证券研究报告 | 2025年09月11日 凯莱英（002821.SZ） 小分子CDMO行业引领，新兴业务扬帆起航 公司研究 · 深度报告 医药生物 · 医药研发外包 投资评级：优于大市（首次覆盖） 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 联系人：凌珑 021-60375401 linglong@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 1 投资建议 n 凯莱英：全球领先、技术驱动型的一站式CDMO综合服务商 凯莱英成立于1998年，是中国第二大化学药物CDMO企业。公司以化学小分子CDMO业务为基石，逐步拓展业务边界，技术创新能力行业领先， 研发费用率长期居于行业领先水平，服务辉瑞、默沙东等全球超1100家客户。 n 小分子业务：基石业务稳健 小分子CDMO作为公司的业务根基，依托连续流化学(CFCT)、酶催化等核心技术，持续攻克高难度分子合成壁垒，巩固在抗肿瘤、抗病毒 ...

证券研究报告 | 2025年09月11日 金融工程日报 市场缩量反弹，创业板指领涨、AI 硬件方向集体反弹 核心观点 金融工程日报 市场表现：20250910 规模指数中上证 50 指数表现较好，板块指数中创业板 指表现较好，风格指数中沪深 300 成长指数表现较好。通信、传媒、电子、 计算机、国防军工行业表现较好，电新、有色金属、基础化工、煤炭、钢铁 行业表现较差。覆铜板、eSIM 卡、冰雪旅游、光模块(CPO)、基站等概念 表现较好，锂矿、锂电正极、钠离子电池、有机硅、珠宝等概念表现较差。 市场情绪：20250910 收盘时有 65 只股票涨停，有 5 只股票跌停。昨日涨 停股票今日高开高走，收盘收益为 2.06%，昨日跌停股票今日收盘收益为 0.61%。今日封板率 67%，较前日下降 2%，连板率 24%，较前日提升 8%。 市场资金流向：截至 20250909 两融余额为 23197 亿元，其中融资余额 23035 亿元，融券余额 162 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 11.0%。 折溢价：20250909 当日 ETF 溢价较多的是信息技术 ETF，ETF ...

Macro and Strategy - The fixed income investment strategy for Q4 indicates a turning point year, with expectations for a cooling economy and potential interest rate cuts [8][11] - The report highlights the ongoing industrialization of solid-state batteries, supported by government policies and advancements in materials and applications [17][18] Textile and Apparel - The textile and apparel sector shows resilience in mid-term performance, with the sports segment leading apparel consumption [3][11] - In September, the retail sales of clothing increased by 1.8% year-on-year, with e-commerce growth rebounding significantly [12][13] - The textile manufacturing segment reported a revenue increase of 7.8% in H1 2025, while the apparel and home textile segment faced a decline of 6.4% [15] Electric Power Equipment and New Energy - The solid-state battery industry is progressing, with significant policy support and material advancements leading to increased production and application [17][18] - Domestic energy storage system tenders surged to 47.2 GWh in August 2025, reflecting a 2158% year-on-year increase, indicating strong demand for new energy systems [18] - The electric power equipment sector is expected to benefit from increased capital expenditures, particularly in AI and cloud infrastructure [18][19] Pharmaceutical and Biotechnology - The pharmaceutical sector is experiencing strong performance, with a notable increase in interest in ANGPTL3-targeted therapies, particularly from multinational corporations [21][22] - The overall biopharmaceutical sector outperformed the market, with a TTM P/E ratio of 40.75x, indicating robust investor interest [20] Non-Banking Financial Sector - The securities industry reported a revenue increase of 11.37% year-on-year in H1 2025, driven by strong performance in brokerage and investment segments [22][23] - Financial investment assets have become the primary growth area for securities firms, accounting for nearly 50% of total assets [24] Social Services Industry - The education and human resources sector showed overall growth, with a revenue increase of 11% and a profit increase of 28% in H1 2025 [26][27] - The K12 education segment continues to recover, with significant demand for skills training and a shift towards quality education [28][30] Internet Industry - The AI agent market is rapidly evolving, with significant growth expected in AI infrastructure and applications, particularly in B2B and B2C sectors [31][34] - Major cloud providers are enhancing their AI capabilities, with Microsoft, Google, and Amazon leading the market [34][35] Agriculture, Forestry, Animal Husbandry, and Fishery - The report recommends focusing on the meat and dairy sectors, highlighting the positive outlook for low-cost pig farming and the overall livestock cycle [36]

