Core Viewpoint - The Guangdong Provincial Government has released the "Implementation Plan for Accelerating the Expansion of Effective Industrial Investment (2025-2027)", aiming to create an "attraction field" for industrial investment, with a focus on new sectors such as artificial intelligence and robotics [1][4]. Group 1: Measures for Industrial Investment - The plan outlines 10 measures to accelerate effective industrial investment, including strengthening investment mechanisms, expanding investment in advantageous industries, and promoting innovation [2]. - Guangdong will continue to invest in traditional advantageous industries like electronics, petrochemicals, and automotive, while also pushing for major projects such as "Guangdong Strong Chip" [2][4]. - The province aims to seize future industrial development opportunities by establishing a new mechanism for cultivating new sectors, focusing on industries like artificial intelligence, integrated circuits, and advanced equipment [2][3]. Group 2: Innovation and Technology Transfer - To facilitate the transition of innovation from laboratories to production lines, the plan proposes various methods to accelerate the development of new materials and intelligent robotics [3]. - A new technology transfer system will be established to promote the conversion of scientific achievements into practical applications, utilizing models like "pay after use" and "off-site incubation" [3][4]. Group 3: Talent and Resource Support - Talent policies will be directed towards new sectors, with support for the targeted recruitment and cultivation of high-level talent in artificial intelligence and robotics [5][6]. - The plan emphasizes the importance of resource support, including land, energy, and environmental capacity, to ensure project implementation [4][5].

"券商金股"组合既能够体现总量分析师（如宏观、策略、金融工程等团队）自上而下的行业、板块及风格配置能力，又能够反映行业分析师自下而上的选股能力， 是券商研究所研究实力核心竞争力的体现。 在国信金工团队2022年2月18日发布的专题报告 《券商金股全解析——数据、建模与实践》 中，我们发现 券商金股股票池能够较好地跟踪偏股混合型基金指数的表 现 。基于这一特征，我们通过多因子的方式从券商金股股票池中进行优选。实证结果显示，该方法构建的组合历史表现稳健，2018年到2024年每年都能稳定战胜偏 股混合型基金指数，在公募主动股基中每年都排在前30%的水平。 本报告我们对券商金股股票池的历史表现进行回顾，对本月券商金股的行业、风格特征进行分析，并对券商金股业绩增强组合的表现进行跟踪，以供投资者参考。 一、券商金股股票池上月回顾 2025年8月，华胜天成、寒武纪-U、思泉新材等券商金股股票的月度上涨幅度靠 前。 2025年8月，开源证券、中航证券、招商证券收益排名前三，月度收益分别为 26.42%、25.08%、24.07%，同期偏股混合型基金指数收益11.91%，沪深300指数 收益10.33%。 2025年以来，东 ...

