交通运输 | 证券研究报告 — 行业周报 2025 年 9 月 2 日 航运方面，原油运价回调，欧线美线集运运价分化，欧线下跌美线反弹。航 空方面，亿航智能深化合肥政府合作，农银金租与沃兰特航空签署 120 架天 行采购订单。物流与交通新业态方面，韵达股份上半年营收同比增长 6.8%，极兔速递上半年东南亚市占率提升至 32.8%。 强于大市 交通运输行业周报 沃兰特获农银金租 120 架天行采购订单，极兔 速递上半年东南亚市占率提升至 32.8% 核心观点 原油运价回调，欧线美线集运运价分化，欧线下跌美线反弹。8 月 28 日， 上海航运交易所发布的中国进口原油综合指数（CTFI）报 1273.82 点，较 8 月 21 日上涨 10.3%。本周 VLCC 市场先涨后跌，周平均水平上移。周初， 中东航线货量保持稳中有增态势，成交运价跳涨，带动大西洋航线运价跟 涨。下半周，手握正常装期货盘的租家抓住船东倾向寻找中东航线这样的 短航程货盘的心理，逐步占据议价主动权，成交运价小幅回调。美湾航线 受 TCE 收益较中东航线价差较大的影响，加之船东不愿较低价格接货，可 用运力收紧，临近周末运价逆势上涨。欧线方面，本周运 ...

2025 年 9 月 2 日 行业研究 国务院"人工智能+"行动意见印发，看好液冷行业发展趋势 ——机械行业周报 2025 年第 35 周（2025.8.25-2025.8.31） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 分析师：夏天宇 执业证书编号：S0930525070006 021-52523805 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 -20% 0% ...

Group 1 - CICC and BlueFive Capital have established a fund to support Chinese enterprises in expanding their business in the GCC market, focusing on sectors such as technology, digital transformation, green energy, and advanced manufacturing [2] - Abu Dhabi Investment Authority has invested $1.5 billion in Prologis to support the company's growth in logistics, digital infrastructure, and new energy sectors [2] - Morning Light Cable plans to set up a wholly-owned subsidiary in Dubai with an investment of no more than 1.5 million RMB to enhance its competitiveness and expand overseas sales [2] Group 2 - Hainan Development's subsidiary won a bid for a 365 million RMB project in Dubai, which is expected to positively impact the company's future performance [3] - Abu Dhabi-based Lunate and Brevan Howard have signed a long-term strategic partnership to establish an investment platform in Abu Dhabi Global Market with an initial commitment of $2 billion [3] - Dubai's high-end property market grew over 5% in the first half of 2025, driven by an influx of immigrants and limited luxury housing supply, with further growth expected in the second half [3] Group 3 - Masdar is considering selling a 50% stake in its distributed solar energy company Emerge Energy in Abu Dhabi, which could reshape the competitive landscape of the distributed solar market in the region [4] - The UAE-New Zealand Comprehensive Economic Partnership Agreement (CEPA) has officially come into effect, aiming to increase bilateral trade to $5 billion by 2032 [4] - The UAE and Angola signed a CEPA, expecting to exceed $10 billion in non-oil trade by 2033, creating approximately 30,000 jobs [5] Group 4 - ADNOC has signed a 15-year LNG supply agreement with Indian Oil Company, committing to supply 1 million tons of LNG annually [5] - Abu Dhabi has launched the UAE's first quantum-safe communication testing platform, focusing on financial and digital asset sectors to enhance cybersecurity [6] - The UAE government holds approximately 6,300 bitcoins, valued at around $740 million, making it the fourth-largest holder of bitcoin globally [6] Group 5 - Dubai Chamber members' exports grew by 18% to $46.8 billion in the first half of 2025, highlighting the trade vitality of Dubai [6] - Dubai's Finance Department and GDRFA have signed a memorandum to promote the "Cashless Dubai" strategy, aiming for 90% of transactions to be digital by 2026 [6] - EHang has received regulatory approval to launch manned aerial vehicles in Qatar, joining the air taxi competition in the Gulf region [7]

