Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price of over 20% within the next six months [10]. Core Insights - The company reported significant growth in its first half of 2025, achieving revenue of 1197.58 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 72.46 billion yuan, up 72% year-on-year [3][4]. - The company’s four main business segments all experienced positive growth, with the railway equipment segment showing the fastest growth at over 40% year-on-year [3]. - The company signed new orders worth approximately 1460 billion yuan in the first half of 2025, a 4.2% increase year-on-year, indicating a strong demand in the rail transit industry [4]. Financial Performance - The company’s revenue is projected to grow to 2773.87 billion yuan in 2025, with a year-on-year growth rate of 12.55%, and net profit is expected to reach 144.63 billion yuan, reflecting a 16.76% increase [5][8]. - The earnings per share (EPS) is forecasted to increase from 0.43 yuan in 2024 to 0.50 yuan in 2025 [8][9]. - The company plans to distribute cash dividends of 31.57 billion yuan, accounting for 43.57% of its net profit for the first half of 2025, highlighting its commitment to shareholder returns [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 6.098 billion yuan for the first half of 2025, representing a year-on-year growth of 14.03%, and a net profit attributable to shareholders of 117 million yuan, up 14.77% year-on-year. In Q2 2025, revenue reached 3.599 billion yuan, with a significant year-on-year increase of 28.62%, and net profit of 141 million yuan, reflecting a 53.09% growth [4][5]. - The growth in revenue and profit is primarily driven by an increase in market share for consumer batteries and a surge in the performance of power-related businesses, particularly in the automotive low-voltage systems and drone sectors [5][6]. - The company has significantly increased its R&D investment, with expenses rising by 23.2% year-on-year to 818 million yuan, accounting for 13.42% of revenue. This investment is aimed at enhancing technology capabilities and developing new materials and products [5][6]. Financial Performance - The company is projected to achieve revenues of 13.9 billion yuan, 17 billion yuan, and 19.8 billion yuan for the years 2025, 2026, and 2027, respectively. Correspondingly, net profits are expected to be 606 million yuan, 1.383 billion yuan, and 1.930 billion yuan [7][10]. - The financial metrics indicate a steady growth trajectory, with a projected net profit growth rate of 40.72% in 2025 and 128.36% in 2026 [10][11]. Business Development - The company has made technological advancements, including the mass production of steel-shell batteries with a volumetric energy density of 900Wh/L, which are expected to be used in smart wearable devices. The automotive low-voltage lithium battery products have passed audits from several major automotive manufacturers [6][7]. - The company is optimizing its production capacity by adjusting project plans to better align with market demand, including shifting production lines to consumer batteries and delaying some projects [6][7]. Market Position - The company is well-positioned in the market, with a strong focus on innovation and strategic partnerships with leading automotive manufacturers, which enhances its competitive edge in the battery sector [6][7].

