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 ...

Group 1 - The first batch of mutual fund mid-term reports for 2025 has been released, revealing hidden heavy holdings and a consensus among investors to focus on the fundamentals of listed companies for long-term value [1] - The number of public fund issuances in August reached a new high for the year, with 158 funds planned for issuance, marking a 6.04% increase from July [1] - Several banks are actively transferring non-performing credit card loans, with significant discounts on the transfer prices, indicating a notable increase in the scale and discount rates compared to previous years [1] Group 2 - Over 700 "fixed income plus" funds have reached new net asset value highs, driven by the recent rise of the Shanghai Composite Index above 3800 points [2] - The total issuance of technology innovation bonds (科创债) by banks has reached 227.3 billion yuan, with 34 banks participating in the issuance [2] - The reduction of the securities transaction stamp duty by half has resulted in a cumulative savings of over 250 billion yuan for investors over two years [2] Group 3 - Nvidia reported a net profit of $26.422 billion for the second quarter of fiscal year 2026, a 59% year-on-year increase, with revenue reaching $46.743 billion [3] Group 4 - Jiangqi Investment's founder announced his departure due to the illegal change of the company's legal representative, although he remains the largest shareholder [5] - Longjin Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [6] - Dongxin Co., Ltd. announced a reduction in the shareholding ratio of its controlling shareholder to 37.47% after a series of share sales [6] Group 5 - Kuaiyi Elevator reported a net profit of 34.0587 million yuan for the first half of the year, a 43.04% decrease year-on-year, with revenue down 10.83% [7] - The chairman of Shanhe Pharmaceutical Auxiliary passed away, holding approximately 63.0575 million shares, accounting for 26.9% of the total shares [8] - Chery Automobile's IPO and the "full circulation" of unlisted shares have been approved by the China Securities Regulatory Commission [9] - Shuoshi Biotechnology announced a collective salary reduction for its executives, with cuts ranging from 5% to 50% amid ongoing operational challenges [10]

Core Viewpoint - In July, industrial enterprises managed to maintain stable revenue growth and narrowed profit decline despite pressures from tariffs and extreme weather, with a notable recovery in profit growth in the midstream sector [1] Group 1: Profit Performance - The improvement in profit margins is a key factor driving the continued recovery of industrial enterprise profits in July [1] - The "anti-involution" policy has started to positively impact profit margins in certain industries [1] Group 2: Industry Highlights - The raw materials manufacturing sector, which experienced a significant price rebound in July due to the "anti-involution" effect, showed strong profit performance [1] - Emerging industries represented by semiconductors, aerospace, and pharmaceuticals also demonstrated favorable profit outcomes [1] Group 3: Future Outlook - Although July economic data indicates pressure on investment and consumption, industries benefiting from strong "anti-involution" measures and new trends in overseas expansion are expected to become structural highlights [1]

Core Insights - The report from CITIC Securities indicates that in July, industrial enterprises managed to maintain stable revenue growth and a narrowing decline in profits despite pressures from tariffs and extreme weather [1] - The improvement in profit margins is identified as a key driver for the continued recovery of industrial profits in July, potentially influenced by anti-involution policies boosting profit rates in certain sectors [1] Industry Performance - The raw materials manufacturing sector, which experienced a significant rebound in prices in July due to anti-involution effects, showed strong profit performance [1] - Emerging industries such as semiconductors, aerospace, and pharmaceuticals also demonstrated favorable profit trends [1] Economic Outlook - Looking ahead, although July's economic data indicates some pressure on domestic demand indicators like investment and consumption, industries benefiting from strong anti-involution measures and new trends in overseas expansion are expected to emerge as structural highlights [1]

Group 1: Economic Activity and Business Environment - In the first half of the year, 13.278 million new business entities were established in China, including 4.62 million new enterprises, 8.629 million new individual businesses, and 29,000 new farmers' cooperatives, indicating stable growth across various business types [1] - The Central Political Bureau meeting emphasized the need to stimulate the vitality of various business entities and proposed clear requirements for future work, focusing on market-oriented, legal, and international business environment improvements [1] Group 2: Fair Competition and Regulatory Actions - In March, the Shanghai Market Supervision Administration imposed administrative penalties totaling 222.3 million yuan on three pharmaceutical companies for horizontal monopoly agreements, marking a significant step in enforcing personal accountability for such agreements [2] - The market regulatory authorities have intensified oversight of unfair competition, handling nearly 50,000 cases of various unfair competition, including over 4,000 cases related to online competition [2] Group 3: Reducing Burdens on Businesses - Policies have been implemented to alleviate burdens on businesses, such as reducing the time to open a restaurant from 37 days to 15 days and streamlining the number of documents required for business registration [4] - The Market Supervision Administration has launched guidelines to regulate platform fees, aiming to lower the financial burden on platform operators and enhance compliance [4] Group 4: Continuous Improvement of Regulatory Services - The Market Supervision Administration is actively addressing issues of illegal fees and has initiated a nationwide special action to regulate enterprise-related charges, focusing on key industries and ensuring compliance [7] - Efforts are being made to establish a monitoring platform for enterprise-related fees to identify potential risks and enhance inter-departmental collaboration for effective governance [7]

