最近市场出现一个有趣的现象：消费板块突然成了香饽饽。8月以来，消费主题ETF净流入超过34亿元，食品饮料ETF更是独占30亿元。这与我年初看到的 景象截然不同——那时资金都在追逐科技股，消费板块门可罗雀。作为一个在资本市场摸爬滚打多年的观察者，我深知这种"突然转向"背后必有蹊跷。 | | | 2024年9月18日 | Tax 22 2 | 2025年上半年 | | --- | --- | --- | --- | --- | | 代码 | 道水 | 以来涨跌幅 | (倍) | 净利润增幅 | | | | (%) | | (%,含预测中值) | | 600987 | 航民股份 | 12.62 | 10.32 | 5.51 | | 600519 | 贵州茅台 | 18.34 | 20.82 | 8.89 | | 603529 | 爱玛科技 | 22.01 | 14.39 | 27.56 | | 002083 | 字目股份 | 24.24 | 12.80 - | 10.92 | | 605296 | 神农集团 | 27.96 | 19.00 | 212.65 | | 002461 | 珠江啤酒 | 30.13 | 2 ...

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Investment Rating - The report maintains a "Buy" rating for the company with a target price of 138.61 CNY [5][12]. Core Insights - The company reported strong performance in the first half of 2025, with revenue reaching 14.64 billion CNY, a year-on-year increase of 25%, and a net profit attributable to shareholders of 1.22 billion CNY, up 46% year-on-year [12]. - The company is accelerating its overseas expansion and product iteration in smart cockpit and smart driving domains, aiming to replicate its domestic electric and intelligent products in global markets [2][12]. - The company launched its fifth-generation smart cockpit platform, which has garnered attention from top global OEMs and secured new project orders from Li Auto [12]. - The establishment of overseas branches in key regions such as Germany, France, Spain, Japan, and Singapore has been completed, enhancing supply chain resilience and delivery capabilities [12]. Financial Summary - Total revenue is projected to grow from 21.91 billion CNY in 2023 to 50.09 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 20.2% [4]. - Net profit attributable to shareholders is expected to increase from 1.55 billion CNY in 2023 to 4.43 billion CNY in 2027, with a CAGR of 25.9% [4]. - The earnings per share (EPS) is forecasted to rise from 2.79 CNY in 2023 to 7.97 CNY in 2027 [4]. - The return on equity (ROE) is projected to improve from 19.5% in 2023 to 27.2% in 2027 [4]. Market Data - The company's market capitalization is approximately 69.31 billion CNY, with a 52-week stock price range of 85.30 to 140.19 CNY [6]. - The current price-to-earnings (P/E) ratio is 44.81, expected to decrease to 15.67 by 2027 [4][6].

Group 1 - In the past five trading days, a total of 287 companies were investigated by institutions, with Tianfu Communication, Desai Xiwai, and Zhongkuang Resources being the most frequently researched [1][2] - Among the companies investigated, 177 had more than 20 institutions participating, with Tianfu Communication receiving attention from 306 institutions, ranking first [1] - The types of institutions involved in the research included 277 securities companies, 247 fund companies, and 190 private equity firms [1] Group 2 - In terms of market performance, 121 of the investigated stocks rose, with Tianrongxin, Shengyi Electronics, and Jinli Permanent Magnet showing the highest increases of 38.21%, 31.14%, and 29.68% respectively [2] - Conversely, 54 stocks experienced declines, with Furuishi, Xingyun Co., and Yuanhang Precision showing the largest drops of 16.06%, 13.10%, and 10.29% respectively [2] - Among the stocks investigated, 176 have released semi-annual reports, with Fuji Lai and Suotong Development reporting the highest year-on-year net profit growth of 12430.96% and 1568.52% respectively [2] Group 3 - The most frequently investigated stock was Ice Wheel Environment, which received 7 institutional research visits [1] - Other companies with multiple investigations included Hualing Steel and Youfa Group, each receiving 3 visits [1] - The net inflow of funds in the past five days for stocks with more than 20 institutions researching was positive for 55 stocks, with Zhaoyi Innovation seeing a net inflow of 912 million yuan, the highest among them [1]

