新华财经上海8月18日电 A股进入中报密集披露期，公募调研热情攀升。据公募排排网数据显示，上周 （2025年8月11日-8月17日）共有139家公募机构参与到A股调研活动中，覆盖到20个申万一级行业中的66 只个股，合计调研次数达729次，较前一周环比增幅46.39%。 行业方面，上周医药生物行业最受公募调研青睐，该行业中高达10只个股受到公募调研青睐，合计被调 研次数达151次，无论是被调研个股数量还是调研次数，均明显领先于其余行业。其次是计算机行业，该 行业中有4只个股受到公募调研关注，合计被调研次数达100次。 电子、电力设备、基础化工和美容护理亦受到公募机构调研关注，均被调研不少于50次，排名前十。 机构方面，上周鹏华基金以20次调研居首，覆盖11个行业的19只个股，电力设备、电子及基础化工行业 个股占比相对较高；国泰基金与南方基金均以14次调研并列第二，国泰基金聚焦8个行业的14只个股，医 药生物行业个股数量占优，南方基金则覆盖10个行业的14只个股，电子、计算机、电力设备及基础化工 行业个股相对较多。 （文章来源：新华财经） 个股方面，上周美容护理行业龙头百亚股份被公募机构调研达53次居首，同时也 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting an increase in investment weight towards automotive dividend style configuration for the second half of 2025 [3][5]. Core Insights - The automotive sector is at a crossroads, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence. The report suggests that structural opportunities may arise in the second half of 2025 [3][5]. - The report highlights significant partnerships and collaborations, such as the upgrade of the partnership between Xiaopeng and Volkswagen, which will enhance their technology strategy across a broader market [2][3]. - The report anticipates a strong demand for passenger vehicles due to the implementation of scrapping and replacement policies, projecting a retail sales forecast of 23.8 million units in 2025, a year-on-year increase of 4.6% [50][58]. Summary by Sections Weekly Review - In the first week of August, the total number of compulsory insurance for passenger vehicles was 375,000 units, reflecting a week-on-week decrease of 18.8% but an increase of 3.6% compared to the previous month [2][49]. - The best-performing sub-sectors included motorcycles and auto parts, with respective increases of 6.9% and 3.5% [2][3]. Market Performance - The A-share automotive sector ranked 6th in performance this week, while the Hong Kong automotive sector ranked 12th [7][9]. - The report notes that the motorcycle sector continues to outperform other segments within the automotive industry [15][20]. Company Performance - Key companies such as Geely Automobile reported a quarterly revenue of 77.7 billion yuan for Q2 2025, with a year-on-year increase of 28.4% [2][3]. - The report also mentions strategic collaborations, such as Junsheng Electronics partnering with leading intelligent driving algorithm company Momenta [2][3]. Future Outlook - The report predicts that the penetration rate of new energy vehicles will reach 56.4% by 2025, with total sales of new energy passenger vehicles expected to be 1.343 million units [54][58]. - The report emphasizes the importance of domestic and international demand, forecasting a 15% growth in domestic sales and a 20% growth in export sales for 2025 [58].

Group 1 - A total of 23 companies were investigated by well-known institutions from August 11 to August 17, with the pharmaceutical and biotechnology sector leading in interest [1][2] - Nanwei Medical received the highest number of institutional investigations, totaling 183, followed by Anjisi with 180 and Jinchengzi with 166 [1][2] - Other notable companies investigated include Xinqianglian (163), Desai Xiwai (160), and Zhenlei Technology (74) [1][2] Group 2 - The investigation period for Nanwei Medical was on August 12, while Anjisi and Jinchengzi were investigated on August 12 and August 13, respectively [1][2] - The sectors represented among the investigated companies include medical biology, computer, electrical equipment, electronics, food and beverage, and basic chemicals [1][2][3] - Notable investment firms involved in the investigations include Gao Yi Asset, Chongyang, and Shibei [1][2][3]

