9月8日，润和软件盘中上涨2.04%，截至14:29，报59.61元/股，成交23.25亿元，换手率5.10%，总市值 474.74亿元。 资金流向方面，主力资金净流出3742.65万元，特大单买入2.13亿元，占比9.15%，卖出2.32亿元，占比 9.98%；大单买入5.82亿元，占比25.03%，卖出6.00亿元，占比25.81%。 润和软件今年以来股价涨19.15%，近5个交易日跌10.23%，近20日涨11.73%，近60日涨20.08%。 资料显示，江苏润和软件股份有限公司位于江苏省南京市雨花台区软件大道168号，成立日期2006年6月 29日，上市日期2012年7月18日，公司主营业务涉及向国际国内客户提供软件、智能终端产品销售、外 购软硬件产品销售等信息技术服务。主营业务收入构成为：金融科技业务52.01%，智能物联业务 35.43%，智慧能源信息化11.67%，其他(补充)0.89%。 责任编辑：小浪快报 润和软件所属申万行业为：计算机-IT服务Ⅱ-IT服务Ⅲ。所属概念板块包括：阿里云、华为昇思、华为 欧拉、华为昇腾、星闪概念等。 截至6月30日，润和软件股东户数23.02万，较上期减少6. ...

构建"一盘棋"攻坚体系，踢好"临门一脚" "短短一年半的时间，我们见证了这个项目在南京落地，这离不开政府对我们的支持。""企业注册用了 不到一个月的时间，让我们看到了不一样的中国速度、南京速度。"7月30日在南京举行的2025中法制造 业数智化高端交流会上，达索系统全球执行副总裁、亚太区总裁许善淞接受采访时提到了两个"时间"。 同样是在7月，宝马集团全球六大信息技术研发中心之一、中国首个且唯一的信息技术研发中心及其亚 洲最大的信息技术研发基地落地南京。华晨宝马汽车有限公司总裁兼CEO戴鹤轩表示："南京是IT人才 的中心，积淀深厚，也聚集了众多科技公司，如果你需要IT人才、需要解决IT难题，来南京就是顺理成 章的选择。" "国际巨头"频繁落子的背后，是南京强化统筹构建的高效组织协同机制。 今年以来，南京在产业强市工作体系下，成立南京市人工智能（软件）产业攻坚推进办公室（以下简 称"攻坚办"），组建起一支由工信、科技、商务、投促、数据、新工集团、城建集团等多部门骨干组成 的强有力的产业攻坚队伍。在此基础上，创新建立"攻坚办+部门+国企+板块+园区"工作协同体系，横 向打通20余个市级部门，纵向联动12个板块和7个 ...

