A股8月收官。 8月29日，A股市场整体保持震荡走势，创业板指在宁德时代等权重股票的拉升带动下，盘中大涨近4%，但随后持续震荡调整，涨幅有所收窄。 多只个股在半年报业绩影响下，股价出现明显波动。格力电器二季度业绩出现下滑，公司股价盘中大跌近7%；顺丰控股在半年报公布后，盘中股价大跌超 9%；先导智能上半年业绩超预期复苏的情况下，公司股价实现20%涨停。 值得注意的是，今日也是8月最后一个交易日。从8月整体表现来看，本月市场总体呈现单边震荡上行态势，三大指数月线均大涨，其中，沪指站上3800点创 10年新高，累计涨幅近8%；深证成指累计涨幅超15%，创业板指累计涨超24%，科创50指数累计涨28%，北证50指数累计涨超10%。 港股市场在接连调整后，今日（8月29日）有所反弹，恒生指数盘中上涨超1%，恒生科技指数盘中上涨超1.6%。 多股受业绩影响股价遭遇重挫 8月28日晚，格力电器发布2025年半年度报告。2025年上半年，公司实现营业总收入973.25亿元，归属于上市公司股东的净利润达144.12亿元，同比增长 1.95%。 值得注意的是，第二季度，格力电器营业总收入为599.8亿元，同比下滑12.11%； ...

Economic Indicators - The US GDP growth rate for Q2 was revised up to 3.3%, higher than the initial estimate of 3%[12] - Corporate investment expanded at a rate of 5.7% in Q2, following a surge in Q1[12] Market Performance - The Shanghai Composite Index rose by 1.14% to close at 3843.6 points, while the Shenzhen Component increased by 2.25%[1] - The Hong Kong Hang Seng Index fell by 0.81% to 24998.82 points, with the Hang Seng Tech Index down 0.94%[1] Legal and Regulatory Developments - Federal Reserve Governor Lisa Cook filed a lawsuit against Trump regarding her dismissal, claiming it undermines the independence of the Fed[12] - The US Trade Representative extended certain exemptions from tariffs on China, originally set to expire on August 31, 2025, now extended to November 29, 2025[12] Sector Highlights - The TMT sector continued to show strong performance, particularly in semiconductors, which led the gains[1] - The healthcare sector in Hong Kong experienced a continued high-level correction[1]

8月28日晚间，顺丰控股（002352.SZ，06936.HK）披露2025年半年度报告。2025年上半年，顺丰控股 实现营收1468.58亿元，同比增加9.26%；其中归属于上市公司股东的净利润57.38亿元，同比增加 19.37%，实现每股收益1.16元，同比增加16.00%。 当日，顺丰还同步披露了授予期为9年的"共同成长持股计划"，实现核心人才与公司的长期价值绑定与 共同成长。该计划员工无需出资，股票来源是公司控股股东自愿无偿赠与的不超过2亿股A股股票。另 据消息透露，顺丰总裁王卫还将以个人名义对服务超10年以上的员工发放感谢金，以感谢员工的长期坚 持与辛苦付出，鼓励更多员工与公司共同成长，实现共同富裕，在当下反内卷促经济的大环境下，顺丰 与员工共同成长的双向奔赴，不仅能促进公司长期稳健发展，也是对中国经济充满信心。 精益化运营成效凸显 盈利与财务结构双向优化 2025年上半年，顺丰控股持续推行激活经营策略，激活内部经营活力，加大对前线业务的授权与激励， 将精益化管理策略贯穿业务全链路，最终实现规模与效益的同步提升。 数据显示，顺丰中期营业收入达成1468.58亿元，同比增长9.26%；速运物流业务件 ...

Core Viewpoint - The 19th China (Shenzhen) International Logistics and Supply Chain Expo will be held from September 24 to 26, showcasing over 2,200 exhibitors from more than 60 countries and regions, with a focus on new trends and technologies in the logistics and supply chain industry [1][4]. Group 1: Event Overview - The expo will cover an area of over 130,000 square meters and is expected to attract over 300,000 professional visitors [1]. - This year marks the 20th anniversary of the expo, which has been recognized as the "Olympics of the global logistics and supply chain sector" [4]. - The event aims to promote international collaboration and the transformation towards smarter, greener, and more digital logistics [4]. Group 2: International Participation - Over 20% of the exhibitors will be international, with notable participation from countries such as the USA, Canada, Mexico, and several European nations [5]. - First-time exhibitors from countries like Uzbekistan, Georgia, and Romania will also be present, alongside various postal services from multiple nations [5]. Group 3: Domestic Exhibitors - Domestic exhibitors will represent 26 provinces, autonomous regions, and municipalities, with significant participation from Shanghai, Zhejiang, Shandong, and Jiangsu [7]. - The number of exhibitors from Qingdao has increased by 70% compared to 2024, indicating a growing interest in the expo [7]. Group 4: Special Features - The expo will feature the inaugural Road-Rail Intermodal Transport Pavilion, highlighting the achievements of the land Silk Road in infrastructure connectivity [8]. - A dedicated "Smart Logistics and Digital Technology" section will showcase innovations in AI scheduling, autonomous driving, and new energy logistics equipment [9]. Group 5: Concurrent Thematic Exhibitions - The expo will host the 2025 World Unmanned Vehicle Economy Expo, focusing on the unmanned vehicle industry and its integration with smart technology [10]. - Another thematic exhibition, the 2025 Enterprise Going Abroad Expo, will concentrate on cross-border e-commerce and international supply chains, providing a platform for high-quality outbound business opportunities [11].