Investment Rating - The report maintains a "Buy" rating for the financial technology sector, particularly for C-end companies benefiting from an active capital market [2][23][37]. Core Insights - The report highlights the continuous optimism for financial technology, with C-end companies directly benefiting from the active capital market [2][4]. - Key companies such as Desay SV, DaoTong Technology, and Huada Jiutian have shown significant performance improvements, with Desay SV exceeding expectations in overseas markets and DaoTong leveraging AI strategies effectively [2][19][25][34]. - The report anticipates a strong correlation between the revenue of financial technology C-end companies and the trading volume in the market, projecting over 50% year-on-year revenue growth for Q2 2025 [5][9]. Summary by Sections Financial Technology Sector - The report emphasizes the active trading environment in the market, with a total margin balance exceeding 2 trillion yuan, indicating sustained trading activity [4][5]. - The average daily trading volume for the Shanghai Composite Index in Q2 2025 was 498.8 billion yuan, a year-on-year increase of 36%, while the Shenzhen Component Index saw an average of 733.2 billion yuan, up 59% year-on-year [4][5]. Key Company Updates - **Desay SV**: Reported a revenue of 14.644 billion yuan in H1 2025, a 25.25% increase year-on-year, with a net profit of 1.223 billion yuan, up 45.82% [19][20][23]. - **DaoTong Technology**: Achieved a revenue of 2.345 billion yuan in H1 2025, a 27.3% increase, with a net profit of 480 million yuan, up 24.3% [25][26]. - **Huada Jiutian**: Generated a total revenue of 502 million yuan in H1 2025, a 13.01% increase, despite a net profit decline due to increased stock payment expenses [31][32]. Investment Opportunities - The report identifies several key investment targets within the financial technology sector, including companies like Kingsoft Office, Wanxing Technology, and DaoTong Technology, which are positioned to benefit from the ongoing market dynamics [2][39]. - The report also highlights the potential for B-end financial technology companies to benefit from the active market, including firms like New大陆 and 恒生电子 [18].

Group 1 - The stock price of Desay SV Automotive (002920) closed at 108.96 yuan on August 15, 2025, with a slight decrease of 0.21% and a turnover rate of 1.48% [1] - The company's latest financial results for the first half of 2025 show total revenue of 14.644 billion yuan, a year-on-year increase of 25.25%, and a net profit attributable to shareholders of 1.223 billion yuan, up 45.82% year-on-year [1] - The company has a current ratio of 1.473, a quick ratio of 1.111, and a debt-to-asset ratio of 54.88% [1] Group 2 - Desay SV Automotive has made investments in 23 companies and participated in 109 bidding projects [2] - The company holds 132 trademark registrations and 2,795 patents, along with 175 administrative licenses [2]

Core Viewpoint - The company, Desay SV, is experiencing a decline in stock price while showing significant growth in revenue and net profit for the first half of 2025 [1] Group 1: Financial Performance - The company reported a revenue of 14.644 billion yuan for the first half of 2025, representing a year-on-year increase of 25.25% [1] - The net profit for the same period was 1.223 billion yuan, reflecting a year-on-year growth of 45.82% [1] Group 2: Market Activity - The stock price of Desay SV is currently at 108.96 yuan, down by 0.23 yuan from the previous trading day [1] - The trading volume on the day reached 895 million yuan, with a fluctuation of 1.93% and a turnover rate of 1.48% [1] Group 3: Institutional Engagement - On August 14, the company hosted a research meeting with several institutions, including APS Asset Management and Goldman Sachs Asset Management [1] - During the meeting, it was disclosed that new project orders have an annualized sales value exceeding 18 billion yuan, and plans for overseas production capacity in Germany have been initiated [1] - Over the past year, the company has received a total of 605 institutional research visits, totaling 881 times [1] Group 4: Capital Flow - On August 15, there was a net outflow of 16.2119 million yuan from major funds, with a total net outflow of 275 million yuan over the past five days [1]

