Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company has experienced significant growth in revenue and net profit, with a revenue of 1.105 billion yuan, representing a year-on-year increase of 128.26%, and a net profit of 151 million yuan, up 940.64% year-on-year [4][8]. - The demand for high-speed connectors is expected to grow due to the increasing needs in AI computing and the automotive sector, particularly in electric vehicles [4][8]. - The company is projected to achieve net profits of 353 million yuan, 668 million yuan, and 873 million yuan for the years 2025 to 2027, respectively [2][8]. Summary by Sections Company Overview - The company has capitalized on the accelerating global digitalization and energy transition, leading to a robust performance in its communications and new energy vehicle sectors [8]. Financial Performance - The company reported a significant increase in both revenue and net profit for the first half of 2025, driven by strong performance in its communications and industrial new energy vehicle businesses [4][8]. - The company’s R&D investment reached 64.974 million yuan, a 27.31% increase year-on-year, focusing on high-speed and system-level innovations [8]. Market Opportunities - The global market for backplane connectors is expected to reach 3.69 billion USD by 2031, driven by AI server demands [8]. - The automotive high-frequency and high-speed connector market in China is projected to reach 13.62 billion yuan by 2025, fueled by the rise of smart driving and smart cockpit applications [8]. Strategic Initiatives - The company is enhancing its strategic positioning in communications, defense, and industrial sectors, focusing on high-speed connector advantages and expanding its client base [8]. - The company is also pursuing technological breakthroughs in high-speed products and system-level interconnect solutions for emerging fields like low-altitude economy and AI [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved revenue of 1.668 billion yuan in Q2 2025, representing a year-on-year increase of 16.57%. The net profit attributable to the parent company was 201 million yuan, with a non-recurring net profit of 155 million yuan, marking a return to profitability. The gaming business generated revenue of 1.49 billion yuan in Q2, up 9.0% year-on-year and 4.9% quarter-on-quarter [2][4] - The performance of PC games, including "Zhu Xian World" and esports products, has been stable, contributing to the growth in Q2 gaming operational performance. Several new games are expected to contribute marginal increases in Q3, with a focus on the follow-up testing progress of "Yihuan" [5][11] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 3.691 billion yuan, a year-on-year increase of 33.74%, with a net profit of 503 million yuan and a non-recurring net profit of 318 million yuan, marking a return to profitability. In Q2 alone, revenue was 1.668 billion yuan, with a net profit of 201 million yuan [4][11] - The gaming business generated 1.85 billion yuan in revenue in the first half of 2025, accounting for 50.2% of total revenue, with a year-on-year increase of 70.5%. Mobile game revenue was 970 million yuan, accounting for 26.2% of total revenue, down 33.0% year-on-year [11] Game Development and Releases - The domestic second test of the supernatural urban open-world RPG "Yihuan" has concluded, showing significant improvements in game optimization and receiving positive market feedback. A new round of testing is expected to begin within the year [11] - The company is also focusing on the release of new versions and games, including "Zhu Xian World" and "Zhu Xian 2," which are anticipated to drive revenue growth [11] Future Outlook - The company forecasts net profits of 780 million yuan and 1.56 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 39.5 times and 19.9 times [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 14.82 billion yuan for H1 2025, representing a year-on-year increase of 3.3%, while the net profit attributable to shareholders was 1.74 billion yuan, down 11.0% year-on-year, slightly exceeding expectations. The company plans to distribute an interim dividend of 870 million yuan, with a payout ratio of 50% [2][4]. Summary by Sections Performance Overview - In H1 2025, the company's revenue reached 14.82 billion yuan, with a year-on-year growth of 3.3%. The net profit attributable to shareholders was 1.74 billion yuan, reflecting a year-on-year decline of 11.0%. The performance was slightly better than expected, and the company intends to distribute an interim dividend of 870 million yuan, maintaining a dividend payout ratio of 50% [2][4]. Channel Performance - Revenue from direct sales, wholesale, and e-commerce channels in H1 2025 was 3.38 billion yuan, 6.88 billion yuan, and 4.30 billion yuan, respectively, with year-on-year changes of -3%, +4%, and +7%. The running and training categories were the main drivers of revenue growth, while basketball and lifestyle categories continued to decline [6]. Operational Metrics - The overall operating profit margin (OPM) was 16.5%, slightly down by 0.2 percentage points year-on-year, but better than market expectations. The gross margin decreased by 0.4 percentage points to 50.0%. The company increased its advertising and marketing expenses, which accounted for 9.0% of revenue, up 0.3 percentage points year-on-year [6]. Future Outlook - The company is expected to achieve net profits of 2.59 billion yuan, 2.77 billion yuan, and 2.99 billion yuan for the years 2025, 2026, and 2027, respectively. The current price corresponds to price-to-earnings (P/E) ratios of 17, 16, and 15 times for the respective years [8].

