Market Overview - A-shares experienced a volatile trading day following a significant increase on August 25, with the Shanghai Composite Index closing down 0.39% at 3868.38 points, while the Shenzhen Component Index rose 0.26% [1] - The market saw strong performance in sectors such as poultry, pork, gaming, chemicals, and consumer electronics, while sectors like medical services and rare earth permanent magnets faced declines [1] Sector Performance - The pork concept stocks remained strong, with Aonong Bio (603363) hitting the daily limit [1] - The gaming sector was active, with 37 Interactive Entertainment (002555) also reaching the daily limit [1] - The chemical sector showed continued activity, with Baiao Chemical (603360), Yuntu Holdings (002539), and Haiyang Technology (603382) all hitting the daily limit [1] - Consumer electronics stocks were lively, with companies like GoerTek (002241) reaching the daily limit [1] - In contrast, the medical services sector led the declines, with Sunlight Nuohuo and Hite Bio (300683) among the biggest losers [1] - The rare earth permanent magnet sector also faced downward pressure, with AVIC TianDa and Baosteel (600010) leading the declines [1] Huawei Concept Stocks - Huawei concept stocks collectively rose, with the Huawei Kunpeng Index and Huawei Harmony Index both increasing over 2% [2] - Notable performers included Junyi Digital (301172) which achieved a 20% limit up, and Aerospace Hongtu which surged over 10% [2] - The Harmony Index saw stocks like Tuwei Information (002261) hitting the daily limit, along with other companies such as Runhe Software (300339) and Changshan Beiming (000158) following suit [2] Upcoming Developments - On August 25, during the Harmony Intelligent Travel autumn product launch, SAIC and Huawei announced the pre-sale of their first model under the "Shangjie" brand, the H5 [2] - Huawei is set to release a new AI SSD product on August 27, which may significantly impact the existing landscape of China's AI storage market [2]

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].

广美学生正在给柱墩进行彩绘。 受访者供图 广东奥体中心的赛事级预制型橡胶跑道系统。 天河体育中心的彩绘柱墩。 基于企业在AI技术上的积累，三七互娱助力十五运会举办的过程中，将充分运用AI技术。三七互娱将 提供虚拟人AI服务，旗下虚拟人"葱妹"将化身智慧城市助手，基于"小七"大模型赋能，为公众提供赛程 咨询、十五运介绍等服务，并构建文旅推荐系统，为游客生成个性化出游方案。 "葱妹"之外，"葱哥"也要上场助阵。三七互娱将结合这对虚拟"兄妹"，利用AI技术生成各类创意海报， 为全运化宣传助力。 践行"办赛事就是办城市"的理念，今年，广州推出"城市合伙人"计划，并发布首批15家"城市合伙人"企 业名单。近日，广州市政府新闻办公室组织"全运年·看广州"主题采访活动，南都记者跟随媒体团走进 多家"城市合伙人"企业，探索广州将赛事筹备与城市发展紧密结合的生动实践。 天河体育中心白色柱墩"变身" 路过天河体育中心，入眼就能看到外围披着"彩衣"的一排立柱，彩绘图案上，融入着体育运动、广州特 色、岭南文化等元素。彩绘由广州美术学院的学生创作，而柱墩底色、十五运会徽与核心图形的涂装材 料，则由广州"城市合伙人"之一——立邦提供。 ...

据证券之星公开数据整理，近期三七互娱（002555）发布2025年中报。根据财报显示，三七互娱净利润同比增长10.72%。截至本报告期末，公司 营业总收入84.86亿元，同比下降8.08%，归母净利润14.0亿元，同比上升10.72%。按单季度数据看，第二季度营业总收入42.43亿元，同比下降 5.33%，第二季度归母净利润8.51亿元，同比上升31.24%。 本次财报公布的各项数据指标表现一般。其中，毛利率76.71%，同比减3.67%，净利率16.51%，同比增20.51%，销售费用、管理费用、财务费用 总计46.2亿元，三费占营收比54.44%，同比减9.94%，每股净资产5.88元，同比增3.06%，每股经营性现金流0.79元，同比减17.44%，每股收益0.64 元，同比增12.28% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 92.32 G | 84.86 Z | -8.08% | | 归母净利润(元) | 12.65亿 | 14亿 | 10.72% | | 扣非净利润(元) | 12.75 Z ...

Investment Rating - The report maintains a "Recommended" rating for the gaming industry, indicating a positive outlook for the sector [3][6]. Core Insights - In August 2025, a total of 173 game licenses were issued, with 166 being domestic and 7 imported, marking a significant increase in the number of licenses issued compared to the same period in 2024 [1][6]. - The report highlights key games that received approval, including titles from major companies such as Tencent, NetEase, and Bilibili, which are expected to contribute positively to their respective revenues [6]. - The issuance of game licenses has been stable and consistent throughout 2025, with a total of 1,050 domestic and 69 imported licenses issued so far this year, reflecting a strong recovery in the gaming market [6]. Industry Overview - The gaming industry is characterized by a total of 160 listed companies, with a total market capitalization of 2,014.6 billion and a circulating market capitalization of 1,832.2 billion [3]. - The absolute performance of the industry has shown a significant increase of 75.8% over the past 12 months, indicating strong growth potential [5]. - The report emphasizes the ongoing success of established games and the potential for new releases to drive revenue growth, particularly for companies like Tencent and Giant Network [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance exceeded expectations, with stable profits from existing games and a strong pipeline of new games [7] - The company has released a new game based on the "Douluo" IP, which has performed well since its launch [7] - The integration of AI technology in game development and marketing is expected to enhance operational efficiency and innovation [7] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 8.486 billion yuan, a year-on-year decrease of 8.08%, while net profit attributable to shareholders was 1.4 billion yuan, an increase of 10.72% year-on-year [7] - The second quarter of 2025 saw revenue of 4.243 billion yuan, down 5.33% year-on-year, but net profit increased by 31.24% year-on-year [7] - The company maintained a high dividend payout ratio of 66.17%, with a total dividend of 0.927 billion yuan for the first half of 2025, resulting in a dividend yield of 2.43% [7] Earnings Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be 1.29 yuan, 1.39 yuan, and 1.44 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15, 14, and 14 times based on the current stock price [7][8] - The report highlights the company's strong cash flow and asset management, with a projected return on equity (ROE) of around 20% [8]

