今日关注 宏观经济 1、商务部消息，今年1—7月，中国与上合组织其他成员国货物贸易额达2931.8亿美元，同比增长 1.8%。 2、市场监管总局正式发布首批21个跨区域质量强链联动项目，推进产业链供应链跨区域分工协作，提 升产业链韧性和安全水平。本次联动项目，既包括机器人、脑机接口、低空经济、商业航天等新兴和未 来产业链，也涉及纺织服装、工程机械、煤化工等传统产业链。 3、工业和信息化部副部长熊继军：有序引导算力设施建设，切实提升算力资源供给质量。强化企业创 新主体地位，推进科技创新与产业创新深度融合。加快突破GPU芯片等关键核心技术，扩大基础共性技 术供给。 4、8月23日，中国算力平台正式完成山西、辽宁、上海、江苏、浙江、山东、河南、青海、宁夏、新疆 10个省区市分平台接入工作，实现"平台、主体、资源、生态、场景"全面贯通，我国"全局总览、分域 协同"的算力发展新格局初步形成。 5、国家能源局：截至7月底全国累计发电装机容量36.7亿千瓦，同比增长18.2%。 6、海南调整汽车置换更新补贴政策：对新车购买时间为2025年8月25日后(含当日，以《机动车销售统 一发票》载明的开票日期为准)的个人消费者，所购 ...

据证券之星公开数据整理，近期思特威（688213）发布2025年中报。截至本报告期末，公司营业总收入 37.86亿元，同比上升54.11%，归母净利润3.97亿元，同比上升164.93%。按单季度数据看，第二季度营 业总收入20.37亿元，同比上升25.77%，第二季度归母净利润2.05亿元，同比上升51.29%。本报告期思 特威应收账款上升，应收账款同比增幅达65.06%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率23.16%，同比增9.62%，净利率10.48%，同比增 71.9%，销售费用、管理费用、财务费用总计1.44亿元，三费占营收比3.8%，同比减30.85%，每股净资 产11.49元，同比增18.12%，每股经营性现金流-4.26元，同比减452.07%，每股收益0.99元，同比增 167.57% 财务报表中对有大幅变动的财务项目的原因说明如下： 衍生金融资产变动幅度为273.33%,原因:随着业务规模扩大，公司外汇衍生品增加。 应收款项变动幅度为127.09%,原因:销售规模扩大。 预付款项变动幅度为796.82%,原因:报告期预付供应商货款。 在建工程变动幅度为49.26%,原因:建 ...

每经编辑｜陈柯名 胡玲 王瀚黎 标题点睛： 今年5月，湖南长沙县卫生健康局接到举报，反映该县一处出租民房内疑似存在非法代孕活动。调查中，相关部门发现2处非法代孕机构，涉及开福区和长 沙县两地，均已被依法查处。近日，长沙市开福区人民政府官网公布：长沙市开福区针对此案件共立案4起，均下达行政处罚决定书，对涉案5人作出行政 处罚。 当地时间23日，印度通信部发布公告表示，印度将暂时停止向美国寄送包裹。据意大利邮政公司公告，该公司于8月23日起正式暂停向美国寄送包裹，但 可以继续接收发往美国的不含货物的邮件。法国邮政集团8月22日宣布，该集团自本月25日起将暂停向美国寄送包裹，价值低于100欧元的私人礼品包裹除 外。目前，德国、比利时、西班牙、奥地利等欧洲国家的邮政机构已宣布暂停向美国寄送包裹。 近日，大连万达集团董事长王健林在新疆现身。据克拉玛依市融媒体中心报道，8月20日-21日，王健林在克拉玛依考察招商引资、文旅发展等工作。 8月23日，为促进平台经济健康发展，国家发展改革委、市场监管总局、国家网信办联合起草了《互联网平台价格行为规则（征求意见稿）》，现向社会 公开征求意见。 1 三部门就《互联网平台价格行为规 ...

