核心结论 行情回顾：1）指数层面：8 月 29 日北证 A 股成交金额达 323.0 亿元，较上一 交易日增加 17.7 亿元，北证 50 指数收盘价为 1574.25，上涨 1.28%，PE_TTM 为 76.91 倍。北证专精特新指数收盘价为 2739.33，上涨 0.52%。2）个股层面： 当日北交所 274 家公司中 147 家上涨，4 家平盘，123 家下跌。其中涨幅前五 的个股分别为：荣亿精密（30.0%）、德瑞锂电（19.1%）、捷众科技（16.5%）、 科达自控（14.9%）、贝特瑞（13.6%）；跌幅前五的个股分别为：曙光数创（-8.9%）、 智新电子（-7.3%）、中航泰达（-7.3%）、方盛股份（-6.9%）、巴兰仕（-6.6%）。 新闻汇总：1）国家数据局局长刘烈宏：持续打造便捷高效、自主安全、世 界领先的国家级数据基础设施：刘烈宏指出，面向"十五五"，国家数据局 将进一步聚焦高质量的标准构建、大规模的设施部署、市场化的生态运营， 持续打造便捷高效、自主安全、世界领先的国家级数据基础设施，有效支撑 数字经济发展、科技创新和全国统一大市场建设。 重点公告：1）无锡晶海：公司本次以闲置自有 ...

Group 1: Market Overview - On September 1, 29 stocks had sealed orders exceeding 1 billion yuan, indicating strong market interest [2] - Data Port and Tianpu Co. led with sealed order amounts of 8.7 billion yuan and 8.21 billion yuan respectively [2] - The net inflow of main funds into Data Port was 216 million yuan, accounting for 42.09% of total trading volume [2] Group 2: Company Performance - Data Port achieved revenue of approximately 811 million yuan in the first half of 2025, a year-on-year increase of 4.13%, with a net profit of 84.96 million yuan, up 20.37% [2][3] - Tianpu Co. reported a revenue of 151 million yuan in the first half of 2025, a decrease of 3.44%, with a net profit of 11.30 million yuan, down 16.08% [3] - Zhongjin Gold reported a revenue of 35.07 billion yuan in the first half of 2025, a year-on-year increase of 22.9%, with a net profit of 2.695 billion yuan, up 54.64% [5] Group 3: Sector Highlights - The precious metals sector saw a surge with stocks like Zhongjin Gold and Hunan Gold hitting the limit up, driven by rising gold prices [5] - The weight loss drug sector also gained attention with stocks like Dezhan Health and Health元 seeing significant movements due to regulatory approvals [7] - The Co-Packaged Optics (CPO) sector had notable performances from companies like Yuanjie Technology and Tengjing Technology, focusing on high-speed optical communication components [8] Group 4: Stock Trends - Tianpu Co. achieved a 7-day consecutive limit up with a cumulative increase of 94.86% [3] - Other stocks like Dechuang Environmental and Zhaoxin Innovation also showed strong performance with multiple consecutive limit ups [2][3] - The top stocks by sealed order volume included Liou Co., Hunan Silver, and Jishi Media, indicating diverse sector interests [2][4]

Group 1 - The company announced a share repurchase plan with a total expected amount between RMB 100 million and RMB 150 million [1][2] - The repurchase period is set from July 24, 2025, to July 23, 2026 [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives [1][2] Group 2 - As of August 31, 2025, the company has repurchased a total of 1.1766 million shares, accounting for approximately 0.08% of the total share capital [2] - The total amount paid for the repurchased shares is RMB 8.15355 million, with a price range between RMB 6.84 and RMB 7.02 per share [2] - The company will continue to make repurchase decisions based on market conditions and will fulfill information disclosure obligations [2]

