格隆汇9月1日丨德琪医药-B(06996.HK)公布，于2025年8月29日，董事会已决议批准建议行使其于股份 购回授权下的权力，并根据市况不时于公开市场按最高总价4000万港元购回股份。公司将以其内部资源 为建议股份购回提供资金。 董事会相信，于目前情况下进行股份购回说明公司对自身业务前景及展望的信心，并将最终令公司受惠 及为股东创造价值。董事会相信，公司目前的财务资源将使其能够实施建议股份购回，同时维持稳健的 财务状况。 ...

公司报告 | 半年报点评 兖矿能源（600188） 证券研究报告 煤炭量价齐跌致业绩承压，中报分红+回购回馈股东 公司发布 2025H1 业绩，2025H1 归母净利润同比-38.5% 公司发布 2025 年中报，2025H1 公司实现营业收入 593.5 亿元，同比-17.9%； 实现归母净利润 46.5 亿元，同比-38.5%；实现扣非归母净利润 44.3 亿元， 同比-39.3%；单 Q2 看，实现营业收入 290.4 亿元，环比-4.2%，实现归母 净利润 19.4 亿元，环比-28.3%，实现扣非归母净利润 17 亿元，环比-37.7%。 自产煤量价齐跌致业绩承压，成本下降致煤化工&电力盈利改善 煤炭业务：2025H1 公司商品煤产/销量为7360/6481 万吨，同比+6.5%/-4.5%， 其中自产煤/贸易煤销量 6234/247 万吨，同比-2.2%/-40%；2025H1 公司商 品 煤 / 自 产 煤 / 贸 易 煤 单 吨 售 价 532/529/593 元 / 吨，同比 -23.8%/-20.7%/-49%，商品煤/自产煤/贸易煤单吨成本 367/362/507 元/吨， 同比-14% ...

Core Viewpoint - The electrolytic aluminum industry is in an upward cycle, benefiting from rising aluminum prices and low coal prices, leading to significant profit elasticity for China Hongqiao (01378) [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 81 billion yuan, a year-on-year increase of 10.1%, with a gross profit of 20.8 billion yuan, up 30 billion yuan, representing a growth rate of 17% [1] - The net profit attributable to shareholders reached 12.4 billion yuan, a year-on-year increase of 32%, with a basic earnings per share of 1.314 yuan, up approximately 36% [1] Group 2: Business Segments - The revenue from liquid aluminum alloys and aluminum alloy ingots was approximately 51.9 billion yuan, a year-on-year increase of 5%, with a gross profit of 13.1 billion yuan, up 9.5 billion yuan, representing an 8% growth [2] - The revenue from alumina was about 20.7 billion yuan, a year-on-year increase of 28%, with a gross profit of 5.9 billion yuan, up 18 billion yuan, representing a 44% growth [2] - The revenue from aluminum processing products was approximately 8.1 billion yuan, a year-on-year increase of 6%, with a gross profit of 1.9 billion yuan, up 2.8 billion yuan, representing an 18% increase [3] Group 3: Capacity and Cost Management - The increase in shareholding in Yunnan Hongtai from 75% to 100% will enhance the company's rights to 203,000 tons of electrolytic aluminum capacity, resulting in an increase of approximately 40,600 tons in equity capacity [4] - The average electricity price in Yunnan is expected to decrease from 0.49 yuan per kWh in the first half of 2024 to 0.42 yuan per kWh in the second half, significantly reducing production costs [5] Group 4: Mining Operations - The profit from the Guinea bauxite mine increased to approximately 1.8 billion yuan in the first half of 2025, a year-on-year increase of 119% [6] - The company has established a strong raw material supply capability through its overseas bauxite layout and is expected to enhance profits with the upcoming West Simandou iron ore project [6] Group 5: Shareholder Returns - The company plans to repurchase shares for no less than 3 billion Hong Kong dollars, reflecting confidence in its long-term value [7] - The company has maintained a high dividend payout ratio of around 50% since 2021, with a cash dividend total of 13.9 billion yuan in 2024 [7]

