Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [9] Core Insights - The chemical industry experienced a slight revenue increase of 1.9% year-on-year in H1 2025, with total revenue reaching 12,630.5 billion yuan, while net profit decreased by 1.0% to 746.7 billion yuan. The gross margin remained stable at 16.8% [2][5][17] - The outlook for the chemical sector is optimistic, with expectations of demand recovery driven by anticipated interest rate cuts by the Federal Reserve and domestic policies aimed at reducing competition. This could lead to a positive supply-demand dynamic [2][18] - Key sub-sectors such as fluorochemicals, pesticides, additives, potassium fertilizers, and compound fertilizers showed significant year-on-year profit growth in H1 2025 [5][6] Summary by Sections Overall Performance - In H1 2025, the chemical industry saw a slight revenue increase to 12,630.5 billion yuan, with a year-on-year growth of 1.9%. Net profit was 746.7 billion yuan, down 1.0% from the previous year. The gross margin was stable at 16.8% [5][17] - The industry is experiencing a low-level oscillation in its economic performance, with capital expenditures declining and many chemical products nearing the end of their expansion cycles [5][17] Key Sub-sectors Analysis - **Fluorochemicals**: Achieved a net profit of 34.5 billion yuan in H1 2025, a 133.8% increase year-on-year, driven by a new pricing model for refrigerants [6][35] - **Phosphorus Chemicals**: Generated a net profit of 42.9 billion yuan, down 2.2% year-on-year, but with stable pricing for phosphate rock [6][46] - **Potassium Fertilizers**: Reported a net profit of 56.6 billion yuan, up 39.7% year-on-year, with strong demand and rising prices [6][52] - **Pesticides**: Achieved a net profit of 51.9 billion yuan, a 90.3% increase year-on-year, indicating signs of recovery in the market [6][35] - **Soda Ash**: Experienced a significant decline in net profit, down 72.5% year-on-year, but potential recovery is anticipated due to policy changes [6][38] Investment Recommendations - The report suggests actively investing in the chemical sector, particularly in cyclical and growth-oriented companies such as Wanhua Chemical, Hualu Hengsheng, and Longbai Group, as well as in sectors benefiting from new production capabilities and stable growth [7][38]

%% %% %% %% 激浊扬清，周观军工 第135期： 阅兵彰显体系能力，军工投资主线明晰 长江证券研究所国防军工研究小组 2025-09-07 research.95579.com 1 分析师 王贺嘉 分析师 王清 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490524050001 SFC执业证书编号：BUX462 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 01 九三阅兵展示我军体系作战能力、 新域新质战力以及战略威慑实力 02 中航光电军民两翼齐飞横纵拓展， 精准扩产把握板块景气释放节奏 03 中航沈飞核心型号J-35对标美国 F-35多用途属性国内外需求旺盛 目 录 04 菲利华航空航天及半导体景气复 苏，电子布以及掩膜版乘势而上 05 十四五务期必成甄选产品力提升、 渗透率提升客单价提升核心标的 %% research.95579.com 3 01 九三阅兵展示我军体系作战能力、 新域新质战力以及战略威慑实力 %% %% %% %% research.95579.com 4 ...

丨证券研究报告丨 公司研究丨点评报告丨中国核建（601611.SH） [Table_Title] 核建景气持续上行，工民建业务承压 报告要点 [Table_Summary] 公司上半年实现营业收入 534.72 亿元，同比减少 2.11%；归属净利润 7.98 亿元，同比减少 16.48%；扣非后归属净利润 7.75 亿元，同比减少 24.96%。 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 公司上半年实现营业收入 534.72 亿元，同比减少 2.11%；归属净利润 7.98 亿元，同比减少 16.48%；扣非后归属净利润 7.75 亿元，同比减少 24.96%。公司实现单二季度营业收入 239.22 亿元，同比减少 6.52%；归属净利润 2.46 亿元，同比减少 38.13%；扣非后归属净利润 2.49 亿 ...

丨证券研究报告丨 公司研究丨点评报告丨中国电建（601669.SH） [Table_Title] 毛利率承压，关注投运业务增长和重大基建催化 报告要点 [Table_Summary] 公司上半年实现营业收入 2927.57 亿元，同比增长 2.66%；归属净利润 54.26 亿元，同比减少 13.81%；扣非后归属净利润 48.21 亿元，同比减少 22.66%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 1 张弛 张智杰 袁志芃 龚子逸 中国电建（601669.SH） cjzqdt11111 [Table_Title 毛利率承压，关注投运业务增长和重大基建催 2] 化 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary2] 事件描述 公司上半年实现营业收入 2927.57 亿元，同比增长 2.66%；归属净利润 54.26 亿元，同比减少 13.81%；扣非后归属 ...

