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【机构调研记录】西部利得基金调研星网锐捷、兆易创新等8只个股(附名单)
Zheng Quan Zhi Xing· 2025-08-26 00:09
1)星网锐捷(002396)(西部利得基金管理有限公司参与公司特定对象调研&电话会议) 调研纪要:星网锐捷在通讯板块重点发力光通信,德明通讯深耕美国车联网市场,升腾资讯在金融行业和信创领域深耕。政府希望公司在AI方面 有亮点并提供机会,公司围绕ICT基础设施与I应用方案战略,福建省国资委有市值管理要求。德明通讯2025年上半年营收7亿多,增长较大,光通 讯与国内运营商合作,产品结构调整使毛利率上升。金融信创推进至2028年,升腾资讯将抓住市场机会。2023-2024年组织架构调整已完成,2025 年起费用影响向好,海外业务毛利增加,费用率控制较好。各板块毛利率可能波动,I领域将继续保持投入。公司积极探索外延式增长机会,需企 业文化和市场目标契合。 2)兆易创新 调研纪要:兆易创新(603986)在2024年二季度各业务线增长情况良好,NOR Flash高个位数增长,利基型DRAM增长超50%,MCU接近20%,模 拟芯片基数低环比成长较高,传感器芯片增长约10%。预计第三季度环比增长,全年需求上涨,利基型DRAM供应偏紧缺至全年。下半年利基型 DRAM营收显著增长,合约价格上涨,第三季度继续上涨。公司毛利率整 ...
宿迁鑫之尊商贸有限公司成立 注册资本1万人民币
Sou Hu Cai Jing· 2025-08-23 01:14
天眼查App显示,近日,宿迁鑫之尊商贸有限公司成立,法定代表人为郭婷婷,注册资本1万人民币, 经营范围为许可项目:酒类经营;食品互联网销售(依法须经批准的项目,经相关部门批准后方可开展 经营活动,具体经营项目以审批结果为准)一般项目:保健食品(预包装)销售;食品互联网销售(仅 销售预包装食品);商务代理代办服务;家居用品销售;技术服务、技术开发、技术咨询、技术交流、 技术转让、技术推广;储能技术服务;信息技术咨询服务;网络设备销售;工艺美术品及收藏品零售 (象牙及其制品除外);工艺美术品及礼仪用品销售(象牙及其制品除外);日用百货销售;食品销售 (仅销售预包装食品);日用家电零售;集贸市场管理服务;物业管理(除依法须经批准的项目外,凭 营业执照依法自主开展经营活动)。 ...
乌审旗元气焕能商贸有限公司成立 注册资本30万人民币
Sou Hu Cai Jing· 2025-08-22 23:23
天眼查App显示,近日,乌审旗元气焕能商贸有限公司成立,法定代表人为郭建成,注册资本30万人民 币,经营范围为许可项目:现制现售饮用水。(依法须经批准的项目,经相关部门批准后方可开展经营 活动,具体经营项目以相关部门批准文件或许可证件为准)一般项目:食品销售(仅销售预包装食 品);食品互联网销售(仅销售预包装食品);日用百货销售;健康咨询服务(不含诊疗服务);新鲜 蔬菜批发;新鲜蔬菜零售;劳务服务(不含劳务派遣);劳动保护用品销售;信息咨询服务(不含许可 类信息咨询服务)。(除依法须经批准的项目外,凭营业执照依法自主开展经营活动)。 ...
每日报告精选-20250822
| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 | | 每日报告精选(2025-08-21 09:00——2025-08-22 15:00) 2 | | | --- | --- | --- | |  | 行业跟踪报告:物流仓储《快递单价降幅收窄,反内卷持续扩散》2025-08-22 | 2 | |  | 行业策略:新能源发电《光伏行业研究方法》2025-08-22 | 3 | |  | 行业策略:建材《回归常识,探寻本源》2025-08-21 | 3 | |  | 行业跟踪报告:机器人《Figure 人形机器人实现无遮挡行走,能力边界持续突破》2025-08-21 | 3 | |  | 行业跟踪报告:乳制品《肉奶共振,弹性可期》2025-08-21 | 4 | |  | 海外报告:富途控股(FUTU.O)《净入金强劲,Crypto 持续开拓》2025-08-22 | 5 | |  | 公司半年报点评:巴比食品(605338)《经营势能向上,业绩超预期》2025-08-22 | 5 | |  | 海外报告:北森控股(9669)《HCM S ...
