Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The current economic fundamentals are still favorable for the bond market, but the subsequent continuous implementation of growth - stabilizing policies will marginally be negative for the bond market [1][9]. - The central bank is expected to continue to support liquidity, keeping the overall capital situation stable, but it will also prevent capital idling [1][11]. - Some banks may have a need to raise the price of inter - bank certificates of deposit (CDs), and the capital movement of non - bank institutions may slow down marginally [2][13]. - The bond market is difficult to break out of the volatile trend. It is recommended to control the duration, seize the allocation and trading opportunities after adjustments, and focus on structural opportunities such as taxable bonds and new - old bonds [2][22]. 3. Summary According to the Table of Contents 3.1 9 - Month Bond Market Outlook: Seize Structural Opportunities after Adjustments - **Fundamentals and Policies**: The current economic situation has difficulties and challenges, which are favorable for the bond market. However, the subsequent continuous implementation of growth - stabilizing policies such as "anti - involution", major infrastructure projects, and fertility subsidies will be marginally negative for the bond market [9]. - **Liquidity**: The central bank is expected to continue to support liquidity to maintain stable capital prices and prevent financial market risks. It may also provide long - term funds and take other measures, but will prevent capital idling [11]. - **Inter - bank CDs**: In September, banks' demand for supplementing liabilities through CDs increases, but the issuance demand may be weaker than the seasonal level. The price increase of CDs may be structural [13]. - **Non - bank Institutions' Capital Movement**: The risk premium of equities relative to treasury bonds has decreased, reducing the marginal attractiveness to insurance funds. The long - term and ultra - long - term treasury bond yields have higher cost - effectiveness compared to lending rates, increasing the marginal attractiveness to bank funds [16]. - **Investment Strategy**: The bond market is likely to remain volatile. It is recommended to control the duration, allocate medium - and short - term credit bonds, and seize opportunities after adjustments. Taxable bonds and new - old bonds have certain investment opportunities [22]. 3.2 August Bond Market Review 3.2.1 Bond Market Trend Review - **First Week**: The 10Y treasury bond rate dropped 2bp to 1.69%. The market digested the impact of VAT adjustment, and the demand for old bonds increased. The capital was loose, and the issuance results of the first batch of taxed local bonds were better than expected [24]. - **Second Week**: The 10Y treasury bond rate rose 6bp to 1.75%. The market risk appetite increased, the equity market rose, and the bond market sentiment was under pressure [25]. - **Third Week**: The 10Y treasury bond rate rose 4bp to 1.78%. The stock - bond seesaw effect continued, and the bond market basically continued to decline. After the MLF was over - renewed, the capital pressure eased [26]. - **Fourth Week**: The 10Y treasury bond rate rose 6bp to 1.84%. The equity market was strong at the end of the month, the bond market yield fluctuated widely, and the curve steepened [27]. 3.2.2 Capital Situation - The central bank net - injected 5466 billion yuan through four major tools. The capital situation in August was reasonably abundant. The average monthly values of R001, R007, DR001, and DR007 decreased. The 3M inter - bank CD issuance rate fluctuated upward, and the 3M national - share bank bill rate changed in a complex way [28][31]. 3.2.3 Secondary Market Trends - In August, the bond market showed a bear - steep trend. Except for the 1y treasury bond rate, other key - term treasury bond rates rose. Most key - term treasury bond spreads widened [37]. 3.2.4 Bond Market Sentiment - In August, the inter - bank leverage ratio and bond fund duration both decreased. The turnover rate of ultra - long bonds decreased, and the spreads of 50Y - 30Y and 20Y - 30Y treasury bonds narrowed [49]. 3.2.5 Bond Supply - In August, the net financing of interest - rate bonds increased compared to July but decreased compared to the same period last year. The net financing of treasury bonds and policy - financial bonds increased, while that of local government bonds decreased. The net repayment of inter - bank CDs slightly expanded [56][64]. 3.3 Economic Data - In July, the decline in industrial enterprise profits continued to narrow. Since August, new - home sales and freight rates have been weak, while movie consumption has been relatively strong. Industrial production has weakened marginally [68]. 3.4 Overseas Bond Market - The US core inflation reached a new high since February. The Fed officials released signals of interest - rate cuts. In August, US bonds, as well as the bond markets in South Korea and Singapore, rose [78][79]. 