电力设备及新能源 行业周报（20250901-20250907） 同步大市-A(维持) 宇树将于 Q4 申请 IPO，两部门提出依法治理光伏等产品低价竞争 2025 年 9 月 9 日 行业研究/行业周报 电力设备及新能源行业近一年市场表现 投资要点 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 688303.SH | 大全能源 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | | 300682.SZ | 朗新集团 | 买入-B | | 603688.SH | 石英股份 | 买入-A | 【山证太阳能】世界机器人大会超 1500 款机器人产品展出，光伏产业链价格持 稳 2025.8.12 肖索 执业登记编码：S07 ...

Investment Rating - The report assigns an "Increase-A" rating to the company, indicating a positive outlook for its stock performance [8]. Core Insights - The company has shown significant growth in its investment banking and brokerage services, with a notable increase in revenue and net profit in the first half of 2025 [2][4]. - The brokerage business net income reached 516 million yuan, a year-on-year increase of 39.79%, while investment banking revenue grew by 44.66% to 70 million yuan [4]. - The company has successfully improved its advisory services and institutional research, with a 77.92% increase in new effective accounts and a 205.76% increase in new client assets [4]. - The investment business has also seen a recovery, with trading financial assets increasing by 59.88% to 22.814 billion yuan [6]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.586 billion yuan, a year-on-year growth of 15.48%, and a net profit attributable to shareholders of 370 million yuan, up 159.26% [2]. - The company’s return on equity (ROE) improved to 1.66%, an increase of 1.01 percentage points [2]. - The projected net profits for 2025, 2026, and 2027 are 539 million yuan, 639 million yuan, and 729 million yuan, respectively, reflecting growth rates of 25.93%, 18.50%, and 14.03% [8]. Market Position - The company has made significant strides in both equity and debt underwriting, completing two IPO applications and one refinancing application in the first half of 2025, ranking 18th in new IPO applications [5]. - The bond underwriting business saw a 227% increase in scale, with 25 bonds successfully issued [5]. - The company’s market capitalization stands at 28.674 billion yuan, with a circulating A-share market value of 26.025 billion yuan [4]. Valuation Metrics - The projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 1.20, 1.16, and 1.10, respectively [12]. - The earnings per share (EPS) estimates for the next few years are 0.08 yuan for 2025, 0.10 yuan for 2026, and 0.11 yuan for 2027 [12].

衍生品研究 新券定价——华夏凯盛商业 REIT 首单外资消费 REITs 2025 年 9 月 9 日 衍生品研究/事件点评 投资要点： 华夏凯德商业 REIT(508091.SH) 产权类消费基础设施 REIT，底层资产为分别位于广州白云区和长沙雨 花区的两座凯盛广场，原始权益人新加坡凯盛投资，存续期 27 年。 山证衍生品团队 广州、长沙项目商业可租赁面积分别 4.88 和 4.33 万平方米，2024 年营 收分别 1.65 亿元和 8726 万元，扣资本开支后 NOI 9615 和 5509 万元；Q125 末出租率分别 95.82%和 96.50%，租金收缴率 99.18%和 98.64%。 发行情况及发行估值 拟发行 4.0 亿份，战配、网下、公众占比 60.11%、27.92%、11.97%，2025/9/4 网下询价，2025/9/9 缴款，预期 10 月上旬登录资本市场。网下有效认购倍数 254.08 倍，由此推算中签率 0.39%。发行价 5.718 元，询价区间 81.8%分位。 评估机构戴德梁行，广州、长沙项目估值分别 18.0 和 7.69 亿元（合计 25.67 亿元），折现率 6 ...

衍生品研究 齐翔转 2 投资价值分析 C4 产业链龙头，优质平衡型个券 2025 年 9 月 9 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 齐翔转 2（128128.SZ）： AA 级，债券余额 6.79 亿元，仅占发行总额的 22.72%，剩余期限 0.96 年。 最新收盘价 123.61 元，转股溢价率 31.97%，纯债溢价率 14.32%。 正股：齐翔腾达（002408.SZ）： 最新总市值 143 亿元，2025E PE 55.5x，PB LF 1.24x。实控人山东国资委， 第一大股东山东能源集团，持股 53.18%，H125 归母净利润 yoy-83.34%。 齐翔转 2 主要看点： C4 产业链龙头，布局 C3 实现纵深发展。公司在基础化工领域具备龙头 地位，主要产品甲乙酮、顺酐、MMA 等规模位居行业前列，已实现对碳四 原料各主要组分的充分利用。同时，业务不断延伸，形成了较完善的丙烷- 丙烯-环氧丙烷/丙烯酸的碳三产业链布局。老旧产能陆续进入退出周期，或 改善行业供需。 价值分析 2025.3.7 山证衍生品团队 分析师： 成本端压力缓解，业绩逐季恢复，新材料有望贡献高增长。 ...

