证券研究报告 | 2025年08月28日 策略快评 2025 年 9 月各行业金股推荐汇总 策略研究·策略快评 | 证券分析师： | 王开 | | 021-60933132 | wangkai8@guosen.com.cn 执证编码：S0980521030001 | | --- | --- | --- | --- | --- | | 证券分析师： | 陈凯畅 | | 021-60375429 | chenkaichang@guosen.com.cn 执证编码：S0980523090002 | |  9 | 月金股推荐汇总 | | | | | 表1：2025 年 | 9 | 月各行业金股推荐标的汇总 | | | | 行业名称 | 分析师 | 股票代码 | 股票名称 | 投资逻辑 | | 银行 | 王剑 | 002142.SZ | 宁波银行 | 业绩拐点可期，净息差现环比改善迹象，零售不良有望率先出清。公司估值出在较低水平，且已 没有管理层溢价，有望随着基本面拐点迎来修复行情。 | | 轻工 | | | | 1.公司业务稳健，消费电子包装是基本盘，新拓潮玩、AI 领域客户带来增量。25H1 收入+7%、利 润+ ...

证券代码：300979 证券简称：华利集团 中山华利实业集团股份有限公司投资者关系活动记录表 编号：2025-021 | 投资者关系 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 参与单位名称 | 广发基金-陈樱子、杨松霖，国信证券-丁诗洁，中银基金-张响东、杨庆运、郑宁、苗 | | 及人员姓名 | 婷、池文丽，浙商证券-詹陆雨 | | 时间 | 2025年8月28日 | | 地点 | 腾讯会议 | | 上市公司 接待人员姓名 | 董事会秘书方玲玲 | | | 投资者与公司的交流情况： | | | 问：美国新的关税政策下，客户是否要求制造商分担关税成本？目前有什么新的进展？ | | | 对公司的经营情况有何影响？ | | | 答：美国是运动鞋重要的消费市场，预估美国市场约占公司销售收入的 成左右。美国 4 | | | 进口关税税率上调，会增加客户销往美国市场的关税成本，但是客户销往非美国地区的 | | | 关税不会有影响。以往关税都是由品牌客户（进口商）承担，关税成本最终会传导至消 | | | ...

证券代码：300979 证券简称：华利集团 公告编号：2025-052 公司近期赎回闲置募集资金购买的已到期理财产品，赎回本金共计人民币 28,000 万元，获得收益合计人民币 179.02 万元。前述本金及收益已全部归还至 募集资金专户，具体赎回情况如下： 单位：人民币万元 | 序 | 购买 | 发行 | 产品名称 | 产品 | 购买 | 起始日期 | 到期日期 | 年化 | 收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 主体 | 主体 | | 类型 | 金额 | | | 收益率 | 金额 | | | | | 广发银行"薪加薪 号" 16 期定制 | | | | | | | | | | 广发银 | W 款 2025 年第 66 | 保本浮 | | | | | | | | 华利 | 行股份 | 版人民币结构性存款（挂 | | | | | | | | 1 | 集团 | 有限公 | 钩欧元兑美元区间累计） | 动收益 | 4,000 | 2025-2-11 | 2025-8-19 | 0.9212% | 19.08 ...

证券之星消息，8月27日纺织制造板块较上一交易日下跌2.53%，华升股份领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。纺织制造板块个股涨跌见下表： 从资金流向上来看，当日纺织制造板块主力资金净流出4721.86万元，游资资金净流入5338.97万元，散户 资金净流出617.11万元。纺织制造板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300918 南山智尚 | | 8962.74万 | 9.15% | -868.25万 | -0.89% | -8094.49万 | -8.26% | | 300877 | 金春股份 | 3530.74万 | 16.48% | 714.07万 | 3.33% | -4244.82万 | -19.81% | | 002674 | 兴业科技 | 2643.94万 | 10.25% | -873.67万 ...

Core Viewpoint - Huali Group has shown mixed financial performance with a revenue increase but a decline in net profit, alongside significant trading activity in its stock [1][2]. Group 1: Financial Performance - For the first half of 2025, Huali Group achieved a revenue of 12.661 billion yuan, representing a year-on-year growth of 10.36% [2]. - The net profit attributable to shareholders for the same period was 1.671 billion yuan, which reflects a year-on-year decrease of 11.06% [2]. - Cumulative cash dividends since the company's A-share listing amount to 7.936 billion yuan, with 5.485 billion yuan distributed over the past three years [2]. Group 2: Stock Trading Activity - On August 26, Huali Group's stock price increased by 0.65%, with a trading volume of 161 million yuan [1]. - The margin trading data for August 26 indicates a financing purchase of 14.8827 million yuan and a net financing purchase of 2.2955 million yuan, with a total margin balance of 109 million yuan [1]. - The short selling activity on the same day included 2,300 shares sold, with a total value of 124,100 yuan, and a short selling balance of 1.4027 million yuan, indicating high levels of short selling compared to the past year [1]. Group 3: Shareholder Structure - As of August 20, the number of shareholders in Huali Group reached 14,100, an increase of 8.46% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 7.80% to 82,765 shares [2]. - Notable changes in institutional holdings include a reduction in shares held by major shareholders, with Hong Kong Central Clearing Limited decreasing its holdings by 4.097 million shares [2].