3.5 Major Asset Performance - In August, the CSI 300 index strengthened significantly. The performance of major assets was: CSI 1000 > CSI 300 > Convertible Bonds > Shanghai Gold > Shanghai Copper > Chinese - funded US Dollar Bonds > China Bonds > US Dollar > Rebar > Live Pigs > Crude Oil [82]. 3.6 Policy Review - **August 28**: The "Opinions on Promoting High - Quality Urban Development" was released, aiming to achieve important progress in building modern people - centered cities by 2030 and basically complete the construction by 2035 [86]. - **August 27**: The Ministry of Commerce will introduce policies to expand service consumption in the next month, focusing on policy promotion, key areas, and consumption scenarios [89]. - **August 26**: The "Opinions on Deeply Implementing the 'Artificial Intelligence +' Initiative" was issued, setting goals for the development of artificial intelligence from 2027 to 2035 [90]. - **August 25**: Shanghai optimized and adjusted real - estate policies, including housing purchase restrictions, housing provident fund policies, and mortgage loan interest - rate mechanisms [91]. - **August 22**: The State Council emphasized the effectiveness of large - scale equipment renewal and consumer goods trade - in policies and the development of the sports industry [92]. - **August 20**: The "Guiding Opinions on Regulating the Construction and Operation of Existing Government - Social Capital Cooperation Projects" was issued to ensure the construction of ongoing projects and the stable operation of existing projects [93]. - **August 19**: The People's Bank of China Shanghai Head Office called for greater efforts in financial reform and innovation and the implementation of monetary policies [94].

公司点评 | 商汤-W 营收超预期，亏损大幅收窄，回款改善明显 商汤（00020.HK）2025 年半年报点评 事件：商汤集团发布 2025 年半年报。2025H1，公司实现收入 24 亿元 （yoy+36%）；毛利为 9 亿元（yoy+18%），毛利率达 38.5%；经调整净亏 损为 12 亿元，同比下降 50%，同环比均大幅收窄；贸易应收回款额达 32 亿元（yoy+96%），达历史新高。 生成式 AI 连续三年高增，支撑成长。分业务来看，公司改变披露口径， 2025H1，生成式 AI 收入为 18 亿元（yoy+73%），收入占比提升至 77%； 视觉 AI 业务吸纳原智能汽车业务中的智能座舱相关业务，实现收入 4 亿元 （yoy-15%），主要受东北亚某智能终端大客户合作模式由研发服务转向维保 服务的影响；X 创新业务实现营收 1 亿元（-40%），主要由于绝影收入下跌。 降本增效持续推进，销售及行政费用下降。2025H1，公司销售开支为 2.7 亿元（yoy-17.3%），行政开支为 6.0 亿元（yoy-18.8%），研发开支为 21.2 亿元（yoy+12%）。截至 2025 年 6 月 30 ...

Investment Rating - The report suggests a positive outlook for the construction and decoration industry, particularly for undervalued large construction blue-chip stocks [3][10]. Core Insights - The construction industry showed signs of improvement in profitability and cash flow in Q2, despite continued pressure on revenue [1][2]. - The cement industry experienced a significant profit increase, with a notable rise in companies' willingness to raise prices since August [2][36]. - The construction index decreased by 1.27% in the week of August 25-29, while the building materials index increased by 0.53% [3][10]. Summary by Sections Market Review and Summary - The construction index fell by 1.27%, while the building materials index rose by 0.53% during the week of August 25-29 [3][10]. - Year-to-date, the construction index has increased by 7.09%, ranking 23rd out of 29 industries, while the building materials index has risen by 17.91%, ranking 15th [3][10]. Cement Industry Data - In H1 2025, the cement industry achieved a total revenue of 1334.96 billion yuan, a year-on-year decrease of 7.56%, but net profit surged by 901% [2][36]. - The gross profit margin improved by 6.10 percentage points to 22.20%, and the net profit margin increased by 4.86 percentage points to 4.99% [2][36]. Key Company Orders and Valuation - The report emphasizes the importance of focusing on low-growth, low-valuation, and low-holding construction and building materials sectors, particularly large-cap stocks [3][10]. - Recommended stocks include China Railway, China Communications Construction, and China State Construction Engineering [3][10]. Special Debt and Funding Situation - New local government special bond issuance amounted to 1879.79 billion yuan for the week of August 25-29, a decrease of 21.44% week-on-week [22][27]. - Cumulative issuance for 2025 reached 32641.36 billion yuan, an increase of 31.94% compared to the same period in 2024 [22][27]. High-Frequency Data Tracking - As of August 22, 2025, the cement dispatch rate decreased by 0.33 percentage points to 39.81%, while the asphalt plant operating rate fell by 1.40 percentage points to 29.30% [30][34]. - The report indicates a slight recovery in cement demand in southern regions due to reduced rainfall [48][49]. Cement Price Trends - As of August 29, 2025, the national cement market price increased by 0.5%, with notable price hikes in Ningxia and Gansu [36][38]. - The average cement price across the country was 344.3 yuan per ton, with a year-on-year decrease of 9.3% [38][40]. Inventory and Shipping Rates - The national cement industry inventory ratio was 63.6%, a decrease of 1.0 percentage points year-on-year [53][52]. - The average shipping rate for cement companies was 45.6%, with a slight decline of 0.1 percentage points [49][50].