Quantitative Models and Construction Methods Model Name: Broker Gold Stock Performance Enhancement Portfolio - **Model Construction Idea**: The model aims to optimize the selection of stocks from the broker gold stock pool to outperform the median of active equity funds[39][43]. - **Model Construction Process**: - The model uses the broker gold stock pool as the stock selection space and constraint benchmark. - It employs portfolio optimization to control deviations in individual stocks and styles from the broker gold stock pool. - The industry distribution of all public funds is used as the industry allocation benchmark. - The model's detailed construction method can be found in the report "Broker Gold Stock Full Analysis - Data, Modeling, and Practice" published on February 18, 2022[39][43]. - **Model Evaluation**: The model has shown stable performance historically, consistently outperforming the active equity fund index from 2018 to 2022, ranking in the top 30% of active equity funds each year[12][39]. Model Backtesting Results Broker Gold Stock Performance Enhancement Portfolio - **Absolute Return (Monthly)**: 15.49%[5][42] - **Excess Return Relative to Active Equity Fund Index (Monthly)**: 3.59%[5][42] - **Absolute Return (Year-to-Date)**: 34.01%[5][42] - **Excess Return Relative to Active Equity Fund Index (Year-to-Date)**: 5.72%[5][42] - **Ranking in Active Equity Funds (Year-to-Date)**: 30.38% percentile (1054/3469)[5][42] Quantitative Factors and Construction Methods Factor Name: Single Quarter Net Profit Growth Rate - **Factor Construction Idea**: This factor measures the growth rate of net profit in a single quarter[3][28]. - **Factor Construction Process**: - Calculate the net profit for the current quarter. - Compare it to the net profit of the same quarter in the previous year. - The formula is: $ \text{Net Profit Growth Rate} = \frac{\text{Current Quarter Net Profit} - \text{Previous Year Same Quarter Net Profit}}{\text{Previous Year Same Quarter Net Profit}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Name: Single Quarter ROE - **Factor Construction Idea**: This factor measures the return on equity for a single quarter[3][28]. - **Factor Construction Process**: - Calculate the net income for the quarter. - Divide it by the average shareholders' equity for the quarter. - The formula is: $ \text{ROE} = \frac{\text{Net Income}}{\text{Average Shareholders' Equity}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Name: Single Quarter Revenue Growth Rate - **Factor Construction Idea**: This factor measures the growth rate of revenue in a single quarter[3][28]. - **Factor Construction Process**: - Calculate the revenue for the current quarter. - Compare it to the revenue of the same quarter in the previous year. - The formula is: $ \text{Revenue Growth Rate} = \frac{\text{Current Quarter Revenue} - \text{Previous Year Same Quarter Revenue}}{\text{Previous Year Same Quarter Revenue}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Backtesting Results Single Quarter Net Profit Growth Rate - **Performance**: This factor has shown good performance recently[3][28]. Single Quarter ROE - **Performance**: This factor has shown good performance recently[3][28]. Single Quarter Revenue Growth Rate - **Performance**: This factor has shown good performance recently[3][28].

Core Insights - The report from CITIC Securities indicates that while revenue growth for listed companies improved in Q2, profit growth declined, reflecting a macroeconomic trend of "exchanging price for volume" [1] - It is anticipated that prices will moderately recover in the second half of the year, supporting stable profit levels for listed companies [1] Group 1: Revenue and Profit Trends - In the first half of the year, overseas revenue for listed companies significantly outperformed overall revenue, driven by China's continued export growth and the acceleration of Chinese enterprises going abroad due to tariff conditions [1] - The external demand is expected to remain resilient in the second half, with export-oriented and overseas enterprises likely to maintain a high level of prosperity [1] Group 2: Capital Expenditure and Industry Performance - Capital expenditure in industries such as electric new energy, machinery, and chemicals continued to decline in the first half of the year, while the automotive sector saw a counter-cyclical rebound [1] - The "anti-involution" policy is expected to accelerate supply-side adjustments in the future [1] Group 3: Wage Trends and Sector Performance - The average salary growth for listed companies slightly declined in the first half of the year, with industries such as military industry, agriculture, forestry, animal husbandry, and consumer services showing higher growth rates [1]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company's performance is under short-term pressure, but opportunities arise from data center developments [7]. - The vacuum pump business is undergoing transformation, with growth in the compressor segment driven by data center construction [7]. - The company is diversifying its layout to mitigate cyclical fluctuations and enhance its technology reserves [7]. - The report anticipates a recovery in demand for photovoltaic vacuum pumps and identifies data centers as a key growth driver for future performance [7]. Financial Performance Summary - For H1 2025, the company reported revenue of 1.489 billion yuan, a year-on-year decrease of 18.86%, and a net profit attributable to shareholders of 257 million yuan, down 42.90% year-on-year [1]. - In Q2 2025, revenue was 882 million yuan, a year-on-year decline of 18.71%, but a quarter-on-quarter increase of 45.52% [1]. - The company expects revenues of 3.055 billion yuan in 2025, a decrease of 17% year-on-year, with net profit projected at 589 million yuan, down 32% [7]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 3.852 billion yuan, with a year-on-year growth of 18% [2]. - The projected PE ratios for 2025, 2026, and 2027 are 21.7, 20.1, and 18.3 respectively [2]. - The company’s return on equity (ROE) is reported at 15.6% [3]. Market Position and Shareholder Information - The total market capitalization of the company is 12.8 billion yuan, with a total share capital of 535 million shares [3]. - The major shareholder, HERMES EQUITIES CORP., holds a 32.7% stake in the company [3].