政策支持方面，去年我省出台的《海南省低空经济发展三年行动计划(2024-2026年)》提出，到2026年， 建成通用机场9个，划设低空航线数量超300条;重点拓展建设8个低空应用场景，推动一批重点项目建设，实 现全省低空经济总产值超过300亿元。这让亿航智能对海南低空经济的发展前景更加充满信心。 "作为自贸港，海南是面向国际的窗口，有利于亿航智能探索商业化运营和未来拓展更广阔市场。"贺天 星提到，亿航智能将借助海南自贸港的政策优势和丰富的应用场景，进一步加大在海南的投资力度，推动更 多低空经济项目的落地和实施。同时，他也期待海南能够进一步加大对低空经济领域的支持力度，为相关企 业发展创造更加良好的环境。 (本报海口8月29日讯) 贺天星。海南日报全媒体记者 陈若龙 摄 海南日报全媒体记者 周晓梦 "我几乎每个月都会来一趟海南，我们在海南的低空经济领域布局了不少合作项目，我们非常看好海南的 低空经济市场。"8月29日，"支持民营企业参与海南自由贸易港建设政策项目推介会"在海口举行，亿航智能 设备(广州)有限公司(以下简称亿航智能)副总裁贺天星接受海南日报全媒体记者采访时提到。 作为全球领先的智能自动驾驶飞行器科 ...

First Principles Partners is an equity research analyst specializing in technology, innovation, and sustainability investment. My unique approach, "First Principles," involves breaking down complex problems to their most basic elements in terms of financial and technology, enabling me to uncover overlooked investment opportunities.With a strong background in investment, private equity and venture capital, I have a proven track record of delivering strong returns for readers. Articles on Seeking Alpha focus ...

Core Insights - EHang Intelligent Holdings Limited (EH.US) reported a 44.2% year-over-year revenue increase in Q2 to 1.472 billion yuan (approximately $205 million), with a significant quarterly surge of 464% driven by the delivery of 68 units of the EH216 eVTOL aircraft, up from 49 units in the same period last year [1] - The company recorded a net loss of 81 million yuan, a 13% year-over-year increase, but adjusted net profit rose to 9.4 million yuan, a substantial increase from 1.2 million yuan in the previous year [1] - Gross margin remained stable at 62.6%, compared to 62.4% in the same period last year [1] Orders and Operations - In Q2, the company secured over 150 new orders and established more than 40 operational sites for the EH216-S both in China and overseas [1] - EHang aims to complete over 10,000 safe flights by the first half of 2025, maintaining a zero-accident record [1] Revenue Guidance and Market Reaction - The company revised its full-year revenue guidance down from 900 million yuan to approximately 500 million yuan, focusing on advancing eVTOL commercial operations and establishing a foundation for long-term expansion [1] - Morgan Stanley downgraded EHang's 2025 delivery forecast by 45% to 220 units and reduced revenue projections by 46%, lowering the target price from $30 to $26 while maintaining an "Overweight" rating [1] - EHang's stock price fell by 7.53% to $16.45, marking a 34.8% decline over the past six months [2]

