策略报告 | 投资策略专题 2025 年 08 月 26 日 吴开达 分析师 SAC 执业证书编号：S1110524030001 wukaida@tfzq.com 叶慧超 分析师 SAC 执业证书编号：S1110525030001 yehuichao@tfzq.com 相关报告 1 《投资策略：中观景气度高频跟踪及 运用-中观景气度数据库和定量模型应 1. "十四五"整体回顾 用》 2025-08-25 2021 年我国发布《中华人民共和国国民经济和社会发展第十四个五年规划 和 2035 年远景目标纲要》，是我国开启全面建设社会主义现代化国家新征 程、向第二个百年奋斗目标进军的纲领性文件。 "十四五"是向 2035 愿景迈进的第一个五年。主要目标为：经济发展取得 新成效；改革开放迈出新步伐；社会文明程度得到新提高；生态文明建设实 现新进步；民生福祉达到新水平；国家治理效能得到新提升。 2. 历次三中全会与五年规划关系 党的十八届三中全会审议通过的《中共中央关于全面深化改革若干重大问题 的决定》指出，"经济体制改革是全面深化改革的重点，核心问题是处理好 政府和市场的关系，使市场在资源配置中起决定性作用和更好发挥 ...

数据显示，飞马国际当日主力资金净流出3476万元，占流通市值的0.43%。近五日主力资金累计净流出 2.59亿元，占流通市值的3.21%。 风险提示：以上内容仅供参考，不构成投资建议。股市有风险，投资需谨慎。 来源：金融界 飞马国际股价报3.03元，较前一交易日下跌0.02元，跌幅0.66%。盘中最高价3.05元，最低价2.99元，成 交量为102.2万手，成交金额达3.08亿元。 飞马国际属于环保行业，同时涉及广东板块、统一大市场、绿色电力和快递概念等多个领域。公司主营 业务包括供应链管理服务和环保新能源业务。 8月22日晚间，飞马国际发布公告称，控股股东新增鼎公司已办理股票解除质押业务，合计解除质押股 份7000万股，占公司总股本的2.63%。截至公告日，新增鼎公司累计质押股数约为7.26亿股，占其所持 股份比例为91.2%。 ...

Group 1 - The stock price of Changjiu Logistics reached 8.22 yuan as of August 20, 2025, reflecting a 1.11% increase from the previous trading day [1] - The opening price for the day was 8.15 yuan, with a high of 8.30 yuan and a low of 8.10 yuan, resulting in a trading volume of 88,300 lots and a transaction value of 72 million yuan [1] - Changjiu Logistics specializes in the logistics industry, covering sectors such as automotive logistics and international logistics, and is associated with concepts like the Beijing sector, unified large market, and China-Russia trade [1] Group 2 - On the same day, the main capital outflow for Changjiu Logistics was 6.1308 million yuan, with a cumulative net outflow of 21.9555 million yuan over the past five days [2] - The company announced that the guarantee balance for its controlling shareholder and related parties was 0 yuan, accounting for 0% of the audited net assets for 2024, with no overdue guarantee situations [1]

Core Viewpoint - The company is focusing on the market-oriented reform of data elements, positioning data elements as a core direction for strategic transformation, and achieving phased results in data resourceization, assetization, and capitalization [2]. Group 1: Data Element Strategy - The company is leveraging its self-developed Blu-ray storage technology to create integrated storage solutions, promoting efficient and green data storage, and supporting the national "East Data West Computing" strategy [2]. - The company is actively responding to the national call for data element market construction, focusing on building a trusted data space and developing benchmark applications in sectors such as healthcare, cultural heritage, and intelligent driving [2]. - A comprehensive service system covering data authorization consulting, compliance assessment, asset registration, accounting, and value evaluation has been established to support the value realization of data elements [2]. Group 2: Industry Empowerment - The company is concentrating on three major fields: transportation, healthcare, and culture, utilizing its 20 years of experience in transportation services to build a trusted data space for smart travel, logistics optimization, and traffic governance [4]. - In the healthcare sector, the company aims to solve data storage challenges, promote data circulation and sharing, and assist in cost control for medical insurance [4]. - The company is developing a traceable and tradable cultural data resource library and a digital cultural consumption platform to enhance the cultural sector [4]. Group 3: Market Activity - As of August 19, 2025, the company's stock closed at 23.79 yuan, with a slight increase of 0.13%, a turnover rate of 3.87%, a trading volume of 270,200 shares, and a transaction amount of 645 million yuan [1]. - On the same day, the net inflow of main funds was 18.96 million yuan, while speculative funds and retail investors experienced net outflows of 7.15 million yuan and 11.81 million yuan, respectively [6].