公司研究丨点评报告丨中国能建（601868.SH） [Table_Title] 能源投运增长较快，关注重大水电基建机会 丨证券研究报告丨 报告要点 [Table_Summary] 公司上半年实现营业收入 2120.91 亿元，同比增长 9.18%；归属净利润 28.02 亿元，同比增长 0.72%；扣非后归属净利润 25.21 亿元，同比增长 8.32%。 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 [Table_Summary2] 事件描述 公司上半年实现营业收入 2120.91 亿元，同比增长 9.18%；归属净利润 28.02 亿元，同比增长 0.72%；扣非后归属净利润 25.21 亿元，同比增长 8.32%。 事件评论 风险提示 1、电力及基建投资不及预期；2、新能源装机规模增长不及预期；3、政策导向风 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 85.56 billion yuan for the first half of 2025, representing a year-on-year growth of 6.65%. The net profit attributable to shareholders was 1.883 billion yuan, up 89.26% year-on-year, while the net profit excluding non-recurring items reached 1.559 billion yuan, marking a 178.96% increase. Operating cash flow was 27.274 billion yuan, reflecting a growth of 115.9% [2][6] - The report highlights a significant potential for dividend increases due to a clear upward trend in dividend yield, as capital expenditures decrease and the profit statement recovers. The stock price has already reflected the temporary drag from the photovoltaic business, indicating substantial room for long-term valuation increases [2][12] Business Segment Summary - In the semiconductor display segment, TCL Huaxing achieved a revenue of 50.43 billion yuan, a year-on-year increase of 14.4%, with a net profit of 4.32 billion yuan, up 74.0%. This segment contributed 2.63 billion yuan to the net profit attributable to TCL Technology, a 51% increase year-on-year. The display business showed strong performance in the second quarter, driven by high growth in niche markets such as NB, automotive, and mobile [12] - The semiconductor silicon wafer business reported a revenue of 2.74 billion yuan, a year-on-year increase of 38.2%. In the renewable photovoltaic segment, TCL Zhonghuan's revenue was 9.87 billion yuan, down 28.0% year-on-year, with crystalline wafer revenue at 5.77 billion yuan, a 7.1% decrease quarter-on-quarter [12] - Other businesses, primarily TV OEM, generated a revenue of 10.39 billion yuan, a year-on-year increase of 16%, maintaining the global leading position in TV OEM volume [12] Financial Projections - The company is projected to have earnings per share (EPS) of 0.29, 0.45, and 0.52 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 15.23, 9.72, and 8.35 [12][18]

丨证券研究报告丨 公司研究丨点评报告丨三利谱（002876.SZ） [Table_Title] 稼动率短期拖累业绩，份额继续突破 报告要点 [Table_Summary] 公司发布 2025 年中期报告，上半年公司实现营业收入 16.80 亿元，同比增长 41.97%；归母净 利润 0.38 亿元，同比下降 31.47%；扣非归母净利润 0.35 亿元，同比下降 45.48%。非经常性 项目主要为政府补贴。公司所处偏光片行业正处于国产替代高速阶段，未来三大供应商分立的 趋势逐渐清晰，公司当前份额仍有较大的提升弹性，OLED 偏光片与 VR 头显光学复合膜新产 品潜力可观。 分析师及联系人 [Table_Author] 杨洋 谢尔曼 SAC：S0490517070012 SAC：S0490518070003 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 三利谱（002876.SZ） cjzqdt11111 [Table_Title2] 稼动率短期拖累业绩，份额继续突破 [Table_Summary2] 事件描述 公司发布 2025 年中期报 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 6.88 billion yuan in Q2 2025, representing a year-on-year increase of 0.75%, while the net profit attributable to shareholders was 0.64 billion yuan, down 21.86% year-on-year [2][6]. - The company continues to strengthen its advantages in traditional sectors, with a steady increase in market share, while accelerating its layout in precision fields to seize opportunities in embodied intelligence and AI [2][11]. - Despite short-term weak demand and price competition affecting operations, the long-term outlook remains positive due to the company's established platform in general, specialized, and precision fields, solidifying its growth in the reducer sector [11]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 12.90 billion yuan, a year-on-year increase of 1.71%, and a net profit of 1.07 billion yuan, down 26.97% year-on-year [6]. - The company's revenue for Q2 2025 was 6.88 billion yuan, with a net profit of 0.64 billion yuan, reflecting a decline in profitability [6]. Market Position - The company has maintained its leading position in the domestic general reducer market, with a 5% year-on-year growth in its industrial transmission reducer business in H1 2025 [11]. - Key products such as modular reducers and high-power reducers saw sales growth of approximately 15% and 13% respectively, while traditional industrial cycloidal pinwheel reducers experienced an 8% decline in sales [11]. Strategic Initiatives - The company is actively expanding its precision field layout, focusing on harmonic reducers and precision reducers, and has initiated collaborations with major manufacturers in robotics [11]. - In July 2025, the company co-founded a technology company to deepen cooperation in the field of robotic joint modules [11]. - The company has increased its R&D investment, completing approximately 3,650 customized product designs in H1 2025 [11]. Future Outlook - The company is expected to achieve net profits of 2.80 billion yuan, 3.26 billion yuan, and 3.82 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 40x, 34x, and 29x [11].