二、三大指数收涨，量能较昨日有所放大，市场个股涨跌参半。 A股三大指数集体收红，上证指数上涨1.45%，站稳3800点大关，深证成指上涨2.07%，创业板指上涨3.36%，最亮眼的莫过于科创50暴涨8.59%，创下新高 表现。 上证指数时隔十年重夺3800点，创业板指飙涨3.36%，但最野的当属科创50——直接暴涨8.59%！ 两市成交25467亿，连续8天破2万亿史诗级纪录。 大盘指数一路高歌猛进，似乎即将突破4000点大关，如果指数突破3731点，就看向3821点；如果突破3821点，就看向4046点。今天收盘时，指数已经站上了 3825点。 大盘这里已经站上3800点了，创了10年的新高，我们要尊重趋势，在我看来，指数大阳突破3800，即将加速上涨吗？下周估计我们A股上来还会有一个明显 的一个小冲高，我们可以坐稳扶好，等待加速行情的到来。 一、央行突击降息的牛市！央行突击投放了7000亿买断式逆回购，当时因为考虑到本月总共有9000亿到期，让一些人理解为净回笼了2000亿，担心是不是流 动性要收紧了。上证指数最终涨了1%，深证成指超2%，创业板指甚至已经超过3%。 从这一点就告诉我们，市场现在做多的力量 ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.25亿 | 2.09亿 | 66.53% | | 归母净利润(元) | 476.21万 | 4883.79万 | 925.55% | | 扣非净利润(元) | 389.39万 | 4798.99万 | 1132.44% | | 货币资金(元) | 7.93亿 | 2.57亿 | -67.63% | | 应收账款(元) | 6913.8万 | 1.43亿 | 106.70% | | 有息负债(元) | 145.41万 | 131.69万 | -9.44% | | 毛利率 | 25.26% | 37.59% | 48.84% | | 净利率 | 4.39% | 27.03% | 516.23% | | 三费占营收比 | 9.87% | 4.50% | -54.36% | | 每股净资产 (元) | 10.31 | 10.74 | 4.16% | | 每股收益(元) | 0.03 | 0.29 | 866.67% | | 每股经营性现金流(元) | 0.46 | 0. ...

据证券之星公开数据整理，近期晶方科技（603005）发布2025年中报。截至本报告期末，公司营业总收 入6.67亿元，同比上升24.68%，归母净利润1.65亿元，同比上升49.78%。按单季度数据看，第二季度营 业总收入3.76亿元，同比上升27.9%，第二季度归母净利润9950.66万元，同比上升63.58%。本报告期晶 方科技盈利能力上升，毛利率同比增幅3.83%，净利率同比增幅15.42%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率45.08%，同比增3.83%，净利率23.91%，同比增 15.42%，销售费用、管理费用、财务费用总计4966.67万元，三费占营收比7.44%，同比增23.75%，每股 净资产6.84元，同比增7.27%，每股经营性现金流0.24元，同比增29.18%，每股收益0.25元，同比增 47.06% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5.35亿 | 6.67亿 | 24.68% | | 归母净利润(元) | 1.1亿 | 1.65亿 | 49.78% | ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.32亿 | 9.74亿 | 4.49% | | 归母浄利润（元） | -2.85 Z | -3.2 Z- | -12.30% | | 扣非净利润(元) | -3.04亿 | -3.58 Z | -17.58% | | 货币资金(元) | 7.05亿 | 22.73亿 | 222.37% | | 应收账款(元) | 10.53亿 | 10.71亿 | 1.66% | | 有息负债(元) | 12.18亿 | 14.93亿 | 22.56% | | 毛利率 | 44.41% | 43.32% | -2.44% | | 净利率 | -30.56% | -32.85% | -7.48% | | 三费占营收比 | 13.88% | 14.29% | 2.98% | | 每股净资产 (元) | 4.84 | 6.85 | 41.72% | | 每股收益(元) | -0.57 | -0.64 | -12.28% | | 每股经营性现金流(元) | -0.67 | -0.69 ...

据证券之星公开数据整理，近期士兰微（600460）发布2025年中报。截至本报告期末，公司营业总收入 63.36亿元，同比上升20.14%，归母净利润2.65亿元，同比上升1162.42%。按单季度数据看，第二季度 营业总收入33.36亿元，同比上升18.77%，第二季度归母净利润1.16亿元，同比上升1304.95%。本报告 期士兰微盈利能力上升，毛利率同比增幅2.6%，净利率同比增幅199.28%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率20.42%，同比增2.6%，净利率2.1%，同比增 199.28%，销售费用、管理费用、财务费用总计4.3亿元，三费占营收比6.78%，同比减11.48%，每股净 资产7.39元，同比增2.46%，每股经营性现金流0.2元，同比增194.19%，每股收益0.16元，同比增900.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 52.74亿 | 63.36亿 | 20.14% 1 | | 归母净利润(元) | -2492.39万 | 2.65亿 | 1162. ...

