20250823棉系周报： 短期去库仍存支撑 关注下游旺季表现 农产品团队 贾晖 Z000183 余德福 Z0019060 曹以康 F03133687 中辉期货有限公司交易咨询业务资格 证监许可[2015]75号 时间：2025年8月23日 周度综述：摘要 | 因素 | 性质 | 观点概览 | | --- | --- | --- | | | | 1、中国央行15日发布的2025年第二季度中国货币政策执行报告(下称"报告")表示，把促进物价合理回升作为把握货币政策 的重要考量,推动物价保持在合理水平。 | | 宏观 | 中性偏多 | 2、据21世纪经济报道,规模高达5000亿元的新型政策性金融工具将出,重点投向新兴产业、基础设施等领域,具体包括数字 | | | | 经济、人工智能、低空经济、消费领域、绿色低碳、农业农村、交通物流、城市基础设施等，国家开发银行、中国农业发展 | | | | 银行、中国进出口银行等政策性银行参与其中。 | | | | 国际方面，近期美国棉区干旱程度略有缓解，推动优良率出现小幅回转、预计8月中旬得州仍有少量降水，8月下旬仍有少量 | | 供应 | | 降水。巴西新棉收获进度近半，为五 ...

天眼查工商信息显示，近日，共青城国兴东临低空经济产业股权投资基金（有限合伙）成立，执行事务合伙人为江西金控投资管理中心（有限合伙），出资 额3.05亿人民币，经营范围为以私募基金从事股权投资、投资管理、资产管理等活动。合伙人信息显示，该基金由抚州市东临新区促进投资与人才发展有限 公司、江西金控投资管理中心（有限合伙）共同出资。 | 基本信息 999+ | 法律诉讼 | 经营风险 | 经营信息 2 | | --- | --- | --- | --- | | 执行事务合伙人 2 | 江西金控投资管理中心（有限合 江西 伙) | 登记状态 ② | 存续 | | | 金控 | | | | | 委派代表:陈飞(来源于中基协) | 成立日期 | 2025-08-21 | | 统一社会信用代码 2 | 91360405MAETNEYX9X | 出资额 | 30500万人民币 | | 工商注册号 | 360405310095651 | 纳税人识别号 2 | 91360405MAETNEYX9X | | 营业期限 | 2025-08-21 至 2045-08-20 | 纳税人资质 | | | 企业类型 | 有限合伙企业 | 行 ...

8月25日，武商集团盘中上涨2.04%，截至13:10，报11.50元/股，成交3.01亿元，换手率3.46%，总市值 88.43亿元。 资金流向方面，主力资金净流出1912.82万元，特大单买入741.89万元，占比2.47%，卖出1777.95万元， 占比5.91%；大单买入7314.37万元，占比24.31%，卖出8191.12万元，占比27.22%。 武商集团今年以来股价涨12.03%，近5个交易日跌4.80%，近20日涨12.09%，近60日涨29.58%。 今年以来武商集团已经2次登上龙虎榜，最近一次登上龙虎榜为7月29日，当日龙虎榜净买入2498.29万 元；买入总计1.03亿元 ，占总成交额比17.02%；卖出总计7804.09万元 ，占总成交额比12.90%。 资料显示，武商集团股份有限公司位于湖北省武汉市江汉区解放大道690号，成立日期1991年11月2日， 上市日期1992年11月20日，公司主营业务涉及经营中高档百货和量贩超市业务。主营业务收入构成为： 商品零售业务83.22%，其他(补充)14.08%，房地产业务2.70%。 责任编辑：小浪快报 武商集团所属申万行业为：商贸零售-一般 ...

宏观 杰克逊霍尔年会鲍威尔释放降息信号 [Table_ReportDate] 2025 年 08 月 25 日 [Table_ReportType] 宏观周报（8 月第 4 周） [Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 邮箱：chenjy@csco.com.cn 公司具备证券投资咨询业务资格 [Table_S 核心观点： ummary] 证券研究报告 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 经济预测（一致预期） 单位（%） 2409E 24E [Table_PageHeader] 2025 年 8 月 正文目录 | 一、 市场宏观变量回顾 3 | | --- | | 二、当周关注 4 | 请务必阅读文后重要声明及免责条款 市场有风险 入市需谨慎 GDP（Q3E） CPI PPI 工业增加值增速 固定投资增速 社消增速 出口增速 进口增速 M2 增速 社融增速 数据来源：万得资讯 1) 权益：上周市场放量 ...

