丨证券研究报告丨 联合研究丨公司点评丨麦格米特（002851.SZ） [Table_Title] 麦格米特 25H1 点评：AIDC 供电体系持续变革， 平台化布局未来可期 报告要点 [Table_Summary] 麦格米特目前为大陆地区唯一与英伟达进行电源合作的企业，我们认为伴随英伟达对 AIDC 行 业的推动，AI 电源有望成为公司新成长点。预计 2025-2026 年公司实现归母净利润 5.3、12.1 亿元，对应 PE 分别为 79、34 倍。维持"买入"评级。 分析师及联系人 [Table_Author] 赵智勇 邬博华 曹小敏 司鸿历 屈奇 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490521050001 SAC：S0490520080002 SAC：S0490524070003 SFC：BRP550 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% 风险提示 research.95579.com 1 麦格米特（002851.SZ） cjzqdt11111 [Table_Title 麦格米特 25H1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 4.044 billion, 190 million, and 224 million yuan respectively in H1 2025, representing year-on-year growth of 9%, 11%, and 40% [2][12]. - In Q2 2025, the corresponding figures were 1.953 billion, 80 million, and 104 million yuan, with year-on-year growth of 4%, 12%, and 63% [2][12]. - The company is recognized as a pioneer in cross-border home furnishing exports, with continuous improvement in competitiveness [2][22]. Revenue Summary - Revenue growth in H1 2025 was driven by new models, platforms, and regions, with a 9% year-on-year increase [13]. - By region, revenue growth was as follows: Europe +13%, USA +2%, Japan -3%, and emerging markets +86% [13]. - The B2B model saw a 36% increase in revenue, while the B2C model experienced a 5% increase [13]. - The company is actively leveraging platforms like TEMU and SHEIN to enhance revenue from other channels, which increased its share by 6 percentage points to 18% [13]. Profitability Summary - The company optimized its entire process and made structural changes, resulting in a slight increase in gross margin by 0.01 percentage points year-on-year [14]. - The net profit margin attributable to the parent company increased by 0.1 percentage points year-on-year [14]. - In Q2 2025, the gross margin improved by 0.6 percentage points, and the net profit margin attributable to the parent company increased by 0.3 percentage points [14]. Incentive Plan Summary - The company introduced a new stock incentive plan on September 5, 2024, expanding the incentive system and enhancing operational confidence [15]. - The plan covers 171 individuals with a total of 3.5474 million shares, representing 0.88% of the total share capital [15]. - The performance targets for 2025 focus on revenue, with projected values of 9.491 billion, 11.863 billion, and 13.643 billion yuan for 2025, 2026, and 2027 respectively [20]. Future Outlook - The company is expected to achieve net profits attributable to the parent of 370 million, 490 million, and 630 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 22, 17, and 13 times [22].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - In the first half of 2025, the company's revenue reached 1.15 billion yuan, representing a year-on-year growth of 8.2%. The EBITDA saw a remarkable increase of 50.9%, reaching 590 million yuan, while the net profit attributable to the parent company was 88 million yuan, up 16.1% year-on-year [7][12] - The company is experiencing a significant increase in gross margin due to the rise in the on-shelf rate of its projects. The delivery process is progressing normally, with a total operational scale of 250MW achieved by the end of the first half of 2025 [2][12] - The company is actively advancing the construction of core regional reserve projects, with 2025 expected to be a year of significant deliveries. The company is capitalizing on the current AI demand surge, focusing on "ensuring delivery and promoting