Group 1 - Nongfu Spring (09633) reported a 22% year-on-year increase in net profit for the six months ending June 30, 2025, with packaged drinking water revenue growing by 10.7% [1] - Gu Ming (01364) saw a more than 120% year-on-year increase in net profit for the same period, with steady expansion in store count and impressive GMV performance [1] - China Longgong (03339) reported a 37.83% year-on-year increase in net profit, with the loader business being the largest contributor to revenue and profit [1] - AI concept stocks generally rose, with SenseTime (00020) up over 11% and Fourth Paradigm (06682) up over 9%, following the State Council's release of opinions on implementing "AI+" actions [1] - Cao Cao Mobility (02643) reported a 53.5% year-on-year increase in net profit, with gross margin improving from 7.0% to 8.4% [1] Group 2 - H&H International Holdings (01112) experienced a nearly 77% year-on-year decrease in net profit and proposed an interim dividend of HKD 0.19 per share [2] - NIO (09866) saw its stock price rise over 6% this month, benefiting from strong orders for the Onvo L90 and ES8 SUV models [2] - Chip stocks continued their upward trend, with SMIC (00981) up over 6% and Huahong Semiconductor (01347) up over 3%, as institutions remain optimistic about the domestic chip market [2] - Beike (02423) reported a 7.2% year-on-year decrease in net profit for the mid-year results, with Nomura indicating that its third-quarter guidance was below expectations [2] Group 3 - Gaotu (GOTU.US) reported a more than 37% year-on-year increase in revenue for Q2, alongside a new stock buyback plan worth up to USD 100 million [3] - NIO (NIO.US) rose 10.02% as Morgan Stanley highlighted strong orders for the ES8 and a shift in market sentiment towards next year's models [3] - XPeng Motors (XPEV.US) increased by 5.46% as it announced the official launch of the new P7 model on August 27 [3] - Boeing (BA.US) rose 3.51% after Korean Air announced a purchase order for aircraft valued at approximately USD 36.5 billion [4]

Core Insights - The report highlights the strong performance of Times Angel, with a 33% year-on-year revenue growth to $160 million in the first half of 2025, driven primarily by rapid expansion in overseas markets [2] - The report maintains a "Buy" rating for Times Angel, adjusting the target price to HKD 86.47 based on a sum-of-the-parts valuation, reflecting a 15x P/E for its mature domestic business and an 8x P/S for its rapidly expanding overseas operations [7] - The report indicates that while domestic case volume remains resilient, pricing pressures are expected to continue, impacting profit margins [6] Company Analysis Times Angel - Times Angel's overseas invisible orthodontics case volume reached 117,200, a 103% increase year-on-year, with overseas revenue growing 123% to $71.62 million [7] - The domestic business saw case volume grow 14% year-on-year to 108,600, but revenue remained flat at $89.68 million due to declining average selling prices [6] - The report anticipates that despite short-term profit margin pressures, the company's strategic investments in compliance and localization will support sustainable global expansion [7] Beike (贝壳) - Beike reported a 11% year-on-year revenue growth to RMB 26 billion in Q2 2025, driven by new home transactions and rental services [8] - The non-GAAP net profit for the quarter was RMB 1.8 billion, a 32% decline year-on-year, reflecting ongoing industry headwinds [8] - The report suggests that Beike is on the right track to improve operational efficiency, which may enhance profitability during industry recovery [8] Luxshare Precision (立讯精密) - Luxshare's revenue and net profit both grew 23% year-on-year in the first half of 2025, with strong growth in communication and automotive sectors [9] - The gross margin improved to 12.0% in Q2 2025, driven by product mix enhancement and operational efficiency [9] - The report highlights potential growth drivers including increased iPhone market share and expansion in the automotive sector [9] BOE Technology (京东方) - BOE's revenue grew 8% year-on-year in the first half of 2025, with net profit increasing by 5% [10] - The automotive display segment outperformed the industry, with high-end products seeing significant growth [10] - The report projects that BOE will continue to grow faster than the industry average in the second half of 2025 [10] EHang (亿航智能) - EHang delivered 68 eVTOL aircraft in Q2 2025, a 39% year-on-year increase, despite lowering its full-year revenue guidance by over 40% [11] - The management emphasizes that the reduction in delivery targets is due to safety considerations rather than a decrease in end-demand [11] - The report maintains a positive outlook on EHang's growth potential in the eVTOL market [11] Green Tea Group (绿茶集团) - Green Tea Group reported positive same-store sales growth despite a decline in average price per item [10] - The report anticipates continued sales growth and margin improvement driven by strong takeaway orders and new product launches [10] - The target price is adjusted to HKD 10.74, reflecting confidence in the company's growth trajectory [11]

