公司报告 | 半年报点评 川投能源（600674） 证券研究报告 雅砻江水电为业绩增量主力，控股资产盈利稳健 事件 公司公布 2025 年半年报。2025 年上半年，公司实现营业收入 7.12 亿元， 同比+18%；实现归母净利润 24.6 亿元，同比+6.9%。 控股资产盈利能力稳步提升 随着银江水电站机组的陆续投产发电，公司上半年完成发电量 23.6 亿千瓦 时，同比+17.8%，电量增速与营业收入增速基本一致。 上半年公司主营业务毛利率 46.6%，相较于去年同期提升 2pct，控股资产 的盈利能力在稳步提升。 参股：雅砻江水电为业绩增量主力 ①雅砻江水电： 2025 年上半年雅砻江水电发电量 430 亿千瓦时，同比+12.7%；营业收入 121.7 亿元，同比+7%；净利润 49.2 亿元，同比+11.7%；其中 Q2 营业收入 55.05 亿元，同比+4.2%；净利润 19.19 亿元，同比+4.7%。 雅砻江水电营业收入增速低于电量增速主要原因或为电价下滑。根据我们 估算，雅砻江水电 25 年上半年不含税上网电价相较于去年同期下浮约 1.5 分/千瓦时。四川省 2025 年电力交易取消综合一口价， ...

Core Insights - The report emphasizes the importance of chip distribution analysis in identifying market trends and potential breakthroughs in various sectors, particularly focusing on the support from mid-term and long-term chip profits for index upward movements [2][6][10]. Market Review - The A-share market experienced a 2.95% increase during the week of August 11-15, with a daily average trading volume of 2,098.3 billion yuan, reflecting high market activity [2][19]. - Key sectors such as brokerage and PCB showed strong performance, with a notable increase in the number of stocks hitting the daily limit up from 70 to 238, indicating enhanced profit-making opportunities [2][19]. Key Themes - **AIDC**: The report highlights a high level of activity in the AI-driven computing infrastructure sector, driven by policy support and increasing demand, with a projected market growth rate exceeding 25% annually from 2023 to 2028, reaching over 280 billion yuan by 2028 [43][48]. - **Innovative Pharmaceuticals**: The report notes that business development (BD) transactions are opening up growth opportunities for innovative pharmaceutical companies, supported by government policies aimed at enhancing R&D and clinical applications [51][52]. - **Anti-Competition Policies**: The report discusses recent government initiatives aimed at curbing excessive competition, which are expected to facilitate the orderly exit of outdated production capacities and promote high-quality industry development [54][55]. Policy Dynamics - Recent policies include the implementation of financial subsidies for service industry loans and personal consumption loans, aimed at stimulating market activity and supporting economic recovery [60][61]. - The report also mentions the government's focus on digital infrastructure and the promotion of digital economy initiatives, which are expected to drive growth across various sectors [59]. Industry Trends - The report identifies significant events such as the World Robot Conference and advancements in AI technologies, indicating a growing emphasis on automation and intelligent systems in various industries [4][43]. - The report suggests that sectors like steel, pig farming, and cement are likely to benefit from supply-side improvements due to government policies aimed at reducing overcapacity and enhancing product quality [54].