Group 1: Overseas Strategy Research - The current AH premium level still has some room to decline, with the narrowing mainly contributed by traditional industries. Traditional industries like real estate and banking still have room for further narrowing, while emerging industries such as semiconductors and hardware are expected to see a gradual narrowing in the future. A-share first-listed companies have a greater downward space for AH premium [3]. Group 2: Strategy Special Report - The structural recovery continues, with AI + overseas expansion being the core prosperity clues in the second-quarter reports. The performance growth of all A non-financial oil and petrochemical (All A two non) slowed down in 25Q2, but the prosperity clues within the technology growth sector accelerated their spread. The global AI industry resonance and overseas expansion are the core prosperity clues. Mid-cap growth stocks have outstanding performance growth, and the prosperity of hard technology and non-banking sectors is dominant [5][6]. Group 3: Industry Strategy - Comprehensive - Interferon α1b, suitable for the Chinese population, has the advantages of low antigenicity and few adverse reactions. It can be used for common viral diseases and malignant tumors, especially in children. The market is mainly in China and India, with a good competitive landscape. Some injections have been included in the medical insurance, and future demand is expected to increase [10]. Group 4: Industry Tracking Report - Military - The military parade demonstrated the high prosperity of the military industry. New and advanced military equipment was showcased, reflecting China's military technological innovation and strategic deterrence capabilities. The industry demand is highly certain, and with the acceleration of reform and innovation, it is expected to maintain high prosperity. Recommended stocks include AVIC Shenyang Aircraft, AVIC Optoelectronics, etc. [13][14][15]. Group 5: Industry Special Research - Household Appliances - The domestic subsidy effect continues, but the marginal effect is decreasing, and the tariff impact on exports is expected to ease. The overseas revenue proportion of the household appliance sector is increasing, and many companies are expanding into new fields. The performance of some companies in Q2 exceeded expectations, mainly in small household appliances and cleaning appliances. Four investment lines are recommended [18][19][20]. Group 6: Industry Strategy - Textile and Apparel - In 2025, the cumulative export of textiles and clothing in China and Vietnam increased year-on-year. In Q2, the revenue growth of many companies slowed down or declined, and the profit margin was under greater pressure. The short-term tariff impact will end at the end of the year, and future order prosperity is the core variable. Recommended stocks include Bailong Eastern, Jiuxing Holdings, etc. [25][26][27]. Group 7: Industry Tracking Report - Social Services - The investment view recommends AI applications, new retail and renovation, and emotional and experiential consumption stocks. The performance of the retail and consumer service sectors last week was ranked 9th and 14th respectively. Key industry information and company announcements were updated [29][30][31]. Group 8: Industry Semi-annual Report - Textile and Apparel - In 25H1, the Hong Kong stock sports sector led the industry in revenue and net profit growth, while the A-share brand performance was divided. The market expectations for brands after the semi-annual reports were mostly revised downwards, but the sports sector showed more resilience. Four investment lines are recommended [34][35][37]. Group 9: Industry Weekly Report - Petroleum - This week, crude oil trading returned to fundamental factors. The probability of interest rate cuts in the US has increased in the medium and long term, and the demand for crude oil has weakened. Recommended stocks include Xin凤鸣, Tongkun Co., Ltd., etc. [39]. Group 10: Company Semi-annual Report Comment - Quicktron Intelligent - The company achieved steady growth in 25H1, with high growth in contract liabilities laying a foundation for future growth. Benefiting from the high prosperity of the downstream AI industry, the demand for its main business continues to grow. The TCB prototype is expected to be launched within this year, expanding the semiconductor packaging map [40][41][42]. Group 11: Company Semi-annual Report Comment - Runhe Software - In 2025H1, the company's non-recurring profit increased significantly, and the intelligent IoT business maintained high prosperity. The company is making efforts in open-source Hongmeng, open-source Euler, and enterprise-level AI to create new driving forces, and is building an AI full-stack technology system [44][45][46]. Group 12: Overseas Report - China Everbright Holdings - The company is a leader in the private equity industry, with both the asset and liability sides showing improvement inflection points. It focuses on technological innovation and is gradually entering the harvest period. A "buy" rating is given for the first coverage, with a target price of HK$14.18 [49][50][51]. Group 13: Company First Coverage - Hanbell Precise Machinery - The company is a leader in the compressor industry, with healthy operating indicators and strong cash flow generation ability. The demand for data centers is surging, and the demand for magnetic levitation compressors is expanding. The company is expected to benefit from the industry's development, and a "buy" rating is given for the first coverage [54][55][56]. Group 14: Company Semi-annual Report Comment - Ruijie Networks - The company's data center business accounts for more than 50% of its revenue, showing strong income elasticity. The net profit margin shows an inflection point trend, and the expense ratio has decreased. A "buy" rating is maintained, with an upward adjustment of the performance forecast [59][60][61]. Group 15: Company Semi-annual Report Comment - Zhonggong International - The company's semi-annual report shows a decline in net profit but an improvement in gross profit margin and cash flow. Newly signed contracts increased by 33%. It has technical and brand advantages in细分 fields, and its investment and operation business in engineering has achieved multi-point breakthroughs. A "buy" rating is maintained [62][63][64]. Group 16: Company Semi-annual Report Comment - Jiuli Special Material - The company's overseas revenue exceeded domestic revenue in the first half of 2025, indicating significant international development achievements. The composite pipe orders were released, and the welding pipe gross profit margin decreased. The power equipment industry is booming, and the alloy company continues to grow. A "buy" rating is maintained [68][69][70]. Group 17: Company Semi-annual Report Comment - MEI Airtech - The company's operation is stable, and its performance is growing steadily. It actively responds to the overseas expansion of new energy and accelerates global layout to expand downstream markets. Solid-state batteries require higher cleanliness, and the company's clean equipment is expected to benefit first. A "buy" rating is maintained [72][73][74]. Group 18: Company Semi-annual Report Comment - Haimuxing - The company's performance was under pressure in 25H1, but it is expected to improve in the future. Its globalization strategy has achieved remarkable results, and its non-lithium battery business is advancing steadily. With sufficient orders, it has strong performance elasticity. A "buy" rating is given [77][78][79]. Group 19: Company First Coverage - FAW Jiefang - The company is a leading enterprise in China's commercial vehicle industry. Its 2025 semi-annual report was under pressure, but with the recovery of the domestic and overseas markets, its profitability is expected to improve. It is accelerating overseas layout to enhance its profitability. A "buy" rating is given for the first coverage [80][81][83]. Group 20: Company Semi-annual Report Comment - Shenzhou Information - The company's revenue increased steadily in the first half of 2025, and its profit in Q2 significantly reduced losses. Its financial software and service business grew steadily against the trend, and its large customer strategy achieved remarkable results. It has deeply explored the "AI + finance" application, and two strategic products have been implemented in scenarios. A "buy" rating is maintained [84][85][86]. Group 21: Company Semi-annual Report Comment - SAIC Motor - The company's reform results are emerging, and its performance is stabilizing and rebounding. The Huawei project is progressing smoothly, and the first model of the SAIC Shangjie brand is worth looking forward to. A "buy" rating is maintained [89][90]. Group 22: Company Semi-annual Report Comment - China World Trade Center - The company's revenue and profit decreased year-on-year in 2025H1, and the rent and occupancy rate of each business format fluctuated. The China World Trade Center supports its core revenue. A "buy" rating is maintained [92][93][94].