Core Viewpoint - The company is actively developing AI-based solutions and participating in government procurement reforms, positioning itself as a leader in digital financial services in China [3][5][6]. Group 1: Company Performance - As of August 15, 2025, the company's stock price closed at 15.56 yuan, with an increase of 1.83%, a turnover rate of 2.98%, a trading volume of 185,400 shares, and a transaction amount of 285 million yuan [1]. Group 2: Shareholder Information - The company will disclose the number of shareholders in its periodic reports, encouraging investors to refer to these reports for updates [2]. Group 3: Business Strategy and Development - The company is focusing on building a leading AI infrastructure in finance, procurement, and healthcare, aiming to create a closed-loop system of "data + model + scenario" to enhance customer value [3]. - The company is involved in the pilot programs for electronic invoice cross-province reimbursement, providing services to over 10 pilot provinces and cities [4]. - The company aims to become a leading provider of government and internet services by focusing on digital certificates, smart finance, and digital procurement, while exploring new technologies [5]. - The company is actively monitoring policies related to AI and government services, with ongoing developments in B2B and B2C markets [5]. - The company’s digital procurement business aligns with national policies, providing internet procurement management platforms for government departments and enterprises [6]. Group 4: Market Activity - On August 15, the company experienced a net inflow of 3.6976 million yuan from institutional investors, while retail investors saw a net inflow of 3.1708 million yuan, and speculative funds had a net outflow of 6.8684 million yuan [7][8].

Core Viewpoint - The company, CIMC Vehicles, is a leading manufacturer in the semi-trailer and specialized vehicle sector, focusing on hydrogen energy and cold chain logistics, with a significant market presence globally [2][6]. Group 1: Company Overview - CIMC Vehicles is a global leader in the production of semi-trailers, ranking first in global sales, and operates in major markets including China, North America, and Europe [2][6]. - The company specializes in the production of cold chain logistics vehicles, which are utilized in various applications such as fresh food delivery and biopharmaceutical transport [2][6]. - As of March 31, the company had 36,600 shareholders, with an average of 39,729 circulating shares per person, indicating a slight decrease in individual shareholding [7]. Group 2: Financial Performance - For the first quarter of 2025, CIMC Vehicles reported a revenue of 4.591 billion yuan, representing a year-on-year decrease of 10.91%, while the net profit attributable to shareholders was 179 million yuan, down 32.59% year-on-year [7]. - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed over the past three years [8]. Group 3: Market Activity - On August 13, CIMC Vehicles' stock rose by 0.23%, with a trading volume of 135 million yuan and a turnover rate of 1.05%, leading to a total market capitalization of 16.642 billion yuan [1]. - The main capital inflow for the stock was negative at 6.6863 million yuan, with the industry ranking 7th out of 13, indicating a lack of clear trends in major capital movements [3][4]. Group 4: Strategic Initiatives - The company has launched hydrogen energy refrigerated truck products in response to customer demand, aligning with trends in sustainable transportation [2]. - CIMC Vehicles' subsidiary, Lingyu Automobile, signed a cooperation framework agreement with Huawei to enhance digital transformation and intelligent upgrades [2].

Group 1 - The stock price of Tian Shun Co., Ltd. as of August 12, 2025, is 16.56 yuan, down 0.95 yuan from the previous trading day's closing price, representing a decline of 5.43% [1] - The opening price on the same day was 19.26 yuan, with a highest price of 19.26 yuan and a lowest price of 16.47 yuan, and the trading volume reached 440,454 hands with a transaction amount of 784 million yuan [1] - Tian Shun Co., Ltd. operates in sectors including logistics, Xinjiang region, micro-cap stocks, cross-border e-commerce, and unified large market, focusing on third-party logistics for bulk and oversized goods [1] Group 2 - On the evening of August 11, Tian Shun Co., Ltd. issued an announcement indicating that the company did not participate in the New Tibet Railway project, as the stock price had deviated by more than 20% over three consecutive trading days [1] - On August 12, 2025, the net outflow of main funds from Tian Shun Co., Ltd. was 63.95 million yuan, accounting for 2.73% of the circulating market value, while the net outflow over the past five days was 31.39 million yuan, representing 1.34% of the circulating market value [1]