证券研究报告 | 公司动态点评 2025 年 09 月 01 日 英诺激光（301021.SZ） 25H1 利润同比实现扭亏为盈，技术优势持续强化 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 368 | 447 | 534 | 701 | 903 | | 增长率 yoy（%） | 15.1 | 21.4 | 19.7 | 31.1 | 28.9 | | 归母净利润（百万元） | -4 | 22 | 51 | 80 | 131 | | 增长率 yoy（%） | -119.9 | 585.2 | 135.7 | 54.8 | 64.6 | | ROE（%） | -0.5 | 1.8 | 5.0 | 7.3 | 10.6 | | EPS 最新摊薄（元） | -0.03 | 0.14 | 0.34 | 0.52 | 0.86 | | P/E（倍） | -1320.6 | 272.2 | 115.4 | 74.6 | 45.3 | | P/B（倍） | 6.1 | ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported strong performance in the first half of 2025, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching approximately 4.047 billion yuan, 211 million yuan, and 198 million yuan, respectively, representing year-on-year growth of 29%, 60.45%, and 64.9% [1] - The company's lithium battery structural components are showing significant revenue growth and improved profitability, with Q2 2025 estimated revenue of 1.4 billion yuan, a year-on-year increase of about 49% [7] - The company is making rapid advancements in humanoid robot products, establishing close connections with major clients and preparing for mass production [7] - The company's niche businesses in molds and iron cores are maintaining industry leadership, contributing over 60 million yuan in profits [7] - The company is expected to achieve a net profit attributable to the parent of 500 million yuan in 2025, maintaining the "Accumulate" investment rating [7] Financial Data and Valuation - Total revenue is projected to grow from 6.019 billion yuan in 2023 to 13.677 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19% [8][14] - The company's net profit is expected to increase significantly from 43 million yuan in 2023 to 1.179 billion yuan in 2027, reflecting a strong recovery in profitability [14] - The price-to-earnings (PE) ratio is projected to decrease from 572.7 in 2023 to 20.8 in 2027, indicating improved valuation as earnings grow [14] - The return on equity (ROE) is expected to rise from 1.7% in 2023 to 21.0% in 2027, showcasing enhanced profitability [14] Business Segments - Molds revenue is expected to grow from 313.44 million yuan in 2023 to 643.9 million yuan in 2027, with a stable gross margin above 48% [8] - Revenue from lithium battery structural components is projected to increase from 3.266 billion yuan in 2023 to 8.929 billion yuan in 2027, with gross margins improving from 8.6% to 18.0% [8] - The iron core business is expected to see revenue growth from 1.711 billion yuan in 2023 to 2.448 billion yuan in 2027, with gross margins around 25% [8]

Group 1 - The revenue growth rate of listed companies improved in Q2, but profit growth rate declined, reflecting the macroeconomic characteristic of "exchanging price for volume" [1] - It is expected that prices will moderately rebound in the second half of the year, supporting stable profit levels for listed companies [1] - The overseas revenue of listed companies significantly outperformed overall revenue in the first half of the year, driven by better-than-expected exports and accelerated overseas expansion of Chinese enterprises due to tariff conditions [1] Group 2 - External demand is expected to remain resilient in the second half of the year, with export-oriented and overseas expansion companies likely to maintain high levels of prosperity [1] - Capital expenditure of listed companies continued to decline in the first half of the year, particularly in the electric, machinery, and chemical industries, while the automotive sector saw a counter-cyclical rebound [1] - The "anti-involution" policy is expected to accelerate supply-side adjustments in the future [1] Group 3 - The average salary growth rate of listed companies slightly declined in the first half of the year, with industries such as military industry, agriculture, forestry, animal husbandry, and consumer services showing higher growth rates [1]

