丨证券研究报告丨 行业研究丨专题报告丨通信设备Ⅲ [Table_Title] 通信行业 2025 年中报综述：AI 算力热潮奔涌， 产业动能迸发 报告要点 [Table_Summary] 2025H1 通信行业高景气延续，算力产业链持续驱动板块成长。运营商 CapEx 向智算侧倾斜， 高速光模块渗透提速，龙头盈利与份额双升；ICT 设备受益自主可控与 AI 大模型落地保持高 增；IDC 资产端扩张周期开启；物联网与北斗民用化加速放量。AI 与算力热潮深化，板块配置 价值凸显。 分析师及联系人 [Table_Author] SAC：S0490517110002 SAC：S0490522050005 SAC：S0490523030001 SAC：S0490524100002 SAC：S0490525040002 SFC：BUX641 于海宁 黄天佑 祖圣腾 温筱婷 刘泽龙 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业 2025 2] 年中报综述：AI 算力热潮奔涌， 产业动能迸发 [Table ...

丨证券研究报告丨 公司研究丨点评报告丨华熙生物（688363.SH） [Table_Title] 华熙生物 2025 年中报点评：聚焦品牌效益，Q2 利润增速改善 报告要点 [Table_Summary] 公司发布 2025 年中报。2025H1 营收 22.6 亿元，同比下滑 19.6%；归母净利润 2.2 亿元，同 比下滑 35.4%。2025Q2 营收 11.8 亿元，同比下滑 18.4%；归母净利润 1.2 亿元，同比增长 20.9%。 分析师及联系人 [Table_Author] 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 华熙生物（688363.SH） cjzqdt11111 [Table_Title 华熙生物 2025 2] 年中报点评：聚焦品牌效益，Q2 利润增速改善 [Table_Summary2] 事件描述 公司发布 2025 年中报。2025H1 营收 22.6 亿元，同比下滑 19.6%；归母净利润 2.2 亿元，同 ...

丨证券研究报告丨 报告要点 [Table_Summary] 公司发布 2025 年中报。2025H1，公司营收 25.9 亿元，同比增长 31.3%；归母净利润 6.7 亿 元，同比增长 36.1%；经调利润 6.72 亿元，同比增长 32%，经调利润率 26%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 港股研究丨公司点评丨毛戈平（1318.HK） [Table_Title] 毛戈平 2025 年中报点评：护肤增速快于彩妆， 品牌高增同时经营质量优 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 毛戈平（1318.HK） cjzqdt11111 [Table_Title 毛戈平 20252]年中报点评：护肤增速快于彩妆， 品牌高增同时经营质量优 [Table_Summary2] 事件描述 公司发布 2025 年中报。2025H1，公司营收 25.9 亿元，同比增长 31.3%；归母净利润 6.7 亿 元，同比增长 36.1%；经调利润 6. ...

丨证券研究报告丨 请阅读最后评级说明和重要声明 公司研究丨点评报告丨永辉超市（601933.SH） [Table_Title] 永辉超市 2025 年中报点评：深化供应链改革， 零售主业毛利率提升 报告要点 [Table_Summary] 2025 上半年公司实现收入 299.5 亿元，同比下滑 21%，扣非归母净亏损 8.0 亿元。单二季度 实现收入 124.7 亿元，同比下滑 23%，扣非归母净亏损 9.4 亿元，若考虑闭店的资产处置收益 后，单二季度归母净亏损 3.9 亿元，同比减亏 0.7 亿元。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SAC：S0490525080008 SFC：BUV258 李锦 罗祎 张彦淳 %% %% %% %% research.95579.com 1 永辉超市（601933.SH） cjzqdt11111 [Table_Title 永辉超市 2025 2] 年中报点评：深化供应链改革， 零售主业毛利率提升 [Table_Summary2] 事件描述 2025 上半年公司实现收入 299.5 ...

丨证券研究报告丨 联合研究丨公司点评丨绿联科技（301606.SZ） [Table_Title] 绿联科技 2025 年中报点评：Q2 前置费用投入， 品牌势能持续提速 报告要点 [Table_Summary] 整体来看，公司当前时点，正处于渠道和区域延展的扩张期，产品创新下梯队逐渐完善，综合 来看品牌势能处于持续提速的阶段。展望下半年，国内品牌升级的投入效益有望体现，海外凭 借电商以及线下的陆续铺设下实现高速增长，产品端，NAS 持续引领消费者教育，充电品类新 品迭代加快且受益于 iphone 迭代、移动电源合规认证实现加速。更长期而言，公司凭借过硬的 产品质量和用户洞察力，持续实现用户破圈和心智的积累，并强化 Ugreen 品牌力，而品牌力 的夯实又进一步打开了公司的品类延展空间。 分析师及联系人 [Table_Author] 李锦 陈亮 秦意昂 SAC：S0490514080004 SAC：S0490517070017 SAC：S0490524110002 SFC：BUV258 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table ...