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of August 27, 2025, highlighting the top and bottom performers in the market [2][4][6]. Group 1: Top Performing Funds - The top 10 funds with the highest net value growth include: 1. 中航远见领航混合发起C with a unit net value of 1.4495 and a cumulative net value of 1.5295, showing an increase of 0.08% from the previous day [2]. 2. 中航远见领航混合发起A with a unit net value of 1.4588 and a cumulative net value of 1.5388, also increasing by 0.08% [2]. 3. 凯石澜龙头经济持有期混合 with a unit net value of 1.1227 and a cumulative net value of 1.8427, increasing by 0.04% [2]. - Other notable funds in the top 10 include 国联安科技动力股票 and 财通福鑫定开混合发起, with respective unit net values of 2.0808 and 3.5275, showing increases of 0.07% and 0.12% [2][6]. Group 2: Bottom Performing Funds - The bottom 10 funds with the lowest net value growth include: 1. 财通资管创新医药混合C with a unit net value of 1.5228, decreasing by 0.09% from the previous day [4]. 2. 财通资管创新医药混合A with a unit net value of 1.5327, also down by 0.09% [4]. 3. 华富健康文娱灵活配置混合C with a unit net value of 1.3927, decreasing by 0.08% [4]. - Other funds in the bottom 10 include 富国医药成长30股票C and 汇添富健康生活一年持有混合C, both showing declines of 0.06% [4]. Group 3: Market Overview - The market experienced fluctuations with the Shanghai Composite Index showing a downward trend, while the ChiNext Index faced a pullback after an initial rise [6]. - The total trading volume reached 3.19 trillion, with a market breadth of 633 gainers to 4764 losers, indicating a challenging market environment [6].

- The report does not contain any quantitative models or factors for analysis

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：301230 证券简称：泓博医药 公告编号：2025-051 一、本次股东大会召开的基本情况 开本次临时股东大会，召集程序符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的有关规定。 上海泓博智源医药股份有限公司 （1）现场会议召开时间：2025 年 9 月 15 日（星期一）14:00 关于召开 2025 年第二次临时股东大会的通知 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 9 月 15 日上午 9:15~9:25，9:30~11:30 和下午 13:00~15:00；通过深圳证券交易所互联 网投票系统投票的具体时间为 2025 年 9 月 15 日 9:15～15:00 任意时间。 （1）现场投票：股东本人出席现场会议或者通过授权委托书委托他人出席现场会 议。 （2）网络投票：公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向全体股东提供网络投票平台，公司股东应在本通知列明的 时限内通过深圳证 ...

Core Viewpoint - The company continues to implement its "Big Health + Big Business" dual main business development strategy, focusing on the steady growth of its health sector and the transformation of its commercial sector [2][7] Group 1: Health Sector Development - The company aims to expand its pharmaceutical business matrix, focusing on chemical drugs, traditional Chinese medicine, and medical devices, while enhancing marketing and internal cost management [3] - The Dikan Chinese Medicine segment is progressing with major product planning and certification, leading to increased sales and competitive advantages in the traditional Chinese medicine market [3] - The Huake Reproductive Hospital is enhancing its IVF services and exploring related business extensions, such as establishing a miscarriage prevention center and developing traditional Chinese medicine for fertility [4] Group 2: Commercial Sector Transformation - The company is actively pursuing commercial transformation by leveraging its historical strengths and adapting to current market demands through brand upgrades and diversified operations [5] - The company has set goals for upgrading its commercial entities, focusing on creating diverse consumer experiences and enhancing market competitiveness [5][6] - The company has received approval for 10 low-altitude logistics routes to support high-efficiency goods delivery and emergency services [6] Group 3: Future Outlook - The company anticipates that the ongoing implementation of its dual business strategy will lead to a stabilization and potential recovery in future performance [7]

Group 1 - The core revenue for Fosun International reached 87.283 billion RMB, with a net profit attributable to shareholders of 661 million RMB and basic earnings per share of 0.08 RMB [1] - The overseas business revenue increased to 46.67 billion RMB, accounting for 53% of total revenue, which is a 6.6 percentage point increase compared to the same period in 2024 [1] - The company invested 3.6 billion RMB in technology innovation during the reporting period, particularly in the healthcare sector, contributing to the revaluation of underlying asset values [1] Group 2 - The total revenue from the top four subsidiaries, including Fosun Pharma, Yuyuan, Fosun Portugal Insurance, and Fosun Tourism, amounted to 63.61 billion RMB, representing 73% of the group's total revenue [2] - The operating profit for the group was 3.15 billion RMB, reflecting a year-on-year decline of 9.3%, primarily due to the decrease in profits from the leisure business segment [2] - The insurance business, led by Fosun Portugal Insurance, showed strong revenue growth, which partially offset the decline in profits from other segments [1][2]