联系人： 李智 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 有色半导体领涨 A 股小幅震荡 ——市场分析 相关报告 《市场分析：通信半导体领涨 A 股震荡上行》 2025-09-11 《市场分析：成长行业领涨 A 股小幅上行》 2025-09-10 《市场分析：有色地产行业领涨 A 股震荡整 固》 2025-09-09 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政 策及经济复苏进度不及预期；宏观经济超预期扰动；政策超预期 变化；国际关系变化带来经济环境变化；海外宏观流动性超预期 收紧；海外波动加剧。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 09 月 12 日 投资要点： ◼ A 股市场综述 周五（09 月 12 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡上行，盘中沪指在 3 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 09 月 12 日 资料来源：聚源，中原证券研究所 -2% 7% 16% 25% 34% 43% 51% 60% 2024.09 2025.01 2025.05 2025.09 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上证指数 | 3,875.31 | 1.65 | 深证成指 | 12,979.89 | 3.36 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 4,548.03 | 2.31 | | | 上证 | 50 | 2,443.97 | -0.52 | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | 中证 | 100 | 4,339.56 | 2.24 ...

云服务 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 五发展新动能 证券研究报告-中报点评 买入(首次) 市场数据(2025-09-10) | 收盘价(元) | 41.32 | | --- | --- | | 一年内最高/最低(元) | 71.95/26.98 | | 沪深 300 指数 | 4,445.36 | | 市净率(倍) | 8.81 | | 流通市值(亿元) | 333.90 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 4.69 | | 每股经营现金流(元) | -0.48 | | 毛利率(%) | 46.07 | | 净资产收益率_摊薄(%) | 2.06 | | --- | --- | | 资产负债率(%) | 43.80 | | 总股本/流通股(万股) | 80,807.89/80,807.89 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -1% 22% 46% 69% 93% 116% 139% 16 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [24] Core Views - The company achieved a revenue of 54.808 billion yuan in the first half of 2025, representing a year-on-year growth of 8.04%, with a net profit attributable to shareholders of 4.358 billion yuan, up 16.63% year-on-year [7] - The growth in revenue was driven by a 22.37% increase in earthmoving machinery and a 16.64% increase in exports, which now account for 46.61% of total revenue [7][11] - The company's gross margin was reported at 22.03%, with a slight year-on-year decrease of 0.86 percentage points, while the net margin improved to 8.06%, an increase of 0.54 percentage points [8] Summary by Sections Financial Performance - The company reported a revenue of 54.808 billion yuan for H1 2025, with a net profit of 4.358 billion yuan, and a non-recurring net profit of 4.467 billion yuan, reflecting growth rates of 8.04%, 16.63%, and 35.57% respectively [7] - Domestic revenue was 29.263 billion yuan, growing by 1.5%, while international revenue reached 25.546 billion yuan, growing by 16.64% [21] Business Segments - Earthmoving machinery revenue was 17.019 billion yuan, accounting for 31.05% of total revenue, with a growth of 22.37% [10] - Crane machinery revenue was 10.474 billion yuan, representing 19.11% of total revenue, with a growth of 3.74% [10] - Other machinery and parts generated 15.395 billion yuan, accounting for 28.09% of total revenue, with a growth of 2.87% [10] Profitability Metrics - The gross margin for the company was 22.03%, with a net margin of 8.06% and a non-recurring net margin of 8.15% [8] - The company has successfully reduced various expense ratios, contributing to improved profitability [8] Industry Outlook - The engineering machinery industry is experiencing a recovery, with significant growth expected in the coming years, driven by equipment replacement cycles and international expansion [11] - The company is well-positioned as a leading player in the domestic market, with a strong international strategy that is expected to further enhance growth potential [11][12]

专用机械 分析师：石临源 登记编码：S0730525020001 shily@ccnew.com 0371-86537085 新材料业务营收显著增长，靶材业务开始 放量 ——隆华科技(300263)公司点评报告 | 每股净资产(元) | 3.51 | | --- | --- | | 每股经营现金流(元) | 0.11 | | 毛利率(%) | 22.37 | | 净资产收益率_摊薄(%) | 3.38 | | 资产负债率(%) | 53.27 | | 总股本/流通股(万股) | 103,500.63/97,552.91 | | B 股/H 股(万股) | 0.00/0.00 | 证券研究报告-公司点评报告 增持(维持) 市场数据(2025-09-10) | 收盘价(元) | 8.42 | | --- | --- | | 一年内最高/最低(元) | 9.34/5.37 | | 沪深 300 指数 | 4,445.36 | | 市净率(倍) | 2.40 | | 流通市值(亿元) | 82.14 | 基础数据(2025-06-30) 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -3% 7% 1 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [15][27]. Core Insights - In the first half of 2025, the company achieved a revenue of 92.335 billion yuan, a slight increase of 0.99% year-on-year, while the net profit attributable to shareholders was 6.337 billion yuan, down 10.21% year-on-year [6][7]. - The second quarter of 2025 showed significant recovery, with revenue reaching 52.316 billion yuan, up 7.71% year-on-year, and net profit of 4.586 billion yuan, up 19.09% year-on-year [6][7]. - The company is focusing on the smart and new energy vehicle sector, with new energy vehicle sales growing by 23.64% year-on-year, accounting for 28% of total sales [7][12]. - The company is optimizing its global business layout, with overseas revenue accounting for 39% of total revenue in the first half of 2025, and products exported to over 170 countries and regions [8][10]. Summary by Sections Financial Performance - The company reported a gross margin of 18.38% and a net profit margin of 6.86% in the first half of 2025, with a decline in profitability attributed to increased investments in new channels and product promotions [13][14]. - The company expects net profits of 22.606 billion yuan, 25.489 billion yuan, and 29.149 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.64 yuan, 1.86 yuan, and 2.34 yuan [15][16]. Product and Brand Development - The company has a diverse brand matrix including Haval, WEY, Tank, and Ora, with Haval being the main sales driver, achieving sales of 323,700 units in the first half of 2025, up 8.89% year-on-year [10][11]. - The company is advancing its smart technology capabilities, with significant developments in intelligent cockpit and driving assistance systems, enhancing user experience and functionality [11][12]. Market Strategy - The company is accelerating its "ecological overseas" strategy, establishing a comprehensive value chain for research, production, and sales in international markets [8][10]. - The focus on new energy technology continues to drive growth, with the launch of a new intelligent super platform compatible with multiple power forms [12][14].

