公 司 报 告 医药 2025年08月25日 博腾股份(300363.SZ) 主业利润率持续改善，新分子业务亏损收窄 年 报 点 评 研 究 报 告 推荐 ( 维持) 股价:23.44元 行情走势图 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 倪亦道 | 投资咨询资格编号 | 事项： 公司发布25年中报：实现营收16.21亿元（yoy+19.88%），实现归母净利润 0.27 亿 元 （ yoy+115.91% ） ， 扣 非 后 归 母 净 利 润 642.18 万 元 （yoy+103.69%）。 单Q2实 现 营收 8.20亿 元（yoy+21.56%） ，毛利 率 28.89%，归母净利润0.31亿元，扣非后归母净利润0.17亿元，扭亏为盈。 平安观点： S1060518070001 021-38640502 NIYIDAO242@pingan.com.cn 王钰畅 投资咨询资格编号 S1060524090001 WANGYUCHANG804 ...

电力设备及新能源 2025 年 8 月 25 日 行业周报 工信部召开光伏产业座谈会，菲律宾年内将举行海风拍卖 强于大市（维持） 行情走势图 -10% 0% 10% 20% 30% 40% 50% 60% 2024/08/21 2025/01/21 2025/06/21 沪深300指数 电力设备及新能源 行 业 周 报 证 券 研 究 报 告 风电：菲律宾将在年内举行 3.3 吉瓦固定式海风拍卖。菲律宾能源部 (DOE)表示，计划于今年年底前举行第 5 次绿色能源拍卖计划 (GEA-5)， 其中，固定式海上风电项目预计拍卖规模 3.3GW，预计于 2028 年至 2030 年之间投运。GWEC 认为，中国和欧洲在未来将继续主导全球海上 风电发展，同时亚太、北美和拉美等新兴市场亦将迎来增长，预计到 2029 年中国和欧洲的累计装机全球市场份额将从 2024 年的 94%下降至 89%，到 2034 年下降至 84%，新兴海风市场中长期有望接棒发力。 GWEC 预计，2025-2034 年，亚太市场除中、日、韩外，菲律宾、越 南、澳大利亚等市场亦有望新增海风装机。菲律宾于 2025 年 6 月启动了 第五次绿色能 ...

证券研究报告 创新药黄金赛道梳理之PD-1（PD-L1）/VEGF双抗 生物医药行业强于大市（维持） 平安证券研究所生物医药团队 分析师： 叶寅投资咨询资格编号:S1060514100001邮箱：YEYIN757@PINGAN.COM.CN 倪亦道投资咨询资格编号:S1060518070001邮箱：NIYIDAO242@PINGAN.COM.CN 韩盟盟投资咨询资格编号:S1060519060002邮箱：HANMENGMENG005@PINGAN.COM.CN 裴晓鹏投资咨询资格编号:S1060523090002邮箱：PEIXIAOPENG719@PINGAN.COM.CN 何敏秀投资咨询资格编号:S1060524030001邮箱：HEMINXIU894@PINGAN.COM.CN 王钰畅投资咨询资格编号:S1060524090001邮箱：WANGYUCHANG804@PINGAN.COM.CN 曹艳凯投资咨询资格编号:S1060524120001邮箱：CAOYANKAI947@PINGAN.COM.CN 张梦鸽投资咨询资格编号:S1060525070003邮箱：ZHANGMENGGE752@PINGAN.C ...