Core Viewpoint - The report highlights the strategic transformation of the company, focusing on optimizing its product structure to enhance long-term competitiveness, despite facing revenue and profit declines in the first half of 2025 [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.41 billion yuan, a slight decrease of 0.83% year-on-year, and a net profit attributable to shareholders of 312 million yuan, down 25.74% year-on-year [2][3]. - The decline in performance is attributed to price pressures in the new electronic components sector and an increase in the proportion of low-value-added products, alongside an 11.50% rise in operating costs due to raw material price increases [3][4]. Product and Market Dynamics - The revenue from new electronic components was 2.39 billion yuan, accounting for 99.01% of total revenue, which represents a 0.95% decrease year-on-year. The modern service industry revenue was 24 million yuan, showing a growth of 12.65% year-on-year [3]. - The core business areas, such as semiconductor discrete devices and general components, faced price pressures due to intensified industry competition, while high-value-added products like hybrid integrated circuits experienced revenue contraction due to fluctuating customer demand [3]. Profitability and Cash Flow - The company's gross margin for the first half of 2025 was 44.67%, a decrease of 6.12 percentage points year-on-year. The net cash flow from operating activities was 949 million yuan, down 20.30% year-on-year, primarily due to reduced sales receipts and increased procurement expenses [4]. - Contract liabilities increased by 64.53% year-on-year to 36 million yuan, indicating a robust order reserve, while inventory rose by 10.01% year-on-year to 2.47 billion yuan, mainly due to an increase in dispatched goods [4]. Competitive Advancements - The company made significant breakthroughs in core competitiveness, including the successful development of high-voltage radiation-resistant MOSFET products and advancements in hybrid integrated circuit technologies [4]. - During the reporting period, the company applied for 176 patents, including 80 invention patents, and now holds a total of 1,702 patents. The application of its key products has progressed in strategic emerging fields such as commercial aerospace, low-altitude economy, and new energy vehicles [4]. Investment Outlook - The company’s performance aligns with expectations, maintaining previous profit forecasts for 2025-2027, with projected net profits of 1.08 billion yuan, 1.25 billion yuan, and 1.45 billion yuan, respectively, corresponding to P/E ratios of 26, 22, and 19 times [5].

Core Insights - The first flight of the Airbus H160 helicopter in China was successfully completed on August 13, marking the beginning of its national tour [2] - Ping An Property & Casualty Insurance Jiangsu Branch provided a comprehensive insurance package valued at $100 million for the helicopter's inaugural flight, facilitating its official operation in China [2] - The Airbus H160 is recognized as one of the most technologically advanced helicopters globally, designed and manufactured to meet high safety operation standards [2] Company Insights - Ping An Property & Casualty Insurance Jiangsu Branch secured exclusive underwriting rights for the H160 helicopter, demonstrating its strong professional capabilities and support from headquarters [2] - The company aims to deepen business cooperation with clients, offering more comprehensive insurance solutions for general aviation customers [2] - Ping An's efforts are aligned with the goal of promoting high-quality development in the low-altitude economy, showcasing the strength of the Ping An brand [2]

证券研究报告 | 2025年08月25日 | 晨会纪要 | | --- | | 数据日期:2025-08-22 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3825.75 | 12166.06 | 4377.99 | 13655.04 | 3611.56 | 1247.86 | | 涨跌幅度（%） | 1.44 | 2.06 | 2.09 | 1.10 | 2.06 | 8.58 | | 成交金额（亿元） | 10950.91 | 14516.18 | 6759.35 | 5066.62 | 6905.72 | 1104.30 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\overline{{{\mathbb{L}}}}\pm\overline{{{\mathbb{M}}}}$$ 【常规内容】 宏观与策略 宏观周报:高技术制造业宏观周报-国信周频高技术制造业扩散指数保持 不变 宏观周报:宏观经 ...

