证券研究报告：金融工程报告 发布时间：2025-09-08 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《苹果推出 Xcode 26 Beta 7，英伟达 开源 Jet-Nemotron 高性能语言模型— — AI 动 态 汇 总 20250901 》 - 2025.09.03 《双创涨速明显提升，ETF 资金配置思 路偏补涨——行业轮动周报 20250831》 - 2025.09.01 《指数上行重返十年高位，涨幅超 10% 芯片相关 ETF 净流出较多——行业轮动 周报 20250824》 – 2025.08.25 《非银爆发虹吸红利防御资金，指数料 将保持上行趋势持续挑战新高——行 业轮动周报 20250817》 – 2025.08.18 《融资余额新高，创新药光通信调整， 指数预期仍将震荡上行挑战前高—— 行 业 轮 动 周 报 20250810 》 – 2025.08.11 《ETF ...

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:金晓杰 SAC 登记编号:S1340124100010 Email:jinxiaojie@cnpsec.com 近期研究报告 《苹果推出 Xcode 26 Beta 7，英伟达 开源 Jet-Nemotron 高性能语言模型— —AI 动态汇总 20250901》 - 2025.08.04 《小市值占优，低波反转显著——中邮 因子周报 20250727》 - 2025.07.28 《微盘股的流动性风险在哪？——微 盘 股 指 数 周 报 20250720 》 - 2025.07.21 《大金融表现居前助指数突破，GRU 行 业轮动调入非银行金融——行业轮动 周报 20250713》 - 2025.07.14 《低估值高盈利，基本面表现占优—— 中 邮 因 子 周 报 20250706 》 - 2025.07.07 《基于宏观经济状态划分的 BL 模型与 ETF 实践》 - 2025.07.01 金工周报 2025.09.03 《微盘股中报资金 ...