公司点评 | 温氏股份 生猪板块保持高盈利，肉鸡板块受鸡价影响拖累业绩 证券研究报告 2025 年 08 月 31 日 温氏股份（300498.SZ）25 年半年报点评 事件：公司发布 25 年半年报。25H1 公司实现营收/归母净利润 498.75/34.75 亿 元，同比+5.92%/+159.12%，基本 EPS 为 0.53 元。25Q2，公司实现营收/归母 净利润 255.43/14.73 亿元。 生猪出栏量同比上升，养殖成本稳定下降。25H1/25Q2 生猪板块实现净利润 51/26 亿元。根据月度销售简报，公司 25H1/25Q2 出栏生猪 1793.2/933.8 万头， 同比+24.75%/+29.80%；加权出栏均价 14.93/14.67（元/公斤），同比-2.55%/ -10.21%。25H1 生猪养殖综合成本降至 12.4 元/公斤，同比下降约 2.4 元/公斤 （原料价格等影响约 40%，生产成绩提升影响约 60%）。7 月肉猪养殖综合成本 为 12.2 元/公斤。三个养猪事业部间成本差异小于 0.2 元/斤。16 个省级养殖单 位中养殖综合成本处于 11.6~13.6 元/公斤， ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's revenue and profit growth significantly exceeded market expectations, with a Q2 revenue increase of 83% year-on-year and a H1 revenue of 2.456 billion yuan, up 58% year-on-year. However, profitability has declined, with a gross margin of 50.79%, down 6.98 percentage points year-on-year [1][4] - The company is increasing its R&D efforts in technologies such as 1.6T, CPO, and silicon photonics to strengthen its core technological competitiveness [2] Financial Performance Summary - For H1 2025, the company reported a revenue of 2.456 billion yuan, a year-on-year increase of 58%, and a net profit attributable to shareholders of 899 million yuan, up 37% year-on-year. The gross margin was 50.79%, down 6.98 percentage points year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.511 billion yuan, representing an 83% year-on-year increase and a 60% quarter-on-quarter increase. The net profit for Q2 was 562 million yuan, up 50% year-on-year and 66% quarter-on-quarter [1] - The company sold 127 million optical communication components in H1 2025, a 15.8% increase year-on-year, with an average selling price (ASP) of 19 yuan per unit, up 36% year-on-year [2] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.9 billion yuan, 3.3 billion yuan, and 4.3 billion yuan, representing year-on-year growth rates of 45%, 72%, and 28%, respectively. The corresponding P/E ratios are projected to be 72, 42, and 33 times [3]

Investment Rating - The report maintains an "Accumulate" rating for Xiangcai Co., Ltd. (600095.SH) [6] Core Views - Xiangcai Co., Ltd. reported a strong performance in the first half of 2025, with total revenue and net profit attributable to shareholders reaching 1.144 billion and 142 million yuan, respectively, representing year-on-year changes of +4.63% and +93.12% [1][6] - The company anticipates synergistic effects following the planned share swap and merger with Dazhihui, which is expected to enhance profitability [3] Summary by Sections Financial Performance - In H1 2025, Xiangcai Co., Ltd. achieved total revenue of 1.144 billion yuan and net profit of 142 million yuan, with a year-on-year increase of +4.63% and +93.12% respectively [1] - For Q2 2025, the company reported total revenue and net profit of 523 million and 92 million yuan, showing year-on-year growth of +3.69% and a return to profitability [1] - The weighted average ROE for H1 2025 increased by 0.58 percentage points to 1.19% [1] Revenue Breakdown - The revenue structure for H1 2025 included operating income of 207 million yuan, interest income of 421 million yuan, and commission income of 516 million yuan, with year-on-year changes of -34.25%, -4.5%, and +52.73% respectively [2] - The decline in operating income was attributed to a strategic reduction in trade