Group 1: Report Industry Investment Rating - No information provided in the content Group 2: Core Viewpoints of the Report - The liquidity of medium- to long-term high-rated bonds in the urban investment bond and industrial bond sectors has declined. In the urban investment bond sector, the number of high-grade liquid bonds decreased in medium- to long-term, while in the industrial bond sector, the number of high-grade liquid bonds decreased in long-term [2][3][9][19] Group 3: Summary of Urban Investment Bonds - **Distribution of high-grade liquid bonds**: By region, the number of high-grade liquid bonds increased in Jiangsu, decreased in Shandong, and remained stable in Sichuan, Tianjin, and Chongqing. By term, the number of high-grade liquid bonds increased within 1 year and in the 2 - 3 year range, but decreased in the 1 - 2 year, 3 - 5 year, and over 5 - year ranges. By implied rating, the number of high-grade liquid bonds increased for AA+, AA, and AA(2), but decreased for AAA and AA - [2][9][10] - **Yield of high-grade liquid bonds**: By region, the yields of high-grade liquid bonds in Jiangsu, Shandong, Sichuan, and Chongqing generally decreased, with a decline range of 1 - 5bp; the yield in Tianjin generally increased, with an increase range of 1 - 3bp. By term, the yields of high-grade liquid bonds within 1 year, 1 - 2 years, 2 - 3 years, 3 - 5 years, and over 5 - years generally decreased, with a decline range of 1 - 3bp. By implied rating, the yields of high-grade liquid bonds for all implied ratings generally decreased, with a decline range of 1 - 3bp [11][12] - **Top 20 subjects and bonds with rising and falling liquidity scores**: The top 20 subjects with rising liquidity scores are mainly in construction decoration, environmental protection, social services, and commerce and retail industries, with the subject level mainly AA, and concentrated in regions such as Jiangsu, Zhejiang, Jiangxi, and Anhui. The top 20 subjects with falling liquidity scores are mainly in construction decoration, real estate, and social services industries, with the subject level mainly AA, and distributed in regions such as Jiangsu, Zhejiang, Sichuan, Fujian, and Anhui [11][15][17] Group 4: Summary of Industrial Bonds - **Distribution of high-grade liquid bonds**: By industry, the number of high-grade liquid bonds increased in the steel industry, decreased in the public utilities and coal industries, and remained stable in the real estate and transportation industries. By term, the number of high-grade liquid bonds increased within 1 year, decreased in the 3 - 5 year and over 5 - year ranges, and remained stable in the 1 - 2 year and 2 - 3 year ranges. By implied rating, the number of high-grade liquid bonds increased for AAA - and AA, decreased for AAA and AA+, and remained stable for AAA+ [3][19][20] - **Yield of high-grade liquid bonds**: By industry, the yields of high-grade liquid bonds in the real estate, transportation, coal, and steel industries generally decreased, with a fluctuation range of 1 - 4bp; the public utilities industry remained basically stable. By term, the yields of high-grade liquid bonds within 1 year, 1 - 2 years, and 2 - 3 years generally decreased, with a decline range of 1 - 2bp; the yields in the 3 - 5 year and over 5 - year ranges generally increased, with an increase range of 1 - 2bp, showing a characteristic of "decline in medium - to short - term and increase in medium - to long - term". By implied rating, the yields of high-grade liquid bonds for AAA, AA+, and AA ratings generally decreased, with a decline range of 1 - 4bp; the yields for AAA+ and AAA - ratings generally increased, with an increase range of 1 - 2bp [20][21][23] - **Top 20 subjects and bonds with rising and falling liquidity scores**: The top 20 subjects with rising liquidity scores are mainly in construction decoration, commerce and retail, transportation, and real estate industries, with the subject level mainly AAA and AA+. The top 20 bonds with rising liquidity scores are mainly in transportation and construction decoration industries. The top 20 subjects with falling liquidity scores are mainly in construction decoration and public utilities industries, with the subject level mainly AAA and AA+. The top 20 bonds with falling liquidity scores are mainly in public utilities, transportation, and construction decoration industries [22][24][26]

