证券研究报告 | 2025年09月10日 自营轮动加快，海外谋扩张机遇 证券行业 2025 年中报综述暨券业战略转型总结 优于大市 轻资本业务：经纪业务为增长主力，佣金率延续下滑。2025 上半年，A 股日 均交易额为 12,317 亿元，较去年同期+60%；股基交易额达 188.78 万亿（单 边），较去年同期+61%，市场活跃度提升。我们根据中证协的全行业经纪收 入对交易佣金率进行测算，2025 年上半年证券行业佣金率为 0.0182%，较 2024 年上半年有所降低，经纪业务竞争持续激烈。投行业务，境内股承同比 有所改善，境外股承实现高增。资管业务，伴随行情复苏，公募基金对母公 司业绩贡献逐步增加，私募资管受益于银行理财委外规模增长。 国际业务：加快海外业务及数字资产等创新业务布局。一方面，中资券商加 速海外布局，持续提升国际竞争力。头部券商综合实力强劲，国际业务处领 先地位。另一方面，RWA 等创新业务为中资券商展业提供机遇。当前，部分 券商积极申请相关牌照，也将传统业务向数字资产、虚拟资产领域深度拓展。 投资建议：当前，中证证券全指 PB 估值为 1.56 倍，略高于近 5 年均值，我 们维持行业" ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown resilience, outperforming the overall market with a 1.40% increase, while the total A-share market declined by 1.17% [1][32]. - The ANGPTL3 target has gained significant interest from multinational pharmaceutical companies (MNCs) due to its unique mechanism of action, which is non-LDLR dependent, making it effective in patients with LDLR deficiencies [3][30]. - The report highlights the potential for ANGPTL3 therapies to significantly lower LDL-C levels, especially in high-risk populations such as HoFH patients, and suggests a diversified drug development landscape with various forms of ANGPTL3 inhibitors [3][16]. Market Performance - The overall A-share market saw a decline of 1.17%, with the Shanghai Composite Index down 0.81% and the ChiNext Index up 2.35%. The biotechnology sector's performance was notably strong, with chemical pharmaceuticals rising by 3.92% [1][32]. - The TTM price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology sector stands at 40.75x, compared to the overall A-share market's 19.80x [37][41]. Key Companies and Investment Recommendations - **Mindray Medical (300760.SZ)**: Rated "Outperform" with a projected net profit of 116.7 billion CNY for 2024 [4]. - **WuXi AppTec (603259.SH)**: Rated "Outperform" with a projected net profit of 93.5 billion CNY for 2024 [4]. - **Aier Eye Hospital (300015.SZ)**: Rated "Outperform" with a projected net profit of 35.6 billion CNY for 2024 [4]. - **New Industries (300832.SZ)**: Rated "Outperform" with a projected net profit of 18.3 billion CNY for 2024 [4]. - **Huitai Medical (688617.SH)**: Rated "Outperform" with a projected net profit of 6.7 billion CNY for 2024 [4]. - **Kaili Medical (300633.SZ)**: Rated "Outperform" with a projected net profit of 1.4 billion CNY for 2024 [4]. - **Aohua Endoscopy (688212.SH)**: Rated "Outperform" with a projected net profit of 0.2 billion CNY for 2024 [4]. - **Edding Biological (300685.SZ)**: Rated "Outperform" with a projected net profit of 2.5 billion CNY for 2024 [4]. - **Aibo Medical (688050.SH)**: Rated "Outperform" with a projected net profit of 3.9 billion CNY for 2024 [4]. - **Kingdom Medical (603882.SH)**: Rated "Outperform" with a projected net profit of -3.8 billion CNY for 2024 [4]. ANGPTL3 Development Landscape - The report emphasizes the growing interest in ANGPTL3 as a therapeutic target, with MNCs like Novartis, Lilly, Amgen, and AstraZeneca actively pursuing drug development in this area [3][16]. - ANGPTL3 therapies are expected to provide significant benefits in managing lipid levels, particularly in patients with mixed dyslipidemia and high triglycerides [30][31].

