Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has seen significant growth in revenue and non-recurring profit in Q2 2025, indicating an improvement in operational capabilities that may enhance company value [1][9] - The company secured new orders worth 9.881 billion yuan in the first half of 2025, representing a year-on-year increase of 37.65%, suggesting strong performance expectations for 2025-2026 [2] Financial Performance Summary - For 2023A, the company reported revenue of 13,912 million yuan, with a year-on-year growth of 21.9%. The projected revenue for 2025E is 17,014 million yuan, reflecting a growth of 27.4% [3] - The company's net profit attributable to the parent company for 2023A was 2,454 million yuan, with a year-on-year growth of 9.3%. The forecast for 2025E is 3,153 million yuan, indicating a growth of 20.0% [3] - The gross margin for 2025E is projected to be 34.1%, up from 32.8% in 2023A, showing an improvement in profitability [3] - The net profit margin is expected to be 18.5% in 2025E, compared to 17.6% in 2023A, indicating a positive trend in profitability [3] Operational Insights - The company has demonstrated strong growth in natural gas and overseas revenues, with natural gas-related income increasing by 112.69% year-on-year in the first half of 2025 [9] - The gross margin for oil and gas engineering and technical services improved to 23.74% in the first half of 2025, up 6.62 percentage points year-on-year, reflecting enhanced cost control capabilities [9] - Operating cash flow for the first half of 2025 reached 3.144 billion yuan, a year-on-year increase of 196.36%, indicating improved cash management and operational efficiency [9]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 51.98 CNY [1][10]. Core Views - The company's performance accelerated in Q2 2025, with significant improvement in operating cash flow and a high increase in new orders supporting continuous growth. The natural gas business has emerged as the company's second growth curve [2][10]. Financial Summary - Total revenue for 2023 is projected at 13,912 million CNY, with a growth rate of 21.9%. The net profit attributable to the parent company is expected to be 2,454 million CNY, reflecting a 9.3% increase. The earnings per share (EPS) for 2025 is estimated at 3.06 CNY, with a projected price-to-earnings (PE) ratio of 17 [4][11]. Performance Highlights - In Q2 2025, the company achieved a revenue of 42.14 billion CNY, a year-on-year increase of 49.12%, and a net profit of 7.75 billion CNY, up 8.78% year-on-year. The operating cash flow net amount reached 31.44 billion CNY, a significant increase of 196.36% year-on-year [10][11]. Business Growth - The company secured new orders worth 98.81 billion CNY in the first half of 2025, a 37.65% increase year-on-year. The natural gas business has become a key growth driver, with revenues from this segment increasing by 112.69% year-on-year in H1 2025 [10][11]. Market Position - The company has a total market capitalization of 41,231 million CNY, with a current stock price of 40.27 CNY. The stock has shown a 52-week price range of 25.50 to 41.65 CNY [5][10].

Group 1 - The core viewpoint of the news indicates that the CSI 500 Quality Growth Index has experienced a slight decline of 0.32%, with mixed performance among constituent stocks, highlighting both gainers and losers in the market [1] - The top-performing stocks include Jerry Holdings, which hit the daily limit up, Yunda Holdings with a rise of 9.23%, and Guai Bao Pet with an increase of 5.21% [1] - Conversely, Huahai Pharmaceutical led the decline, followed by Kanghong Pharmaceutical and Huagong Technology [1] Group 2 - The CSI 500 Quality Growth Index is composed of 100 listed companies selected for their high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2] - As of July 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index include Dongwu Securities, Kaiying Network, and Huagong Technology, collectively accounting for 20.47% of the index [2] - The latest price-to-book ratio (PB) of the CSI 500 Quality Growth Index is 1.96, indicating that the valuation is at a historical low, being below 80.19% of the time over the past three years, suggesting attractive valuation [1]

