丨证券研究报告丨 公司研究丨点评报告丨宇通客车（600066.SH） [Table_Title] 宇通客车 8 月销量点评：出口及新能源出口高 增，全年目标持续兑现 报告要点 [Table_Summary] 公司发布 2025 年 8 月客车销量。宇通 8 月销售客车 4260 辆，同比+16.8%，环比+32.3%，其 中大中客车销量 3623 辆，同比+15.8%，环比+44.2%；2025 年 1-8 月共销售客车 2.9 万辆， 同比+4.5%，大中客销量 2.4 万辆，同比-3.0%。全球客车龙头，长期成长性较好+持续高分红 能力，凸显投资价值。国内市场，座位客车持续增长，"以旧换新"政策加码，促进新能源公交 增长；海外市场，全球化+高端化战略推进，出口凸显盈利水平，支撑公司业绩持续提升。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 %% %% research.95579.com 1 请阅读最后评级说明和重要声明 %% %% 宇通客车（600066.SH） cjzqdt11111 [T ...

丨证券研究报告丨 公司研究丨点评报告丨海力风电（301155.SZ） [Table_Title] 海力风电：Q2 业绩同比高增，存货历史高位奠 定交付放量基础 报告要点 [Table_Summary] 公司 2025 上半年营业收入 20.3 亿元，同比增长 461.1%；归母净利润 2.1 亿元，同比增长 90.6%；扣非净利润 1.6 亿元，同比增长 61.3%。单季度看，公司 2025Q2 营业收入 15.9 亿 元，同比增长 570.6%；归母净利润 1.4 亿元，同比增长 315.8%；扣非净利润 1.4 亿元，同比 增长 379.9%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 海力风电（301155.SZ） cjzqdt11111 [Table_Title 海力风电：Q22 ...

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer [9] Core Views - Qingdao Beer achieved a total revenue of 20.491 billion yuan in H1 2025, representing a year-on-year increase of 2.11%. The net profit attributable to shareholders was 3.904 billion yuan, up 7.21% year-on-year, while the net profit excluding non-recurring items was 3.632 billion yuan, an increase of 5.99% year-on-year [2][4] - The company’s sales volume reached 4.732 million kiloliters in H1 2025, with a volume increase of 2.3%, outperforming the domestic beer industry, which saw a decline of 0.3% in cumulative production from January to June. The main brand's sales volume increased by 3.9% in H1 2025 [5] - The improvement in gross margin is driven by cost benefits and product structure optimization, with the gross margin rising by 2.09 percentage points year-on-year to 43.7% in H1 2025 [6] Summary by Sections Financial Performance - In Q2 2025, total revenue was 10.046 billion yuan, a year-on-year increase of 1.28%. The net profit attributable to shareholders was 2.194 billion yuan, up 7.32% year-on-year, and the net profit excluding non-recurring items was 2.029 billion yuan, an increase of 6.02% year-on-year [2][4] - The net profit margin for H1 2025 improved by 0.91 percentage points to 19.05%, while the gross margin increased by 2.09 percentage points to 43.7% [6] Market and Product Strategy - The company is focusing on product innovation and has launched several new products, including "light dry," "sakura-flavored white beer," and "hazy IPA," to strengthen its market position across all categories and channels [5] - The revenue in Shandong province grew by 2.56% in H1 2025, contributing significantly to overall growth and profit improvement. The East China region saw a revenue increase of 9.94% with a notable improvement in net profit margin [5] Future Outlook - The company is expected to continue its steady growth in H2 2025, driven by ongoing cost benefits and a trend towards premiumization. The projected net profits for 2025, 2026, and 2027 are 4.91 billion, 5.43 billion, and 6.01 billion yuan, respectively, with corresponding price-to-earnings ratios of 19X, 17X, and 15X [7]

