Investment Rating - The investment rating for Chengdu Bank is "Buy" and is maintained [8]. Core Views - Chengdu Bank's performance in the first half of the year exceeded expectations, with revenue growth of 5.9% year-on-year and net profit growth of 7.3% [2][6]. - The bank's net interest income increased by 7.6%, reflecting a stabilization in net interest margin and rapid loan growth [2][12]. - The non-performing loan (NPL) generation rate dropped to a near-record low of 0.18%, with the NPL ratio remaining stable at 0.66% [2][12]. Summary by Sections Financial Performance - Revenue growth for the first half of the year was 5.9%, with a quarterly increase of 8.5% in Q2. Net profit grew by 7.3%, with Q2 showing an 8.7% increase [2][6]. - Net interest income growth was 7.6%, with Q2 showing a significant increase to 11.6% [12]. - Total assets grew by 9.8% compared to the beginning of the year, with loans increasing by 12.4% [12]. Asset Quality - The NPL ratio remained stable at 0.66%, with a provision coverage ratio of 453% [2][12]. - The NPL generation rate decreased to 0.18%, significantly better than industry peers [12]. Loan and Deposit Growth - Total loans increased by 921 billion, with a year-on-year increase of 12.4% [2][12]. - Deposits grew by 11.2%, with a decrease in the proportion of demand deposits [12]. Interest Margin and Cost Management - The net interest margin was 1.62%, slightly down from the previous year but showing signs of stabilization [12]. - The cost-to-income ratio improved, driven by stable credit impairment provisions and tax rates [12]. Investment Recommendations - The bank's return on equity (ROE) and asset quality metrics are industry-leading, with a projected dividend yield of 5.3% for 2025 [12]. - The stock is recommended for purchase, with a price-to-book (PB) ratio of 0.86x and a price-to-earnings (PE) ratio of 5.7x [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved revenue of 4.243 billion yuan in Q2 2025, a year-on-year decrease of 5.33%, while the net profit attributable to shareholders was 851 million yuan, an increase of 31.24% year-on-year [2][4] - The company has a rich product and IP reserve, with several new games expected to launch in early 2025, contributing to stable performance in Q2 [2][12] - The company’s overseas revenue for H1 2025 was 2.724 billion yuan, accounting for 32.1% of total revenue, despite a year-on-year decrease of 6.0% [12] Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 8.486 billion yuan, a year-on-year decrease of 8.08%, and a net profit of 1.4 billion yuan, an increase of 10.72% year-on-year [4] - Q2 2025 saw a net profit of 851 million yuan, with a net profit margin of 20.1% [12] Product Development - The company has multiple new games set to launch, including "Time Explosion" and "Heroes Don't Flash," which are expected to perform well in the market [12] - The company’s self-developed MMO "Douluo Dalu: Hunting World" began public testing in July 2025, with plans for gradual revenue contribution [12] Cost Management - Q2 2025 saw a reduction in sales expenses to 1.992 billion yuan, a decrease of 4.8% year-on-year, leading to a sales expense ratio of 46.9%, the lowest since 2022 [12] - The gross profit margin slightly decreased to 76.1% due to an increase in agency product proportion, but the net profit margin improved significantly [12] Shareholder Returns - The company plans to distribute a cash dividend of 2.1 yuan for every 10 shares, maintaining a high dividend payout ratio of approximately 66% of net profit for H1 2025 [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In the first half of 2025, the company's rail transit equipment business showed steady growth, while the emerging equipment business continued to make breakthroughs. The rail transit business is expected to maintain stability, and the semiconductor sector, particularly the IGBT for rail transit power grids, is on an upward trend. The company is optimistic about the dual-driven growth from rail transit equipment and emerging equipment [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.214 billion yuan, a year-on-year increase of 17.95%. The net profit attributable to the parent company was 1.672 billion yuan, up 12.93%, while the net profit after deducting non-recurring items reached 1.588 billion yuan, marking a significant growth of 37.04% [6]. Rail Transit Equipment Business - The revenue from the rail transit equipment business in the first half of 2025 was 6.911 billion yuan, reflecting a year-on-year increase of 12.58%. The breakdown includes 5.515 billion yuan from rail transit electrical equipment, 563 million yuan from rail engineering machinery, 470 million yuan from communication signal systems, and 363 million yuan from other rail transit equipment. The company maintained a stable market share in the bidding for high-speed trains and locomotives, with ongoing progress in the performance verification of the CR450 high-speed train series and continuous advancements in the development of new energy locomotives [6][11]. Emerging Equipment Business - The emerging equipment business generated revenue of 5.244 billion yuan in the first half of 2025, representing a year-on-year increase of 25.88%. The revenue breakdown includes 2.416 billion yuan from basic components, 999 million yuan from electric drive systems for new energy vehicles, 1.047 billion yuan from new energy power generation, 359 million yuan from industrial converters, and 423 million yuan from marine engineering equipment. The company made significant progress in various sectors, including power semiconductors, electric drive systems, and marine engineering equipment, achieving new orders and market breakthroughs [6][11]. Future Outlook - The company expects the rail transit business to continue its upward trend in 2025, with the semiconductor sector also showing positive prospects. The forecast for net profit attributable to the parent company is 4.3 billion yuan for 2025 and 4.92 billion yuan for 2026, corresponding to price-to-earnings ratios of 15.2 and 13.3 times, respectively [6][11].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Views - In Q2 2025, the company experienced rapid revenue and performance growth, significantly driven by the increase in active components revenue, achieving a record growth rate [2][6]. - The Thai production line's capacity is continuously being released, with the 1.6T optical engine ramping up production, contributing to the company's revenue growth [2][6]. - The company is expected to benefit from the blue ocean market brought by CPO/OIO penetration in the long term [2][6]. Summary by Sections Revenue and Performance - In H1 2025, the company achieved operating revenue of 2.46 billion yuan, a year-on-year increase of 57.8%, and a net profit attributable to the parent company of 900 million yuan, up 37.5% year-on-year [6]. - In Q2 2025, the company reported operating revenue of 1.51 billion yuan, a year-on-year increase of 83.3% and a quarter-on-quarter increase of 60.0% [6]. Product Performance - The demand for high-speed optical devices has surged, driven by the global data center expansion needs fueled by AI, leading to a rapid increase in the demand for both passive and active optical components [11]. - In H1 2025, active optical components generated revenue of 1.57 billion yuan, a year-on-year increase of 91.0%, while passive optical components generated revenue of 860 million yuan, a year-on-year increase of 23.8% [11]. Cost and Profitability - The gross margin for Q2 2025 was 49.4%, down 10.4 percentage points year-on-year and 3.7 percentage points quarter-on-quarter, attributed to the initial production phase of the Thai factory and the structural changes in product mix [11]. - The company’s net profit margin for Q2 2025 was 37.2%, down 8.4 percentage points year-on-year but showed a slight recovery of 1.4 percentage points quarter-on-quarter due to improved expense ratios [11]. Future Outlook - The company is expected to see continued profit margin enhancement from the scale effect of its active optical business [11]. - The long-term outlook remains positive with anticipated benefits from CPO/OIO market penetration, supported by increased R&D investments in various optical component fields [11].

