Core Viewpoint - The article highlights significant developments in China's financial and economic landscape, including regulatory measures, monetary policy updates, trade statistics, and corporate earnings forecasts. Group 1: Regulatory and Policy Developments - The Central Committee of the Communist Party of China emphasizes strengthening financial trial work to combat market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering, while also improving rules for emerging financial disputes [2] - The People's Bank of China (PBOC) has implemented a series of structural monetary policy tools to support technology innovation and consumption, with a total loan contract amount for technology innovation reaching 1.74 trillion yuan by the end of May [3] - The PBOC plans to conduct a 14 billion yuan reverse repurchase operation to maintain liquidity in the banking system [4] Group 2: Economic Indicators - As of June 2025, the broad money supply (M2) in China reached 330.29 trillion yuan, growing by 8.3% year-on-year, while the narrow money supply (M1) was 113.95 trillion yuan, up by 4.6% [2] - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2] - China's goods trade in the first half of 2025 totaled 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [4] Group 3: Corporate Earnings and Developments - China National Salt Industry Corporation reported a 5.76% decrease in revenue for the first half of 2025, with net profit down 88.04% to 52.72 million yuan [8] - Jinpu Titanium Industry plans to exit the titanium dioxide industry through significant asset swaps [9] - Qianfang Technology expects a net profit increase of 1125.99% to 1534.65% for the first half of 2025 [10] - Huahong Technology anticipates a net profit increase of 3047.48% to 3721.94% for the same period [11] - Aerospace Science and Technology Corporation projects a net profit increase of 1628.83% to 2315.27% for the first half of 2025 [19]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-15 [Table_Tag] 宏观策略 [Table_MacroStrategy] #海外经济：《大美丽法案》：内容、影响与策略启示 核心观点：《大美丽法案》快速落地，由于法案存在较显著的分配效应， 且剔除延长及扩展减税法案以外的条款给财政带来的是收紧效果，因此 其对美国增长的拉动较为有限。法案"增赤在前、减赤在后"的特点，也 隐含 2028 年前后"财政悬崖"的风险。短期看，我们认为无需过度担忧 下半年美债发行给市场流动性和美债期限溢价带来的风险；长期看，美国 政府债务不可持续的路径依赖使得美债利率的期限溢价易上难下。从下 半年美债策略来看，大美丽法案落地后，美国财政政策难有增量，不确定 性暂告一段落，美债的驱动因素再度转向关税、宏观经济与货币政策。 宏观量化经济指数周报 20250713：关税豁免期延长或带动二次"抢转口" 在银行体系流动性均衡宽松的态势下，货币政策"提早"操作的诉求并不 强。 海外周报 20250713：特朗普"对等关税 2.0"威胁延期至 8 月 1 日 核心观点：本周特朗普对等关税威胁再度来袭，美股小幅走低；而关税威 ...

Group 1 - Cathay Pacific Haikou expects a net profit increase of 205%-218% for the first half of 2025, with a projected profit of 15.283 billion to 15.957 billion yuan [1] - The main reason for the profit increase is the merger with Haitong Securities, which has led to significant growth in wealth management and trading revenues [1] - Shenyuan Hongyuan anticipates a net profit increase of 92.66%-111.46% for the first half of 2025, with a projected profit of 4.1 billion to 4.5 billion yuan [6][7] Group 2 - Southern Airlines expects a net loss of 1.338 billion to 1.756 billion yuan for the first half of 2025, primarily due to changes in passenger structure and international uncertainties [2] - China Eastern Airlines projects a net loss of 1.2 billion to 1.6 billion yuan for the first half of 2025, influenced by intense domestic market competition [3] - Air China anticipates a net loss of 1.7 billion to 2.2 billion yuan for the first half of 2025, affected by market supply imbalances and international uncertainties [4] Group 3 - HNA Group expects to turn a profit in the first half of 2025, with a projected net profit of 45 million to 65 million yuan, attributed to improved market conditions and operational adjustments [5] - CICC forecasts a net profit increase of 55%-78% for the first half of 2025, with a projected profit of 3.453 billion to 3.966 billion yuan [8] - CITIC Securities anticipates a net profit increase of 55%-60% for the first half of 2025, with a projected profit of 4.43 billion to 4.573 billion yuan [9] Group 4 - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing an increase of 84.3%-120.5% [10] - Poly Developments anticipates a net profit decrease of 63.15% for the first half of 2025, with a projected profit of 2.735 billion yuan [11] - Luoyang Molybdenum expects a net profit increase of 51%-68% for the first half of 2025, with a projected profit of 8.2 billion to 9.1 billion yuan [13] Group 5 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, but with a significant reduction in losses compared to the previous year [14] - Tongwei Co. anticipates a net loss of 4.9 billion to 5.2 billion yuan for the first half of 2025, influenced by ongoing industry challenges [15] - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of 2025, an improvement from the previous year's loss [16] Group 6 - Jianghuai Automobile expects a net loss of approximately 680 million yuan for the first half of 2025, primarily due to increased competition in the international market [21] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, attributed to ongoing transformation challenges [22] - ST Huatuo expects a net profit increase of 107.2%-159% for the first half of 2025, with a projected profit of 2.4 billion to 3 billion yuan [23] Group 7 - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, marking a turnaround from losses [25] - Linyi Intelligent Manufacturing expects a net profit increase of 32%-67% for the first half of 2025, with a projected profit of 900 million to 1.14 billion yuan [27] - Pengding Holdings expects a net profit increase of 52.79%-60.62% for the first half of 2025, with a projected profit of 1.198 billion to 1.26 billion yuan [29] Group 8 - Hengtong Electronics expects a net profit increase of 740.95% for the first half of 2025, with a projected profit of approximately 251 million yuan [30] - Shengyi Technology anticipates a net profit increase of 50%-56% for the first half of 2025, with a projected profit of 1.4 billion to 1.45 billion yuan [31] - Founder Securities expects a net profit increase of 70%-80% for the first half of 2025, with a projected profit of 2.299 billion to 2.43 billion yuan [33]