行 业 报 告 食品饮料 2025年08月25日 行业点评 亚宠展：产品工艺持续迭代，精细化喂养大势所趋 强于大市( 维持) 相关研究报告 【平安证券】行业周报*大消费*7月社零同比3.7%， 消费子行业间分化明显*强于大市20250817 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 BVG933 wangxingyun937@pingan.com.cn 事项： 2025年8月20日，第27届亚洲宠物展在上海开幕，本届展览面积达31万平，再 创规模新高，全产业2600+展商与2万余品牌参与。 行情走势图 平安观点： 喂养拟人化，添加中式成分契合国内消费者诉求。本届亚宠展上，我们 看到伴随越来越多的消费者将宠物视为家庭成员，宠物食品成分添加也 越来越拟人化。如朗诺在亚宠展上展出的五珍主食罐添加了灵芝、当 归、牡蛎、酸枣核、雨生红球藻等五大具备中式特色的原料，在满足宠 物营养需求的同时，也满足了消费者的情绪诉求。 投资观点：我们认为从亚宠展的反馈来看，宠物行业依然维持在较高景 证 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [7][11] Core Views - The company achieved a revenue of 375 million yuan in the first half of 2025, representing a year-over-year increase of 10.11%, while the net profit attributable to shareholders decreased by 7.12% to 71 million yuan [3] - The company is expanding its overseas market presence, with overseas revenue reaching 67 million yuan in the first half of 2025, primarily through self-built sales channels and a dedicated business development team [6] - The domestic market remains stable, with domestic revenue of 308 million yuan in the first half of 2025 and a steady increase in customer acquisition [6] Financial Summary - The company forecasts revenue growth from 622 million yuan in 2023 to 1.108 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18% [5] - Net profit is projected to increase from 159 million yuan in 2023 to 197 million yuan in 2027, with a notable recovery expected in 2025 [5][9] - The gross margin is expected to stabilize around 62-63% over the forecast period, indicating strong cost management [5][9] Performance Metrics - The company reported a gross margin of 65.30% in Q2 2025, an increase of 2.03 percentage points year-over-year [6] - The return on equity (ROE) is projected to improve from 5.1% in 2024 to 7.5% in 2027, reflecting enhanced profitability [9] - The price-to-earnings (P/E) ratio is expected to decrease from 69.5 in 2024 to 38.7 in 2027, indicating a potential increase in valuation attractiveness [9]

ETF Market Overview - The overall performance of ETF products has been good in the past two weeks, with the largest increase seen in the Sci-Tech 50 ETF among major broad-based ETFs, and the technology sector ETF showing the highest growth among industry and thematic products [3][12] - The net outflow of funds from broad-based ETFs has slowed down, with net inflows observed in the Shanghai 50, CSI 500, and CSI 1000/2000 series ETFs, while the outflow from the CSI 300 and A series ETFs has also decelerated [3][13] - In the bond ETF sector, there has been significant inflow into government bond ETFs, convertible bond ETFs, and credit bond ETFs, while short-term and local government bond ETFs have shifted from net inflow to net outflow [3][18] ETF Fund Flow Analysis - As of August 22, 2025, 15 new ETFs were established in the past two weeks, with a total issuance of 10.12 billion shares, all of which are stock ETFs [3][22] - Compared to the end of 2024, the scale of various ETFs has increased significantly, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs rising by 207.63%, 101.55%, 63.74%, 28.88%, and 10.52% respectively [3][22] Thematic ETF Tracking - AI-themed ETFs have shown strong performance, with products tracking AI-related indices leading in returns over the past two weeks, achieving an average return of 17.55% and a net inflow of 2.145 billion yuan [3][28] - The technology sector ETFs have seen a shift from significant outflows at the beginning of the year to inflows since March, although recent weeks have shown a return to net outflows [3][18] - The renewable energy ETFs have transitioned from net outflows to net inflows, while dividend ETFs have shifted from net inflows to net outflows [3][18] Fund Management Scale Distribution - As of August 22, 2025, Huaxia Fund has the largest ETF scale at 842.794 billion yuan, with E Fund's ETF management scale expanding by over 300 billion yuan compared to the previous year [3][23]

Group 1: Industrial Production - Overall industrial production in China remains stable, with daily pig iron output and steel plate production increasing week-on-week[1] - The operating rate of some chemical products has improved, while the operating rate of float glass remains stable compared to last week[1] - The operating rates for polyester in textiles and weaving industries have shown seasonal recovery[1] Group 2: Real Estate - New home sales in 30 major cities decreased by 12.5% year-on-year as of August 22, 2025, but improved by 6.1 percentage points compared to the previous month[1] - The second-hand housing listing price index fell by 0.37% week-on-week as of August 11, 2025[1] Group 3: Domestic Demand - Movie box office revenue averaged 176.7 million yuan per day, up 14.9% year-on-year as of August 22, 2025[1] - Retail sales of automobiles increased by 2% year-on-year from August 1-17, 2025, compared to a 7% increase in July[1] - The volume of postal express deliveries grew by 13.5% year-on-year as of August 17, 2025, although it has slightly declined from the previous week[1] Group 4: External Demand - Port cargo throughput increased by 5.4% year-on-year as of August 17, 2025, while container throughput rose by 5.0%[1] - The export container freight rate index decreased by 1.5% week-on-week, indicating a downward trend in shipping costs[1] Group 5: Price Trends - The Nanhua Industrial Index fell by 0.7%, with the black raw materials index dropping by 2.0% this week[1] - Futures prices for rebar decreased by 2.2%, while spot prices fell by 1.5%[1] - Coking coal futures prices dropped by 5.5%, although spot prices in Shanxi rose by 0.3%[1]