证券研究报告 | 2025年09月10日 中创新航（03931.HK） 优于大市 动储电池市场份额稳步提升，盈利能力持续改善 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 核心观点 公司研究·海外公司财报点评 公司2025H1 实现归母净利润4.66 亿元、同比+87%。公司2025H1 实现营收164.19 亿元，同比+32%；实现净利润（含少数股东权益）7.53 亿元，同比+81%；实现 归母净利润 4.66 亿元，同比+87%；毛利率为 17.53%，同比+1.91pct；净利率为 4.59%，同比+1.24pct。 公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力 电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量 21.8GWh，同比+23%。 2025H1 公司在全球动力电池市场出货排名第四、国内动力电池市场出货排名第 三。乘用车市场，公司在国内市占率创新高，2025 年 7 月单月市占率达到 8.25%。 公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合作， 交付产品类型日益丰富。商用车市场，公司 2 ...

证券研究报告 | 2025年09月10日 中创新航（03931.HK） 优于大市 动储电池市场份额稳步提升，盈利能力持续改善 公司2025H1 实现归母净利润4.66 亿元、同比+87%。公司2025H1 实现营收164.19 亿元，同比+32%；实现净利润（含少数股东权益）7.53 亿元，同比+81%；实现 归母净利润 4.66 亿元，同比+87%；毛利率为 17.53%，同比+1.91pct；净利率为 4.59%，同比+1.24pct。 公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力 电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量 21.8GWh，同比+23%。 2025H1 公司在全球动力电池市场出货排名第四、国内动力电池市场出货排名第 三。乘用车市场，公司在国内市占率创新高，2025 年 7 月单月市占率达到 8.25%。 公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合作， 交付产品类型日益丰富。商用车市场，公司 2025H1 国内新能源商用车电池装机 量同比增长超 310%，单月排名进入前三。2025H1 公司实现新能源商用车新 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company's net profit for H1 2025 was 1.605 billion yuan, a decrease of 25% year-on-year, while revenue reached 28.17 billion yuan, an increase of 30% year-on-year. Excluding stock incentive costs and impairment losses, the net profit would have been 2.218 billion yuan, reflecting a 4% increase year-on-year [1][7]. - The company has seen rapid growth in its energy storage battery segment, achieving revenue of 10.298 billion yuan in H1 2025, up 32% year-on-year, and maintaining its position as the second-largest global supplier in terms of shipment volume [2][17]. - The company's power battery segment also experienced significant growth, with revenue of 12.748 billion yuan in H1 2025, a 42% increase year-on-year, and a gross margin of 17.60%, up 6.92 percentage points year-on-year [3][22]. - The consumer battery business showed steady development, with revenue of 5.079 billion yuan in H1 2025, a 5% increase year-on-year, and a gross margin of 26.68% [3][24]. - The company is actively investing in cutting-edge technologies such as solid-state batteries, with plans for a production base in Chengdu expected to be completed by December 2025 [4][27]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 281.70 billion yuan, a 30% increase year-on-year, and a net profit of 16.05 billion yuan, down 25% year-on-year. The adjusted net profit, excluding stock incentive costs and impairments, was 22.18 billion yuan, reflecting a 4% increase year-on-year [1][7]. - For Q2 2025, the company reported revenue of 153.73 billion yuan, a 25% increase year-on-year, and a net profit of 5.04 billion yuan, down 53% year-on-year [1][7]. Business Segments - The energy storage battery segment generated revenue of 10.298 billion yuan in H1 2025, with a gross margin of 12.03%, down 2.32 percentage points year-on-year. The shipment volume reached 28.71 GWh, a 37% increase year-on-year [2][17]. - The power battery segment reported revenue of 12.748 billion yuan in H1 2025, with a gross margin of 17.60%, up 6.92 percentage points year-on-year. The shipment volume was 21.48 GWh, a 59% increase year-on-year [3][22]. - The consumer battery segment achieved revenue of 5.079 billion yuan in H1 2025, with a gross margin of 26.68%, down 1.63 percentage points year-on-year [3][24]. Future Outlook - The company is expected to benefit from the ramp-up of new models from domestic and international clients in the power battery segment, which will positively impact long-term performance [4][28]. - The solid-state battery production base in Chengdu is set to enhance the company's capabilities in high-end applications, with an initial production capacity planned for December 2025 [4][27].

