证券日报网讯万年青（000789）9月2日在互动平台回答投资者提问时表示，公司石灰石矿山的成分主要 是碳酸钙，尾矿主要用于生产骨料。 ...

Core Insights - The introduction of the "Loan Clarity Paper" in Guizhou Province has significantly improved transparency in financing costs for enterprises, allowing them to better understand and manage their financial obligations [1][2][3] - The initiative has led to a notable reduction in comprehensive financing costs for small and micro enterprises, with reported decreases of 1.48 and 0.76 percentage points for small business owners and individual entrepreneurs, respectively [2] - Financial institutions are evolving from mere fund providers to collaborative partners with enterprises, enhancing the overall financing experience and reducing hidden fees [3] Group 1: Loan Clarity Paper Implementation - The "Loan Clarity Paper" was introduced by the People's Bank of China in December 2024 as part of a pilot program in Guizhou Province, aimed at standardizing and clarifying loan costs for enterprises [1] - As of July 2023, 48,000 enterprises and individual business owners in Guizhou have utilized the "Loan Clarity Paper," involving a total loan amount of 115.589 billion yuan [2] - The paper details interest and non-interest costs, including key information such as charging entities, payment methods, and cycles, ensuring enterprises' rights to information and choice [1][2] Group 2: Impact on Enterprises - The "Loan Clarity Paper" has acted as a catalyst for cost reduction and efficiency improvement for enterprises, exemplified by a local smart technology company that achieved a 26 basis point reduction in interest rates [2] - A construction materials company with 25 patents benefited from the "Loan Clarity Paper" by converting its technological capabilities into credit, resulting in an estimated annual savings of 36,000 yuan in financing costs [3] - The initiative has also enabled financial institutions to absorb intermediary costs, such as fees and assessments, thereby alleviating the financial burden on enterprises [3] Group 3: Broader Financial System Changes - The "Loan Clarity Paper" signifies a shift in financial services from a rough approach to a more refined and practical model, enhancing the relationship between banks and enterprises [3] - This mechanism serves as a feedback tool for government financial support measures, ensuring that policies like interest subsidies and guarantees are effectively benefiting enterprises [3] - The initiative contributes to creating a more trustworthy and supportive business environment in Guizhou, aligning with the goal of high-quality economic development [3]

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 东鹏控股（003012.SZ） 深耕零售渠道，盈利及经营质量持续改善 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7,773 | 6,469 | 6,152 | 6,485 | 7,042 | | 增长率 yoy（%） | 12.2 | -16.8 | -4.9 | 5.4 | 8.6 | | 归母净利润（百万元） | 720 | 328 | 426 | 512 | 626 | | 增长率 yoy（%） | 256.6 | -54.4 | 29.7 | 20.2 | 22.2 | | ROE（%） | 9.2 | 4.3 | 5.4 | 6.3 | 7.4 | | EPS 最新摊薄（元） | 0.62 | 0.28 | 0.37 | 0.44 | 0.54 | | P/E（倍） | 12.1 | 26.5 | 20.4 | 17.0 | 13.9 | | P/B（倍） | 1.1 | 1. ...

