公司研究丨点评报告丨新城控股（601155.SH） [Table_Title] 商业成为盈利核心，公司价值重估可期 ——新城控股 2025年中报点评 报告要点 [Table_Summary] 商业成为盈利核心，公司价值重估可期。公司偿债高峰期已过，资金链安全性持续提升，市场 风险偏好有望逐渐修复。较充裕在手土储仍对销售规模形成一定保障；高盈利性自持业务稳健 增长，开发下行背景下其盈利贡献度持续提升；此外自持业务也是公司重要的现金流与融资来 源，有力保障了公司资金安全性，RWA 更是打开想象空间，优质自持或为公司未来估值修复与 突破奠定坚实基石。 丨证券研究报告丨 分析师及联系人 [Table_Author] 刘义 袁佳楠 SAC：S0490520040001 SAC：S0490520070001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新城控股（601155.SH） cjzqdt11111 [Table_Title 商业成为盈利核心，公司价值重估可期 2] ——新城控股 2025 年中报点评 [Table_Summary2] 事件描 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a total revenue of 299.59 billion yuan for H1 2025, representing a year-on-year increase of 5.2%. The net profit attributable to the parent company, excluding non-recurring items, was 5.43 billion yuan, showing a significant year-on-year increase of 432.2% [2][4]. - In Q2 2025, the company achieved a total revenue of 158.73 billion yuan, which is up 12.1% year-on-year and 12.7% quarter-on-quarter. The net profit for this quarter was 2.58 billion yuan, marking a return to profitability [2][4]. - The company is undergoing comprehensive reforms, including the integration of its passenger vehicle segment and the promotion of younger leadership, which is expected to enhance internal efficiency and growth [2][9]. - The partnership with Huawei is deepening, particularly with the "Shangjie" model adopting an intelligent selection approach, which is anticipated to accelerate the company's transition to smart electric vehicles [2][9]. Summary by Sections Financial Performance - In H1 2025, the company sold 2.053 million vehicles, a year-on-year increase of 12.4%. In Q2 2025, sales reached 1.108 million vehicles, up 11.6% year-on-year and 17.3% quarter-on-quarter [9]. - The sales of new energy vehicles in H1 2025 were 646,000 units, reflecting a year-on-year increase of 40.2%, with Q2 sales at 373,000 units, up 48.8% year-on-year [9]. - The company’s total revenue for H1 2025 was 299.59 billion yuan, with a significant increase in net profit, indicating a recovery in sales and profitability [4][9]. Strategic Developments - The company is implementing a comprehensive reform strategy aimed at improving operational efficiency and driving growth through the integration of its passenger vehicle segment [2][9]. - The collaboration with Huawei is expected to enhance the company's capabilities in smart electric vehicle development, positioning it favorably in the evolving automotive landscape [2][9]. Future Outlook - The company forecasts net profits of 13.02 billion yuan and 14.98 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 16.5X and 14.4X, supporting the "Buy" rating [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - In August 2025, the company sold 29,000 vehicles, representing a year-on-year decline of 40.7% and a month-on-month decline of 7.2%. The company has a clear product planning and continues to optimize its direct sales channel structure, with the "dual-energy strategy" expected to further enhance its advantages, indicating a broad future sales potential [2][4][6]. Summary by Sections Sales Performance - In August 2025, the company achieved sales of 28,529 vehicles, down 40.7% year-on-year and down 7.2% month-on-month. Cumulatively, from January to August, total sales reached 263,000 vehicles, a year-on-year decline of 8.6%. Weekly sales data shows fluctuations, with the highest weekly sales reaching 0.76 million vehicles in the 34th week [4][6][8]. Future Outlook - The company expects September sales to range between 31,000 to 36,000 vehicles, with a year-on-year decline of 42.8% to 33.5%, but a month-on-month increase of 7.8% to 25.3%. The MEGA production capacity is anticipated to exceed 3,500 vehicles, and the i6 model is set to launch in September, which is expected to open up new customer segments [6][8]. Product and Technology Development - The company continues to lead in intelligent driving technology, with ongoing iterations expected to benefit from the accelerating penetration rate in the industry. The upcoming new models will enhance the product matrix and overall sales potential. The projected net profits for 2025-2027 are estimated at 3.14 billion, 8.48 billion, and 12.61 billion yuan, with corresponding PE ratios of 57.8X, 21.4X, and 14.4X [6][8]. Infrastructure and Channel Expansion - As of August 2025, the company has established 3,190 supercharging stations and 17,597 charging piles, with plans to reach 4,000 supercharging stations by the end of the year. The company has also expanded its retail and service network, with 543 retail centers and 536 service centers across 156 and 222 cities, respectively [6][8].