证券研究报告 | 2025年09月11日 优于大市 大金重工（002487.SZ） 签署 12.5 亿元超大型单桩制造订单，出口海工订单持续落地 | 公司研究·公司快评  | |  | 电力设备·风电设备 | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 王蔚祺 | 010-88005313 | wangweiqi2@guosen.com.cn | 执证编码：S0980520080003 | | 证券分析师： | 王晓声 | 010-88005231 | wangxiaosheng@guosen.com.cn | 执证编码：S0980523050002 | 事项： 公司公告：公司全资子公司蓬莱大金与海外某海上风电开发商签署海风基础结构产品长期锁产协议下首个 海上风电基础供应合同，蓬莱大金将为某海外海上风电项目提供超大型海上风电单桩、过渡段及附属结构， 合同总金额折合人民币约 12.5 亿元，占公司 2024 年度经审计营业收入的比例约 33%，预计将对公司 2026 年经营业绩产生积极影响。 国信电新观点：欧洲海上风电拍卖和招标进 ...

2025年09月10日 证券研究报告| 人工智能行业专题（12） AI Agent开发平台、模型、应用现状与发展趋势 行业研究 · 行业专题 互联网·互联网Ⅱ 投资评级：优于大市（维持） 证券分析师：张伦可 证券分析师：刘子谭 0755-81982651 liuzitan@guosen.com.cn zhanglunke@guosen.com.cn S0980525060001 S0980521120004 请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 Ø 风险提示：宏观经济波动风险、AI技术进展不及预期风险、行业竞争加剧风险、AI幻觉问题影响等。 2 • AI Agent是突破指令执行的智能实体，核心是具备代理权，可主动感知、自主决策并执行复杂任务，区别于LLM（知识输出）和传统自动 化（规则执行）。在AGI分级中，Agent处于L3智能体阶段，性能等效90%熟练成年人。 • AI背景下AI Infra(AI基础设施)层面临重构，客户将重新选择云/AI平台，云厂加大布局AI/Agent平台瓜分新市场：微软聚焦B端基础设 施，是市场上模型支持最全面的平台，工 ...

证券研究报告 | 2025年09月10日 捷捷微电（300623.SZ） 优于大市 1H25 扣非归母净利润同比增长 46.57%，汽车电子加速布局 1H25 公司实现扣非归母净利润同比增长 46.57%。公司主要从事功率半导体 器件开发，主要产品包括晶闸管、防护器件、MOSFET 等产品。随着汽车电子 加速拓展，1H25 公司实现营收 16 亿元(YoY+26.77%)，扣非归母净利润 2.46 亿元(YoY+46.57%)；其中 2Q25 单季度公司实现营收 9.01 亿元(YoY+21.21%， QoQ+28.67%)，扣非归母净利润 1.36 亿元(YoY+15.22%，QoQ+23.98%)，部分 产品价格调整，毛利率 31.86%(YoY-8.08pct，QoQ-4.56pct)回落。 晶闸管保持稳健，MOSFET 与防护器件营收同比加速增长。公司以 IDM 模式为 主，随着产线稼动率提升产品毛利率显著修复。公司基本盘为晶闸管、防护 器件，主要在 5/6 寸产线生产，第二增长曲线 MOSFET 主要在子公司捷捷南 通 8 英寸线生产；目前 MOSFET 已成为第一大收入来源，1H25 收入 7.5 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has shown steady revenue growth in 1H25, achieving revenue of 930 million yuan (YoY +6.44%) and a net profit of 235 million yuan (YoY +8.03%) [1] - The company is expanding its applications in emerging sectors such as automotive electronics, robotics, and AI computing servers, securing bulk orders from leading clients [2][4] - The company has a diversified product portfolio, with significant contributions from SGT MOSFET, Trench MOSFET, IGBT, and SJ MOSFET, indicating a robust market position [3] Summary by Sections Financial Performance - In 1H25, the company reported revenue of 930 million yuan, with a net profit of 235 million yuan, and a gross margin of 35.07% [1] - The second quarter of 2025 saw a revenue of 481 million yuan (YoY +4.21%, QoQ +7.04%) and a net profit of 127 million yuan (YoY +7.88%, QoQ +17.16%) [1] Application and Market Expansion - The automotive electronics segment has accelerated growth, accounting for 16% of total applications, with over 30 new automotive-grade MOSFET products launched and 85 million units shipped [2] - The robotics sector represents 7% of applications, with successful integration of products into robotic joint motor drive systems [2] - AI computing and communication applications also account for 7%, with products being sold in bulk to major server clients [2] Product Development - SGT MOSFET remains the main product line, generating 419 million yuan in revenue (45.21% of main business income) [3] - Trench MOSFET achieved revenue of 250 million yuan (26.95% of main business income), with a year-on-year sales growth of 5.7% [3] - IGBT products generated 132 million yuan in revenue (14.26% of main business income), benefiting from a recovering solar storage market [3] Future Outlook - The company is expected to achieve net profits of 503 million yuan, 636 million yuan, and 751 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28, 22, and 18 [4] - The company is well-positioned to capitalize on growth opportunities in AI computing, automotive, and robotics sectors, along with its long-term overseas and IC product strategies [4]

