证券日报网讯 科达利（002850）8月28日发布公告，在公司回答调研者提问时表示，客户送样测试周期 较长，通常至少1-2个月起步。同时，随着人形机器人技术的快速推演，客户的设计需求与产品结构也 在不断更新，需要公司持续跟进并灵活调整产品方案与技术迭代，订单最终落地与量产转换仍需要较长 时间。 ...

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号 金隅大厦B 座 邮编：100031 [Table_Title] 盈利结构与 2015 年有不同之处 [Table_ReportDate] 2025 年 8 月 28 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 工业企业盈利好坏参半。当前企业盈利整体降幅收窄，但我们认为不能用 好或不好来简单一概而论，因为今年 1-7 月的企业盈利数据结构性分化 特征比较明显。首先，整体上看，利润率支撑降幅收窄，量价均有拖累。 ...

具体来看，一是整体规模持续提升。2024年，民营企业500强入围门槛增至270.23亿元。营业收入总额 达到43.05万亿元；户均营业收入861.02亿元，较上年增长2.72%。资产总额共计51.15万亿元；户均资产 1023.09亿元，增长2.62%。民营企业500强中有29家企业入围今年的《财富》世界500强榜单。 新华财经沈阳8月28日电（记者李宇佳）全国工商联28日在辽宁沈阳发布2025中国民营企业500强榜单。 京东集团、阿里巴巴（中国）有限公司、恒力集团有限公司继续位居榜单前三位。 今年全国工商联组织开展第27次上规模民营企业调研，共有6379家2024年营业收入10亿元以上的企业参 加，其中营业收入前500位的企业为2025中国民营企业500强。 二是经营效益持续向好。民营企业500强净利润合计1.80万亿元，户均净利润36.05亿元，增长6.48%。 民营企业500强平均净资产收益率为10.61%，总资产周转率为86.62%。 （文章来源：新华财经） 五是公司治理持续完善。民营企业500强引入外部投资者实现股权多元化，实际填报的500强企业中， 52.24%的企业引入战略投资者，37.31%的 ...

Core Viewpoint - The actions of American politicians and experts are perceived by many Chinese netizens as inadvertently supporting China, highlighting the shift in global power dynamics and the potential decline of U.S. hegemony [2] Group 1: Economic Dynamics - The U.S. has maintained its global dominance primarily through "dollar hegemony," which facilitates a cycle of consumption, production, and resource acquisition [2] - The U.S. can print large amounts of money and invest in resources, while other countries are required to conduct trade in dollars, benefiting from this "dollar cycle" for 50 years [2] - China has emerged as the world's largest industrial nation and is developing its own payment systems, challenging the existing dollar-dominated framework [2] Group 2: Geopolitical Shifts - China is taking a leading role in the development of BRICS nations, indicating a shift in global alliances and economic power [2] - In military technology, China has gained advantages in specific areas such as early warning systems and sixth-generation fighter jets, showcasing its advancements [2] - The U.S. has initiated a tariff war in an attempt to maintain its global influence, but this approach may backfire as countries reconsider their alignment with Washington [2] Group 3: Future Implications - The actions of U.S. politicians and experts may accelerate the decline of American hegemony, as countries recognize the lack of benefits in aligning with the U.S. [2]