证券研究报告 | 2025年09月10日 海外债市系列之五 海外央行购债史——日本央行篇 我们以时间为轴，系统性地剖析日本央行购债政策从推出至今的各个关键阶 段。我们深入探讨每个阶段的宏观经济背景、政策目标以及购债方式的演变， 并重点分析其对该国债券市场收益率曲线方向、形态以及流动性的深远影 响。 第一阶段(1960s-1980s)：传统工具的萌芽 金融自由化背景下，日本央行买卖债券逐渐成为日本货币政策工具的重 要组成部分。此阶段日本央行购债的核心目标是调节货币供给，平滑因 财政收支、税款上缴等因素造成的短期流动性波动，其角色更像是一个 流动性的"稳定器"。 第二阶段(1990 年-2000 年)："零利率"后的探索 随着日本陷入"失去的十年"，日本央行在传统降息空间逐渐耗尽的过 程中，开始逐步增加债券的购买量，但此时相关政策整体仍显犹豫和被 动，购债尚未被确立为对抗通缩的核心工具。 第三阶段(2001 年-2012 年)：量化宽松(QE)的首次登场与反复 为应对 2001 年互联网泡沫破裂对全球经济的冲击，日本央行在全球范 围内首次正式开启了量化宽松政策。期间日本 QE 政策 2006 年曾短暂退 出。观察 ...

Group 1: Solid-State Battery Industry - The solid-state battery industrialization is progressing with support from policies, material advancements, and application developments. Key companies to watch include Xiamen Tungsten, Tianqi Lithium, and others in the supply chain [2][3] - Major developments include the mass production of semi-solid batteries by Zhuhai Guanyu and the upcoming solid-state battery projects by Yiyuan Lithium Energy and others [2] Group 2: Domestic Energy Storage Systems - The domestic energy storage system bidding capacity reached 47.2 GWh in August 2025, reflecting a year-on-year increase of 2158% and a month-on-month increase of 1142%. Cumulative bidding for the year reached 144.1 GWh, up approximately 216% year-on-year [3] - The high demand for energy storage systems indicates a strong need for new power systems in China, laying a foundation for stable market development in 2026-2027. Key companies include Sungrow Power, Yiyuan Lithium Energy, and others [3] Group 3: AIDC Power Equipment Sector - AIDC power equipment companies are expected to benefit from increased capital expenditures, with Alibaba reporting a capital expenditure of 38.7 billion yuan in Q2 2025, up 220% year-on-year [3][32] - The demand for data center construction remains strong, and companies like Jinpan Technology and New Special Electric are positioned to gain from this trend [3][32] Group 4: Power Grid Equipment Sector - Power grid equipment companies are experiencing steady growth, with major firms maintaining robust performance in the first half of 2025. A surge in high-voltage bidding is anticipated in the second half of the year [4][42] - Key companies to focus on include Guodian NARI, Siyi Electric, and others, as they expand their product offerings and international presence [4][42] Group 5: Wind Power Sector - Wind power companies are seeing simultaneous increases in volume and profit, with significant growth in both onshore and offshore projects expected in the latter half of 2025 [4][59] - Companies like Goldwind Technology and Dongfang Cable are recommended for investment as they are well-positioned to benefit from this growth [4][59] Group 6: Investment Recommendations - The report suggests monitoring the recovery of the power grid equipment sector, the progress of offshore wind projects, the advancement of solid-state battery industrialization, and the global demand for energy storage installations [4]

中伟股份（300919.SZ） 优于大市 钴系磷系材料出货快速提升，三元前驱体领先地位稳固 证券研究报告 | 2025年09月10日 公司 2025H1 实现归母净利润 7.33 亿元、同比-15%。公司 2025H1 营收 213.23 亿元，同比+6%；归母净利润 7.33 亿元，同比-15%；毛利率为 12.10%，同比 -0.67pct，净利率为 3.30%，同比-2.46pct。公司 2025Q2 实现营收 105.35 亿元， 同比-2%、环比-2%；实现归母净利润 4.25 亿元，同比-12%、环比+38%；毛利率 为 12.27%，同比+0.15pct、环比+0.33pct，净利率为 3.46%，同比-2.42pct，环 比+0.32pct。 公司磷系材料出货增长显著。2025H1公司磷酸铁实现营收6.70亿元，同比+172%； 毛利率-7.34%；磷酸铁产量 7.18 万吨，同比+388%。公司积极推动 3 代、4 代磷 酸铁快速量产，材料压实密度性能达行业先进，推动磷酸铁业务减亏至扭亏。同 时，公司加速磷酸铁锂量产进程，深化磷系资源开发效率。 公司钴系产品表现亮眼，三元前驱体出货有所波动。 ...

