华泰证券认为，核心资产更是成为市场关注焦点。分析认为，在净利率改善、周转率企稳、权益乘数上 行背景下，A股ROE有望结束下行周期，伴随盈利周期的复苏逐步进入企稳回升阶段。具体来看，核心 资产在过去三年展现出卓越的基本面韧性，有望在本轮ROE周期回升内担任"先锋手"。 展望下一阶段，有机构认为，9月市场保持震荡上行的概率仍然较大，但是斜率较8月可能会相对放缓。 目前驱动指数上行的关键力量来自增量资金流入所形成的正反馈。同时，9月外部环境相对平稳，美联 储开启降息窗口的预期较高，海外流动性边际转向宽松，人民币资产的吸引力有望进一步提升。 场内ETF方面，截至2025年9月1日收盘，中证A500指数上涨0.85%，A500ETF龙头(563800)收涨0.62%， 实现3连涨。成分股兴齐眼药上涨14.65%，先导智能上涨14.62%，中际旭创上涨14.42%，天孚通信上涨 11.90%，迈为股份上涨11.45%。 前十大权重股合计占比19.11%，其中紫金矿业上涨5.63%，美的集团跟 涨。 财信证券指出，上周指数大幅波动后，A股市场筹码结构有所改善，市场走强基础进一步夯实。从中期 来看，"反内卷"政策及需求端政策 ...

证券日报网讯英搏尔（300681）9月1日发布公告，在公司回答调研者提问时表示，为满足大客户战略产 能储备要求，公司于2024年度发行可转债融资成功，进一步建设优质产能。2025年有两大产能变化，一 是启动第三期产能，满足未来两到三年产能规模的基础设施建设；二是产线建设采用滚动投入方式，根 据市场订单情况投入，自动化产线建设完成后，预期4-6个月可复制产能，满足客户需求。 ...

Core Viewpoint - Samsung Medical (601567.SH) has signed a contract for the Egypt Smart Meter Project with a total amount of $58.8 million, equivalent to approximately 419 million RMB, indicating a strategic move to expand its overseas market presence [1] Financial Impact - The contract amount of approximately 419 million RMB accounts for 2.87% of the company's audited revenue for the fiscal year 2024 [1] - The execution of this contract is expected to have a positive impact on the company's operational performance [1] Strategic Development - The signing of this contract reflects the company's efforts in actively exploring overseas markets [1] - This initiative is beneficial for enhancing the company's overseas business layout and improving its competitive advantage in international markets [1]

证券日报网讯英搏尔（300681）9月1日发布公告，在公司回答调研者提问时表示，毛利率提升的主要原 因如下：从客户收入结构来看，一方面，前五大客户的收入占比呈逐步上升趋势，头部客户合作的深化 为业绩稳定性提供了支撑；另一方面，随着业务规模扩大，生产环节的规模效应逐步显现，有效摊薄了 单位生产成本。此外，今年上半年出口业务增长显著，且出口业务的整体毛利率水平高于国内客户业 务，进一步拉动了综合毛利率水平。公司持续加强内部管理体系建设，通过优化业务流程、提升资源配 置效率、强化供应链协同等举措，有效提高了整体运营效率。运营成本的合理控制与周转效率的提升， 进一步降低了经营损耗，成为毛利率增长的重要辅助因素。展望下半年，随着年度重点项目逐步落地实 施，项目产能释放与技术转化效率提升，将持续增强产品市场竞争力，也为毛利率提升提供了有力支 撑，推动公司整体盈利能力改善。 ...

Group 1 - The core viewpoint of the article highlights Shanghai Electric's strong performance in the first half of 2025, with significant growth in revenue and profit driven by favorable coal power policies and increased orders in energy equipment [2] - In the first half of the year, Shanghai Electric achieved operating revenue of 54.303 billion yuan, a year-on-year increase of 8.89%, and a net profit attributable to shareholders of 0.821 billion yuan, up 7.32% [2] - The company reported a substantial increase in non-recurring net profit, reaching 0.546 billion yuan, which represents a year-on-year growth of 122.89% [2] Group 2 - Shanghai Electric secured new orders totaling 109.81 billion yuan during the reporting period, with energy equipment orders amounting to 60.04 billion yuan, including 20.08 billion yuan for coal-fired power equipment, 6.77 billion yuan for nuclear power equipment, 13.90 billion yuan for wind power equipment, and 7.46 billion yuan for energy storage equipment [2] - The company is focused on transforming its core industries towards high-end and intelligent solutions, aligning with national strategies and seizing new opportunities in energy development [2] - Shanghai Electric aims to enhance its technological innovation and management practices to foster new growth momentum and optimize its industrial structure [2] Group 3 - Shanghai Electric is recognized as a global leader in providing industrial-grade green intelligent system solutions, focusing on three core sectors: energy equipment, industrial equipment, and integrated services [3] - The company is committed to delivering green, environmentally friendly, intelligent, and interconnected technology integration and system solutions to global customers [3]