Group 1: Company Overview - Hanbell Precise Machinery - Hanbell Precise Machinery is a leading company in the compressor industry, benefiting from the high growth demand in downstream AIDC construction, with its magnetic levitation compressor products expected to see significant sales growth [2][25] - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue from 2014 to 2024, with a projected net profit margin of 23.5% and a return on equity (ROE) of 21.77% in 2024, indicating strong operational health [3][28] - The company’s operating cash flow for the first half of 2025 was 410 million, accounting for 27.4% of its revenue, showcasing its strong cash flow generation capability [3][28] Group 2: Market Demand and Trends - The demand for magnetic levitation compressors is expanding due to the surge in data center construction driven by AI applications, with liquid cooling becoming the mainstream cooling technology [4][29] - The estimated market demand for magnetic levitation centrifugal compressors for 100,000 GB300 cabinets is approximately 14.3 billion, highlighting the significant market potential [4][29] - Hanbell is positioned as a leader in the magnetic levitation compressor market, accelerating the import substitution process in the data center cooling market, with production capacity established in multiple regions including Shanghai, Taiwan, Vietnam, the US, and Europe [4][29] Group 3: Industry Insights - Wholesale and Retail - The wholesale and retail industry is expected to benefit from rising gold prices, with the gold and jewelry sector showing low valuations and strong domestic demand support [6][7] - The anticipated increase in gold prices is expected to enhance the sales elasticity of gold jewelry brands, particularly those with a high proportion of sales from investment gold [7][8] - The industry is projected to see a steady net increase in channel expansion despite market challenges, with brands that focus on investment gold and high-value products likely to outperform [7][8] Group 4: Industry Insights - Military Industry - The military industry is experiencing high prosperity, as demonstrated by the recent military parade showcasing new equipment, reflecting China's military technology innovation and strategic deterrence capabilities [11][12] - The focus on modernizing military equipment is expected to drive long-term growth in the military sector, with increased defense spending anticipated due to rising geopolitical tensions [13][21] - Key military companies are expected to benefit from this trend, with recommendations for investment in companies such as AVIC and North Navigation [13][21] Group 5: Overseas Strategy Insights - The current AH premium level has potential downward space, primarily driven by traditional industries, with real estate and banking sectors still having room for premium contraction [10][18] - Emerging industries like semiconductors and hardware are also expected to see a gradual narrowing of AH premiums, indicating a shift in market dynamics [10][18]