申万宏源证券晨会报告-20250819
Group 1: China Shipbuilding Industry - The merger and restructuring of China Shipbuilding is progressing faster than expected, with potential acceleration in addressing industry competition [1][11] - After the merger, the combined capacity of China Shipbuilding and China State Shipbuilding Corporation could reach up to 33% of global capacity based on DWT and 18% based on CGT [11] - The handover of orders for major shipbuilding companies is significant, with China Shipbuilding holding orders worth approximately $51.2 billion [11] Group 2: Export Trends - China's exports are being driven by the demand for production materials to emerging countries and consumer goods to non-US developed countries [11][13] - Exports to emerging economies increased by 9.6% year-on-year, with production materials contributing significantly to this growth [11] - The overall export growth is partially attributed to "export grabbing," with 30% of the increase possibly linked to this phenomenon [13] Group 3: NetEase Cloud Music - NetEase Cloud Music reported a revenue of 3.83 billion yuan in the first half of 2025, a year-on-year decrease of 6%, but adjusted net profit increased by 121% to 1.95 billion yuan [12][14] - The subscription revenue grew by 15.2% year-on-year, indicating a strong growth in paid memberships [12][14] - The company maintained a gross margin of 36.4%, showing significant improvement compared to the previous year [14] Group 4: Small Commodity City - Small Commodity City achieved a revenue of 7.713 billion yuan in the first half of 2025, a year-on-year increase of 14%, with a net profit of 1.691 billion yuan, up 16.8% [18] - The trade service and commodity sales segments showed strong revenue growth, with trade services up 43.2% year-on-year [18] - The company is expanding its market presence with a new global trade center expected to open by the end of October 2025 [18] Group 5: Stone Technology - Stone Technology reported a revenue of 7.903 billion yuan in the first half of 2025, a year-on-year increase of 79%, but net profit decreased by 40% [22][26] - The company’s vacuum cleaner business is experiencing significant growth, with a market share of 26% in the first half of 2025 [26] - The company is focusing on expanding its product range and enhancing its market presence in North America [26][24]
小商品城: 国浩律师(杭州)事务所关于浙江中国小商品城集团股份有限公司2020年限制性股票回购注销及调整回购价格相关事项之法律意见书
Zheng Quan Zhi Xing· 2025-08-17 16:11
国浩律师(杭州)事务所 法律意见书 国浩律师(杭州)事务所 关于 浙江中国小商品城集团股份有限公司 回购注销及调整回购价格相关事项 之法律意见书 地址:杭州市老复兴路白塔公园 B 区 15 号楼、2 号楼(国浩律师楼) 邮编: 310008 电话:(+86)(571) 8577 5888 传真:(+86)(571) 8577 5643 电子信箱:grandallhz@grandall.com.cn 网址:http://www.grandall.com.cn 二〇二五年八月 国浩律师(杭州)事务所 法律意见书 国浩律师(杭州)事务所 关 于 浙江中国小商品城集团股份有限公司 回购注销及调整回购价格相关事项 之法律意见书 致:浙江中国小商品城集团股份有限公司 国浩律师(杭州)事务所(以下称"本所")接受浙江中国小商品城集团股 份有限公司(以下简称"小商品城"或者"公司")的委托,作为公司 2020 年 限制性股票激励计划(以下简称"本次股权激励计划")的特聘专项法律顾问。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》(以下简称"《证券法》")、《上市公司股权激励管理 ...
百联股份:关于超短期融资券发行的公告
Zheng Quan Ri Bao· 2025-08-07 14:55
Group 1 - The company, Bailian Group, announced the issuance of its second phase of ultra-short-term financing bonds for the year 2025 [2] - The bonds have an interest start date of August 6, 2025, and a maturity date of April 17, 2026 [2]
上周融资余额增加超125亿元,这些个股被大幅加仓
Sou Hu Cai Jing· 2025-07-07 04:35
Market Overview - The A-share market rebounded last week, with the margin trading balance reaching 1,852.93 billion yuan as of July 4, and the financing balance increasing by 12.59 billion yuan [1][4]. Financing Balance Changes - Among the 31 industries tracked, 18 saw an increase in financing balance, with the top three being: - Electric Power Equipment: 2.66 billion yuan net buy - National Defense and Military Industry: 1.91 billion yuan net buy - Non-ferrous Metals: 1.90 billion yuan net buy [1][3]. - The 13 industries with decreased financing balance included: - Oil and Petrochemicals: 0.40 billion yuan net sell - Banking: 0.30 billion yuan net sell - Food and Beverage: 0.26 billion yuan net sell [1][3]. Individual Stock Performance - A total of 55 stocks saw an increase in financing amount exceeding 100 million yuan, with the top ten being: - Pudong Development Bank: 0.95 billion yuan net buy - Zhongji Xuchuang: 0.49 billion yuan net buy - Small Commodity City: 0.38 billion yuan net buy - Sifang Precision: 0.36 billion yuan net buy - Haowei Group: 0.33 billion yuan net buy - Northern Copper: 0.30 billion yuan net buy - New Yisheng: 0.29 billion yuan net buy - Guiding Compass: 0.27 billion yuan net buy - Xingyuan Material: 0.25 billion yuan net buy - Zhaoyi Innovation: 0.25 billion yuan net buy [5][6]. - The stocks with the highest increase in financing saw mixed performance, with Northern Copper rising over 11% [5].