Core Viewpoint - The recent financial report of Zhaoyi Innovation (603986) shows a year-on-year increase in both revenue and net profit for the first half of 2025, indicating a positive growth trend despite some declines in profit margins and increases in expenses [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 4.15 billion yuan, a 15.0% increase compared to 3.609 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 575 million yuan, up 11.31% from 517 million yuan in the previous year [1]. - In Q2 2025, revenue was 2.241 billion yuan, reflecting a 13.09% increase year-on-year, while net profit for the quarter was 341 million yuan, a 9.17% increase [1]. Profitability Metrics - Gross margin decreased to 37.21%, down 2.48% year-on-year, while net margin fell to 14.16%, a decline of 1.13% [1]. - Total expenses (selling, administrative, and financial) amounted to 369 million yuan, representing 8.9% of revenue, which is an increase of 48.09% year-on-year [1]. Shareholder Metrics - Earnings per share (EPS) increased to 0.87 yuan, up 11.54% from 0.78 yuan [1]. - The book value per share rose to 25.96 yuan, a 10.74% increase from 23.44 yuan [1]. - Operating cash flow per share decreased to 1.44 yuan, down 22.97% from 1.87 yuan [1]. Investment Insights - The company's return on invested capital (ROIC) was 4.76% last year, indicating weak capital returns, with a historical median ROIC of 19.17% since its listing [3]. - The company is primarily driven by research and development, which requires careful analysis of the underlying drivers [3]. - Analysts expect the company's performance in 2025 to reach 1.532 billion yuan, with an average EPS forecast of 2.31 yuan [3]. Fund Holdings - Several prominent funds have increased their holdings in Zhaoyi Innovation, including the Huaxia National Semiconductor Chip ETF and the Galaxy Innovation Growth Mixed Fund [4]. - The largest fund holding Zhaoyi Innovation is the Huaxia National Semiconductor Chip ETF, with a scale of 25.421 billion yuan and a recent net value increase of 9.81% [4].

Core Viewpoint - Shanghai Beiling (600171) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit, although some profitability margins showed a decline [1]. Financial Performance Summary - Total revenue reached 1.347 billion yuan, a year-on-year increase of 21.27% [1]. - Net profit attributable to shareholders was 134 million yuan, up 2.25% year-on-year [1]. - In Q2 alone, total revenue was 878 million yuan, reflecting a 31.37% increase compared to the same quarter last year [1]. - The gross profit margin was 27.81%, down 4.5% year-on-year, while the net profit margin decreased by 15.69% to 9.96% [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 69.63 million yuan, accounting for 5.17% of revenue, an increase of 14.34% year-on-year [1]. - Earnings per share remained stable at 0.19 yuan, while operating cash flow per share increased significantly by 256.33% to 0.04 yuan [1]. Balance Sheet Highlights - Accounts receivable rose significantly by 40.58% to 568 million yuan [1]. - Cash and cash equivalents decreased by 17.69% to 814 million yuan due to reclassification of long-term deposits [1]. - Interest-bearing liabilities increased by 17.64% to 32.13 million yuan [1]. Cash Flow Analysis - Net cash flow from operating activities surged by 256.33%, attributed to increased collection of receivables [4]. - Cash flow from investing activities rose by 300.85%, driven by maturing time deposits [4]. - Cash flow from financing activities decreased by 30.26% due to higher dividend distributions [4]. Business Model and Market Position - The company relies heavily on research and development for its performance, with a historical return on invested capital (ROIC) of 8.53% last year, indicating a cyclical nature of its business [4]. - The company has shown a relatively weak investment return over the past decade, with a median ROIC of 6.36% [4]. - The business model appears fragile, with only two years of losses since its IPO [4]. Fund Holdings - The largest fund holding Shanghai Beiling is the Southern CSI National New Central Enterprise Technology Leading ETF, with a scale of 1.456 billion yuan and a recent net value increase of 3.76% [5].