中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 无人物流行业兴起，无人叉车企业或充分受益 —低速无人行业系列研究报告之二 2 0 2 5 . 9 . 9 Email：wangke03@zts.com.cn Email：kouhj@zts.com.cn 分析师：王可 分析师：寇鸿基 执业证书编号：S0740519080001 执业证书编号：S0740525060005 多元因素共振：无人物流开启 大规模商业化应用 1 目录 2 无人车规模化落地第一站，无 人物流车快速增长 3 仓储端：智能叉车进阶，技术融 合与场景拓展双轮驱动 4 对应标的：无人叉车方兴，上市 公司进一步打开增长极 3 核心观点 p 无人物流行业迈向全面商业化阶段：历经2010-2016的探索时期、2016-2023的商业化突破阶段、2024年以来， 无人驾驶物流车正在向全面商业化迈进。无人配送车的应用场景从特定区域扩展到完全开放道路，头部科技公 司/物流公司开始大规模量产，头部企业车队/产能规模直指万台级别。 p 关键部件成本降至商用阈值，驱动大规模订单落地。激光雷达、域控制器作为单一价 ...

国网信通 25H1 点评：并入亿力科技添翼，智能化转型加速 IT 服务Ⅱ 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn 2025-02-19 2、《国网信通：电网数字化建设核 2024-12-12 国网信通（600131.SH） 证券研究报告/公司点评报告 2025 年 09 月 09 日 | 评级： 买入（维持） | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：孙行臻 | | 营业收入（百万元） | 7,673 | | 7,315 | 9,312 | 11,111 | 12,308 | | | | 增长率 yoy% | 1% | | -5% | 27% | 19% | 11% | | 执业证书编号：S0740524030002 | | 净利润（百万元） | 828 | | 682 | 837 | 1,052 | 1,267 | | ...

中泰证券研究所 分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 证券研究报告 信用业务周报 震荡调整后市场或如何演绎？ 2025年9月8日 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 图表：市场表现回顾 数据来源：Wind，中泰证券研究所 2 【市场观察】震荡调整后市场或如何演绎？ 3 • 一、震荡调整后市场或如何演绎？ • 近期A股市场出现调整，资金面的脆弱性显现。首先，近期以两融为代表的杠杆资金快速扩张。9月3 日融资融券余额已突破2.29万亿元，创出2016年以来历史新高，占成交额95.41%。与此同时，9月3 日市场平均担保比例下降至281.5%，意味着投资者整体杠杆率提高、安全边际下降。一旦市场波动 加剧，杠杆资金的脆弱性更易放大波动，成为市场风险的放大器。其次，长线资金出现阶段性撤出。 近两周科创50ETF连续遭遇大额赎回，反映出机构资金在高位对成长板块的配置意愿下降。这一现象 不仅对科创板个股估值形成压力，也对市场风险偏好产生负面传导。第三，产业资本主动兑现收益。 今年8月，重要股东净减持规模不断扩大，9月第一周有所 ...

两机业务高景气，持续加码低空布局 Email：chendr01@zts.com.cn 执业证书编号：S0740523060003 Email：mamz@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 679.04 | | 流通股本(百万股) | 679.04 | | 市价(元) | 30.88 | | 市值(百万元) | 20,968.65 | | 流通市值(百万元) | 20,968.65 | ——2025 年半年报点评 通用设备 执业证书编号：S0740521080001 应流股份（603308.SH） 证券研究报告/公司点评报告 2025 年 09 月 08 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：陈鼎如 | | 营业收入（百万元） | | 2,412 | 2,513 | 3,021 ...

证券研究报告 日期：2025年9月8日 【中泰电子】电子三季度策略：AI主线引领产 业升级，国产替代加速 分析师： 王芳 S0740521120002，杨旭 S0740521120001，李雪峰 S0740522080004，康丽侠 S0740525040001，洪嘉琳S0740524090003，刘博文S0740524030001 1 目 录 一 、电子行业基本面持续向上 二、晶圆代工：先进制程关键时刻 三、光刻机：大国重器从0到1 四、设计板块：SoC&存储 五、数通PCB：受益算力需求爆发 六、果链：关税担忧落地，折叠屏+AI驱动成长 七、投资建议&风险提示 2 1.1 行业概述：Q2电子仓位环比略降，PCB板块涨幅亮眼 图表：电子（中信）涨跌幅 图表：年初以来电子各板块 累计涨跌幅 图表：年初以来半导体细分板块 累计涨跌幅 来源：Wind，中泰证券研究所 3 注：数据截至2025/9/4 n 电子行业涨跌幅：25Q2电子（中信）指数累计上涨1%，跑输沪深300指数0.3%；25年初至9月4日，电子（中信）指数累计上 涨24.8%，跑赢沪深300指数13.9%。 n 年初以来电子细分板块涨跌幅（基于自选 ...

专用设备 Q2 营收利润超预期，液冷业务成长空间较大 英维克（002837.SZ） 证券研究报告/公司点评报告 2025 年 09 月 08 日 1、《Q1 受确收节奏影响，AIDC 温控 液冷需求景气》2025-05-19 2、《Q3 业绩高增长，盈利能力进一 步提升》2024-10-25 3、《AI 液冷拐点已至，温控龙头扬帆 起航》2024-10-07 报告摘要 公告摘要：（1）公司发布 2025 年中报，实现营收 25.73 亿元，同比增长 50.25%，归 母净利润 2.16 亿元，同比增长 17.54%，扣非归母净利润 2.02 亿元，同比增长 18.05%。 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：陈宁玉 | | 营业收入（百万元） | | 3,529 | 4,589 | 6,117 | 9,437 | 13,184 | | | ...