Investment Rating - The report maintains a "Positive" investment rating for the agricultural products industry [13]. Core Insights - The swine breeding industry is transitioning from a rapid growth phase to a stable phase, with medium to long-term capacity control becoming the new norm, positively impacting the industry. Profits for quality enterprises are expected to significantly increase, with a favorable long-term outlook for the sector [4][21]. - Key recommendations include Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, Shennong Group, and Juxing Agriculture in the swine breeding sector. In the pet food segment, the report highlights the rapid growth of domestic brands such as Guibao Pet and Zhongchong Co., Ltd. The feed industry is also experiencing a recovery, with Haida Group's domestic market share increasing and overseas business growing rapidly [4][21]. Summary by Sections Swine Breeding - In the first half of 2025, the revenue of listed companies in the swine breeding sector increased by 19% year-on-year, with a non-recurring net profit growth of 512%. The average swine price decreased by 4% year-on-year, but profits surged due to improved breeding costs. The industry's free cash flow improved significantly, totaling approximately 18.3 billion yuan, compared to a negative 3.7 billion yuan in the same period last year [8][23]. - The average profit for self-breeding and self-raising was about 73 yuan per head, a significant improvement from a loss of 25 yuan per head in the previous year [23]. Feed Industry - The feed sector saw a revenue increase of 13% year-on-year in the first half of 2025, with a 70.9% increase in non-recurring net profit. The total feed production reached 159 million tons, up 8% year-on-year. Haida Group's feed sales volume grew by 26% year-on-year, and the company is expected to see further growth in shrimp and crab feed in the third quarter [9][22]. Pet Food - The pet food sector's revenue grew by 22.4% year-on-year in Q2 2025, with a 19.2% increase in non-recurring net profit. Domestic sales for Guibao Pet and Zhongchong Co., Ltd. are expected to grow by over 40% in Q2. However, exports of pet snacks faced a decline due to tariffs, with a 52% drop in exports to the U.S. [10][22].

%% %% research.95579.com 行业研究丨深度报告丨煤炭与消费用燃料 [Table_Title] 炭本溯源系列 3：中国煤炭成本十年变迁——刚 性抬升重塑安全边际 %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们在"炭本溯源"系列报告前两篇中判断，中期来看，需求韧性叠加供给刚性共同支撑煤价 周期扁平化中枢稳定。然而短期供需错配下煤价仍会暴露波动风险，且较快较深的价格跌幅仍 会引发市场对煤价底→业绩底→股息底的担忧。因此作为"炭本溯源"系列第三篇，我们引入 对成本的研究，以期解决煤价安全边际问题。研究发现，随着人工成本、折旧费用及安全投入 的刚性增长，煤炭成本较 10 年前系统性抬升，当前现金成本曲线 90%分位对应港口动力煤价 格边际支撑约 550 元/吨，2015 年行业底部低价难再重现，盈利及股息安全边际得以夯实。 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SFC：BUT918 SFC：BUY139 庄越 韦思宇 宋楚 ...

Group 1: Gold Pricing Dynamics - Gold exhibits three attributes: commodity, currency, and financial asset, with prices positively correlated to inflation and negatively correlated to the US dollar and real interest rates[3] - Since 2022, the negative correlation between gold prices and real interest rates has weakened due to central banks increasing gold reserves, reflecting declining trust in the US dollar[3] - The supply of gold is relatively stable due to resource scarcity and long exploration and extraction cycles, while demand has shifted from investment to strategic allocation, changing the pricing anchor from "real interest rates" to "central bank purchases"[7] Group 2: Central Bank Gold Purchases - The trend of central banks increasing gold reserves reflects a loss of confidence in the US dollar as the world’s reserve currency, particularly after the freezing of Russian assets due to the Ukraine conflict[8] - As of 2024, the US federal government debt-to-GDP ratio is projected to reach 124.3%, indicating a growing risk to the dollar's credibility and prompting countries to reduce dollar assets in favor of gold[8] - A survey by the World Gold Council indicates that 81% of central banks expect to increase their gold reserves in the next 12 months, suggesting a strong and growing demand for gold[10] Group 3: Future Gold Price Outlook - Geopolitical risks and political polarization are expected to continue, enhancing gold's appeal as a safe-haven asset and increasing central bank demand for gold[9] - The military expenditure of major countries is at historical lows as a percentage of GDP, providing a safety net against potential declines in gold prices[9] - The average annual net gold purchases by central banks from 2022 to 2024 reached 1,059 tons, accounting for 23% of global gold demand, indicating a structural shift in demand dynamics[34]

