| [Table_BaseData] 收盘价（元） | 49.76 | | --- | --- | | 近 12 个月最高/最低（元） | 100.57/41.36 | | 总股本（百万股） | 219 | | 流通股本（百万股） | 219 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 109 | | 流通市值（亿元） | 109 | [公司价格与沪深 Table_Chart] 300 走势比较 -42% -14% 15% 43% 71% 9/24 12/24 3/25 6/25 中信博 沪深300 [Table_StockNameRptType] 中信博（688408） 公司点评 25H1 固定支架交付占比提升，在手订单充足 | | | 报告日期： 2025-09-08 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：王璐 执业证书号：S0010525040001 邮箱：wanglu1@hazq.com 主要观点： ⚫[Table_Summary] 2025H1 公司实现归母净利润 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Views - The company's traditional business is under pressure, while its AI medical business is accelerating its implementation [2] - In the first half of 2025, the company reported a revenue of 3.47 billion yuan, a year-on-year decrease of 16.08%, and a net profit attributable to shareholders of -121 million yuan, a year-on-year decrease of 232.14% [2][3] - The second quarter of 2025 showed a revenue of 1.81 billion yuan, a year-on-year decrease of 12.32%, with a net profit of -51 million yuan, a year-on-year decrease of 174.81% [2][3] Business Performance Summary - The second quarter losses narrowed compared to the first quarter, indicating a trend of gradual improvement [3] - The overall performance is under pressure mainly due to the IVD industry being affected by centralized procurement and price reductions, leading to a decline in product prices [3] - The revenue from the centralized and regional testing business in the first half of 2025 was 932 million yuan, down 24.59% year-on-year, while the industrial segment generated 210 million yuan, down 7.18% year-on-year [3] - The third-party laboratory business reported a revenue of 60.19 million yuan, down 18.80% year-on-year, primarily due to price reductions in certain testing projects [3] AI Medical Business Development - The company is deepening its AI strategy, with medical information business revenue reaching 94 million yuan in the first half of 2025, a year-on-year increase of 40.73% [4] - The AI layout covers B, C, and G ends, creating a closed-loop ecosystem from pre-diagnosis to post-diagnosis [4] - The company has provided AI solutions to over 100 hospitals, including Huaxi Hospital and Qilu Hospital, enhancing specialized diagnostic capabilities [4] Investment Recommendations - The company is expected to achieve revenues of 8.08 billion yuan, 8.70 billion yuan, and 9.46 billion yuan from 2025 to 2027, with year-on-year growth rates of -2.7%, 7.6%, and 8.7% respectively [5] - The net profit attributable to shareholders is projected to be 199 million yuan, 238 million yuan, and 275 million yuan for the same period, with year-on-year growth rates of 260.0%, 19.8%, and 15.2% respectively [5] - The corresponding EPS is expected to be 0.33 yuan, 0.40 yuan, and 0.46 yuan, with PE multiples of 52, 43, and 37 times [5]

[Table_IndNameRptType] 基础化工 [Table_Chart] 行业指数与沪深 300 走势比较 -27% -14% 0% 14% 27% 41% 2/24 5/24 8/24 11/24 2/25 5/25 8/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com [Table_Report] 相关报告 行业周报 英伟达 Rubin 或改用碳化硅基板，万华烟台与 PIC 完成合资 [Table_IndRank] 行业评级：增持 报告日期： 2025-09-08 主要观点： ⚫[Table_Summary] 行业周观点 本周（2025/09/01-2025/09/05）化工板块整体涨跌幅表现排名 第 20 位，涨跌幅为-1.36% ，走势处于市场整体中下游。上证综指 涨跌幅为-1.18%，创业板指涨跌幅为 2.35%，申万化工板块跑输上 证 ...

