2025 年 09 月 29 日 短期业绩承压，医疗智能化进程持续推进 —卫宁健康（300253.SZ）公司动态研究报告 买入(维持) 投资要点 | 分析师：俞家宁 | S1050523070002 | | --- | --- | | yujn@cfsc.com.cn | | | 分析师：胡博新 | S1050522120002 | | hubx@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 9-2 6 | | --- | --- | | 当前股价（元） | 9 | | 总市值（亿元） | 199 | | 总股本（百万股） | 2214 | | 流通股本（百万股） | 1914 | | 52 周价格范围（元） | 6.2-13.24 | | 日均成交额（百万元） | 873.9 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 100 120 (%) 卫宁健康 沪深300 ▌短期业绩承压，新一代产品有望推动业绩增长 2025 上半年，公司实现营业收 ...

财通资管数字经济混合发起式A（017483）基金经理为包斅文。 截至发稿，包斅文累计任职时间3年312天，现任基金资产总规模33.81亿元，任职期间最佳基金回报 103.41%， 任职期间最差基金回报8.01%。 资料显示，鼎捷数智股份有限公司位于上海市静安区江场路1377弄绿地中央广场1号楼22层，成立日期 2001年12月26日，上市日期2014年1月27日，公司主营业务涉及制造业、流通业及小微企业提供数字化 转型、智能制造与工业互联网解决方案。主营业务收入构成为：数智技术服务47.89%，自研数智软件 产品28.11%，数智一体化软硬件解决方案23.99%。 从鼎捷数智十大流通股东角度 数据显示，财通证券资管旗下1只基金位居鼎捷数智十大流通股东。财通资管数字经济混合发起式A （017483）二季度新进十大流通股东，持有股数267.58万股，占流通股的比例为0.99%。根据测算，今 日浮盈赚取约709.09万元。 财通资管数字经济混合发起式A（017483）成立日期2022年12月26日，最新规模6.49亿。今年以来收益 77.59%，同类排名215/8244；近一年收益136.98%，同类排名87/80 ...

品茗科技盘中涨停，已连收3个涨停板，截至9:26，该股报84.82元，换手率0.08%，成交量6.41万股，成 交金额543.82万元，涨停板封单金额为4.37亿元。连续涨停期间，该股累计上涨72.82%，累计换手率为 8.27%。最新A股总市值达66.87亿元。 证券时报·数据宝统计，两融数据来看，该股最新（9月26日）两融余额为1.34亿元，其中，融资余额 1.34亿元，较前一个交易日增加5277.79万元，环比增长64.91%，近3日累计增加7164.41万元，环比增长 114.73%。 龙虎榜数据显示，该股因当日融资买入数量达到当日该证券总交易量的50％以上、连续3个交易日内日 收盘价格涨幅偏离值累计达30%、日收盘价涨幅达15%上榜龙虎榜1次，买卖居前营业部中，机构净卖 出5008.33万元，营业部席位合计净买入1.34亿元。 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.09.26 | 20.00 | 1.33 | 2173.15 | | 2025.09.25 | 20.01 | 6 ...

富荣信息技术混合A（013345）成立日期2021年10月28日，最新规模7136.08万。今年以来收益 12.32%，同类排名5495/8244；近一年收益51.23%，同类排名2219/8080；成立以来收益0.57%。 富荣信息技术混合A（013345）基金经理为李延峥。 截至发稿，李延峥累计任职时间4年105天，现任基金资产总规模2.88亿元，任职期间最佳基金回报 73.43%， 任职期间最差基金回报-31.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 9月29日，鼎捷数智涨5.2%，截至发稿，报53.66元/股，成交5.38亿元，换手率3.76%，总市值145.63亿 元。 资料显示，鼎捷数智股份有限公司位于上海市静安区江场路1377弄绿地中央广场1号楼22层，成立日期 2001年12月26日，上市日期2014年1月27日，公司主营业务涉及制造业、流通业及小微企业提供数字化 转型、智能制造与工业互联网解决方案。主营业务收入构成为： ...

9月29日，鼎捷数智涨5.2%，截至发稿，报53.66元/股，成交5.39亿元，换手率3.76%，总市值145.63亿 元。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，浙商证券资管旗下1只基金重仓鼎捷数智。浙商鼎盈事件驱动混合(LOF)（169201）二季度 持有股数1.1万股，占基金净值比例为4.09%，位居第九大重仓股。根据测算，今日浮盈赚取约2.91万 元。 责任编辑：小浪快报 浙商鼎盈事件驱动混合(LOF)（169201）成立日期2016年12月7日，最新规模983.6万。今年以来收益 24.68%，同类排名3765/8244；近一年收益41.68%，同类排名3124/8080；成立以来收益74.46%。 浙商鼎盈事件驱动混合(LOF)（169201）基金经理为张雷。 资料显示，鼎捷数智股份有限公司位于上海市静安区江场路1377弄绿地中央广场1号楼22层，成立日期 2001年12月26日，上市日期2014年1月27日，公司主营 ...

截至6月30日，中科创达股东户数8.60万，较上期减少9.07%；人均流通股4275股，较上期增加9.97%。 2025年1月-6月，中科创达实现营业收入32.99亿元，同比增长37.44%；归母净利润1.58亿元，同比增长 51.84%。 分红方面，中科创达A股上市后累计派现7.74亿元。近三年，累计派现3.53亿元。 机构持仓方面，截止2025年6月30日，中科创达十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1478.18万股，相比上期增加1105.60万股。易方达创业板ETF（159915）位居第三大流通 股东，持股871.26万股，相比上期减少20.38万股。南方中证500ETF（510500）位居第四大流通股东， 持股546.94万股，相比上期增加71.12万股。兴全趋势投资混合(LOF)（163402）位居第六大流通股东， 持股417.02万股，相比上期减少110.00万股。华安创业板50ETF（159949）位居第七大流通股东，持股 332.33万股，相比上期减少22.14万股。易方达中证人工智能主题ETF（159819）位居第九大流通股东， 持股315.88万股，相比上期增加 ...

