研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 149 期 2025 年 08 月 27 日 晨会纪要 观点精粹: 最新报告摘要 营收、净利润均维持同比高增速--江苏银行/城商行Ⅱ(600919/214804) 公司点评 2025H1 海外市场拓展顺利，灵犀智能体上线有望加速 AI 收入兑现--金山办公/软件开发(688111/217104) 科 创板公司普通报告 交易承压，配置入场--债券研究周报 Q2 收入同比增速回正，盈利能力承压--洽洽食品/休闲食品(002557/213408) 公司点评 铝产量增长增厚业绩，中期分红提升至 40%--云铝股份/工业金属(000807/212403) 公司点评 卫星化学(002648)深度报告之四：高端烯烃项目加速布局，引领公司成长新征程--卫星化学/化学原料 (002648/212202) 公司 PPT 报告 会员表现优于行业，运营商重回正增长--芒果超媒/数字媒体(300413/217207) 公司点评 B 端表现亮眼，净利率同比改善--妙可蓝多/饮料乳品(6 ...

证券研究报告 | 2025年08月26日 金诚信（603979.SH）——半年报点评 优于大市 二季度业绩表现亮眼，铜矿项目持续取得突破 公司发布半年报：上半年实现营收 63.16 亿元，同比+47.82%；实现归母净 利 11.11 亿元，同比+81.29%。公司此前已发布预告，预计上半年实现归母 净利 10.7-11.2 亿元，实际数据比较靠近上限的位置，业绩表现亮眼。公司 25Q2 实现营收 35.05 亿元，同比+52.39%，环比+24.70%；实现归母净利 6.89 亿元，同比+103.25%，环比+63.30%。 矿服业务：上半年实现营收 33.22 亿元，同比+0.57%，实现毛利 7.67 亿元， 同比-17.26%，毛利率 23.10%，同比减少 4.98 个百分点。公司上半年矿服业 务毛利同比下降，主要系因为：1）公司于 2024 年 7 月完成对 Lubambe 铜矿 的收购，Lubambe 由矿服业务转为内部管理单位；2）公司于 2024 年 12 月完 成对 Terra Mining 的收购，其主要为露天矿服业务且尚处于业务开展前期 阶段，减少了矿服业务毛利；3）受 25Q2 卡莫 ...

兴业证券发布研报称，今年所有A股中报业绩将于8月29日披露完毕，近期进入披露高峰期。从已披露中报业绩的公司来看，25H1全A/全A非金融/主板以 整体法计算的净利润同比增速分别为9.85%/6.74%/9.23%，二季度景气延续。一级行业看，Q2业绩高增的行业主要集中在周期、券商、农林牧渔、电力设 备。二级行业看，除以上一级行业外，TMT、消费、制造等板块中也具备业绩α。结合6月23日以来涨跌幅，当前低位绩优的方向主要集中在消费板块， 以及部分周期和制造板块。 兴业证券主要观点如下： A股进入中报业绩披露高峰期，市场对业绩的关注度明显提升。今年所有A股中报业绩将于8月29日披露完毕，近期进入披露高峰期。截至8月26日15点， 已有3233家上市公司披露中报业绩(含业绩预告/快报，剔除次新股，下同)，披露率60.85%。 从"股价-业绩相关性"的季节效应看，随着业绩陆续披露，8月下半月市场对业绩的关注度明显提升。 从已披露中报业绩的公司来看，25H1全A/全A非金融/主板以整体法计算的净利润同比增速分别为9.85%/6.74%/9.23%，二季度景气延续。 一级行业看，Q2业绩高增的行业主要集中在周期、券商、农 ...

研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 wangx15@ghzq.com.cn [Table_Title] 铝产量增长增厚业绩，中期分红提升至 40% ——云铝股份（000807）2025 年中报点评 最近一年走势 事件: 2025 年 08 月 26 日 公司研究 评级：买入(维持) 8 月 25 日，云铝股份发布 2025 年半年度报告：2025 年上半年公司实现 营业收入 290.8 亿元，同比+18%；归母净利润 27.7 亿元，同比+10%， 扣非后归母净利润 27.6 亿元，同比+15%。 分季度看，2025 年第二季度，公司实现营业收入 146.7 亿元，环比+2%， 同比+10%；归母净利润 17.9 亿元，环比+84%，同比+32%；扣非后归 母净利润 17.9 亿元，环比+84%，同比+32%。 投资要点: | 相对沪深 300 | 表现 | | 2025/08/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 云铝股份 ...

