作为投资者，谁不希望买到牛股。 事实上，每一年都会有不少牛股出现，即便是在赚钱效应欠佳的2022年，A股百大牛股的年化收益门槛 值，依然超过了62%。 每一年的牛股长啥样？借助兴业证券对近五年来年度百大牛股画像的整理，我们得以窥见这期间每一年的 牛股面孔。 2021年，新能源产业链是孕育牛股的沃土。中游制造和中游材料板块诞生的牛股数量最多，分别贡献了占 比达29%和24%的牛股。机械、电力设备及新能源以及基础化工的"牛股辈出"。 但市值特点又有新变化。这些标的中，2024年年初在行业市值分位数排名在前20%的就有21只，较2023年 的4只大幅增加。上一年非常明显的小微盘风格不再明显。 与此同时，市场审美从大龙头转向"小高新"的现象初现端倪。比如，有21只年初时市值还在板块后20%、 但最终进入了年度的百大牛股排行榜的标的。 那一年的"市场审美"与前两年相比也有变化。2021年的百大牛股ROE虽仍高于A股整体，但领先幅度较 2019、2020年已有所收窄。但2021年A股整体前三季度归母净利润增速的中位数为20.4%，而百大牛股则 为132.6%，高出A股整体112.2%，领先幅度远大于2019年的47.6% ...

Group 1: Company Performance Overview - The company achieved double-digit growth in new orders for Q3, with an acceleration compared to the first half of the year [2] - The new business segments, including chemical and biological macromolecule businesses, are showing strong growth, indicating a positive revenue outlook for 2026 [2] Group 2: Capacity and Capital Expenditure - The capital expenditure for 2025 is projected to increase to approximately 1.3-1.4 billion, focusing on new business areas [3] - The small molecule business is experiencing tight capacity, particularly in Tianjin, while the Northeast facility is operating at normal utilization levels [3] - The company is expanding its capacity in the chemical macromolecule sector, with significant growth expected in the peptide and oligonucleotide businesses [3] Group 3: Profitability and Margins - The gross margin for new business segments reached 30.6% in the first three quarters of 2025, an increase of 10.6 percentage points year-on-year [4] - The domestic business revenue is expected to continue increasing, driven by a competitive domestic market and ongoing projects [5] - The company is implementing cost control measures to ensure that expense growth remains below revenue growth [6] Group 4: Market Trends and Future Outlook - The company anticipates a revenue growth of 13%-15% for the full year 2025, with increasing growth rates expected in 2026 and 2027 [4] - The domestic revenue share is expected to rise, supported by the increasing number of projects going overseas [5] - The company is focusing on enhancing its capabilities to capture more collaboration opportunities in the rapidly growing new molecule sector [4] Group 5: Competitive Positioning - The company’s core competencies lie in its delivery capabilities and investment in new technologies aimed at significantly reducing production costs [7] - The revenue structure of the chemical macromolecule business shows over 50% coming from peptide business, with a shift towards overseas markets expected [8]

Investment Rating - The investment rating for Postal Savings Bank is "Buy-A" with a target price of 7.03 CNY over the next six months [5]. Core Views - The report highlights that the bank's performance has shown improvement in growth rates compared to the mid-year report, driven primarily by the expansion of interest-earning assets and a notable increase in non-interest income [1][10]. - The bank's credit growth is robust, particularly in corporate loans, while retail lending remains resilient despite industry pressures [2][11]. - The bank's asset quality is maintained at a high level, with a non-performing loan ratio of 0.94% and a sufficient provision coverage ratio of 240.21% [10][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, Postal Savings Bank reported a revenue growth of 1.82% year-on-year, with a pre-provision profit increase of 8.16% and a net profit growth of 0.98% [1]. - The bank's total assets grew by 11.10% year-on-year, with a net increase of 415.1 billion CNY in the third quarter alone [1][2]. Loan and Deposit Growth - Corporate loans increased by 19.87% year-on-year, reflecting a strong performance in the corporate lending sector [2]. - Retail loans grew by 2.92% year-on-year, outperforming the industry average, with a focus on high-quality borrowers and core urban areas [2]. Interest Margin and Cost Management - The net interest margin for the first three quarters of 2025 was 1.68%, showing a slight decline but remaining competitive within the industry [4][9]. - The bank has successfully reduced its cost of interest-bearing liabilities, contributing to a stable interest margin [9]. Non-Interest Income and Investment Performance - Non-interest income increased by 23.48% year-on-year, with significant contributions from investment gains and fees [10]. - The bank's investment strategy has proven effective, particularly in volatile market conditions, leading to improved investment returns [10]. Future Outlook - The bank is expected to continue supporting key sectors such as small and micro enterprises while optimizing its loan portfolio [11]. - Revenue growth is projected at 1.43% for 2025, with net profit growth anticipated at 2.65% [11].

