2025年以来，广州银行、顺德农商行相继撤回IPO申请，广东地区当前排队上市的城农商行仅剩东莞银 行、南海农商行两家。最新披露的业绩数据却为这两位"坚守者"的上市之路增添了变数。 财报显示，2025年上半年，东莞银行实现营收49.7亿元，同比下滑8.02%；净利润23.6亿元，同比下降 1.4%。南海农商行业绩压力更为显著，营收32.8亿元，同比下降8.2%；净利润13.9亿元，同比下滑 14.2%。 两家银行上半年业绩延续了去年下滑趋势。据wind数据，2024年，东莞银行营收、净利润同比分别下降 3.7%、8.2%；南海农商行营收同比下降6.3%，净利润虽然同比回升3%，但相比2021年仍下滑了近两 成。 与同行一样，净息差持续收窄是两家银行面临的共同困境，但两家银行承压似乎更加明显。据企业预警 通测算，上半年，东莞银行、南海农商行净息差已经分别降至1.11%、1.08%；金融监管总局披露的数 据显示，全国商业银行二季度净息差为1.42%，其中城商行、农商行净息差分别为1.37%、1.58%，两家 银行净息差显著低于同业水平。 与此同时，截至上半年末，东莞银行总资产6770亿元，同比增长5%；南海农商行总 ...

成本下降主要系养护成本明显下降：公司上半年营业成本剔除建造成本影响后同比下降6.37%，其中收 费公路业务成本16.94 亿元，同比下降4.84%，主要是由于养护成本由去年同期的2.15 亿元降至1.14 亿 元。 核心路产沪宁高速收入26.63 亿元，日均收入同比增长8.18%。主要系沪武高速太仓至常州段扩建工程 施工导致部分车辆改走沪宁高速，该影响同时导致宁常高速日均收入下降15.59%，但整体看对公司属 于利好。 锡宜高速和常宜高速本报告期内日均通行费收入同比分别下降28.08%和12.28%，主要系沪宜高速公路 部分路段改扩建半幅封闭施工影响，五峰山大桥本日均通行费收入同比增长13.08%，主要系4 月起扬溧 高速镇江南至丹徒枢纽段改扩建工程封闭施工，部分车辆改走五峰山大桥。 宁杨长江大桥本体已经贯通，但目前收入水平较低，主要系大桥北接线项目还未贯通。预计北接线在25 年末开通，宁杨大桥收入预计在26 年有较大增长。 机构：东兴证券 研究员：曹奕丰 事件：2025 上半年公司实现营收94.06 亿元，同比下降5.56%。若剔除建造收入影响，则公司营收同比 下降0.99%。实现归母净利润24.24 亿元 ...

Core Viewpoint - Berkshire Hathaway is adopting a more defensive stance amid concerns over the U.S. stock market and economic conditions, as indicated by prominent investors like Buffett, Rogers, and Dalio expressing worries about U.S. debt and potential economic crises [1][3]. Financial Performance - In Q2 2025, Berkshire Hathaway reported revenues of $92.515 billion, a slight decrease from $93.653 billion in the same period last year, while net profit plummeted by 59.24% to $12.37 billion from $30.348 billion year-over-year [3][4]. - For the first half of 2025, the company achieved a net profit of $16.973 billion, down from $43.05 billion in the same period last year [4]. Investment Strategy - The significant decline in Berkshire's performance is attributed to volatile investment returns, particularly a $5 billion pre-tax impairment loss on its investment in Kraft Heinz, which reflects ongoing declines in fair value and economic uncertainties [4][6]. - Berkshire's cash reserves stood at $344.1 billion in Q2, slightly down from $347 billion in Q1, but still at historically high levels, providing flexibility for future investments [5][7]. Sector Performance - In Q2, profits from Berkshire's railway, energy, manufacturing, service, and retail sectors increased compared to the previous year, while the insurance underwriting business experienced a decline [6]. - The company has signaled a potential exit from its investment in Kraft Heinz, as it has reduced the book value of its holdings to $8.4 billion and recorded a $3.8 billion impairment [6]. Long-term Outlook - Berkshire Hathaway is currently in a phase of defense rather than expansion, with a focus on preparing for potential future opportunities in the stock market [7].