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Viewpoints - The company is a leader in the domestic laser galvanometer control system market, with a diverse range of applications including marking, cutting, and welding, and has established strong partnerships with over a thousand downstream customers [2][18]. - The company's performance significantly improved in the first half of 2025, with revenue and net profit reaching 133 million yuan and 28 million yuan, respectively, representing year-on-year growth of 21.56% and 64.58% [6][41]. - The company is expanding its product offerings by acquiring Samit to enter the fast-response mirror market and is also focusing on 3D printing to enhance long-term growth potential [6][8]. Summary by Sections Company Overview - The company has over 20 years of experience in the laser processing control system field and maintains a market share leadership in the laser galvanometer control system segment, with approximately 70% of its revenue coming from this core business [6][18]. - The company has a comprehensive product system that includes laser processing control systems, system integration hardware, and precision laser processing equipment, which are essential for various industrial applications [21][22]. Market Dynamics - The demand for laser equipment is growing rapidly due to the transformation and upgrading of the manufacturing industry, with laser processing technology becoming a key choice for industrial applications due to its high precision and low energy consumption [7][49]. - The company is well-positioned to benefit from the increasing demand for high-precision and flexible processing solutions, particularly in the 3C application sector and emerging fields such as new energy materials and semiconductor manufacturing [7][54]. Financial Performance - The company's revenue has shown a compound annual growth rate (CAGR) of 42.81% from 2018 to 2021, with revenue increasing from 70 million yuan to 203 million yuan [41]. - In the first half of 2025, the company achieved a gross profit margin of 59.3% and a net profit margin of 20.7%, indicating a recovery in profitability [43][41]. Strategic Initiatives - The company is actively expanding its business both horizontally and vertically, enhancing its competitive edge in high-end optical control through strategic acquisitions and product development [8][37]. - The company has implemented a stock incentive plan to motivate key personnel and support sustainable growth [39].

Investment Rating - The report maintains a "Positive" investment rating for the industry [10] Core Insights - The non-ferrous metal sector continues to show strong performance, with basic metals experiencing a net profit growth of 27% year-on-year in the first half of 2025, driven by a rebound in manufacturing and expectations of interest rate cuts [4][19] - Gold maintains a bullish market trend, with significant profit elasticity due to rising production capacity and price increases [5][19] - Energy metals show mixed performance, with lithium prices under pressure while cobalt prices improve, leading to better profitability for cobalt-related companies [6][19] - Rare earth materials are recovering as export controls enhance their strategic value, with prices stabilizing after previous declines [7][19] - Titanium materials are gradually improving in profitability, awaiting a recovery in high-end demand [8][19] Summary by Sections Basic Metals - In the first half of 2025, the basic metals sector achieved a net profit of 703.79 billion yuan, a 26.67% increase year-on-year, with a revenue growth of 4.24% [21][30] - The second quarter of 2025 saw a net profit of 376.44 billion yuan, up 14% year-on-year and 15% quarter-on-quarter, attributed to easing tariff pressures and strong industrial performance [4][37] Gold - The gold sector experienced a revenue increase of 25.94% year-on-year in the first half of 2025, with net profit soaring by 58.95% [14][19] - In Q2 2025, gold prices reached new highs, driven by trade conflicts and recession expectations, leading to significant profit elasticity for gold mining companies [5][19] Energy Metals - The energy metals sector faced a decline in lithium prices, with a year-on-year revenue decrease of 4.76% in the first half of 2025, while cobalt prices improved significantly [6][19] - Cobalt prices are recovering due to supply constraints from the Democratic Republic of Congo, which has implemented export bans [6][19] Rare Earth Materials - The rare earth sector saw a revenue increase of 12.74% year-on-year in the first half of 2025, with net profit growth of 260.72% [19][21] - Export controls and new regulations are expected to enhance the strategic value of rare earth materials, supporting price recovery [7][19] Titanium Materials - The titanium sector reported a slight revenue decrease of 0.90% year-on-year in the first half of 2025, with net profit down by 4.04% [19][21] - There is an expectation of improved profitability as high-end demand begins to recover [8][19]