Core Insights - The A-share market experienced fluctuations with a notable rebound in the ChiNext Index, driven by gains in computing power and new energy stocks, while the Shanghai Composite Index fell by 1.16% and the Shenzhen Component Index decreased by 0.65% [2][11] - The market turnover reached 2.40 trillion yuan, with 4,558 stocks declining across the board [11][25] Market Performance - The ChiNext Index rose by 0.95%, while the Shanghai 50 Index dropped by 1.07%, and the CSI 300 Index fell by 0.68% [11] - In terms of sector performance, telecommunications (+1.68%) and electric power & new energy equipment (+1.29%) sectors saw gains, while defense and military (-5.84%) and comprehensive finance (-3.57%) sectors led the declines [11] Industry Trends - The rebound in the ChiNext Index was supported by a resurgence in computing hardware stocks, particularly in optical modules and optical communication [11] - The new energy supply chain, including photovoltaic inverters and energy storage, showed strong performance, likely influenced by surging overseas demand for energy storage [11] - Battery concepts, such as solid-state batteries and sodium-ion batteries, also saw upward movement due to industry advancements [11] Future Outlook - The report maintains a bullish outlook on the Chinese stock market, anticipating continued monetary and fiscal support, which historically has helped the market withstand external risks and volatility [11] - Investment strategies should focus on non-bank sectors in a "slow bull" market, with an emphasis on AI computing, innovative pharmaceuticals in Hong Kong, and military sectors [11] - Additionally, sectors benefiting from improved supply-demand dynamics, such as metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming, are recommended for attention [11]

丨证券研究报告丨 联合研究丨公司点评丨寒武纪-U（688256.SH） [Table_Title] 寒武纪 2025H1 财报点评：净利率大幅提升，规 模效应显现 报告要点 [Table_Summary] 寒武纪公告其 2025 年半年度报告，报告期内，公司实现营业总收入 28.81 亿元，同比增长 4347.82%，实现归母净利润 10.38 亿元，同比增长 295.82%。公司所在 AI 算力行业下游需求 旺盛叠加公司强产品力助力其高速增长，归母净利润超预期。本报告期公司合同负债大幅增长， 预付和存货环比基本持平，一方面反映供不应求，同时在营收大幅增长背景下反映供应持续增 加，为后续业绩增长提供保障。公司已经进入业绩爆发期，规模效应下净利率大幅提升。 分析师及联系人 [Table_Author] 杨洋 宗建树 余庚宗 SAC：S0490517070012 SAC：S0490520030004 SAC：S0490516030002 SFC：BUW100 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 寒武纪-U（688256.SH） cj ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 601 million yuan in the first half of the year, representing a year-on-year growth of 15.60%. However, the net profit attributable to shareholders decreased by 40.93% to 34.99 million yuan, and the net profit after deducting non-recurring items fell by 44.68% to 30.45 million yuan [2][6]. Summary by Sections Business Performance - The company's main business remains architectural design, generating 410 million yuan in revenue, a decline of 6.17% year-on-year. The prefabricated building segment saw a significant drop of 32.84% to 168 million yuan. In contrast, the engineering general contracting business grew by 81.56% to 17.12 million yuan. The digital culture business generated 109 million yuan, accounting for 18.09% of total revenue, becoming a key driver for revenue growth [12]. Profitability - The overall gross margin for the first half was 24.57%, down by 3.17 percentage points year-on-year. The gross margin for the second quarter was 28.6%, a decrease of 7.2 percentage points. The gross margin for the main architectural design business improved to 38.54%, up by 7.85 percentage points year-on-year. However, the digital culture business reported a negative gross margin of -17.43% due to higher costs [12]. Cost Management - The company successfully reduced its expense ratio to 15.8%, down by 2.6 percentage points year-on-year. The second quarter saw further improvement, with the expense ratio dropping to 13.5%. This reduction was attributed to effective control over the scale of marketing and R&D personnel [12]. Cash Flow and Financial Health - The company experienced a net cash outflow of 180 million yuan from operating activities, an increase of 60 million yuan year-on-year. The cash collection ratio was 72.7%, down by 20.4 percentage points. The asset-liability ratio improved by 2.8 percentage points to 45.6% [12]. Growth Opportunities - Urban renewal policies are expected to provide new growth opportunities in the architectural design sector. The company is also leveraging digitalization and AI technologies to develop new business models, including a BIM engineering laboratory and an online management platform, which are anticipated to drive future revenue growth [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Viewpoints - The company achieved an operating revenue of 43.536 billion yuan in the first half of 2025, a year-on-year decrease of 4.91%. The net profit attributable to shareholders was 2.78 billion yuan, down 13.00% year-on-year, while the net profit after deducting non-recurring gains and losses was 2.72 billion yuan, a decrease of 13.72% year-on-year [2][6]. - The company's performance was under pressure due to project transitions, but construction is expected to accelerate in the second half of the year, supported by a significant increase in orders [11]. Summary by Sections Financial Performance - In the first half of 2025, the company experienced a decline in revenue and profit, with a total revenue of 43.536 billion yuan, down 4.91% year-on-year, and a net profit of 2.78 billion yuan, down 13.00% year-on-year. The gross profit margin was 14.50%, a decrease of 1.38 percentage points year-on-year [11]. - The second quarter saw a revenue of 20.55 billion yuan, a year-on-year decrease of 13.21%, primarily due to complex construction conditions in the Sichuan region [11]. Order Growth - The company saw a significant increase in orders in the second quarter, with a total bid amount of 37.559 billion yuan, a year-on-year increase of 25%. The total bid amount for the first half of 2025 reached 72.24 billion yuan, up 22.2% year-on-year [11]. Profitability and Cash Flow - The company's net profit margin for the first half of 2025 was 6.38%, down 0.59 percentage points year-on-year. The operating cash flow showed a net outflow of 4.284 billion yuan, which was a reduction in outflow compared to the previous year [11]. - The company plans to increase its dividend payout ratio from 50% to 60% for 2025, which could enhance its attractiveness to investors [11]. Market Outlook - The company is expected to benefit from the acceleration of infrastructure projects in Sichuan, with four major highways approved for construction, indicating a positive trend for future revenue growth [11].

