Core Insights - Jiangte Electric (002176) reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating a challenging financial environment [1] Financial Performance - Total revenue reached 975 million yuan, a year-on-year increase of 35.85% [1] - Net profit attributable to shareholders was -114 million yuan, a year-on-year decrease of 78.24% [1] - Gross margin stood at 4.3%, up 1.71% year-on-year, while net margin was -11.88%, down 27.84% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 127 million yuan, accounting for 13.07% of revenue, a decrease of 9.04% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents decreased by 33.0% due to reduced cash inflow and increased payments [10] - Interest-bearing liabilities increased by 4.59% to 1.517 billion yuan [1] - The company’s cash flow from operating activities showed a significant decline, impacting overall liquidity [10] Operational Insights - The increase in revenue was primarily driven by higher production and sales volumes of lithium salt products [5] - Operating costs also rose by 35.75%, reflecting the increased sales volume of lithium salt products [6] - Financial expenses surged by 247.19%, attributed to increased interest expenses and decreased interest income [7] Investment Activity - The net cash flow from investment activities decreased by 53.76%, mainly due to the maturity of large time deposits in the previous year [9] - The net cash flow from financing activities dropped by 118.2%, indicating a reduction in bank borrowings [10] Fund Holdings - The largest fund holding Jiangte Electric is the Guotai Zhongzheng Machine Tool ETF, with a current scale of 390 million yuan and a recent net value increase of 2.49% [11]

截至2025年8月22日15时，江特电机股价报9.00元，较前一交易日上涨0.11%。当日开盘价为8.87元，最 高触及9.07元，最低下探8.86元，成交额6.47亿元，换手率4.22%。 江特电机主营业务涵盖锂矿采选、锂盐生产及电机设备制造。公司在宜春地区拥有多处采矿权和探矿 权，锂矿资源量超1亿吨，并已形成矿石开采至锂盐深加工的垂直一体化产业链。此外，公司电机产品 广泛应用于工业机器人、风电设备等领域。 资金方面，8月22日主力资金净流出134.74万元，近五日累计净流出3.33亿元。 风险提示：锂价波动、行业竞争加剧可能对公司业绩产生影响。 消息面上，江特电机8月21日披露的半年报显示，上半年锂矿采选及锂盐制造业营收同比增长 115.91%，但受锂盐价格下跌影响，该业务毛利率为-16.27%，公司整体净亏损1.14亿元。8月19日，公 司宣布旗下宜春银锂新能源即将复产，市场担忧供应增加或进一步影响碳酸锂价格走势。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002823 | 凯中精密 | 17.35 | -3.88% | 31.75万 | 5.56亿 | | 603320 | 迪贝电气 | 20.35 | -2.02% | 5.12万 | 1.04亿 | | 603988 | 中电电机 | 23.68 | -1.82% | 8.18万 | 1.95 Z | | 002576 | 通达动力 | 19.19 | -1.74% | 1 20.55万 | 3.94亿 | | 301502 | 华阳智能 | 58.68 | -1.54% | 1.98万 | 1.16亿 | | 301226 | 祥明智能 | 36.56 | -0.87% | 6.57万 | 2.40亿 | | 6188309 | 神力股份 | 12.60 | -0.79% | 5.68万 | 7143.56万 | | 002196 | 方正电机 | 9.30 | -0.64% | 23.27万 | 2.16亿 | | 603344 | 星德胜 ...