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-09-09 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.56 | | --- | --- | | 总股本/流通股本（亿股）6.00 | / 0.90 | | 总市值/流通市值（亿元）105 | / 16 | | 52 周内最高/最低价 | 19.00 / 13.90 | | 资产负债率(%) | 13.7% | | 市盈率 | 34.43 | | 第一大股东 | 珠海紫琅企业管理中心 | | (有限合伙) | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 中集环科(301559) 罐箱业务静待反转，新业务布局有序推进 l 投资要点 事件：公司披露 2025 年半年报。 罐箱业务承压，导致公司盈利和业务下滑。2025H1，公司实现营 收 12.14 亿元，同比下降 12.68%；实现归母净利润 0.63 亿元，同 ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a downward adjustment in expectations [6]. Core Views - The company has shown continuous improvement in operating cash flow, with a significant increase in revenue and net profit in the first half of 2025. Revenue reached 2.12 billion yuan, up 10.5% year-on-year, while net profit was 120 million yuan, up 39.8% year-on-year [3]. - The acceleration of renewable energy subsidy disbursement is noted, with the company receiving 646 million yuan in subsidies in August 2025, a 248% increase year-on-year for the first eight months of 2025 [3]. - The company is advancing its light-asset operation strategy and refining its operations, with a focus on overseas power station development [4]. Summary by Sections Company Overview - The latest closing price is 4.60 yuan, with a total market capitalization of 16.4 billion yuan and a total share capital of 3.571 billion shares [2]. Financial Performance - In the first half of 2025, the company reported a net cash flow from operating activities of 1.99 billion yuan, a significant improvement from a negative 730 million yuan in the same period last year [3]. - The company’s revenue and net profit forecasts for 2025-2027 are 5.49 billion yuan, 5.53 billion yuan, and 5.41 billion yuan respectively, with corresponding net profits of 510 million yuan, 530 million yuan, and 560 million yuan [6]. Business Development - The company has reduced its owned power station capacity to 5,953 MW as of the end of the first half of 2025, with a net decrease of 495 MW from the end of 2024. It has also developed 900 MW of new photovoltaic and energy storage projects [4]. - The energy storage business is expanding, with an independent energy storage station capacity of 325.7 MW and new projects totaling 3.9 GWh developed in the first half of 2025 [4]. Market Position - The company has signed contracts for 1.6 billion kWh of electricity in the first half of 2025, with a trading volume of 7.5 billion kWh. It has established a presence in five provinces for virtual power plant operations [5].

证券研究报告：房地产|行业周报 发布时间：2025-09-09 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 2216.58 | | 52 | 周最高 | 2656.47 | | 52 | 周最低 | 1646.31 | 行业相对指数表现 -1% 5% 11% 17% 23% 29% 35% 41% 47% 53% 59% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《楼市迎"金九银十" 市场热度待提 升》 - 2025.09.01 房地产行业报告 （2025.09.01-2025.09.07） 深圳优化购房政策 期待楼市温和回升 ⚫ 投资要点 9 月 5 日深圳发布分区优化调整居民购买商品住房政策，针对市 内多区限购措施、以及住房贷款利率等政策进行优化。主要包括：符 合购房条件的在指定区域范 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Short - term bond market is still under pressure. If it is verified that around 1.8% is the relatively top level of the 10 - year Treasury bond and its form is lower than the first - quarter high, the logic of a bond bull market with a downward - trending yield can still be maintained. - Medium - term risk preference recovery is more reflected in the term spread premium, which may return to 50 - 60BP at the extreme. However, major asset pricing should also return to fundamentals. - The bond market in September 2025 may tend to have a weak recovery rather than a seasonal adjustment [3][11]. 3. Summary by Directory 3.1 Impact of New Variables on the Bond Market - **Central Bank's Treasury Bond Trading Operation**: The expectation of the central bank restarting Treasury bond trading has risen. But the relevant meeting is a routine policy - coordination meeting rather than a signal of restart. From the perspective of renewal, there is a need for restart. The large - scale issuance of local bonds from May to August may have increased the duration pressure of large banks' portfolios. Their short - buying and long - selling behavior may be related to adjusting portfolio duration and may decrease after the issuance of special Treasury bonds and local bonds nears completion. Without significant increments, the central bank's Treasury bond trading may mainly improve expectations and sentiment rather than significantly affect short - and long - term interest rates [4][12][14]. - **New Regulations on Public Offering Sales Fees**: These regulations may weaken the trading attribute of public bond funds. Recently, wealth management products have frequently redeemed and subscribed to public bond funds, strengthening the latter's trading attribute. The new regulations encourage long - term holding and increase short - term redemption fees, which will change the current situation. Long - term interest - rate bond funds or interest - rate index bond funds other than ETFs may no longer be suitable as trading tools for wealth management or proprietary accounts. Public bond funds may face pressure on their liability side. Proprietary accounts may re - allocate long - duration bond assets after redemption, while wealth management accounts may prefer bond ETFs or short - duration coupon assets [5][16].