Core Viewpoint - The article discusses the release of the draft implementation regulations for the Value-Added Tax (VAT) Law in China, which aims to clarify and detail various aspects of the VAT system to enhance its certainty and operability [3][4]. Group 1: Implementation Regulations - The draft implementation regulations consist of six chapters and fifty-seven articles, focusing on general principles, tax rates, taxable amounts, tax incentives, collection management, and supplementary provisions [3][4]. - The regulations aim to provide a stable framework for the VAT system, ensuring better alignment with existing VAT policies and enhancing social expectations [4][5]. Group 2: Taxpayer and Taxable Transactions - The draft clarifies the definitions of taxable transactions, including the sale of goods, services, intangible assets, real estate, and the import of goods, identifying both units and individuals as VAT taxpayers [4][5]. - Specific rules regarding tax rates for exported goods and cross-border sales of services and intangible assets are detailed, including zero tax rates under certain conditions [4][5]. Group 3: Tax Deduction and Exemptions - The draft specifies the rules for input tax deductions, including the conditions under which certain expenses, such as financing-related fees, cannot be deducted from output tax [4][6]. - It also outlines the specific standards for VAT exemptions, such as those applicable to medical services provided by qualified medical institutions, excluding cosmetic medical services [6]. Group 4: Impact on Economic Activities - The implementation of these regulations is expected to standardize the relationship between taxpayers and tax authorities, facilitating compliance and enhancing the efficiency of resource allocation [5][6]. - VAT is highlighted as the largest tax category in China, covering all sectors of the national economy, with projected revenues of approximately 6.57 trillion yuan in 2024, accounting for 38% of total tax revenue [6].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have released the draft implementation regulations for the Value-Added Tax (VAT) Law, which aims to refine and clarify the provisions of the VAT Law, enhancing the certainty and operability of the tax system [2][3]. Group 1: Key Aspects of the Draft Regulations - The draft regulations detail the elements of the VAT system, including definitions for taxable transactions such as goods, services, intangible assets, and real estate [3]. - It specifies the tax rates applicable to export goods and cross-border sales of services and intangible assets, including conditions under which a zero tax rate applies [3]. - The draft outlines the methods for deducting input tax, including the scope of non-deductible input tax, such as fees related to loan services [3][4]. Group 2: Tax Incentives and Management - The draft clarifies the specific standards for VAT exemption projects, such as medical services provided by qualified medical institutions, excluding cosmetic medical institutions [4]. - It further details the management of VAT collection, including provisions for special circumstances like contracted operations and asset management products [4]. - The implementation of these regulations is expected to standardize the relationship between taxpayers and tax authorities, facilitating compliance and enhancing the legal framework governing tax administration [4]. Group 3: Economic Impact - VAT is the largest tax category in China, covering all sectors of the national economy and significantly impacting taxpayers' interests, with projected VAT revenue of approximately 6.57 trillion yuan in 2024, accounting for 38% of total tax revenue [5]. - In the first half of 2025, domestic VAT is expected to reach about 3.64 trillion yuan, reflecting a year-on-year growth of 2.8% [5].

Group 1: Inflation Trends - July CPI year-on-year growth was 0%, while core CPI growth was 0.8%, compared to previous values of 0.1% and 0.7% respectively[5] - Food prices are expected to exert downward pressure on CPI, with July food CPI at -1.6%[5] - The core CPI is anticipated to continue rising due to policies aimed at boosting domestic demand and improving living standards[5] Group 2: Policy Impact - Policies promoting consumption are expected to support high-end consumer goods and high-tech industries, maintaining elevated price indices[5] - The construction of a unified market and enhanced competition review is projected to help traditional and emerging industries recover prices[5] - The "anti-involution" policies are broadening their impact across various sectors, leading to positive changes in PPI, especially in technology and domestic demand-driven sectors[5] Group 3: PPI Performance - July PPI for certain sectors like arts and crafts, sports equipment, and nutritional food manufacturing showed year-on-year growth of at least 1.3%[5] - However, PPI in the mining sector remains under pressure, with July mining PPI at -14%[5] - External trade environment deterioration is causing PPI declines in key export sectors, with July PPI for general equipment manufacturing at -1.6%[5]