近5日机构合计调研241家公司，水晶光电、德赛西威、中矿资源等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（8月19日至8月25日）两市约241家公司被机构调研，调研机构类 型显示，证券公司共对235家公司进行调研，即97.51%的上市公司调研活动有证券公司参与；基金公司 调研209家，位列其后；阳光私募机构调研163家，排名第三。 机构调研榜单中，共有159家公司获20家以上机构扎堆调研。水晶光电最受关注，参与调研的机构达到 231家；德赛西威被230家机构调研，榜单中排名第二；中矿资源、百利天恒等分别被200家、188家机构 调研。 机构调研次数来看，冰轮环境机构调研最为密集，共获机构7次调研。友发集团、美盈森等机构调研也 较为密集，分别被机构调研4次、3次。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有56只，兆易创新近5日净流入资金 11.11亿元，主力资金净流入最多；净流入资金较多的还有京北方、金力永磁等，净流入资金分别为9.42 亿元、5.81亿元。 市场表现上，机构扎堆调研股中，近5日上涨的有115只，涨幅居前的有汇嘉时代、芯原股份、生益电子 等，涨幅为45.18%、 ...

| | 华阳集団 | 8月20日 | 118 | | --- | --- | --- | --- | | | 华东医药 | 8月20日 | 110 | | | 治治食品 | 8月22日 | 107 | | 高毅资产 | 山金国际 | 8月20日 | 103 | | | 新益昌 | 8月21日 | 102 | | | 天赐材料 | 8月19日 | ਰੇਰੇ | | | 国瓷材料 | 8月18日 | ਰੇਰੇ | | | 太辰光 | 8月20日 | 84 | | | 伟测科技 | 8月21日 | 80 | | | 路维光电 | 8月20日 | 79 | | | 北新建材 | 8月22日 | 38 | | | 牧原股份 | 8月20日 | 13 | | | 中矿资源 | 8月22日 | 201 | | --- | --- | --- | --- | | 重阻 | 迈为股份 | 8月22日 | 139 | | | 微芯生物 | 8月18日 | 47 | | | 宏盛华源 | 8月21日 | 15 | | 星石投资 | 国瓷材料 | 8月18日 | ਰੇਰੇ | | | 伟测科技 | 8月21日 | 80 | | | ...

Market Performance - On August 25, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 1.51% to 3883.56 points, the Shenzhen Component Index rising by 2.26% to 12441.07 points, and the ChiNext Index up by 3% to 2762.99 points [1] - The sectors that performed well included optical communication modules, rare earth permanent magnets, and computing power concepts, while sectors such as broadcasting, eSIM, and IPv6 saw declines [1] Fund Manager Changes - In the past 30 days (July 26 to August 25), 523 fund products experienced changes in fund managers, with 87 announcements made on August 25 alone [3] - The reasons for the changes included 11 fund managers leaving due to job changes, 7 due to personal reasons, and 2 due to product expiration [3] Fund Manager Performance - The current total asset scale of fund manager Shen Yue from China Europe Fund is 3.093 billion yuan, with the highest return product being the China Europe Growth Preferred Mixed E, which achieved a return of 107.48% over 5 years and 106 days [5] - The new fund manager at GF Fund, Cao Shiyu, manages assets totaling 15.325 billion yuan, with the highest return product being the GF CSI Hong Kong Stock Connect Non-Bank ETF, which gained 96.39% over 1 year and 180 days [5] Fund Company Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 77 listed companies, followed by Harvest Fund, Huaxia Fund, and Penghua Fund, which researched 72, 69, and 63 companies respectively [8] - The chemical products industry was the most researched sector, with 381 instances, followed by the medical device industry with 244 instances [8] Recent Research Focus - In the past week (August 18 to August 25), Zhongmin Resources, involved in lithium battery new energy raw material development, was the most researched company, with 61 fund institutions participating [9] - Other companies with significant research attention included Kaili Medical, Desai Xiwai, and Ziguang Guowei, receiving 55, 54, and 54 fund institution inquiries respectively [9]

