华新水泥 20251007 摘要 水泥行业整体盈利承压，企业提价意愿强烈，叠加"金九银十"传统旺 季，短期内水泥价格或迎来反弹，但需关注实际需求恢复情况。 华新水泥海外业务优势显著，截至 2025 年底海外产能达 3,500 万吨， 位居国内出海企业首位，目标 5,000 万吨。产能主要分布在非洲，市场 格局相对稳固，竞争压力较小，海外水泥吨盈利远高于国内。 公司近期完成印尼产能并表，海外产能超 3,000 万吨。推出股权激励方 案和核心员工持股计划，激励范围广，考核方式侧重股东回报和每股收 益增长，有望提升管理效率。 华新水泥国内骨料业务表现突出，产能和盈利能力均居全国前列，是主 要利润来源之一。尽管骨料价格下滑，但凭借前期矿山储备和成本控制， 仍保持竞争优势。 预计华新水泥未来盈利将提升，受益于海外需求稳定增长、内部激励机 制优化和国际市场扩张。但需关注汇率波动对海外盈利的影响，其波动 幅度约为每吨净利 30 元。 Q&A 当前水泥行业的市场环境和价格走势如何？ 在国内业务方面，华新的骨料业务表现突出，是全国第一，并且盈利能力优秀、 成本控制良好。尽管国内水泥业务利润贡献相对较少，但骨料业务成为主要利 润 ...

8月20日，"古法黄金第一股"老铺黄金(HK: 6181)最新半年报再度迎来大幅增长：营收同比大涨251.0% 至123.54亿元人民币，净利润同比大涨285.8%至22.68亿元。 上半年，老铺黄金新增5家门店，完成国内十大头部商业中心中9家的入驻，在单个商场平均实现销售额 约4.59亿元。上海恒隆广场店将于10月开幕，完成进驻全部全国前十大商业中心的目标。 在8月21日举行的业绩说明会上，品牌创始人兼董事长徐高明对"高客管理"、"海外市场扩张"这两大焦 点话题重点展开，详细阐释了品牌未来一些具体的战略规划，并对市场当下热议的"开业打折"和"古法 黄金热"等问题给出了直接回应。 1.获取高客成效显著，增量更多来自金器 2.积极拓展东南亚市场，启动欧美市场前期调研 3.开业打折不构成对品牌形象和调性的影响 4.老铺黄金没有对手，抄袭和模仿不可能超越 在国内市场通过高客深挖存量价值的同时，老铺黄金也将目光投向了更广阔的海外市场，国际化扩张已 成为品牌未来增长的另一大关键驱动力。 获取高客成效显著，增量更多来自金器 最新半年报披露，老铺黄金消费者与路易威登、爱马仕、卡地亚、宝格丽、蒂芙尼等国际五大奢侈品牌 的消费 ...

业绩符合预期，毛利率稳步提升 2025 年上半年，公司实现营业收入5.44 亿元，同比增长42.3%；归母净利润1.31 亿元，同比增长 42.19%。公司2023、2024、2025H1 的毛利率分别为46.14%、48.34%、52.17%，呈现稳步提升的态势。 战略布局海外市场，耗材板块快速增长， 预测公司2025-2027 年收入分别为10.13、12.68、16.10 亿元，EPS 分别为2.60、3.35、4.47 元，当前股 价对应PE 分别为31.5、24.4、18.3 倍。公司呼吸机及耗材市场地位领先，随着海外市场布局的持续推 进，业绩有望持续增长，维持"买入"投资评级。 风险提示 国际化市场扩张不及预期、市场竞争风险、研发进展不及预期、行业政策及监管风险。 海外业务持续推进，全球市场地位稳步提升 公司深耕呼吸健康领域医疗设备与耗材，全球竞争力稳步提升。2025 年上半年公司海外收入为3.53 亿 元，同比增长61.33%。根据沙利文数据，2023 年公司家用无创呼吸机在全球市场市占率为12.4%，排名 第二，国内市场占有率为30.6%，在国产无创呼吸机品牌中国市场中排名第一，已覆盖全球10 ...