on-shelf" [2][12] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 1.15 billion yuan, with a year-on-year increase of 8.2%. The EBITDA was 590 million yuan, marking a 50.9% increase, and the net profit attributable to the parent company was 88 million yuan, up 16.1% year-on-year [7][12] - In Q2 2025, the company reported a revenue of 610 million yuan, a year-on-year decline of 10.0% but a quarter-on-quarter increase of 14.2%. The net profit for Q2 was 36 million yuan, showing a year-on-year growth of 43.4% [12] Operational Highlights - The company's IDC service revenue reached 895 million yuan in the first half of 2025, a year-on-year increase of 42.2%, with a gross margin of 33.5%, up 7.1 percentage points year-on-year [12] - The company completed the delivery of several data center projects, including the fifth building of the Langfang Gu'an data center and parts of the Tianjin Wuqing data center projects [12] Future Outlook - The company is expanding its operational scale and is actively promoting the construction of reserve projects in key regions. The Hebei Huailai data center project is progressing, with plans for a large-scale data center with 15,000 cabinets [12] - The company has also acquired additional reserve projects, adding approximately 60MW to its capacity [12] - The forecast for net profit attributable to the parent company for 2025-2027 is 223 million yuan, 365 million yuan, and 544 million yuan, with corresponding year-on-year growth rates of 79.3%, 64.1%, and 49.0% [12]

丨证券研究报告丨 行业研究丨点评报告丨多元金融 [Table_Title] 公募代销新规点评：全面优化渠道收费，显著降 低投资者成本 报告要点 [Table_Summary] 公募代销新规对公募基金销售各环节费用进行合理调降、优化，不仅显著降低投资者投资成本， 还进一步压缩了流量费收入空间，引导销售机构由赚取"流量"向赚取"保有"转变，从源头 上解决赎旧买新等行业顽疾。此外新规有效完善了公募代销全链条监管，统筹解决沉淀资金孳 息归属、基金投顾重复收费等行业长期存在的问题，有望推动基金代销机构迈向高质量发展。 分析师及联系人 [Table_Author] [Table_Title 公募代销新规点评：全面优化渠道收费，显著降 2] 低投资者成本 [Table_Summary2] 事件描述 9 月 5 日，证监会对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为《公开 募集证券投资基金销售费用管理规定》，现向社会公开征求意见。主要内容包括合理调降公募 基金认购费、申购费、销售服务费率水平，降低投资者成本等。 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In Q2 2025, the company's operating revenue reached 2.25 billion, representing a year-on-year growth of 23%, while the net profit attributable to the parent company was 52 million, showing a year-on-year decline of 1.4% [2][4]. - The company has actively implemented an inventory clearance plan to optimize inventory structure and improve turnover efficiency, resulting in a significant reduction in inventory pressure [9]. - The company’s subsidiary, Tongtuo Technology, achieved a revenue of 860 million in H1 2025, turning a profit with a net profit of 2.82 million, indicating improved operational conditions and profitability [9]. Summary by Sections Financial Performance - In H1 2025, the company’s revenue from Yibai Network was 3.676 billion, up 4.43% year-on-year, but the net profit dropped by 65% due to inventory optimization efforts [9]. - The inventory level was optimized to 1.27 billion, a decrease of 30% compared to the end of 2024 and a 15% decrease from Q1 2025, alleviating inventory pressure [9]. - The gross profit margin in Q2 2025 decreased by 1.4 percentage points year-on-year, while the sales expense ratio increased by 3.9 percentage points [9]. Future Outlook - The company is expected to benefit from inventory structure optimization and proactive new product replenishment, leading to improved operational efficiency [9]. - The anticipated net profits for the company are projected to be 280 million, 380 million, and 490 million for the years 2025, 2026, and 2027 respectively [9].

