晨会纪要 证券研究报告 2025 年 10 月 09 日 核心结论 分析师 【固定收益】债市角度看上市银行中报系列之一：高息存款重定价：规模测 算与影响探析 随着高息存款重定价后，10 年国债收益率与银行负债成本之间的倒挂态势， 后续或将逐步消除。 【策略】资产的信号（20251002）：黄金：第三浪，启动！ 1971 年布雷顿森林体系崩溃，美元信用裂痕扩张，金价 10 年 10 倍；直到 1980 年石油美元体系正式确立，美元信用再次确立，金价才见顶回落。类 似的，当前随着美元信用裂痕持续扩张，金价将开启长期牛市。我们判断： 重启降息意味着美联储独立性受损，未来美联储独立性会持续受到损害，黄 金的储备价值将进一步彰显，目前处于第 3 波主升浪行情早期。 【多元金融】数金掘金系列报告一：TO C 金融科技板块行情复盘与未来展 望 持续关注流动性充裕+风险偏好改善下 TOC 金融科技板块投资机会，未来技 术与流量仍是竞争核心驱动。金融信息服务商作为强贝塔板块，增量资金持 续入市有望进一步打开其业务成长空间，从而迎来盈利和估值双击。个股方 面，我们推荐基本面表现优异，具备牌照及平台优势的东方财富、有望通过 吸并大 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 4.02 billion yuan for the first half of 2025, representing a year-on-year increase of 15.6%. The net profit attributable to shareholders was 480 million yuan, up 12.4% year-on-year [2][4]. - The company’s revenue from power plants and industrial automation reached 2.003 billion yuan, a significant increase of 31.3% year-on-year, while revenue from grid automation was 1.726 billion yuan, up 2.2% year-on-year [9]. - The gross margin for the first half of 2025 was 30.52%, a decrease of 2.94 percentage points year-on-year, indicating pressure on the gross profit side [9]. - The company achieved a 60% increase in bid amounts for the State Grid's centralized bidding and a 15% increase for the Southern Grid's framework bidding, ranking among the top in bid scale [9]. Financial Performance - In Q2 2025, the company reported a revenue of 2.19 billion yuan, a year-on-year increase of 13.4%, but the net profit decreased by 3.2% to 230 million yuan [2][4]. - The company’s total revenue is projected to reach 8.305 billion yuan in 2025, with a net profit of 844 million yuan, corresponding to a PE ratio of approximately 17.87 times [14]. - The company’s four expense ratios for the first half of 2025 were 17.60%, a decrease of 1.51 percentage points year-on-year, with reductions in sales, management, and R&D expense ratios [9].

Group 1 - The company has approved the 2025 interim profit distribution and capital reserve transfer plan, which does not require submission to the shareholders' meeting [1] - The profit distribution plan involves a cash dividend of 0.37 RMB per 10 shares, totaling approximately 49.61 million RMB, based on a total share capital of 1,340,727,007 shares as of June 30, 2025 [2][3] - The dividend will be distributed to all shareholders registered by the close of trading on September 9, 2025, with the ex-dividend date set for September 10, 2025 [3] Group 2 - The company will not issue bonus shares or conduct capital reserve transfers in this distribution [2] - The tax treatment for dividends varies based on the type of shareholder, with specific rates for different categories of investors [2] - The company has provided contact information for inquiries regarding the dividend distribution process [4][5]

（原标题：国电南瑞(600406.SH)累计回购2094.75万股 耗资4.62亿元） 智通财经APP讯，国电南瑞(600406.SH)发布公告，截至2025年8月31日，公司以集中竞价交易方式累计 回购公司股份2094.75万股，占公司总股本的比例为0.261%，购买的最高价为22.31元/股，最低价为 21.71元/股，支付资金总金额为4.62亿元(不含交易费用)。 ...

国电南瑞9月1日公告，公司董事会同意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金 总额不低于5亿元（含本数），不超过10亿元（含本数），回购价格不超过34.13元/股（含本数），回 购期限自公司董事会审议通过本次股份回购方案之日起不超过12个月。截至2025年8月31日，公司累计 回购2094.75万股，占公司总股本的0.26%，回购价格区间为21.71元/股至22.31元/股，累计使用资金4.62 亿元（不含交易费用）。 ...