证券研究报告 | 2025年08月26日 金诚信（603979.SH）——半年报点评 优于大市 二季度业绩表现亮眼，铜矿项目持续取得突破 公司发布半年报：上半年实现营收 63.16 亿元，同比+47.82%；实现归母净 利 11.11 亿元，同比+81.29%。公司此前已发布预告，预计上半年实现归母 净利 10.7-11.2 亿元，实际数据比较靠近上限的位置，业绩表现亮眼。公司 25Q2 实现营收 35.05 亿元，同比+52.39%，环比+24.70%；实现归母净利 6.89 亿元，同比+103.25%，环比+63.30%。 矿服业务：上半年实现营收 33.22 亿元，同比+0.57%，实现毛利 7.67 亿元， 同比-17.26%，毛利率 23.10%，同比减少 4.98 个百分点。公司上半年矿服业 务毛利同比下降，主要系因为：1）公司于 2024 年 7 月完成对 Lubambe 铜矿 的收购，Lubambe 由矿服业务转为内部管理单位；2）公司于 2024 年 12 月完 成对 Terra Mining 的收购，其主要为露天矿服业务且尚处于业务开展前期 阶段，减少了矿服业务毛利；3）受 25Q2 卡莫 ...

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [6] Core Views - The company achieved a revenue of 3.585 billion, a year-on-year increase of 14.86%, but the net profit attributable to the parent company was 92 million, down 25.7% year-on-year [1] - The revenue growth is primarily driven by increased business volume in automotive lightweight aluminum profiles, system windows, and industrial aluminum profiles [1] - The company expects net profits for 2025-2027 to be 218 million, 245 million, and 281 million respectively, with corresponding P/E ratios of 53, 47, and 41 [1] Revenue and Profitability - In the first half of 2025, the company's aluminum profile sales reached 140,800 tons, a year-on-year increase of 12.37% [2] - Revenue from automotive lightweight aluminum profiles, building aluminum profiles, industrial aluminum profiles, and system windows was 960 million, 940 million, 1.36 billion, and 300 million respectively, with year-on-year growth rates of 24.3%, 1.3%, 18.0%, and 28% [2] - The overall gross margin for the first half of 2025 was 10.7%, a decrease of 1.44 percentage points year-on-year [3] Cost and Cash Flow - The company's expense ratio slightly increased to 7.96%, with a net profit margin of 2.56%, down 1.38 percentage points year-on-year [4] - The net cash flow from operating activities for the first half of 2025 was 6.7 million, an increase of 8.2 million year-on-year [4] Financial Forecast - The company forecasts revenue growth rates of 10.60%, 11.46%, 14.27%, 11.33%, and 10.61% for the years 2023 to 2027 [5] - The projected net profit for 2025 is 217.75 million, with an expected P/E ratio of 52.54 [5] Market Position and Strategy - The company is exploring overseas market opportunities, including establishing a production base for automotive parts in Morocco [2] - The company is also focusing on enhancing the penetration rate of system windows in response to policies promoting quality housing and green building [2]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 云铝股份（000807.SZ） 绿色铝龙头业绩稳健增长，分红比例抬升彰显公司经营信心 事件：公司于 8 月 25 日发布 2025 年上半年业绩，25H1 公司实现营收 291 亿元，同比+18%；归母净利 27.7 亿元，同比+10%。单季来看， 25Q1/Q2 公司实现营收 144/147 亿元，同比+27%/10%，Q2 环比+1.8%； 归母净利 9.7/17.9 亿元，同比-16%/+32%，Q2 环比+84%。 铝产品"量价齐升"增厚利润。截至 25H1，1）量：公司生产氧化铝 66.97 万吨，同比减少 7%；炭素产量约 41 万吨，同比增长 2%；铝产品产量 161 万吨，同比增长 16%。2）价：公司铝产品售价 19,508 元/吨，同比增长 1%。 分红比例抬升彰显公司经营信心。公司制定的 2025 年中期利润分配预案 为：拟以现有总股本 34.7 亿股为基数，向全体股东每 10 股派发现金红利 人民币 3.2 元（含税），共派发现金红利 11 亿元（含税），占公司 2025 年 半年度合并报表归属于 ...

