同比+3.23%：今年上半年公司实现钢材销售 982.26 万吨， 同比+3.23%，其中钢材出口 112.16 万吨，同比持平。如若实现全年计划销量 1860 万吨，预计下半年销量为 877.74 万吨，同比-6.37%，环比-10.64%。 2025H1 公司钢材产品吨钢价格同比-7.02%，吨钢毛利同比+8.56%：上半年， 公司钢材产品吨钢售价为 5570 元/吨，同比-7.02%，环比+0.04%；上半年，公 司钢材产品吨钢毛利为 800 元/吨，同比+8.56%，环比+ ...

Group 1 - Weicai Technology achieved a net profit of 101 million yuan in the first half of 2025, a year-on-year increase of 831.03% [1] - The company reported an operating income of 634 million yuan, up 47.53% year-on-year, with a basic earnings per share of 0.68 yuan [1] - Weicai Technology specializes in wafer testing, chip finished product testing, and related integrated circuit testing services [1] Group 2 - Changhua Group received a project development notification from a domestic automotive company, with an expected total sales amount of approximately 190 million yuan over an 8-year lifecycle [2] - The project is set to begin mass production in the third quarter of 2026 [2] - Changhua Group focuses on the research, production, and sales of automotive metal components [2][3] Group 3 - Junhe Co. reported a net profit of 30.99 million yuan in the first half of 2025, a year-on-year decrease of 19.53% [3] - The company achieved an operating income of 578 million yuan, up 5.53% year-on-year, with a basic earnings per share of 0.08 yuan [3][4] - Junhe Co. specializes in the research, design, manufacturing, and sales of household water pumps and their accessories [4] Group 4 - Tonghua Jinma reported a net profit of 16.80 million yuan in the first half of 2025, a year-on-year increase of 34.77% [5] - The company achieved an operating income of 650 million yuan, a slight increase of 0.12% year-on-year, with a basic earnings per share of 0.0174 yuan [5] - Tonghua Jinma focuses on the research, production, and sales of pharmaceutical products [5][6] Group 5 - Xing Shuai reported a net profit of 122 million yuan in the first half of 2025, a year-on-year increase of 31.79% [8] - The company achieved an operating income of 1.132 billion yuan, up 8.59% year-on-year, with a basic earnings per share of 0.37 yuan [8] - Xing Shuai specializes in the research, production, and sales of various types of refrigeration compressor thermal protectors, starters, and temperature controllers [8] Group 6 - Ice Wheel Environment reported a net profit of 266 million yuan in the first half of 2025, a year-on-year decrease of 19.71% [9] - The company achieved an operating income of 3.118 billion yuan, down 6.92% year-on-year, with a basic earnings per share of 0.27 yuan [9] - Ice Wheel Environment focuses on the research, design, and sales of artificial environment control technology and energy comprehensive utilization technology [9][10] Group 7 - Jiangsu Huachen reported a net profit of 47.27 million yuan in the first half of 2025, a year-on-year increase of 18.37% [18] - The company achieved an operating income of 938 million yuan, up 40.46% year-on-year, with a basic earnings per share of 0.2901 yuan [18] - Jiangsu Huachen specializes in the research, production, and sales of energy-saving transformers and smart electrical equipment [18] Group 8 - Hanma Technology reported a net profit of 27.73 million yuan in the first half of 2025, reversing from a loss of 153 million yuan in the same period last year [18] - The company achieved an operating income of 2.847 billion yuan, a year-on-year increase of 50.03% [18] - Hanma Technology focuses on the production, research, and sales of heavy trucks, special vehicles, and automotive components [18] Group 9 - Tianyue Advanced announced the listing of its H-shares on the Hong Kong Stock Exchange, raising approximately 1.938 billion HKD [19] - The global offering consisted of 47.7457 million shares, with a price of 42.80 HKD per share [19] - Tianyue Advanced specializes in the research, production, and sales of silicon carbide semiconductor materials [19][20] Group 10 - Kesi Technology signed a sales framework contract worth up to 401 million yuan with Beijing Tianyuan Innovation Technology Co., Ltd. [21] - The contract is valid for two years and involves a comprehensive information integration service project [21] - Kesi Technology focuses on the research, development, manufacturing, and sales of electronic information equipment [21][22]

证券之星消息，8月20日特钢板块较上一交易日上涨1.01%，中信特钢领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000708 | 中信特钢 | 12.78 | 1.83% | 26.76万 | | 3.41 Z | | 600507 | 方大特钢 | 6.14 | 1.82% | 21.99万 | | · 1.34亿 | | 301160 | 翔楼新材 | 71.56 | 1.36% | 3.95万 | | 2.80亿 | | 300881 | 盛德彦泰 | 37.30 | 0.97% | 2.61万 | | 9692.08万 | | 002075 | 沙钢股份 | 6.62 | 0.91% | 45.97万 | | 3.02亿 | | 000825 | 太钢不锈 | 4.18 | 0.72% | 32.99万 | | 1.37亿 | | 668 ...