计算机 2025 年 9 月研究观点:"人工智能 十"行动文件印发，AI 应用紧跟算力浪潮 [Table_Invest] 评级： 增持 本报告导读： 8 月，国务院印发《关于深入实施"人工智能+"行动的意见》，国产算力龙头寒武纪 25H1 收入暴增 4348%，阿里重申三年内 AI 资本开支达 3800 亿。看好 AI 应用紧跟 算力浪潮加速落地。 投资要点： 股 票 研 究 [Table_Industry] 计算机 告 行 请务必阅读正文之后的免责条款部分 业 月 报 证 券 研 究 报 股票研究 /[Table_Date] 2025.08.31 [Table_Report] 相关报告 计算机《DeepSeek-V3.1 加强智能体支持，与国产 行业月报 | 可比公司 | 收盘价（元） | 总市值 | | EPS（元） | | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | 金蝶国际 | 16.30 | ...

北斗技术多域应用拓展，构筑新增长极 [Table_Industry] 计算机 [Table_Invest] 评级： 增持 本报告导读： 北斗系统作为我国自主可控的战略性时空基础设施，在政策利好和技术进步的推动 下，交通运输、低空经济等细分领域新机会显现，看好"北斗+"融合创新技术应用发 展落地。 投资要点： 研 究 行 业 究 报 告 请务必阅读正文之后的免责条款部分 股 票 专 题 研 究 证 券 研 股票研究 /[Table_Date] 2025.09.09 [Table_Report] [table_Authors] 2025-09-09 [Table_Summary] 投资建议：北斗系统作为我国自主可控的战略性时空基础设施，凭 借技术领先性与政策持续驱动，已在多领域形成规模化应用势能。 当前，驱动北斗产业发展的主要推手已转变为下游应用场景的爆发， 北斗技术在交通、低空经济等场景的赋能正重塑产业发展格局。我 们看好以"北斗+"的融合创新技术，在专业或大众应用领域构建差异 化竞争力的信息化数智企业。相关标的：信息发展。 北斗卫星导航系统作为我国自主建设的时空基础设施，广泛赋能国 民经济各领域。北斗系统通过 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 68.12 RMB based on a 2025 PE of 60X, which is slightly discounted compared to peers due to stable operations [5][9]. Core Insights - The company's revenue continues to grow rapidly, with domestic demand gradually recovering. The introduction of new products in the R&D pipeline is expected to open up additional demand opportunities [2][5]. - In the first half of 2025, the company achieved a revenue of 387 million RMB, representing a year-on-year increase of 29.38%. The net profit attributable to shareholders was 83.80 million RMB, up 47.81% [5][9]. - The domestic revenue reached 123 million RMB, reflecting a growth of 36.65%, while overseas revenue was 258 million RMB, increasing by 22.94% [5][9]. - The company has effectively controlled its expense ratios, leading to improved profitability. The gross profit margin for the first half of 2025 was 90.14%, and the net profit margin was 21.53%, an increase of 3.59 percentage points year-on-year [5][9]. Financial Summary - The financial summary indicates a strong growth trajectory, with total revenue projected to reach 840 million RMB in 2025, up 30.2% from the previous year. Net profit attributable to shareholders is expected to be 191 million RMB, a 53.9% increase [4][6]. - The company has increased its R&D investment, expanding its team to 279 personnel and diversifying its product offerings, with over 5000 products sold [5][9]. - The report highlights the successful development of nearly 50 GMP-grade products in the CGT field and a range of high-quality products in the ADC field [5][9].