Core Insights - The A-share market experienced a day of sideways fluctuations, with the Shanghai Composite Index closing higher, indicating a "slow bull" trend despite increased volatility [5][9] - The technology sector outperformed, particularly in telecommunications and electronics, with significant gains observed [5][9] Market Performance - The Shanghai Composite Index rose by 1.14%, the Shenzhen Component increased by 2.25%, and the ChiNext Index surged by 3.82% [9] - The total market turnover was approximately 3.00 trillion yuan [9] Sector Performance - On August 28, 2025, leading sectors included telecommunications (+7.21%), electronics (+5.27%), non-metallic materials (+2.19%), and national defense industry (+2.02%) [9] - Underperforming sectors included coal (-0.85%), agricultural products (-0.54%), and food and beverage (-0.39%) [9] Conceptual Trends - The report highlighted the strong performance of the semiconductor industry chain, driven by explosive demand for AI infrastructure [9] - Key areas of focus include AI computing hardware, innovative pharmaceuticals in Hong Kong, and self-sufficient sectors such as chips and military industry [9] Future Outlook - The report maintains a bullish outlook on the Chinese stock market, anticipating continued monetary and fiscal support [9] - Historical patterns from previous bull markets in 1999, 2014, and 2019 suggest a potential for market resilience against external risks [9] Investment Strategy - Suggested investment directions include focusing on non-bank sectors in a "slow bull" market, AI computing, and sectors benefiting from improved supply-demand dynamics such as metals, transportation, chemicals, lithium batteries, and photovoltaics [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first half of 2025, the company achieved operating revenue of 7.39 billion, a decrease of 6.6% year-on-year, while net profit attributable to shareholders was 0.89 billion, an increase of 9.8% year-on-year [2][4]. - The company produced 55.31 million weight boxes of high-quality float glass, an increase of 280,000 weight boxes year-on-year, and sold 52.21 million weight boxes, an increase of 3.39 million weight boxes year-on-year [4]. - The production of photovoltaic glass processing sheets reached 27.926 million square meters, with sales of 26.672 million square meters, reflecting a year-on-year growth of 44.21% [9]. Summary by Sections Financial Performance - The company reported a gross margin of 13.2% in the first half of 2025, a decrease of 11.1 percentage points year-on-year, with a period expense ratio of 7.7%, down 4.3 percentage points year-on-year [9]. - The average selling price of float glass was 53.7 yuan per weight box, down 22.3 yuan year-on-year, while the average selling price of photovoltaic glass was 12.1 yuan per square meter, down 3.6 yuan year-on-year [9]. Production and Sales - The production and sales of float glass showed resilience, with production increasing by 0.5% and sales increasing by 6.9% year-on-year [9]. - The company is expected to reach a photovoltaic glass production capacity of 13,000 T/D after the completion of a new production line [9]. Investment Outlook - The company is anticipated to achieve a net profit of 1.1 billion in 2025, corresponding to a price-to-earnings ratio of 15 times [9].

