丨证券研究报告丨 港股研究丨公司点评丨中国联塑（2128.HK） [Table_Title] 销量增长，盈利稳定 报告要点 [Table_Summary] 公司发布 2025 年半年报：实现营业收入 124.75 亿，同比下降 8.0%；实现净利润 9.35 亿，同 比下降 8.0%。 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 research.95579.com 1 中国联塑（2128.HK） cjzqdt11111 [Table_Title2] 销量增长，盈利稳定 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 %% %% %% %% 公司发布 2025 年半年报：实现营业收入 124.75 亿，同比下降 8.0%；实现净利润 9.35 亿，同 比下降 8.0%。 事件评论 [Table_BaseData] 当前股价（HKD） 4.92 注：股价为 2025 年 9 月 5 日收盘价 相关研究 丨证券研究报告丨 2025-09-07 港股研究丨公司点评 [Table_ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved a revenue of 2.805 billion yuan in the first half of 2025, representing a year-on-year growth of 18.89%. The net profit attributable to shareholders was 341 million yuan, with a year-on-year increase of 1.85%. However, the net profit after deducting non-recurring items decreased by 10.76% to 298 million yuan [2][7]. Financial Performance - The company’s revenue growth is primarily driven by an increase in equipment volume, with a significant contribution from the computing power business. The revenue for the second quarter alone was 1.517 billion yuan, reflecting a year-on-year growth of 20.93%. The company has delivered computing power assets exceeding 1.4 billion yuan [12][12]. - The overall gross margin for the first half of 2025 was 40.05%, a decrease of 2.96 percentage points year-on-year. The gross margin for the second quarter was 37.75%, down 5.25 percentage points year-on-year, mainly due to fluctuations in rental prices in the high-altitude vehicle industry [12][12]. - The company reported a net cash inflow from operating activities of 1.372 billion yuan, an increase of 224 million yuan year-on-year, with a cash collection ratio of 98.73%, up 10.68 percentage points year-on-year [12][12]. - The company received government subsidies amounting to 30.62 million yuan, an increase of 28.71 million yuan year-on-year, which significantly contributed to the net profit [12][12]. Strategic Developments - The company is expanding its main business and gradually advancing its computing power initiatives with support from state-owned enterprises in Hainan. It plans to list in Singapore and actively engage in the Web3 sector [12][12]. - The company has established a smart technology division and is forming service teams to enhance collaboration across the AI industry chain, focusing on the integration of data, models, and computing power [12][12]. - The company has issued or plans to issue bonds and related products totaling 5 billion yuan to enhance liquidity and risk resistance [12][12].

丨证券研究报告丨 金融工程丨专题报告 [Table_Summary] 本周 A 股市场整体震荡调整，前期表现强势的科创板块本周回调幅度靠前，而小微盘和防御属 性较强的中证红利指数本周相对占优；红利内细分板块来看，红利增长、红利低波和红利价值 相对跑赢纯粹红利资产。从市场表现来看，本周 A 股内各板块收益持续分化，医疗板块整体占 优，信息技术与硬件、金融以及通讯业务明显回调；电子板块内部，显示器件和电子专用设备 领先电子其他子赛道。策略表现上，本周央国企高分红 30 组合跑赢中证红利全收益；电子均 衡配置增强组合与电子板块优选增强组合均跑赢电子指数。 分析师及联系人 [Table_Author] 冷旭晟 蔡文捷 覃川桃 SAC：S0490524080001 SAC：S0490523120001 SAC：S0490513030001 SFC：BUT353 [Table_Title] 热点主题回调，电子增强组合跑出超额 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 主动量化产品周报（九） cjzqdt11111 [Table_Title2] 热点主题回调， ...

丨证券研究报告丨 公司研究丨点评报告丨厦门国贸（600755.SH） [Table_Title] Q2 经营持续承压，期待主业经营拐点 报告要点 [Table_Summary] 2025 年上半年，由于外部有效需求不足和内部经营策略调整，公司供应链管理业务实现营收同 比下降 22.4%，期现毛利润同比下降 30.9%。尽管期间费用管控良好，但由于主业经营承压， 归母净利润同比显著下滑。公司持续优化业务结构和经营战略，较高分红比例提供安全边际， 期待主业经营拐点。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 1 厦门国贸（600755.SH） cjzqdt11111 [Table_Title2] Q2 经营持续承压，期待主业经营拐点 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 厦门国贸披露 2025 年中期业绩：2025 年上半年，公司实现 ...

丨证券研究报告丨 公司研究丨点评报告丨中复神鹰（688295.SH） [Table_Title] 销量高增，扭亏为盈 报告要点 [Table_Summary] 中复神鹰发布中报：2025H 收入约 9.2 亿元，同比增长 26%，归属净利润约 0.12 亿元，同比 下降 52%。2025Q2 收入约 5.2 亿元，同比增长 83%，归属净利润约 0.57 亿元，同比增长 440%。 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中复神鹰（688295.SH） cjzqdt11111 [Table_Title2] 销量高增，扭亏为盈 [Table_Summary2] 事件描述 公司发布中报：2025H 收入约 9.2 亿元，同比增长 26%，归属净利润约 0.12 亿元，同比下降 52%。2025Q2 收入约 5.2 亿元，同比增长 83%，归属净利润约 0.57 ...