宏观观点 证券研究报告：宏观报告 研究所 分析师:李起 SAC 登记编号:S1340524110001 Email:liqi2@cnpsec.com 研究助理:高晓洁 SAC 登记编号:S1340124020001 Email:gaoxiaojie@cnpsec.com 近期研究报告 《破内卷困局，离不开扩内需支撑》 - 2025.07.08 海外宏观周报：美国就业降温支持联储连续降息 ⚫ 核心观点： 上周五公布的美国非农就业数据全面遇冷，结合 7 月 JOLTS 招聘 和离职数据，指示就业市场进一步松动。进一步地，职位空缺率连续 两个月下降，同时职位空缺数与失业人数之比降至 1 以下，说明就业 市场需求走弱的速度要快于供给收缩，从贝弗里奇曲线上看，已经接 近曲线斜率将快速变平的节点，即职位空缺率小幅恶化将导致失业率 大幅走高。这意味着美联储在后续议息会议上连续降息的可能性有所 提高，美债收益率曲线或进一步陡峭化。 从历史上看，降息周期中美股往往表现较好，当前股市盈利增长 稳健，业绩指引上修，继续看多美股，建议逢低做多。历史上美元指 数表现较弱的时期，现价-中间价的差值较小，反而是在美元指数强 势、人民币面临 ...

发布时间：2025-09-08 1 1 证券研究报告 联创光电（600363.SH） 传统主业经营效益向好，高温超导和激光新业迈入快速成长期 股票投资评级：增持|首次覆盖 马强 中邮证券研究所 军工团队 中邮证券 投资要点 • 联创光电于1999年由江西省电子工业局整合旗下部分优质资产成立，2001年在上交所挂牌上市。公司布局大功率激 光器件及装备、高温超导磁体及应用、智能控制部件、背光源及应用、电线电缆等产业板块，在南昌、吉安、深圳 和厦门均设立了产业基地。公司先后获评"国家863计划成果产业化基地"、"国家知识产权优势企业"。 • 公司产业结构调整卓有成效，激光、高温超导等高科技壁垒产业逐步进入商业化落地阶段。2019年，公司提出"进 而有为，退而有序"主体战略，要求一切工作均围绕"效率"和"效益"开展，明晰产业升级方向，确定传统产业 发展路径，公司发展开创新局面。自2019年起，公司逐步对部分盈利能力较差的资产业务进行剥离，对LED、线缆 等传统产业进行转型升级，大力推动高温超导和激光产业等新兴产业发展。 • 高温超导：参股子公司联创超导承担高温超导业务，以高温超导磁体技术为核心，涵盖高温超导可控核聚变 ...

发布时间：2025-09-08 大盘指数 3000 4000 1000 2000 3000 5000 6000 7000 8000 中小100 创业板指 资料来源：聚源，中邮证券研究所 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《业绩之锚 3：定价困境反转的中报季》 - 2025.09.04 配置方面，个股α逻辑优于行业β逻辑，挖掘个股"困境反转" 逻辑。3 月以来持续调整的以 AI 应用、算力链、光模块为代表的 TMT 成长方向也将迎来估值修复的机会，结合当下出现的产业积极变化， 仍有进一步上行空间。在《业绩之锚 3：定价困境反转的中报季》指 出买中报"业绩超预期"并不能获得持续相对收益，"困境反转"是中 报季更有效的业绩挖掘策略，在行业层面 2025 年中报仍缺乏业绩验 证的主线机会，更应该重视自下而上的个股α机会。基于"跨报告季 业绩预期差"的筛选策略构建了 2025 年中报个股业绩超预期组合， 以致力于在 9-10 月中获取来自个股α的超额收益。 ⚫ 风险提示： 经济数据不及预期、中美摩擦加剧、地缘冲突 ...