丨证券研究报告丨 公司研究丨点评报告丨华利集团（300979.SZ） [Table_Title] 华利集团 2025H1 业绩点评：（次）新客户拉动 收入较优，净利率环比回落 报告要点 [Table_Summary] 展望：2025 年基本面筑底，期待 2026 年起的基本面弹性回升&估值改善。短期，老厂开工率、订单 挪腾、少量客户 FOB 调整、H2 新厂投产，预计仍拖累 H2 净利率，但预计在所得税率平稳叠加近期 主动开始减人增效下，Q3 净利率仍可期待环比修复。中期，老客调整企稳叠加（次)新客户持续放量 有望驱动新一轮成长，积极产能扩张保障顺势时业绩弹性向上，行业格局优化叠加利润率恢复下，估 值有望提升。预计公司 2025-2027 年归母净利润为 35.1、41.6、46.6 亿元，同比-9%、+18%、+12%， 对应 PE 为 18、15、14X，70%分红比例假设下 2025 年股息率为 4%。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% ...

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

根据市场公开信息及8月25日披露的机构调研信息，知名私募红筹投资近期对1家上市公司进行了调研， 相关名单如下： 1）华利集团 （红筹投资参与公司特定对象调研&分析师会议） 调研纪要：华利集团在机构调研中表示，美国市场约占公司销售收入的4成，关税成本增加对销往美国 的产品有影响，但非美国地区不受影响。新工厂投产后实现盈亏平衡需要10-12个月，预计集团运营效 率将逐步提升。2025年上半年，越南工厂所需原材料从越南当地采购的金额占比约为56%，公司也从中 国大陆、中国台湾、韩国等地采购原材料。返校季是运动鞋的销售旺季，客户会根据销售情况调整备货 计划。公司与Adidas开始合作，今年上半年来自新客户的收入大幅增加。公司在越南工厂规模较大，选 址考虑劳动力供给问题，目前招工基本正常。除少数客户特别指定的鞋底需向客户指定的供应商采购 外，公司生产的运动鞋的中底、大底均由公司制造。越南工厂多数税收优惠政策已到期，部分新工厂还 在优惠期，税率变动对集团整体税务负担影响有限。未来几年公司仍会保持积极的产能扩张，资本开支 每年大约在11-17亿人民币。公司重视股东投资回报，未来几年还是资金开支的高峰期，但会尽可能多 分红。 ...

Summary of Key Points Core Viewpoint - The recent performance disclosures of A-share listed companies have prompted brokerages to actively conduct research and provide updated ratings, aiming to offer valuable references for investors [1]. Rating Adjustments - As of August 25, brokerages have collectively raised ratings for 28 stocks and lowered ratings for 40 stocks, with 296 stocks receiving initial coverage [1]. - Among the stocks with upgraded ratings, 3 received a "strongly recommended" rating, including Wanhua Chemical, which was upgraded from "hold" to "strongly recommended" by China Merchants Securities [1]. - Other notable upgrades include the ratings for Sankeshu and Ninebot, both raised to "strongly recommended" by their respective brokerages [1]. - In total, 18 stocks had their ratings upgraded from "hold" to "buy," and several others saw similar upward adjustments [1]. Target Prices - Brokerages have set target prices for 8 of the 28 stocks with upgraded ratings, such as: - Fuchuang Precision: Target price of 74.23 CNY/share, latest closing price 68.69 CNY/share [2]. - Jiufeng Energy: Target price of 36.82 CNY/share, latest closing price 28.71 CNY/share [2]. - Lait Light: Target price of 36.07 CNY/share, latest closing price 26.75 CNY/share [2]. Downward Rating Adjustments - Brokerages have lowered ratings for 40 stocks, with 24 of these downgraded from "buy" to "hold" [2]. - Other downgrades include 5 stocks from "strongly recommended" to "recommended" and 4 from "strongly recommended" to "hold" [2]. Distribution of Ratings - A total of 924 stocks received a "buy" rating, with Kweichow Moutai leading at 31 ratings, followed by Huali Group with 29 ratings [3]. - The electronic industry has the highest number of stocks rated "buy" at 121, followed by the pharmaceutical and mechanical equipment industries [3]. Coverage Expansion - Brokerages are expanding their research coverage, with 296 stocks receiving initial ratings this month, including Aisxu Co., Beiqi Blue Valley, and others [3]. Importance of Brokerage Ratings - Brokerage ratings provide professional references for investors, helping them identify quality stocks and mitigate investment risks [4]. - The systematic analysis of stocks by brokerages aids in improving market information asymmetry and encourages listed companies to enhance governance and operational efficiency [4].

华利集团最受券商关注，近一个月获华源证券、山西证券、国金证券、天风证券、国信证券、东吴证券 等10份券商研报关注，仅8月25日就有东吴证券和国信证券等两份券商研报关注，位居8月25日券商力推 股榜首。 其中，国信证券发布研报《新客户与欧洲市场驱动收入增长，盈利短期承压》，认为盈利短期承压，明 年老客订单改善叠加新厂产能爬坡有望贡献较大业绩弹性。 盐津铺子同样也备受券商关注，近一个月获开源证券、太平洋、华安证券、中邮证券、华鑫证券、民生 证券、国信证券等10份券商研报关注。 券商评级是指证券公司的分析师，通过分析上市公司的财务潜力、财务指标、公司运营治理能力，然后 进行实地考察调研后得出的评论，备受投资者关注。 据证券之星数据库不完全统计，8月25日券商共给予近100家A股上市公司"买入"评级。从行业分布看， 券商8月25日关注的个股聚焦于纺织服装、食品饮料、装修建材、农牧饲渔、珠宝首饰、化学制药、通 信服务、电力、交运设备等行业。 | 股票代码 | 股票间称 | 报告名称 | 评级变动 | 机构 | 近一月个 股研报数 | 行业 | 日期 | | --- | --- | --- | --- | --- | - ...