丨证券研究报告丨 联合研究丨公司点评丨千味央厨（001215.SZ） [Table_Title] 千味央厨 2025 年半报点评：经营压力仍在，渠 道积极谋变 报告要点 [Table_Summary] 公司 2025H1 营业总收入 8.86 亿元（同比-0.72%，下文皆为同比）；归母净利润 3578.99 万元 （-39.67%），扣非净利润 3409.28 万元（-41.94%）。2025Q2 营业总收入 4.15 亿元（-3.12%）； 归母净利润 1434.54 万元（-42.05%），扣非净利润 1311.64 万元（-47.63%）。 分析师及联系人 [Table_Author] 董思远 赵刚 范晨昊 SAC：S0490517070016 SAC：S0490517020001 SAC：S0490519100003 SFC：BQK487 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% 事件评论 丨证券研究报告丨 2025-09-08 research.95579.com 1 千味央厨（001215.SZ） cjzqdt11111 [Table_Title 千味央厨 20 ...

丨证券研究报告丨 报告要点 [Table_Summary] 2025 年上半年，公司在行业需求疲软的背景下，通过优化产品结构和提升运营效率，实现了核 心经营利润的逆势增长，展现了强大的经营韧性。随着原奶价格企稳、行业供需矛盾有望持续 改善，价格竞争或将趋缓，龙头乳企的盈利能力有望进一步修复。公司持续推进产品创新、渠 道精耕和数智化转型，将为长期稳健发展注入动能。 分析师及联系人 [Table_Author] 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% 港股研究丨公司点评丨蒙牛乳业（2319.HK） [Table_Title] 蒙牛乳业 2025 年半年度业绩点评：液奶需求承 压，非经收益减少 research.95579.com 1 蒙牛乳业（2319.HK） cjzqdt11111 [Table_Title 蒙牛乳业 2025 2] 年半年度业绩点评：液奶需求承 压，非经收益减少 [Table_Summary2] 事件描述 蒙牛乳业 2025 年 H1 营业收入 415.67 亿元（同比 ...

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 建筑行业进攻方向，优选洁净室 报告要点 全年来看，洁净室板块基本面延续上行，国内芯片、面板、医药三大下游同步扩张，资本开支增量 清晰；台积电加大美国本土资本开支力度，关注后续厂房洁净室招标机会。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 龚子逸 SAC：S0490520080022 SAC：S0490522060005 请阅读最后评级说明和重要声明 SFC：BUT917 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 建筑行业进攻方向，优选洁净室 [Table_Summary2] 国内芯片、面板、医药三大下游同步扩张，资本开支增量明显 全年来看，洁净室板块基本面延续上行，国内芯片、面板、医药三大下游同步扩张，资本开支 增量清晰。1）芯片：2025 年化债政策落地，资金端约束缓解，新增投资边际提升，洁净室订 单密集释放，公开信息显示北电集成 330 亿元 12 英寸线、中芯京城二期、士兰集宏 120 亿元 8 英寸 SiC 项 ...

丨证券研究报告丨 [Table_Summary] 当下，科创 50 指数的部分权重股也面临权重超过上限需要再平衡的问题，短期或会有一定资 金扰动。此外，除科创 50 指数外，其余科创系指数中第一大权重股超 10%上限的指数还有科 创芯片、科创 AI、科创信息等，以截止到 2025-09-05 日的 ETF 规模测算，对于权重个股资金 影响约 135.95 亿元。不过，指数调仓的资金流入流出只会带来短期阶段性影响，对个股中长期 配置价值参考性或较为有限。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 战略数据研究丨专题报告 [Table_Title] 科创系列指数即将调整，权重股资金面有何影响 报告要点 1 [Table_Title 科创系列指数即将调整 2] ，权重股资金面有何影 响 [Table_Summary2] 科创系列指数调入调出成分变化一览 按照科创系列指数编制规则，多数是季频调整成分，成分调整日在 3、6、9、12 月的第二个星 期五的下一 ...

丨证券研究报告丨 联合研究丨公司点评丨云路股份（688190.SH） [Table_Title] 产能释放促收入增速提升，新应用持续推进 报告要点 [Table_Summary] 公司发布 2025 年中报。公司 2025 上半年营业收入 9.9 亿元，同比+8.3%；归母净利润 1.7 亿 元，同比+1.5%；扣非净利润 1.7 亿元，同比+5.3%。单季度看，公司 2025Q2 营业收入 5.6 亿 元，同比+20.7%；归母净利润 0.9 亿元，同比-0.8%；扣非净利润 0.9 亿元，同比-0.7%。 分析师及联系人 [Table_Author] 王鹤涛 邬博华 许红远 司鸿历 袁澎 SAC：S0490512070002 SAC：S0490514040001 SAC：S0490520080021 SAC：S0490520080002 SAC：S0490524010001 SFC：BQT626 SFC：BQK482 SFC：BVD284 %% %% %% %% research.95579.com 1 云路股份（688190.SH） cjzqdt11111 [Table_Title2] 产能释放促收入增 ...

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 公募费改三阶段落地，建议关注非银板块优 质龙头 报告要点 [Table_Summary] 券商方面，本周证监会就《公开募集证券投资基金销售费用管理规定（征求意见稿）》公开征求意见，公 募费改三阶段迎来新的进展，鼓励基金销售机构大力发展权益类基金，进一步降低投资者成本；保险方面， 本周金监局修订发布《保险公司资本保证金管理办法》，对保险公司资本保证金的存放、管理、处置等环 节提出了更为严格和细致的要求，保护投保人利益，维护保险市场平稳健康发展。综合业绩弹性及估值分 位，推荐新华保险、中国人寿、香港交易所、中信证券、东方财富、同花顺、九方智投控股。 分析师及联系人 [Table_Author] SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 公募费改三阶段 ...

