策 略 研 究 华福证券 八月行情收官 投资要点： 本周（8/25-8/29）市场震荡上行，全 A 收涨 1.90%。从指数情况看， 创业板指、科创 50 领涨，中证红利、微盘股收跌。从风格情况看，科技领 涨，金融地产领跌。本周 31 个申万行业涨跌不一，通信、有色金属、电子 领涨，银行、煤炭、纺织服饰领跌。 策 略 定 期 报 告 市场观察：市场情绪上升，行业轮动强度下降。（1）市场估值：股债 收益差下降至 0.7%，小于+1 标准差。估值分化系数有所下降。（2）市场 情绪：市场情绪上升，行业轮动强度下降。市场大盘风格占优，微盘股指 数跑输市场，主题热度主要聚集在光模块(CPO)、光通信、6G。（3）市场 结构：市场量能创下新高，通信、电子、有色金属多头个股占比居前，轻 工制造、美容护理、建筑装饰内部或存在α机会。（4）市场资金：本周陆 股通周内日平均成交金额较上周上升 536 亿元，本周陆股通周内日平均成 交笔数较上周上升 166 万笔。本周陆股通成交额排名前三的标的为宁德时 代、新易盛、东方财富，近 5 日涨幅分别为 6.6%、30.1%、3.8%。杠杆资 金净流入 1004 亿元，主要流入行业为电子、 ...

财务分析：毛利率维持高位，净利率有所改善。 华福证券 医美服务 2025 年 09 月 01 日 公 司 研 究 公 司 财 报 点 时代天使（06699.HK） 2025 半年报点评：海外案例数及收入实现高增， 国际化扩张逻辑持续兑现 事件：公司公布 25H1 业绩，报告期内实现收入 1.61 亿美元（+33%），归 母净利润 0.15 亿美元（+363%），案例数 22.58 万例（+47.7%）。 海外案例数及收入均实现高增，国际化扩张逻辑持续兑现。 评 25H1 公司实现海外案例数 11.72 万例（+103.5%），案例数占比提升 至 51.9%，客单价为 612 美元（+9.8%）；实现海外收入 0.72 亿美元（+123%）， 收入占比提升至 44%。毛利率 61.2%（+2.96pct），海外分部净利率-7.5%， 同比大幅收窄 44.5pct。海外亏损的大幅收窄主要受益于收入规模高速扩张、 海外生产基地建设的延期以及海外人员团队扩张的暂缓。 国内实现稳健增长，维持行业领先地位。 25H1 公司实现国内案例数 10.9 万例（+14%），实现收入 0.9 亿美元 （+0.7%），实现分部净利润 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 1.495 billion yuan (+9.52%) and net profit attributable to shareholders of 152 million yuan (+41.9%) [3][9] - The offline business showed steady growth, with a revenue increase of 11.1% to 1.37 billion yuan, driven by new acquisitions and existing business growth [5] - The company is actively embracing AI technology, having launched its first "National Medicine AI Avatar" in June 2025, with a total of 10 avatars covering eight core traditional Chinese medicine specialties by August [8][9] Financial Performance - The company achieved a gross profit margin of 30.6% (+1.2 percentage points) and a net profit margin of 10.1% (+2.3 percentage points) in the first half of 2025 [6] - The company has expanded its network to 83 medical institutions across 20 cities in China, with one institution in Singapore as of June 30, 2025 [7] - The adjusted net profit for 2025 is forecasted at 398 million yuan, with subsequent years projected at 492 million yuan in 2026 and 588 million yuan in 2027 [9][10] Market Outlook - The demand for traditional Chinese medicine services is strong, supported by favorable policies, indicating a period of rapid growth for the industry [9] - The company is positioned as a leading chain in the traditional Chinese medicine service sector, with significant long-term growth potential due to its brand, talent, and resource advantages [9]