一向擅长在全球各大势力中左右逢源捞好处的印度，在以力破巧的川总面前，就像是一颗一捏就能榨出汁的桃子。 不久前，愤怒的川总在社媒上宣称，印度大量进口并转卖俄罗斯石油牟取暴利，实质上是在间接支持俄罗斯进行战争，因此美国将对印度商品加征关税。此 前美国已对印度商品征收了25%的关税，而此次川总威胁将把税率提高到50%。 这一数字创下了美国对贸易伙伴的最高关税纪录。若该政策落地，印度对美年出口800多亿美元的商品将面临生存危机，尤其是劳动密集型产业，如纺织、 珠宝和化工行业，可能会被彻底挤出美国市场。 印度政府的回应迅速且强硬。外交部摆出了四点反驳逻辑，指责美方加关税既不公正也不合理，并威胁要进行反制；印度特色的数亿网络大军，冲到川总的 社媒账号下疯狂留言以表达不满。但是欲加之罪何患无辞，川总这次就是冲着收拾印度去的，无论印度如何表达愤怒也没用。 为了缓解美国带来的压力，印度的对华政策在今年以来出现了积极调整。 自2025年4月川总发动全球关税战之后，印度密集派出了国家安全顾问、国防部长、外交部长等高层官员访华，打破了自2020年中印边境冲突后的外交僵 局。莫迪更是计划于8月31日前往天津出席上合组织峰会，这将是他执 ...

第二步则体现在产业转移的趋势上。从特朗普执政的第一个任期开始，重振美国制造业便成为了其核心政策之一，虽然彼时他实施得相对含蓄，但现在特朗 普已经牢牢掌握了国会，民主党根本无法掀起波澜，因此重振制造业的战略显得更加猛烈。显然，美国将战略的重点投向日本，其中的考量十分明确：一方 面，日本的工业产品具有足够的附加值，若这些产业转移回美国，无疑将是一个赚钱的好机会；另一方面，长期的关税政策将致使日本的产品竞争力相较于 美国本土生产逐渐降低，这生动地迫使日本企业不得不考虑将产业链转移到美国。更重要的是，时下的5500亿美元强制投资要求，无论日本是主动选择还是 受迫应对，产业转移的命运几乎是不可避免。 综上所述，对于日本而言，尽管如今签署的协议威力无法与过去的广场协议相提并论，但就当下日本的经济现状而言，后果可谓是灾难性的。因为美国所关 注的，已经不再单纯是金钱，而是那些能够源源不断创造财富的产业，而这些产业正是日本经济的基石。一旦这些产业被转移走，日本经济将面临着急剧下 滑的危机，后果将不堪设想。 最近，特朗普的贸易关税战在日本与欧盟接连签署新的贸易协议后，似乎告了一段落。然而，尽管这些新协议已经落地执行，这场贸易关税 ...

中原证券认为，周四，上证指数全天窄幅震荡；深证成指、创业板指早盘探底回升，临近午盘震荡回 落，午后一度回升，随后再度回落，尾盘有所回升。盘中采掘、电力、软件开发以及通信服务等行业表 现较好；电机、电池、小金属以及电子化学品等行业表现较弱。政策面形成多重利好叠加，为市场提供 强劲支撑。居民储蓄正在加速向资本市场转移，形成持续的增量资金来源。2025年A股上市公司整体盈 利增速预期由负转正，结束此前连续四年的下滑趋势，其中科技创新领域盈利弹性最为显著。美联储9 月降息预期升温，美元走弱利于外资回流A股。中长期来看，居民储蓄转移、政策红利释放及盈利周期 回升三大动力依然稳固，A股市场中期慢涨格局有望延续。 财信证券认为，周四，A股大盘在高位股普遍调整的背景下冲高回落，上证指数仍收涨，深证成指和创 业板指小幅下跌，三大指数也还处于五日均线之上，全市场成交额维持在2.4万亿元水平，反映出当前 市场承接动能依然较强，大盘继续处于震荡上行趋势之中，但部分资金存在高低切换需求。中期来看， 在国内经济基本面温和修复、政策面持续发力、资金面维持宽裕以及海外贸易扰动暂时平稳落地的背景 下，继续维持指数震荡偏强运行、积极参与A股市场 ...