摩托车及其他 执业证书编号：S0740524060003 Email：wujm@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 3,112.65 | | 流通股本(百万股) | 3,112.65 | | 市价(港元) | 13.59 | | 市值(百万港元) | 42,300.88 | | 流通市值(百万港元) | 42,300.88 | 股价与行业-市场走势对比 暖》2024-12-29 雅迪控股（01585.HK） 证券研究报告/公司点评报告 2025 年 09 月 08 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：吴嘉敏 | | | 营业收入（百万元） | | 34,801 | 28,236 | 37,733 | 42,370 | 45,642 | | | | | 增 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Views - The relaxation of purchase restrictions in Shenzhen has led to a month-on-month increase in new home transactions, while year-on-year sales remain lower [1][8] - The report highlights that the real estate market is in a recovery phase, with ongoing policy support expected to bolster demand [8] - Key companies with strong financials and performance are recommended for investment, including Yuexiu Property, China Merchants Shekou, Poly Developments, and others [8] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index fell by 1.48%, underperforming the CSI 300 Index, which declined by 0.81% [5][13] 2. Industry Fundamentals - For the week of August 29 to September 4, new home sales in 38 monitored cities totaled 25,688 units, a year-on-year decrease of 10.4% but a month-on-month increase of 5.3% [6][21] - The total transaction area for new homes was 2.425 million square meters, with a year-on-year decrease of 17.7% and a month-on-month increase of 5.3% [6][21] - In the same period, second-hand home sales in 16 monitored cities reached 15,607 units, showing a year-on-year increase of 5% but a month-on-month decrease of 13.3% [6][38] 3. Land Market Analysis - Land supply for the week was 36.101 million square meters, a year-on-year increase of 29.3%, with an average price of 1,808 yuan per square meter [7] - Land transactions totaled 23.902 million square meters, with a year-on-year increase of 43% and a transaction value of 30.78 billion yuan, up 61.7% year-on-year [7] 4. Investment Recommendations - The report suggests focusing on financially stable leading real estate companies that can effectively navigate market fluctuations, as well as property management firms that may see performance recovery [8]

Group 1 - The report highlights a significant rise in gold prices driven by increased expectations of interest rate cuts, concerns over debt, and worries regarding the independence of the Federal Reserve due to political pressures [2][15][16] - The market is currently pricing in a high likelihood of multiple interest rate cuts by the Federal Reserve within the year, with estimates suggesting 3-4 cuts totaling 75-100 basis points [2][15] - Concerns about fiscal discipline in developed countries, particularly with upcoming long-term bond issuances, have led to increased demand for gold as a "credit benchmark" [2][15][16] Group 2 - The report indicates that the domestic market may not experience the expected benefits from overseas interest rate cuts, as previous patterns of capital inflow have not been evident [25][26][29] - The divergence in monetary policy between domestic and overseas markets has persisted for nearly three years, suggesting that domestic interest rates may not follow the trend of international cuts [29][30] - The report notes that the current market environment may accelerate the reallocation of assets from bonds to equities, potentially putting further pressure on the bond market [31][35] Group 3 - The bond market has shown signs of weakness, with a notable "double kill" scenario where both stocks and bonds declined simultaneously, indicating fragile market sentiment [4][33] - Despite a brief recovery in the bond market, the overall performance remains lackluster compared to equities, which have shown resilience after recent corrections [5][32][35] - The report suggests adopting a "weak asset" mindset towards bonds, focusing on minimizing losses and seeking short-term trading opportunities rather than expecting sustained upward trends [6][36]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown stable growth in its H1 performance, with a revenue of 1.82 billion yuan, representing a year-on-year increase of 15.4% [3] - The company is benefiting from the acceleration of domestic high-end analog IC production, with expectations for a significant increase in net profit in 2024 [3] - The company is actively expanding its product offerings in emerging fields, including automotive electronics and AI applications, which is expected to enhance its market share [3] Financial Performance Summary - For 2023A, the company is projected to achieve a revenue of 2,616 million yuan, with a year-on-year growth rate of -18% [2] - The net profit for 2023A is estimated at 281 million yuan, with a year-on-year decline of 68% [2] - The company anticipates a revenue increase to 3,347 million yuan in 2024A, with a growth rate of 28% [2] - The projected net profit for 2024A is 500 million yuan, reflecting a recovery with a growth rate of 78% [2] - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2023A to 1.06 yuan in 2024A [2] Product Development and Market Expansion - The company has been actively launching new products, including low-noise operational amplifiers and automotive-grade ADCs, to meet diverse customer needs [3] - The company is focusing on key trends in AI, robotics, new energy vehicles, and smart manufacturing, positioning itself for future growth [3] - The company has achieved good sales performance in various sectors, including electric vehicles and IoT, expanding its customer base [3] Profitability and Valuation Metrics - The projected net profit for 2025E is 657 million yuan, with a corresponding P/E ratio of 68 [2] - The company’s net asset return rate is expected to increase from 7% in 2023A to 11% in 2024A [2] - The projected P/B ratio is expected to decrease from 11.5 in 2023A to 9.6 in 2024A [2]