研究早观点 2025 年 9 月 9 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | --- | | 上证指数 | | 3,826.84 | 0.38 | 预期 | | 深证成指 | | 12,666.84 | 0.61 | | | 沪深 | 300 | 4,467.57 | 0.16 | | | 中小板指 | | 7,750.68 | 1.95 | | | 创业板指 | | 2,933.25 | -0.84 | | | 科创 | 50 | 1,275.87 | 0.58 | | | 资料来源：最闻 | | | | | 分析师： 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 【今日要点】 【山证通信】炬光科技（688167.SH）：Q2 利润扭亏为盈，瑞士并购迎 来阶段性结果 【公司评论】中泰证券(600918.SH)：中泰证券 2025 半年报点评：-投资业 务显著增长，定增增厚资本实力 【公司评论】索辰科技(688507.SH)：索辰科技（68850 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [5][8]. Core Insights - The company achieved a revenue of 22.583 billion yuan in the first half of 2025, representing a year-on-year growth of 106.89%. The net profit attributable to shareholders was 472 million yuan, marking a return to profitability [6]. - The core driver of growth is the bulk snack business, which accounted for over 98.95% of total revenue, reaching 22.345 billion yuan in the first half of 2025. The number of stores increased to 15,365, a net addition of 1,169 stores compared to the beginning of the year, reflecting a 131.47% year-on-year growth [7]. - The company's sales net profit margin improved to 3.85% in the first half of 2025, with a significant increase to 4.10% in Q2 compared to Q1, an increase of 0.51 percentage points [7]. Financial Performance and Projections - The company is projected to have earnings per share (EPS) of 3.78, 4.97, and 6.02 yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 50.9, 38.6, and 31.9 [8]. - Revenue forecasts for the company are as follows: 55.132 billion yuan in 2025, 67.039 billion yuan in 2026, and 79.289 billion yuan in 2027, with year-on-year growth rates of 70.5%, 21.6%, and 18.3% respectively [10][12]. - The net profit is expected to reach 708 million yuan in 2025, 933 million yuan in 2026, and 1.129 billion yuan in 2027, with year-on-year growth rates of 141.4%, 31.7%, and 21.0% respectively [10][12].

| 收盘价（元）： | 96.60 | | --- | --- | | 年内最高/最低（元）： | 124.00/39.44 | | 流通 A 股/总股本（亿 | 0.49/0.89 | | 股）： | | | 流通 股市值（亿）： A | 47.56 | | 总市值（亿）： | 86.08 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.52 | | 摊薄每股收益(元)： | | | -0.52 | | 每股净资产(元)： | | | 32.02 | | 净资产收益率(%)： | | | -1.79 | | 资料来源：最闻 | | | | 行业应用软件 索辰科技（688507.SH） 买入-A(首次) 上半年收入稳健增长，物理 AI 加速落地 2025 年 9 月 8 日 公司研究/公司快报 公司近一年市场表现 事件描述 市场数据：2025 年 9 月 8 日 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 邹昕宸 邮箱：zouxinchen@sxzq ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company turned a profit in Q2, with the impact of the Swiss acquisition gradually being digested [1] - The company achieved revenue of 393 million yuan in H1 2025, a year-on-year increase of 26.20%, and a net profit of -25 million yuan, a year-on-year increase of 11.30% [2] - The company’s gross margin and net margin for H1 2025 were 32.39% and -6.35%, respectively, showing improvements compared to the previous year [4] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 223 million yuan, a year-on-year increase of 28.13% and a quarter-on-quarter increase of 31.69% [2] - The net profit for Q2 was 7 million yuan, a year-on-year increase of 158.79% and a quarter-on-quarter increase of 121.95% [2] - The company’s revenue from upstream and midstream businesses in H1 2025 was 260 million yuan and 96 million yuan, respectively, with year-on-year changes of +24.82% and -5.59% [3] Business Segments - The company’s new photon technology segment contributed 8.65% to the main business revenue, with revenue of 34 million yuan [3] - The automotive application solutions segment saw revenue of 50.24 million yuan, a year-on-year increase of 25.34% [3] - The healthcare solutions segment reported revenue of 10.70 million yuan, a year-on-year increase of 46.62% [3] Acquisition Impact - The Swiss acquisition has begun to show results, with related business revenue in H1 2025 increasing by approximately 26% and a gross margin of 41% [9] - The company is focusing on expanding its high-margin businesses, including optical communication and consumer electronics, following the acquisition [9] Future Outlook - The company is expected to achieve net profits of 24 million yuan, 67 million yuan, and 135 million yuan for the years 2025, 2026, and 2027, respectively, with significant year-on-year growth rates [10] - The report anticipates that the company will experience a "double-hit" market in 2025, driven by its integration of global micro-nano optical platforms and expansion into various downstream markets [10]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][10] Core Views - The company has shown significant growth in investment business, enhancing its capital strength through private placements [1][4] - In the first half of 2025, the company achieved operating revenue of 5.257 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 711 million yuan, up 77.26% year-on-year [2][4] - The company is expected to achieve operating revenues of 11.762 billion yuan, 12.977 billion yuan, and 14.099 billion yuan for the years 2025 to 2027, with net profits of 1.402 billion yuan, 1.491 billion yuan, and 1.602 billion yuan, reflecting growth rates of 49.55%, 6.35%, and 7.46% respectively [10] Financial Performance - The company's self-operated investment significantly improved, with investment income reaching 961 million yuan, a year-on-year increase of 34.84% [4][6] - Wealth management business revenue was 1.839 billion yuan, up 33.13% year-on-year, while asset management business net income was 1.078 billion yuan, a 7.80% increase [4][6] - The company reported a weighted average ROE of 1.67%, an increase of 0.75 percentage points compared to the same period last year [2][4] Business Strategy - The company is focusing on high-quality development of wealth management and deepening the transformation of investment advisory services [5][6] - It aims to enhance technology empowerment and internet customer acquisition, achieving a stock trading volume of 68.9 trillion yuan and adding 828,800 new accounts in the first half of 2025 [5][6] - The company plans to raise up to 6 billion yuan through private placements to strengthen its capital base and enhance risk resistance [7][10]

