600968.SH 买入 原评级：买入 市场价格:人民币 4.07 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (4.7) (3.1) 4.6 7.1 相对上证综指 (23.7) (11.2) (11.4) (29.0) 发行股数 (百万) 10,165.10 流通股 (百万) 10,165.10 (7%) 2% 10% 19% 27% 36% Aug-24 Sep-24 Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 海油发展 上证综指 | 总市值 (人民币 百万) | 41,371.97 | | --- | --- | | 3 个月日均交易额 (人民币 百万) | 194.14 | | 主要股东 | | | 中国海洋石油集团有限公司 | 81.65% | 石油石化 | 证券研究报告 — 调整盈利预测 2025 年 8 月 26 日 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 25 日收市价为标准 相关研究报告 《海油发展》20250528 中银国 ...

我要分享的是：国家科技重大专项，以及集成电路大基金。 《国家中长期科学和技术发展规划纲要（ 2006-2020 ）》确定了围绕半导体、大型飞机领域，共计 16 个重大专项，称为"国家科技重大专项"。该 《纲要》于 2008 年 4 月经国务院常务会议审议并原则通过，进入实施阶段。 这 16 个重大专项里，和半导体相关的主要是前两个： 还是按照以前的习惯，既然发了商单，就配一篇原创。 寒武纪是过去一周乃至最近半年以来的， a 股市场当红炸子鸡。 作为一个看半导体的一级市场牛马，我觉得我可以分享一些，二级市场不太知道的，甚至大多数人都不太知道的，半导体相关的信息。 01 专项 - 核心电子器件、高端通用芯片及基础软件产品 ，简称"核高基" 02 专项 - 极大规模集成电路制造技术及成套工艺，简称" 02 专项" 说人话就是， 01 专项是针对芯片设计，以及上游的 EDA 软件和 IP 的， 02 专项是针对芯片生产环节的，包括晶圆制造，以及制造所需要的设备。 从 " 国家科技重大专项 " 这个名字也能看得出来，这个专项主要是以国家部委发放各类科研课题，邀请各企业或学术团队投标，以专项课题经费的 形式，对各个企业做 ...

Investment Rating - The report maintains a "Buy" rating for the company, projecting significant profit growth over the next few years [5][44]. Core Insights - The company reported a revenue of 2.934 billion RMB for H1 2025, a slight increase of 0.4% year-on-year, but the net profit attributable to the parent company dropped by 77.4% to 86 million RMB [3][15][16]. - The decline in net profit is attributed to price reductions on certain products and extended acceptance periods affecting revenue recognition in the defense sector [4][16]. - Despite challenges, the company has seen rapid growth in orders within the defense, new energy, and data communication sectors, with a year-on-year increase of over 30% in new project orders [4][16]. Performance Summary - H1 2025 revenue: 2.934 billion RMB (YoY +0.4%), net profit: 86 million RMB (YoY -77.4%) [3][15]. - Q2 2025 revenue: 1.469 billion RMB (YoY +12.3%, QoQ +0.2%), net profit: 40 million RMB (YoY -74.9%, QoQ -13.8%) [3][15]. - The company’s gross margin for H1 2025 was 31.9%, down 15.6 percentage points, while the net profit margin was 3.0%, down 10.2 percentage points [4][21]. Business Analysis - The company’s connector business generated revenue of 2.065 billion RMB, up 9.96%, while the motor segment saw a revenue decline of 12.47% to 660 million RMB [4]. - The company has a robust order backlog, with contract liabilities increasing by 25.45% to 161 million RMB and inventory rising by 22.64% to 2.171 billion RMB [4][34]. - Capital expenditures for Q2 2025 reached 116 million RMB, a significant increase of 94.96% from the previous quarter, indicating ongoing capacity expansion [4][28]. Profit Forecast and Valuation - The company is expected to achieve net profits of 710 million RMB, 900 million RMB, and 1.12 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 105.4%, 26.8%, and 23.4% [5][44]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 33, 26, and 21 times, respectively [5][44].

