公司报告 | 半年报点评 安琪酵母（600298） 证券研究报告 收入增速环比提速，利润持续兑现 事件：2025H1 公司收入/归母净利润分别为 78.99/7.99 亿元（同比 +10.10%/+15.66%）；25Q2 公司收入/归母净利润分别为 41.05/4.29 亿元 （同比+11.19%/+15.35%）。 酵母主业保持较高增速，制糖业务有所增长。25Q2 公司酵母及深加工/制 糖/包装类产品/其他收入 29.81/2.28/0.99/3.22 亿元（同比+12%/+20%/+4% /-55%），食品原料收入 4.54 亿元，环比增长。上半年实现发酵产量 22.8 万吨，同比增长 11.8%。酵母主业继续保持较高增速，并贡献主要增量； 制糖业务有所增长，25 年 7 月公司公告拟以 5.06 亿元收购晟通糖业 55% 股权，晟通糖业业务以甜菜制糖业为核心，并承诺 25-27 年净利润达到 2 896/7586/9889 万元。 国外业务维持高增速，线上收入有所下降。25Q2 公司国内/国外收入分别 为 23.05/17.78 亿元（同比+4%/+22%），国内业务维持稳健增长，海外业务 维持高增速 ...

Group 1 - The core conclusion indicates that during a bull market, market corrections often occur within a short timeframe, and a 2-4 week minor pullback may present a smooth buying opportunity. It is suggested to consider chasing the previously strong sectors or switching to low-position sectors for a rebound [1][2][12] - Historical analysis of eight similar "first wave rise - platform pullback - second wave rise" intervals shows that the top 20% of sectors in the previous rise tend to experience the largest pullbacks and subsequently lead in the next rise [9][12] - The report emphasizes that sectors with negative excess returns during pullbacks are likely to struggle to regain positive excess returns afterward, indicating a potential "escape signal" for market tops [3][18] Group 2 - Currently, most secondary industries with continuous excess returns have not shown signs of weakening excess margins. Strong sectors include consumer electronics, which have maintained excess returns for 10 consecutive weeks, and others like general equipment and semiconductors [19][21] - Sectors that have shown signs of weakening excess margins include AI application games, military aviation equipment, and "anti-involution" sectors such as wind power and glass fiber [20][22] - The report identifies that certain sectors, even when experiencing relative weakness during minor bull market pullbacks, can still offer good odds for gains post-adjustment. These sectors are often cyclical and resource-based, which tend to have slower pricing logic compared to growth stocks [4][23][24]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report conducts a detailed analysis of the convertible bond investment strategies and preferences of different types of investment institutions, aiming to form a handbook for analyzing the behavior of convertible bond investment institutions. It focuses on an overview and the public fund section, considering the significant differences in investment strategies and information disclosure mechanisms between public funds and non - public funds [1][9]. 3. Summary According to Relevant Catalogs 3.1 Convertible Bond Investment Institutions and Analysis Method Overview - **Investor Structure and Proportion**: As of the end of July 2025, public funds and enterprise annuities are the "main forces" in direct convertible bond investment. Public funds hold a significant proportion, with 35.56% of the face value of Shanghai - listed convertible bonds and 33.31% of the market value of Shenzhen - listed convertible bonds. Enterprise annuities are the second - largest investment institutions, holding 18.41% of Shanghai - listed convertible bonds and 13.23% of Shenzhen - listed convertible bonds. Insurance institutions, securities self - operation also occupy important positions. Other professional institutional investors hold a relatively small proportion [10]. - **Changes in Investor Structure**: Compared with the end of 2021, the "influence" of public funds and insurance institutions has increased, while the proportion of enterprise annuities has decreased. The investment proportions of securities self - operation, private funds, and trust institutions have increased, and the proportion of general institutional investors represented by listed company shareholders has significantly decreased [13]. - **Differences in Investment Strategies**: Different types of professional institutional investors have differences in convertible bond investment restrictions, preferences, and investment strategies. Public funds generally have fewer restrictions on convertible bond ratings and focus on relative returns. Pension funds, insurance institutions, and social security funds have clear rating restrictions and focus on absolute returns [19]. - **Analysis Data Sources**: For public funds, quarterly reports can be used to analyze their convertible bond investment preferences. For other investment institutions, the top ten holders of convertible bonds disclosed in the semi - annual and annual reports of convertible bond issuers provide detailed analysis materials [20]. 3.2 What are the Characteristics of Public Funds' Convertible Bond Investment? 