证券研究报告 | 2025年09月10日 股指分红点位监控周报 IC 及 IM 主力合约深度贴水 核心观点 金融工程周报 成分股分红进度 截至 2025 年 9 月 10 日： 上证 50 指数中，有 23 家公司处于预案阶段，0 家公司处于决案阶段，2 家 公司进入实施阶段，22 家公司已分红，3 家公司不分红； 沪深 300 指数中，有 102 家公司处于预案阶段，6 家公司处于决案阶段，9 家公司进入实施阶段，158 家公司已分红，25 家公司不分红； 中证 500 指数中，有 98 家公司处于预案阶段，12 家公司处于决案阶段，10 家公司进入实施阶段，309 家公司已分红，71 家公司不分红； 中证 1000 指数中，有 126 家公司处于预案阶段，16 家公司处于决案阶段， 15 家公司进入实施阶段，641 家公司已分红，202 家公司不分红。 行业成分股股息率比较 我们对当前已披露分红预案的个股股息率进行了统计，其中，煤炭、银行和 钢铁行业的股息率排名前三。 已实现及剩余股息率 截至 2025 年 9 月 10 日： 上证 50 指数已实现股息率为 2.15%，剩余股息率 0.61%； 截至 2 ...

证券研究报告 | 2025年09月10日 四季度债券投资策略 转折之年 投资策略 · 固定收益 证券分析师：赵婧 0755-22940745 zhaojing@guosen.com.cn S0980513080004 021-61761056 jijiahui@guosen.com.cn S0980522010002 证券分析师：田地 0755-81982035 tiandi2@guosen.com.cn S0980524090003 证券分析师：季家辉 0755-22940456 lizn@guosen.com.cn S0980516060001 证券分析师：李智能 证券分析师：陈笑楠 021-60375421 chenxiaonan@guosen.com.cn S0980524080001 证券分析师：董德志 021-60933158 dongdz@guosen.com.cn S0980513100001 请务必阅读正文之后的免责声明及其项下所有内容 目录 请务必阅读正文之后的免责声明及其项下所有内容 l 市场回顾 l 2025年债市在交易什么？ ü 预期的落空 ü 宏观叙事的变化 l 股债并非总是跷跷板 ...

Investment Rating - The report maintains an "Outperform" rating for the education and human services industry [5][10]. Core Insights - The education and human services sector shows sustained growth and improved profitability, with a 11.0% increase in revenue and a 28.0% increase in performance for the first half of 2025 [16][21]. - The K12 education segment continues to be the most vibrant, with a revenue growth rate of 17%, while the human resources service sector has seen a significant performance increase of 63% [16][21]. - The report highlights the importance of AI in enhancing operational efficiency and profitability across various sub-sectors [5][16]. Summary by Sections Overall Industry Situation - The education and human services sector maintains a high level of activity, with a revenue growth of 11.0% and a performance increase of 28.0% in the first half of 2025, indicating a positive trend in profitability [16][21]. Sub-industry Overview - K12 education shows the highest growth, followed by basic education, human resources services, vocational training, private higher education, and public examination sectors, with K12 education continuing its recovery trend [21][22]. Stock Price Review - The human resources sector has outperformed the market by 9.7 percentage points, while the education sector has underperformed by 2.6 percentage points, indicating a divergence in stock performance within the industry [27][28]. Employment and Advancement Trends - The demand for skilled talent is increasing, with a notable rise in job offers for associate degree graduates, while the competition for higher degree holders remains intense in high-demand sectors like AI [3][36]. Education Service Adjustments - High school enrollment remains robust, with K12 education and private high school admissions showing strong growth, while vocational education faces challenges [4][52]. Investment Recommendations - The report recommends focusing on sectors with strong demand, particularly K12 education and human resources services, highlighting companies like BOSS Zhipin and China Oriental Education as key players [5][77].