证券研究报告 | 2025年09月10日 黑芝麻智能（02533.HK） 优于大市 2025H1 收入同比增长 40%，智能驾驶芯片加速放量 2025H1 公司实现营业收入 2.53 亿元，同比增长 40%。2025H1，黑芝麻 智能实现总收入为 2.53 亿元，同比增长 40.4%；净利润为-7.62 亿元， 2024H1 为 11.05 亿元，主要系向投资者发行的金融工具的公允价值变动 收益波动影响；经调整亏损净额为-5.49 亿（2024H1 为-6.02 亿元）。 分业务来看，1）2025H1，自动驾驶产品及解决方案收入为 2.37 亿元， 同比增长 41.5%，主要是由于辅助驾驶芯片及解决方案销量伴随量产车 型的增多而提升，公司在商用车领域的辅助驾驶解决方案市场渗透率提 高；公司强化市场推广能力，成功吸引更多管运规模庞大的客户；2） 2025H1，智能影像解决方案收入为 0.16 亿元，同比增长 24.8%。 公司费用率下降，毛利率有所下降。2025H1，公司毛利率 24.79%，同比 -25.21pct，净利率-301.47%，同比-914.76pct，其中自动驾驶产品及 解决方案毛利率 20.9 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown resilience, outperforming the overall market with a 1.40% increase, while the total A-share market declined by 1.17% [1][32]. - ANGPTL3 has gained significant interest from multinational pharmaceutical companies (MNCs) due to its unique mechanism of action, which is non-LDLR dependent, making it effective in patients with LDLR deficiencies [3][30]. - The report highlights the diverse drug forms targeting ANGPTL3, with MNCs like Novartis, Lilly, Amgen, and AstraZeneca actively investing in this area, indicating a potential for multi-target and multi-drug combinations in the future [3][16]. Summary by Sections Market Performance - The overall A-share market fell by 1.17%, with the Shanghai and Shenzhen 300 index down by 0.81%. The biotechnology sector, however, rose by 1.40%, indicating strong performance relative to the broader market [1][32]. - Specific segments within the pharmaceutical sector showed varied performance, with chemical pharmaceuticals up by 3.92% and medical services up by 1.69%, while medical devices and traditional Chinese medicine saw declines [1][32]. ANGPTL3 Developments - A collaboration between Argo Biopharma and Novartis was announced, focusing on RNA drugs for cardiovascular diseases, with a total potential payment of $5.2 billion, including a $160 million upfront payment [2][11]. - ANGPTL3's mechanism allows for significant reductions in LDL-C levels in patients with HoFH, outperforming traditional treatments like PCSK9 inhibitors [3][31]. Company Earnings Forecasts and Ratings - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, have been rated as "Outperform" with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion yuan [4][41]. - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for the sector as a whole [4][41]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 40.75x, significantly higher than the overall A-share market's 19.80x [37][38]. - Sub-sectors such as chemical pharmaceuticals and biological products have even higher valuations, indicating strong investor interest and growth potential [37][38]. Recommended Stocks - The report recommends several companies, including Mindray Medical for its strong market position and international expansion, WuXi AppTec for its comprehensive drug development services, and Aier Eye Hospital for its leading position in the eye care sector [41][42].