Core Viewpoint - Company is actively positioning itself in deep-sea technology and has achieved stable growth in its three main business areas, leading to a "buy" rating for the stock [1] Financial Performance - In the first half of 2025, the company reported total revenue of 22.597 billion yuan, a year-on-year increase of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [2] - For Q2 2025, the company achieved revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30%, with a net profit of 1.235 billion yuan, up 10.75% year-on-year and 107.97% quarter-on-quarter [2] Business Segments - The company focuses on three main industries: 1. Energy Technology Services: Revenue of 7.993 billion yuan, up 2.79% year-on-year, with significant increases in downhole tools (16.11%) and artificial lift services (3.24%) [3] 2. Low Carbon Environmental and Digitalization: Revenue of 3.870 billion yuan, up 11.17% year-on-year, with notable growth in new energy technology (32.89%) and safety emergency services (22.70%) [3] 3. Energy Logistics Services: Revenue of 11.640 billion yuan, up 5.13% year-on-year, with increases in terminal loading and unloading (6.23%) and product sales (15.61%) [3] Cost and Expenses - The financial expense ratio increased primarily due to a decrease in bank deposit interest income, while sales and management expenses showed slight changes [4] Strategic Initiatives - The company is accelerating the high-end, intelligent, and green transformation of traditional industries, launching ten digital management modules and establishing three smart factories [5] - It is also advancing new strategic industries and future industries, optimizing its product and service offerings across six major areas [5] Profit Forecast - The profit forecast for the company has been slightly adjusted upwards, with expected net profits of 4.150 billion yuan, 4.749 billion yuan, and 5.326 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 9.9, 8.6, and 7.7 times [6]

Core Viewpoint - The mechanical industry in China has shown stable growth in the first half of 2025, with key economic indicators performing well, but it still faces significant challenges from external uncertainties and domestic demand pressures [1][2][12]. Economic Performance - The mechanical industry achieved a value-added growth of 9.0% in the first half of 2025, outperforming the national industrial and manufacturing growth rates by 2.6 and 2 percentage points respectively [3]. - The number of enterprises above designated size in the mechanical industry reached 136,000, an increase of 6,000 year-on-year, accounting for 26.2% of the national industrial total [2]. - Total assets in the mechanical industry amounted to 40.4 trillion yuan, a year-on-year increase of 6.6% [2]. Production and Sales - The production and sales of mechanical products showed steady improvement, with 68.9% of 122 monitored products experiencing year-on-year production growth [3]. - Key sectors such as automotive and electrical machinery saw double-digit growth rates of 11.3% and 12.2% respectively [3]. Investment Trends - Fixed asset investment in the mechanical industry grew by 3.8% year-on-year, which is higher than the national investment growth rate of 2.8% but lower than the industrial average of 10.3% [4]. - Investment in general equipment and automotive sectors grew significantly by 16.6% and 22.2%, serving as the main drivers of investment growth [4]. Economic Efficiency - The mechanical industry generated operating revenue of 15.3 trillion yuan, a year-on-year increase of 7.8%, and total profits reached 791.2 billion yuan, up 9.4% [4]. - The profit margin for the industry was 5.2%, slightly above the national average [4]. Market Sentiment - The mechanical industry’s prosperity index was recorded at 106.9 in June, indicating a stable and improving economic environment [5]. - Five out of six sub-indices were above the critical value, reflecting positive production and industry development trends [5][6]. Challenges and Risks - The industry faces external challenges such as geopolitical tensions and trade uncertainties, which have led to cautious ordering behavior from foreign buyers [13][14]. - Domestic demand remains weak, with 66% of enterprises reporting insufficient orders, and the manufacturing PMI has been below the critical value for four consecutive months [14][11]. - The industry is also grappling with persistent price declines, with the machinery product price index showing a continuous decrease for 29 months [15]. Emerging Trends - The new energy and high-end equipment manufacturing sectors are driving growth, with revenues and profits in these areas significantly outpacing the overall mechanical industry [7]. - The market for new energy vehicles has seen rapid growth, with production and sales reaching 6.968 million and 6.937 million units respectively, marking year-on-year increases of 41.4% and 40.3% [8]. - The mechanical industry’s foreign trade remained resilient, with total trade volume reaching 597.6 billion USD, a year-on-year increase of 7.1% [8][9].