公 华福证券 司 研 究 晨光股份（603899.SH） IP 和出海战略深化，下半年经营改善可期 司 财 报 点 评 Q2 营收企稳，IP 和出海战略持续推进。公司 1H25 实现收入 108 亿元， 同比-2.2%。分业务，1）传统核心业务：剔除关联交易后 H1 营收同比-7%， 晨光科技 H1 实现营收 5.56 亿元，同比+15.14%，公司坚持全渠道布局，线 下聚焦重点终端开展单店质量提升、推动重点品类在终端的有效上柜，通 过终端排面的优化，促进终端产品的动销，提升商圈占比，扩大市场份额。 公司 H1 实现境外营收 5.6 亿元，同比+15.9%，持续扩大非洲及东南亚市场。 2）办公直销业务：H1 科力普实现营收 61.3 亿元，同比+0.2%，保持战略 定力、业务稳定向好。3）零售大店业务：H1 零售大店实现营收 7.8 亿元， 同比+7%，其中九木杂物社营收 7.6 亿元，同比+9.5%，截止期末公司在全 国拥有超 830 家零售大店。分产品，H1 书写工具、学生文具、办公文具、 其他产品营收分别同比-0.2%、-8.5%、-8.5%、+6.8%，其中核心品类书写 工具、学生文具单价保持提升，I ...

华福证券 2025 年 09 月 01 日 策 略 研 究 基因细胞治疗领域把握：前沿疗法为未来医疗蓄 力（2025.8.25—2025.8.29） 投资要点： 近期观点 1、医药指数本周关注的 6 个子行业仅有 1 个录得正收益，表现不 佳。 策 略 定 期 报 告 2、根据《Gene, Cell, & RNA Therapy Landscape Repor,Q2 2025 Quarterly Data Report》报告指出，2025 年第二季度，全球基因、细胞 与 RNA 疗法领域发展迅速，共有三款新疗法获批，包括美国 FDA 批 准的 Zevaskyn 和 mNexspike，以及中国 NMPA 批准的首款血友病 B 基 因疗法 BBM-H901。全球研发管线共计 4,469 项，其中基因疗法占比 49%，RNA 疗法占 29%，细胞疗法占 22%。肿瘤和罕见病仍是研发重 点，基因编辑和递送技术成为关键创新动力。本季度行业并购活跃， 交易总额超 60 亿美元，但初创公司融资下降 35%。未来多个疗法将迎 来监管决策，行业长期前景广阔。 团队成员 分析师： 赵月(S0210524050016) zy30 ...

证券研究报告 | 行业定期报告 银行 行业评级 强于大市（维持评级） 2025年9月1日 上市银行2025中报综述 回调完，中报后，再评估银行股的投资价值 证券分析师： 张 宇 执业证书编号：S0210524050005 付思雨 执业证书编号：S0210524080005 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 2 华福证券 ➢ 上半年银行财务指标边际向好。银行的半年报数据整体较一季报边际改善，多数银行营收和利润增速回升、不良 率稳中有降、拨备覆盖率边际企稳。按照子板块来看：国有行业绩改善超预期，手续费和其他非息收入增速较Q1 显著回升，带动业绩向好；股份行在非息业务收入向好、资产质量稳定的带动下，营收和利润增速触底反弹；部 分城商行信贷投放动能强劲，利息净收入增长拉动营收增速抬升；农商行在当前环境下营收承压。 华福证券 ➢ 在基本面夯实和前期板块调整蓄力的共同作用下，银行板块有望轮动补涨。下半年以来，银行板块经历了阶段性 调整，我们认为当前板块调整已相对充分。复盘过往行情，银行板块除了在牛市初期易出现超额收益，往往在成 长股行情演绎之后迎来第二轮补涨行情。并且，银行中报整体表现向好，银行 ...

