[Table_ReportType] ——农林牧渔行业 2025H1 业绩综述报告[Table_ReportDate] [投资要点： Table_Summary] 行业整体：2025 年上半年农林牧渔板块营业收入合计 6147.88 亿元，同 比增长 9.05%，在申万一级行业中排名第 3；归母净利润合计 269.80 亿 元，同比增长 173.11%，在申万一级行业中排名第 2。板块 ROE 及毛利 率、净利率均持续提升，其中板块 ROE 为 4.92%，同比+3.15pct，毛利 率、净利率分别为 11.68%、4.54%，同比分别+2.90pct、+3.02pct。 ⚫ 种植业板块：上半年板块实现营收 502.21 亿元，同比+12.94%，归母净 利润 15.87 亿元，同比-9.06%。板块较多个股利润同比下滑，但诺普信、 北大荒等部分龙头公司业绩表现稳健。板块毛利率、净利率分别为 12.44%、2.98%，同比分别+1.06pct、+0.84pct。 ⚫ 饲料板块：上半年板块实现营收 1348.13 亿元，同比 12.56%，归母净利 润 44.87 亿元，同比+106.15%。多数个股营收利润双 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 15 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 周五 A 股三大指数集体收跌，截止收盘，沪指收跌 0.12%，深成指收 跌 0.43%，创业板指收跌 1.09%。沪深两市成交额 25205.98 亿元。申 万行业方面，有色金属、房地产、钢铁领涨，通信、综合、美容护理 领跌；概念板块方面，金属锌、金属铅、存储芯片涨幅居前，足球概 念、PEEK 材料、乳业跌幅居前。港股方面，恒生指数收涨 1.16%，恒 生科技指数收涨 1.71%；海外方面，美国三大指数涨跌不一，道指收 跌 0.59%，标普 500 收跌 0.05%，纳指收涨 0.44%。 【重要新闻】 【商务部决定自 2025 年 9 月 13 日起就美国对华集成电路领域相关 措施发起反歧视立案调查】商务部新闻发言人答记者问表示，近年来， 美国在集成电路领域对华采取一系列禁止和限制措施，包括 301 调查 和出口管制措施等。这些保护主义做法涉嫌对华歧视，是对中国发展 先进计算芯片和人工智能等高科技产业的遏制 ...

新客户订单增长，工厂产能爬坡期影响利润 [Table_StockName] ——华利集团（300979）点评报告 [Table_ReportDate] [Table_Summary] 报告关键要素: 公司发布 2025 年半年报，2025H1 实现营收 126.61 亿元（同比+10.36%）， 归母净利润 16.71 亿元（同比-11.06%）。拟每 10 股派发现金红利 10.00 元（含税），合计派发现金红利人民币 11.67 亿元（含税），占上半年归 母净利润的比例约为 70%。 投资要点: 收入基本符合预期，受新工厂产能爬坡期影响，利润短期承压。2025H1， 公司实现营收 126.61 亿元（同比+10.36%），虽部分老客户订单有所下 滑，但受益于新客户订单大幅增长，运动鞋整体销量同比+6.14%；归母 净利润为 16.71 亿元（同比-11.06%），扣非归母净利润 16.83 亿元（同 比-8.75%），净利润下滑主因有较多新工厂处于产能爬坡阶段以及产能 调配安排影响。其中，Q1/Q2 营收分别同比+12.34%/+8.96%，归母净利 润分别同比-3.18%/-16.70%。 运动休闲鞋表 ...

Core Insights - The A-share market experienced significant gains, with the Shanghai Composite Index rising by 1.65% to 3,875.31 points, the Shenzhen Component Index increasing by 3.36% to 12,979.89 points, and the ChiNext Index climbing by 5.15% to 3,053.75 points. The total trading volume reached 2.44 trillion RMB, with net purchases from southbound funds amounting to 18.99 billion HKD. Over 4,000 stocks saw price increases, and all 31 Shenwan first-level industries reported gains, particularly in the communication, electronics, and computer sectors [2][7][5]. Market Performance - Domestic market indices showed strong performance, with the Shanghai Composite Index closing at 3,875.31 points (+1.65%), the Shenzhen Component Index at 12,979.89 points (+3.36%), and the ChiNext Index at 3,053.75 points (+5.15%). The total trading volume in the A-share market was 2.44 trillion RMB [5][7]. - Internationally, major indices also saw positive movement, with the Dow Jones up 1.36% to 46,108.00 points, the S&P 500 rising 0.85% to 6,587.47 points, and the Nasdaq increasing by 0.72% to 22,043.07 points [5][7]. Important News - The State Council has approved a two-year pilot program for market-oriented allocation of factors in ten regions, including Beijing's sub-center and the Guangdong-Hong Kong-Macau Greater Bay Area. This initiative aims to explore market-oriented talent allocation and facilitate cross-border capital flows [3][7]. Industry Analysis - The social services sector reported a revenue increase of 5.44% year-on-year, totaling 95.436 billion RMB, with a net profit of 4.870 billion RMB, reflecting a 1.13% increase. The tourism and scenic area segment achieved revenues of 16.610 billion RMB (+4.39%) but saw a net profit decline of 4.30% [12][13]. - The hotel and catering sector faced challenges, with revenues declining by 3.40% to 14.056 billion RMB and net profits dropping by 40.36% to 0.708 billion RMB. The overall weak consumer demand impacted profitability, although there is potential for recovery if the consumption environment improves [13]. Equipment Industry Insights - In July, excavator sales reached 17,138 units, marking a 25.2% year-on-year increase, while loader sales totaled 9,000 units, up 7.41%. The domestic market showed resilience, driven by infrastructure investments and equipment upgrades [15][16][17]. - The engineering machinery industry is experiencing a recovery, supported by both domestic demand and robust export growth, particularly in countries involved in the Belt and Road Initiative. The sector is transitioning towards smart, green, and high-end manufacturing [17].