丨证券研究报告丨 联合研究丨公司点评丨沃尔核材（002130.SZ） [Table_Title] 开展单通道 448G 通信线样品开发，AI 业务 加速推进 报告要点 [Table_Summary] 公司在传统热缩材料及电力领域优势稳固，液冷充电枪为代表的新能源产品加速放量，打开公 司增长空间。子公司乐庭智联为高速数通铜缆全球龙头供应商，"技术领先+规模化智造"双轮 驱动，不断巩固竞争优势。乐庭智联有望充分受益于 AI 数通需求而迎来规模的快速爆发。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Author] 于海宁 杨洋 刘泽龙 蔡少东 SAC：S0490517110002 SAC：S0490517070012 SAC：S0490525040002 SAC：S0490522090001 SFC：BUX641 SFC：BUW100 1 沃尔核材（002130.SZ） cjzqdt11111 [Table_Title 开展单通道2]448G 通信线样品开发，AI 业务 加速推进 [Table_Summary2] 事件描述 沃尔核材发布 ...

Quantitative Models and Factor Construction Quantitative Models and Their Construction - **Model Name**: CSI A500 Dividend Low Volatility Index **Model Construction Idea**: The model selects 50 stocks with high cash dividend yields and low volatility from the CSI A500 Index sample to reflect the overall performance of high-dividend and low-volatility securities[2][7][34] **Model Construction Process**: 1. **Sample Screening**: - Select stocks with an average cash dividend yield over the past three years ranked in the top 50%[37] - Filter stocks with a dividend payout ratio between 0 and 1 over the past three years[37] - Include stocks with consistent cash dividends over the past three years[37] 2. **Volatility Screening**: - Rank stocks by the standard deviation of daily returns over the past year in ascending order and select the top 50[37] 3. **Weighting**: - Apply dividend yield weighting with individual stock weights capped at 10% and sector weights capped at 30%[37] **Model Evaluation**: The model demonstrates strong performance in controlling volatility and maintaining stability, especially during high market fluctuations[44][46] Quantitative Factors and Their Construction - **Factor Name**: Dividend Yield **Factor Construction Idea**: Dividend yield is used to measure the relative valuation and dividend level of a stock, reflecting its profitability and cash flow stability[13] **Factor Construction Process**: - Formula: $ \text{Dividend Yield} = \frac{\text{Sum of Cash Dividends (Past 12 Months)}}{\text{Market Capitalization}} \times 100\% $ - Parameters: Cash dividends represent the total dividends distributed by the stock in the past 12 months; market capitalization is the total market value of the stock[27] **Factor Evaluation**: The factor provides a stable income source for investors and reflects the operational health of companies with high dividends[13][24] Backtesting Results of Models and Factors Model Backtesting Results - **CSI A500 Dividend Low Volatility Index**: - Annualized Return: 15.49% (2013.12.31–2025.08.25)[2][7][41] - Volatility: 1.21% (full period)[45] - Maximum Drawdown: 40.52% (full period)[46][47] Factor Backtesting Results - **Dividend Yield Factor**: - Risk Premium: 2.51% (as of 2025.08.25), with a historical high of 5.84% since 2008[24][25] - Dividend Yield: Weighted average of 4.82% for the top 10 constituents of the CSI A500 Dividend Low Volatility Index[57][58] Additional Insights - The CSI A500 Dividend Low Volatility Index demonstrates a balanced sector distribution, with the banking sector accounting for the largest weight (28.74%)[48][51] - The index constituents are primarily large-cap stocks, with 67% of the market weight concentrated in companies valued over 1 trillion RMB[55][56] - The index's valuation (PE TTM) is 10.39, slightly higher than other dividend indices, reflecting its mid-cap focus and growth potential[63][70]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - The release of the "Artificial Intelligence+" action plan by the State Council on August 26, 2025, aims to integrate AI across various sectors, leading to a transformative shift in productivity and economic structure [2][7]. - By 2027, the plan targets over 70% penetration of AI applications in six key areas, with a goal of exceeding 90% by 2030, indicating significant infrastructure development opportunities [7][13]. - The rapid development of AI is expected to create new demands for infrastructure, including intelligent upgrades in scientific research platforms and municipal facilities [13]. - The report highlights that design firms are likely to benefit significantly from the