每经AI快讯，德赛西威（SZ 002920，收盘价：108.96元）发布公告称，2025年8月14日，德赛西威接受 越秀资管等投资者调研，公司证券事务代表林洵沛，证券事务专员黄伊靖参与接待，并回答了投资者提 出的问题。 2025年1至6月份，德赛西威的营业收入构成为：汽车电子占比100.0%。 截至发稿，德赛西威市值为605亿元。 每经头条（nbdtoutiao）——华康股份11亿元并购疑云：收购对象的大客户两年前已深陷债务危机，如 何贡献巨额营收？ （记者 曾健辉） ...

Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 14.644 billion, representing a year-on-year growth of 25.25% [7] - The net profit attributable to shareholders was CNY 1.223 billion, with a year-on-year increase of 45.82% [7] - New project orders are expected to generate an annualized sales revenue exceeding CNY 18 billion [7] Global Expansion - The company has established strategic branches in key countries including Germany, France, Spain, Japan, and Singapore [8] - Production capacity in Indonesia began contributing in May 2025, enhancing supply chain resilience in Southeast Asia [8] - The Monterrey plant in Mexico started its first mass production project in June 2025, aimed at providing localized services for the Americas [8] - A smart factory in Spain is projected to commence production in 2026, focusing on advanced intelligent cockpit and driver assistance products for Europe [8] Business Segments Advanced Driver Assistance Systems (ADAS) - The intelligent driving business generated revenue of CNY 4.147 billion, reflecting a year-on-year growth of 55.49% [9] - The company maintains the largest market share in the domestic ADAS domain, with a diverse product matrix catering to various market needs [9] - New project orders have been secured from major automotive manufacturers including Great Wall Motors and Geely [9][10] Intelligent Cockpit - Revenue from the intelligent cockpit business reached CNY 9.459 billion, marking an 18.76% year-on-year increase [11] - The fourth-generation intelligent cockpit has been mass-produced for clients such as Ideal Auto and Xiaomi Auto [11] - The company is launching a fifth-generation intelligent cockpit platform aimed at redefining performance standards in the AI era [11] Competitive Advantages - The company is investing in an intelligent computing center to support AI technology development and advanced algorithm research [12] - It is strategically positioned to capitalize on the transition from high-speed NOA to full-scene vehicle-to-vehicle (D2D) technology by 2025 [12][13] - The integration of AI technology and existing automotive electronic capabilities enables rapid entry into new business areas, including smart transportation and robotics [13]

Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]

长江商报消息 ●长江商报记者 沈右荣 移动出行科技公司德赛西威（002920.SZ）经营业绩延续了高速增 长势头。 半年报显示，2025年上半年，德赛西威实现营业收入146.44亿元，同比增长逾25%；实现归母净利润超 12亿元，同比增长近46%。 长江商报记者发现，自2020年以来，德赛西威已经连续五年半营收净利快速增长。 德赛西威主要从事汽车电子产品的研发设计、生产和销售，深耕智能座舱、智能驾驶和网联服务三大业 务领域。 德赛西威的经营业绩为何能持续快速增长？公司表示，公司将三大业务高效融合，持续开发高度集成的 智能硬件和领先的软件算法，形成了较强的市场竞争力。 德赛西威借助持续较高比例的研发投入驱动创新，使得公司领跑市场。2025年上半年，公司研发投入 13.26亿元，同比增长逾28%。近三年半，公司研发投入合计达72.74亿元。 德赛西威的财务运营总体稳健。截至2025年6月30日，公司资产负债率为54.88%。 营收净利连续五年半双高增 德赛西威表现出较高的成长性。 8月11日晚，德赛西威披露了2025年半年度业绩报告。上半年，公司实现营业收入146.44亿元，同比增 长25.25%；公司实现的归母 ...