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted target price of 51.17 RMB, up from a previous value of 41.58 RMB, reflecting a 17 times PE for 2025 [5][7]. Core Insights - The company reported a revenue of 6.901 billion RMB for H1 2025, representing a year-over-year increase of 39.21%, with a net profit of 1.241 billion RMB, up 14.04% year-over-year [1]. - The natural gas business has shown significant growth, with a revenue increase of 112.69% year-over-year, indicating a strong second growth curve for the company [1]. - The company has secured new orders worth 9.881 billion RMB in H1 2025, a 37.65% increase year-over-year, supporting future performance [3]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved a revenue of 6.901 billion RMB, with a net profit of 1.241 billion RMB, and a non-recurring net profit of 1.231 billion RMB, reflecting increases of 39.21%, 14.04%, and 33.90% respectively [1]. - The overall gross margin decreased to 32.19%, down 3.40 percentage points year-over-year, primarily due to a lower proportion of high-margin high-end equipment business [2]. Order Growth and Market Expansion - The company’s new orders reached 9.881 billion RMB in H1 2025, marking a 37.65% increase year-over-year, with total backlog orders at 12.386 billion RMB, up 34.76% [3]. - The overseas revenue for H1 2025 was 3.295 billion RMB, a 38.38% increase year-over-year, indicating successful global expansion [4]. Financial Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted upwards by 1.56%, 5.49%, and 5.25% to 3.086 billion RMB, 3.731 billion RMB, and 4.341 billion RMB respectively, with a CAGR of 18.59% [5]. - The report suggests a valuation premium based on the growth potential of the natural gas business, leading to an increased target price [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a significant increase in Q2 non-net profit, which grew by 37% year-on-year, indicating that the performance inflection point has been reached [2] - In the first half of 2025, the company achieved total revenue of 6.9 billion yuan, a year-on-year increase of 39%, and a net profit attributable to shareholders of 1.24 billion yuan, up 14% year-on-year [2] - The company’s revenue and profit in Q2 exceeded expectations, with total revenue reaching 4.21 billion yuan, a 49% increase year-on-year, and a net profit of 780 million yuan, a 9% increase year-on-year [2] Revenue and Profit Analysis - The revenue from high-end equipment manufacturing in H1 2025 was 4.22 billion yuan, up 22.4% year-on-year, primarily driven by natural gas compression equipment [2] - The oil and gas engineering and technical services segment saw revenue of 2.07 billion yuan in H1 2025, an impressive 88.1% increase year-on-year, mainly benefiting from EPC deliveries in the Middle East [2] Margin and Cash Flow Performance - The company's gross margin for H1 2025 was 32.2%, a decrease of 3.6 percentage points year-on-year, while the net profit margin was 18.4%, down 4.1 percentage points year-on-year [3] - The domestic gross margin was 27.1%, down 7.5 percentage points year-on-year, primarily due to the delivery schedule of drilling and completion products [3] - The operating cash flow for H1 2025 was 3.14 billion yuan, a substantial increase of 196% year-on-year, attributed to excellent collection quality from overseas clients [3] International Market Expansion - The company is entering a harvest phase in its overseas layout, with the Middle East and North America being key markets for growth [4] - The Middle East is experiencing urgent economic transformation needs, leading to increased natural gas extraction and expansion of the natural gas equipment and EPC market, where the company is gaining market share [4] - In North America, the company is well-positioned to tap into the large replacement market for fracturing equipment, supported by its performance advantages [4] Financial Forecasts - The report maintains profit forecasts for the company at 3.03 billion yuan for 2025, 3.49 billion yuan for 2026, and 3.99 billion yuan for 2027, with corresponding P/E ratios of 14, 12, and 10 times [4]

兴业证券表示，支撑本轮行情的核心逻辑依然未被破坏，并且后续依然有较多提振市场信心的潜在催 化，新一轮行情随时可能启动。无论是8月GPT5发布等产业趋势的催化、中美商谈情况的落地，还是9 月3日阅兵活动、10月"十五五"规划会议等支撑国内中长期的宏大叙事，当前市场对于有利于风险偏好 的政策和事件反应都愈发积极。 A500ETF龙头(563800)，均衡配置各行业优质龙头企业，一键布局A股核心资产；场外联接(A类： 022424；C类：022425；Y类：022971)。 截至8月6日，A500ETF龙头近6月净值上涨8.88%。从收益能力看，截至2025年8月6日，A500ETF龙头 自成立以来，最高单月回报为4.54%，最长连涨月数为3个月，最长连涨涨幅为10.12%。截至2025年8月 6日，A500ETF龙头近3个月超越基准年化收益为8.26%。 A500ETF龙头紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券 作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。据了解，中证A500指数行业分布 均衡，传统行业和新兴行业各占一半，同时增加医药、新能源、计算 ...