Core Viewpoint - J&T Express-W (01519) has seen a stock price increase of over 5% in a bearish market, currently trading at 9.57 HKD with a transaction volume of 114 million HKD, following the announcement of a share buyback plan approved by the board [1] Group 1: Share Buyback Plan - On September 17, J&T Express-W announced that the board has approved a plan to exercise a general authorization for the buyback of Class B shares, which was granted by shareholders at the annual general meeting scheduled for June 18, 2025 [1] - The board is authorized to repurchase up to 10% of the total issued Class B shares (excluding treasury shares) as of the date of the annual general meeting [1] Group 2: Business Strategy and Market Focus - The company aims to become a global logistics service provider, focusing on strengthening its market position in Southeast Asia and China while gradually enhancing its presence in new markets [1] - According to Citic Securities, the management believes that the Southeast Asian business can maintain a stable unit EBIT of 0.07 USD per order, leveraging economies of scale and rapid growth outside the Shopee platform to expand market share [1] Group 3: Market Conditions and Profitability - In the Chinese market, the management's goal is to maintain a relatively stable market share amid intense competition [1] - Citic Securities anticipates that price increases across most provinces since August will help alleviate profitability pressures for the company in China [1] - The firm expresses optimism regarding J&T Express's overseas expansion and the potential rebound of its Chinese business [1]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6]. Core Viewpoints - The company is focusing on enhancing its customer structure and actively expanding into overseas markets, particularly in Southeast Asia [4][5]. - In the first half of 2025, the company reported a revenue of 3.2 billion yuan, a slight increase of 0.1% year-on-year, while the net profit attributable to the parent company was 150 million yuan, a decrease of 37% [1]. - The company is optimizing its production capacity and layout, with new projects being implemented to meet customer demands [3]. - The company is adjusting its profit forecasts due to the performance in the first half of 2025, with expected net profits for 2025, 2026, and 2027 being 360 million, 450 million, and 560 million yuan respectively [5]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.6 billion yuan, a 4% increase year-on-year, while the net profit was 50 million yuan, down 51% [1]. - The company’s revenue for the first half of 2025 was 3.2 billion yuan, with a net profit of 150 million yuan, reflecting a 37% decrease [1]. Market Strategy - The company is actively responding to structural and cyclical changes in the beverage and beer industry, focusing on both consolidating existing customer market share and expanding to new customers [2]. - The company is also capturing opportunities in niche markets by accelerating the development of new products and businesses [2]. Capacity and Project Development - The company is carefully controlling capital expenditures and new capacity construction while optimizing domestic capacity layout [3]. - The Nanning factory has commenced production in the first half of 2025, and the company is increasing regional capacity investments to quickly match customer needs [3]. Overseas Expansion - The company is focusing on expanding its overseas business, particularly in Southeast Asia, with ongoing projects in Cambodia and Indonesia [4]. - The Indonesian factory began trial production in the first half of 2025, and the company has initiated investment projects for a two-piece can production line in Vietnam [4].

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, with a total net buy of HKD 94.4 billion on September 17, 2023, indicating strong investor interest in certain stocks [1]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect (Shanghai) recorded a net buy of HKD 21.56 billion, while the Shenzhen Connect saw a net buy of HKD 72.85 billion [1]. - The most purchased stocks included Alibaba-W (09988), Meituan-W (03690), and Changfei Optical Fiber (06869) [1]. - The most sold stocks were Xiaomi Group-W (01810) and Tencent (00700) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net buy of HKD 54.81 billion, with total trading volume of HKD 88.06 billion, reflecting a strong investor sentiment [2]. - Meituan-W (03690) received a net buy of HKD 31.85 billion, with a report indicating its international expansion into Kuwait and plans for further growth in the Middle East and Latin America [5]. - Changfei Optical Fiber (06869) saw a net buy of HKD 10.21 billion, supported by positive outlooks from analysts regarding its product diversification and market positioning [5]. - Semiconductor stocks, including SMIC (00981) and Huahong Semiconductor (01347), received net buys of HKD 4.07 billion and HKD 2.36 billion, respectively, amid reports of technological advancements [6]. - Pharmaceutical company Yaojie Ankang-B (02617) had a net buy of HKD 46.47 million, despite recent volatility in its stock price [6][7]. - Xiaomi Group-W (01810) and Tencent (00700) faced net sells of HKD 6.39 billion and HKD 686.3 million, respectively, indicating a shift in investor sentiment away from these stocks [7].