申万宏源证券晨会报告-20250701
Group 1: Company Overview - Atour (ATAT.O) is positioned as a lifestyle brand group starting from the mid-to-high-end hotel market, rapidly rising through differentiated positioning and a diverse brand matrix, focusing on balancing experience and efficiency [12][10] - The company has launched a new three-year strategy "China Experience, Two Thousand Good Hotels," entering the era of a thousand stores, with increasing scale and market share compared to domestic mid-to-high-end chain hotels [12][10] - Atour's retail business has become a significant innovation growth driver, creating a unique commercial closed loop that deeply integrates accommodation and retail services [12][10] Group 2: Business Model and Growth Drivers - The company utilizes a unique franchise model for rapid expansion, balancing efficiency and experience through refined operations and differentiated experiences, meeting investor return expectations and consumer demand for quality service [12][10] - Atour's retail business leverages hotel scenarios to create a unique commercial closed loop, innovatively transforming accommodation spaces into retail scenes, thus forming a complete consumer touchpoint matrix [12][10] - The loyalty program, A-Card, has accumulated over 96.7 million registered individual members, enhancing user loyalty through personalized services [12][10] Group 3: Investment Analysis - The investment analysis suggests a target market value of $5.8 billion for Atour, corresponding to a 30% increase from the current market value, based on a relative valuation method with an average industry PE of 26 times for 2025 [12][10] - The report emphasizes the potential for Atour to capture market share in the growing mid-to-high-end hotel sector, supported by its innovative business model and strong brand positioning [12][10] Group 4: Suzhou Bank Overview - Suzhou Bank (002966) has seen its major shareholder, Guofang Group, increase its stake to 15%, becoming the controlling shareholder, with plans to further increase holdings by at least 400 million RMB over the next six months [11][13] - The bank is characterized as a rare high-quality asset with strong regional presence, substantial provisions, and excellent performance, with expectations for improved revenue in the upcoming interim report [16][11] Group 5: Financial Performance and Projections - The bank's net profit is projected to grow at a compound annual growth rate of 7.3% to 8.3% from 2025 to 2027, with a current price-to-book ratio of 0.76 times for 2025 [16][11] - The report highlights the bank's strong asset quality, with a non-performing loan ratio of approximately 0.83% and a high provision coverage ratio of 447% as of Q1 2025, indicating stability and resilience in performance [16][11] Group 6: Industry Trends - The report indicates a positive outlook for the communication industry, with a focus on AI computing networks, satellite communications, and overall industry optimization, suggesting a robust growth trajectory [27][25] - The communication sector is expected to see significant profit growth, with several companies projected to achieve over 50% year-on-year growth in net profit for Q2 2025 [27][25]
南京商旅: 南京商旅:上海市锦天城律师事务所关于南京商贸旅游股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易之补充法律意见书(一)
Zheng Quan Zhi Xing· 2025-06-25 20:28
Core Viewpoint - The document outlines the legal opinions regarding Nanjing Commercial Tourism Co., Ltd.'s issuance of shares and cash payment for asset acquisition, along with the fundraising for related transactions, emphasizing compliance with relevant laws and regulations [2][5][16]. Transaction Overview - The overall transaction consists of two parts: acquiring 100% equity of Huangpu Hotel for a transaction price of 198.8736 million yuan and raising matching funds through share issuance [7][8]. - The original assessed value of Huangpu Hotel was 221.5854 million yuan, which was adjusted to 198.8736 million yuan due to market changes [7][8]. - The payment for the acquisition will be made through a combination of issuing A-shares and cash [8]. Fundraising Details - The total amount for the fundraising has been adjusted from a maximum of 80 million yuan to 39.831 million yuan, with the funds intended for cash payment, intermediary fees, and related taxes [14][15]. - The fundraising is contingent upon the successful implementation of the asset acquisition [14]. Legal Compliance - The transaction does not constitute a major asset restructuring as per the relevant regulations, and it is classified as an issuance of shares for asset acquisition [16]. - The transaction is deemed a related party transaction since the counterparty is the controlling shareholder, Tourism Group [16]. Asset Information - The target asset is 100% equity of Huangpu Hotel, which has a registered capital of 13.848759 million yuan and operates under various licenses [20][21]. - Huangpu Hotel's equity structure remains unchanged, with Tourism Group as the controlling shareholder [20][21]. Financial Metrics - As of the latest financial data, Huangpu Hotel's total assets amount to 129.7046 million yuan, with a net asset value of 78.3091 million yuan and operating income of 67.9571 million yuan [16].