[Table_StockNameRptType] 海天精工（601882） 公司点评 相关报告 1.《海天精工(601882)Q4 营收增速较前三 季度提升，盈利略承压》2025-03-28 2.《海天精工(601882)24 三季报点评：行业 磨底期 Q3 承压，持续扩大研发长期布 局》2024-10-31 3.《海天精工(601882)24 半年报点评：业绩 符合预期，全球市场布局加快》2024-09- 01 [公司价格与 Table_Chart] 沪深 300 指数走势比较 -10% 0% 10% 20% 30% 40% 50% 海天精工 沪深300 [Table_Author] 分析师： 陶俞佳 执业证书号：S0010524100004 邮箱：taoyujia@hazq.com 主要观点： 25H1 点评：Q2 营收创新高，产能及市场开拓持续推进 | [Table_Rank] 投资评级：买入（维持） | | | | --- | --- | --- | | 报告日期： | 2025-09-08 | | | [Table_BaseData] 收盘价（元） | | 21.33 | | 近 12 个月最高/最 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.265 billion yuan for H1 2025, representing a year-on-year increase of 27.25%, and a net profit attributable to shareholders of 1.197 billion yuan, up 24.65% year-on-year, indicating stable growth [4][5] - In Q2 2025, the company achieved a record revenue of 2.986 billion yuan, with a year-on-year growth of 25.9%, and a net profit of 677 million yuan, reflecting a year-on-year increase of 20.87% [5] - The company's gross margin for H1 2025 was 34.48%, a slight decline of 0.74 percentage points compared to H1 2024, primarily due to a decrease in the gross margin of its main product, tire molds [5] - The company has diversified its business across multiple sectors, with the CNC machine tool segment showing significant growth, achieving a revenue increase of 145.08% year-on-year in H1 2025 [5][6] Summary by Sections Financial Performance - The company achieved a revenue of 5.265 billion yuan in H1 2025, with a net profit of 1.197 billion yuan, marking a year-on-year increase of 27.25% and 24.65% respectively [4][5] - The revenue for Q2 2025 reached 2.986 billion yuan, with a net profit of 677 million yuan, reflecting a year-on-year growth of 25.9% and 20.87% respectively [5] Business Segments - Tire molds accounted for 49.91% of total revenue in H1 2025, generating 2.628 billion yuan, with a year-on-year growth of 18.56% [5] - Large component machinery products contributed 36.98% of revenue, achieving 1.947 billion yuan, up 32.94% year-on-year, benefiting from strong demand in the gas turbine and wind power markets [6] - The CNC machine tool segment, a key focus for the company, generated 506 million yuan in revenue, marking a significant year-on-year increase of 145.08% [6] Profitability and Valuation - The company adjusted its revenue forecasts for 2025-2027 to 10.78 billion, 12.44 billion, and 14.20 billion yuan respectively, with net profits projected at 2.44 billion, 2.81 billion, and 3.24 billion yuan [8] - The current stock price corresponds to a PE ratio of 19.2, 16.6, and 14.4 for the years 2025-2027, indicating a favorable valuation given the company's market position and growth prospects [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.109 billion yuan for the first half of 2025, a year-on-year decrease of 2.28%, and a net profit attributable to shareholders of -0.221 billion yuan, down 2.59% year-on-year [4][5] - The company's "All in AI" strategy has shown significant results, with AI-enabled revenue reaching 0.14 billion yuan, a year-on-year increase of 62.36% [6] - The company aims to transition from a preventive healthcare leader to a comprehensive digital health management leader [6] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 4.109 billion yuan, with a net profit of -0.221 billion yuan and a non-recurring net profit of -0.238 billion yuan [4] - The average price per health check was 656 yuan, with a total of 9.55 million health check visits [5] - The gross margin for the medical industry was 32.71%, a decrease of 2.76 percentage points year-on-year [5] Business Strategy - The company has 566 branches, with 304 being controlled health check branches, maintaining the industry lead in coverage and total health check visits [5] - The customer structure is improving, with individual clients accounting for 33% of revenue and group clients for 67% [5] - The company is enhancing operational efficiency by reducing sales expenses by 8.75% and management expenses by 0.50% in H1 2025 [5] Future Projections - Revenue projections for 2025-2027 are 11.720 billion yuan, 13.042 billion yuan, and 14.240 billion yuan, with year-on-year growth rates of 9.5%, 11.3%, and 9.2% respectively [7] - Net profit projections for the same period are 0.640 billion yuan, 0.864 billion yuan, and 1.089 billion yuan, with growth rates of 126.9%, 34.9%, and 26.1% respectively [7] - The expected EPS for 2025-2027 is 0.16 yuan, 0.22 yuan, and 0.28 yuan, with corresponding PE ratios of 33, 24, and 19 [7]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The pricing power of funds in the bond market has further increased, and there are still short - term long - trading opportunities. The high correlation between funds and interest rate trends has been further strengthened this year, and low interest rate fluctuations imply the enhancement of funds' pricing power in the bond market. Some "unexplained" interest rate increases may be due to the lack of bond - receiving institutions. The impact of fund institutional behavior on interest rate fluctuations may further expand, and short - term redemption pressure is controllable [2][11][15] 3. Summary According to the Directory 3.1 This Week's Institutional Behavior Review - **Correlation between funds