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The demand for capital goods in Europe and the US is expected to recover, driven by increased infrastructure investment and manufacturing demand, which will benefit leading manufacturers of construction machinery, high-altitude machinery, and forklifts in China [2][6][9] - In Europe, significant infrastructure investment plans have been approved, including approximately €800 billion for the "Rearmament of Europe" and a €500 billion investment plan by Germany, which are expected to boost the demand for construction-related capital goods [6] - In the US, factors such as corporate tax cuts, interest rate reduction expectations, and the return of high-end manufacturing are anticipated to improve cash flow for foreign enterprises and restore capital goods demand [7][8] Summary by Sections European Market - European infrastructure investment is set to improve, with major plans approved, leading to a recovery in construction capital goods demand [6] - The manufacturing sector in Europe shows signs of improvement, with the Eurozone manufacturing PMI reaching a 38-month high of 50.7 in August 2025, indicating a strong production growth [6] US Market - The US construction spending is nearing a turning point, with new orders for construction machinery showing a year-on-year increase of 3% in the first half of 2025 [8] - Major companies like Caterpillar and JLG have reported significant recovery in sales and orders, indicating a positive trend in the US capital goods market [8] Chinese Market - China's leading manufacturers in construction machinery, high-altitude machinery, and forklifts are expected to benefit from the recovering demand in Europe and the US, with exports to Western Europe increasing by 23.5% year-on-year in July 2025 [9] - The competitive edge of Chinese brands is improving due to product differentiation and advancements in technology, positioning them well for future growth [9]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - In the first half of 2025, the company achieved a revenue of 651 million yuan, a year-on-year decrease of 27.54%. The net profit attributable to the parent company was 79 million yuan, down 9.88% year-on-year. In Q2 2025, the revenue was 461 million yuan, a year-on-year decline of 2.27%, but a quarter-on-quarter increase of 141.36%. The net profit for Q2 was 50 million yuan, showing a year-on-year growth of 4.96% and a quarter-on-quarter increase of 74.02% [2][4]. Financial Performance - The company's micro-inverter and energy communication products generated a revenue of 360 million yuan in H1 2025, down 42% year-on-year, primarily due to subdued demand in Europe. The commercial storage revenue was 190 million yuan, up 6% year-on-year, mainly contributed by Q2. The revenue from circuit breakers was 60 million yuan, down 24% year-on-year, affected by demand in the U.S. The household storage revenue was 20 million yuan, up 34% year-on-year [11]. - The overall gross margin decreased to 20.6% in Q2, a decline of 23 percentage points quarter-on-quarter, due to the increased proportion of low-margin commercial storage business [11]. - The company's expense ratio in Q2 was only 5.5%, a decrease of 17 percentage points quarter-on-quarter, marking the first drop below 10% since Q4 2022, attributed to revenue growth and increased foreign exchange gains [11]. - As of the end of Q2, the company had cash and cash equivalents of 1.38 billion yuan and trading financial assets of 530 million yuan, indicating a strong cash position for business expansion [11]. Business Outlook - The company has established a product layout centered around micro-inverters, including micro-storage, household storage, and commercial storage. Recent demand for micro-inverters has been stable, with good gross margins, and there is significant potential for market penetration growth in the long term [11]. - The commercial storage business is steadily developing after last year's surge, with active expansion into overseas markets, including sales in Germany and Slovakia, which is expected to enhance profitability and contribute to performance growth [11].