Group 1 - Shenzhen's total import and export value for the first seven months reached 2.58 trillion yuan, remaining flat compared to the same period last year, with exports at 1.56 trillion yuan and imports at 1.02 trillion yuan, showing a growth of 9.4% [1] - In July alone, Shenzhen's import and export value was 415.94 billion yuan, an increase of 6.2%, with exports at 255.62 billion yuan (up 4.7%) and imports at 160.32 billion yuan (up 8.8%) [1] - General trade accounted for 54.9% of Shenzhen's total import and export value in the first seven months, with a total of 1.42 trillion yuan, while bonded logistics and processing trade accounted for 27.1% and 17.5% respectively [1] Group 2 - Private enterprises accounted for nearly 70% of Shenzhen's import and export activities, with a total of 1.8 trillion yuan, representing 69.8% of the total, while foreign-invested enterprises saw an 11.3% growth, totaling 678.58 billion yuan [2] - Mechanical and electrical products maintained a dominant position, with exports of 1.17 trillion yuan (up 4.4%) and imports of 836.56 billion yuan (up 14.7%), making up 74.7% and 82.1% of their respective categories [2] - Exports of "new three samples" products, such as lithium batteries and pure electric passenger vehicles, grew by 37.9% and 21.7% respectively, while integrated circuit exports reached 133.93 billion yuan, increasing by 40.9% [2]

Core Insights - The provincial state-owned enterprises (SOEs) have shown strong performance in the first seven months of the year, with total assets reaching 5.59 trillion yuan, operating income at 1.47 trillion yuan, and total profits of 565.8 billion yuan, maintaining a leading position nationally [1][1][1] Financial Performance - Shandong Heavy Industry reported a total profit of 172.7 billion yuan, while Shandong Expressway achieved a profit of 115 billion yuan, both ranking in the top ten for profits among local state-owned enterprises in the country [1][1][1] - The overall labor productivity and operating revenue collection rate of the provincial SOEs have improved year-on-year, with three expenses decreasing by 5.5% and fixed asset investment increasing by 18.5% year-on-year [1][1][1] Innovation and Development - Three enterprises successfully joined the central enterprise innovation consortium for the first time, and the revenue share from emerging industries for provincial SOEs increased to 24.6%, up by 5.7 percentage points compared to the end of last year [1][1][1] Reform and Regulation - The provincial-level tasks for deepening state-owned enterprise reform have been largely completed, with companies like Shandong Development, Shandong Agriculture, and Shandong National Investment finishing their group-level restructuring and integration tasks [1][1][1] - The province has revised the supervision and management measures for overseas investments by state-owned enterprises and conducted a regular review of overseas financing institutions, maintaining the management and legal levels of provincial SOEs within four tiers [1][1][1]

Group 1 - The meeting between Shandong Guotou Company and Rizhao Municipal Government focused on enhancing cooperation in talent development and the life and health industry [1][2] - Rizhao City prioritizes the life and health industry as a strategic emerging industry, aiming to cultivate it as a key industrial chain with significant market demand [2] - Shandong Guotou Company is the only provincial state-owned capital operation company in Shandong, focusing on capital operation and asset management, with a strategic plan to invest 90% of new investments in strategic emerging industries and future industries [3][4] Group 2 - The collaboration between Shandong Guotou Company and Shandong Talent Group aims to integrate talent work with market supply, enhancing the synergy between technology, talent, and industry [4] - Shandong Talent Group has established a strategic framework to strengthen its core business areas, including talent recruitment, service, investment, and empowerment [4] - The partnership is expected to leverage mutual strengths and expand cooperation across multiple fields, contributing to national strategies and the development of Shandong Province [4]