Group 1 - The report highlights a recovery in domestic fiscal revenue and expenditure in July, with tax revenue showing a positive year-on-year growth, while non-tax revenue continues to decline [2][26] - Internationally, market expectations for interest rate cuts have increased following comments from Powell, with a 75% probability of a 25 basis point cut by September 2025 [2][27] - The report suggests focusing on sectors such as AI, consumer stocks, and the internet, emphasizing the importance of valuation in the consumer sector's recovery [2][27] Group 2 - The quantitative timing signals indicate a continued upward trend in the market, with a significant positive money-making effect, suggesting that mid-term incremental capital is likely to continue entering the market [3] - The industry allocation model recommends focusing on sectors like innovative pharmaceuticals and securities insurance, which are expected to benefit from policy-driven growth [3] - Short-term signals indicate potential rebounds for gold stocks after adjustments [3] Group 3 - The report on BYD emphasizes the establishment of a unique all-terrain racetrack, which serves as a cultural and technological bridge between the company and its users, promoting high-end product development [8] - BYD's high-end strategy is not limited to showcasing technology but aims to enhance product offerings, with several new models set to launch in the second half of 2025 [8] Group 4 - Shanghai Jahwa's H1 2025 performance shows a revenue increase of 4.75% year-on-year, with a significant profit growth of 11.66%, driven by strong performance in its beauty and personal care segments [21] - The company is focusing on brand enhancement and product innovation, with core brands showing strong growth and market positioning [21] Group 5 - The report on Wancheng Group indicates a significant revenue growth of 128% and a net profit increase of 251% in Q1 2025, driven by an expansion in store numbers and a focus on supply chain efficiency [18][20] - The company is transitioning towards a discount store model, which is expected to enhance its market presence and profitability [20]

固定收益 | 固定收益定期 把握调整后的信用票息 证券研究报告 信用策略周报 20250824 一、信用调整了多少？ 本周（8/18-8/24），信用债收益率跟随利率债调整，且调整幅度多高 于利率，信用利差有所走阔： 超长信用本周跌幅较为明显，部分中高等级 7-10 年期普信品种跌幅逾 10bp，7-10 年期二级资本债跌幅弱于普信； 3-5 年信用品种跌幅亦不低，且城投债>二永债>中短票； 2 年期及以内的短端品种当周跌幅相对不深，部分信用利差小幅收窄。 二、信用，谁在买？谁在卖？ 近期，从主要买盘行为看，整体呈现如下特征： 基金为代表的交易盘整体净卖出，尤其是对二永等类利率品种； 理财、保险等配置盘继续逢调整买入，但整体集中在 3 年期以内的中 短端债项。 三、调整后的信用"扛跌性"如何？ 计算按当前收益率持有各品种三个月的静态"扛跌性"： 1 年内的短端品种票息保护较为充足，多在 50+bp； 4-5 年期信用品种目前"扛跌性"约在 10-20bp，虽然对应品种期间 跌幅较深，但由于当前该期限段收益率曲线整体相对平缓，故相较于 7 月 18 日的"扛跌性"变动不大； 5 年期以上的超长信用债整体"扛跌性 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - Nvidia is set to unveil its new "brain" for robotics on August 25, which is expected to enhance humanoid robot technology and lead to a surge in domestic robot industry orders [1] - The global humanoid robot industry is anticipated to expand significantly, driven by advancements in physical AI, with Nvidia's developments potentially unlocking a trillion-dollar market [1] - The Shanghai government has released an implementation plan to accelerate the practical deployment of humanoid robots in manufacturing, aiming for 3,000 companies to adopt intelligent applications within three years [2] Summary by Sections Industry Overview - The humanoid robot sector has seen a notable increase in demand, with over 83 publicly disclosed projects in the first half of 2025, totaling nearly 330 million yuan in contracts, a significant rise from the previous year [1] - Major companies like Ubtech, Yushun Technology, and Zhiyuan Robotics dominate the market, collectively accounting for over 60% of the total contract value [1] Key Companies to Watch - **Aobi Zhongguang**: A leading company in 3D visual perception with over 70% market share in domestic service robot visual sensors, closely partnered with Microsoft and Nvidia [3] - **Keli Sensor**: A top domestic strain sensor manufacturer, specializing in the development of sensors for humanoid robots, having completed product series for various robotic applications [3]