报告要点 [Table_Summary] 公司发布 2025 年半年报，2025H1 实现营收 8.59 亿元，同比增长 42.43%；归母净利润 3.92 亿元，同比增长 26.65%。单二季度，公司实现营收 4.92 亿元，同比增长 30.44%；归母净利 润 2.24 亿元，同比增长 7.4%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨锦波生物（832982.BJ） [Table_Title] 锦波生物 2025 年中报点评：收入韧性凸显，凝 胶贡献第二增长曲线 SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锦波生物（832982.BJ） cjzqdt11111 [Table_Title 锦波生物 2025 2] 年中报点评：收入韧性凸显，凝 胶贡献第二增长曲线 [Table_Summary2] 事件描述 公司发布 2025 年半年报，2025H1 实现营收 8.59 亿元，同比增长 42.43 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6] Core Viewpoints - The company reported a total revenue of 886 million yuan for H1 2025, a decrease of 0.72% year-on-year. The net profit attributable to shareholders was 35.79 million yuan, down 39.67%, while the net profit excluding non-recurring items was 34.09 million yuan, down 41.94% [2][4] - In Q2 2025, the total revenue was 415 million yuan, a decline of 3.12%, with a net profit of 14.34 million yuan, down 42.05%, and a net profit excluding non-recurring items of 13.12 million yuan, down 47.63% [2][4] - The competitive environment is challenging, leading to a decrease in profitability, with the net profit margin dropping by 2.61 percentage points to 4.04% in H1 2025 and by 2.32 percentage points to 3.45% in Q2 2025 [9] Summary by Sections Financial Performance - H1 2025 total revenue was 886 million yuan, with a breakdown showing direct sales at 434 million yuan (up 5.31%) and distribution sales at 445 million yuan (down 6.40%) [9] - The main product categories saw revenue changes: staple foods at 413 million yuan (down 9.10%), snacks at 197 million yuan (down 6.57%), baked goods at 205 million yuan (up 11.02%), and frozen prepared dishes at 65 million yuan (up 67.31%) [9] - Online sales increased by 44.87%, reaching 45 million yuan, accounting for 5.08% of total revenue [9] Strategic Response - The company is implementing a multi-faceted strategy to address challenges, including collaboration with distributors, focusing on successful products, enhancing online and offline channels, and optimizing channel structures [9] - The company aims to strengthen its presence in the B-end market while supporting distributors in expanding into new retail areas [9] Profit Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders for 2025-2027 is 68 million, 75 million, and 86 million yuan respectively, with corresponding EPS of 0.70, 0.77, and 0.88 yuan [9] - The current price-to-earnings ratio is projected at 46, 42, and 37 times for the respective years [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In the first half of 2025, the company achieved a core operating profit growth against a backdrop of weak industry demand, demonstrating strong operational resilience [2][7] - With the stabilization of raw milk prices and potential improvement in industry supply-demand dynamics, price competition may ease, allowing leading dairy companies to further restore profitability [2][7] - The company is continuously advancing product innovation, channel refinement, and digital transformation, which will inject momentum for long-term stable development [2][7] Financial Performance Summary - In H1 2025, the company reported revenue of 41.567 billion yuan, a year-on-year decrease of 6.9%, and a net profit attributable to shareholders of 2.046 billion yuan, down 16.4% year-on-year [4] - The decline in performance was primarily due to increased losses from joint ventures, with the company's share of losses from joint ventures reaching 585 million yuan, mainly from Modern Dairy [4][6] - Excluding this impact, the company's core business profitability remained robust, with operating profit recorded at 3.538 billion yuan, an increase of 13.4% year-on-year, and an operating profit margin improvement of 1.5 percentage points to 8.5% [4][6] Product Segment Performance - The liquid milk segment faced significant pressure, with revenue of 32.192 billion yuan in H1 2025, down 11.2% year-on-year, while fresh milk performed well with double-digit growth [5] - Ice cream revenue reached 3.879 billion yuan, up 15.0% year-on-year, driven by product innovation and channel expansion, with the Aisnow brand maintaining the top market share in Indonesia [5] - Cheese revenue was 2.374 billion yuan, up 12.3% year-on-year, with the Miaokelan brand holding over 38% market share [5] - Milk powder revenue was 1.676 billion yuan, up 2.5% year-on-year, with the Bella Mi brand focusing on high-end products and expanding into Southeast Asian markets [5] Cost Management and Profitability - The company's gross profit margin improved by 1.4 percentage points to 41.7% in H1 2025, mainly due to declining raw milk prices and effective cost control measures [6] - The selling expense ratio decreased by 0.5 percentage points to 27.9%, contributing to the improvement in operating profit margin [6] - The decline in net profit was primarily due to non-operating factors, including the significant losses from joint ventures and the absence of one-time gains from the sale of subsidiaries in the previous year [6]

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 ...