Investment Rating - The report does not explicitly state an investment rating for SJM Holdings, but it provides detailed financial performance metrics that may inform investment decisions. Core Views - SJM Holdings reported a net revenue of HKD 14.64 billion for 25H1, a year-on-year increase of 6.1%, while adjusted EBITDA decreased by 5.1% to HKD 1.65 billion, with an adjusted EBITDA margin of 11.2%, down 1.3 percentage points year-on-year [8][12] - In 25Q2, net revenue reached HKD 7.16 billion, up 4.0% year-on-year, but down 4.3% quarter-on-quarter. Gaming revenue contributed HKD 6.68 billion, a 3.8% increase year-on-year [2][9] - The company's gaming gross revenue (GGR) for 25Q2 was HKD 7.27 billion, reflecting a year-on-year increase of 5.4%, but this growth rate was below the industry average of 8.3% [3][10] - The adjusted EBITDA for 25Q2 was HKD 0.69 billion, down 20.9% year-on-year and 28.2% quarter-on-quarter, with a margin of 9.6%, indicating a decline in profitability [4][11] Financial Performance Summary - For 25H1, SJM Holdings achieved a net revenue of HKD 14.64 billion, with adjusted EBITDA of HKD 1.65 billion and an EBITDA margin of 11.2% [8] - In 25Q2, the breakdown of net revenue included HKD 6.68 billion from gaming and HKD 0.48 billion from non-gaming activities, with respective year-on-year changes of +3.8% and +7.1% [2][9] - The GGR composition showed that VIP, mass market, and slot machines generated HKD 0.46 billion, HKD 6.1 billion, and HKD 0.71 billion, with year-on-year changes of -13.9%, +5.6%, and +20.9% respectively [3][10] Market Share and Strategic Developments - SJM Holdings' market share in 25Q2 was 12.5%, a decrease of 1.2 percentage points from 25Q1 [5][12] - The company plans to acquire a property near the Hengqin Port for conversion into a three-star hotel with approximately 250 rooms, expected to be completed within 24 months after obtaining necessary permits [5] - Additionally, SJM Holdings intends to purchase a former gaming area within the Lisboa Hotel for HKD 529 million, aiming to enhance operational efficiency and profitability [6]

8 月美国非农新增就业明显不及预期，美国就业市场呈现供需双弱，企业尚未大规 模裁员和明显压缩就业时长，但员工失业后越来越难以快速找到工作的脆弱的"紧平 衡"状态。我们认为，美国就业市场或仍能维持一段时间的紧平衡。8 月疲弱的就业 数据或为 9 月降息铺平道路，但 9 月后是否能开启连续降息仍具有较高不确定性。 投资要点： [Table_Authors] 王宇晴(分析师) 021-23185641 宏观研究 /[Table_Date] 2025.09.06 2025-09-08 弱非农巩固降息预期 2025 年 8 月美国非农数据点评 本报告导读： 宏 观 研 究 观 快 报 点 评 证 券 研 究 报 告 wangyuqing@gtht.com 登记编号 S0880525040119 请务必阅读正文之后的免责条款部分 宏 梁中华(分析师) 021-23219820 liangzhonghua@gtht.com 登记编号 S0880525040019 [Table_Summary] 8 月非农：明显弱于预期。8 月美国新增非农就业人数仅为 2.2 万 人，明显不及市场预期。此外，6 月和 7 月非农新增就业合计 ...

研究报告 Research Report 8 Sep 2025 [Table_Author] 胡佳璐 Rebecca Hu 李一腾 Yiteng Li 刘坤钰 Kunyu Liu 现制饮品行业：持续调整，表现分化。现制饮品行业自 2024 年至 今处于快速扩容后的调整期。1H25 外卖平台补贴短期提振单店， 助力品牌营收和利润的提升。但由于大部分品牌以加盟为主，虽 单店增加，但加盟门店经营利润受到实收率下降的影响并未同幅 度提升，持续考验各公司门店运营和供应链能力，推动业绩表现 有所分化。分公司看，1H 瑞幸咖啡、蜜雪集团和古茗仍维持较快 拓店速度，且收入和利润均有较快增长。其他公司中，沪上阿姨 同比增速提升，且利润率有所改善；霸王茶姬和茶百道尚在调整 阶段，但门店仍在增长；奈雪的茶则在通过门店调改逐步扭亏。 潮玩行业：景气度高，IP 运营能力持续提升。潮玩行业整体处于 快速增长周期，但各公司由于所处发展阶段和业务模式差异，表 现也各有不同。2025 年是泡泡玛特的爆发之年，也是公司长期专 注 IP 孵化及运营带来的成果兑现之年，见证了 LABUBU 风靡全球 并成为真正的世界级 IP，同时毛绒品类首次反超手 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of HKD 464.20, up from a previous target of HKD 269.70 [2][21]. Core Insights - The company's "ADC+IO" strategy is progressing steadily, with early-stage molecules expected to demonstrate their potential [1][5]. - The company reported a revenue of RMB 1.23 billion for 1H25, representing a growth of 22.9%, primarily driven by licensing and collaboration income [3][16]. - The company has a strong cash position of RMB 3.75 billion, which is sufficient to support its clinical and early-stage R&D investments for the next 3-5 years [4][17]. Financial Performance - Revenue projections for 2025-2027 are estimated at RMB 1.75 billion, RMB 0.97 billion, and RMB 1.37 billion, respectively, with year-on-year growth rates of -10%, -44%, and +41% [10][21]. - The company recorded a net loss of RMB 2.08 billion in 1H25, with an adjusted net profit of RMB 150 million after excluding fair value changes of preferred shares [3][16]. - The gross profit margin is projected to decline from 76.1% in FY2023 to -19.2% in FY2026 [14][15]. Pipeline and Collaborations - The company is advancing three ADC programs in collaboration with BioNTech, which are currently in Phase I/II clinical trials [5][18]. - The DB-1303 (HER2 ADC) is expected to file for FDA BLA for endometrial cancer and NDA submission in China for HER2+ breast cancer in 2H25 [20]. - The newly disclosed DB-1317 (ADAM9 ADC) is about to enter Phase I trials, showing an ~80% response rate in preclinical models [19][20]. Valuation - The company is valued using a DCF model based on FY26-34 cash flows, applying a WACC of 10.0% and a terminal growth rate of 3.5% [10][21]. - The revised target price of HKD 464.20 reflects the company's potential for future royalty income from BioNTech [21].

