该基金属于灵活配置型基金。截至9月3日，单位净值为2.287元。基金经理是张峰，目前管理的5只基金近一年均为正收益。其中，截至9月3日，农银策略精 选混合近一年复权单位净值增长率最高，达14.38%；农银行业领先混合最低，为13.53%。 基金管理人在中期报告中表示，上半年我们整体保持中性偏低仓位，在半年度末进行了加仓操作，仓位提升到中性水平。组合在上半年相对稳健防御，在市 场下跌时相对抗跌，但在市场明显反弹时也有明显跑输了市场。整体来看，由于上半年整体维持了上涨的格局，组合上半年小幅度跑输了市场。目前组合保 持中性仓位，后续将适时继续对仓位进行调整。在配置上，我们将继续保持对低波红利相关板块的配置，同时将逐步增加非银板块配置，同时也将继续加大 寻找有上行弹性的新一代核心资产标的来进行配置。目前组合主要配置在公用事业、运营商、银行、非银、交运、新消费等行业。 截至9月3日，农银国企改革混合近三个月复权单位净值增长率为11.68%，位于同类可比基金639/880；近半年复权单位净值增长率为19.38%，位于同类可比 基金350/880；近一年复权单位净值增长率为14.13%，位于同类可比基金819/880；近三 ...

展望未来，圆通国际将持续聚焦国际化发展战略，大力拓展新兴市场，稳步构建"中国联世界，世界联 世界"的全球物流网络，稳健有力谱写全球物流发展新篇章。 （编辑 张伟） 本报讯 （记者李春莲） 9月3日，圆通国际快递供应链科技有限公司（以下简称"圆通国际"，06123.HK）发布公告称，公司已 与哈萨克斯坦当地企业签署《初步买卖协议》，成功购得哈萨克斯坦阿拉木图某地块。该地块将用于建 设圆通中亚总部枢纽项目及配套物流基础设施，这标志着圆通国际"1+7"全球枢纽设施和运营网络的建 设取得关键进展。伴随着这一项目的建设，圆通国际将影响力辐射至中亚五国，并以此为切入点，在哈 萨克斯坦打造物流生产加工制造商贸电商协同产业园，推动中国与中亚地区更加高质量地互联互通。 作为圆通国际在中亚地区的首个智慧物流枢纽，项目集成跨境物流、仓储保税、商贸服务、集货发运、 清关转运等功能，建成后将为中亚国家、欧盟和欧亚经济联盟成员国提供高效的货物处理和配送服务， 并助力中国企业走出去、引进来，推动亚欧现代化物流网络发展。 本次投资也是圆通国际与哈萨克斯坦持续深化合作的关键一步。为推动全球物流网络升级、园区共建共 享与商贸资源高效协同，近期， ...

Investment Rating - The report upgrades the investment rating for the company to "Buy" [1][11]. Core Insights - The company is experiencing high growth in revenue and profitability, with expectations for continued growth logic to be realized [2][6][9]. - The company reported a revenue of 10.236 billion yuan for H1 2025, representing a year-on-year increase of 48.81%, and a net profit attributable to shareholders of 137 million yuan, up 120.43% year-on-year [5][11]. Summary by Sections Recent Performance - In the past year, the company's stock performance has been -9.6% over 1 month, +0.3% over 3 months, and +34.4% over 12 months compared to the Hang Seng Index [4]. Financial Metrics - The company achieved a gross margin of 6.65% in H1 2025, a slight decrease of 0.23 percentage points year-on-year. The overall expense ratio improved by 0.85 percentage points to 5.41% [7]. - The net profit margin increased by 0.44 percentage points to 1.34% year-on-year, with adjusted net profit margin at 1.6%, up 0.60 percentage points [7]. Growth Drivers - The company's ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery order volume, driving revenue growth of 43.11% to 5.779 billion yuan [6]. - The ToB delivery revenue reached 4.467 billion yuan, up 55.42% year-on-year, with notable growth in the food delivery segment [6]. Future Projections - Revenue projections for 2025-2027 are 22.096 billion yuan, 28.475 billion yuan, and 35.542 billion yuan, with year-on-year growth rates of 40%, 29%, and 25% respectively [11]. - Net profit projections for the same period are 2.98 billion yuan, 5.15 billion yuan, and 9.00 billion yuan, with growth rates of 125%, 73%, and 75% respectively [11].

证券研究报告 | 2025年09月04日 申通快递（002468.SZ） 优于大市 价格竞争导致业绩承压，看好反内卷带来的盈利修复 2025 年二季度公司业绩表现短期承压。2025 年上半年营收 250.2 亿元 （+16.0%），扣非归母净利润 4.36 亿元（-0.17%）；2025 年二季度单季营 收 130.3 亿元（+13.9%），扣非归母净利润 2.06 亿元（-18.0%）。 公司业务量增长稳健，市占率较稳定，单票价格环比降幅明显。二季度行业 价格竞争逐渐白热化，公司采取跟随策略，二季度的单票快递价格约 1.97 元，同比下降 2.5%，环比减少 7 分钱。由于公司需求件量、利润和服务各方 面的平衡，公司二季度业务量实现 65.4 亿件，同比增长 16.0%，市占率同比 减少了 0.2 个百分点至 12.9%，环比增加了 0.1 个百分点。过去三年的百亿 产能提升计划帮助公司网络实现了升级和优化，2025 年底公司常态吞吐产能 有望提升至日均 9000 万单(2024 年底为 7500 万单)，公司业务量有望维持 较快增长态势。 公司网络经营优化，单票成本持续下降，二季度单票盈利短期承压。得益于 ...