Core Viewpoint - Chengdu Bank reported a revenue of 17.76 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 3.0%, with a net profit attributable to shareholders of 9.49 billion yuan, up 5.0% year-on-year, although growth rates have slowed compared to the first half of 2025 [1][2] Group 1: Financial Performance - The bank's net interest income increased by 8.2% year-on-year to 14.72 billion yuan, with the growth rate improving by 0.6 percentage points compared to the first half of 2025 [1] - The bank's interest margin pressure has eased, contributing to the acceleration of net interest income growth, with the performance drag from interest margin at 5.6 percentage points, down from 6.4 percentage points in the first half of 2025 [1] - Non-interest income faced challenges, with net fee and commission income declining by 35.2% year-on-year to 380 million yuan, although the decline rate narrowed by 10.0 percentage points compared to the first half of 2025 [1] Group 2: Loan Growth and Asset Quality - The loan balance at the end of September 2025 reached 846.2 billion yuan, showing a year-on-year increase of 17.4%, consistent with the 18.0% growth rate at the end of the first half of 2025 [2] - Corporate loans and bill discounts saw a net increase of 10.4 billion yuan in the third quarter of 2025, driven by the construction of the Chengdu-Chongqing economic circle [2] - The non-performing loan ratio was 0.68% at the end of September 2025, slightly up by 2 basis points from the end of the first half of 2025, indicating stable asset quality [2] Group 3: Investment Outlook - The demand for infrastructure projects in the Chengdu-Chongqing region is strong, and Chengdu Bank is well-positioned to benefit from this, with expectations for continued high loan growth [2] - The bank's net profit attributable to shareholders is projected to reach 13.66 billion yuan, 14.72 billion yuan, and 16.05 billion yuan for 2025-2027, representing year-on-year growth rates of 6.2%, 7.8%, and 9.0% respectively [2]

Core Viewpoint - The resignation of Huang Jianzhong, the deputy general manager of Semir Apparel, due to reaching the legal retirement age, and the company's performance in the first half of the year, highlighting both revenue growth and profit decline [2][3]. Group 1: Management Changes - Huang Jianzhong has submitted a written application for resignation as deputy general manager, effective upon delivery to the board of directors [2]. - Following his resignation, Semir Apparel will rehire him as a consultant [2]. - As of the announcement date, Huang holds 10,000 shares in Semir Apparel, which will be managed according to relevant regulations [2]. Group 2: Company Overview - Semir Apparel, established in 2002, focuses on casual and children's clothing, with major brands including Semir for adults and Balabala for children [2]. - In the first half of the year, Semir Apparel achieved a revenue of 6.149 billion yuan, a year-on-year increase of 3.26%, while net profit was 325 million yuan, a year-on-year decrease of 41.17% [2]. Group 3: Sales Performance - Revenue from casual clothing was 1.723 billion yuan, a year-on-year decrease of 4.98%, while revenue from children's clothing was 4.313 billion yuan, a year-on-year increase of 5.97% [2]. - The company primarily operates through a franchise model, supplemented by direct sales and joint ventures [2]. - In the first half of the year, the number of franchise stores was 7,194, with a net closure of 66 stores; direct stores numbered 999, with a net increase of 19 stores; joint venture stores totaled 43, with a net closure of 42 stores [2]. Group 4: Revenue Sources - Although Semir Apparel has diversified its sales model to include online and offline channels, the franchise model remains the main source of revenue [3]. - Revenue from the franchise model was 2.334 billion yuan, a year-on-year decrease of 2.80%, indicating a potential drag on overall performance [3].