Core Viewpoint - The article highlights three positive changes in the industrial profit landscape for July, indicating a narrowing decline in profit growth and improvements in certain sectors, particularly emerging industries and upstream manufacturing [4][14]. Group 1: Three Positive Changes - Emerging industries are experiencing rapid profit growth, with sectors such as biopharmaceuticals and integrated circuits showing significant increases of 36.3% and 176.1% respectively [4][11]. - Some industries are seeing notable improvements in profit margins due to the effects of anti-involution policies, with upstream manufacturing profit margins rising to 3.59%, compared to 2.86% in the previous year [5][12]. - The pace of asset expansion is slowing, and inventory growth is also decelerating, which helps alleviate supply-demand imbalances, with industrial finished goods inventory growth at 2.4% [5][12]. Group 2: July Industrial Profit Data Review Overall Situation: Narrowing Decline in Profit Growth - In July, the profit of large-scale industrial enterprises decreased by 1.1% year-on-year, an improvement from the previous decline of 4.3% [2][14]. - The inventory growth rate as of July was 2.4%, down from 3.1% previously [2][14]. - The profit growth rates varied by ownership, with state-owned enterprises at -6.8%, private enterprises at 2.3%, and foreign and Hong Kong, Macao, and Taiwan enterprises at -2.4% [14]. Industry Situation: Improvement in Raw Material Manufacturing Profits - In July, the mining sector saw a profit decline of 39.2%, while manufacturing grew by 6.6% and electricity, heat, gas, and water supply increased by 6.89% [15]. - The raw material manufacturing sector shifted from a 5.0% decline in June to a 36.9% increase in July, with steel and petroleum processing industries turning profitable [15].

Profit and Revenue Analysis - From January to July 2025, the total profit of industrial enterprises reached CNY 40,203.5 billion, a year-on-year decrease of 1.7%, with the decline narrowing by 0.1 percentage points compared to the first half of the year[1] - In July 2025, industrial enterprises' profits fell by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points from June[1] - The operating income of industrial enterprises grew by 2.3% year-on-year from January to July, with the growth rate slowing by 0.2 percentage points compared to the first half of the year[1] Cost and Profitability Metrics - The operating income profit margin for industrial enterprises was 5.2% from January to July, unchanged from the first half of the year[2] - Operating costs increased by 2.5% year-on-year during the same period, with the growth rate slowing by 0.3 percentage points compared to the first half[1] - The average revenue per CNY 100 of assets was CNY 74.0, an increase of CNY 0.1 from the first half of the year[1] Industry Performance Insights - The mining industry accounted for 12.3% of total industrial profits, continuing to decline, with profits in this sector dropping by 31.6% year-on-year[9] - High-tech manufacturing contributed positively to the profit growth of industrial enterprises, adding 1.9 percentage points to the cumulative year-on-year profit growth[11] - The overall industrial production value increased by 6.3% year-on-year, slightly slowing by 0.1 percentage points compared to the first half of the year[6] Future Policy Expectations - There are expectations for incremental policies in the fourth quarter to address the weak pricing environment affecting industrial profitability[18] - The negative contribution from the mining and raw materials processing industries to profit growth is anticipated to continue, while traditional and high-tech manufacturing sectors provide some support[18]

Core Viewpoint - Jiangsu Province's fiscal performance in the first seven months of 2025 shows a slight increase in both revenue and expenditure, indicating a focus on enhancing fiscal management and supporting economic development [1]. Fiscal Performance - General public budget revenue reached 680.139 billion yuan, a year-on-year increase of 1.5% [1] - General public budget expenditure totaled 834.365 billion yuan, a year-on-year increase of 2%, achieving 54% of the annual budget, which is 0.5 percentage points faster than the same period in 2024 [1]. Resource Allocation - The province has intensified fiscal resource coordination, prioritizing key areas through zero-based budgeting reforms and optimizing expenditure structures [2]. - Social spending amounted to 649.925 billion yuan, accounting for 77.9% of total public budget expenditure, with significant growth in education (5.5%), social security (6.8%), health (12.5%), and housing security (5.2%) [2]. Investment and Innovation - Special funds of 28.3 billion yuan were allocated for transportation projects, including major rail and waterway construction [2]. - Over 2 billion yuan was allocated to support manufacturing innovation and digital transformation initiatives [2]. Support for Foreign Trade and Employment - The province implemented measures to stabilize foreign trade and employment, including financial support for trade exhibitions and export credit insurance [3]. - A total of 10.032 billion yuan was reduced in unemployment insurance fees to alleviate operational costs for businesses [3]. Market Vitality Initiatives - Jiangsu's fiscal policies have been designed to stimulate market activity, including the provision of interest subsidies and loans to small and micro enterprises [4]. - The province launched consumption promotion policies, distributing 4.79 billion yuan in lottery vouchers to boost consumer spending [4]. Financial Group Formation - The establishment of the Jiangsu National Financial Investment Group aims to enhance the province's financial landscape and strengthen fiscal capacity [5]. Direct Financial Support - A new implementation plan for direct financial support to enterprises has been established, allowing for rapid access to funds without application requirements [6]. Governance and Management Improvements - Jiangsu is advancing fiscal management reforms, including zero-based budgeting and enhanced digital platforms for real-time financial data monitoring [7]. - The province is also working on legislative measures to improve financial supervision and performance evaluation systems [7].

