BOHAI SECURITIES·2025-09-02 03:31Macro and Strategy Research - The manufacturing PMI for August 2025 is reported at 49.4%, indicating a slight improvement in manufacturing sentiment, driven by structural factors [3] - The production index increased by 0.3 percentage points to 50.8%, while the new orders index rose by 0.1 percentage points to 49.5%, still indicating contraction [3] - The non-manufacturing business activity index rose by 0.2 percentage points to 50.3%, maintaining an expansionary stance, with the service sector benefiting from summer travel and a strong capital market [4] - The comprehensive PMI output index increased by 0.3 percentage points to 50.5%, reflecting a synchronized recovery in both manufacturing and non-manufacturing sectors [4] Company Research: Keli Sensor (603662) - Keli Sensor reported a revenue of 685 million yuan for H1 2025, a year-on-year increase of 23.4%, and a net profit of 173 million yuan, up 47.93% [5] - The company has made significant progress in the robot sensor sector, with over 50 domestic robot companies receiving samples, and sales of six-dimensional force sensors nearing 1,000 units [6] - Keli Sensor has increased its R&D investment, with new automated testing equipment enhancing product precision and production efficiency [6] Company Research: Zijin Mining (601899) - Zijin Mining achieved a revenue of 167.71 billion yuan in H1 2025, a growth of 11.5%, and a net profit of 23.29 billion yuan, up 54.41% [8] - The company reported increases in gold and copper production, with gold output from mines rising by 16.3% and copper by 9.3% [8] - Zijin Mining's gross profit margin improved to 23.75%, driven by higher metal prices and effective cost management [8] Company Research: Zhongjin Gold (600489) - Zhongjin Gold's revenue for H1 2025 reached 35.07 billion yuan, a 22.9% increase, with a net profit of 2.695 billion yuan, up 54.64% [12] - The company produced 9.13 tons of gold and 19.32 tons of refined gold, with significant price increases in gold contributing to revenue growth [12] - Zhongjin Gold has intensified exploration efforts, investing 133.38 million yuan in geological exploration, resulting in an increase in gold reserves [12]