10月2日，岚图汽车正式向港交所递交IPO申请。不同于多数新势力在亏损与现金流焦虑中仓促奔赴资本市场的行为，这一次岚图选择在基本盘稳定盈利 之后叩开港股大门。 当前的岚图智能化与新能源双线开花，月销逼近2万辆在主流市场站稳身位。更关键的是，2025年前7个月整体毛利率高达21.3%，超越理想成为中国新能 源车企中毛利率的新标杆。同样，资本市场擅长从细节中读懂趋势，岚图招股书中的信号无需渲染已然具备说服力。 在这个估值底部阶段，一家企业能否获得市场的合理定价，一方面要看自身是否具备增长确定性，另一方面要看经营路径能否穿越周期。岚图用五年时间 走出了一条可持续发展的路径。此前岚图因体制背景成为最容易被质疑的品牌，如今岚图用这份招股书发出反质疑的第一声。 岚图是国有新能源中唯一盈利上市车企 在10月2日递交的招股书中，汽车十三行注意到，岚图是目前港股申报新势力车企中唯一在上市前实现盈利的车企。 从2022年到2024年，岚图累计亏损从31.25亿元压缩至0.91亿元，并在2024年第四季度首次实现季度盈利，成为行业内最快达成单季盈利的新势力，2025年 前七个月，岚图已经实现整体盈利。 | | 截至12月31日止年 ...

智通财经APP获悉，摩根士丹利发布研报称，将中国金茂(00817)目标价由1.2港元升至1.32港元，维 持"与大市同步"评级。因应公司今年首九个月物业销售同比升27%，该行将全年预测上调11%至1,180亿 元人民币，意味同比增长20%，连带2025至27年各年收入预测上调6%、10%及11%。另外，该行将2025 至27年的开发业务毛利率预测分别上调2.2个、2.9个及3.9个百分点，至11.5%、13%及12.6%，相比起 2024年为11%，因近年新增项目的平均售价表现好过预期。 ...

来源：EBoversea ◆维持"买入"评级，目标价3.85港元 ◆上半年原材料价格走势令毛利率仍处于低位 公司1H18营业收入同比增长16.9%至33.3亿元人民币。而期内主要原材料马口铁（采购均价同比上升8.6%）与塑胶粒 子价格震荡上升，铝材价格较同期依然维持高位，令整体毛利率处在15.0%低位，同比下降了2个百分点。期内公司费 用控制卓有成效，销售及管理费用率均有下降。本期归母净利润同比下降14.8%至1.43亿元人民币，中期每股EPS为 0.12元人民币，中期股息每股6.8港仙。 ◆核心产品品类均取得稳健增长 马口铁包装/铝制包装/塑胶包装期内收入同比增速分别达13.1%、23.2%、14.6%，其中马口铁包装销售收入占比达 53.7%，期内1）钢桶业务同比增长27.1%，主要受益于与核心客户的供销联动及新产能（广州、嘉兴）释放；2）三片 罐、方圆罐业务通过加强跟进核心客户需求，期内收入同比增长29.3%/27.0%。铝制包装1）两片罐上半年浙江纪鸿产 能释放，而整体产能利用率较2017年提升1.3个百分点；2）单片罐方面成功进入青岛啤酒和嘉士伯供应体系，期内销 量同比增长34.1%。而塑胶包装方面 ...