丨证券研究报告丨 公司研究丨点评报告丨浙富控股（002266.SZ） [Table_Title] 浙富控股 2025H1 点评：危废资源化业务稳健， 清洁能源设备表现亮眼 报告要点 [Table_Summary] 2025H1 公司实现营收 106.42 亿元，同比增长 3.22%；归母净利润 5.66 亿元，同比增长 16.8%； 扣非归母净利润 4.25 亿元，同比增长 6.77%。危废资源化业务稳健，清洁能源设备表现亮眼， 此外期间费用率下降、资产减值损失减少等因素增厚利润。看好公司清洁能源装备领域订单释 放带来的业绩增量。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 浙富控股（002266.SZ） cjzqdt11111 公司基础数据 [Ta ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 101.278 billion yuan for the first half of 2025, representing a year-on-year growth of 8.45%. The net profit attributable to shareholders was 3.247 billion yuan, up 42.15% year-on-year, while the net profit excluding non-recurring items was 2.282 billion yuan, an increase of 41.45% year-on-year [2][6] - In the large-size LCD panel sector, the company continues to hold the industry-leading position with a shipment of approximately 33 million units, a significant year-on-year increase of 17.3%, which is well above the industry average. The market share reached 27.4%, up 3.6 percentage points year-on-year [2][12] Summary by Sections Financial Performance - The company's display device business generated revenue of 84.332 billion yuan, a year-on-year increase of 8.10%, with a gross margin of 12.40%, down 0.30 percentage points year-on-year. The IoT innovation business revenue was 18.191 billion yuan, up 6.03%, with a gross margin of 11.09%, an increase of 0.75 percentage points year-on-year. The MLED business revenue was 4.347 billion yuan, a year-on-year growth of 7.76% [12] - The total depreciation has peaked, with only the Chengdu 8.6 generation line remaining significant capital expenditure. It is expected that total depreciation will begin to decline significantly by 2028 [12] Market Position - The global shipment of large-size LCD panels in the first half of 2025 was 120.5 million units, a year-on-year increase of 1.8%. The shipment area was 88.8 million square meters, up 1.9% year-on-year. The company's shipments accounted for 70.6% of the market share, an increase of 4.6 percentage points year-on-year, primarily due to TCL Huaxing's acquisition of LG's Guangzhou line, which further concentrated the industry [12] Research and Development - The company has increased its R&D investment, spending over 6 billion yuan in the first half of the year, with more than 4,000 new patent applications, over 90% of which are invention patents. The company is actively embracing AI technology, integrating it deeply into production and operations [12]

丨证券研究报告丨 投资策略丨专题报告 [Table_Title] 9 月 W1 港股资金：南向流入互联网，外资加码 医药——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 1 日至 5 日，南向资金净流入 296.87 亿港元，主要流入可选消费零售、医药生 物、软件服务、有色金属、汽车与零配件等行业，排名前五的行业合计净流入 285.23 亿港元。 南向资金净流入最多的五个行业是：可选消费零售（123.08 亿港元）、医药生物（51.31 亿港 元）、软件服务（48.94 亿港元）、有色金属（38.87 亿港元）、汽车与零配件（23.03 亿港元）。 主要流出半导体、电信服务、耐用消费品、硬件设备、传媒等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 9 月 W1 港股资金：南向流入互联网，外资加码 2] 医药——"重估牛"系列之港股资金面 [Table_Summary2] ...

