市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 09 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大股指涨跌不一，上证指数上涨 0.38%，报 3826.84 点； 深证成指上涨 0.61%，报 12,666.84 点；创业板指下跌 0.84%，报 2933.25 点。A 股两市全天成交额 2.42 万亿元人民币，南向资金净买 入 167.05 亿港元。A 股两市个股普遍上涨，超 3800 只个股上涨。申 万行业方面，基础化工、农林牧渔及机械设备行业领涨，通信及综合 行业跌幅居前；概念板块方面，PEEK 材料及猪肉概念指数涨幅居前， 兵装重组概念及 F5G 概念指数跌幅居前。恒生指数上涨 0.85%，恒生 科技指数上涨 1.17%；美国三大股指集体收涨，道指上涨 0.25%，报 45,514.95 点，标普 500 指数上涨 0.21%，报 6495.15 点，纳指上涨 0.45%，报 21,798.70 点。欧洲股市及亚太股市主要股指普遍上涨。 【重要新闻】 【海关总署公布 8 月出口数据 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [14]. Core Views - The company reported a revenue of 1.991 billion yuan for the first half of 2025, a year-on-year increase of 4.16%, while the net profit attributable to shareholders was 39 million yuan, a decrease of 33.11% year-on-year [1]. - The company is focusing on expanding its market presence outside Guangdong, particularly in East and North China, which has led to a significant revenue increase of 16.16% from these regions [1]. - The company is expected to benefit from the upcoming "moon cake year," which is anticipated to boost sales due to gifting demand [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 945 million yuan, representing a 5.09% year-on-year growth, while the net profit was a loss of 12 million yuan, a reduction in losses by 3.40% year-on-year [1]. - The overall gross margin decreased to 23.78%, down 2.09 percentage points year-on-year, with the sales expense ratio increasing to 11.29%, up 0.54 percentage points year-on-year [2]. Product and Channel Performance - Revenue from moon cake products reached 32 million yuan, up 1.32% year-on-year, while revenue from frozen foods was 527 million yuan, down 2.46% year-on-year [1]. - The company’s restaurant business generated 773 million yuan in revenue, a year-on-year increase of 7.11%, although profits were pressured by weak consumer demand [1]. Future Outlook - The company is expected to see a recovery in its restaurant business as the consumer environment improves, with projected net profits for 2025-2027 being 534 million, 602 million, and 667 million yuan respectively, reflecting year-on-year growth rates of 8.18%, 12.68%, and 10.86% [2][4].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 08 日 星期一 研报精选 A 股中期分红规模延续增长 7 月我国 PCB 出口规模延续环比增长，多层板增长动能强劲 | [Table_InnerMarketIndex] | 国内市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,812.51 | 1.24% | | 深证成指 | 12,590.56 | 3.89% | | 沪深 300 | 4,460.32 | 2.18% | | 科创 50 | 1,268.55 | 3.39% | | 创业板指 | 2,958.18 | 6.55% | | 上证 50 | 2,942.22 | 1.09% | | 上证 180 | 9,756.17 | 1.65% | | 上证基金 | 7,082.07 | 0.36% | | 国债指数 | 225.14 | -0.11% | [Table_Summary] 概览 核心观点 【市场回顾】 上周五 A 股三大股指大幅收涨，上证指数上 ...

Group 1 - The total dividend amount for all A-share listed companies in the first half of 2025 is expected to reach CNY 647.998 billion, representing a year-on-year growth of 16.52% and 10.00% respectively [2][5] - Among the 489 centrally state-owned enterprises, 116 have declared or implemented dividends, accounting for 23.72%, with a total dividend amount of CNY 461 billion, a year-on-year increase of 5.13% [2][6] - The banking sector continues to lead in dividend scale, with significant participation from industries such as machinery, pharmaceuticals, and non-bank financials, where over 50 companies declared dividends [2][9][13] Group 2 - Seven industries have seen a year-on-year increase in dividend amounts exceeding 100%, with agriculture, coal, and computer sectors showing growth rates over 200% [2][14] - The report suggests focusing on industries with historically high dividend ratios and significant growth in dividend amounts, as companies are increasingly prioritizing investor returns [2][18]