2025 年 8 月 28 日 晨会速递 分析师点评 重点交流 【海外 TMT】精密线缆解决方案商，立讯控股赋能"数据中心+汽车"业务发展—— 汇聚科技（1729.HK）首次覆盖报告(买入) 汇聚科技是定制电线互连方案供应商，立讯精密是控股股东。基于：1）AI 算力维持 景气度，公司数据中心电线组件、特种线缆、服务器 ODM 业务收入持续高速增长； 2）汽车智能化趋势推动汽车线缆需求高速增长，Leoni K 与公司汽车线束相关业务 有望持续发挥渠道、技术等协同效应。我们认为公司具备一定的标的稀缺性和溢价空 间，首次覆盖，给予汇聚科技"买入"评级。 总量研究 【宏观】"反内卷"推动制造业盈利好转——2025 年 7 月工业企业盈利数据点评 7 月受利润率改善推动，工业企业利润同比降幅继续收窄。结构上，原材料行业利润 同比增速大幅反弹，主要受益于"反内卷"政策推动原材料价格上涨。当前随着"反 内卷"政策逐步落地，对于投资端调控、治理低价无序竞争的效果陆续显现，制造业 利润率迎来好转，未来随着市场供需关系的逐步调节，企业将陆续摆脱"以价换量" 局面，企业盈利也将迎来曙光。 行业研究 【建筑】周观点：上海发布楼市新政 ...

Core Insights - The 2024 National Comprehensive Bonded Zone Development Performance Evaluation results have been released, with Haikou Comprehensive Bonded Zone achieving a national ranking of 27th, marking a significant improvement of 37 places from the previous year, and entering the A category for the first time [2][3] - Haikou Airport Comprehensive Bonded Zone ranked 70th nationally, improving by 76 places and entering the B category [2] Group 1 - The evaluation assesses the high-quality development and high-level opening-up effectiveness of comprehensive bonded zones, reflecting their construction progress and development achievements [2] - The Haikou Comprehensive Bonded Zone has leveraged the "Free Trade Port + Customs Special Supervision Area" policy advantages, focusing on advanced manufacturing, imported consumer goods, and international trade as its main industries [3] - Since the issuance of the "Overall Plan for the Construction of Hainan Free Trade Port," the Haikou Comprehensive Bonded Zone has seen annual growth rates of 21% in operating income, 10% in tax revenue, 12% in total import and export value, and 18% in industrial output value [3] Group 2 - In 2024, the total import and export value of the Haikou Comprehensive Bonded Zone reached 33.4 billion, representing a growth of 24.6%, while in the first half of 2025, it achieved 15.8 billion, growing by 17.7%, accounting for approximately 13% of Hainan Province and 40% of Haikou City [3] - The Haikou Comprehensive Bonded Zone aims to seize the significant opportunities presented by the Hainan Free Trade Port's closure operations, focusing on accelerating the implementation of investment projects, optimizing industrial structure, and enhancing the business environment [3]

Group 1 - The total profit of industrial enterprises above designated size reached 40,203.5 billion yuan from January to July, with operating revenue of 78.07 trillion yuan, showing a year-on-year growth of 2.3%, creating favorable conditions for profit recovery [1] - In July, manufacturing profits increased by 6.8% year-on-year, accelerating by 5.4 percentage points compared to June, with high-tech manufacturing profits growing by 18.9%, significantly contributing to the recovery of industrial profits [3] - Industries related to large-scale equipment updates and the old-for-new consumption policy, such as computer peripheral equipment manufacturing and sensor manufacturing, saw profit growth exceeding 50% [3]