- The report tracks the progress of mid-year financial disclosures for A-shares, noting that as of August 27, 2025, the disclosure rate is approximately 73%, which is higher than the same period from 2022 to 2024[1][3][11] - Industries with high net profit growth include agricultural products, media and internet, metal materials and mining, comprehensive finance, and electronics[1][5][17] - Secondary industries with high net profit growth include poultry farming, fiberglass and products, diversified consumer goods trade, entertainment, and rare earth magnetic materials[1][5][17] - The highest disclosure rates among primary industries are building products (85%), coal (84%), testing services (83%), oil and petrochemicals (81%), and metal materials and mining (81%)[4][15] - The lowest disclosure rates among primary industries are real estate (58%), construction engineering (57%), insurance (50%), comprehensive finance (46%), and banking (38%)[4][15]

金融工程丨专题报告 丨证券研究报告丨 [Table_Title] 南向交易资金关注了哪些行业？ 报告要点 [Table_Summary] 2025 年前 7 个月，医疗保健业、地产建筑业、工业、必需性消费、非必需性消费、金融业等保 持了持续净流入，而 8 月份截止到 22 日，净流入最多的是资讯科技业，达到 287.78 亿港元， 其次是金融业，净流入 242.12 亿港元。从"净买入占比"来看，今年以来截止到 8 月 22 日南 向资金参与度最高的是电讯，净买入占比均值达到 16.18%，其次是煤炭，净买入占比均值为 15.08%，而农业产品、消费者主要零售商、工用支援三个行业排名第 3 到第 5。 分析师及联系人 [Table_Author] 覃川桃 鲍丰华 SAC：S0490513030001 SAC：S0490521070001 SFC：BUT353 请阅读最后评级说明和重要声明 %% %% %% %% 从今年截止到 8 月 22 日的估算数据来看，平均参与度最高的是电讯，净买入占比均值达到 16.18%，其次是煤炭，净买入占比均值为 15.08%，而农业产品、消费者主要零售商、工用支 援三个行业的净 ...

