证券研究报告 | 投资策略研究*周报 2025 年 09 月 05 日 投资策略研究 并购重组周报（2025/08/29-2025/09/04） 2025/08/29-2025/09/04 期间，新增并购重组的上市公司有 1家，为汇 金股份，涉及的并购重组事件有 1个，涉及的上市公司为竞买方，本期间并 购重组上市公司涉及的行业为计算机行业。 汇金股份：公司的核心业务是智能制造和信息化综合解决方案。其中，智能 制造业务主要包括智慧金融设备、智能办公设备、自助终端设备、高端钣金 产品、零部件加工及捆扎带等，重点服务于银行、政企政务、司法等领域， 提供安全、高效的现金处理及智能化办公设备。信息化综合解决方案业务则 涵盖信息系统集成、数据中心建设及运营等，为客户提供定制化的软硬件一 体化服务。2024 年 8 月，公司完成了对全资子公司石家庄汇金供应链管理有 限公司 100%股权的转让，自此，公司主营业务调整为智能制造业务和信息 化综合解决方案业务，不再包含供应链业务。本次交易中，公司于 2025 年 8 月 29 日与库珀新能源股份有限公司（以下简称"库珀新能"）的股东于春生 签署了《支付现金购买资产意向协议》，拟 ...

证券研究报告 | 公司动态点评 2025 年 09 月 05 日 中国核电（601985.SH） 核电盈利稳健，首次进行中期分红 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 74,957 | 77,272 | 83,184 | 87,985 | 97,135 | | 增长率 yoy（%） | 5.2 | 3.1 | 7.7 | 5.8 | 10.4 | | 归母净利润（百万元） | 10,624 | 8,777 | 9,749 | 10,239 | 11,230 | | 增长率 yoy（%） | 17.9 | -17.4 | 11.1 | 5.0 | 9.7 | | ROE（%） | 11.9 | 7.9 | 8.2 | 8.1 | 8.3 | | EPS 最新摊薄（元） | 0.52 | 0.43 | 0.47 | 0.50 | 0.55 | | P/E（倍） | 17.0 | 20.6 | 18.5 | 17.6 | 16.1 | | P/B（倍） ...

证券研究报告 | 公司动态点评 2025 年 09 月 05 日 神工股份（688233.SH） 25H1 营收利润同比高增，硅零部件打开增量空间 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 135 | 303 | 501 | 755 | 1,070 | | 增长率 yoy（%） | -75.0 | 124.2 | 65.6 | 50.5 | 41.8 | | 归母净利润（百万元） | -69 | 41 | 118 | 205 | 316 | | 增长率 yoy（%） | -143.7 | 159.5 | 186.2 | 73.9 | 54.2 | | ROE（%） | -3.9 | 2.5 | 6.2 | 10.0 | 13.5 | | EPS 最新摊薄（元） | -0.41 | 0.24 | 0.69 | 1.20 | 1.86 | | P/E（倍） | -79.6 | 133.8 | 46.7 | 26.9 | 17.4 | | P/B（倍） | ...

2025H1 业绩同比高增，盈利能力显著提升：2025 年上半年，公司重点发 展先进封装技术，提升竞争力并拓展市场；推进微型光学器件量产及商业化 应用；优化全球化产业布局；牵头国家重点研发项目，突破技术瓶颈；同时 依托车规半导体技术平台，加快新产品与市场开发。同时，2025 年上半年公 司整体毛利率为 45.08%，同比+1.66pcts；净利率为 23.91%，同比+3.20pcts， 盈利能力显著改善。费用方面，2025 年上半年公司销售、管理、研发及财 务费用率分别为 0.49%/8.65%/10.07%/-1.70% ， 同 比 变 动 分 别 为 -0.31/0.05/-3.18/+1.68pcts。 技术工艺持续迭代，车规 CIS 与新兴应用驱动业绩增长：2025 年上半年，公 司根据产品与市场需求，持续推进技术工艺迭代创新，积极提升产能能力。1） 在车规 CIS 领域的技术领先优势持续增强，业务规模快速增长；不断拓展新 兴应用市场，在 AI 眼镜、机器人等领域量产规模逐步提升；持续推进 Cavity-Last、TSV-LAST 相关工艺的开发拓展，在 MEMS、FILTER 等领域的量 产服务能 ...