Core Insights - The report highlights the performance and growth potential of three companies: Sanxie Electric, Zhongkong Technology, and ZW Software, along with the challenges faced by Senqilin [5][7][11][14]. Company Summaries Sanxie Electric (920100.BJ) - Sanxie Electric focuses on the research, manufacturing, and sales of control motors, with applications in various sectors including security, textiles, and robotics. The company achieved a revenue of 420 million yuan in 2024, with a net profit of 56.34 million yuan, reflecting a compound annual growth rate (CAGR) of 14.23% in revenue and 30.15% in net profit over the past three years [6]. - The micro-special motor industry in China has become a significant global production base, with an estimated production and sales volume of 15.1 billion units in 2023. The global market for micro-special motors is projected to reach 46.74 billion USD in 2024 and 76.99 billion USD by 2032 [6]. - Sanxie Electric has a competitive edge in technology development, product quality, and customized services, holding 56 patents, including 10 invention patents. The company is well-positioned in Jiangsu province, benefiting from local industrial resources [6]. Zhongkong Technology (688777.SH) - Zhongkong Technology reported a revenue of 3.83 billion yuan in the first half of 2025, a decrease of 9.92% year-on-year, with a net profit of 354 million yuan, down 31.46% [7][10]. - The company is focusing on expanding its industrial AI and robotics business, which is expected to drive future growth. The launch of the TPT 2 platform aims to provide solutions for industrial problems and has already been applied in over 110 projects across various industries [10]. - Despite the revenue decline, the company is actively exploring structural growth opportunities in downstream industries, particularly in the PLC market, which has seen a steady increase in market share [10]. ZW Software (688083.SH) - ZW Software achieved a revenue of 334 million yuan in the first half of 2025, marking an 8.24% increase year-on-year, although it reported a net loss of 52 million yuan [11][12]. - The company is benefiting from domestic industrial software support policies and has seen significant growth in overseas markets, with a 42.21% increase in revenue from international operations [12]. - The 2D CAD product line remains strong, generating 215 million yuan in revenue, while the 3D CAD segment experienced slower growth, with a 3.40% increase [12]. Senqilin (002984.SZ) - Senqilin reported total revenue of 4.12 billion yuan in the first half of 2025, a slight increase of 0.2%, but net profit fell by 37.6% to 670 million yuan [14][15]. - The company faced challenges in production and sales, with a total tire production of 15.57 million units, down 3.21% year-on-year. However, a significant decrease in raw material costs is expected to positively impact future performance [15][16]. - The company is anticipating increased output from its new factory in Morocco, which is expected to contribute to revenue growth in the coming years [15].