Investment Rating - The investment rating for Hisense Visual Technology is "Buy" and is maintained [8] Core Views - In the first half of 2025, the company achieved operating revenue of 27.231 billion yuan, a year-on-year increase of 6.95%, and a net profit attributable to shareholders of 1.056 billion yuan, up 26.63% year-on-year [2][6] - The second quarter of 2025 saw revenue of 13.855 billion yuan, representing an 8.59% year-on-year growth, with a net profit of 502 million yuan, up 36.82% year-on-year [2][6] - The company maintains a strong market position in the smart display terminal business, with a global market share of 14.38% in television shipments, an increase of 0.57 percentage points year-on-year [11] - The gross profit margin for the first half of 2025 was 16.37%, an increase of 1.01 percentage points, primarily due to product structure optimization [11] - The company is expected to see continued growth in net profit, with projections of 2.518 billion, 2.722 billion, and 3.013 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 11.48, 10.62, and 9.59 [11] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 27.231 billion yuan, a 6.95% increase year-on-year, and a net profit of 1.056 billion yuan, up 26.63% year-on-year [2][6] - The second quarter of 2025 showed revenue of 13.855 billion yuan, an 8.59% increase year-on-year, with a net profit of 502 million yuan, reflecting a 36.82% year-on-year growth [2][6] Market Position - The company holds a leading position in the smart display terminal market, with a global television shipment market share of 14.38%, and a retail market share of 29.96% in China [11] - The company is focusing on large-screen and high-end products, achieving significant market shares in the 98-inch and above categories [11] Profitability - The gross profit margin improved to 16.37% in the first half of 2025, benefiting from product structure optimization [11] - Operating profit for the first half of 2025 was 833 million yuan, an increase of 8.33% year-on-year, with the second quarter's operating profit reaching 376 million yuan, up 23.20% year-on-year [11] Future Outlook - The company is expected to benefit from structural demand in the television industry, with projections for net profit growth in the coming years [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a revenue of 2.9 billion yuan in the first half of 2025, a decrease of 5% year-on-year, while the net profit attributable to shareholders is projected to be 220 million yuan, an increase of 4% year-on-year [2][4]. - The second quarter revenue is anticipated to be 1.9 billion yuan, down 7% year-on-year, with a net profit of 250 million yuan, up 12% year-on-year [2][4]. - The company is expected to achieve net profits of approximately 470 million yuan and 580 million yuan in 2025 and 2026, respectively, corresponding to valuations of 16 and 13 times [6]. Financial Performance - The company reported a gross margin of approximately 30.3% in the first half of the year, with a slight year-on-year decline in tile gross margin to 31.5% and an increase in sanitary ware gross margin to 22.4% [11]. - The net profit margin for the first half of the year was approximately 7.5%, an increase of 0.6 percentage points year-on-year, with the second quarter net profit margin reaching 12.8%, up 2.2 percentage points year-on-year [11]. - The cash flow from operating activities for the first half of the year was 440 million yuan, an increase of 210 million yuan year-on-year, indicating improved operational quality and collection capabilities [11]. Market Dynamics - The company has seen a 5.9% year-on-year increase in revenue from the retail channel for tiles, with high-value product revenue growing by 19.5% [11]. - The company has opened 133 new stores and upgraded 168 existing ones, indicating a focus on expanding its retail presence [11]. - The supply exit in the tile industry is significant, with a projected 12% year-on-year decline in ceramic tile production in 2024, leading to a reduction in the number of enterprises in the industry [11].

Market Overview - The A-share market opened mixed, with major indices experiencing a pullback in the afternoon, leading to an overall increase in trading volume. The Shanghai Composite Index fell by 1.76%, the Shenzhen Component Index decreased by 1.43%, and the ChiNext Index dropped by 0.69%. The total market turnover was approximately 3.20 trillion yuan, with 4,761 stocks declining [3][9]. Sector Performance - In terms of sector performance on August 27, 2025, the telecommunications sector rose by 1.42%, while real estate (-3.47%), insurance (-2.97%), and environmental protection (-2.86%) sectors led the declines. Notable concept stocks included optical modules (+2.58%), rare earths (+2.21%), and optical communications (+1.95%), while the smallest market capitalization stocks (-4.42%) and digital currency (-4.05%) faced significant declines [9]. Market Drivers - The A-share market's volatility increased due to profit-taking and weakness in heavyweight stocks, causing major indices to decline. The State Council's issuance of opinions on the "Artificial Intelligence +" initiative has continued to support the AI industry chain, with stocks related to optical modules, optical communications, and computing hardware leading the gains. Additionally, rare earth issues have resurfaced as a focus of tariffs, with domestic rare earth stocks performing well due to better-than-expected earnings from leading companies [9]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, suggesting that monetary and fiscal support policies may still be forthcoming. Historical experiences indicate that domestic policy interventions can help the stock market withstand external risks and volatility. The report anticipates a bullish market trend, drawing parallels to bull markets in 1999, 2014, and 2019 [9]. Investment Strategy - The report suggests focusing on non-bank sectors that align with a "slow bull" market, particularly in technology growth areas such as AI computing, Hong Kong innovative pharmaceuticals, and military industries. It also recommends paying attention to sectors benefiting from improved supply-demand dynamics, including metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming [9].

市场策略丨点评报告 [Table_Title] 0827 港股日评：三大股指回调，港股通食品饮 料领涨 报告要点 [Table_Summary] 2025 年 8 月 27 日，港股市场大市成交额达到 3713.8 亿港元，南向资金净买入 153.71 亿港 元。美国关税政策预期反复及白宫人事动荡扰动全球风险偏好，叠加恒生指数逼近 26000 点关 键心理关口，部分资金选择获利了结，从而压制港股市场表现。港股医药板块近期表现承压， 主要由于前期涨幅较大，估值已升至相对高位，导致市场短期情绪有所回落，资金在板块间呈 现"高低切换"的趋势，流向估值较低的领域。 分析师及联系人 丨证券研究报告丨 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0827 港股日评：三大股指回调，港股通食品饮 2] 料领涨 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 1.27%报 25201.76，恒生科技回调 1.47%报 5697.53 ...