丨证券研究报告丨 行业研究丨专题报告丨媒体Ⅱ [Table_Title] 传媒互联网行业 2025 半年报综述：行业持续修 复，板块加速分化 报告要点 [Table_Summary] 2025 年上半年传媒互联网行业延续修复趋势。2025H1 长江传媒互联网板块实现营收 2658 亿 元，同比增长 4.17%，板块业绩加速分化。伴随新游周期推动，2025 年上半年游戏板块收入端 持续修复，利润端显著改善，关注后续新游周期和 AI 进展。互联网整体流量稳健增长，2025Q2 互联网板块业绩分化。梯媒持续高增彰显韧性，广告整体弱复苏。2025Q2 电影大盘表现平淡， 影视院线板块业绩整体承压。出版板块盈利能力稳定，剔除所得税基数推动表观高增。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 传媒互联网行业2] 2025 半年报综述：行业持续修 复，板块加速分化 [Table_Summary2] 传媒互联网行业 2025 半 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant operational turning point in its main business, with new applications gradually yielding results. The manufacturing demand is expected to recover, and the company is likely to benefit from emerging applications and the trend of laser technology going global [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.664 billion yuan, a year-on-year increase of 4.85%. The net profit attributable to the parent company was 73 million yuan, a decrease of 23.78%. The net profit excluding non-recurring items was 32 million yuan, down 38.34%. In Q2 2025, revenue reached 949 million yuan, up 20.73% year-on-year, while the net profit attributable to the parent company was 56 million yuan, up 73.79% [2][6]. Business Development - The company is solidifying its leading position in the market, with a robust recovery in manufacturing demand and a steady expansion into new applications. The international business is also progressing, with overseas revenue growing nearly 40% year-on-year in the first half of 2025. New customer centers in Turkey and Japan have commenced operations, and the company is preparing to establish offices in Germany, Mexico, Thailand, and South Korea [2][11]. New Applications - The company is actively expanding into new application areas, including: 1. Consumer market: Over 10,000 units of consumer-grade laser equipment sold in the first half of 2025, responding to the trend of miniaturization and smart consumer products [11]. 2. Medical field: Introduction of specialized thulium lasers targeting urology, achieving import substitution and passing performance tests [11]. 3. Security field: Development of key technologies for laser security, with significant revenue growth in its subsidiary [11]. Product Innovation - The company has launched new high-power laser products, including a semiconductor laser suitable for various applications such as electric vehicles and 3D printing. The UV nanosecond laser has been well-received in PCB precision processing, showcasing excellent performance [11]. Profit Forecast - The company is expected to achieve net profits of 182 million yuan, 285 million yuan, and 356 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 91x, 58x, and 47x [11].

丨证券研究报告丨 公司研究丨点评报告丨尚品宅配（300616.SZ） [Table_Title] 尚品宅配 2025H1 点评：短期承压，积极变 革 报告要点 [Table_Summary] 公司 2025H1 实现营收 15.52 亿元（-9%），归母净利润/扣非净利润-0.81/-0.88 亿元；2025Q2 对应营收 8.10 亿元（-13%），归母净利润/扣非净利润-0.42/-0.44 亿元。收入与盈利端公司短 期均有一定压力，期待公司聚焦定制+配套强化传统优势，以及持续推动渠道全链条提效及终 端覆盖深化，提高终端渠道竞争力。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 尚品宅配（300616.SZ） cjzqdt11111 [Table_Title2] 尚品宅配 2025H1 点评：短期承压，积极变革 [Table_Summary2] 事件描述 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - In Q2 2025, the company achieved a revenue growth of 11.5% year-on-year, with a net profit growth of 21.0% [3][4]. - The company's operational activation has driven a significant increase in package volume, leading to a continuous market share increase [3]. - Strategic resource investments and flexible pricing strategies have put pressure on gross margins, but a structural cost reduction is expected to improve margins in 2026 [3][4]. - The company benefited from a tax-adjusted investment income of 590 million yuan from the disposal of Southern SF Logistics REIT shares in Q2 [3]. - A "shared growth" stock ownership plan has been introduced to enhance long-term returns [3]. Summary by Sections Financial Performance - For H1 2025, the company reported total revenue of 146.86 billion yuan, a 9.3% increase year-on-year, and a net profit of 5.74 billion yuan, up 19.4% [3]. - In Q2 2025, revenue reached 77.01 billion yuan, with net profit at 3.5 billion yuan, reflecting year-on-year growth of 11.5% and 21.0% respectively [3]. Operational Highlights - The company's express delivery business volume grew by 25.7% year-on-year in H1 2025, with Q2 showing a 31.2% increase to 4.27 billion packages [4]. - The company has seen significant growth in various business segments, including same-city delivery, which grew by 38.9% [4]. Margin and Profitability - The gross margin in Q2 2025 decreased by 1.4 percentage points to 13.1% year-on-year, primarily due to increased strategic investments and flexible pricing [4]. - The company’s operating expense ratio improved, decreasing by 0.5 percentage points year-on-year [4]. Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 11.67 billion, 13.75 billion, and 15.91 billion yuan respectively, with corresponding P/E ratios of 18.0, 15.3, and 13.2 [4].