2025 年 07 月 14 日 万达电影 (002739) ——25H1 业绩预告符合预期，战略转型加速推进 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 07 月 14 日 | | | --- | --- | | 收盘价（元） | 11.47 | | 一年内最高/最低（元） | 14.08/8.90 | | 市净率 | 3.1 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 23,919 | | 上证指数/深证成指 3,519.65/10,684.52 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.65 | | 资产负债率% | 67.65 | | 总股本/流通 A 股（百万） | 2,112/2,085 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-15 08-15 09-15 10-15 11-15 12-15 01-15 02-15 03-15 04-15 05-15 0 ...

证券研究报告·公司点评报告·影视院线 万达电影（002739） 2025 年上半年业绩预告点评：上半年净利大 增，多元化布局打造新增长点 执业证书：S0600517110002 021-60199793 zhoulj@dwzq.com.cn 证券分析师 郭若娜 执业证书：S0600524080004 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） | 14,620 | 12,362 | 15,789 | 17,367 | 19,104 | | 同比（%） | 50.79 | (15.44) | 27.72 | 10.00 | 10.00 | | 归母净利润（百万元） | 912.24 | (940.05) | 1,003.96 | 1,242.64 | 1,437.79 | | 同比（%） | 147.44 | (203.05) | 206.80 | 23.77 | 15.70 | | EPS-最新摊薄（元/股） | ...

暑期档影片储备充足 本报讯 （记者贺王娟）7月14日，万达电影股份有限公司（以下简称"万达电影"）发布了2025年上半年 业绩预告。报告期内，公司预计实现归母净利润5亿元-5.6亿元，同比大幅增长340.96%–393.87%。在电 影行业存在波动的背景下，万达电影通过一系列的创新优化升级措施，实现了整体经营质量的稳步提 升，经营业绩逆势增长。 今年以来，中国电影市场行业逻辑发生变化，呈现出头部优质内容带动复苏的发展态势。2025年上半 年，全国大盘票房292.31亿元（含服务费），同比增长22.91%，观影人次6.41亿，同比增长16.89%，国 产影片票房占比为91.2%。一方面，2024年同期电影市场整体基数较低，提供了较大的增长空间；另一 方面，2025年春节档影视内容储备充足，众多优质影片如《哪吒2》等的上映，激发了观众的观影热 情，带动"内容驱动增长"的行业大趋势。 全年优质内容输出应对行业回调 2025年二季度以来，电影市场面临回调，头部影片相对欠缺。面对市场压力，头部影院个体的主动性调 整变得更为重要，万达电影积极应对行业波动，推动影院优质内容和观影体验的双向提升。 随着暑期档的到来，电影市场 ...