昨日基金共对50家公司进行调研，扎堆调研迈瑞医疗（300760）、巨人网络（002558）、海创药业等。 证券时报 数据宝统计，8月28日共62家公司被机构调研，按调研机构类型看，基金参与50家公司的调研 活动，其中，10家以上基金扎堆调研公司共10家。迈瑞医疗最受关注，参与调研的基金达65家；海创药 业、巨人网络等分别获26家、26家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有16家，创业板公司有28家，沪市主板公司有 1家，科创板公司有4家，北交所公司有1家。所属行业来看，基金调研的公司共涉及17个行业，所属医 药生物行业最多，有9家公司上榜；电子、计算机等紧随其后，分别有7家、4家公司上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有4家，其中总市值超千亿元的有迈瑞医 疗、顺丰控股（002352）等，总市值不足100亿元的有29家，分别是德瑞锂电、英华特（301272）、富 邦科技（300387）等。 市场表现上，基金调研股中，近5日上涨的有28只，涨幅居前的有熵基科技（301330）、英华特、民爆 光电（301362）等，涨幅为17.08%、14.27%、11 ...

29 August 2025 | 4:42AM HKT S.F. Holding (002352.SZ/6936.HK) & Kerry Logistics (0636.HK) 2Q25 review: Revenue in-line & profit below; focusing on market share gains; Buy S.F./Neutral on Kerry S.F. Holding reported mixed 2Q print with in-line revenue growth of +11% yoy, while pre-exceptional net profit (excluding a Rmb1bn investment gain) came in below-expectations at Rmb2.6bn, -13% vs. GSe, with gross margin at 13.1% (vs. 14.5% in 2Q24) as a result of flexible pricing strategy amid S.F.'s proactive focus on ...

Company Overview - SF Holding Co., Ltd. is located in Shenzhen, Guangdong Province, China, and was established on May 22, 2003. The company went public on February 5, 2010. Its main business involves comprehensive express logistics services [1] - The revenue composition of SF Holding includes: express delivery (42.97%), supply chain and international business (26.02%), freight (13.23%), economic express (9.58%), cold chain and pharmaceutical (3.45%), same-city instant delivery (3.17%), other services (1.14%), and undistributed portion (0.44%) [1] Stock Performance - On August 29, SF Holding's stock price fell by 5.17%, closing at 45.90 CNY per share, with a trading volume of 1.023 billion CNY and a turnover rate of 0.46%. The total market capitalization is 231.309 billion CNY [1] Fund Holdings - According to data from the top ten holdings of funds, Boyuan Fund has one fund heavily invested in SF Holding. The Boyuan Youxiang Mixed A Fund (010906) held 17,000 shares in the second quarter, unchanged from the previous period, accounting for 2.78% of the fund's net value, making it the second-largest holding [2] - The Boyuan Youxiang Mixed A Fund was established on March 30, 2021, with a latest scale of 28.1864 million CNY. Year-to-date returns are 6.49%, ranking 6252 out of 8189 in its category; the one-year return is 15.54%, ranking 6109 out of 7969; and since inception, it has a loss of 1.24% [2] Fund Management - The fund manager of Boyuan Youxiang Mixed A Fund is Huang Junfeng, who has been in the position for 2 years and 157 days. The total asset scale of the fund is 29.8653 million CNY, with the best fund return during his tenure being 7% and the worst being 5.96% [3]

Core Viewpoint - The article highlights the rebound of the liquor sector, particularly the significant rise in Jinhuijiu's stock price, indicating a positive trend in the industry [3]. Group 1: Liquor Sector Performance - Jinhuijiu's stock reached the daily limit, while other liquor companies such as Shede Liquor, Laobai Ganjiu, and others saw increases of around 5% [3]. - The overall performance of the liquor sector suggests a recovery, with multiple companies experiencing notable gains [3]. Group 2: Market Overview - The total trading volume in the Shanghai and Shenzhen markets exceeded 500 billion [6]. - The ChiNext 50 Index experienced a decline, with a drop of 3% [7]. - The A-share market opened with mixed results, with the insurance sector showing strong performance [9]. Group 3: Company-Specific News - Cambrian Technology opened down by 6.8%, with an announcement projecting annual revenue between 5 billion to 7 billion for 2025 [8].

