从基金调研公司的A股总市值统计，总市值在500亿元以上的共有1家，总市值不足100亿元的有6家，分 别是合百集团、星帅尔、三鑫医疗等。 市场表现上，基金调研股中，近5日上涨的有13只，涨幅居前的有天融信、朗新集团、德赛西威等，涨 幅为16.10%、9.16%、8.71%；下跌的有3只，跌幅居前的有福元医药、星帅尔、合百集团等，跌幅为 16.62%、2.58%、1.61%。 昨日基金共对16家公司进行调研，扎堆调研德赛西威、丽珠集团、冰轮环境等。 证券时报·数据宝统计，8月21日共21家公司被机构调研，按调研机构类型看，基金参与16家公司的调研 活动，其中，10家以上基金扎堆调研公司共4家。德赛西威最受关注，参与调研的基金达46家；丽珠集 团、冰轮环境等分别获30家、13家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有12家，创业板公司有3家，沪市主板公司有1 家。所属行业来看，基金调研的公司共涉及10个行业，所属计算机行业最多，有4家公司上榜；医药生 物、机械设备等紧随其后，分别有3家、2家公司上榜。 业绩方面，基金调研公司中，15家公司已经公布了半年报，净利润同比增幅最高的是天融信、德 ...

和黄医药 00013.HK 公司研究 | 中报点评 ——和黄医药 2025 年中报点评 核心观点 盈利预测与投资建议 ⚫ 考虑到部分产品竞争加剧，我们下调公司 2025-2027 年营业收入分别为 6.00、 7.06、7.97 亿美元（原预测值为 7.30、8.41、9.49 亿美元）。根据可比公司，我们 给予公司 2026 年 6.06 倍 PS，对应目标价为 38.32 港元（汇率约 7.81），维持买入 评级。 风险提示 ⚫ 创新药研发进度不及预期、产品竞争加剧或者销售不及预期、公司中长期盈利能力 下降的风险。 公司主要财务信息 海外稳步放量，储备管线注入新动能 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 838.00 | 630.20 | 600.43 | 705.84 | 796.91 | | 同比增长 (%) | 96.52% | -24.80% | -4.72% | 17.56% | 12.90% | | 归属母公司净利润(百万元) | 100.7 ...

晨会纪要（R3） 晨会纪要 2025 年 08 月 22 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3771.10 | 0.13 | | 深证成指 | 11919.76 | -0.06 | | 创业板指 | 2595.47 | -0.47 | | 科创 50 | 1149.15 | 0.09 | | 北证 50 | 1589.40 | -1.60 | | 沪深 300 | 4288.07 | 0.39 | 上证指数-沪深 300 走势图 -5% 5% 15% 25% 35% 2024-08 2024-11 2025-02 2025-05 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | | chenyushuang@hnchasing.com | | 晨会聚焦 一、财信研究观点 【市场策略】大盘 ...

今日提示 重要新闻提示 格力电器（000651）：实施2024年年度权益分派方案，向全体股东每10股派20元（含税），共计派发现 金红利111.7亿元 中国石化：拟5亿元—10亿元回购公司A股股票；2025年半年度合计拟派发现金股利106.70亿元（含税） 飞鹿股份：公司控股股东、实际控制人正在筹划控制权变更相关事宜，今日停牌 北交所新股能之光（920056）今日上市。 今日有2380亿元7天期逆回购到期。 恒生指数有限公司今日将宣布2025年第二季度之恒生指数系列检讨结果。 第33届广州博览会8月22日至24日举行。 华为兆瓦超充高质量发展峰会今日举行，将发布百兆瓦级重卡超充站。 国泰海通将于今日的日终清算后实施法人切换、客户及业务迁移合并，将原海通证券的相关法人主体切 换为国泰海通，适时将原海通证券的客户及业务迁移合并入国泰海通。 财经新闻 1. 8月21日，国家能源局发布7月份全社会用电量等数据。7月，全社会用电量10226亿千瓦时，同比增长 8.6%。从产业用电看，第一产业用电量170亿千瓦时，同比增长20.2%；第二产业用电量5936亿千瓦 时，同比增长4.7%；第三产业用电量2081亿千瓦时，同比 ...

2025.08. 21 8月21日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 盛视科技公告，公司拟使用自有资金1000万元设立全资子公司深圳菲菲特文化创新有限公司，旨在 将AI、人形机器人技术与潮玩创新结合，打造智能陪护、情感交流体验的AI潮玩产品。公司已竞拍 获得Aldebaran公司机器人核心资产，包括教育和商用机器人。此举旨在促进公司业务多元化发展， 但可能面临市场需求变化和经营成果不及预期的风险。 【品大事】 天坛生物：国药集团及中国生物承诺解决与公司新增同业竞争问题 天坛生物公告，公司收到实际控制人国药集团及控股股东中国生物出具的承诺函，因中国生物收购派 林生物21.03%股份导致与公司新增同业竞争，承诺在五年内通过包括资产置换、资产出售、资产注 入、设立合资企业等方式解决同业竞争问题。同时承诺不新增与天坛生物主营业务构成竞争的业务， 并公平对待下属控股企业。该承诺函自中国生物取得派林生物控制权之日起生效。 帝欧家居：拟5亿元设立全资子公司拓展生成式人工智能领域 帝欧家居公告，公司拟使用自有及自筹资金5亿元设立全资子公司"水华未来"，分步实施，5年内完成 ...