证券研究报告 | 2025年09月04日 德邦股份（603056.SH） 优于大市 业绩表现短期承压，关注公司经营优化效果 2025 年二季度公司业绩同比下滑。2025 年上半年公司实现营业收入 205.5 亿元（+11.4%），归母净利润 0.52 亿元（-84%）。其中二季度单季公司实 现营业收入 101.5 亿元（+10.9%），归母净利润 1.21 亿元（-50%）。 二季度收入增速仍然维持双位数增长，网络融合项目继续推进。在宏观经济 增长乏力的背景下，公司一季度和二季度收入增速均实现双位数增长主要得 益于，为提升快运业务市场份额，公司持续深化快运产品的分层策略，不断 推进主营产品时效升级，推出强竞争力的经济产品，更好地满足客户多元化 需求，同时持续提升交付质量，强化销售资源投入。2024 年德邦逐步推进双 网融合项目，分拨中心数量已经从 2023 年底的 190 个减少至 2025H1 的 133 个，我们估计 2025 年上半年由于京东物流的结算价格偏低导致融合项目对 公司利润形成拖累，但是预计下半年开始融合项目的结算机制有望优化，且 随着融合项目覆盖的经营环节和业务范围持续扩大，其贡献的收入同比 ...

第 709 期 2025-09-04 焦点事件 创业板市值亚军易主！中际旭创首次超越东方财富 9月3日，中际旭创股价大涨超10%，总市值攀升至4735.48亿元，首次超越东方财富（4208.62亿元）， 并跃居创业板总市值第二位。从年内行情上看，中际旭创今年市值一路飙升，年内累计增长3350.72亿 元，增长规模在整个创业板中位居第一。 重要指数调整！两只热门牛股纳入 9月3日，国际指数编制公司富时罗素宣布对富时中国50指数、富时中国A50指数、富时中国A150指数、 富时中国A200指数、富时中国A400指数的季度审核变更。该变更将于2025年9月19日星期五收盘后（即 2025年9月22日星期一）生效。其中，最受市场关注的富时中国A50指数本次纳入百济神州-U、新易 盛、药明康德、中际旭创，同时剔除中国核电、中国联通、国电南瑞、万华化学。值得注意的是，本次 纳入的新易盛、中际旭创两只个股，均是近期大火的光模块概念龙头公司。 零跑汽车完成26亿元内资股增发 9月3日，零跑汽车完成内资股定向发行，募集资金总额合计26亿元。中信证券担任本次发行的主办券 商。零跑汽车本次发行引入武义县金投产发控股集团、金华市产业 ...

2025年9月4日星期四 ➢ 美就业数据疲软；中国对美企征反 倾销税。A股震荡下挫。上证指数 跌1.16%报3813.56点，深证成指跌 0.65%，创业板指涨0.95%。航天航 空、船舶制造等领域下跌；新能源 大涨。港股高开后加速下跌，香港 恒生指数跌0.6%报25343.43点，恒 生科技指数跌0.78%，恒生中国企业 指数跌0.64%。医疗保健业、汽车行 业领涨。大市成交2676.47亿港元。 外盘方面，欧洲三大股指收盘全线 上涨。美国三大股指收盘涨跌不一， 道指跌0.05%，标普500指数涨0.51%， 纳指涨1.02%。美国职位空缺数创近 一年最低，利率市场押注9月降息 接近板上钉钉。美联储褐皮书显示 多数辖区经济活动几无增长。 ➢ 美国7月职位空缺数降至10个月最 低，企业用工需求逐步放缓。利率 市场预测本月美联储降息25基点概 率高达95%。 ➢ 中国对美国相关截止波长位移单模 光纤采取反规避关税措施，税率从 33.3%至78.2%不等。康宁公司将被 征收37.9%反倾销税。 资料来源：彭博 ➢ 美联储褐皮书报告显示，8月多数 辖区经济活动几无增长，各地区均 报告物价上涨，许多居民的薪资涨 幅低 ...

Core Insights - The report highlights the performance of two companies in the transportation sector: Changjiu Logistics and COSCO Shipping Specialized Carriers, with contrasting results in their financial performance for the first half of 2025 [2][5][9][10]. Company Summaries Changjiu Logistics - In the first half of 2025, Changjiu Logistics reported revenue of 2.326 billion yuan, a year-on-year increase of 27.54%, but the net profit attributable to shareholders fell by 80.66% to 10.1688 million yuan due to decreased vehicle transport prices and ship repair costs [2][5]. - The company is expected to benefit from regulatory actions aimed at improving industry standards, which may enhance its competitive position and profitability in the future [7][6]. COSCO Shipping Specialized Carriers - COSCO Shipping Specialized Carriers achieved a revenue of 10.775 billion yuan in the first half of 2025, marking a 44.05% year-on-year increase, with a net profit of 825 million yuan, up 13.08% [9][10]. - The significant growth in revenue is attributed to a substantial increase in income from car carriers and heavy lift vessels, with the net profit excluding non-recurring items rising by 52.77% to 835 million yuan [10][11]. - The company is well-positioned for continued growth due to strong demand in specialized shipping markets and an expanding fleet [11].