Core Viewpoint - SF Holding reported a strong performance in the first half of 2025, with revenue reaching 146.9 billion yuan, a year-on-year increase of 9.3%, and a net profit of 5.74 billion yuan, up 19.4% from the previous year, driven by strategic innovations and enhanced global capabilities [1][9]. Group 1: Financial Performance - Revenue for the first half of 2025 was 146.9 billion yuan, representing a 9.3% increase year-on-year [1]. - The total package volume reached 7.85 billion, a growth of 25.7% year-on-year, outpacing the overall express delivery industry [1]. - Net profit attributable to shareholders was 5.74 billion yuan, reflecting a 19.4% increase compared to the previous year [1]. Group 2: Strategic Initiatives - The "Activate Operations" strategy has significantly improved organizational efficiency, with a 0.5% reduction in management expense ratio in the first half of 2025 [2]. - The company transitioned from a "management-type" to a "service support-type" organization, enhancing strategic planning and talent development [2]. - SF Holding shifted its incentive mechanism from traditional KPI rewards to a profit-sharing model, boosting frontline employee efficiency [2]. Group 3: Business Segments - The express logistics business generated 109.3 billion yuan in revenue, a 10.4% increase year-on-year, while the supply chain and international business revenue reached 34.2 billion yuan, up 9.7% [1]. - The time-sensitive express business achieved 63.23 billion yuan in revenue, growing 6.8% year-on-year, with an 18.6% increase in business volume [3]. Group 4: Market Positioning - SF Holding has maintained a leading position in the domestic market through a differentiated product strategy, focusing on deep penetration into various consumption scenarios [3]. - The company has developed integrated solutions for the apparel and footwear industry, addressing inventory turnover and reverse logistics challenges [3]. Group 5: Global Expansion - SF Holding's supply chain and international business continued to grow, supported by investments in global infrastructure, including the Ezhou Huahu International Airport and overseas warehouse networks [7][8]. - The company opened three international cargo routes in the first half of 2025, enhancing its global air freight network [7]. - As of June 2025, SF Holding's overseas warehouse resources exceeded 2.5 million square meters, covering major countries in the Asia-Pacific region [8]. Group 6: Comprehensive Growth Strategy - The company's growth is attributed to strategic innovations, multi-scenario penetration, and the enhancement of its global resource advantages, ensuring both short-term resilience and long-term development as a leading digital logistics solution provider [9].

Group 1: Snow Peak Technology (603227) - The company is positioned as a leader in the civil explosives and chemical industry in Xinjiang, with a dual business layout of "civil explosives + chemicals" [10][12] - Revenue forecasts for 2025-2027 are projected at 6.582 billion, 7.665 billion, and 8.613 billion yuan, with corresponding net profits of 545 million, 820 million, and 1.035 billion yuan, indicating growth rates of -19%, 51%, and 26% respectively [12] - The company benefits from a significant regional advantage in Xinjiang, where the scarcity of ammonium nitrate is highlighted, and the entry of Guangdong Hongda is expected to facilitate the scale-up of explosives production [12] Group 2: Meituan (03690) - The company maintains a "buy" rating despite a decrease in profits due to increased competition in the food delivery and instant retail sectors, with adjusted net profits for 2025-2027 revised to -4.5 billion, 38.5 billion, and 57.6 billion yuan [11][15] - The core local business revenue grew by 7.7% year-on-year to 65.3 billion yuan, but operating profit fell by 75.6% to 3.7 billion yuan, indicating significant pressure on profit margins [13][15] - The company is actively expanding its logistics network and enhancing service quality, with a peak daily order volume exceeding 150 million in July [13][15] Group 3: Banking Sector Insights - Industrial Bank (601166) reported a revenue of 110.5 billion yuan in 1H25, a decrease of 2.3%, but net profit increased by 0.2% to 43.1 billion yuan, indicating a recovery in profitability [17][19] - CITIC Bank (601998) achieved a revenue of 105.8 billion yuan in 1H25, down 3%, while net profit rose by 2.8% to 36.5 billion yuan, reflecting stable asset quality [21][23] - Su Nong Bank (603323) reported a slight revenue increase of 0.2% to 2.28 billion yuan in 1H25, with net profit growing by 5.2% to 1.18 billion yuan, showcasing a robust fundamental performance [25][26]