3）*ST铖昌 （正圆投资参与公司特定对象调研） 调研纪要：报告期内，下游用户需求恢复加快，公司在手订单及项目显著增加。公司部分遥感星载项目 将于2024年进入小批阶段，2025年进入批产阶段，增速可观。公司在星载、低轨卫星、机载和地面领域 均取得进展，订单充足，产能提升。公司综合毛利率稳定，通过提高研发效率和优化生产工艺降低成 本，有信心保持合理毛利率。项目周期因应用场景不同而异，随着需求增加，平均项目周期逐渐缩短， 验收节奏加快。公司在低轨卫星领域有技术优势，已为下一代低轨通信卫星备货并批量交付，该领域将 成为新的增长点。公司通过前瞻性技术布局，积极拓展低空经济等多场景应用，解决低空探测盲区问 题。T/R芯片行业存在高技术壁垒，公司具有技术先发优势和丰富经验，竞争格局以科研院所和少数民 营企业为主。 机构简介： 根据市场公开信息及8月21日披露的机构调研信息，知名私募正圆投资近期对3家上市公司进行了调研， 相关名单如下： 1）利民股份 （正圆投资参与公司特定对象调研） 调研纪要：2025年上半年，利民股份销售收入24.52亿元，同比增长6.69%；净利润2.69亿元，同比增长 747.13%。业绩改善主要 ...

Core Points - The stock price of Xing Shuai Er closed at 13.99 yuan on August 21, 2025, down 0.65 yuan or 4.44% from the previous trading day [1] - The company reported a revenue of 1.132 billion yuan for the first half of 2025, an increase of 8.59% year-on-year, and a net profit of 122 million yuan, up 31.79% year-on-year [1] - The business composition shows that the photovoltaic industry accounts for 48.44%, the white goods industry for 36.09%, and the motor industry for 9.78% [1] Financial Performance - The opening price on August 21 was 14.75 yuan, with a highest price of 14.75 yuan and a lowest price of 13.95 yuan [1] - The trading volume was 244,550 hands, with a total transaction amount of 346 million yuan [1] Corporate Governance - On August 21, the company announced that it and its subsidiaries had not provided guarantees to external units, and there were no overdue guarantee amounts or litigation-related guarantee amounts [1] - The company received several institutional investors for research, with participation from the board secretary and vice president, Lu Qunfeng [1] Capital Flow - On August 21, the net outflow of main funds was 64.08 million yuan, accounting for 1.31% of the circulating market value [1] - Over the past five days, the net outflow of main funds was 44.32 million yuan, representing 0.91% of the circulating market value [1]

（文章来源：证券日报） 证券日报网讯 8月21日晚间，江特电机发布公告称，公司第十届监事会第十四次会议审议通过了《关于 <2025年半年度报告>及其摘要的议案》。 ...

Core Viewpoint - The market is at a crossroads, debating between continuing speculative trading in concept stocks or returning to value stocks, indicating a need for rational investment decisions [3][5]. Market Performance - The three major A-share indices showed mixed results, with the Shanghai Composite Index rising by 0.13% to 3771.10 points, while the Shenzhen Component Index fell by 0.06% to 11919.76 points, and the ChiNext Index decreased by 0.47% to 2595.47 points [2]. - The total trading volume in the Shanghai and Shenzhen markets reached 242.41 billion, a slight increase of 15.8 billion from the previous day [2]. Sector Analysis - The current market rally has two main themes: large financials and technological innovation, with the latter showing signs of overheating and potential bubble risks [3][4]. - The semiconductor sector in the U.S. has been experiencing a downward trend, with notable declines in stocks like Nvidia (down 3.87%), Intel (down 7%), and TSMC (down 1.7%), raising concerns about similar trends in domestic tech stocks [3][4]. Individual Stock Performance - Key stocks contributing to the Shanghai Composite's rise include Agricultural Bank of China (up 2.2%), China Mobile (up 1.24%), and PetroChina (up 1.57%), which collectively added 5.62 points to the index [4]. - Notable individual stock movements include Oriental Fortune (down 1.03%), CATL (down 0.07%), BYD (down 1.06%), and NewEase (up 1.07%) [4]. Speculative Risks - The market is witnessing a significant increase in margin trading, which amplifies risks, especially at high price levels. A potential market correction could lead to substantial losses for investors [5]. - The concept of "liquid cooling" has shown vulnerability, with three companies hitting the daily limit down, indicating the fragility of speculative trends [5].