Investment Rating - The investment rating for the company is "Accumulate" [2][7] Core Views - The company reported strong profit growth in the first half of 2025, with a revenue of 760.90 billion yuan, a year-on-year decrease of 3.82%, and a net profit attributable to shareholders of 12.78 billion yuan, an increase of 47.63% year-on-year [5] - The second quarter of 2025 showed a quarter-on-quarter revenue growth of 11.21% and a net profit increase of 35.04% [5] - The company’s gross margin improved to 12.67%, up 1.94 percentage points year-on-year, indicating better profitability across its business segments [6] Company Overview - The latest closing price is 7.90 yuan, with a total market capitalization of 426 billion yuan and a circulating market capitalization of 182 billion yuan [4] - The company has a total share capital of 53.93 billion shares, with 23.01 billion shares in circulation [4] - The debt-to-asset ratio stands at 61.1%, and the price-to-earnings ratio is 14.91 [4] Business Segment Performance - Container segment revenue was 217.35 billion yuan, down 12.88% year-on-year, while net profit increased by 13.20% [6] - The offshore engineering segment achieved a revenue of 80.14 billion yuan, a year-on-year increase of 2.95%, with a net profit turnaround to 2.81 billion yuan [6] - The energy and chemical segment reported a revenue of 130.09 billion yuan, up 7.32% year-on-year, and a net profit increase of 90.26% [6] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 1,763.67 billion yuan, 1,914.37 billion yuan, and 2,033.29 billion yuan, with expected growth rates of -0.73%, 8.54%, and 6.21% respectively [7] - The forecasted net profit attributable to shareholders for the same period is 32.69 billion yuan, 39.11 billion yuan, and 46.09 billion yuan, with growth rates of 9.97%, 19.64%, and 17.85% respectively [7] - Corresponding price-to-earnings ratios are projected to be 12.97, 10.84, and 9.20 times [7]

Core Viewpoint - The bank reported a slight decline in revenue but a modest increase in net profit for the first half of 2025, indicating a stabilization in performance despite ongoing challenges in the market [1][6]. Financial Performance - The bank achieved a revenue of 110.46 billion yuan in 1H25, down 2.3% year-on-year, with the decline narrowing by 1.3 percentage points compared to 1Q25 [1]. - The net profit attributable to shareholders was 43.14 billion yuan, reflecting a year-on-year increase of 0.2%, with an improvement of 2.4 percentage points from 1Q25 [1]. - The net interest margin stood at 1.75%, a decrease of 11 basis points year-on-year [1][5]. Asset Quality and Loan Performance - The non-performing loan (NPL) ratio was 1.08% at the end of 1H25, remaining stable compared to the previous quarter [2][5]. - The total loan balance reached 5.9034 trillion yuan, up 4.1% year-on-year, with corporate loans showing a net increase of 227.1 billion yuan, accounting for 136.1% of the total loan growth [4]. - Retail loans decreased by 27.9 billion yuan, primarily due to adjustments in lending strategies amid asset quality fluctuations [4]. Non-Interest Income and Provisioning - Other non-interest income showed improvement, with a decline of 7.0% year-on-year to 23.63 billion yuan, but the decline rate improved by 14.5 percentage points from 1Q25 [3]. - The bank made provisions for impairment losses totaling 30.12 billion yuan, down 12.2% year-on-year, contributing 6.4 percentage points to profit growth [3]. Interest Income and Margin Pressure - Net interest income was 73.76 billion yuan, down 1.5% year-on-year, with the growth rate declining from 1.3% in 1Q25 to negative territory [3][5]. - The bank's asset yield faced pressure, with a decrease of 56 basis points to 3.37% due to various market factors [5]. Investment Outlook - The bank's performance is expected to maintain steady growth, supported by improvements in non-interest income and provisioning, with projected net profits of 78.63 billion, 80.84 billion, and 84.49 billion yuan for 2025-2027, reflecting year-on-year growth rates of 1.8%, 2.8%, and 4.5% respectively [6].