固定收益 | 固定收益点评 降息预期"先抑后扬" 证券研究报告 海外经济跟踪周报 20250824 海外市场复盘（8.18-8.22） 海外权益，本周先抑后扬。本周前四天标普 500 连跌四天，周五大幅反弹。 前四天下跌的原因，一是投资者对周五的鲍威尔演讲保持谨慎观望态度， 二是大型零售商的财报不佳，包括塔吉特、沃尔玛等，导致股价大跌。但 周五鲍威尔演讲"放鸽"暗示重启降息，美股三大股指强劲反弹。 本周美元先涨后跌，小幅收跌。周一至周四美元累涨 0.8%，周五美元大跌 0.9%。周三公布 7 月美联储议息会议纪要偏鹰派，周四公布美国 8 月标普 Markit 制造业 PMI 初值 53.3，意外创三年多新高。并且周中多位美联储官 员表态偏鹰，因此前四天美元偏向上行；但周五鲍威尔演讲令美元回落。 2Y 和 10Y 美债收益率均大幅下行。本周美债收益率下行，主因周五杰克逊 霍尔会议上鲍威尔态度转鸽。其次，首次申请失业救济人数意外高于预期， 显示劳动力市场降温，续请失业金人数也升至四年高位。第三，特朗普呼 吁美联储理事库克辞职，被视为施压联储降息的信号。 黄金、原油上涨。本周美债收益率大幅下行，推动黄金和白银价格上 ...

Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. Core Viewpoints - The bond market is likely to continue its range - bound fluctuations. The adjustment range of the bond market will be protected by the buying power of allocation investors and the central bank's liquidity injection, which will suppress the upward space of interest rates. Meanwhile, the relative "absence" of allocation power since this year will also restrict the downward space of interest rates [39]. - It is expected that 1.80% may become the temporary top of the 10 - year Treasury bond interest rate, and currently, it is in the process of reaching the top [22]. - In the volatile market, attention can be paid to Guokai bonds of the 10 - year maturity, but the further manifestation of their value needs the stabilization of bond market sentiment and liquidity [40]. Summary by Directory 1. Bond Market Review 1.1 Bond Market Fluctuated with the Stock Market, and the Long - end Was Significantly Weak - The bond market followed the stock market and failed to have an independent trend. The stock - bond "seesaw" effect was obvious, and the bond market was "desensitized" to the fundamentals. There was a concentrated redemption of bond funds, and the interest rate center shifted upward with increased daily fluctuations. The yield of the 10 - year Treasury bond active bond broke through the 1.75% key point on 8/18 and then moved in the range of 1.75% - 1.79%. The overall yield curve shifted upward, with the medium - short end being significantly weak [6][7]. 1.2 Tax Payment Period Led to an Unexpected Convergence of Funds - The funding situation unexpectedly tightened and then eased marginally, with increased fluctuations in funding rates. The reasons included the resonance impact of the traditional tax period and the non - traditional stock - bond market linkage changing the flow of funds. The central bank increased the liquidity injection in advance to stabilize expectations and block the spread of redemption pressure [14]. 2. This Week's Focus 2.1 Has the Interest Rate Reached the Top? - In the past week, the central bank's support was effective, allocation investors continued to buy, and trading investors changed from selling to slightly net buying, which may gradually restrict the upward space of interest rates. It is expected that 1.80% may become the temporary top of the 10 - year Treasury bond interest rate [22]. - The central bank's timely support protected the bond market adjustment. When the bond market interest rate rose to a temporary high or the selling power of trading investors such as funds increased, the central bank would increase its open - market investment within 1 - 4 days [23]. - The buying power of allocation investors formed support at the 1.8% level of the 10 - year Treasury bond, suppressing the further upward space. However, the allocation power has been relatively "absent" this year, weakening the internal repair momentum of the bond market [26][27]. - Trading investors changed from selling to slightly net buying. Funds gradually increased their purchases of Treasury bonds and short - term financing bills in the second half of the week. Meanwhile, wealth management products slightly net - bought medium - term notes, short - term financing bills, and Tier 2 capital bonds, and the current redemption pressure was generally controllable [28][31]. 2.2 How Many Basis Points Has the Market Priced for the Newly Issued Tax - Inclusive Treasury Bonds? - The 30 - year Treasury bond basically fully priced the 6% VAT on the basis of the fair active bond price. The new 10 - year Treasury bond priced about 3% of the VAT, indicating that the current bond market allocation power may be relatively weak, and the digestion of the 6% VAT for ultra - long - term varieties is limited [3][38]. 3. The Bond Market May Continue Range - Bound Fluctuations - The bond market is likely to continue range - bound fluctuations. The buying power of allocation investors and the central bank's liquidity injection will suppress the upward space of interest rates, while the relative "absence" of allocation power will restrict the downward space [39]. - In the volatile market, Guokai bonds of the 10 - year maturity can be considered. After the adjustment since late July, the allocation cost - effectiveness of 10 - year Guokai bonds is prominent, and the VAT policy adjustment may further promote the narrowing of the spread between Guokai and Treasury bonds [40].