证券研究报告：有色金属|行业周报 发布时间：2025-09-08 行业相对指数表现 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:杨丰源 SAC 登记编号:S1340525070002 Email:yangfengyuan@cnpsec.com 近期研究报告 《贵金属突破上行，持续推荐》 - 2025.09.01 有色金属行业报告 （2025.09.01-2025.09.05） 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 6548.93 | | --- | --- | --- | | 52 | 周最高 | 6635.29 | | 52 | 周最低 | 3700.9 | 黄金再创新高，钴系中间品报价集体上涨 l 投资要点 贵金属：黄金再创历史新高，持续推荐。贵金属的突破性上涨发 生在上周五的 PCE 数据公布后，美国通胀压力的交易使得长端美债利 率筑底上行，黄金在波动率持续下行后初步走入高波 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [2][10]. Core Insights - The company reported a revenue of 6.234 billion yuan for the first half of 2025, a year-on-year increase of 9.38%, and a net profit attributable to shareholders of 806 million yuan, up 5.60% year-on-year [7]. - Despite a decline in pesticide prices, the company's raw material sales volume increased, contributing to revenue growth. The raw material business generated 3.655 billion yuan in revenue, a 9.98% increase year-on-year, with sales volume rising by 13.43% [7]. - The company is recognized as a global leader in the pesticide industry, with continuous breakthroughs in research and development, significantly increasing its product range and market competitiveness [7]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.328 billion yuan, 1.576 billion yuan, and 1.774 billion yuan, respectively, with corresponding EPS of 3.28, 3.89, and 4.37 yuan [8]. Company Overview - The latest closing price of the company's stock is 73.45 yuan, with a total market capitalization of 29.8 billion yuan [3]. - The company has a total share capital of 4.05 billion shares, with a debt-to-asset ratio of 40.3% and a price-to-earnings ratio of 24.66 [3].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for its stock performance relative to the market [4][8]. Core Insights - The company reported a revenue of 17.587 billion yuan for the first half of 2025, a year-on-year increase of 16.05%, while the net profit attributable to shareholders decreased by 14.90% to 1.831 billion yuan [5]. - The company is accelerating its global expansion and increasing R&D investments, aiming for high-end, intelligent, and green product upgrades [5]. - The company has established production bases in various locations, including China and overseas, with a planned annual production capacity of 31.55 million all-steel radial tires and 109 million semi-steel radial tires [5]. Financial Performance Summary - For Q2 2025, the company achieved a revenue of 9.175 billion yuan, a year-on-year increase of 16.76%, while the net profit attributable to shareholders was 792 million yuan, a decrease of 29.11% [5]. - The average price of self-produced tires increased by 5.85% year-on-year, while the overall procurement price of key raw materials rose by 0.82% [5]. - The company forecasts net profits of 4.206 billion yuan, 5.001 billion yuan, and 5.945 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.28, 1.52, and 1.81 yuan [6][7].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - High - frequency economic data focuses on four aspects: production end heat declines overall, real - estate market improves marginally, price trends are differentiated, and shipping prices drop slightly with a decrease in aviation flights after the summer vacation. Short - term focus includes the implementation of anti - involution and incremental policies, real - estate market recovery, and overseas interest - rate cuts [2][30] 3. Summary by Directory 3.1 Production - Steel: In the week of September 5, the coke oven capacity utilization rate dropped 0.09 pct, the blast furnace operating rate decreased 2.8 pct, and the rebar output reduced by 1.88 tons. The inventory increased by 1.72 tons [3][9] - Petroleum asphalt: In the week of September 3, the operating rate decreased 1.2 pct [9] - Chemicals: On September 4, the PX operating rate remained flat, while the PTA operating rate increased 1.64 pct [3][9] - Automobile tires: In the week of September 4, the full - steel tire operating rate dropped 4.06 pct, and the semi - steel tire operating rate decreased 5.3 pct [3][10] 3.2 Demand - Real estate: In the week of August 31, the commercial housing transaction area increased for two consecutive weeks, the inventory - to - sales ratio decreased, the land supply area reached the highest since February, and the residential land transaction premium rate rebounded [3][13] - Movie box office: In the week of August 31, the box office decreased by 112 million yuan compared with the previous week [13] - Automobiles: In the week of August 31, the average daily retail sales of manufacturers increased by 35,000 vehicles, and the average daily wholesale sales increased by 81,000 vehicles [3][15] - Shipping index: In the week of September 5, the SCFI decreased 0.04%, the CCFI continued to decline 0.62%, and the BDI decreased 2.27% [3][18] 3.3 Prices - Energy: On September 5, the Brent crude oil price decreased 3.85% to $65.5 per barrel, and the coking coal futures price dropped 2.51% to 1,127.5 yuan per ton [3][20] - Metals: On September 5, the LME copper, aluminum, and zinc futures prices changed by - 0.05%, - 0.63%, and + 1.55% respectively, while the domestic rebar futures price rose 0.61% [3][21] - Agricultural products: The overall price continued to rise seasonally. The wholesale price index of agricultural products increased 0.91%. The prices of pork, eggs, vegetables, and fruits changed by - 0.50%, + 1.18%, + 3.85%, and + 1.31% respectively compared with the previous week [3][23] 3.4 Logistics - Subway passenger volume: On September 4, the subway passenger volumes in Beijing and Shanghai decreased [26] - Flight volume: On September 5, the domestic (excluding Hong Kong, Macao, and Taiwan), domestic (Hong Kong, Macao, and Taiwan), and international flight volumes decreased [27] - Urban traffic: On September 5, the peak congestion index of first - tier cities continued to decline [27] 3.5 Summary - The production end continues to decline, and the real - estate market improves marginally. High - frequency economic data focuses on the production end decline, real - estate market improvement, price differentiation, and shipping price and flight volume drops. Short - term focus includes anti - involution and incremental policies, real - estate market recovery, and overseas interest - rate cuts [30]