Report Industry Investment Ratings - Iron ore: Volatile [2] - Coking coal and coke: Volatile and weak [2] - Rebar: Weak [2] - Glass: Volatile and weak [2] - CSI 300: Volatile [3] - SSE 50: Upward [3] - CSI 500: Volatile [3] - CSI 1000: Upward [3] - 2-year Treasury bond: Volatile [3] - 5-year Treasury bond: Volatile [3] - 10-year Treasury bond: Decline [3] - Gold: Volatile and strong [3] - Silver: Volatile and strong [3] - Pulp: Consolidation [6] - Logs: Range-bound [6] - Soybean oil: Volatile [6] - Palm oil: Volatile [6] - Rapeseed oil: Volatile [6] - Soybean meal: Rebound [6] - Rapeseed meal: Rebound [6] - Soybean No. 2: Rebound [6] - Soybean No. 1: Rebound [6] - Live pigs: Volatile and strong [7] - Rubber: Volatile [10] - PX: Wait-and-see [10] - PTA: Volatile [10] - MEG: Wait-and-see [10] - PR: Wait-and-see [10] - PF: Wait-and-see [10] Core Views - The iron ore market is expected to follow the finished products in high-level volatile adjustments due to limited fundamental contradictions in the short term [2]. - The coking coal and coke market is likely to be volatile and weak as the fundamentals continue to deteriorate [2]. - The rebar market remains in a weak fundamental pattern, with supply remaining relatively high and demand difficult to show counter-seasonal performance [2]. - The glass market has seen a significant cooling of market sentiment, and the short-term supply-demand pattern has not improved significantly [2]. - The stock index market has rebounded, and it is recommended to increase risk appetite and increase long positions in stock indices [3]. - The Treasury bond market has shown a weakening trend, and long positions in Treasury bonds should be held lightly [3]. - The gold market is expected to be volatile and strong, with the Fed's interest rate policy and tariff policy being potential short-term disturbance factors [3]. - The pulp market is in a situation of weak supply and demand, and prices are expected to consolidate [6]. - The log market is expected to be range-bound, with limited supply pressure and uncertain peak season demand [6]. - The oil and fat market is likely to be volatile in the short term, and attention should be paid to the weather in the US soybean production area and the production and sales of Malaysian palm oil [6]. - The meal market is expected to rebound with the support of the external market, and attention should be paid to the US soybean weather and soybean arrivals [6]. - The live pig market is expected to see a slight increase in prices next week, with support from school start-up demand and cost factors [7]. - The rubber market is expected to remain strong in the short term, supported by supply shortages and inventory declines [10]. - The PX, PTA, MEG, PR, and PF markets are in a state of wait-and-see or volatile, with prices mainly following cost fluctuations [10]. Summary by Related Catalogs Black Series - **Iron Ore**: The iron ore market is affected by the steel industry's stable growth policy, with raw material sentiment boosted and prices relatively strong. The fundamental contradictions are not prominent, and it is expected to follow the finished products in high-level volatile adjustments [2]. - **Coking Coal and Coke**: The fundamentals of coking coal and coke are deteriorating, with increasing supply and decreasing demand. The short-term black market sentiment has cooled significantly, and the market is expected to be volatile and weak [2]. - **Rebar**: The rebar market is in a weak fundamental pattern, with supply remaining high and demand difficult to improve. The traditional peak season has arrived, but the spot demand is still weak, and the short-term contract is expected to continue to be weak [2]. Non-ferrous and Financial Series - **Stock Indices**: The stock index market has rebounded, and it is recommended to increase risk appetite and increase long positions in stock indices. The market is affected by factors such as the SCO summit and the implementation of the consumer loan subsidy policy [3]. - **Treasury Bonds**: The Treasury bond market has shown a weakening trend, with market interest rate fluctuations. Long positions in Treasury bonds should be held lightly [3]. - **Precious Metals**: The gold and silver markets are expected to be volatile and strong, with the Fed's interest rate policy and tariff policy being potential short-term disturbance factors. The market is also affected by factors such as the weakening of the US labor market and the slowdown of inflation [3]. Forestry and Agricultural Products Series - **Pulp**: The pulp market is in a situation of weak supply and demand, with cost support weakening and demand improvement uncertain. Prices are expected to consolidate [6]. - **Logs**: The log market is expected to be range-bound, with limited supply pressure and uncertain peak season demand. The spot market price is relatively stable, and the cost support remains [6]. - **Oil and Fats**: The oil and fat market is likely to be volatile in the short term, with overall raw material supply being relatively loose and demand being affected by policies and consumption upgrades. Attention should be paid to the weather in the US soybean production area and the production and sales of Malaysian palm oil [6]. - **Meals**: The meal market is expected to rebound with the support of the external market, but the increase is limited by the expected increase in production. Attention should be paid to the US soybean weather and soybean arrivals [6]. - **Live Pigs**: The live pig market is expected to see a slight increase in prices next week, with support from school start-up demand and cost factors. The market is also affected by factors such as the supply and demand structure and inventory levels [7]. Chemical and Soft Commodities Series - **Rubber**: The rubber market is expected to remain strong in the short term, supported by supply shortages and inventory declines. The market is also affected by factors such as the impact of the approaching military parade on downstream operations and the overall strength of the commodity market [10]. - **PX, PTA, MEG, PR, and PF**: The PX, PTA, MEG, PR, and PF markets are in a state of wait-and-see or volatile, with prices mainly following cost fluctuations. The markets are affected by factors such as geopolitical situations, supply and demand relationships, and cost changes [10].

记者丨 周亦洋 黎旭廷 编辑丨张星 2025年上半年，我国经济运行延续稳中向好态势，国内生产总值66.05万亿元，同比增长 5.3%。内需贡献率近七成，居民收入保持增长。在这样的宏观背景下，A股市场的表现同样引 人注目，上市公司作为经济运行的微观主体，其业绩表现成为宏观向好的有力印证。 截至8月31日， 全市场5432家上市公司披露半年报，大部分企业交出了一份可圈可点的中期答 卷，展现出上市公司稳健运营的态势。 从此番公布的半年报中，可发现多个行业板块亮点频现：按照Wind二级行业分类来看，钢 铁、软件服务、建材、传媒、半导体等行业净利增速靠前；"以旧换新"政策持续显效发力，带 动家电、汽车、消费电子等行业净利增长；文旅、新消费等行业景气度持续攀升；在战略性新 兴产业、高技术产业方面，科技叙事主线愈发鲜明，新质生产力加速成长，企业研发投入强度 稳步上升。 总的来看，A股整体营收增速由负转正，归母净利润保持正增长，显示经济复苏基础逐步稳 固。 2025年上半年,我国经济运行延续稳中向好态 势,国内生产总值66.05万亿元,同比增长 5.3%。内需贡献率近七成,居民收入保持增长。 在这样的宏观背景下,A股市场的表 ...