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company is experiencing pressure on its performance in the first half of 2025, with both revenue and profit declining. The revenue for the first half of 2025 was 2.372 billion yuan, a year-on-year decrease of 15.43%, and the net profit attributable to shareholders was 247 million yuan, down 49.01% year-on-year [1][2] - The company has a clear brand positioning and strong brand-building capabilities, focusing on natural plant active ingredients for skin care products, particularly targeting sensitive skin. It has successfully integrated online and offline sales channels, leveraging internet and AI technologies to create a new retail system [3][4] Financial Summary - Revenue for 2023 is projected at 5.522 billion yuan, with a growth rate of 10.1%. However, a decline of 4.7% is expected in 2025, with revenue estimated at 5.468 billion yuan [1] - The net profit attributable to shareholders is expected to decrease to 476 million yuan in 2025, reflecting a year-on-year decline of 5.3% [1] - The company's gross margin for the first half of 2025 was 76.01%, an increase of 3.42 percentage points year-on-year, while the net profit margin decreased by 6.48 percentage points to 10.47% [2] - The company is projected to have an EPS of 1.12 yuan in 2025, with a corresponding P/E ratio of 40.7 times [9]

证券研究报告 | 宏观经济研究*动态点评 2025 年 09 月 05 日 宏观经济研究 新订单与生产背离，企业观望态度明显——8 月美国 PMI 点评 数据： 美国 8 月制造业 PMI指数 48.7%，前值 48.0%。 要点： 2025 年 8 月，美国制造业 PMI 升至 48.7%，前值 48.0%，虽略有回升但已 连续 6 个月处于收缩区间，主要指标中产出指标处于加速收缩的状态，下滑 至收缩区间，分项贡献大幅下滑；而反映需求的新订单指数在连续六个月收 缩后，首次回到扩张区间。出现市场需求回暖而企业生产收缩的矛盾局面， 同时产成品库存下滑反映出关税影响了企业的生产经营活动。若美联储降息， 消费需求回暖与企业进入补库周期可能形成合力拉动制造业 PMI指数反弹。 总体而言，8 月 PMI 较上月略微上升，但已连续 6 个月处于荣枯线之下，美 国制造业延续了全年的低迷态势。本月主要拉动项是新订单指数，但需求升 温并未带动企业产出和库存明显好转，关税仍是制造业短期内发展的阻力， 成本压力和政策反复变化加剧了企业的担忧。从投资端看，高利率对投资需 求已经起到抑制作用，但美联储的降息可能很快就要来临；从消费端看 ...

证券研究报告 | 公司动态点评 2025 年 09 月 05 日 潮宏基（002345.SZ） 25H1 业绩增长亮眼，期间费用率下降带动净利率提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,900 | 6,518 | 7,838 | 9,137 | 10,493 | | 增长率 yoy（%） | 33.6 | 10.5 | 20.3 | 16.6 | 14.8 | | 归母净利润（百万元） | 333 | 194 | 539 | 657 | 784 | | 增长率 yoy（%） | 67.4 | -41.9 | 178.4 | 21.9 | 19.3 | | ROE（%） | 8.6 | 4.6 | 13.5 | 14.9 | 15.7 | | EPS 最新摊薄（元） | 0.38 | 0.22 | 0.61 | 0.74 | 0.88 | | P/E（倍） | 42.4 | 73.0 | 26.2 | 21.5 | 18.0 | | P/B（倍 ...