3.2.1 Overview of Public Funds' Convertible Bond Holdings - **Scale and Proportion Changes**: Since Q4 2023, the market value and proportion of convertible bonds held by public funds have been slightly decreasing. The number of public funds investing in convertible bonds has decreased overall, but their participation in the convertible bond market has increased [24]. - **Industry Distribution Preference**: As of Q2 2025, public funds significantly over - allocate convertible bonds in industries such as metals, chemicals, transportation, automobiles, agriculture, forestry, animal husbandry, and banking, and under - allocate those in industries such as petrochemicals, steel, construction decoration, public utilities, environmental protection, and power equipment [29]. - **Price, Valuation, and Rating Preferences**: As of the end of Q2 2025, public funds over - allocate convertible bonds in the 120 - 130 yuan range and above 150 yuan, and AA and AA - rated convertible bonds; they under - allocate other convertible bonds [29]. - **Differences in Sub - investor Structure**: Public funds account for about 30% in the overall convertible bond investor structure, but their influence varies in different industries, price ranges, and rating segments [35]. 3.2.2 Differences in Convertible Bond Holdings among Various Funds - **Differences in Convertible Bond Holdings by Fund Type**: Secondary bond funds, the main force in convertible bond allocation, have significantly reduced their convertible bond holdings since Q3 2023. Convertible bond funds and primary bond funds are important holders. The convertible bond positions of convertible bond funds have reached a historical high, while those of secondary bond funds, primary bond funds, and partial - debt hybrid funds have decreased [44][46]. - **Characteristics of Convertible Bond Funds' Holdings**: In Q2 2025, convertible bond funds increased their holdings in industries such as petrochemicals, public utilities, and communications, and decreased their holdings in upstream energy materials and mid - stream manufacturing industries. They stably over - allocate convertible bonds in the 120 - 130 yuan range and under - allocate those in the 100 - 120 yuan range [48][57]. 3.2.3 Characteristics of Convertible Bond Holdings of High - performing Funds - **Scale and Quantity of Convertible Bond Holdings**: Different high - performing funds have different scales and quantities of convertible bond holdings. For example, Fuguo Jiuli Stable Allocation has a relatively concentrated holding, while Huashang Fengli Enhancement has a large number of holdings but a small average holding per bond [73]. - **Industry, Rating, and Price Preferences**: Different high - performing funds have different preferences in terms of industry, rating, and price. For example, Fuguo Jiuli Stable Allocation prefers convertible bonds in the power equipment, banking, and pharmaceutical industries, while Huashang Fengli Enhancement prefers high - priced and manufacturing - related convertible bonds [74]. 3.3 How to Analyze Non - public Fund Convertible Bond Investments? 3.3.1 Starting from the "Top Ten Holders" of Individual Bonds - **Investor Classification**: Convertible bond investors are divided into 11 major categories and 24 sub - categories based on the names of bondholders. The top ten holders' data accounts for about 40% of the convertible bond market, and public funds, pension products, etc. frequently appear in the list [86][87]. - **Data Representativeness**: The data of the top ten holders is representative for analyzing the convertible bond investment preferences and characteristics of various investors. After excluding the "repurchase pledge special account" and "company - related institutions", the data (referred to as "top ten holders 2") can more objectively present the data conclusions [88][89]. 3.3.2 Preliminary Exploration of Non - public Fund Institutions' Convertible Bond Investments - **Industry Distribution of Convertible Bond Holdings**: As of the end of 2024, "private asset management" institutions hold more convertible bonds in the power equipment industry but less in pro - cyclical industries. "Securities self - operation" has a relatively high proportion of holdings in the steel, non - ferrous metals, and power equipment industries. "Insurance" has a relatively dispersed convertible bond portfolio [97]. - **Rating and Price Distribution of Convertible Bond Holdings**: "Private asset management" and "QFII" have a higher tolerance for low - rated convertible bonds. "Insurance" and "securities self - operation" have a relatively high proportion of AAA - rated convertible bonds. In terms of price, "private asset management" has a high proportion of convertible bonds below 100 yuan, while "insurance", "social security funds", and "QFII" mainly hold convertible bonds in the 110 - 120 yuan range [97][98].