Investment Rating - The semiconductor industry is rated as "Outperform" [1] Core Viewpoints - The semiconductor industry continues to show steady growth in Q2 2025, with significant performance from domestic AI computing chip manufacturers [4][5] - The global semiconductor monthly sales continue to grow year-on-year, driven by increased capital expenditure from domestic and international cloud service providers [4][6] - The demand for AI computing hardware infrastructure remains strong, with major cloud companies increasing their capital expenditures significantly [6] Summary by Sections 1. Semiconductor Industry Performance - In August 2025, the domestic semiconductor industry (CITIC) rose by 23.84%, significantly outperforming the Shanghai and Shenzhen 300 index, which increased by 10.33% [4][12] - The semiconductor industry (CITIC) has seen a year-to-date increase of 36.16% [12] 2. Q2 2025 Financial Performance - The semiconductor industry reported a revenue of 188.43 billion yuan in Q2 2025, a year-on-year growth of 13.87%, with a net profit of 14.76 billion yuan, up 23.99% year-on-year [4][22] - The gross margin for the semiconductor industry has been on the rise, with Q2 2025 showing a gross margin of 26.29%, an increase of 1.72% year-on-year [22][25] 3. AI Computing Chip Manufacturers - Domestic AI computing chip manufacturers have shown remarkable performance in Q2 2025, with companies like Cambricon reporting a revenue increase of 4425.01% year-on-year [4][5][22] - The domestic AI computing chip sector is entering a period of accelerated growth, with expectations of increased market share [5][22] 4. Global Semiconductor Sales - Global semiconductor sales in July 2025 increased by 20.6% year-on-year, marking the 21st consecutive month of growth [4][6] - The demand for consumer electronics is gradually recovering, with expectations for rapid growth in AI smartphones and AI PCs [4][6] 5. Capital Expenditure Trends - Major North American cloud service providers have significantly increased their capital expenditures, with a combined increase of 69% year-on-year in Q2 2025 [6] - The total capital expenditure of the three major domestic internet companies (Alibaba, Baidu, Tencent) reached 61.6 billion yuan in Q2 2025, a year-on-year increase of 168% [5][6] 6. Market Dynamics - The inventory levels of some global chip manufacturers have slightly decreased, while domestic chip manufacturers have seen a significant reduction in inventory levels [4][22] - The utilization rate of global wafer fabs has significantly improved in Q2 2025, indicating a positive trend in production capacity [4][22]

| 收盘价(元) | 22.82 | | --- | --- | | 一年内最高/最低(元) | 22.82/10.67 | | 沪深 300 指数 | 4,436.26 | | 市净率(倍) | 1.85 | | 流通市值(亿元) | 407.43 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 12.33 | | --- | --- | | 每股经营现金流(元) | 0.71 | | 毛利率(%) | 23.56 | | 净资产收益率_摊薄(%) | 11.43 | | 资产负债率(%) | 53.95 | | 总股本/流通股(万股) | 178,539.99/178,539.99 | | B 股/H 股(万股) | 0.00/24,323.42 | 个股相对沪深 300 指数表现 专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 业绩稳健增长，煤机、汽车零部件双轮驱 动成长 证券研究报告-中报点评 买入(维持) 市场数据(2025-09-09) 资料来源：中原证券研究所，聚源 -2% 16% 34% 52 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 09 月 11 日 资料来源：聚源，中原证券研究所 -1% 7% 16% 24% 33% 42% 50% 59% 2024.09 2025.01 2025.05 2025.09 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,812.22 | 0.13 | | 深证成指 | | 12,557.68 | 0.38 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,445.36 | 0.21 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,244.40 | 0.19 | | 中证 | 500 ...

分析师：张刚 《市场分析：有色地产行业领涨 A 股震荡整 固》 2025-09-09 《市场分析：酿酒机器人领涨 A 股小幅上行》 2025-09-08 《市场分析：电池新能源领涨 A 股震荡上行》 2025-09-05 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股小幅上行 ——市场分析 相关报告 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 09 月 10 日 投资要点： ◼ A 股市场综述 周三（09 月 10 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低 开后震荡上行，盘中沪指在 3827 点附近遭遇阻力，随后股指维持震 荡，盘中采掘、通信服务、游戏以及文化传媒等行业表现较好；能 源金属、珠宝首饰、风电设备以及电池等行业表现较弱，沪指全天 基本呈现小幅震荡上行的运行特征。创业板市场周三震荡上扬，创 业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周 ...