证券研究报告：机械设备|公司点评报告 公司基本情况 | 最新收盘价（元） | 26.32 | | --- | --- | | 总股本/流通股本（亿股）1.72 | / 1.72 | | 总市值/流通市值（亿元）45 | / 45 | | 52 周内最高/最低价 | 29.48 / 12.02 | | 资产负债率(%) | 38.0% | | 市盈率 | 24.37 | | 第一大股东 | 罗昌国 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 绿田机械(605259) 经营业绩高增，盈利能力超预期提升 发布时间：2025-09-08 股票投资评级 增持 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -5% 9% 23% 37% 51% 65% 79% 93% 107% 121% 135% 绿田机械 机械设备 资料来源：聚源，中邮证券研究所 l 事件描述 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for its stock performance relative to the market [5][10]. Core Insights - The company has shown steady growth in its performance, with a notable increase in net profit despite a slight decline in revenue. The first half of 2025 saw a revenue of 12.28 billion yuan, a year-on-year decrease of 2.87%, while the net profit attributable to shareholders increased by 19.96% to 1.768 billion yuan [5]. - The company's international expansion strategy is progressing well, highlighted by a successful cross-border acquisition that enhances its intellectual property and product offerings in the amino acid sector [5]. - The report forecasts continued growth in net profit for the years 2025 to 2027, with expected figures of 3.144 billion yuan, 3.367 billion yuan, and 3.745 billion yuan respectively, translating to earnings per share (EPS) of 1.10, 1.18, and 1.31 yuan [5][6]. Company Overview - The latest closing price of the company's stock is 11.06 yuan, with a total market capitalization of 31.6 billion yuan. The company has a debt-to-asset ratio of 38.8% and a price-to-earnings (P/E) ratio of 11.77 [4][5]. - The company has a total share capital of 2.853 billion shares, all of which are circulating [4]. Financial Projections - Revenue is projected to reach 25.1 billion yuan in 2024, with a growth rate of -9.69%, followed by 27.2 billion yuan in 2025, representing an 8.32% increase. The net profit attributable to shareholders is expected to grow from 2.74 billion yuan in 2024 to 3.745 billion yuan in 2027 [6][9]. - The report outlines a consistent improvement in profitability metrics, with the net profit margin expected to rise from 10.9% in 2024 to 11.7% in 2027 [9].

证券研究报告：机械设备|公司点评报告 发布时间：2025-09-08 股票投资评级 买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 -6% 2% 10% 18% 26% 34% 42% 50% 58% 66% 74% 中联重科 机械设备 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） 7.41 | | | --- | --- | | 总股本/流通股本（亿股）86.49 | / 70.70 | | 总市值/流通市值（亿元）641 | / 524 | | 52 周内最高/最低价 8.39 | / 5.75 | | 资产负债率(%) | 51.6% | | 市盈率 | 18.07 | | | 香港中央结算(代理人) | | 第一大股东 有 | 限 公 司 (HKSCC | | NOMINEES | LIMITED) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenji ...

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company's operating performance is steadily improving, with linear actuators expected to bring new growth points [4] - In H1 2025, the company achieved revenue of 5.171 billion yuan, a year-on-year increase of 7.00%, and a net profit attributable to shareholders of 1.429 billion yuan, up 10.97% year-on-year [4] - The company has seen a significant increase in sales of excavators and related products, benefiting from the current market cycle [6] - The company's new linear actuator project has developed over 50 new products, indicating strong market expansion [7] Financial Performance - In Q2 2025, the net profit attributable to shareholders increased by 18.3% year-on-year, showing acceleration compared to Q1 [5] - The gross margin slightly increased to 41.85%, while the expense ratio decreased significantly to 9.45% in H1 2025 [5] - The company expects revenues for 2025-2027 to be 10.44 billion, 11.63 billion, and 12.96 billion yuan, with corresponding net profits of 2.797 billion, 3.175 billion, and 3.630 billion yuan [8][9] Market Outlook - The company is well-positioned to benefit from the ongoing excavator cycle, with domestic sales of excavators increasing by 22.9% year-on-year in H1 2025 [6] - The company's largest overseas production base in Mexico has commenced operations, enhancing its international market presence [6] - The company aims to inject new vitality into the global engineering machinery industry through innovative products and solutions [6]