Group 1 - The report highlights that SAIC Motor Corporation achieved a total revenue of 299.59 billion yuan in H1 2025, representing a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% [4][5] - The company reported a significant increase in non-recurring net profit, which reached 5.43 billion yuan, up 432.2% year-on-year, indicating strong operational performance despite challenges [4][5] - The sales volume of SAIC Motor's vehicles in H1 2025 was 2.053 million units, an increase of 12.4% year-on-year, with a notable 40.2% increase in new energy vehicle sales [5][6] Group 2 - Shenzhou Taiyue's H1 2025 revenue was 2.685 billion yuan, down 12.05% year-on-year, with a net profit of 509 million yuan, reflecting a decline of 19.26% [11][12] - The gaming segment contributed 75.53% of total revenue, with a significant drop in revenue from major titles, indicating a need for new product launches to drive growth [12][13] - The company is expected to enter a three-year product cycle from 2025 to 2027, with multiple new games set to launch, which could enhance revenue streams [12][14] Group 3 - Lemon Film's H1 2025 revenue reached 401 million yuan, a remarkable increase of 108.5% year-on-year, with a net profit of 10.82 million yuan, compared to a loss in the previous year [17][18] - The growth was driven by overseas distribution and short drama business expansion, alongside effective cost control measures [18][19] - The company is positioned as a leader in the long drama industry, with strong content production capabilities and a focus on overseas and short drama markets [21][22] Group 4 - Jinshi Resources reported a revenue of 1.726 billion yuan in H1 2025, a year-on-year increase of 54.24%, primarily due to the release of production capacity in fluorochemical products [23][24] - The company faced a net profit decline of 24.74% due to operational challenges and increased costs associated with mining projects [24][25] - The strategic shift towards global resource integration is expected to yield long-term benefits, with projected revenues of 3.727 billion yuan in 2025 [27][28] Group 5 - Zhongke Chuangda's H1 2025 revenue was 3.299 billion yuan, up 37.44% year-on-year, with a net profit of 158 million yuan, reflecting a growth of 51.84% [29][30] - The smart IoT business saw a remarkable growth of 136%, becoming the fastest-growing segment, while the smart automotive and software businesses maintained steady expansion [30][31] - The company is expected to continue leading in the edge AI sector, with projected revenues of 6.533 billion yuan by 2027 [35] Group 6 - Sound Group Inc. achieved a total revenue of 1.358 billion yuan in H1 2025, a 46.9% increase year-on-year, with a net profit of 68 million yuan, marking a turnaround from losses [39][42] - The audio entertainment segment remains the core revenue driver, while AI-related services are expected to enhance growth potential [39][40] - The company is focusing on user engagement and content creation to improve monetization and user retention [41][42] Group 7 - Beautiful Field Medical Health reported a revenue of 1.459 billion yuan in H1 2025, a 28.2% increase year-on-year, with a net profit of 171 million yuan, reflecting a growth of 35.5% [44][45] - The growth was driven by an increase in active members and the expansion of health services, particularly in the sub-health sector [45][46] - The company is expected to maintain a strong growth trajectory, with projected revenues of 3 billion yuan by 2027 [46]

【财经日历】 美联储公布经济状况褐皮书； 华为Mate XTs 非凡大师及全场景新品发布会； 三星举行Galaxy新品线上发布会； 2025航空工业大会于9月4-5日在贵州省安顺市召开。 当地时间周三，美股三大指数涨跌不一，受谷歌股价飙升的推动，纳指和标普500指数上涨。截至收 盘，道指跌0.05%，纳指涨1.02%，标普500指数涨0.51%。 明星科技股方面，谷歌上涨9.1%，周二晚些时候，一名联邦法院法官裁定，这家科技巨头不会因竞争 问题而被要求剥离其Chrome网络浏览器，并且可以继续向其分销合作伙伴支付预加载产品费用，苹果 公司上涨3.8%。 特斯拉涨1.4%，亚马逊涨0.3%，微软、Meta平盘，英伟达跌0.1%。 纳斯达克金龙中国指数跌0.19%，阿里巴巴跌1.5%，京东跌1.2%，网易跌0.6%，百度涨0.1%，拼多多涨 2.2%。 国际油价走低，WTI原油近月合约跌2.47%，报63.97美元/桶，布伦特原油近月合约跌2.23%，报67.60美 元/桶。 国际金价续创新高，纽约商品交易所9月交割的COMEX黄金期货涨1.23%，报3593.20美元/盎司。 经济数据方面，美国7月份的职位空缺 ...