Core Viewpoint - The A-share market experienced significant activity on September 1, with a total of 123 stocks hitting the daily limit up, indicating strong investor interest and market momentum [1]. Group 1: Stock Performance - Tianpu Co., Ltd. achieved a remarkable 7 consecutive limit-up days, primarily in the automotive parts sector [1]. - Dechuang Environmental Technology Co., Ltd. recorded 5 consecutive limit-up days, benefiting from the sodium battery and environmental protection themes [1]. - Other notable stocks include Jianye Co., Ltd. with 4 consecutive limit-ups in the chemical sector, and several companies with 3 consecutive limit-ups across various industries such as industrial machinery, satellite communication, and rare earths [1]. Group 2: Sector Highlights - The automotive parts sector is highlighted by Tianpu Co., Ltd.'s performance, indicating strong demand and investor confidence in this area [1]. - The environmental sector, represented by Dechuang Environmental Technology Co., Ltd., shows growing interest in sustainable technologies, particularly sodium batteries [1]. - The chemical sector, represented by Jianye Co., Ltd., also demonstrates robust activity, reflecting potential growth opportunities within this industry [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][19]. Core Views - The company has significantly turned around its performance, achieving a net profit of 40.57 million yuan in H1 2025, compared to a loss in the previous period. This improvement is attributed to cost reduction efforts, increased production, and favorable market conditions for industrial-grade mixed oil [1][7]. - The company's operating cash flow has improved significantly, reaching 60.66 million yuan in H1 2025, an increase of 72.46 million yuan year-on-year [1][7]. - The gross margin has increased to 24.04% in H1 2025, up by 5.04 percentage points year-on-year, driven by higher margins in the industrial-grade mixed oil business [2][7]. - The company has submitted a private placement application to the Shenzhen Stock Exchange, aiming to raise up to 717.63 million yuan [3][19]. Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 717 million yuan, a decrease of 9.3% year-on-year, primarily due to changes in the sales structure of oils. The net profit for the same period was 40.57 million yuan, marking a significant turnaround [1][7]. - The operating cash flow for H1 2025 was 60.66 million yuan, reflecting a substantial improvement compared to the previous year [1][7]. Margin and Cost Analysis - The overall gross margin for H1 2025 was 24.04%, an increase of 5.04 percentage points from the previous year. The gross margin for the industrial-grade mixed oil business rose to 25.41%, up by 6.15 percentage points [2][7]. - The company maintained stable expense ratios, with sales, management, R&D, and financial expense ratios recorded at 0.05%, 8.12%, 0.12%, and 8.80%, respectively [2][7]. Market Conditions - The price of industrial-grade mixed oil (UCO) has been on the rise, reaching an average export price of 1,054.22 USD/ton in July 2025, a 16.75% increase year-on-year [2][13]. - The domestic demand for UCO is expected to grow as the country progresses with SAF (Sustainable Aviation Fuel) pilot programs, which may further enhance the scarcity of industrial-grade mixed oil [13][15]. Future Outlook - The company has maintained its profit forecast for 2025 while adjusting upward the profit forecasts for 2026 and 2027, expecting net profits of 88 million yuan, 154 million yuan, and 200 million yuan for the respective years [3][19]. - The current stock price corresponds to a PE ratio of 37, 21, and 17 for the years 2025, 2026, and 2027, respectively [3][19].

近日，麦当劳、北京环球影城等企业招聘退休人员引发热议。一批低龄老人跃跃欲试，希望借助再就业 发挥余热，迎来个人价值的再提升。但记者采访发现，在实际工作中，"银发打工人"不仅需要面对体力 考验和业绩压力，还可能遭遇劳动权益保障难的困境。 资料图片 什么岗位受欢迎：餐饮、物业、家政 实际上，麦当劳招聘退休人员并非首次，公开信息显示，早在2019年，麦当劳就已面向退休人员招录弹 性工作时间的员工。 麦当劳中国在回应此事时表示，将严格依照法律规定及政府指导执行用工政策，为全职员工依法缴纳社 保。同时采用灵活多元的用工方式，退休返聘人员等劳务关系员工也是其中一部分，将为其提供符合法 规政策的报酬，并提供商业保险等。 "应聘者无论男女，年龄不超过63岁，持有退休证，并能提供近三个月退休金流水证明。"海淀区一家麦 当劳餐厅经理介绍说，退休人员与兼职员工、学生工一样，与餐厅签订特定类型的劳务合同，区别于全 职员工的劳动合同。 退休人员通过面试后，在入职前还需办理健康证。入职后，薪资标准为每小时19元，与餐厅其他普通员 工工资结算方式相同，实行月结制度。员工每日工作时间通过打卡系统统计，通常每日工作4至8小时。 不到半个月陈阿 ...