Summary of Key Points Core Viewpoint - The report highlights significant trends in various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, indicating a mixed economic outlook with some sectors showing resilience while others face challenges. Group 1: Liquidity - The BCI small and medium enterprise financing environment index for August 2025 is at 46.37, up by 0.61% month-on-month [4] - The M1 and M2 growth rate difference in August 2025 is -2.8 percentage points, an increase of 0.4 percentage points from the previous month [4] - The current price of London gold is at $3759 per ounce [4] Group 2: Infrastructure and Real Estate Chain - Recent price changes include rebar down by 1.22%, cement price index up by 2.51%, rubber up by 0.34%, coking coal up by 2.78%, and iron ore up by 0.25% [5] - National capacity utilization rates for blast furnaces, cement, asphalt, and all-steel tires have changed by +0.51 percentage points, -1.00 percentage points, +7.3 percentage points, and +0.06 percentage points respectively [5] - The average daily crude steel output of key enterprises in mid-September decreased by 0.67% month-on-month [5] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and glass have increased by 0.15% and remained unchanged respectively, with glass profit margins at -58 yuan/ton and titanium dioxide at -1163 yuan/ton [6] - The operating rate for flat glass this week is at 76.01% [6] Group 4: Industrial Products Chain - Major commodity price changes include cold-rolled steel down by 0.25%, copper up by 3.29%, and aluminum down by 0.05%, with corresponding profit margins showing mixed results [7] - The national operating rate for semi-steel tires is at 73.58%, down by 0.08 percentage points [7] Group 5: Subcategories - The price of electrolytic copper has reached a new high since June at 82680 yuan/ton, up by 3.29% [8] - The price of electrolytic aluminum is at 20830 yuan/ton, with estimated profits of 3665 yuan/ton, up by 2.98% [8] - The price of tungsten concentrate is at 269000 yuan/ton, down by 2.00% [8] Group 6: Price Comparison Relationships - The price ratio of London spot gold to silver has reached a new low for the year at 84 times [9] - The price ratio of rebar to iron ore is at 4.00, with the price difference between hot-rolled and rebar steel at 150 yuan/ton [9] - The price difference between small rebar (used in real estate) and large rebar (used in infrastructure) is 130 yuan/ton, up by 18.18% from last week [9] Group 7: Export Chain - The new export orders PMI for China in August 2025 is at 47.20%, up by 0.1 percentage points [10] - The CCFI comprehensive index for container shipping rates is at 1087.41 points, down by 2.93% [10] - The capacity utilization rate for crude steel in the U.S. is at 77.40%, down by 0.50 percentage points [10] Group 8: Valuation Percentiles - The CSI 300 index has increased by 1.07%, with the best-performing cyclical sector being industrial metals at +5.15% [11] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB is at 33.74% and 88.92% respectively [11] - The current PB ratio for the ordinary steel sector is 0.51, with the highest value since 2013 being 0.82 [11]

公司报告 | 半年报点评 华谊集团（600623） 证券研究报告 盈利能力方面：轮胎制造/能源化工/精细化工/日化产品/化工服务五个板 块 2025 年上半年毛利率分别为 9.9%/4.8%/7.2%/25.5%/4.3%，其中轮胎制 造毛利率同比-4.9PCT，日化产品毛利率同比-4.1PCT，降幅明显，其他业务 毛利率同比+6.3%增幅明显。 半年度主要产品量价涨跌不一，子公司中上海华谊投资子公司业绩亮眼 根据公司半年度经营数据公告，25H1 销量方面：甲醇、醋酸及酯/工业气 体/丙烯及下游产品/涂料及树脂/轮胎五个主要产品类别销量同比分别 +4.2%/-6.0%/-13.2%/-2.6%/+13.6%，其中轮胎、甲醇、醋酸及酯两个板块产 品销量同比上升，丙烯及其下游产品销量下滑较为明显。产品价格方面： 甲醇、醋酸及酯/工业气体/丙烯及下游产品/涂料及树脂/轮胎平均售价同 比分别-11.2%/-10.4%/-4.1%/+2.5%/-6.5%。 子公司中，华谊集团 100%持股的上海华谊集团投资有限公司（其子公司包 括上海回力鞋业等孙公司）上半年实现净利润 3.12 亿元，同比+58.4%，在 众多子公司中 ...