and interest rates**: The high correlation between funds and interest rate trends is not new. Since 2024, the behavior of funds and interest rate trends have shown high correlation, and this year, the low - level fluctuation of interest rates has implied the further improvement of funds' pricing power in the bond market, which may be related to bank wealth management outsourcing [2][11][12] - **"Unexplained" interest rate increases**: This phenomenon may be related to the lack of bond - receiving institutions. Insurance institutions have reduced their allocation of national bonds since 2024, and rural commercial banks' intention to buy more as the interest rate adjusts is gradually decreasing [15] 3.2 Yield Curve - **Treasury bonds**: Short - term yields increased, while medium - and long - term yields decreased. The 1Y yield increased by 3bp, the 3Y yield increased by 1bp, the 5Y yield decreased by 2bp, the 7Y yield decreased by 1bp, the 10Y yield decreased by 1bp, the 15Y yield increased by 3bp, and the 30Y yield decreased by 3bp [17] - **China Development Bank bonds**: Yields decreased overall. The 1Y yield increased by 1bp, the 3Y yield decreased by 1bp, the 5Y yield decreased by about 2bp, the 7Y yield decreased by 2bp, the 10Y yield decreased by about 1bp, the 15Y yield decreased by 2bp, and the 30Y yield decreased by 1bp [17] 3.3 Term Spread - **Treasury bonds**: The interest spread increased, and the short - term spread narrowed while the long - term spread was differentiated. The 1Y - DR001 interest spread remained flat overall, and the 1Y - DR007 interest spread increased by 10bp [20] - **China Development Bank bonds**: The interest spread increased, and the short - term spread narrowed while the long - term spread was differentiated. The 1Y - DR001 interest spread increased by 2bp, and the 1Y - DR007 interest spread increased by about 8bp [22] 3.4 Bond Market Leverage and Funding Situation - **Leverage ratio**: It decreased to 107.14%. From September 1st to September 5th, 2025, the leverage ratio fluctuated and increased within the week. As of September 5th, it was about 107.14%, up 0.30pct from last Friday and 0.07pct from Monday [25] - **Average daily trading volume of pledged repurchase**: From September 1st to September 5th, the average daily trading volume of pledged repurchase was about 7.3 trillion yuan, a decrease of 0.24 trillion yuan compared with last week. The average daily trading volume of overnight pledged repurchase was 7.6 trillion yuan, a decrease of 0.43 trillion yuan month - on - month. The average overnight trading volume accounted for 88.35%, an increase of 2.89pct month - on - month [28][33] - **Funding situation**: Bank - based fund outflows first increased and then decreased. The main fund inflow party was funds, and the outflows of money market funds first decreased and then increased. DR007 and R007 fluctuated and decreased [34] 3.5 Duration of Medium - and Long - Term Bond Funds - **Median duration**: The median duration of medium - and long - term bond funds decreased. As of September 5th, the median duration (de - leveraged) was 2.77 years, a decrease of 0.04 years from last Friday; the median duration (including leverage) was 2.95 years, a decrease of 0.16 years from last Friday [45] - **Duration of different types of bond funds**: The median duration (including leverage) of interest - rate bond funds decreased to 3.75 years, a decrease of 0.16 years from last Friday; the median duration (including leverage) of credit bond funds decreased to 2.72 years, a decrease of 0.12 years from last Friday [51] 3.6 Category Strategy Comparison - **Sino - US interest rate spread**: It widened overall. The 1Y spread widened by 23bp, the 2Y spread widened by about 12bp, the 3Y spread widened by 13bp, the 5Y spread widened by 8bp, the 7Y spread widened by 11bp, the 10Y spread widened by 11bp, and the 30Y spread widened by 7bp [55] - **Implied tax rate**: The short - term spread narrowed, and the long - term spread was differentiated. As of September 5th, the 1Y spread between China Development Bank bonds and treasury bonds narrowed by about 1bp, the 3Y spread narrowed by 2bp, the 5Y spread changed by less than 1bp, the 7Y spread narrowed by 1bp, the 10Y spread widened by 1bp, the 15Y spread narrowed by 5bp, and the 30Y spread widened by 2bp [56] 3.7 Bond Lending Balance Changes - On September 5th, the lending concentration of active 10Y treasury bonds, active 10Y China Development Bank bonds, and active 30Y treasury bonds increased; the lending concentration of the second - active 10Y China Development Bank bonds decreased, and the lending concentration of the second - active 10Y treasury bonds remained unchanged. In terms of institutions, the lending of large - scale banks and other institutions decreased, while that of small - and medium - sized banks and securities firms increased [57]