Group 1 - The A-share environmental protection sector experienced a significant rally on September 1, with notable gains in various companies [1] - Energy-saving company Tiehan saw an increase of over 13%, indicating strong market interest [1] - Other companies such as Dechuang Environmental Protection reached their daily limit, while Qidi Environment, Xingyuan Environment, and Zhonghuan Environmental Protection also showed upward trends [1]

Core Viewpoint - The environmental protection sector experienced a significant rally on September 1, with notable stock price increases among key companies in the industry [1] Group 1: Stock Performance - Energy-saving company Tiexin surged over 9% [1] - Dechuang Environmental previously hit the daily limit up [1] - Other companies such as Qidi Environment, Xingyuan Environment, and Zhonghuan Environmental also saw price increases [1]

Major Events - Huahong Company plans to acquire 97.4988% equity of Huali Micro through a combination of share issuance and cash payment, with stock resuming trading on September 1, 2025, pending shareholder and regulatory approvals [1] - Dongxin Co. intends to invest approximately 211 million yuan in Shanghai Lisan, increasing its stake to 35.87%, as part of a total investment of around 500 million yuan in Lisan Technology [1] - Huaxin Cement is planning to integrate its overseas assets into a subsidiary for potential listing on an overseas stock exchange to enhance financing channels and operational capabilities [2] - *ST Tianmao is voluntarily terminating its A-share listing due to business restructuring uncertainties and will initiate a cash option for shareholders [2] - Meikailong's Vice President Che Guoxing has resigned for personal reasons, with no adverse impact on daily operations [3] - China Rare Earth announced that there are no undisclosed significant matters affecting its stock, despite recent price fluctuations [3] - Maiwei Bio has re-submitted its application for H-share issuance and listing on the Hong Kong Stock Exchange [4][5] Shareholding Changes - Gao Neng Environment's controlling shareholder Li Weiguo plans to reduce his stake by up to 3% to repay debts, with the reduction period set from September 23 to December 22, 2025 [6] - Hu Dian Co.'s senior executive Li Minggui intends to sell up to 0.0083% of the company's shares within three months following the announcement [6] Financing Activities - Maohua Shihua plans to raise no more than 532 million yuan through a private placement at a price of 3.41 yuan per share, with proceeds aimed at enhancing liquidity [7] Major Contracts - Junxin Co.'s subsidiary has signed an investment agreement with the Ministry of Ecology and Natural Resources of Kazakhstan for a solid waste disposal power generation project in Almaty, with a planned processing capacity of at least 2,000 tons per day and an investment of no less than 145 billion tenge (approximately 28 million USD) [8]

Core Viewpoint - The company has signed an investment agreement for a solid waste technology disposal power generation project in Almaty, Kazakhstan, which is expected to positively impact its future operating performance [1] Group 1: Project Details - The project in Almaty is planned to handle a minimum of 2,000 tons of municipal waste per day [1] - This agreement marks another significant achievement in the company's expansion into overseas markets, particularly in Central Asia [1] Group 2: Strategic Implications - Successful implementation of the project will provide new growth points for the company, especially in a domestic market that is relatively saturated and competitive [1] - The project is expected to enhance the company's international brand influence and improve its profitability and core competitiveness [1]