Core Viewpoint - Meituan's international food delivery brand Keeta has officially launched operations in Kuwait, marking its third entry into the Gulf region after Saudi Arabia and Qatar, indicating the company's aggressive overseas expansion strategy despite increasing domestic competition [1] Group 1: Company Expansion - Keeta's user base and order volume have rapidly increased since its entry into Saudi Arabia in September 2024 [1] - The brand launched in Qatar in August 2023 and entered Kuwait less than a month later, showcasing a swift expansion in the Middle East [1] - Meituan plans to continue exploring new overseas markets, with expectations for Keeta to enter the UAE by the end of the year and pilot 1-2 cities in Brazil in the coming months [1] Group 2: Investment Plans - Meituan's management has indicated that the Middle East and Latin America are key areas for overseas expansion [1] - The company plans to invest $1 billion in Brazil over the next five years, targeting 15 major metropolitan areas and 1,000 cities [1]

花旗发布研报称，美团旗下国际餐饮外送品牌Keeta于昨日正式进军科威特市场。这显示即使面对内地 市场日趋激烈的竞争，美团对海外市场扩张仍相当积极、并未松懈。展望未来，市场预期Keeta将于年 底前进军阿联酋，并计划未来数月于巴西试点1至2个城市。美团管理层此前曾表明，中东及拉丁美洲是 海外扩张重点，未来五年将于巴西投资10亿美元，目标覆盖15个主要都会区及1000个城市。 智通财经APP获悉，美团-W(03690)再涨超4%，截至发稿，涨4.59%，报104.9港元，成交额34.78亿港 元。 消息面上，9月15日，美团旗下国际外卖品牌Keeta正式在科威特启动运营，成为其继沙特阿拉伯、卡塔 尔之后，在中东海湾地区的第三个落点。据悉，自2024年9月进入沙特阿拉伯，Keeta用户数与订单量快 速增长。今年8月，Keeta上线卡塔尔，时隔不到一个月，又正式进入科威特。未来，Keeta将持续深耕 中东，并积极探索更多海外新市场。 ...

迅猛扩张，Keeta中东版图再添一城 在本土市场竞争日益白热化之际，美团正将其战略延伸至海外。最新动态显示，美团于当地时间9月15日上午11时在科威特正式推出Keeta服务。 追风交易台消息，据花旗15日发布的研究报告指出，此次扩张距离其进入卡塔尔市场（8月19日）尚不足一个月，显示出其快速渗透海湾合作委员 会（GCC）其他市场的节奏。科威特是Keeta继沙特阿拉伯和卡塔尔之后进入的第三个中东市场。 根据花旗的数据，截至9月15日，Keeta已在科威特的苹果iOS和谷歌Google Play应用商店中，登顶餐饮类App下载榜第一。在其进入近一年的沙 特市场以及新近进入的卡塔尔市场，Keeta依然维持着同类应用下载量榜首的位置。 花旗分析师在报告中指出，美团对海外市场扩张的承诺似乎并未因国内市场的激烈竞争而改变。分析师预计，凭借其成熟的运营模式和补贴策 略，Keeta有望在几个月内迅速成长为科威特市场排名前两到三位的参与者。花旗对其维持"中性/高风险"评级，给出了133.00港元的目标价，较当 前股价存在33%的上涨空间。 花旗评级"中性/高风险"，但看好未来估值 尽管海外扩张势头迅猛，但花旗对美团依然给出了" ...

Core Viewpoint - Meituan's international food delivery brand Keeta has officially entered the Kuwait market, demonstrating the company's aggressive overseas expansion despite increasing competition in the domestic market [1] Group 1: Market Expansion - Keeta has launched services in Saudi Arabia, Qatar, and Kuwait, with Saudi Arabia expanding to over 20 cities within a few months and becoming a leading delivery platform [1] - On its first day in Kuwait, Keeta topped the iOS and Google Play food and beverage download charts, indicating strong user growth momentum in the Middle East [1] - Keeta has maintained its position as the number one delivery platform in Saudi Arabia for nearly a year, showcasing user stickiness and growth resilience [1] Group 2: Future Plans - The market anticipates that Keeta will enter the UAE by the end of the year and plans to pilot 1 to 2 cities in Brazil in the coming months [1] - Meituan's management has indicated that the Middle East and Latin America are key areas for overseas expansion, with plans to invest $1 billion in Brazil over the next five years, targeting 15 major metropolitan areas and 1,000 cities [1] Group 3: Analyst Rating - Citigroup maintains a "Neutral" rating on Meituan with a target price of HKD 133 [1]