7 月挖掘机与装载机销量延续增长趋势 3264 [Table_ReportType] ——机械设备行业快评报告[Table_ReportDate] [行业Table_Summary] 事件： 近日，中国工程机械工业协会公布最新统计数据，7 月销售各类挖掘机 17,138 台，同比增长 25.2%;7 月销售各类装载机 9,000 台，同比增长 7.41%。 投资要点： 7 月中国挖掘机海内外销量同比齐增长。据中国工程机械工业协会对挖 掘机主要制造企业统计，2025 年 7 月销售各类挖掘机 17,138 台，同比 增长 25.2%。其中国内销量 7,306 台，同比增长 17.2%；出口量 9,832 台，同比增长 31.9%。2025 年 1—7 月，共销售挖掘机 137,658 台，同 比增长 17.8%；其中国内销量 72,943 台，同比增长 22.3%；出口 64,715 台，同比增长 13%。电动化方面，7 月销售电动挖掘机 9 台。 7 月中国装载机内外销量延续增长趋势。据中国工程机械工业协会对装 载机主要制造企业统计，2025 年 7 月销售各类装载机 9,000 台，同比 增长 7.41%。 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 11 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三 A 股三大股指集体收涨，上证指数上涨 0.13%，报 3812.22 点； 深证成指上涨 0.38%，报 12,557.68 点；创业板指上涨 1.27%，报 2904.27 点。A 股两市全天成交额 1.98 万亿元人民币，南向资金净买 入 75.66 亿港元。A 股两市个股普遍下跌，超 2500 只个股下跌。申 万行业方面，通信、电子及传媒行业领涨，电力设备及综合行业跌幅 居前；概念板块方面，覆铜板指数及冰雪旅游概念指数涨幅居前，锂 矿指数及锂电正极概念指数跌幅居前。恒生指数上涨 1.01%，恒生科 技指数上涨 1.27%；美国三大股指涨跌不一，道指下跌 0.48%，报 45,490.92 点，标普 500 指数上涨 0.30%，报 6532.04 点，纳指上涨 0.03%，报 21,886.06 点。欧洲股市及亚太股市主要股指普遍上涨。 市 场 研 究 【国家发改委主任郑栅洁向全国人大常委会报告今年以来国民经济 ...

高档啤酒销量增速亮眼，盈利能力稳步提升 [Table_StockName] ——珠江啤酒（002461）点评报告 [Table_ReportDate] [Table_Summary] 报告关键要素: 8 月 28 日，公司发布 2025 年半年度报告。报告显示，公司 2025 年上 半年度实现营业收入 31.98 亿元（YoY+7.09%），归母净利润 6.12 亿元 （YoY+22.51%），扣非归母净利润 5.87 亿元（YoY+23.31%）。其中 2025Q2 实现营业收入 19.71 亿元（YoY+4.96%），归母净利润 4.55 亿元 （YoY+20.17%），扣非归母净利润 4.41 亿元（YoY+18.80%）。 投资要点: ⚫ 毛利率、净利率均稳步提升，管理费用率略有增加，销售费用率、财务 费用率、研发费用率均略有下滑。2025 年上半年公司毛利率为 51.85%， 同比+2.81pcts；2025 年上半年公司净利率为 19.44%，同比+2.34pcts。 其中 2025Q2 公司毛利率为 56.11%，同比+3.00pcts；2025Q2 公司净利 率为 23.35%，同比+2.87 ...