Core Viewpoint - The company announced the repurchase and cancellation of 59,500 restricted stocks due to the departure of two incentive targets, along with an adjustment of the repurchase price to 6.27 yuan per share [1][5][6]. Group 1: Repurchase Details - The total number of restricted stocks to be repurchased is 59,500 shares [1][5]. - The adjusted repurchase price is set at 6.27 yuan per share, down from the previous price of 6.99 yuan due to a cash dividend distribution of 0.72 yuan per share [5][6]. - The total amount to be paid for the repurchase is 373,065 yuan, sourced from the company's own funds [6]. Group 2: Corporate Governance and Compliance - The board of directors and independent directors have approved the repurchase and cancellation of the restricted stocks, confirming that all necessary procedures have been followed [1][8]. - The company has complied with relevant regulations, including the Company Law and Securities Law, ensuring that the repurchase does not harm the interests of the company or its shareholders [8]. Group 3: Impact on Share Structure - Following the repurchase, the total number of shares will decrease from 833,268,000 to 833,208,500 [6][7]. - The repurchase will not lead to any changes in the controlling shareholder or actual controller of the company, maintaining compliance with listing conditions [7]. Group 4: Future Outlook - The repurchase and cancellation of the restricted stocks are not expected to have a material impact on the company's financial status or operational results [7]. - The management team will continue to fulfill their responsibilities and create value for shareholders [7].

Core Viewpoint - The legal opinion letter regarding the repurchase and cancellation of part of the restricted stock under the "Qihang No. 2 Restricted Stock Incentive Plan" of Beijing Sifang Automation Co., Ltd. has been issued, confirming compliance with relevant laws and regulations [3][21]. Summary by Relevant Sections Incentive Plan Approval and Implementation - The company has approved the "Qihang No. 2 Restricted Stock Incentive Plan" and related proposals, confirming the eligibility of the incentive objects and the legality of the plan [6][7]. - The plan aims to enhance corporate governance and motivate the core team for sustainable development [6][7]. Repurchase and Cancellation of Restricted Stock - The company will repurchase and cancel 59,500 shares of restricted stock from two departing incentive objects, as they no longer qualify [12]. - The repurchase price has been adjusted from 6.99 yuan per share to 6.27 yuan per share due to a recent profit distribution plan [13]. Conditions for Lifting Restrictions - The first lifting of restrictions for the reserved grant portion will occur 12 months after the registration completion, allowing 50% of the reserved shares to be released [17][20]. - The company has met all conditions for lifting restrictions, including performance targets based on net profit growth [19][20]. Authorization and Approval - The necessary approvals and authorizations for the repurchase and cancellation of restricted stock, as well as the lifting of restrictions, have been obtained in accordance with relevant laws and regulations [21].

Group 1 - The company reported a revenue of 4.02 billion yuan for the first half of 2025, representing a year-on-year growth of 15.62% [1] - The net profit for the same period was 476 million yuan, showing a year-on-year increase of 12.41% [1] - The basic earnings per share reached 0.58 yuan, which is an increase of 11.54% compared to the previous year [1]

格隆汇8月27日丨国电南瑞(600406.SH)发布中报，2025上半年实现营业总收入242.43亿元，同比增长 19.54%；归属母公司股东净利润29.52亿元，同比增长8.82%；基本每股收益为0.37元。此外，拟对全体 股东每10股派发现金红利1.47元(含税)。 ...

Core Points - The company reported a net profit attributable to shareholders of RMB 2,952,191,275.23 for the first half of 2025, with undistributed profits amounting to RMB 31,509,731,344.65 as of June 30, 2025 [1] - A cash dividend of RMB 0.147 per share (including tax) is proposed, totaling RMB 1,174,622,140.19 (including tax), which represents 39.79% of the net profit attributable to shareholders for the year [1] - The total assets of the company decreased by 3.58% compared to the previous year, amounting to RMB 93,072,232,247.21 [3] - The company's operating revenue increased by 19.54% year-on-year, reaching RMB 24,243,208,440.39 [3] - The total profit for the period was RMB 3,553,008,257.52, reflecting an increase of 8.08% compared to the previous year [3] Company Overview - The company is listed on the Shanghai Stock Exchange under the stock code 600406, with the stock name "Guodian Nanrui" [3] - The company has a total share capital of 7,990,626,804 shares as of August 25, 2025 [1] - The company has undergone a change in its controlling shareholder, with the State Grid Electric Power Research Institute becoming the new controlling entity [6] Shareholder Information - As of the report date, the total number of shareholders is 100,428 [5] - The largest shareholder is the State Grid Electric Power Research Institute, holding a significant portion of the shares [6] - The report indicates that there are no known relationships or concerted actions among the top shareholders [6]