格隆汇9月29日丨新开普(300248.SZ)在投资者互动平台表示，公司一校通一体机解决方案，已经多轮测 试验证，并获得了鲲鹏与华为技术认证书授权及开源openEuler社区版全栈调优测试认证。同时，公司 推出的"星普大模型"已与海光CPU处理器、DCU加速卡系列完成深度适配认证。 ...

| | | 全球主要股票指数 | | | | --- | --- | --- | --- | --- | | 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | 欧美 | 道琼斯工业平均 | 46247.29 | 299.97 | 0.65% | | | 纳斯达克 | 22484.07 | 99.37 | 0.44% | | | 标普500 | 6643.7 | 38.98 | 0.59% | | | 欧洲斯托克50 | 5499.7 | 54.81 | 1.01% | | | 英国雷时100 | 9284.83 | 70.85 | 0.77% | | | 法国CAC40 | 7870.68 ▽ | 75.26 | 0.97% | | | SEDAV | 23739.47 80 gud a204.64" | | 0.87% | | | 俄罗斯RTS | 1027.06 | 6.46 | 0.63% | | | 上证指数 | 3828.11 | -25.19 | -0.65% | | | 深证成指 | 13209 | -236.9 | -1.76% | | | 创业板指 | 3151.53 | -84.23 ...

Core Insights - The company reported a revenue of 920 million yuan for H1 2025, a 17.7% increase year-on-year, with a net profit attributable to shareholders of 135 million yuan, up 14.7% [1] - The growth in the intelligent computing (智算) business is significant, and its revenue share is expected to continue increasing in the future [1][2] - The gross margin has decreased by 8.25 percentage points to 33.6%, primarily due to the lower margin of the intelligent computing business, but the impact is expected to weaken over time [2] Financial Performance - For Q2 alone, the company's revenue, net profit, and net profit excluding non-recurring items grew by 20.8%, 80.8%, and -31.9% respectively [1] - The revenue breakdown for H1 2025 shows collaborative office products at 250 million yuan (+2.0%), smart channel products at 353 million yuan (+14.8%), and intelligent computing and data intelligence products at 284 million yuan (+50.1%) [1] Business Segments - The collaborative office business is stable, with future growth dependent on the promotion of new technologies and products [1] - The smart channel product line has seen rapid growth, driven by new products such as 5G new calling and AI marketing assistants [1] - The intelligent computing and data intelligence product line has shown remarkable growth due to increased investment in technology services and computing power services [1][2] Cost and Margin Analysis - The gross margin decline is attributed to a 2.4 percentage point drop in the gross margin of technology services and a significant increase in the share of low-margin intelligent computing business [2] - The overall expense ratio decreased from 25.1% in H1 2024 to 22.2% in H1 2025, with sales and management expenses down by 24.0% and 0.5% respectively [2] AI Integration and Future Outlook - The company has developed a comprehensive AI service system, integrating AI infrastructure, model training, and application development [2] - The acceleration of AI penetration in the B-end market is expected to enhance the company's full-stack AI capabilities, driving further growth [2] Profit Forecast - Adjusted profit forecasts for the company indicate net profits of 252 million yuan, 282 million yuan, and 360 million yuan for 2025-2027 [3] - The reasonable valuation level is set at 56 times PE for 2025, corresponding to a target price of 31.36 yuan, maintaining a buy rating [3]

Group 1 - The U.S. stock market experienced a broad increase, with the Dow Jones rising by 0.65%, the Nasdaq by 0.44%, and the S&P 500 by 0.59% [4] - Major technology stocks showed mixed results, with Oracle down 2.7%, Meta down 0.7%, and Tesla up 4.0% [4] - The Nasdaq China Golden Dragon Index fell by 1.6%, with Alibaba, NetEase, and Baidu each dropping over 2% [4] Group 2 - The People's Bank of China emphasized maintaining ample liquidity and guiding financial institutions to increase credit supply to match economic growth and price expectations [5] - The Ministry of Industry and Information Technology projected an average annual growth of around 5% for the non-ferrous metals industry from 2025 to 2026 [5] - The petrochemical industry is expected to see an average annual growth of over 5% during the same period, with significant improvements in technological innovation and environmental performance [6] Group 3 - The National Development and Reform Commission highlighted the importance of private investment as a key indicator of economic activity and stability [7] - The 2025 World New Energy Vehicle Conference focused on expanding market consumption and optimizing tax incentives for new energy vehicles [8] - The National Bureau of Statistics reported that profits of large industrial enterprises increased by 0.9% year-on-year in the first eight months of 2025 [8] Group 4 - The State-owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to enhance operational efficiency and focus on high-quality investment [9] - Jiangsu Province announced adjustments to its vehicle trade-in policy, affecting the implementation of subsidies [10][11] - The company Ningbo Huaxiang signed a patent licensing agreement with Jilin University for PEEK industrialization technology [16] Group 5 - The company *ST Tianmao will have its stock delisted on September 30, 2025, following a decision by the Shenzhen Stock Exchange [20] - Huajing Securities anticipates that the A-share market may continue a volatile trend in the short term, with limited risks during the holiday period [21] - The company Moer Thread's IPO application was approved in just 88 days, reflecting improved efficiency in the review process for hard technology enterprises [14]