丨证券研究报告丨 公司研究丨点评报告丨宁波银行（002142.SZ） [Table_Title] 不良生成下降，宣告首次中期分红 ——2025 年中报点评 报告要点 [Table_Summary] 上半年营收同比增速 7.9%，归母净利润同比增速 8.2%。利息净收入延续高增长，主要信贷规 模高增长，非息净收入增速转正推动营收上行，中收&投资相关非息回暖。上半年末贷款较期初 大幅增长 13.4%，其中一般对公较期初大幅增长 21.3%，今年信贷重点投向对公政府类业务， 也有利于资产质量保持稳定。上半年末不良率环比持平于 0.76%，拨备覆盖率环比回升 4pct 至 374%，较期初-15pct。上半年不良净生成率 1.00%，较 Q1 下降 14BP，Q2 单季不良净生成率 降至 0.77%。宣告 2025 年将实施首次中期分红，分红比例 13.4%。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宁波 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 7.027 billion yuan for the first half of 2025, representing a year-on-year increase of 4.87%, and a net profit attributable to the parent company of 1.273 billion yuan, up 6.63% year-on-year [2][4]. - The electric tools segment showed rapid growth, with revenue reaching 742 million yuan in the first half of 2025, a 56% increase compared to the same period last year, accounting for 10.56% of total revenue [8]. - The company is benefiting from a global capacity layout, with hand tools revenue at 4.62 billion yuan, a 1.64% year-on-year increase, despite challenges from tariffs [8]. - The gross margin for the electric tools business improved to 28.99%, up 2.18 percentage points year-on-year, indicating enhanced profitability [8]. - The company has made significant progress in overseas capacity, with projects in Vietnam and Thailand nearing completion, allowing for dual delivery capabilities [8]. - Investment income for the second quarter of 2025 reached 250 million yuan, showing a slight increase from the previous year [8]. - The operating cash flow for the first half of 2025 was robust at 1.034 billion yuan, a 76.5% increase year-on-year, allowing for a mid-year dividend distribution of 299 million yuan [8]. - The company forecasts net profits attributable to the parent company of 2.651 billion, 3.181 billion, and 3.724 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 15, 12, and 10 [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth for the first half of the year is 5.8% year-on-year, with net profit growth of 16.48% and non-recurring net profit growth of 17.1%. The non-performing loan (NPL) ratio decreased to 1.09%, a reduction of 8 basis points from the previous quarter and a significant drop of 10 basis points from the beginning of the year. The provision coverage ratio increased to 343%, up 19 percentage points from the previous quarter and 21 percentage points from the start of the year. The net NPL generation rate fell to 0.31%, achieving the best levels since the company went public [2][6][11]. Summary by Sections Financial Performance - The company's total assets grew by 9.0% compared to the beginning of the year, with loans increasing by 10.2%. Corporate loans surged by 15.7%, driven by significant growth in the Shandong economy, with key sectors including government, retail, and manufacturing. Retail loans decreased by 4.4% due to demand factors [11][12]. Interest Income and Margin - The net interest margin for the first half of the year was 1.53%, reflecting a 2 basis point rebound compared to the full year of 2024. The growth in net interest income accelerated to 13.3%, attributed to improved funding costs. Non-interest income, however, saw a decline of 10.7% [11][12]. Asset Quality - The asset quality indicators showed significant improvement, with the NPL ratio dropping to 1.09% and the provision coverage ratio reaching 343%. The NPL generation rate hit a new low of 0.31%, down 32 basis points from the previous year. The corporate NPL ratio continued to decline, while retail NPLs showed some volatility but remained manageable [11][12]. Investment Recommendations - The company maintains strong performance in its interim results, with clear long-term growth potential. The current price-to-book (PB) ratio is 0.69x and the price-to-earnings (PE) ratio is 6.5x, indicating significant undervaluation. The recommendation remains to "Buy" [11][12].