金融工程丨点评报告 丨证券研究报告丨 [Table_Title] 公募基金半年报持仓风格偏好 报告要点 [Table_Summary] 从风格因子的角度分析，2025Q2 公募基金半年报持仓更加偏好高成长高波动的股票，且对流 动性较低和杠杆较高的公司暴露较为谨慎。从持仓宽基指数成分股占比的角度来看，2025Q2 公募基金对小市值股票的偏好有所提升，但是大部分股票仓位仍在大市值股票中。 分析师及联系人 [Table_Author] 覃川桃 杨凯杰 SAC：S0490513030001 SAC：S0490525080004 SFC：BUT353 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报告丨 cjzqdt11111 2025-09-09 金融工程丨点评报告 [Table_Title2] 公募基金半年报持仓风格偏好 [Table_Summary2] 事件描述 以普通股票型基金、偏股混合型基金、灵活配置型基金和增强指数型基金为基金池，统计这四 类基金产品的年报和半年报中全部持仓的风格偏好。以个股合计持仓市值为权重，对个股风格 因子暴露值加权求和得到公募 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant increase in revenue for the first half of 2025, achieving 8.59 billion yuan, a year-on-year growth of 62.8%. However, the net profit attributable to shareholders decreased by 51.5% to 210 million yuan [2][4]. - In Q2 2025, revenue reached 6.41 billion yuan, marking an 80.3% year-on-year increase, while net profit attributable to shareholders surged by 139.2% to 400 million yuan [2][4]. - The company has seen a rapid increase in wind turbine shipments, with 4.72 GW shipped in the first half of 2025, a 44% increase year-on-year, contributing approximately 6.4 billion yuan in revenue [9]. - The company has also accelerated its overseas orders, with new overseas orders exceeding 2 GW and total overseas order value surpassing 10 billion yuan [9]. Summary by Sections Financial Performance - The company achieved a gross margin of approximately 10.6% in the first half of 2025, which is a decline compared to the previous year. The gross margin for the wind turbine business was 4.65%, with overseas sales gross margin exceeding 20% [9]. - The company’s operating expenses ratio was about 11.1%, a decrease of 4.2 percentage points year-on-year, attributed to improved cost control and revenue growth [9]. Business Segments - Wind turbine business revenue was approximately 6.4 billion yuan, a 30% increase year-on-year, while wind power generation revenue fell by 36% to 80 million yuan [9]. - Wind power service revenue increased by 26% to 180 million yuan, and revenue from power station product sales was about 1.83 billion yuan, with new power stations connected totaling 0.46 GW [9]. Future Outlook - The company is expected to see a recovery in gross margins as wind turbine bidding prices stabilize. The third quarter is anticipated to witness improved performance due to the delivery of higher-priced wind turbine orders [9]. - The forecast for the company's net profit attributable to shareholders for 2025 is approximately 1.84 billion yuan, corresponding to a PE ratio of about 18.7 times [9].

丨证券研究报告丨 公司研究丨点评报告丨天顺风能（002531.SZ） [Table_Title] 天顺风能：战略调整引发经营波动，合同负债历 史高位有望奠定交付景气基础 报告要点 [Table_Summary] 公司 2025 上半年营业收入 21.9 亿元，同比下降 3.1%；归母净利润 0.5 亿元，同比下降 75.1%； 扣非净利润 0.5 亿元，同比下降 77.8%。单季度看，公司 2025Q2 营业收入 12.6 亿元，同比增 加 4.8%；归母净利润 0.2 亿元，同比下降 73.1%；扣非净利润 0.2 亿元，同比下降 74.7%。公 司业绩落于此前预告区间。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 事件评论 丨证券研究报告丨 2025-09-09 公司研究丨点评报告 [Ta ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.76 billion yuan for the first half of 2025, representing a year-on-year increase of 20.5%. However, the net profit attributable to the parent company was a loss of 93 million yuan, and the net profit after deducting non-recurring items was a loss of 95 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 3.03 billion yuan, which is a year-on-year increase of 23.6% and a quarter-on-quarter increase of 11.2%. The net profit attributable to the parent company was a loss of 119 million yuan, with a net profit after deducting non-recurring items also showing a loss of 124 million yuan [2][4]. - The company's membrane business revenue reached 5.09 billion yuan, accounting for 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for the membrane business was 13.5%, down 5.6 percentage points year-on-year due to price declines and narrowing single-unit gross margins [9]. - The company is actively expanding its solid-state battery business, with significant progress in projects related to sulfide solid electrolytes and lithium sulfide, which may enhance profitability in the future [9]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 5.76 billion yuan, a 20.5% increase year-on-year, while the net profit attributable to the parent company was a loss of 93 million yuan [2][4]. - In Q2 2025, the revenue was 3.03 billion yuan, reflecting a 23.6% year-on-year increase and an 11.2% quarter-on-quarter increase, with a net loss of 119 million yuan [2][4]. Business Segments - The membrane business generated 5.09 billion yuan in revenue, representing 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for this segment was 13.5%, down from the previous year due to competitive pricing pressures [9]. - The company’s overseas business is expanding, with direct export revenue of 1.15 billion yuan, accounting for approximately 20% of total revenue [9]. Future Outlook - The company is expected to maintain positive growth in shipments throughout the year, with current prices stabilizing and an improved shipment structure anticipated to enhance profitability [9]. - The solid-state battery business is a key focus, with ongoing projects that may lead to significant advancements in production capabilities and profitability [9].