Market Overview - The Hang Seng Index fell by 0.9% last week, closing at 25,077 points, while the Hang Seng Tech Index rose by 0.6% to 5,674 points[1] - Daily average trading volume increased by 31.2% week-on-week to HK$357.3 billion, with net inflows of HK$22.1 billion through the Stock Connect[1] Sector Performance - The materials sector index surged by 9.1%, driven by strong mid-term earnings in gold and non-ferrous metal stocks[1] - Financials and consumer discretionary sectors underperformed, declining by 2.0% and 1.9% respectively[1] Interest Rates and Liquidity - As of August 29, the overnight and 1-month Hibor rates rose to 4.0% and 3.3%, respectively, narrowing the HIBOR-SOFR spread to 0.98%[2] - Despite rising Hibor rates, overall liquidity in the Hong Kong stock market remains positive, with an average daily trading volume of HK$279 billion since August[2] Earnings and Valuation - The Hang Seng Index's forecast PE and risk premium indicate that valuations are not particularly cheap, with mixed mid-term earnings across sectors[3] - Notable earnings revisions include upward adjustments in technology and materials sectors, while consumer discretionary and utilities saw downward revisions[3] Automotive Sector Highlights - Li Auto reported Q2 revenue of HK$30.2 billion, up 16.7% quarter-on-quarter, with a significant profit increase of 76.7% year-on-year[4] - BYD is expected to report Q2 net profits between HK$10.5 billion and HK$12.9 billion, reflecting a year-on-year growth of 15.9% to 42.5%[4] Healthcare Sector Insights - The Hang Seng Healthcare Index fell by 3.4% last week but rebounded by 3.5% on Friday[5] - A pharmaceutical company reported a 4.8% increase in revenue to HK$7.52 billion, with net profit rising by 27% to HK$1.89 billion[5] New Energy and Utilities - Weisheng Holdings and Harbin Electric saw significant stock price increases of 28.9% and 12.1%, respectively, due to strong mid-term earnings[6] - Despite mixed performance, CGN Mining rose by 16.4% on the back of rising uranium prices and positive sentiment in the US nuclear sector[6]

东吴证券近日发布电力设备行业跟踪周报：电气设备8435上涨3.99%，表现强于大盘。 （本周，8.25-8.29）电气设备涨3.99%，风电涨3.35%，新能源汽车涨2.96%，锂电池涨 2.8%，光伏涨2.69%，发电设备涨2.65%，核电跌0.29%。 以下为研究报告摘要： 投资要点 电气设备8435上涨3.99%，表现强于大盘。（本周，8.25-8.29）电气设备涨3.99%，风电 涨3.35%，新能源汽车涨2.96%，锂电池涨2.8%，光伏涨2.69%，发电设备涨2.65%，核电跌 0.29%。涨幅前五为通合科技、兆新股份、麦格米特、捷佳伟创、中际旭创；跌幅前五为金 冠股份、科恒股份、涪陵电力、东风股份、皓宸医疗。 【责任编辑：杨梓安 】 公司层面：比亚迪:25H1营收3712.8亿，同比23.3%，归母净利155.1亿，同比13.8%；阳 光电源:25H1营收435.3亿，同比40.3%，归母净利77.3亿，同比56.0%；汇川技术:25H1营收 205.1亿，同比26.7%，归母净利29.7亿，同比40.1%；上海电气:25H1营收540.1亿，同比 9.0%，归母净利8.2亿，同比36.4%；三 ...

证券代码：300681 证券简称：英搏尔 珠海英搏尔电气股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | 特定对象调研 □媒体采访 | | 分析师会议 业绩说明会 | | | --- | --- | --- | --- | --- | | 类别 | □新闻发布会 | | 路演活动 | | | | □现场参观 中信证券 | 西南证券 | 华创证券 | 广发证券 | | | 长江证券 | 国信证券 | 东吴证券 | 国海证券 | | | 国投证券 | 华西证券 | 华福证券 | 西部证券 | | 参与单位名称及 | 浙商证券 | 银河证券 | 开源证券 | 华源证券 | | 人员姓名 | 华安证券 | 信达证券 | 甬兴证券 | 申银万国证券 | | | 爱建证券 | 财通证券 | 德邦证券 | 中信建投证券 | | | 太平洋证券 | 同泰基金 | 银河基金 | 长城基金 | | | 明泽投资 | 富纳投资 | 联合资管 | DegCos Cap | | 时间 | 2025 年 8 | 月 29 日 | | | | 地点 | 网络方式 | | | | | | 贺文涛 | ...

ab 26 August 2025 Global Research China Power Equipment Sector Smart meter: Domestic demand recovered in State Grid's 2nd round tendering What's new State Grid recently announced its 2nd round tendering plan for smart meters and power communication products. Though the smart meters with new standard are not in the procurement list, we still see overall demand recovery happening. In the 2nd round tendering, the volume of smart meter increased by 12% YoY, and volume of power communication products (including ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 麦克奥迪（厦门）电气股份有限公司（以下简称"公司"）于近日收到股东 麦克奥迪控股有限公司出具的《简式权益变动报告书》。麦克奥迪控股有限公司 通过国信证券（香港）资产管理有限公司专户以集中竞价交易方式增持公司无限 售条件流通股 3,626,100 股。本次权益变动后，麦克奥迪控股有限公司持有公司 股份 77,611,622 股，合计占公司总股本的比例为 15.00%。 一、本次权益变动基本情况 信息披露义务人 麦克奥迪控股有限公司 权益变动时间 2025 年 8 月 28 日 股票简称 麦克奥迪 股票代码 300341 变动类型（可多 增加 减少□ 一致行动人 有 无□ 选） 是否为第一大股东或实际控制人 是□ 否 股份种类 增持股数（股） 增持比例（%） A股 3,626,100 0.70 合计 3,626,100 0.70 本次权益变动方 通过证券交易所的集中交易 协议转让□ 式（可多选） 通过证券交易所的大宗交易□ 间接方式转让□ 国有股行政划转或变更□ 执行法院裁定□ 取得上市公司发行的新股□ 继承□ 赠与□ 表决权让渡□ 其他□（请 ...