行 华福证券 电力设备 2025 年 08 月 31 日 业 研 究 行 业 电力设备 产业周跟踪：固态电池标准加速制定，9 月玻璃 报价显著上涨 投资要点： 锂电板块核心观点：锂电排产旺盛迎接金九银十，固态电池加速标准 制定。1）9 月锂电排产高增，迎接金九银十；2）固态电池加速标准制定， 产业化渐行渐近。 定 期 报 告 光伏板块核心观点：光伏玻璃库存下降，9 月玻璃新单报价显著上涨。 根据 SMM，2.0mm 单层镀膜玻璃 9 月新单报价较 8 月初上调 2 元/平方米， 且针对近期需求量较大的组件 210 版型对应的玻璃新增价差机制，报价较 2.0mm 基准价增加 1 元/平方米，我们认为，此次 9 月光伏玻璃新单报价显 著上涨，主要原因来自库存下降（头部组件厂囤货抄底带动）及后续订单 量的支撑，当前最新头部玻璃企业库存天数降至接近 20 天，部分甚至降至 10 天左右；展望后续，我们预计 9 月玻璃落地价格将确定性上涨，同时后 续随着天然气价格上涨，年末玻璃价格仍有小幅上涨预期。 风电板块核心观点：推动海洋经济高质量发展，建设海洋强国。1）推 动海洋经济高质量发展，为海洋强国建设提供有力支撑；2）英 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [64]. Core Insights - The low-altitude sector is currently in a position to rebound, supported by ongoing catalysts since the second half of the year and new directions in the Sino-US competition [4][33]. - The low-altitude economy index increased by 1.03% this week, outperforming the Shanghai Composite Index, which rose by 0.84% [3][16]. - The sector is awaiting significant catalysts, as it has been relatively stagnant since the beginning of the year, with the broader market reaching new highs [4][32]. - The establishment of a leadership group by the Civil Aviation Administration of China for general aviation and low-altitude economy indicates promising future policies [4][33]. - Infrastructure development and the application of drones in various sectors are key focuses for the low-altitude economy this year [5][33]. Summary by Sections Market Review and Weekly Insights - The low-altitude economy index rose by 1.03%, ranking 138 out of 330 sectors, indicating a better performance than the overall market [3][16]. - The top five gainers in the A-share and Hong Kong stock markets included Aerospace Hongtu (up 45.29%) and Changyuan Donggu (up 19.30%) [3][19]. - The sector is currently lacking major catalysts, with some companies experiencing significant stock price corrections due to average mid-term report performances [4][32]. Industry Dynamics - Recent developments include the opening of low-altitude flight demonstration projects in Guangzhou and the publication of an agricultural drone industry white paper [39][40]. - The government is actively promoting low-altitude economic projects, including the establishment of testing bases and the issuance of special bonds for infrastructure [40][41]. Investment Recommendations - Suggested focus areas include infrastructure companies such as Suzhou Planning and Lais Information, as well as drone-related companies like Henghe Precision and Tengya Precision [6][35]. - The report emphasizes the importance of infrastructure as a prerequisite for the low-altitude economy's emergence as a new industry [5][33].

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The report highlights the rapid advancement of Google's Nano Banana model, which has become the leading image generation and editing model, scoring 1362 on the lmarena platform, significantly ahead of its competitors [3]. - Nano Banana's capabilities include cross-image consistency, multi-image fusion, conversational/instructional fine editing, and enhanced semantic understanding through Gemini's world knowledge [3]. - The pricing model for Nano Banana is competitive, at $30 per million tokens, translating to approximately $0.039 per image, maintaining the "high cost-performance + low latency" characteristics of the Flash series [3]. - Various application scenarios for Nano Banana have been identified, including design work, creative design for social media, image restoration, and integration with external tools for AI video and 3D generation [4]. - The report notes that overseas platforms such as Adobe and Figma have quickly integrated Nano Banana, validating its productivity enhancements [4]. - Google's Veo3 has emerged as the top model in video generation, capable of producing high-definition video along with audio content, and is widely available across Gemini, Flow, and Vertex AI [5]. - The report suggests a positive outlook for the multi-modal field, particularly focusing on the synergy between Google Veo3 and YouTube's copyright ecosystem [6]. Summary by Sections Industry Dynamics - The Nano Banana model was officially released on August 26, 2023, and has quickly established itself as the most advanced image generation and editing model [3]. - The model's capabilities are being leveraged across various sectors, including branding, e-commerce, and social media content creation [4]. Investment Recommendations - The report recommends focusing on companies involved in AI image applications, such as Wanxing Technology and Meitu, as well as video application companies like Kuaishou and Bilibili [8].