AI-driven initiatives, enhancing their operational efficiency and capabilities [13]. Summary by Sections Event Description - The "Artificial Intelligence+" action plan aims to deeply integrate AI into various sectors, reshaping production and living paradigms [7]. Event Commentary - The plan emphasizes the need for intelligent urban planning and governance, which is expected to directly benefit the construction industry [13]. - It outlines key actions for AI integration in design, production, and service operations, enhancing overall industry efficiency [13]. Future Opportunities - Companies specializing in planning and design, such as Huasheng Group and Huayang International, are identified as potential beneficiaries of the AI initiatives [13]. - The report suggests that state-owned design platforms are also exploring AI applications to enhance digital infrastructure and urban intelligence [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 14.098 billion in H1 2025, a year-on-year decrease of 23.99%, with a net profit attributable to shareholders of 0.092 billion, down 84.57% year-on-year [2][6]. - The second quarter of 2025 saw a revenue of 7.934 billion, a year-on-year decrease of 35.37%, but a quarter-on-quarter increase of 28.69% [2][6]. - The company anticipates a revenue of 33.565 billion in the second half of 2025, representing a year-on-year increase of 14.4%, with a projected net profit of 0.5 billion, up 88.7% year-on-year [6]. Financial Performance Summary - In H1 2025, domestic business revenue was 12.89 billion (down 24.9% year-on-year), while foreign trade subcontracting revenue was 0.87 billion (down 13.5% year-on-year) [6]. - The company’s gross profit margin for H1 2025 was 10.96%, a decrease of 0.31 percentage points year-on-year, while the net profit margin was 1.07%, down 2.48 percentage points year-on-year [6]. - As of the end of H1 2025, the company had a contract liability balance of 6.254 billion, an increase of 39.42% compared to the beginning of the period [6]. Business Development Insights - The company is focusing on a development strategy that includes both military and civilian aircraft engines, with an increase in the proportion of new aircraft models in mass production [6]. - The company successfully developed a civil small and medium-sized aircraft engine brand, with the AES100 engine receiving production certification from the Civil Aviation Administration [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 650 million yuan for the first half of 2025, representing a year-on-year increase of 22.2%. The net profit attributable to shareholders was 170 million yuan, up 42.0% year-on-year, and the net profit after deducting non-recurring gains and losses was also 170 million yuan, reflecting a 50.1% increase year-on-year [2][6] - In Q2 alone, the company achieved a revenue of 340 million yuan, which is a 20.3% increase year-on-year and a 7.2% increase quarter-on-quarter. The net profit for the quarter was 90 million yuan, up 33.8% year-on-year and 8.5% quarter-on-quarter [2][6] - The approval of D-alloheptulose in China opens up the domestic market, marking a significant milestone for the company and the industry [11] - The company has seen continuous growth in its main product lines, with the prebiotic series generating 190 million yuan in revenue (up 25.3% year-on-year), dietary fiber series at 350 million yuan (up 21.2% year-on-year), and health sweeteners series at 90 million yuan (up 55.6% year-on-year) [11] - The company is expanding its production capacity with ongoing projects, including a soluble dietary fiber project and a crystallized sugar project, which are expected to enhance production scale and reduce costs [11] - New product development has yielded positive results, with the successful launch of high-end products like isomaltulose and crystallized fructose, enhancing the company's market competitiveness [11] - The company is recognized as a global leader in the food additive industry, with a strong growth outlook for the coming years, projecting net profits of 350 million, 480 million, and 680 million yuan for 2025, 2026, and 2027 respectively [11]