证券时报·数据宝统计显示，8月29日有25家香港上市公司进行了股份回购，合计回购1720.21万股，回购 金额8.69亿港元。 腾讯控股回购数量91.90万股，回购金额5.50亿港元，回购最高价为605.000港元，最低价为594.500港 元，年内累计回购金额455.49亿港元；中国宏桥回购数量892.35万股，回购金额2.27亿港元，回购最高 价为25.440港元，年内累计回购金额39.11亿港元；恒生银行回购数量21.00万股，回购金额2351.69万港 元，回购最高价为112.500港元，最低价为111.500港元，年内累计回购金额4.79亿港元。 以金额进行统计，8月29日回购金额最多的是腾讯控股，回购金额为5.50亿港元；其次是中国宏桥，回 购金额为2.27亿港元；回购金额居前的还有恒生银行、美高梅中国等。回购数量上看，8月29日回购股 数最多的是中国宏桥，当日回购量为892.35万股；其次是威高股份、美高梅中国等，回购数量分别为 126.00万股、100.00万股。 8月29日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金 ...

智通财经APP获悉，招银国际发表研报，维持中国宏桥(01378)"买入"评级，并将目标价从20.6港元大幅 上调至27港元。该行指出，中国宏桥2025年上半年业绩表现亮眼，尽管暂未提出中期股息，但新推出的 大额股份回购计划有效提振市场信心，叠加铝行业供需紧平衡及成本端改善，公司未来盈利增长确定性 较强。 分业务板块来看，三大核心业务均实现营收与盈利双增长。铝合金产品(占上半年营收 64%)上半年营收 519亿元，同比增长5%，销量同比增加2.4%至291万吨，平均售价(ASP)同比上涨2.7%至17853元/吨，同 时得益于单位成本仅同比增长1.9%，单位毛利率同比提升5.4%至4506元/吨;氧化铝业务(占上半年营收 26%)营收同比激增28%至207亿元，销量增长10%至637万吨，ASP同比上涨5%至3243元/吨，单位毛利 率同比大幅提升25%至933元/吨;铝加工产品(占上半年营收10%)营收同比增长6.5%至80亿元，销量增长 3.4%至39.2万吨，ASP同比上涨2.9%至20615万元/吨，在单位成本稳定的支撑下，单位毛利率同比增长 14%至4815元/吨。 报告指出，中国宏桥2025年上半年 ...

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) reported a decline in sales revenue and net profit for the first half of 2025, but the stock price increased by over 4% due to positive market sentiment and future growth prospects from acquisitions and planned share buybacks [1]. Financial Performance - Sales revenue for the first half of 2025 was 53.966 billion RMB, a decrease of 13.17% year-on-year [1]. - Shareholder profit attributable to the company was 4.731 billion RMB, down 38.7% compared to the previous year [1]. - The board proposed an interim dividend of 0.18 RMB per share, totaling 1.8 billion RMB in dividends [1]. Share Buyback and Shareholder Commitment - The company plans to repurchase A-shares with an investment of 50 to 100 million RMB and H-shares with an investment of 150 to 400 million RMB [1]. - The controlling shareholder has committed to "no reduction in holdings and timely increase in holdings" [1]. Acquisition and Resource Expansion - The acquisition of Northwest Mining added 6.352 billion tons of coal resources and increased the recoverable reserves by 3.652 billion tons [1]. - The company produces various types of coal, including thermal coal, injection coal, and coking coal, to meet diverse market demands [1]. Future Outlook - According to Minsheng Securities, the consolidation of Northwest Mining in Q3 2025, along with a rebound in coal prices in the second half of the year, is expected to improve the company's performance [1].

Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Spring Airlines (601021.SH, latest price: 53.35 yuan) based on several factors [1] - Domestic routes are experiencing pressure on ticket prices due to changes in industry demand structure and competition, while international routes, particularly to Japan and South Korea, are seeing an increase in capacity share, enhancing revenue performance [1] - A decline in oil prices is leading to a reduction in unit costs, and the recovery in aircraft utilization is alleviating the pressure from rising unit fuel costs [1] - The company has initiated a new round of share buybacks aimed at employee stock ownership, which enhances the long-term incentive mechanism, and mid-term dividends are expected to improve shareholder returns [1] Group 2 - Risks include the potential for business travel demand recovery to fall short of expectations, significant increases in oil prices, and slower-than-expected progress in pilot recovery [1]

来源：智通财经 国家统计局：8月PMI为49.4％，环比上升0.1个百分点 8月31日，国家统计局发布2025年8月中国采购经理指数运行情况。 8月份，制造业采购经理指数（PMI）为49.4%，比上月上升0.1个百分点，制造业景气水平有所改善。 从企业规模看，大型企业PMI为50.8%，比上月上升0.5个百分点，高于临界点；中型企业PMI为48.9%，比上月下降0.6 个百分点，低于临界点；小型企业PMI为46.6%，比上月上升0.2个百分点，低于临界点。 中央汇金最新动向披露 数据显示，正在销售的个人养老金基金数量达到303只，较今年6月末的297只再增加6只。其中，华夏基金、天弘基金、 招商基金等多家大型基金公司现身。此外，在量化领域具有特色的博道基金，首次出现在名单之上。 多家中小银行下调人民币存款利率 近期，多家中小银行宣布下调人民币存款利率，降幅达10到20个基点。其中，江苏银行、南京银行等多家银行宣布调整 3年期定期存款利率。 年内有超430家上市公司发布回购计划 近期，资本市场活跃度提升，A股上市公司投资信心回暖，股份回购热情持续上涨。数据显示，截至8月29日，年内有 超430家上市公司发布回购 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 兖矿能源（600188.SH） 成长、弹性兼备，回购+分红价值可期 公司发布 2025 半年度业绩公告。2025H1 营业收入 593.49 亿元，同比减 少 17.93%；归母净利润 46.52 亿元，同比减少 38.53%。2025Q2 营业收 入 290.37 亿元，同比减少 11.13%，环比减少 4.21%；归母净利润 19.42 亿元，同比减少 49.03%，环比减少 28.34%。 煤炭业务：新建矿井产量稳步释放，澳洲 Q3 销量有望出现较大增幅。 化工：Q2 产量同比稳增，持续降本提效。 发布中期分红方案，每股股利 0.18 元。2025 年 8 月 29 日发布《2025 年 半年度利润分配方案公告》，宣布拟派发半年度现金股利 0.18 元/股，合 计现金分红 18.07 亿元，测算现金分红比例为 38.84%，以 8 月 29 日收 盘价为基础，测算 A/H 年化股息率为 2.78%/4.36%。公司现行 23-25 年 利润分配政策为现金股利总额应占扣除法定储备后净利润的约 60%，且 每股股利不低 ...

Group 1 - The company Tianshan Aluminum Industry Group Co., Ltd. announced the progress of its share repurchase plan as of August 31, 2025 [1] - The repurchase plan was approved on April 9, 2025, with a total repurchase fund of no less than 200 million yuan and no more than 300 million yuan, aiming to buy back approximately 20 million to 30 million shares, which represents 0.43% to 0.64% of the total share capital [2] - The repurchase will be conducted within six months from the board's approval and the shares will be used for employee stock ownership plans or equity incentive plans [2] Group 2 - As of August 31, 2025, the company has repurchased a total of 15 million shares, accounting for 0.32% of the total share capital, with a total payment of 120 million yuan [3] - The highest and lowest transaction prices for the repurchased shares were both 8 yuan per share [3] - The company confirmed that the repurchase complies with the established plan and relevant legal regulations, and will continue to advance the repurchase plan based on market conditions [4]