Economic Policies - The US will impose a 15% tariff on most EU goods, including cars and pharmaceuticals, while the EU will eliminate tariffs on US industrial products[2] - The US July new housing starts increased by 5.2% to 1.428 million units, exceeding market expectations of 1.29 million[2] - The US August Markit Manufacturing PMI preliminary value reached 53.3, the highest since May 2022, significantly above the expected 49.5[2] Market Trends - Global stock markets showed mixed performance, with US tech stocks under pressure due to concerns over AI commercialization returns[12] - The S&P 500 index rose by 0.3%, while the Nasdaq fell by 0.6% during the week[14] - The CME FedWatch data indicated a decrease in the probability of a 25 basis point rate cut in September from 92.1% to 75%[2] Inflation and Employment - The latest initial jobless claims in the US rose by 11,000 to 235,000, the highest since June, surpassing the expected 225,000[2] - The UK July CPI increased to 3.8%, the fastest rise since January 2024, with core CPI also at 3.8%[4] Global Asset Performance - Brent and WTI crude oil prices rose by 2.9% and 1.4%, respectively, while gold prices remained stable[20] - The US dollar index fell by 0.12% to 97.72, with the euro and yen strengthening against the dollar[23]

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [27] Core Insights - The release of DeepSeek-V3.1, utilizing the new UE8M0 FP8 Scale parameter precision, is expected to accelerate the application and popularization of domestic large models in China [4][8] - The collaboration between DeepSeek-V3.1 and domestic AI chips is anticipated to enhance the competitiveness of China's AI chip market [4][8] - The AutoGLM 2.0 product from Zhiyu is positioned as an "executive assistant," capable of autonomously completing cross-application tasks in both personal and office scenarios [10][11] Summary by Sections Industry News and Commentary - DeepSeek-V3.1 was officially released on August 21, featuring significant improvements in tool usage and agent tasks through Post-Training optimization [4][5] - Zhiyu launched AutoGLM 2.0 on August 20, which can autonomously perform tasks across over 40 applications, enhancing user experience in both personal and professional settings [10][11] Weekly Market Review - The computer industry index rose by 7.93% this week, outperforming the CSI 300 index by 3.75 percentage points [16] - As of the last trading day of the week, the overall P/E ratio (TTM, excluding negative values) for the computer industry was 60.9 times [19] Investment Recommendations - Strongly recommend companies in AI algorithms and applications such as Hengsheng Electronics, Zhongke Chuangda, and Shengshi Technology [22] - Recommend companies in AI computing such as Haiguang Information, Longxin Zhongke, and Industrial Fulian [22]

公 司 报 告 医药 2025年08月25日 鱼跃医疗(002223.SZ) 业绩增长符合预期，血糖AED等业务表现亮眼 强烈推荐( 维持) 公 司 半 年 报 点 评 股价:36.6元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.yuwell.com | | 大股东/持股 | 江苏鱼跃科技发展有限公司/24.54% | | 实际控制人 | 吴光明 | | 总股本(百万股) | 1,002 | | 流通A股(百万股) | 940 | | 流通B/H股(百万股) | | | 总市值(亿元) | 367 | | 流通A股市值(亿元) | 344 | | 每股净资产(元) | 13.27 | | 资产负债率(%) | 18.8 | 行情走势图 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 事项： 公司25H1实现营业收入46.59亿元，yoy+8.16%，实现归母净利润12.03亿 元，yoy+7.37%，实现扣非归母净利润9.14亿元， ...