Group 1 - The report indicates that the weak U.S. non-farm data supports the Federal Reserve's decision to cut interest rates in September, which is expected to boost global market risk appetite [4][14][15] - Following the "9·3" military parade, there is an increased expectation for domestic policy to stabilize growth, with three key areas of focus: promoting service consumption, addressing "involution" competition, and maintaining ample liquidity in monetary policy [5][16][17] Group 2 - The report emphasizes the importance of maintaining a strong position in high-elasticity sectors, suggesting that there is no need for a "high cut low" strategy. Historical analysis shows that strong sectors typically outperform during growth cycles [6][18][35] - The military industry experienced a decline of over 10% recently, but the report predicts that the upward trend in this sector is not over, especially as the ChiNext index continues to show strength [7][30][31]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.06 billion yuan in the first half of 2025, a year-over-year decrease of 6.65%, with a net profit attributable to shareholders of 571 million yuan, down 7.83% year-over-year [4] - In Q2 2025, the company achieved a revenue of 1.064 billion yuan, a year-over-year decrease of 4.79%, but the net profit attributable to shareholders increased by 1.97% year-over-year to 301 million yuan [5] - The company has seen a marginal improvement in performance, with a significant reduction in expense ratios, leading to a recovery in profitability [5] Summary by Sections Financial Performance - In Q2 2025, the company reported a quarter-on-quarter revenue increase of 6.9% and a year-over-year net profit growth of 1.97% [5] - The operating cash flow for Q2 2025 was 244 million yuan, reflecting a year-over-year increase of 45.9% [4] - The company’s revenue from domestic operations in H1 2025 was 1.904 billion yuan, down 8.32% year-over-year, while overseas revenue was 157 million yuan, up 19.78% year-over-year [5] Research and Development - The company maintained high R&D investments, with expenditures of 571.69 million yuan, 656.13 million yuan, and 731.93 million yuan from 2022 to 2024, representing 12.87%, 14.77%, and 16.37% of revenue respectively [6] - In H1 2025, the company obtained 88 new reagent certificates covering various diagnostic methods [6] Future Projections - Revenue projections for 2025 to 2027 are 4.501 billion yuan, 4.975 billion yuan, and 5.531 billion yuan, with year-over-year growth rates of approximately 0.7%, 10.5%, and 11.2% respectively [8] - Net profit attributable to shareholders is expected to reach 1.22 billion yuan, 1.403 billion yuan, and 1.617 billion yuan for the same period, with growth rates of 2.2%, 14.9%, and 15.3% respectively [8]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - After the current round of adjustment, credit bonds have certain cost - effectiveness, but the bond market may still be adjusted in the short term, so investors are advised to adopt a defensive strategy. Short - duration bonds have good cost - effectiveness for capital preservation, and for those with yield requirements, short - duration bonds of medium - and low - grade can be further explored, while 3 - year bonds can balance defensive attributes and yield requirements [6] Group 3: Summary According to Relevant Catalogs Current Situation of Credit Bond Spreads - Since August, affected by the capital market and the adjustment of the equity market, credit bonds have shown a volatile market, and credit spreads have continued to widen. The static yield of credit bonds is at a phased high, and the cost - effectiveness of mining income is gradually increasing. However, due to the end - of - quarter factor and the equity market, the bond market is still difficult to stabilize in the short term [1] Yield Changes of Urban Investment Bonds - As of September 4, for 1 - year AAA - rated urban investment bonds, the yield was 1.70%, up about 3.65bp from the previous low, and the 3 - year yield rose from 1.77% to 1.91%, up about 14.33bp. For 1 - year AA - rated bonds, the yield was up about 3.58bp from the previous low, and the 3 - year AA - rated bonds were up about 19.82bp. Short - end credit bond varieties showed better stability during bond market fluctuations [2] Investment Suggestions for Different Institutions - For institutions with stable liability ends, the cost - effectiveness of medium - and long - term credit bonds is relatively significant, and there is a significant riding income around 3 years. The term spreads of 3 - year and 5 - year bonds of each grade are at a high level this year, so relevant assets can be appropriately allocated if the subsequent valuation fluctuation risk can be borne [2] - For valuation - sensitive institutions with unstable liability ends, short - end varieties have sufficient spread protection. It is recommended to maintain a defensive strategy before the right - side signal appears. Short - end varieties still have good cost - effectiveness in terms of defense [3] Spread Protection Analysis - When calculating the maximum spread increase that each implied - rating bond can accept at the break - even point for a 1 - month holding period, the spread protection of 1 - year varieties is significantly higher than that of other terms. Generally, the spread protection increases slightly as the rating decreases [3] - When calculating with the yield of the same - term China Development Bank bonds as the implied minimum yield requirement, the spread protection difference between terms decreases, while the difference between grades increases [6]