Core Viewpoint - Wanda Film is expected to achieve a net profit of 500 million to 560 million yuan in the first half of 2025, representing a year-on-year growth of 340.96% to 393.87%, despite ongoing pressures in the film market [1] Group 1: Financial Performance - In the first half of 2025, Wanda Film's box office revenue reached 4.207 billion yuan, with 82 million viewers, while the overall box office in China grew by 22.91% year-on-year to 29.231 billion yuan [2] - The company’s gross profit margin from merchandise sales increased by 10 percentage points, while both store and sales expenses decreased year-on-year [2] Group 2: Market Position and Strategy - Wanda Film operates 705 directly managed cinemas with 6,121 screens, enhancing its market presence as the industry undergoes consolidation [3] - The company plans to open 20 to 25 new cinemas in 2025, focusing on high-tier cities and high box office areas to expand its market share [3] Group 3: Strategic Investments - Wanda Film is actively pursuing strategic investments, focusing on synergistic sectors to enhance its ecosystem and brand collaboration [4] - The company has established partnerships with brands like 52TOYS and "好运椰," which have significantly contributed to non-ticket revenue, with "好运椰" accounting for 29% of non-ticket income in some cinemas [5] - The strategic investment aims to provide brands with high exposure and low-cost platforms, sharing development benefits [5]

万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2025-040 万达电影股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 6 月 30 日 2、预计的业绩： 亏损 扭亏为盈 √同向上升 同向下降 | 项 目 | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | | 归属于上市公司股东 的净利润 | 万元–56,000 盈利：50,000 | 万元 | 盈利：11,338.93 | 万元 | | | 比上年同期增长：340.96%–393.87% | | | | | 扣除非经常性损益后 的净利润 | 盈利：45,000 万元–51,000 | 万元 | 盈利：8,647.93 | 万元 | | | 比上年同期增长：420.36%–489.74% | | | | | 基本每股收益 | 盈利：0.2362 元/股–0.2646 | 元/股 | 盈利：0.0520 ...

陈曦在2010年起开始担任电影制片人，2012年创办影艺通传媒，2015年至2024年1月担任中国儒意控股 有限公司执行董事、上海儒意影视制作有限公司总裁。 2024年1月29日起任万达电影董事长、总裁。 运营商财经网 实习生郑永杰/文 近期，万达电影公布了最新的财报数据，2024年公司营业总收入为123.62亿元，同比下降15.44%，归母 净利润为-9.4亿元，同比下降203.05%，整体处于亏损状态。除此之外，万达电影董事长陈曦的个人履 历也引起了运营商财经网的关注。 根据天眼查资料显示，陈曦，女，1982年生，2000年毕业于中央戏剧学院表演专业。后拿到清华大学五 道口金融学院金融EMBA（高级管理人员工商管理硕士）。 除此之外，运营商财经网还了解到陈曦曾在2003年饰演电影《走出蓝水河》中的"一枝花"，2010年起开 始担任电影制片人，参与制片2012年上映的电影《人再囧途之泰囧》。 从演员到制片人再到年薪千万的电影公司女董事长，陈曦与电影可谓颇有渊源。 据悉，万达电影2025年第一季度营业收入为47.09亿元，同比上涨23.23%；归母净利润为8.30亿元，同 比增长154.72%，在连续三个季度 ...

Group 1: Market Overview - In June 2025, the media sector (Shenwan Media Index) rose by 8.40%, outperforming the CSI 300 Index by 5.90 percentage points, ranking 7th among 31 industries [12][17] - The current TTM-PE for the Shenwan Media Index is 47.9x, positioned at the 87th percentile over the past five years, indicating a relatively high valuation [17] - Notable stock performances included Giant Network, Lianjian Optoelectronics, and ST Guangwang with significant gains, while Xiangyuan Cultural Tourism and Youzu Network faced declines [20] Group 2: Gaming Sector - A total of 147 domestic games and 11 imported games were approved in June, maintaining a high level of issuance, with 812 game licenses granted in the first half of 2025, a year-on-year increase of 17.9% [23] - The Chinese gaming market generated revenue of 28.1 billion yuan in May, reflecting a 10% year-on-year growth, with mobile games achieving 21.2 billion yuan in revenue, up 12% [26] - The gaming sector is expected to see upward valuation adjustments driven by new product launches, regulatory policies, and AI applications [2][4] Group 3: Film and Television Sector - The total box office in June reached 1.906 billion yuan, down 14.6% year-on-year, but showing a 9.7% month-on-month increase [50] - The top five films in June included "Mission: Impossible 8" and "Detective Conan: The Eye of the One-Horned," indicating a gradual recovery in box office performance [53] - The summer film season is critical, with over 60 films scheduled for release, and the performance of new films like "731" and "The Lychee of Chang'an" is being closely monitored [61] Group 4: AI Applications - The 2025 Global Unicorn List highlighted SpaceX, ByteDance, and OpenAI as the top three companies, with valuations of 2.6 trillion yuan and 2.2 trillion yuan respectively [77] - OpenAI launched the Deep Research API, designed for advanced analysis and deep information synthesis, indicating significant advancements in AI capabilities [78] - ByteDance introduced the VINCIE-3B image editing model and the EX-4D video generation framework, showcasing breakthroughs in AI-driven content creation [80][84]