宏观研究 证 券 研 究 报 告 【宏观快评】 两类行业利润改善——8 月工业企业利润点评 主要观点 ❖ 8 月工业企业利润数据：利润增速回升 8 月，根据统计局数据，规模以上工业企业利润同比由上月下降 1.5%转为增 长 20.4%。若考虑基数影响，今年和去年两年合计的增速，则 2025 年 8 月利 润相比 2023 年 8 月同比为-1.4%，前值为 3.0%。库存方面，截止至今年 8 月， 库存同比 2.3%，前值为 2.4%。 量、价、利润率拆分来看，量弱价升，收入增速小幅改善。PPI 同比，8 月同 比为-2.9%，7 月为-3.6%。工业增加值 8 月增速为 5.2%，7 月为 5.7%；收入端 8 月增速为 2.3%，7 月为 1.13%。利润率方面，8 月为 5.8%，去年同期（可比 口径）为 4.97%。利润率拆分来看（改善主要来自其他损益收入和毛利率）， 8 月毛利率为 14.38%，去年同期为 14.2%；费用率 8.30%，去年同期为 8.41%； 其他损益收入比为 0.25%，去年同期为 0.83%。从行业情况看，8 月，采矿业 增速为-23%，前值为-39.24%；制造业增速为 ...

Financial Data and Key Metrics Changes - Total revenue for the first quarter grew by 8.7% to $2.72 billion, with an organic growth rate of 7.8% [4][6] - Gross margin as a percentage of revenue increased by 20 basis points to 50.3% [4] - Operating income rose to $617.9 million, a 10.1% increase year-over-year [4][11] - Diluted EPS increased by 9.1% to $1.20 [4][11] - Cash flow from operating activities was $414.5 million [11] Business Line Data and Key Metrics Changes - Organic growth by business: - Uniform rental facility services: 7.3% - First aid and safety services: 14.1% - Fire protection services: 10.3% - Uniform direct sale declined by 9.2% [8] - Gross margin percentages by business: - Uniform rental facility services: 49.7% - First aid and safety services: 56.8% - Fire protection services: 48.9% - Uniform direct sale: 41.7% [9] Market Data and Key Metrics Changes - The customer base remained steady, with slight improvements noted during the quarter [26][50] - Retention rates were described as very attractive, indicating strong customer loyalty [26] Company Strategy and Development Direction - The company is focused on converting non-programmers to customers, particularly in uncertain economic environments [19][20] - Continued investments in technology and operational efficiency are seen as key drivers for future growth [5][99] - The company raised its fiscal 2026 financial guidance, expecting revenue between $11.06 billion and $11.18 billion, and diluted EPS between $4.74 and $4.86 [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow despite macroeconomic uncertainties [15][26] - The company is committed to delivering exceptional customer experiences and making necessary investments for sustained growth [15] - Management noted that the overall selling environment remains stable, with no significant changes in sales cycles [26][60] Other Important Information - The company announced a 15.4% increase in its quarterly cash dividend, marking the 42nd consecutive year of dividend increases [12] - The company is actively engaged in share buybacks, repurchasing $347.4 million of its shares [12] Q&A Session Summary Question: Impact of macroeconomic pressures on converting non-programmers - Management indicated that they can grow in various ways, especially in environments where customers face budget pressures, helping them free up cash flow [19][20] Question: Update on the fire protection services and SAP implementation - Management acknowledged additional costs associated with SAP implementation but remains optimistic about the long-term growth of the fire protection business [21][22] Question: Overall selling environment and client budget trends - Management reported no significant changes in customer behavior or sales cycles, with retention rates improving slightly [26][27] Question: Impact of decelerating non-farm payrolls on rental business - Management noted that they can grow even with stagnant job growth, focusing on converting non-programmers and selling additional services [33][34] Question: Changes in competitive environment - Management stated that the market remains competitive, but they focus on the large untapped market of do-it-yourselfers rather than traditional competitors [72] Question: Update on tariff-driven expense growth - Management confirmed that while tariffs have impacted costs, their global supply chain provides a competitive advantage [56][58] Question: First aid segment gross margins - Management explained that gross margins were flat sequentially and attributed any year-over-year changes to timing and investment strategies [65][66] Question: M&A pipeline and appetite for expansion - Management emphasized the importance of M&A for growth, with a focus on tuck-in deals and maintaining strong relationships for future opportunities [80][82] Question: Outlook for first aid and safety services business - Management expects low double-digit growth for the first aid business moving forward, supported by ongoing investments [86][87]