多款新游表现亮眼，AI 多模态应用成效显著 业绩概览：2025H1 公司实现营业收入 84.86 亿元，同比下滑 8.08%；实现归母净 利润 14.00 亿元，同比增长 10.72%；实现扣非归母净利润 13.87 亿元，同比增长 8.83%。公司 2025 年上半年利润分配预案拟向全体股东每 10 股派 2.1 元（含税）。 《时光大爆炸》等新品表现优异，长线运营优势持续巩固。公司于 2025 年初推出 《时光大爆炸》《英雄没有闪》等多款产品。其中《时光大爆炸》1 月 APP 首发荣 获 iOS 免费榜第一，后续上线小程序版本，迅速跻身微信小游戏畅销榜第 4 名； 《英雄没有闪》APP 版上线后进入 iOS 畅销榜前五，小程序版也随后登顶微信小 游戏畅销榜。同时公司多款在运营产品仍保持强生命力。例如《寻道大千》以联动 模式实现多维突破，携手国漫顶流《斗破苍穹》IP 打造沉浸式消费场景、联动玄 幻经典《神墓》IP，并于二周年庆时融合国民级 IP《葫芦兄弟》，深耕用户运营， 推动游戏收入回升；模拟经营手游《时光杂货店》稳健运营，通过营销结合、城市 巡游等内容构建更完善的用户运营模式，与《大话西游》等经典影视 ...

在跨界创新探索方面，三七互娱不断挖掘游戏赋能产业及城市发展的有效路径。近期，三七互娱以"超级合伙人"身份入围首批广州"城市合伙人"。在第十五届全运会期间，三七互娱旗下虚拟人 除全运会的联动外，三七互娱旗下热门游戏《寻道大千》《时光杂货店》以"游戏+文化"的形式，和武当山景区、潍坊风筝会、中国书店等进行跨界联动，以创新形式拉近年轻人与传统文化的距 从传统文化的年轻化表达，到城市文旅的数字化赋能，三七互娱以数字科技和文化创意为支点，既让中华文化在创新中传承，也为社会价值传播开辟了新路径。 1500人次生态实践 推动绿美理念普及 从古代器物、诗词歌赋到蕴含中华传统哲学的"责任美学"，用特定主题诠释企业社会责任理念已成为三七互娱的特色。今年，三七互娱用AI绘制报告主题页，展示企业对科技的探索。主题页设 以勺嘴鹬所在环境保护章节为例，报告以这个滨海湿地生态的"旗舰物种"，来象征企业保护生物多样性，推动人与自然和谐共生的积极实践。据悉，在报告期内，三七互娱持续推进1款湿地生态 在绿美广东的实践中，三七互娱携手知名环保公益组织，推进城市伴生湿地及生物多样性守护行动，包括支持专业机构开展城市小微湿地调研和开发湿地修复课程，共 ...

| 收盘价(元) | 17.69 | | --- | --- | | 一年内最高/最低(元) | 19.03/13.19 | | 沪深 300 指数 | 4,469.22 | | 市净率(倍) | 3.01 | | 流通市值(亿元) | 282.86 | 基础数据(2025-06-30) 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 11733 证券研究报告-中报点评 买入(维持) 市场数据(2025-08-25) | 每股净资产(元) | 5.88 | | --- | --- | | 每股经营现金流(元) | 0.79 | | 毛利率(%) | 76.71 | | 净资产收益率_摊薄(%) | 10.77 | | 资产负债率(%) | 36.19 | | 总股本/流通股(万股) | 221,223.77/159,896.73 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -5% 5% 14% 24% 34% 43% 53% 62% 2024.08 2024.12 ...

Volatility - Today, 9 stocks in A-shares experienced a volatility exceeding 20% [1] - Stocks such as Rongyi Precision, Electric Wind Power, and Geberka had the highest volatility [1] Turnover Rate - Today, 21 stocks in A-shares had a turnover rate exceeding 30% [1] - Stocks like Chuanrun Co., Nengzhiguang, and Yuyin Co. led in turnover rate [1] Main Capital Flow - Main capital today saw a net inflow into sectors such as banking, beauty care, and agriculture, forestry, animal husbandry, and fishery, while experiencing a net outflow from non-ferrous metals, pharmaceutical biology, and electric equipment sectors [1] - Top net inflows were seen in stocks like Tuowei Information (17.79 billion), GoerTek (13.09 billion), Lio (12.13 billion), 37 Interactive Entertainment (7.57 billion), and Fenda Technology (6.99 billion) [1] - Top net outflows were recorded in stocks such as Xinyi Sheng (13.7 billion), Heertai (12.51 billion), Sunshine Power (11.53 billion), Northern Rare Earth (11.21 billion), and Oriental Precision (10.73 billion) [1]