Investment Rating - The investment rating for the company is "Buy" [3][7]. Core Views - The company has achieved steady revenue growth in the high-end microscope market, with a market share exceeding 5% in domestic replacement [2]. - The company is focusing on four major business areas to drive performance, including high-end microscopes, barcode scanning, machine vision, and laser radar [2]. - The company has made significant progress in R&D and digital transformation, enhancing its technological capabilities in the optical field [2]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 441 million yuan, a year-on-year increase of 2.95%, and a net profit attributable to shareholders of 108 million yuan, up 8.75% year-on-year [2]. - The gross profit margin for the first half of 2025 was 40.33%, an increase of 1.4 percentage points year-on-year, while the net profit margin was 24.55%, also up by 1.4 percentage points year-on-year [2]. - The company expects a recovery in the high-end microscope business in the second half of 2025, with a further increase in the high-end product proportion [2]. Financial Forecast - The company forecasts net profits attributable to shareholders of 271 million yuan, 351 million yuan, and 457 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 40, 31, and 24 times [7].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week, domestic major stock indices rose across the board, with small and medium - cap indices generally outperforming large - cap indices. The growth style index showed a significant increase, while the financial and stable style indices declined. In the ETF market, both comprehensive and thematic ETFs had increased trading volumes, and there was a clear inflow of funds into sectors such as brokers, consumption, technology, and non - ferrous metals [1][3] Summary by Directory 1. Fund Market Overview 1.1 Stock Market - Last week (2025/08/25 - 2025/08/29), major domestic stock indices all rose. The large - cap indices such as CSI 300, SSE 50, and SSE Composite Index had weekly increases of 2.71%, 1.63%, and 0.84% respectively. Small and medium - cap indices like CSI 500, CSI 1000, and ChiNext Index rose by 3.24%, 1.03%, and 7.74% respectively. Style indices showed mixed performance, with financial, cyclical, consumer, growth, and stable style indices having weekly changes of - 1.31%, 0.94%, 0.54%, 4.45%, and - 0.81% respectively. Among the growth styles, large - cap, mid - cap, and small - cap growth style indices changed by 3.38%, 2.51%, and - 1.33% respectively [1][8] - Recent A - share trading activity has been oscillating upwards and is currently close to the level in December 2024 [9] 1.2 Bond Market and Futures Market - Last week, the SSE Convertible Bond Index fell by 2.68%. Pure - bond indices all rose, with the SSE Treasury Bond, SSE Corporate Bond, and Shenzhen Local Government Bond indices rising by 0.04%, 0.03%, and 0.03% respectively. Major stock index futures contracts all rose, with CSI 300, SSE 50, and CSI 500 futures rising by 0.49%, 0.12%, and 1.70% respectively. 10 - year, 5 - year, and 2 - year Treasury bond futures prices rose by 0.13%, 0.18%, and 0.03% respectively [15][16] 1.3 Commodity Market - In the past week, the commodity market showed mixed performance. The Nanhua Precious Metals Index, CRB Metal Spot Index, and CRB Commodity Index rose by 1.77%, 1.35%, and 0.78% respectively. Domestic key commodity futures contracts also showed mixed results, with DCE Iron Ore, SHFE Silver, and SHFE Nickel futures rising by 2.34%, 1.80%, and 1.75% respectively [18][21] 2. ETF Market行情统计 2.1 Domestic Stock - type ETF Trading Activity Ranking - Using the weekly fund turnover rate (trading volume / on - exchange floating shares) as a measure of ETF trading activity, high turnover rates indicate possible large differences in market views on a sector. Last week, trading hotspots were concentrated in comprehensive indices such as ChiNext 50 and CSI Innovation and Entrepreneurship 50 ETF, as well as sectors like semiconductors, liquor, and securities [24] 3. Size - style Monitoring 3.1 Comprehensive Stock ETF - As of last week, the total trading volume of comprehensive ETFs was 138.425 billion yuan, an increase of 28.081 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 58.276 billion