点击小程序查看报告原文 9月行业配置建议：成长风格延续，关注景气细分领域 8月A股市场普涨，科创风格表现强势。 8月上证指数仅有5个交易日下跌，市场交易热度较高，全部A股日均成交额达到2.3万亿元，两融余额达到2.2万亿 元，两融交易额占市场成交额比重持续上升。从结构维度看，科创板块是6月底以来市场上涨过程中表现最强势的主线，8月科创50指数上涨28%，伴随着 股价上行，投资者对涉及AI、半导体、先进制造等概念的叙事关注度显著提升。 去年924以来的上行趋势仍在延续，但也需注重近期成交较快上涨后的短期波动风险。 海外方面，美联储处于降息周期之中。中金策略团队缪延亮博士在 近期发布的《 牛市成因之辩——国际货币体系变迁视角 》中认为，"全球货币秩序重构是A股市场上涨的核心驱动力。全球货币秩序重构带来的格局转换 和资金流动的力量，或远大于一时、一国和一市场的基本面力量"。二季度以来美国需求下行压力增加，美联储主席鲍威尔在Jackson Hole会议上发表讲话 称"经济前景和风险平衡的转变可能意味着美联储需要调整货币政策"，释放偏鸽派信号。国内方面，需求端仍待改善，但受益于经济转型与产业升级的景 气行业增加，最近1 ...

总的来看，A股整体营收增速由负转正，归母净利润保持正增长，显示经济复苏基础逐步稳固。 2025年上半年，我国经济运行延续稳中向好态势，国内生产总值66.05万亿元，同比增长5.3%。内需贡 献率近七成，居民收入保持增长。在这样的宏观背景下，A股市场的表现同样引人注目，上市公司作为 经济运行的微观主体，其业绩表现成为宏观向好的有力印证。截至8月31日，全市场5432家上市公司披 露半年报，大部分企业交出了一份可圈可点的中期答卷，展现出上市公司稳健运营的态势。从此番公布 的半年报中，可发现多个行业板块亮点频现：按照二级行业分类来看，钢铁、软件服务、建材、传媒、 半导体等行业净利增速靠前；"以旧换新"政策持续显效发力，带动家电、汽车、消费电子等行业净利增 长；文旅、新消费等行业景气度持续攀升；在战略性新兴产业、高技术产业方面，科技叙事主线愈发鲜 明，新质生产力加速成长，企业研发投入强度稳步上升。 ...

Economic Overview - In the first half of 2025, China's GDP reached 66.05 trillion yuan, with a year-on-year growth of 5.3%, driven largely by domestic demand contributing nearly 70% [4][5] - The A-share market reflects this positive macroeconomic backdrop, with 5,432 listed companies reporting solid mid-year results, indicating robust operational performance [5][9] Company Performance - Total revenue for all listed companies in the first half of 2025 was 35.01 trillion yuan, a year-on-year increase of 0.16%, while net profit reached 3 trillion yuan, growing by 2.54% [9][10] - Nearly 60% of companies reported revenue growth, and over 75% achieved profitability, with 2,475 companies showing positive net profit growth [9][10] Industry Highlights - Key industries such as steel, software services, building materials, media, and semiconductors exhibited significant net profit growth, with steel leading at 263.77% [8][9] - The "trade-in" policy has positively impacted sectors like home appliances, automobiles, and consumer electronics, with net profit growth exceeding 10% in these areas [10][13] Emerging Trends - New consumption trends are emerging, particularly in the tourism and pet economy sectors, with net profit growth exceeding 50% in related industries [11][13] - The government’s policies to stimulate consumption are yielding results, with the travel sector experiencing rapid growth due to improved visa policies [13] R&D Investment - A-share companies invested 745.69 billion yuan in R&D in the first half of 2025, marking a year-on-year increase of 2.68% [14][19] - The R&D intensity across various sectors is increasing, with the biopharmaceutical industry showing a remarkable R&D intensity of 13.21% [16][19]

增持（维持） 三棵树（603737）2025 年中报点评 渠道结构调整零售发力，业绩实现大幅增长 公 司 点 建材行业 2025 年 09 月 01 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn | 分析师：何敏仪 SAC 执业证书编号： S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn | 公 司 研 究 | | --- | --- | | 主要数据 2025 年 8 | 月 29 日 | | 收盘价(元) | 48.66 | | 总市值（亿元） | 359.02 | | 总股本(亿股) | 7.38 | | 流通股本(亿股) | 7.38 | | ROE（TTM） | 18.96% | | 12 月最高价(元) | 55.38 | | 12 月最低价(元) | 26.30 | | 股价走势 | 证 券 研 | | 资料来源：东莞证券研究所 ...

高盛发布研报称，中国建材(03323)上半年净利润达13.6亿元人民币(下同)，相较去年同期为亏损20.2亿 元。若剔除一次性因素，经常性净利润为12.9亿元，而去年同期经常性亏损为15.5亿元。业绩表现好过 该行及市场预期，主要受新材料与水泥业务利润超预期所带动。公司与去年同期一样，未宣派中期股 息。该行维持"买入"评级，目标价由4.4港元升至6.7港元。 ...