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the market by more than 15% over the next six months [12]. Core Insights - The company plans to implement its first interim dividend, proposing a dividend of 0.3 yuan per share, which corresponds to a payout ratio of 13.4% [2]. - The total assets of the company grew by 14.4% year-on-year as of the end of 1H25, with loans increasing by 19.1% and financial investments by 12.7% [2]. - The net profit attributable to shareholders for 1H25 increased by 8.2% year-on-year, while revenue grew by 7.9% [2]. - The company reported a stable asset quality with a non-performing loan ratio of 0.76% as of 1H25, remaining unchanged year-on-year and quarter-on-quarter [3]. - The company has adjusted its profit forecast slightly, expecting net profit growth rates of 5.84%, 6.28%, and 7.73% for 2025-2027 [3]. Summary by Sections Financial Performance - In 2Q25, the company's revenue and net profit attributable to shareholders grew by 10.3% and 10.8% year-on-year, respectively [2]. - For 1H25, the company reported a revenue of 70,477 million yuan and a net profit of 28,711 million yuan, with growth rates of 7.9% and 8.2% year-on-year [4]. Asset Quality - The company maintained a non-performing loan ratio of 0.76% and a coverage ratio of 374.2% as of 1H25, indicating strong risk mitigation [3]. - The retail loan non-performing ratio increased by 18 basis points compared to the end of the previous year, with personal consumption loans seeing a rise of 22 basis points [3]. Growth Projections - The company forecasts its total assets to reach approximately 3,561.5 billion yuan by the end of 2025, with a projected loan total of 1,712.2 billion yuan [9]. - The expected earnings per share for 2025 is 4.35 yuan, with a price-to-earnings ratio of 6.50 [4].

Investment Rating - The industry is rated as "Outperforming the Market" with an expectation of a relative increase of over 10% compared to the market index in the next six months [5][27]. Core Insights - In July 2025, China's PCB industry continued to experience month-on-month growth in export scale, reaching a new monthly high since 2024, with an export value of 17.103 billion yuan, representing a 10% increase month-on-month and a 34% increase year-on-year [1][12]. - The demand for PCBs is expected to remain strong due to the ongoing development of AI computing power and the rapid growth of emerging sectors such as robotics and automotive electronics [4][25]. Summary by Sections Export Performance - In July 2025, the export value of four-layer and below PCBs was 6.422 billion yuan, with a month-on-month increase of 6% and a year-on-year increase of 10%. The export value of four-layer and above PCBs was 10.681 billion yuan, with a month-on-month increase of 12% and a year-on-year increase of 54% [2][13]. - The average export price for four-layer and above PCBs was 20.40 yuan per unit, a year-on-year increase of 29% and a month-on-month increase of 7%. For four-layer and below PCBs, the average export price was 1.30 yuan per unit, a year-on-year decrease of 19% but a month-on-month increase of 26% [17][14]. Trade Partners - In July 2025, major trade partners for PCB exports included Hong Kong, Vietnam, Taiwan, Thailand, South Korea, Malaysia, Mexico, the United States, India, Germany, and Japan, with Asian partners accounting for 72.27% of total exports. Notably, exports to Taiwan increased by 202.38% year-on-year, and exports to Vietnam increased by 97.49% [3][19][21]. - The highest export value for four-layer and below PCBs was to Hong Kong at 2.429 billion yuan, with a year-on-year increase of 1.3%. Vietnam ranked second with an export value of 936 million yuan, showing a year-on-year increase of 50.53% [20][21]. Investment Recommendations - The report suggests focusing on high-quality leading companies in the domestic PCB industry, as the demand for AI PCBs is expected to grow significantly alongside the development of AI servers and high-speed switches [4][25].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 05 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四，A 股三大指数集体收跌，上证指数收盘跌 1.25%，报 3765.88 点，深证成指跌 2.83%，创业板指跌 4.25%。沪深两市 A 股成交额约 2.54 万亿元人民币，超 2900 股下跌。申万行业方面，商贸零售、美 容护理领涨，通信行业领跌；概念板块方面，乳业、免税店涨幅居前。 港股方面，恒生指数收盘跌 1.12%，恒生科技指数跌 1.85%。美国三 大股指全线收涨，道指涨 0.77%，标普 500 指数涨 0.83%，纳指涨 0.98%。欧洲股市三大股指收盘涨跌不一，亚太股市多数收涨。 【重要新闻】 证 券 研 究 报 告 【国务院办公厅印发《关于释放体育消费潜力进一步推进体育产业高 质量发展的意见》】国务院办公厅印发《关于释放体育消费潜力进一 步推进体育产业高质量发展的意见》，提出 6 项 20 条重点举措，目标 是到 2030 年，培育一批具有世界影响力的体育企业和体育赛事，体 育产业发展 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the next six months compared to the market index [4][32]. Core Insights - In the first half of 2025, the pharmaceutical research outsourcing industry showed robust revenue growth of 13.77% year-on-year and a significant profit increase of 63.82% [2][22]. - The recovery in global financing has led to a resurgence in demand for early-stage drug discovery, shortening the order conversion cycle for CRO (Contract Research Organization) services, which has driven performance [3][30]. - The demand for production outsourcing has been boosted by innovative drugs entering late-stage clinical trials and commercialization, contributing to the growth of CDMO (Contract Development and Manufacturing Organization) services [3][30]. - High-value-added services, such as peptide production, have generated additional revenue streams [2][22]. Summary by Sections 1. Pharmaceutical Sector Performance Review - From January to August 31, 2025, the pharmaceutical sector achieved a 25.50% increase, outperforming the CSI 300 index by 11.22 percentage points, ranking 9th among 31 sectors [9][11]. - The medical research outsourcing sub-sector led the performance with a remarkable increase of 62.37% [13][14]. 2. Pharmaceutical Sector Earnings Review - In the first half of 2025, only the medical services sector among six secondary sub-sectors showed positive growth, while the biopharmaceutical sector experienced the largest decline [18]. - The medical research outsourcing and other biopharmaceutical sub-sectors achieved high profit growth rates of 63.82% and 51.47%, respectively [19]. 3. Medical Services Outsourcing Sector Performance - The medical research outsourcing sector's overall revenue increased by 13.77% year-on-year, with net profit rising by 63.82% in the first half of 2025 [22][27]. - The sector's gross margin improved from 37.95% in 2024 to 39.77% in the first half of 2025, while net margin rose from 14.73% to 24.36% [25]. 4. Investment Recommendations - The report suggests focusing on leading companies benefiting from the increasing industry concentration and those engaged in high-value-added businesses like CDMO and peptides [3][30].