近5日机构合计调研186家公司，水晶光电、德赛西威、中矿资源等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（8月18日至8月22日）两市约186家公司被机构调研，调研机构类 型显示，证券公司共对180家公司进行调研，即96.77%的上市公司调研活动有证券公司参与；基金公司 调研158家，位列其后；阳光私募机构调研125家，排名第三。 机构调研榜单中，共有121家公司获20家以上机构扎堆调研。水晶光电最受关注，参与调研的机构达到 231家；德赛西威被230家机构调研，榜单中排名第二；中矿资源、云天化等分别被200家、168家机构调 研。 机构调研次数来看，冰轮环境机构调研最为密集，共获机构5次调研。友发集团、美盈森等机构调研也 较为密集，均被机构调研4次。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有47只，京北方近5日净流入资金8.59亿 元，主力资金净流入最多；净流入资金较多的还有欧菲光、科大讯飞等，净流入资金分别为5.73亿元、 5.70亿元。 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | ...

德赛西威 20250824 摘要 德赛西威受益于新能源汽车和智能化趋势，收入从 2014 年的不足 50 亿元增长到 2025 年预计突破 300 亿元，年化增速超过 40%，新势力 车企贡献显著增加，从 2022 年的不到 10%上升到 2025 年的 30%以 上。 公司自 2019 年布局新能源，2021 年起逐步显现效果，目前正积极拓 展海外市场及第三、第四曲线战略。管理层由内部培养，多为在公司工 作超过 20 年的员工，并通过股权激励留住人才，确保了公司战略的稳 定性和执行力。 德赛西威业绩稳健，二季度表现出色，是 A 股中最相关的智能化产业链 标的。智能化渗透率提升保证 EPS 稳定，通过出海及规模效应有效对冲 代工订单导致毛利率下降的风险，未来发展潜力值得关注。 公司积极进行国际化布局，包括收购德国天线公司，在西班牙和墨西哥 建设工厂，并在东南亚和日本建立渠道，海外市场毛利率高于国内 10 个百分点，有望再造一个"海外版"德赛。 Q&A 德赛西威在过去几年中的发展历程和主要成就有哪些？ 德赛西威的核心涨幅发生在 2019 年至 2022 年之间。2018 年，德赛支付了 英伟达开发费，正式切入智 ...

Market Performance - The three major indices experienced an increase during the week of August 18 to August 22, with the Shanghai Composite Index rising by 3.49%, the Shenzhen Component Index by 4.57%, and the ChiNext Index by 5.85% [1][2]. Stock Movements - A total of 11 stocks saw a weekly increase of over 40%, with two stocks increasing by more than 60%. Kosen Technology led with a weekly increase of 61.14%, followed by Garden Shares at 61.09%, and Zhen'an Technology at 53.11% [3][4]. - On the downside, 14 stocks experienced a decline of over 15%, with *ST Gaohong leading the drop at 22.67% [3][4]. Trading Activity - 94 stocks had a turnover rate exceeding 100% during the week, with Guangdong Jianke at the top with a turnover rate of 251.47% [5][6]. - The majority of stocks with high turnover rates belonged to the machinery, electronics, and computer sectors [5]. Capital Flow - The machinery sector faced a net outflow of over 18 billion yuan, while the communication, comprehensive, and media sectors saw net inflows [8]. - ZTE Corporation received the highest net inflow of 7.019 billion yuan, with a weekly increase of 32.21% [9]. Institutional Research - A total of 170 listed companies were researched by institutions, with Desai Xiwai receiving the most attention from 228 institutions [12][14]. - The focus of institutional research was primarily on industrial machinery, electronic components, and electrical equipment sectors [12]. New Institutional Interests - 91 stocks were newly favored by institutions, with eight stocks receiving target prices. For instance, Xinqianglian was rated "Overweight" by Huatai Securities with a target price of 42.00 yuan [15][16][17].