Group 1 - The chemical sector is experiencing significant capital inflow, with the chemical ETF (159870) seeing a net subscription of 3.483 billion units last week, ranking first among ETFs, and a total capital inflow of 2.895 billion yuan over the past nine days [1] - The China Securities Index for the chemical industry (000813) has shown a positive performance, with a rise of 0.61% as of August 25, 2025, and notable increases in constituent stocks such as Hangjin Technology (000818) up 8.72% and New Zobang (300037) up 2.81% [1] - The focus on robotics has increased this year, leading to a heightened interest in related materials such as PEEK and ultra-high molecular weight polyethylene fibers (UHMWPE), which are expected to see increased demand due to the commercialization of the low-altitude economy [1] Group 2 - The chemical ETF (159870) has surpassed a scale of 7.4 billion yuan, leading its category significantly [2] - The China Securities Index for the chemical industry (000813) consists of seven sub-indices, which include a selection of larger, more liquid listed companies to reflect the overall performance of the related sub-industries [2] - As of July 31, 2025, the top ten weighted stocks in the chemical industry index account for 43.54% of the total index, with major companies including Wanhua Chemical (600309) and Yalku Co. (000792) [2]

A股三大股指集体高开，沪指涨0.59%，创业板指涨1.41%。盘面上，贵金属、算力、半导体、稀土永磁 等板块涨幅居前。 机构看后市 光大证券：3800点后继续看多，市场中长期仍有望持续上行，短期关注滞涨方向 光大证券认为，受政策利好刺激、市场情绪回暖等因素的影响，A股市场上周整体继续上行，主要宽基 指数普遍上涨。在主要宽基指数中，科创50涨幅最大，而上证50涨幅最小。目前来看，支撑股票市场上 涨的逻辑并没有发生变化，市场估值目前也较为合理，并未出现明显透支。此外，还有一些新的积极因 素正在出现，如美联储降息周期可能会开启、公募资金发行出现回暖。综合来看，市场中长期仍然有望 持续上行。 配置方向上，短期关注滞涨方向。中长期则关注三条主线：科技自立、内需消费与红利个股。科技方 面，关注AI、机器人、半导体产业链、国防军工、低空经济等;消费方面，消费板块基本面有望保持韧 性，关注补贴相关、线下服务消费等;红利板块，关注部分高质量标的。 华泰证券：市场新高后或仍有空间，AI、创新药、军工、大金融是战略配置重点 华泰证券表示，近期居民存款搬家的叙事构成了国内流动性改善的积极信号，后续或仍有空间。短期来 看，判断市场顶部 ...

Investment Rating - The report maintains a strong buy rating for several key companies in the military industry, including AVIC Xi'an Aircraft Industry Group (中航西飞), AVIC Optoelectronics (中航光电), and Aerospace Rainbow (航天彩虹) [8]. Core Insights - The military industry index increased by 3.07% this week, underperforming the CSI 300 index by 1.11 percentage points. Year-to-date, the military industry index has risen by 25.49%, outperforming the CSI 300 index by 14.23 percentage points [1][13]. - The report highlights that the mid-year performance of certain sub-sectors, such as artillery and military electronics, has shown initial signs of recovery, with strong year-on-year growth in revenues for key companies [21][24]. - The report anticipates a significant acceleration in performance for the commercial aerospace sector in the second half of the year, driven by an increase in launch activities [24]. Summary by Sections Market Review - The military industry index rose by 3.07% this week, lagging behind the CSI 300 index. The aerospace equipment, military electronics, and aviation equipment sub-sectors outperformed the military industry index, with increases of 4.42%, 3.69%, and 3.64% respectively [1][15]. Key Events - The mid-year performance reports indicate a strong recovery in the artillery sector, with a 17.36% revenue growth for China North Arrow (中兵红箭) and a significant increase in specialized equipment manufacturing [24]. - In the military electronics sector, companies like Hongyuan Electronics (鸿远电子) and Torch Electronics (火炬电子) reported rapid revenue and profit recovery, with year-on-year increases of 22.3% and 24.2% respectively [24]. Forward-Looking Catalysts - The establishment of new policy financial tools is expected to support emerging industries, with an estimated investment of around 500 billion yuan, potentially benefiting sectors like commercial aerospace and deep-sea technology [26]. - The development of unmanned equipment is highlighted as a new force in maritime defense, with various unmanned systems being introduced, such as the HSU-001 unmanned submersible and the "Whale" unmanned vessel [26][27].