今日公布半年报公司一览 证券时报·数据宝统计，8月7日共有10家公司公布2025年半年报，其中8家净利润同比增长，2家同比下 降，9家营业收入同比增长，1家同比下降，净利润和营业收入同时增长的公司有顺博合金等8家，净利 润和营业收入均下降的有峨眉山A等1家，业绩增幅翻倍的公司有1家，其中顺博合金增幅最大，达 110.56%。（数据宝） | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 002996 | 顺博合 金 | 0.2700 | 17663.48 | 110.56 | 712627.98 | 11.75 | | 002233 | 塔牌集 团 | 0.3700 | 43539.69 | 92.47 | 205624.80 | 4.05 | | 300184 | 力源信 息 | 0.0833 | 9613.04 | 65.79 | 403377.28 | 17.46 | | 688082 | 盛 ...

（文章来源：证券时报网） 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为宏发股份第九、第七大流通股东， 合计持股量为2822.27万股，占流通股比例1.93%。基本养老保险基金八零八组合为杰瑞股份第十大流通 股东，持股量为671.79万股，占流通股比例0.97%。基本养老保险基金一二零五组合为东睦股份第六大 流通股东，持股量为626.64万股，占流通股比例1.02%。基本养老保险基金一二零四组合为海信家电第 十大流通股东，持股量为459.61万股，占流通股比例0.50%。（数据宝） 养老金持股明细 | 代码 | 简称 | 持股量（万股） | 环比（%） | 占流通股比例（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 600885 | 宏发股份 | 2822.27 | 64.93 | 1.93 | 电力设备 | | 002353 | 杰瑞股份 | 671.79 | 新进 | 0.97 | 机械设备 | | 600114 | 东睦股份 | 626.64 | 43.23 | 1.02 | 机械设备 | | 000921 | 海信家电 | 459.6 ...

2025年8月7日，杰瑞股份(002353.SZ)发布2025年中报。 公司营业总收入为69.01亿元。归母净利润为12.41亿元。经营活动现金净流入为31.44亿元。 公司摊薄每股收益为1.22元。 公司最新总资产周转率为0.19次。最新存货周转率为0.82次。 公司股东户数为2.92万户，前十大股东持股数量为5.46亿股，占总股本比例为53.37%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 孙伟杰 | 18.97% | | | 王坤晓 | 13.01% | | WN | 刘贞峰 | 10.68% | | 4 | 香港中央结算有限公司 | 5.58% | | 5 | 中国工商银行股份有限公司-富国天惠精选成长混合型证券投资基金(LOF) | 1.47% | | 6 | 中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金 | 0.89% | | 7 | 中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪 | 0.71% | | 8 | 吴秀武 | 0.71% | | 9 | 全国社保基金一零一组合 ...

Group 1 - Jerry Holdings (002353.SZ) released its 2025 semi-annual report on August 7, 2025, indicating that as of August 6, 2025, 89 institutional investors disclosed holding a total of 147 million A-shares, accounting for 14.35% of the total share capital [1] - The top ten institutional investors include Hong Kong Central Clearing Limited, Industrial and Commercial Bank of China - Fortune Select Growth Mixed Securities Investment Fund (LOF), Agricultural Bank of China - CSI 500 ETF, China Life Insurance - Traditional - Ordinary Insurance Product - 005L-CT001, and others, with a combined holding ratio of 11.69%, which increased by 0.50 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 19 funds increased their holdings compared to the previous period, with a holding increase ratio of 0.35%, including Southern CSI 500 ETF and others [2] - Conversely, 18 public funds decreased their holdings, also with a decrease ratio of 0.35%, including Huaxia Classic Mixed and others [2] - There were 31 newly disclosed public funds this period, including Jiashi Emerging Industry Stock and others, while 38 funds were not disclosed this period, including Jiashi Cycle Preferred Mixed and others [2] Group 3 - In the social security fund sector, there was an increase in holdings from one fund, the National Social Security Fund 101 Combination, with a slight increase in holding ratio [2] - One social security fund, the National Social Security Fund 118 Combination, was not disclosed this period [2] - In the insurance capital sector, one fund, China Life Insurance - Traditional - Ordinary Insurance Product - 005L-CT001, decreased its holdings slightly [2] Group 4 - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.55% compared to the previous period [3]