[Table_Summary] 报告关键要素: 2025 年 8 月 29 日，公司发布 2025 年半年度报告。2025 年上半年公司 实现营收 20.70 亿元（同比+16.20%），归母净利润 1.71 亿元（同比 +26.24%），扣非归母净利润 1.67 亿元（同比+33.28%）；其中，2025Q2 单季度营收 10.24 亿元（同比+18.40%），归母净利润/扣非归母净利润 分别为 0.82 亿元/0.80 亿元（同比+40.84%/+40.36%）。 公司业绩向好，主要产品保持较高增长 [Table_StockName] ——立高食品（300973）点评报告 [Table_ReportDate] 餐饮、茶饮及新零售等创新渠道持续保持较快增长。2025 年上半年流 通（经销商）渠道收入占比接近 50%，同比基本持平，主要是烘焙行业 渠道多元化发展，传统流通渠道受到新渠道分流的影响。商超渠道收入 占比约 30%，同比增长近 30%，主要是公司在核心商超客户上新的多 款 新品取得良好的销售表现；餐饮、茶饮及新零售等创新渠道收入占比略 超 20%，合计同比增速约 40%，渠道结构占比进一步提升，主要 ...

Core Insights - The report indicates a collective decline in the A-share market, with the Shanghai Composite Index down by 0.51% to 3,807.29 points, and the Shenzhen Component Index down by 1.23% to 12,510.60 points, while the ChiNext Index fell by 2.23% to 2,867.97 points [1][6] - The total trading volume in the A-share market reached 2.12 trillion RMB, with net purchases from southbound funds amounting to 10.23 billion HKD [1][6] - The report highlights that the real estate, comprehensive, and banking sectors led the gains, while the electronics and computer sectors experienced the largest declines [1][6] Important News - The State Administration for Market Regulation announced the release of 30 national standards for artificial intelligence, with 84 more in development, covering hardware, key technologies, industry applications, and safety governance [2][6] - The Ministry of Industry and Information Technology reported that from 2020 to 2024, China's total industrial added value is expected to grow from 31.3 trillion RMB to 40.5 trillion RMB, with manufacturing added value increasing from 26.6 trillion RMB to 33.6 trillion RMB, contributing over 30% to global manufacturing growth [2][7] Company Analysis - The report on Zhou Dazheng (002867) indicates a significant improvement in profitability due to product structure optimization, with a 31% year-on-year increase in net profit attributable to shareholders in Q2 2025 [8] - For the first half of 2025, the company reported revenues of 4.597 billion RMB, a decrease of 43.92% year-on-year, and a net profit of 594 million RMB, down 1.27% year-on-year, primarily due to high gold prices affecting terminal sales [8][9] - The company plans to distribute a cash dividend of 2.5 RMB per 10 shares, totaling 271 million RMB, which represents 45.7% of the net profit for the first half of 2025 [9] Revenue Breakdown - In the first half of 2025, the company's franchise business revenue was 2.425 billion RMB, down 59.12% year-on-year, while self-operated offline business revenue was 890 million RMB, down 7.56% year-on-year [9] - The number of Zhou Dazheng brand terminal stores decreased by 290 to 4,718 by the end of June 2025, with franchise stores decreasing by 344 and self-operated stores increasing by 54 [9] - Online sales for the first half of 2025 reached 1.168 billion RMB, a slight decrease of 1.94% year-on-year, but the revenue share increased to 25.41% [9] Profitability Metrics - The company's gross margin improved significantly, rising by 11.96 percentage points year-on-year to 30.34%, driven by higher margins on gold jewelry products and pricing benefits from rising gold prices [9] - The net profit margin also increased by 5.57 percentage points year-on-year to 12.89%, with sales expense ratio rising to 10.80% [9] - The report notes that the gross and net profit margins for Q1 and Q2 of 2025 showed significant year-on-year improvements [9] Earnings Forecast and Investment Recommendations - Despite pressure on terminal sales due to high gold prices, the company's revenue situation is showing marginal improvement, with net profit recovering to positive growth in Q2 [11] - The company is initiating a national treasure store cultivation plan, with expectations for further profitability improvements through product structure and channel optimization [11] - The adjusted earnings per share (EPS) forecast for 2025-2027 is 1.00, 1.14, and 1.27 RMB per share, with corresponding price-to-earnings ratios of 14, 12, and 11 times based on the closing price on September 8, 2025 [11]

受益于产品结构优化，盈利能力提升明显 [Table_StockName] ——周大生（002867）点评报告 [Table_ReportDate] [Table_Summary] 投资要点: 25Q2 归母净利润同比+31%。2025H1，公司实现营收 45.97 亿元（同比- 43.92%），归母净利润 5.94 亿元（同比-1.27%），业绩下滑主因金价高位 影响黄金产品终端销售，零售商补货意愿减少。分季度看，25Q1/Q2 实现 营收同比分别-47.28%/-38.47%，归母净利润同比分别-26.12%/+31.32%。 公司拟向全体股东每 10 股派发现金股利 2.5 元（含税），共计派发现金 分红总额 2.71 亿元，占 2025H1 归母净利润的比例达 45.7%。 自营业务收入占比提升，加盟业务承压。线下：2025H1，公司加盟业务收 入 24.25 亿元（同比-59.12%），自营线下业务收入 8.90 亿元（同比- 7.56%）。截止 2025 年 6 月末，周大生品牌终端门店数量 4718 家（较 2025 年初净减少 290 家），其中，加盟/自营分别为 4311/407 家，较 20 ...