Core Viewpoints - Agricultural Bank of China (ABC) reported a stable performance in H1 2025, with revenue, PPOP, and net profit growth rates of 0.85%, 0%, and 2.66% respectively, showing improvements compared to Q1 2025 [1] Group 1: Performance Metrics - The total asset growth rate rebounded, with a 5.34 percentage point increase in interest-earning asset growth to 11.60% in Q2, primarily driven by short-term liquidity assets [2] - Loan growth remained stable at 9.63% year-on-year, while financial investment growth slowed to 12.35%, aligning with government bond balance growth [2] - Deposit growth recovered to 8.29% year-on-year, with a significant increase of 5.21 percentage points from Q1, although it still lags behind total asset and loan growth [2] Group 2: Income and Quality - Non-interest income growth turned positive in Q2, with a year-on-year increase of 10.1%, driven by a recovery in capital market activities [3] - Other non-interest income grew by 23.2% year-on-year, indicating a return to average levels [3] - Asset quality remained stable, with a non-performing loan (NPL) ratio of 1.28% at the end of Q2, unchanged from the previous quarter, and a coverage ratio of 295% [3] Group 3: Dividends and Future Outlook - The company announced an interim dividend of 1.195 yuan per 10 shares, representing 30% of net profit [4] - The bank's asset quality is superior to its peers, and if deposit and non-interest income continue to improve, the fundamental advantages will further enhance [5][6]

Core Viewpoint - Chengdu Bank reported a steady performance in the first half of 2025, with significant growth in operating income and net profit, driven by a robust loan portfolio and improved net interest margin [1][2][4]. Financial Performance - In H1 2025, Chengdu Bank achieved operating income of 12.27 billion yuan, a year-on-year increase of 5.91%, with Q2 growth accelerating to 8.51% [1][2]. - The net profit attributable to shareholders reached 6.62 billion yuan, up 7.29% year-on-year, with Q2 net profit growth at 8.70% [1][2]. - Basic earnings per share stood at 1.57 yuan, and the weighted average return on equity was 7.94% [1]. Loan and Deposit Growth - As of June 2025, Chengdu Bank's total assets reached 1.37 trillion yuan, reflecting a year-on-year growth of 14.32% [3]. - The loan portfolio grew by 18.30% year-on-year, indicating strong demand and a favorable lending environment [3]. - Total liabilities amounted to 1.28 trillion yuan, with deposits increasing by 14.80%, maintaining a stable operational structure [3]. Net Interest Margin and Cost of Liabilities - The net interest margin for H1 2025 was 1.62%, showing a 12 basis points increase from Q1, despite a year-on-year decline of 4 basis points [3]. - The cost of liabilities decreased, with the deposit cost rate at 1.96%, down 25 basis points year-on-year, benefiting from regulatory measures on high-interest deposits [3]. Asset Quality - Chengdu Bank maintained a low non-performing loan ratio of 0.66%, unchanged year-on-year, with a high provision coverage ratio of 452.65%, positioning it among the industry leaders [4].

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [1][7]. Core Views - Chengdu Bank's performance in the first half of 2025 shows steady growth, with a significant increase in net interest income and a strong asset quality [4][7]. - The bank's total assets reached 1.37 trillion yuan, reflecting a year-on-year growth of 14.32%, with loans increasing by 18.30% [7]. - The net interest margin improved to 1.62%, while the non-performing loan ratio remained stable at 0.66% [7][10]. - The report highlights the bank's advantageous location and its ability to achieve double-digit growth in both deposits and loans [7]. Summary by Sections Financial Performance - Chengdu Bank achieved an operating income of 12.27 billion yuan in the first half of 2025, up 5.91% year-on-year, with a net profit of 6.617 billion yuan, an increase of 7.29% [4][7]. - The bank's net interest income rose by 7.59% year-on-year, with a notable increase of 11.59% in Q2 2025 [7]. Asset Quality - The non-performing loan ratio stood at 0.66%, unchanged from the previous year, with a provision coverage ratio of 452.65%, indicating strong asset quality [7][10]. Growth Prospects - The report projects that Chengdu Bank's earnings per share will reach 21.51 yuan by 2025, with the current stock price corresponding to a price-to-book ratio of 0.83 [7][9].