丨证券研究报告丨 公司研究丨点评报告丨中国化学（601117.SH） [Table_Title] 业绩稳增长，化工实业、新疆煤化工贡献增量 报告要点 [Table_Summary] 公司上半年营业总收入 907.22 亿元，同比下降 0.35%，归属净利润 31.02 亿元，同比增长 9.26%，扣非净利润 30.03 亿元，同比下降 1.56%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 张弛 张智杰 袁志芃 龚子逸 中国化学（601117.SH） cjzqdt11111 [Table_Title2] 业绩稳增长，化工实业、新疆煤化工贡献增量 [Table_Summary2] 事件描述 公司上半年营业总收入 907.22 亿元，同比下降 0.35%，归属净利润 31.02 亿元，同比增长 9.26%，扣非净利润 30.03 亿元，同比下降 ...

丨证券研究报告丨 公司研究丨点评报告丨中国交建（601800.SH） [Table_Title] 公司严控经营质量，海外稳定增长 报告要点 [Table_Summary] 上半年公司实现营业收入 3370.55 亿元，同比减少 5.71%；归属净利润 95.68 亿元，同比减少 16.06%；扣非后归属净利润 81.05 亿元，同比减少 23.70%。 分析师及联系人 %% %% %% %% [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 research.95579.com 1 中国交建（601800.SH） cjzqdt11111 [Table_Title2] 公司严控经营质量，海外稳定增长 [Table_Summary2] 事件描述 上半年公司实现营业收入 3370.55 亿元，同比减少 5.71%；归属净利润 95.68 亿元，同比减少 16.06%；扣非后归属净利润 81.05 亿元，同 ...

丨证券研究报告丨 公司研究丨点评报告丨中交设计（600720.SH） [Table_Title] 海外持续扩张，重视城市更新及低空经济增量 报告要点 [Table_Summary] 公司上半年实现营业收入 43.58 亿元，同比减少 11.93%；归属净利润 5.59 亿元，同比减少 10.85%；扣非后归属净利润 5.37 亿元，同比减少 12.99%。单 2 季度实现营业收入 26.84 亿 元，同比减少 4.43%；归属净利润 4.65 亿元，同比减少 13.04%；扣非后归属净利润 4.59 亿 元，同比减少 13.42%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中交设计（600720.SH） cjzqdt11111 事件评论 风险提示 1、政策落地不及预期； 2、新业务拓展不及预期。 丨证券研究报 ...

丨证券研究报告丨 公司研究丨点评报告丨中国中铁（601390.SH） [Table_Title] 海外新签亮眼，关注公司矿产资源重估 报告要点 [Table_Summary] 上半年公司实现营业收入 5110.93 亿元，同比减少 5.93%；归属净利润 118.27 亿元，同比减 少 17.17%；扣非后归属净利润 102.68 亿元，同比减少 21.59%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% 1 中国中铁（601390.SH） cjzqdt11111 [Table_Title2] 海外新签亮眼，关注公司矿产资源重估 research.95579.com [Table_Summary2] 事件描述 上半年公司实现营业收入 5110.93 亿元，同比减少 5.93%；归属净利润 118.27 亿元，同比减 少 17.17%；扣非后归属净利润 1 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The report indicates that after a significant rise in coking coal futures by 6%, the price support for coking coal remains strong due to tight supply and replenishment effects. In the medium to long term, the focus will be on "anti-involution" and price stability, with potential for a demand recovery driven by economic stimulus, which could lead to a "Davis Double" for coking coal [2][7] - The coal index (Yangtze) increased by 0.34%, outperforming the CSI 300 index by 1.15 percentage points, ranking 9th out of 32 industries [6][15] - The report emphasizes the importance of price stability as indicated by recent policies from Shanxi and Shaanxi provinces, which aim to promote stable coal market operations [6][7] Summary by Sections Coking Coal Market - As of September 5, the price of main coking coal at Jingtang Port was 1540 RMB/ton, a decrease of 70 RMB/ton week-on-week. The report suggests that while short-term fluctuations may increase due to a slowdown in downstream purchasing demand, the medium to long-term outlook remains positive with potential for price support [6][7][17] Thermal Coal Market - The market price for thermal coal at Qinhuangdao Port was 679 RMB/ton as of September 5, down 11 RMB/ton week-on-week. Despite a seasonal transition from peak to off-peak demand, the report anticipates limited downside for coal prices due to ongoing supply constraints and replenishment needs [6][16] Investment Recommendations - The report recommends a focus on companies with improving fundamentals under the "anti-involution" theme, suggesting a mix of elastic stocks and stable profit leaders. Specific companies highlighted include Yanzhou Coal Mining Company, China Shenhua Energy, and others [8][29]