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. is in the IPO process, aiming to raise 1.5 billion yuan, with a projected revenue of 641 million yuan and a net profit of 233 million yuan in 2024, marking a nearly 13-fold increase compared to 2023 [1][2][3] Financial Performance - Revenue and net profit have shown consistent growth from 2022 to 2024, with figures of 254 million yuan, 354 million yuan, and 641 million yuan in revenue, and net profits of 15.62 million yuan, 18.66 million yuan, and 233 million yuan respectively [2][3] - The company's net profit growth is significantly attributed to a substantial increase in gross margin and a high dependency on a limited number of clients and suppliers [1][4] Client and Supplier Dependency - The sales to the top five clients accounted for 62.28% to 82.84% of total revenue during the reporting period, indicating a high client concentration, particularly reliance on a single largest client, Company B [3][4] - Sales revenue from Company B represented 37.58% to 25.53% of total revenue over the reporting period, highlighting the critical nature of this relationship [3][4] Related Party Transactions - Related party transactions with Company B also contributed to revenue growth, with related sales accounting for 38.88% to 25.97% of total revenue [4] - The company has been actively seeking domestic suppliers to stabilize its supply chain, with a notable portion of procurement from Nantong Yuan Zhou Li, a company controlled by Qiangyi's actual controller [4][5] Industry Context - The global semiconductor market is projected to grow from $335.9 billion in 2014 to $630.5 billion in 2024, with a compound annual growth rate of 6.50% [6] - The semiconductor probe card market is also expanding, with an expected increase from $1.651 billion in 2018 to $2.651 billion in 2024 [6][7] Product Pricing and Sales - The average selling price of the main products, 2D/2.5D MEMS probe cards, has increased significantly, with prices rising from 315,900 yuan to 817,500 yuan over three years [7][8] - Sales volume of MEMS probe cards has also increased, contributing to a growing share of total revenue, from 53.51% to 87.01% [8] Gross Margin Concerns - The company's gross margin has surged from 40.78% in 2022 to 68.99% in the first half of 2025, raising questions about sustainability compared to industry peers, whose margins range from 30% to 50% [8][9] - The high gross margin may be influenced by factors such as technology monopoly, cost control, or temporary supply-demand mismatches [10]

来源 ： 内容 编译自 pcworld 。 公众号记得加星标⭐️，第一时间看推送不会错过。 如果您想知道英特尔与 Nvidia 的重磅交易将对其现有产品路线图产生什么影响，英特尔要告诉您一 个信息：不会。 英特尔发言人今天早些时候对我的同事布拉德·查科斯（Brad Chacos）表示："我们目前还没有讨论 具体的路线图，但此次合作是对英特尔路线图的补充，英特尔将继续提供 GPU 产品。" 我也听到了 其他英特尔代表的类似信息。 英伟达对英特尔的 50 亿美元投资，以及英伟达计划向英特尔供应 RTX 图形芯片，用于英特尔的 CPU，将产生两大潜在影响：首先，由于这些 RTX 芯片提供的额外功能，它可能会改写英特尔在笔 记本电脑芯片领域的移动路线图。其次，此举威胁到英特尔 Arc 图形核心的持续开发，包括独立的 独立 GPU 和集成芯片。 我们仍然不确定 Arc 的未来会受到什么影响，部分原因是英特尔声称将"继续"提供 GPU 产品，这听 起来有点模棱两可。但英特尔在前一点上听起来更加明确，即你所熟悉的移动路线图将保持不变。 英特尔还重申，与英伟达的合作是对公司现有路线图的"补充"。这两份声明表面上看起来似乎很清 ...

Group 1: Financial Performance - The gross margin for earphone OEM has shown a slight decline due to increased competition in the downstream market and changes in customer product structure [2] - The overall gross margin in the industry is experiencing a slow downward trend, influenced by the increasing penetration rate of TWS (True Wireless Stereo) earphones [2] Group 2: Company Strategy - The company aims to enhance its overall gross margin by continuously innovating technology and expanding product categories to increase product added value [2] - Specific financial data will be provided in the company's periodic reports [2]