Core Insights - The report highlights a positive trend in the A-share market, with overall corporate earnings expected to turn positive after four consecutive years of decline, particularly in the technology innovation sector [8][9][12] - The manufacturing Purchasing Managers' Index (PMI) and non-manufacturing business activity index showed slight increases, indicating a modest recovery in economic activity [4][8] - The report emphasizes the importance of policy support and liquidity in sustaining market momentum, with the central bank maintaining ample liquidity through MLF operations [9][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,857.93, with a slight increase of 0.37%, while the Shenzhen Component Index rose by 0.99% to 12,696.15 [3] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 15.66 and 47.21, respectively, indicating a favorable long-term investment environment [9][12] Industry Analysis - The new materials sector outperformed the broader market, with a 12.30% increase in the new materials index compared to a 7.62% rise in the CSI 300 index [14] - The semiconductor industry continues to show robust growth, with global semiconductor sales reaching $59.91 billion in June 2025, a year-on-year increase of 19.6% [15] - The photovoltaic industry is experiencing a significant increase in the index, up 12.14%, driven by strong performance in sub-sectors like photovoltaic equipment and inverters [18] Economic Indicators - In July 2025, the total electricity consumption reached 10,226 billion kilowatt-hours, reflecting an 8.6% year-on-year increase [28] - The report notes a decline in coal production and imports, with a 3.8% decrease in coal output in July 2025 compared to the previous year [29] Investment Recommendations - The report suggests focusing on sectors such as semiconductors, new materials, and photovoltaic industries for potential investment opportunities, given their strong growth prospects [9][12][18] - It also recommends monitoring the performance of leading companies in the photovoltaic sector, particularly those involved in polysilicon and solar glass production [20][38]

Core Points - The article outlines the implementation plan for accelerating effective industrial investment in Guangdong Province from 2025 to 2027, emphasizing the importance of expanding industrial investment to promote new industrialization and enhance new productivity [5][6]. Group 1: Investment Expansion Strategies - The plan includes upgrading and establishing a provincial industrial development investment fund to attract social capital into new project investments [2][6]. - It encourages state-owned enterprises and private capital to invest in new sectors through collaborative projects and innovative partnerships [2][6]. - The government aims to create a flexible regulatory mechanism to support innovation and tolerate failures, fostering a conducive environment for investment [2][8]. Group 2: Focus on Key Industries - The strategy emphasizes continuous investment in key industries such as electronics, petrochemicals, automotive, and machinery, aiming to strengthen and stabilize industrial chains [6][7]. - It promotes the introduction of high-quality projects with significant market potential and advanced technology, enhancing the overall investment level [6][7]. Group 3: Project Acceleration and Innovation - The plan establishes a project promotion mechanism that involves provincial and municipal collaboration to expedite the implementation of strategic and emerging projects [6][7]. - It includes initiatives to promote the commercialization of innovative research outcomes and the establishment of innovation centers and technology transfer systems [7][8]. Group 4: Financial Support and Resource Allocation - The government plans to enhance financial support for new sectors, including prioritizing funding for new project investments and encouraging financial institutions to innovate their service models [6][8]. - It aims to ensure resource availability for major manufacturing projects, including land and energy, to facilitate project initiation and completion [7][8]. Group 5: Creating a Favorable Business Environment - The article highlights the importance of establishing a market-oriented, law-based, and international business environment to attract investment [8]. - It emphasizes the need for transparent regulatory frameworks and regular communication between the government and enterprises to address business needs [8].