Group 1: Macro Strategy and Market Overview - The report highlights that the financing balance has surpassed 2 trillion, indicating a significant increase in market activity and investor risk appetite, with net inflows in both northbound and southbound capital [3][22][23] - The overall liquidity situation shows a net outflow of 247.5 billion, with total funding supply at 77.8 billion and demand at 325.3 billion, suggesting a tightening liquidity environment [22][23] - The report emphasizes the importance of monitoring developments in US-China negotiations and potential meetings between leaders, which could impact market sentiment [3][22] Group 2: Banking Sector Analysis - As of August 18, 2025, the valuation of the banking sector has increased by 32.53% over the past year, with a price-to-book (PB) ratio of 0.72 and a return on equity (ROE) of 8.92% [4] - The report identifies three main reasons for the persistent undervaluation of banks: asset quality risks, declining revenue capabilities, and high growth in net assets per share, which collectively contribute to a lower market valuation [4] - The theoretical PB corresponding to the current ROE is estimated at 0.63, indicating that a return to a PB of 1 would require an ROE of approximately 14.15% [4] Group 3: Power Generation Sector Insights - The report discusses the profitability disparities among thermal power assets in Guangdong, highlighting that different regions experience varying electricity prices, impacting overall profitability [6] - It notes that high-efficiency coal-fired power units are expected to perform better in terms of profitability, particularly the 1 million kilowatt units, which have a net profit per kilowatt-hour above 0.01 yuan [6] - The outlook for electricity prices is relatively stable, with expectations of limited downside, and a focus on capacity price changes in the future [6] Group 4: Company-Specific Performance - Spring Wind Power reported a revenue of 9.855 billion yuan for H1 2025, a year-on-year increase of 30.9%, with a net profit of 1.002 billion yuan, up 41.35% [10][26] - The company achieved a gross margin of 28.38% and a net profit margin of 10.17%, indicating strong operational efficiency despite a slight decline in gross margin [10][26] - The report projects an upward revision in profit forecasts for Spring Wind Power, estimating profits of 1.858 billion, 2.483 billion, and 2.936 billion yuan for 2025-2027 [10][30] Group 5: Pharmaceutical Sector Developments - BeiGene reported a total revenue of 2.433 billion USD for H1 2025, reflecting a 45% year-on-year growth, with a significant turnaround in profitability [11][35] - The company’s core product, Zanubrutinib, saw global sales of 950 million USD in Q2 2025, marking a 49% increase year-on-year [11][35] - Future milestones include several drugs entering Phase III clinical trials, with expected approvals and significant revenue contributions anticipated in the coming years [11][35] Group 6: Retail and Consumer Goods Performance - Pop Mart achieved a revenue of 13.88 billion yuan in H1 2025, a 204.4% increase, with overseas revenue growing by 440% [12][36] - The company’s gross margin improved to 70.3%, driven by an increase in overseas sales and product design optimization [12][36] - The report highlights the successful expansion of Pop Mart's IP portfolio, with significant contributions from various product categories, indicating a diversified revenue stream [12][37]

行业报告 | 行业点评 商贸零售 证券研究报告 老铺黄金：25H1 单场销售创新高、加速布局核心商圈， 关注新拓及优化门店增量贡献 老铺黄金发布 2025 年中期业绩公告： 1、业绩：25H1 实现收入 123.5 亿元、同比增长 251%（业绩预告为 120-125 亿元，符合预期），经调整净利润 23.5 亿元、同比增长 291%（业绩预告为 23-23.6 亿元，位于预告区间偏上限）。 2、盈利能力：25H1 毛利率为 38.1%，同比 24H1 降低 3.2pct、环比 24H2 降低 3.0pct，黄金价格于 2025 年 1-4 月持续上升，后续金价稳定在较高水 平，公司 25H1 仅于 2 月进行了 1 次价格调整，受到调价后黄金价格持续快 速上涨的影响毛利率略承压。25H1 经调整净利率为 19.0%，同比 24H1 提升 1.9pct、环比 24H2 提升 1.0pct，受益于业绩高增长所产生的规模效应。 3、中期股息：拟派中期股息 9.59 元/股，分红率 72%。 