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

Group 1: Core Insights - The National Development and Reform Commission (NDRC) is actively supporting the issuance of REITs for eligible private investment projects, particularly in infrastructure sectors such as railways, nuclear power, and public services [1][7]. - The report emphasizes the need for a long-term mechanism to enhance private enterprises' participation in major national projects and to promote investment in emerging and future industries [1][7]. Group 2: Market Performance - During the week of August 18-22, 2025, the CSI REITs total return index fell by 1.74%, with the total REITs index down by 1.77% [2][16]. - The total REITs index underperformed the CSI 300 index by 5.95 percentage points and the CSI All Bond index by 1.34 percentage points [2][16]. - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (+2.33%) and Gongyinhe North Expressway REIT (+2.18%), while the worst performers were Zhongjin Xiamen Anju REIT (-6.28%) and Huatai Suzhou Hengtai Rental Housing REIT (-6.18%) [2][16]. Group 3: Liquidity - The total trading volume of REITs increased, with a weekly average trading volume (MA5) of 727 million yuan, up 11.2% from the previous week [3][36]. - The trading volumes for property and operating rights REITs were 493 million yuan and 233 million yuan, reflecting increases of 15.7% and 2.8%, respectively [3][36]. - The largest category by trading volume was park infrastructure REITs, accounting for 21.4% of the total [3][36]. Group 4: Industry Dynamics - As of August 22, 2025, the total issuance scale of listed REITs reached 190.9 billion yuan, with 73 REITs issued [8][10]. - The report indicates a trend towards the normalization of REIT issuance, with significant expansions in the underlying asset categories over the past years [15][10].

Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price of 36.07 CNY per share, reflecting an expected return of over 20% within the next six months [6][17]. Core Insights - The company reported record high revenues and profits in the second quarter, achieving an operating income of 1.47 billion CNY, a year-on-year increase of 11.7%, and a net profit attributable to the parent company of 655.9 million CNY, up 33.9% year-on-year [1][2]. - The gross margin for the second quarter reached 76.7%, the highest since 2021, indicating strong profitability alongside revenue growth [2]. - The company is making significant advancements in material production, with several new materials expected to drive future growth, including Red Host and Green Prime materials, which are in various stages of mass production [3]. Financial Performance - For the first half of 2025, the company achieved a total revenue of 2.92 billion CNY, representing an 18.8% increase year-on-year, and a net profit of 1.26 billion CNY, up 36.7% year-on-year [1]. - The company forecasts continued growth, with projected net profits of 3.17 billion CNY, 4.48 billion CNY, and 6.06 billion CNY for 2025, 2026, and 2027 respectively [4]. - The EBITDA for 2025 is estimated at 420.58 million CNY, with a significant growth rate of 89.47% compared to 2024 [5]. Research and Development - The company has filed 64 new invention patent applications and received 24 patent grants in the first half of 2025, indicating a strong commitment to R&D [4]. - Ongoing projects include advancements in blue phosphorescent materials and collaboration with academic institutions to enhance material properties and production processes [4]. Market Position and Client Expansion - The company maintains stable partnerships with leading OLED panel manufacturers and is actively expanding into emerging markets such as silicon-based OLED materials [3]. - Successful testing of multiple materials by clients such as Guozhao Optoelectronics and Guanyu is expected to open new revenue streams for the company [3].