Market Overview - On August 25, the market saw significant gains, with the Shanghai Composite Index rising by 1.51%, the Shenzhen Component Index by 2.26%, and the ChiNext Index by 3%[2] - The total trading volume reached 3.18 trillion, an increase of approximately 600 billion compared to the previous trading day, marking the second-highest volume since September of the previous year[1][5] Sector Performance - All sectors experienced gains, with telecommunications, non-ferrous metals, real estate, and steel leading the way[1] - The technology sector, represented by telecommunications, electronics, and semiconductors, remains the main focus of market activity, attracting substantial capital inflows[1] Capital Flow - On August 25, net inflows into the Shanghai Stock Exchange amounted to 42.176 billion, while the Shenzhen Stock Exchange saw net inflows of 27.474 billion[3] - The top three sectors for capital inflows were telecommunications equipment, real estate development, and industrial metals, while semiconductors, optical electronics, and passenger vehicles saw the largest outflows[3] Industry Developments - The rapid advancement in satellite internet construction in China has led to the successful launch of 72 low-orbit satellites, with the issuance of satellite internet licenses expected soon[4] - In Hangzhou, the production of industrial robots increased by 110.1% year-on-year from January to July, indicating strong growth in the smart manufacturing sector[7] Fund Dynamics - Over 35 new technology-themed funds have been reported in August, reflecting a growing interest in the technology sector among public funds[11] - The public fund fee reform is progressing, focusing on restructuring management, trading, and sales fees, with a shift towards performance-based fee models expected to enhance alignment between fund managers and investors[13]

8月25日，矿业ETF（561330）上涨5.32%，有色60ETF（159881）上涨5%。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风 险，提请投资者注意。 板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保证。 文中提及个股短期业绩仅供参考，不构成股票推荐，也不构成对基金业绩的预测和保证。 以上观点仅供参考，不构成投资建议或承诺。如需购买相关基金产品，请您关注投资者适当性管理相关 规定、提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等级的基金产品。基金 有风险，投资需谨慎。 风险提示： 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行 长期投资、平均投资成本的一种简单易行的投资方式。但是定期定额投资并不能规避基金投资所固有的 风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期 风险水平高于混合型基金、债券型基金和货币市场基金。 感兴趣的投资者可持续关注矿业E ...

Investment Rating - The investment rating for Luoyang Molybdenum (603993.SH) is "Buy" (maintained) [1] Core Views - The company achieved a record high net profit attributable to shareholders in H1 2025, with a year-on-year increase of 60.07% [4] - The company is expected to benefit from stable production releases from TFM and KFM, alongside a long-term upward trend in copper prices, leading to an upward revision of net profit forecasts for 2025-2027 [4] - The acquisition of Lumina Gold is anticipated to enhance the company's resource diversity and position gold as a potential second growth driver [6] Financial Performance - In H1 2025, the company reported operating revenue of 94.773 billion yuan, a decrease of 7.83% year-on-year, while operating costs fell by 10.96% to 74.727 billion yuan [4] - The net profit attributable to shareholders reached approximately 8.671 billion yuan, marking a historical high for the same period [4] - Operating cash flow remained robust, increasing by 11.40% year-on-year to 12.009 billion yuan [4] Production and Operations - The company exceeded its production targets for various products in H1 2025, with copper production reaching 353,600 tons (up 12.68% year-on-year) and cobalt production at 61,100 tons (up 13.05% year-on-year) [5] - The TFM and KFM mines in the Democratic Republic of Congo performed particularly well, contributing to the overall production success [5] Future Outlook - The company has completed the acquisition of Lumina Gold, gaining 100% ownership of the Cangrejos gold mine in Ecuador, which is expected to significantly enhance its gold resource base [6] - The Cangrejos mine has an estimated gold resource of 638 tons, with a projected mine life of 26 years, indicating strong future growth potential [6] Financial Projections - The revised net profit forecasts for 2025-2027 are 16.63 billion yuan, 19.52 billion yuan, and 21.53 billion yuan respectively, with corresponding EPS of 0.78, 0.91, and 1.01 yuan per share [4] - The current stock price corresponds to P/E ratios of 15.5, 13.2, and 12.0 for the years 2025, 2026, and 2027 respectively [4]