核心观点 【市场回顾】 周三，A 股三大指数走势分化，上证指数收盘跌 1.16%，报 3813.56 点，深证成指跌 0.65%，创业板指涨 0.95%。沪深两市 A 股成交额约 2.36 万亿元人民币，超 4300 股下跌。申万行业方面，综合、通信领 涨，国防军工行业领跌；概念板块方面，芬太尼、BC 电池涨幅居前。 港股方面，恒生指数收盘跌 0.60%，恒生科技指数跌 0.78%。美国三 大股指收盘涨跌不一，道指跌 0.05%，标普 500 指数涨 0.51%，纳指 涨 1.02%。欧洲股市三大股指收盘全线上涨，亚太股市涨跌不一。 【重要新闻】 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 04 日 星期四 [Table_Summary] 概览 【财政部与中国人民银行联合工作组召开第二次组长会议，共同保障 财政政策、货币政策更好落地见效】为推动实施更加积极有为的宏观 政策，加强财政政策与货币政策协调配合，财政部与中国人民银行联 合工作组召开第二次组长会议。财政部党组成员、副部长廖岷，中国 人民银行党委委员、副行长邹澜出席会议并讲话 ...

Market Overview - The A-share market experienced a collective decline on Tuesday, with the Shanghai Composite Index closing down 0.45% at 3,858.13 points, the Shenzhen Component down 2.14%, and the ChiNext Index down 2.85% [2][6] - The total trading volume in the A-share market was approximately 2.87 trillion RMB, with over 3,900 stocks declining [2][6] - In the Shenwan industry sector, banking and public utilities led the gains, while the telecommunications sector saw the largest declines [2][6] - The Hang Seng Index closed down 0.47%, and the Hang Seng Technology Index fell 1.22% [2][6] - U.S. stock indices also closed lower, with the Dow Jones down 0.55%, S&P 500 down 0.69%, and Nasdaq down 0.82% [2][6] Important News - The Ministry of Finance and the State Taxation Administration issued a notice regarding the tax policies for transferring state-owned equity and cash income to supplement the social security fund. Key points include exemptions from VAT on interest income and financial product transfer income, and certain tax exemptions for the transfer of state-owned equity [3][7] Industry Insights Pharmaceutical Retail Industry - In the first half of 2025, the pharmaceutical retail industry faced overall performance pressure due to declining consumer purchasing power, intensified competition, stricter management of personal medical accounts, and the impact of drug procurement policies [8] - The industry showed signs of clearing and cost reduction, leading to improved development quality [8] - The overall revenue of the retail pharmacy sector grew by 0.10% year-on-year, while net profit attributable to shareholders increased by 0.88%, indicating a slowdown in growth [9] Blood Products Industry - The blood products sector experienced revenue and profit pressure in the first half of 2025, primarily due to declining product prices, with overall revenue down 0.76% and net profit down 17.96% year-on-year [12][13] - Despite the challenges, the blood products industry remains stable due to consistent demand driven by population aging and improved medical standards [13] - The industry is expected to maintain steady growth in the second half of the year, supported by price stabilization and new product launches [13] Postal Savings Bank - Postal Savings Bank reported a recovery in performance in the first half of 2025, with operating income, pre-provision profit, and net profit attributable to shareholders increasing by 1.5%, 14.9%, and 0.8% respectively [14] - The bank's loan growth remained high at 10.5% year-on-year, and total assets grew by 10.8% [14][15] - The bank's net interest income decreased by 2.7% year-on-year, but non-interest income saw significant growth, particularly from investment banking and wealth management services [14]