丨证券研究报告丨 公司研究丨点评报告丨兴业证券（601377.SH） [Table_Title] 兴业证券 2025H 点评： 业绩延续回暖，自营财富贡献主要增量 [Table_Author] 报告要点 [Table_Summary] 2025H 兴业证券业绩延续回暖趋势。其中自营财富贡献主要增量，资管业务稍有回落，投行业 务有所承压。长期来看，市场回暖下看好公司发挥业务协同效应在财富管理、机构化进程加速 双轮驱动发展战略下的成长性，维持买入评级。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% SAC：S0490519080007 SFC：BUV596 research.95579.com 1 吴一凡 盛晓双 事件评论 风险提示 丨证券研究报告丨 2025-09-03 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 兴业证券（601377.SH） cjzqdt11111 [Table_Title 兴业证券 2025H 2] 点评： 业绩延续回暖，自营财富贡献主要增量 [Table_Summary2] 事件描述 兴业证券发布 2025 年半年报，报告期内分别实现营业收入 ...

请阅读最后评级说明和重要声明 丨证券研究报告丨 公司研究丨点评报告丨国泰海通（601211.SH） [Table_Title] 国泰海通 2025 年中报点评：合并后业绩实现高 增，打造国际一流投行 报告要点 [Table_Summary] 2025 年上半年，公司吸收合并后各业务条线实现大幅增长，带动业绩同比高增。中长期来看， 我们看好公司作为行业龙头在机构经纪与交易业务领域的持续拓展，依托于资源禀赋逐步开展 衍生品和配套业务的发展前景。 分析师及联系人 [Table_Author] 吴一凡 程泽宇 SAC：S0490519080007 SAC：S0490524090001 SFC：BUV596 %% %% %% %% research.95579.com 1 国泰海通（601211.SH） cjzqdt11111 [Table_Title 国泰海通 2025 2] 年中报点评：合并后业绩实现高 增，打造国际一流投行 [Table_Summary2] 事件描述 国泰海通发布 2025 年半年报，报告期内实现营业收入 238.72 亿元，同比+39.9%，实现归母 净利润 157.37 亿元，同比+213.7 ...

丨证券研究报告丨 公司研究丨点评报告丨招商公路（001965.SZ） [Table_Title] 收入表现稳健，成本拖累 Q2 业绩 报告要点 [Table_Summary] 招商公路发布 2025 年中报，2025Q2 公司实现营业收入 28.6 亿元，同比下降 3.4%，实现归 属净利润 11.7 亿元，同比下滑 17.0%。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 招商公路（001965.SZ） cjzqdt11111 [Table_Title2] 收入表现稳健，成本拖累 Q2 业绩 [Table_Summary2] 事件描述 招商公路发布 2025 年中报，2025H 公司实现营业收入 56.6 亿元，同比下滑 5.36%，实现归 属净利润 25.0 亿元，同比下滑 7.56%；其中 2025Q2 公司实现营业收入 28.6 亿元，同比下降 3. ...