核心结论 分析师 2025 年 08 月 22 日 晨会纪要 证券研究报告 【交通运输】中通快递-W（02057.HK）2025Q2 及 2025H1 业绩点评：盈 利能力承压，2025Q2 市占率环比提升 1、盈利能力承压，单票净利（经调）同比下降。2、营业成本（尤其是其他 成本）的增加是毛利率下降的主要原因。3、2025Q2 市占率环比提升，下 调 2025 年包裹量增速指引。4、预计 2025 年资本开支基本持平或微降。5、 中期股息每股 0.3 美元，派息比率为 40%。6、尽管公司下调全年包裹量指 引带来盈利预测有所修正，考虑到"反内卷"政策环境下电商快递行业整体 估值水平有望抬升，上调至"买入"评级。 【医药生物】远大医药（0512.HK）2025 年中报业绩点评：核药产品持续 高增速，创新品种收入占比提升 盈利预测与评级：预计 2025-2027 年公司营收分别为 122.54/133.76/147.79 亿港元，同比增长 5.2%/9.2%/10.5%；归母净利润分别为 21.85/24.62/27.06 亿港元，同比增长-11.5%/12.7%/9.9%。维持"买入"评级。 风险提示：药品及 ...

Core Viewpoint - The establishment of the Shield Tunneling Machine (TBM) Big Data Mining Community in Zhengzhou marks a significant step towards data sharing and collaboration in the tunneling industry, addressing current challenges such as fragmented data technology and lack of unified standards [1][2]. Group 1: Establishment and Objectives - The Shield/TBM Big Data Mining Community was founded on August 10, attracting over 400 representatives from more than 160 domestic units [1]. - The community aims to break down "data silos" and create a new intelligent ecological paradigm for the industry [1]. - Three core tasks have been identified: building a unified data center, collaborating on technical challenges, and integrating production and research to accelerate technology transfer [1]. Group 2: Technological Advancements - The "Pioneer Tunnel Model" was released, which is the first vertical large model in the tunnel and underground space sector, facilitating a shift from traditional experience-driven methods to data-driven intelligent decision-making [1]. - The model has achieved over 90% accuracy in predicting complex geological conditions, such as faults and sinkholes, enhancing safety and efficiency in tunnel construction [2]. - The new intelligent feedback technology system has been validated in projects like the plateau railway tunnel and the Chongqing-Taiwan Yangtze River Tunnel, promoting safe, high-quality, efficient, and green tunneling practices [2].