yuan, an increase of 11.307 billion yuan, and that of small - and mid - cap comprehensive ETFs was 84.351 billion yuan, an increase of 19.109 billion yuan. The on - exchange floating shares of comprehensive ETFs were 361.949 billion shares, an increase of 6.94 billion shares from the previous week. Large - and mid - cap style comprehensive ETFs had 241.165 billion shares, an increase of 19.28 billion shares, while small - and mid - cap comprehensive ETFs had 120.785 billion shares, a decrease of 12.34 billion shares [26] 3.2 Thematic Stock ETF - As of last week, the average weekly return of 32 thematic ETFs was 3.39%. The average weekly return of large - cap style ETFs was 0.95%, and that of small - and mid - cap style ETFs was 5.30%. The total trading volume of tracked thematic ETFs was 138.149 billion yuan, an increase of 30.701 billion yuan from the previous week. Large - cap style ETFs had a trading volume of 73.042 billion yuan, an increase of 14.991 billion yuan, and small - and mid - cap style ETFs had a trading volume of 65.107 billion yuan, an increase of 15.711 billion yuan. The on - exchange floating shares of thematic ETFs were 408.707 billion shares, an increase of 6.175 billion shares from the previous week. Large - and mid - cap style thematic ETFs had 193.157 billion shares, an increase of 12.045 billion shares, while small - and mid - cap style thematic ETFs had 215.549 billion shares, a decrease of 5.87 billion shares [27] 4. Sector Fund Flow Tracking - As of last week, among comprehensive ETFs, the top three performers were CSI Innovation and Entrepreneurship 50 ETF, ChiNext 50, and ChiNext, with weekly returns of 11.34%, 8.93%, and 7.63% respectively. The bottom three were CSI 1000 ETF, SSE 50 ETF, and CSI 300 ETF, with returns of 0.80%, 1.50%, and 2.72% respectively. Among industry - thematic ETFs, the top three were 5G ETF, AI Intelligence ETF, and Non - ferrous Metals ETF, with returns of 15.44%, 10.69%, and 8.63% respectively. The bottom three were Coal ETF, Financial ETF, and Bank ETF, with returns of - 3.02%, - 1.95%, and - 1.88% respectively. In terms of fund flows, important broad - based indices such as CSI 300 and small - and mid - cap ETFs in the innovation and entrepreneurship sector had fund inflows. In industry - thematic sectors, significant fund inflows were seen in sectors such as brokers, consumption, technology, and non - ferrous metals [32] 5. Commodity ETF - Last week, tracked commodity ETFs showed mixed performance. Gold ETF, Bosera Gold, Soybean Meal ETF, Non - ferrous Metals Futures ETF, and Energy and Chemicals ETF had returns of 1.46%, 1.47%, 0.61%, 1.24%, and - 1.21% respectively. The on - exchange floating shares of tracked commodity ETFs decreased by 1.41 billion shares from the previous week, while the total trading volume increased by 1.869 billion yuan [36] 6. Overseas ETF - Last week, among tracked overseas ETFs, Nasdaq ETF, H - share ETF, and Hang Seng ETF had returns of 1.19%, - 0.85%, and - 0.45% respectively. The on - exchange floating shares of tracked overseas ETFs decreased by 0.13 billion shares from the previous week, and the total trading volume decreased by 0.549 billion yuan [38] 7. Money Market ETF - As of the end of last week, the overnight SHIBOR rate was 1.32%, a decrease of 0.15% from the previous week, and the one - week SHIBOR rate was 1.53%, an increase of 0.03% from the previous week. The seven - day annualized yield of Huabao Tianyi was 1.06%, an increase of 0.04% from the previous week, and that of Yinhua Rili was 1.04%, unchanged from the previous week. The on - exchange floating shares of Huabao Tianyi were 63.846 billion shares, a decrease of 2.602 billion shares from the previous week, and those of Yinhua Rili were 61.757 billion shares, an increase of 1.95 billion shares from the previous week [42]

证券研究报告 | 公司动态点评 2025 年 09 月 04 日 珀莱雅（603605.SH） 2025H1 保持稳健经营，彩棠品牌及 OR 品牌保持快速增长 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,905 | 10,778 | 11,670 | 13,264 | 14,903 | | 增长率 yoy（%） | 39.5 | 21.0 | 8.3 | 13.7 | 12.4 | | 归母净利润（百万元） | 1,194 | 1,552 | 1,742 | 1,989 | 2,248 | | 增长率 yoy（%） | 46.1 | 30.0 | 12.2 | 14.2 | 13.0 | | ROE（%） | 28.0 | 28.9 | 26.2 | 24.3 | 22.6 | | EPS 最新摊薄（元） | 3.01 | 3.92 | 4.40 | 5.02 | 5.67 | | P/E（倍） | 27.0 | 20.8 | 18.5 | 16.2 ...