Summary of EHang's Conference Call Company Overview - **Company**: EHang - **Industry**: Urban Air Mobility, e-VTOL (Electric Vertical Takeoff and Landing) Aircraft Key Financial Performance - Total revenue for Q2 2025 reached **1.472 billion RMB**, a **44%** year-over-year increase and a **4.6 times** quarter-over-quarter increase, primarily driven by strong sales of the EH216 series products [2][3][19] - Gross profit was **920.7 million RMB**, with a gross margin of **62.6%** [19] - Adjusted net income was **9.4 million RMB**, a **719.9%** increase year-over-year, reversing a loss from Q1 [2][19] - Cash and cash equivalents totaled **1.15 billion RMB** as of June 30, 2025, providing a solid financial foundation for future investments [19] Product Performance - The EH216 series saw strong market demand with over **150 new orders** and **216 units delivered** in Q2 2025 [3][4][30] - The EH216 series completed over **10,000 safe flights** in the first half of 2025, establishing a strong safety record [4][10] Strategic Developments - EHang signed a strategic cooperation agreement with the Hefei municipal government to establish a VT-35 product center, integrating R&D, manufacturing, and certification processes [2][7] - The company is collaborating with **Goshen High-Tech** for customized battery solutions and **Mint Group** for high-safety airframe development to enhance the EH216 series [6][15] Research and Regulatory Contributions - EHang established a joint research institute with Tsinghua University to develop regulatory and safety standards, contributing to CAACC Vita certification standards [2][8] - The company is actively involved in drafting technical requirements for low-altitude data security guidelines [8] Market Expansion and Partnerships - EHang expanded its strategic cooperation with China Communications Technology Group to initiate low-altitude tourism and urban air mobility projects [5][15] - The company is focusing on optimizing operations and providing support services to existing customers, adjusting its 2025 revenue guidance to approximately **500 million RMB**, reflecting moderate growth [5][14][20] International Business and Logistics - EHang's EH216S series has completed demonstration flights in **20 countries**, including Mexico and Indonesia [18] - The company achieved significant progress in logistics applications, completing the first long-distance intercity cargo flight in the Greater Bay Area [16] Future Outlook - EHang plans to launch the VT-35 model in September 2025, designed for intercity travel, and is accelerating its industrialization process [7][29] - The company is also exploring solid-state battery technology, having become the first to install solid-state batteries on e-VTOL models for actual flight testing [31][32] Customer Base and Orders - The customer base expanded to **13 Chinese enterprises**, with a notable increase in international clients, including a Japanese customer [9][30] - Approximately **90%** of sales are from domestic customers, with **10%** from overseas, indicating a growing international demand for drones [22] Conclusion EHang is positioned for growth in the urban air mobility sector, with strong financial performance, innovative product development, and strategic partnerships aimed at enhancing operational capabilities and expanding market reach. The focus on safety, regulatory compliance, and customer support underpins its long-term business strategy.

Core Viewpoint - EHang Intelligent (EH.US) reported a significant increase in revenue for Q2 2025, but also experienced a widening net loss, leading to a drop in stock price by over 5% [1] Financial Performance - Total revenue for Q2 reached 147.2 million RMB (approximately 20.5 million USD), representing a year-on-year increase of 44.2% and a quarter-on-quarter surge of 464% [1] - Gross margin remained stable at 62.6%, consistent with the previous two quarters [1] - Net loss expanded to 81 million RMB (approximately 11.3 million USD), which is a year-on-year increase of 13.1% and a slight quarter-on-quarter increase of 3.3% [1] Business Operations - The delivery volume of the EH216 series eVTOL aircraft reached a record high of 68 units, marking a 38.8% increase compared to 49 units in the same period of 2024, and a staggering quarter-on-quarter increase of 518% from 11 units in Q1 [1] Future Outlook - The company has revised its full-year revenue forecast for 2025 down to approximately 500 million RMB, citing a strategic shift towards the development of commercial operation demonstration models and long-term infrastructure [1]