25H1 收入分拆：全渠道及区域高速增长 1、按渠道分：门店/线上平台收入分别为 107.4/16.2 亿元、同比增长 24 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6] Core Views - The company continues to show strong growth trends, with revenue reaching 9.855 billion yuan in H1 2025, a year-on-year increase of 30.9%, and net profit attributable to shareholders at 1.002 billion yuan, up 41.35% year-on-year [1] - The all-terrain vehicle segment has seen significant sales growth, with 101,800 units sold in H1 2025, generating revenue of 4.731 billion yuan, a 33.95% increase year-on-year [3] - The motorcycle segment is also performing well, with sales of 150,300 units and revenue of 3.346 billion yuan, reflecting a 3.03% year-on-year growth [4] - The electric two-wheeler segment, "Jike," has emerged as a new growth curve, achieving sales of 250,500 units and revenue of 872 million yuan, a remarkable year-on-year increase of 652.06% [5] - The company has adjusted its profit forecasts upwards due to better-than-expected progress in the all-terrain vehicle and electric two-wheeler segments, projecting profits of 1.858 billion, 2.483 billion, and 2.936 billion yuan for 2025-2027 [5] Financial Summary - For H1 2025, the company achieved a gross margin of 28.38%, a decrease of 3.13 percentage points year-on-year, while the net profit margin increased by 0.75 percentage points to 10.17% [1] - The company’s total revenue for 2023 is projected at 12.110 billion yuan, with a growth rate of 6.44%, and is expected to reach 30.964 billion yuan by 2027 [10] - The earnings per share (EPS) is forecasted to grow from 6.60 yuan in 2023 to 19.24 yuan in 2027 [10]

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [5] Core Insights - The banking sector has been persistently trading below book value since 2018, with a significant valuation gap compared to other sectors. As of July 12, 2024, the dividend yield reached 7.26%, the highest in a decade, exceeding the 10Y government bond yield by 5.00 percentage points [12][8]. - As of August 18, 2025, the CITIC secondary banking sector saw a valuation increase of 32.53% over the past year, with a price-to-book (PB) ratio of 0.72 and a return on equity (ROE) of 8.92%. However, this remains below the overall PB-ROE trend of other secondary sectors [12][8]. - The report identifies three main reasons for the long-term trading below book value: asset quality exposure risks, declining profitability, and asset expansion rates significantly outpacing other industries, which depresses valuations [2][16]. Summary by Sections 1. Long-term Trading Below Book Value - The banking sector has been trading below book value for seven consecutive years since March 23, 2018. Despite multiple rounds of valuation recovery, it remains significantly lower than other sectors in terms of PB-ROE valuation logic [12][8]. 2. Main Reasons for Trading Below Book Value 2.1 Asset Quality Exposure Risks - Historical data shows that the growth rate of non-performing loans (NPLs) and credit scale growth have experienced "inversion" periods, indicating that NPL growth outpaced credit growth. This has led to market concerns about the actual value of bank assets [3][17]. 2.2 Declining Profitability - The report suggests that the current ROE corresponds to a theoretical PB of approximately 0.63. To return to a PB of 1, the ROE would need to reach about 14.15% [39][9]. 2.3 High Growth Rate of Book Value - The growth rate of banks' book value has significantly outpaced other sectors, which, under current operational pressures, has a dampening effect on the PB valuation denominator [9][16]. 3. Future Outlook - There is potential for marginal improvement in the fundamentals of bank stocks this year, which could theoretically support further valuation recovery [10][12].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported significant financial performance in H1 2025, with total revenue of $2.433 billion, a year-on-year increase of 45%, and a GAAP net profit of $95.59 million, marking a turnaround from losses [1][13] - The company is expected to achieve continuous revenue growth, with projected revenues for 2025-2027 at $38.00 billion, $45.91 billion, and $54.04 billion respectively [6][10] Financial Performance - In Q2 2025, total revenue reached $1.315 billion, a 42% year-on-year increase, with GAAP net profit of $94.32 million, also reflecting a significant recovery [1][13] - The company has successfully reduced its R&D expenses, with a R&D expense rate of 40% in Q2 2025, down 9 percentage points year-on-year [2][32] - Sales and management expenses were $538 million in Q2 2025, with a corresponding expense rate of 41%, a decrease of 7 percentage points year-on-year [2][28] Product Performance - The core product, Zebutinib, achieved global sales of $950 million in Q2 2025, a 49% year-on-year increase, with strong growth in the US and Europe [3][17] - The second key product, Tislelizumab, also showed robust growth, with total revenue of $194 million in Q2 2025, a 22% year-on-year increase [3][22] Future Milestones - The company anticipates several key milestones in the next 18 months, including multiple drugs entering Phase III clinical trials or filing for market approval [4][5] - Notable upcoming events include the expected approval of Tislelizumab for early-stage non-small cell lung cancer in the EU and the initiation of Phase III trials for other products [4][5] Revenue Guidance - The company has updated its revenue guidance for 2025, raising the total revenue forecast from $4.9-5.3 billion to $5.0-5.3 billion, reflecting confidence in product performance [11][12]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The profitability of thermal power assets in Guangdong is differentiated under low electricity prices, with significant regional disparities in electricity demand affecting node prices [1][10] - High-efficiency coal power units are expected to perform better in profitability compared to lower capacity units, with 1 million kW units showing net profits above 0.01 yuan/KWh [2][30] - The average electricity price in Guangdong is expected to remain stable, with limited downward potential, while capacity prices are anticipated to increase, enhancing profitability for coal power units [3][51] Summary by Sections Current Situation: Profitability Differentiation of Thermal Power Assets - Regional differences in electricity demand lead to varying node prices across Guangdong, with the Pearl River Delta region experiencing higher prices compared to other areas [1][15] - Different capacity levels of coal power units exhibit significant differences in profitability, with 1 million kW units showing the best performance [2][30] - Gas power units face greater profitability pressure due to higher fuel costs and lower utilization hours compared to coal units [2][32] Outlook: Stable Electricity Price Expectations - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for decline, as the average transaction price for 2025 is projected at 0.392 yuan/KWh [3][51] - Capacity price adjustments are expected to positively impact the profitability of coal power units starting in 2026 [3][51] Investment Recommendations - Focus on high-capacity coal power units in Guangdong, as they are expected to maintain better profitability under the current low electricity price environment [4][30] - Recommended stocks include Baoneng New Energy, China Resources Power (H shares), Guangdong Power A, Guangzhou Development, Shenzhen Energy, and Suihengyun A [4]

Group 1 - The report highlights that the overall micro liquidity is improving, with net inflows in margin financing and continuous net inflows in southbound funds, indicating a high market enthusiasm and increased risk appetite among investors [1][7][38] - The total supply of funds for the period is 778 billion, while the demand is 3253 billion, resulting in a net outflow of 2475 billion, with significant net inflows in margin financing and a narrowing of net outflows in stock ETFs [1][7][8] - The issuance of equity financing has significantly increased, with a total of 155.2 billion raised, marking a 109% increase compared to the previous period [1][28] Group 2 - The issuance scale of newly established equity public funds has decreased to 234.15 billion shares, down 19.52% from the previous period, indicating a low level of equity fund issuance this year [1][8] - Northbound trading volume has seen a substantial increase, with the trading volume for the week ending August 17, 2025, rising by 13.88% compared to the previous period [1][12] - The margin financing balance has surpassed 2 trillion, reaching 20418.97 billion, with a net inflow of 821.62 billion, reflecting a recovery in market investment sentiment [1][14][16] Group 3 - The net outflow of stock ETFs has narrowed to -278.06 billion, compared to -329.11 billion in the previous period, suggesting a slight recovery in investor interest [1][20] - The net reduction in industrial capital has slightly decreased to 132.49 billion, indicating ongoing selling pressure from major shareholders [1][30] - The lock-up release value has reached a peak of 3252.51 billion, with expectations of 1845.24 billion in the next two weeks, particularly high in the machinery sector [1][34]