丨证券研究报告丨 公司研究丨点评报告丨北京银行（601169.SH） [Table_Title] 营收&利润转正，规模加速增长 ——2025 年中报点评 报告要点 [Table_Summary] 上半年营收增速+1.0%，归母净利润增速+1.1%。上半年利息净收入增速+1.2%，增速转正，主 要 Q2 规模加速增长；非息净收入增速+0.5%，增速转正，投资等其他非息增速上行。上半年 末总资产较期初大幅增长 12.5%，贷款较期初增长 8.2%，Q2 环比加速增长。上半年末不良率 1.30%，较期初-1BP，拨备覆盖率 196%，上半年不良净生成率保持稳定。预计 2025 年全年利 润维持正增，对应预期股息率 5.3%，红利价值突出，目前 PB 估值仅 0.46x，处于上市银行低 位，预计未来资产质量将趋势性改善，驱动低估值修复。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 1、信贷规模扩张不及预期； ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The logic behind increasing equity allocation and scale growth has been validated, with a positive outlook for the asset side in the short term and potential revaluation of industry profitability and valuation in the medium to long term. The company is continuously advancing channel reforms, emphasizing supply-side innovation, and deepening its involvement in healthcare and comprehensive financial services, which are expected to help build future product and pricing barriers [2][12] Summary by Sections Financial Performance - The company reported a net profit attributable to shareholders of 68.05 billion yuan, a year-on-year decline of 8.8%. The new business value reached 22.34 billion yuan, showing a comparable year-on-year growth of 39.8% [6][12] New Business Value - The new business value growth was primarily driven by an improvement in the new business value rate, which increased from 17.3% to 26.1% on a comparable basis. The new single premium decreased by 7.2% to 85.57 billion yuan [12] Distribution Channels - The individual insurance agent count decreased by 6.3% to 340,000, likely due to a 17.3% decline in agent income. However, the per capita new business value improved by 21.6%. The bank insurance channel's new business value grew by 168.6%, with new single premiums increasing by 77.6% [12] Property and Casualty Insurance - The company achieved a property and casualty insurance premium of 171.86 billion yuan, a year-on-year increase of 7.1%. The auto insurance premium was 108.61 billion yuan, up 3.6%, while the new energy vehicle insurance premium reached 21.7 billion yuan, growing by 46.2% [12] Asset Allocation - The equity allocation increased from 7.6% in 2024 to 10.5%, while the bond exposure decreased from 61.7% to 60.8%. The real estate exposure was reduced from 3.5% to 3.3% [12] Valuation - The current PEV valuation for 2025 is 0.68 times, indicating significant room for recovery [2][12]

丨证券研究报告丨 公司研究丨点评报告丨有友食品（603697.SH） [Table_Title] 有友食品 2025 年半年报点评：业绩快速增长， 关注新品节奏 报告要点 [Table_Summary] 公司 2025H1 营业总收入 7.71 亿元（同比+45.59%，下文皆为同比）；归母净利润 1.08 亿元 （+42.47%），扣非净利润 9278.48 万元（+52.51%）。2025Q2 营业总收入 3.88 亿元（+52.45%）； 归母净利润 5815.12 万元（+77.03%），扣非净利润 4919.25 万元（+87.86%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% 公司 2025H1 营业总收入 7.71 亿元（同比+45.59%，下文皆为同比）；归母净利润 1.08 亿元 （+42.47%），扣非净利润9278.48万元（+52.51%）。2025Q2营业总收入3.88亿元（+52.45%）； 归母净利润 581 ...

报告要点 [Table_Summary] 公司发布 2025 半年报，25H1 实现营收 16.59 亿元，同比减少 15.53%；归母净利润 0.1 亿元， 同比减少 33.22%；扣非归母净利润 0.06 亿元，同比增长 3.41%。其中 25Q2 实现营收 9.03 亿元，同比减少 21.69%，环比增长 19.39%；归母净利润 0.07 亿元，同比减少 61.92%，环比 增长 86.26%；扣非归母净利润 0.06 亿元，同比减少 50.03%，环比扭亏。 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SAC：S0490525040001 丨证券研究报告丨 公司研究丨点评报告丨航发科技（600391.SH） [Table_Title] 母公司盈利能力改善，在建工程高增或迎景气需 求 research.95579.com 1 航发科技（600391.SH） cjzqdt11111 [Table_Title 母公司盈利能力改善，在建工程高增或迎景气 2] 需求 [Table_Summary2] 事件描述 SFC：BUX462 请阅读最后评级说明和重 ...