丨证券研究报告丨 公司研究丨点评报告丨齐心集团（002301.SZ） [Table_Title] 齐心集团 2025H1 业绩点评：Q2 办公集采业务 阶段性承压，期待自主品牌投入起效 报告要点 [Table_Summary] 公司 2025H1 实现营业总收入/归母净利润/扣非净利润 47.73/0.87/0.80 亿元，分别同比-4%/- 8%/-13%；其中 2025Q2 实现营业总收入/归母净利润/扣非净利润 25.61/0.39/0.36 亿元，分别 同比-9%/-15%/-25%。 蔡方羿 仲敏丽 章颖佳 SAC：S0490516060001 SAC：S0490522050001 SAC：S0490525080009 SFC：BUV463 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 齐心集团（002301.SZ） cjzqdt11111 [Table_Title 齐心集团 2025H1 2] 业绩点评：Q2 办公集采业务 阶段性承压，期待自主品牌投入起效 [Table_Summary2] 事件描述 公 ...

丨证券研究报告丨 [Table_Summary] 2025 年第 36 周，通信板块下跌 2.41%，在长江一级行业中排名第 26 位；2025 年年初以来， 通信板块上涨 58.26%，在长江一级行业中排名第 1 位。博通 25Q3 业绩高增，ASIC 业务贡献 显著，三大核心客户 ASIC 需求持续攀升，斩获第四大客户百亿美元订单；阿里上线兆级模型 Qwen3-Max 预览版，支持 26 万 token 上下文，性能超越多家闭源竞品。持续看好国内与海外 算力链。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：博通 ASIC 获新大单，阿里上 线兆级模型 报告要点 research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点：博通 2] ASIC 获新大单，阿里上 线兆级模型 [Table_Summary2] 板块行情 2025 年第 36 周，通信板块下 ...

丨证券研究报告丨 联合研究丨公司点评丨江南化工（002226.SZ） [Table_Title] 新能源业务承压，海外表现亮眼 报告要点 [Table_Summary] 公司发布 2025 半年报，实现收入 46.1 亿元（同比+3.7%），实现归属净利润 4.3 亿元（同比 +2.2%），实现归属扣非净利润 4.3 亿元（同比+2.0%）。其中 Q2 单季度实现收入 26.0 亿元（同 比+5.4%，环比+29.2%），归属净利润 2.8 亿元（同比+2.8%，环比+92.5%），实现归属扣非净 利润 2.9 亿元（同比+0.1%，环比+118.3%）。 %% %% research.95579.com 1 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490513080001 SAC：S0490516040002 SFC：BUT911 SFC：BQK473 SFC：BVZ972 马太 范超 李金宝 徐静 请阅读最后评级说明和重要声明 %% %% 江南化工（002226.SZ） cjzqdt11111 [Table_Title2] 新能源业务承压，海外表现亮 ...