（原标题：华森制药公布2025半年度分配预案 拟10派0.35元） 8月21日华森制药发布2025半年度分配预案，拟10派0.35元（含税），预计派现金额合计为1461.59万 元。派现额占净利润比例为27.09%，这是公司上市以来，累计第10次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派0.35元（含税） | 0.15 | 0.22 | | 2024.12.31 | 10派0.5元（含税） | 0.21 | 0.36 | | 2024.06.30 | 10派0.35元（含税） | 0.15 | 0.24 | | 2023.12.31 | 10派0.5元（含税） | 0.21 | 0.28 | | 2022.12.31 | 10派0.7元（含税） | 0.29 | 0.34 | | 2021.12.31 | 10派0.5元（含税） | 0.20 | 0.38 | | 2020.12.31 | 10派0.28元（含税） | 0.11 | 0.15 | | 20 ...

其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 农林牧渔 | 1.497 | | 石油石化 | 1.386 | | 美容护理 | 0.978 | | 公用事业 | 0.887 | | 传媒 | 0.775 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 机械设备 | -1.082 | | 电力设备 | -0.979 | | 综合 | -0.729 | | 国防军工 | -0.685 | | 电子 | -0.675 | | 数据来源：聚源 | | 开源晨会 0822 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 行业公司 【银行】测算：高息定存到期规模、节奏与成本改善空间——行业点评报告 -20250821 【化工】氨纶：落后产能出清进行时，龙头企业有望受益—— ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 CNY based on a 30x P/E ratio for 2025 [2][6]. Core Insights - The company has shown a strong performance in its wool grease and its derivatives, with a revenue increase of 42.12% year-on-year, attributed to increased demand from new production capacities [11]. - The vitamin product segment has experienced a revenue growth of 17.98%, although this growth is relatively moderate due to new capacity coming online and a slight decline in market prices [11]. - The pharmaceutical segment has faced challenges, with a revenue decline of 20.30%, primarily due to the impact of centralized procurement and bidding processes [11]. - The company's strategic focus on a "vertical and horizontal" approach is yielding positive results, positioning it well for long-term growth [11]. Financial Forecasts - Revenue projections for 2025-2027 are set at 1,362 million CNY, 1,497 million CNY, and 1,672 million CNY, respectively, with year-on-year growth rates of 9.6%, 9.9%, and 11.7% [4]. - The forecasted earnings per share for 2025, 2026, and 2027 are 0.63 CNY, 0.73 CNY, and 0.93 CNY, respectively [2][4]. - The gross margin is expected to decline slightly from 59.9% in 2023 to 55.4% in 2025, before recovering to 56.7% by 2027 [4]. Company Overview - The company is recognized as the only global producer with a complete supply chain for vitamin D3, holding a 70% market share in NF-grade cholesterol, which is a key raw material for vitamin D3 production [11]. - The company has several projects in various stages of production, including a 6,000-ton VA powder project and a 5,000-ton VB6 project, which are expected to contribute to revenue growth [11].

Investment Rating - The report maintains a "Buy" rating for the company [4][8]. Core Insights - The company has shown stable revenue growth with a significant increase in net profit, driven by effective cost control and increased government subsidies [10]. - The analysis segment has stable growth, while the industrial purification segment has experienced rapid growth, particularly in the GLP-1 drug purification market [10]. - The trend of domestic substitution is becoming established, and the company is making orderly progress in overseas market expansion [10]. Financial Performance Summary - Revenue for 2023 is projected at 2.45 billion yuan, with a year-on-year growth of 15.2%. By 2027, revenue is expected to reach 5.82 billion yuan, reflecting a growth rate of 22.7% [6]. - The net profit attributable to the parent company is forecasted to grow from 520 million yuan in 2023 to 1.85 billion yuan in 2027, with a compound annual growth rate of 33.1% [6]. - Earnings per share are expected to increase from 0.13 yuan in 2023 to 0.44 yuan in 2027 [6]. Segment Performance Summary - The analysis chromatography segment is expected to generate revenue of 610 million yuan in the first half of 2025, reflecting a year-on-year growth of 7.57% [10]. - The industrial purification segment is projected to achieve revenue of 1.20 billion yuan in the first half of 2025, with a year-on-year growth of 28.59% [10]. - The company has accumulated 87 projects in clinical phase III and commercial production stages through domestic substitution by the end of June 2025 [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 CNY based on a 30x P/E ratio for 2025 [2][6]. Core Insights - The company has shown a strong performance in its wool grease and its derivatives, with a revenue increase of 42.12% year-on-year, attributed to increased demand from new production capacities [11]. - The vitamin product segment experienced a revenue of 3.01 billion CNY, growing by 17.98% year-on-year, although growth is expected to stabilize due to new industry capacities and price fluctuations [11]. - The pharmaceutical segment saw a decline in revenue by 20.30% year-on-year, primarily due to the impact of centralized procurement policies [11]. - The company's strategic focus on a full industrial chain for Vitamin D3 production has resulted in a significant cost advantage, with a gross margin of 62.99% in the first half of 2025, up by 8.12 percentage points year-on-year [11]. Financial Forecasts - Revenue projections for 2025-2027 are 1.362 billion CNY, 1.497 billion CNY, and 1.672 billion CNY, respectively, with year-on-year growth rates of 9.6%, 9.9%, and 11.7% [4]. - The net profit attributable to the parent company is forecasted to be 343 million CNY in 2025, with a growth rate of 11.1% [4]. - Earnings per share are expected to be 0.63 CNY in 2025, increasing to 0.73 CNY in 2026 and 0.93 CNY in 2027 [4]. Company Overview - The company operates in the pharmaceutical and biotechnology sector, specifically focusing on vitamin production and pharmaceutical products [6]. - As of August 20, 2025, the company's stock price was 15.52 CNY, with a market capitalization of 8.435 billion CNY [6].