revenue, while the increase in commission income was driven by active market transactions [2] Investment and Assets - Investment income and fair value changes decreased by 25.27% to 155 million yuan, primarily due to fluctuations in the fair value of financial assets [3] - As of mid-2025, the company's total financial assets increased by 61% to 8.016 billion yuan, with significant growth in stocks, bonds, and funds [3] Future Projections - The report projects a net profit attributable to shareholders of 406 million yuan for 2025, reflecting a year-on-year increase of +272.3% [3] - The closing price on August 28, 2025, corresponds to a price-to-book ratio of 1.9 times [3]

行业日报 | 北交所 风险提示：政策监管风险，北交所政策不及预期，行业竞争加剧风险。 分析师 曹森元 S0800524100001 19821289688 caosenyuan@research.xbmail.com.cn 缩量整固显韧性，新质生产力主题引领结构性机会 证券研究报告 2025 年 08 月 29 日 北交所市场点评——20250828 核心结论 行情回顾：1）指数层面：8 月 28 日北证 A 股成交金额达 305.3 亿元，较上一 交易日减少 23.4 亿元，北证 50 指数收盘价为 1554.43，上涨 0.26%，PE_TTM 为 73.72 倍。北证专精特新指数收盘价为 2725.14，上涨 0.59%。2）个股层面： 当日北交所 274 家公司中 151 家上涨，9 家平盘，114 家下跌。其中涨幅前五的 个股分别为：舜宇精工（30.0%）、凯腾精工（15.9%）、则成电子（12.2%）、 龙竹科技（11.6%）、创远信科（8.7%）；跌幅前五的个股分别为：云创数据 （-7.2%）、大唐药业（-4.4%）、新赣江（-4.0%）、华洋赛车（-3.9%）、机 科股份（-3.7%）。 新闻 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is experiencing short-term pressure on performance but is actively expanding in both existing and overseas markets [1][4] - The company is implementing a multi-brand, full-category, and full-channel strategy, indicating a forward-looking approach to market positioning [4] Revenue and Profit Analysis - For the first half of 2025, the company's revenue was 4.55 billion yuan, a year-on-year decrease of 7.7%, while the net profit attributable to the parent company was 320 million yuan, down 43.4% [1][6] - The company's non-net profit for the same period was 430 million yuan, reflecting a decline of 19.3% year-on-year [1][6] Channel and Market Expansion - The company is actively exploring emerging channels in the existing market, with revenue from distribution, direct sales, and bulk sales showing varied performance [2] - As of the first half of 2025, the company has established 26 overseas distributors covering 23 countries/regions [2] Product Category Performance - Revenue from key product categories such as wardrobes, cabinets, and wooden doors showed declines, with wardrobes experiencing a decrease of 8.5% [3] - The main brand, Sophia, generated 4.13 billion yuan in revenue, down 7.1% year-on-year, while the average transaction price decreased by 5.65% [3] Financial Metrics and Forecast - The company expects to achieve net profits attributable to the parent company of 1.246 billion, 1.397 billion, and 1.544 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The projected revenue for 2025 is estimated at 11.406 billion yuan, with a growth rate of 8.7% [4][11]

我们认为：在下游客户持续扩大资本开支，生成式 AI 应用加速落地的背景 下，公司面向生成式 AI 推理场景积极迭代软硬件，或将进一步提升公司产 品的竞争优势，在新一代产品落地和商业化后，有望不断扩大市场份额。 投资建议：考虑到国内 AI 算力需求的高速增长以及公司在 AI 计算领域的长 期积累，我们预计公司 2025 年-2027 年营业收入为 68.90 亿元、115.70 亿 元、173.52 亿元，同比增长 486.7%、67.9%、50.0%，维持"买入"评级。 公司点评 | 寒武纪 费用端相对刚性，造就利润高弹性 寒武纪（688256.SH）2025 年半年报点评 业绩摘要：2025 年上半年，公司实现营业收入 28.81 亿元，归母净利润 10.38 亿元。其中，公司 2025Q2 单季度实现营业收入 17.69 亿元（QoQ+59%）， 归母净利润 2.72 亿元（QoQ+92%）。 公司存货小幅下降，2025 年二季度末存货为 26.90 亿元，环比 2025 年一季 度末减少 0.65 亿元。2025 年二季度末，公司预付款项为 8.28 亿元 （QoQ-15%），合同负债环比大幅上升，为 ...