研究报告 Research Report 8 Sep 2025 安能物流（开曼） ANE (Cayman) (9956 HK) 2025H1 业绩点评：费控保障盈利韧性增长，中期分红超预期 FY2025H1 Performance Review: Expense Control Supports Profit Growth, Interim Dividend Exceeds Expectations [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$9.66 目标价 HK$11.60 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$11.37bn / US$1.46bn 日交易额 (3 个月均值) US$3.10mn 发行股票数目 1,177mn 自由流通股 (%) 56% 1 年股价最高最低值 HK$9.66-HK$6.66 注：现价 ...

分化延续，终端需求需提振 [Table_Authors] 国内高频指标跟踪（2025 年第 36 期） 宏观研究 /[Table_Date] 2025.09.07 2025-09-08 告 本报告导读： 消费分化、投资平淡，生产短期有所调整，价格受需求因素主导 投资要点： 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 周 报 证 券 研 究 报 [Table_Report] [Table_Summary] 上周高频数据显示，消费方面，服务消费受暑期结束拖累，跨区域 迁徙、游乐场所客流等指标同比降幅扩大；商品消费分化，纺织服 装因秋冬备货需求回暖，汽车、高端白酒仍显弱势。投资方面，地 产市场仍处调整阶段，销售与土地市场平淡，尽管专项债发行进度 较快，但对基建实物工作量的支撑仍显不足。进出口方面，短期港 口数据走弱或反映出口表现一般，但美欧制造业 PMI 回升或预示下 阶段外需存在改善可能。生产方面，钢铁、轮胎等行业开工率下行， 反映短期政策影响和下游需求压力，而纯碱因玻璃、光伏需求支撑 表现较好。价格方面，CPI 平稳运行，PPI。流动性层面，跨月后资 金利率回落，央行逆回购净回笼调节流动性，美元指 ...

Investment Rating - Maintain OUTPERFORM rating with a target price of HK$67.35, current price at HK$32.76 [2][5] Core Insights - Revenue and profit showed steady growth in 25H1, driven by increased outpatient visits, with revenue reaching RMB 1.49 billion (+9.5%) and outpatient visits at 2.75 million (+15.3%) [3][11] - The company is focusing on the launch of AI avatars for doctors and overseas expansion, with expectations for significant commercial realization of AI products in 2025 [4][13] Financial Performance - Revenue breakdown for 25H1: offline revenue at RMB 1.37 billion (+11.1%) and online revenue at RMB 0.13 billion (-5.2%), indicating a stronger focus on offline medical institutions [3][11] - Gross margin improved to 30.6% (+1.2 pp), with net profit reaching RMB 150 million (+41.6%) and adjusted net profit at RMB 170 million (+15.2%) [4][12] - Forecasted revenue for 2025 and 2026 is RMB 3.40 billion and RMB 4.03 billion, respectively, with net profit projected at RMB 410 million and RMB 490 million [5][14] Operational Developments - The company added seven TCM clinics in 25H1, including three acquisitions and four self-built, and entered two new cities (Chengdu and Shantou) [3][11] - AI technology is being deployed to enhance service quality, with ten "National Physician AI Avatars" launched across various medical fields [4][13]