本报告导读： 扣非净利润同比高增，智能物联业务保持高景气，开源鸿蒙、开源欧拉、企业级AI打造新驱动力。 投资要点： 目标价76.80元，维持"增持"评级。我们预测 2025-2027 年EPS为 0.24/0.28/0.33 元，由于公司新拓展发力 企业级AI，构建AI 全栈技术体系，因此加入转型类、AI 类新可比公司，参考可比公司估值，给予2025 年320 倍PE。 扣非高增，智能物联业务保持较高景气度。①2025H1 营收17.47 亿元，同比+10.55%；归母净利润0.60 亿元，同比-29.43%；扣非净利润0.52 亿元，同比+47.33%。②2025Q2 营收9.14 亿元，同比+12.88%； 归母净利润0.29 亿元，同比-51.60%；扣非净利润0.25 亿元，同比+69.61%。③2025H1 金融科技业务营 收8.90 亿元，同比+6.06%；智能物联业务营收6.06 亿元，同比+23.85%；智慧能源信息化营收2.00亿 元，同比+4.65%。 开源鸿蒙、开源欧拉、企业级AI 等发力，打造新驱动。①金融科技方面，公司积极拥抱AI 前沿技术， 将其与金融业务深度融合。截止到2025 ...

扣非高增，开源鸿蒙、开源欧拉、企业级 AI 打造新驱动力 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | 本报告导读： 扣非净利润同比高增，智能物联业务保持高景气，开源鸿蒙、开源欧拉、企业级 AI 打造新驱动力。 投资要点： | | | | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,106 | 3,399 | 3,838 | 4,395 | 5,072 | | (+ ...

华为昇腾概念股持续下挫，开普云跌超9%，润建股份跌超7%，拓维信息、润和软件、创意信息多股跌 超5%。 ...

每经AI快讯，9月2日，数字货币板块盘初下挫，中科金财、润和软件、小商品城、中油资本均跌超 4%，京北方、四方精创跌超3%。 （文章来源：每日经济新闻） ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 盘面上，贵金属板块继续活跃，白银有色(601212)2连板，湖南白银、西部黄金(601069)涨超5%，国际 金价创新高，现货白银价格创近14年来新高；工业母机概念股高开，华东数控(002248)、博杰股份涨 停，两部门印发《工业母机高质量标准体系建设方案》；跨境支付概念股盘初走低，亚信安全、润和软 件(300339)跌超4%。(格隆汇) (责任编辑：宋政 HN002) 格隆汇9月2日｜A股开盘，三大指数涨跌不一，沪指高开0.04%，深证成指低开0.09%，创业板指低开 0.18%。 ...

A股开盘，三大指数涨跌不一，沪指高开0.04%，深证成指低开0.09%，创业板指低开0.18%。 盘面上，贵金属板块继续活跃，白银有色2连板，湖南白银、西部黄金涨超5%，国际金价创新高，现货 白银价格创近14年来新高；工业母机概念股高开，华东数控、博杰股份涨停，两部门印发《工业母机高 质量标准体系建设方案》；跨境支付概念股盘初走低，亚信安全、润和软件跌超4%。(格隆汇) ...