研究报告 Research Report 22 Aug 2025 长江基建 CK Infrastructure Holdings (1038 HK) 2025 年上半年业绩符合预期，股息增长节奏保持稳定 Performance in Line With Expectation With Dividend Growing Steadily [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$52.65 目标价 HK$61.37 HTI ESG 2.9-3.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$132.66bn / US$16.98bn 日交易额 (3 个月均值) US$11.69mn 发行股票数目 2,520mn 自由流通股 (%) 24% 1 年股价最高最低值 HK$58.20-HK$46.35 注：现价 HK$52.65 为 2025 年 08 月 22 ...

Group 1 - The A-share market experienced an increase in margin trading balance and turnover rate, with a significant rise in transaction volume, particularly in the CSI 300 index, which saw a week-on-week increase of 45.82% [2][19][12] - The PE valuation percentiles for major indices increased, with the Shenzhen Component Index leading with a rise of 4.61 percentage points, followed closely by the ChiNext Index with an increase of 4.57 percentage points [23][27][32] - The consumer style led the increase in PE valuation percentiles, rising by 1.60 percentage points, while the financial style also saw a notable increase of 1.55 percentage points [35][38][39] Group 2 - The industry PE valuation percentiles showed a mixed trend, with utilities leading the increase at 3.9 percentage points, while the building materials sector experienced a decline of 1.2 percentage points [53][54] - The overall market sentiment indicated a high investment cost-effectiveness in the A-share market, with the current stock-bond yield spread at -0.90%, which is above the average since the beginning of 2025 [13][16] - The financing buy-in amount accounted for 12.45% of the total A-share transaction volume, reflecting an increase of 0.69 percentage points from the previous week [16][19][10]

Group 1 - The report indicates that as of mid-August, the upstream resource industry is experiencing an upward trend in prosperity, while the midstream manufacturing sector shows a mixed performance, with sectors like non-ferrous metals, coal, basic chemicals, and oil and petrochemicals improving continuously [4] - In the downstream consumption sector, there is a divergence in performance; the social services and home appliance industries are on the rise, while the commercial retail sector is declining. In essential consumption, the agriculture, forestry, animal husbandry, fishery, food and beverage, and textile and apparel industries are generally experiencing a downturn [4] - Supportive service industries and the financial sector are overall declining, with the environmental protection industry within supportive services also showing a downturn. However, the banking sector is improving, and the non-bank financial sector is on the rise, while the computer sector within the TMT industry is declining [4] Group 2 - The report tracks excess returns in various industries, including basic chemicals, steel, non-ferrous metals, coal, oil and petrochemicals, and construction materials, providing correlation data with high-frequency indicators [5][10][17][31][36][39][46][77] - The basic chemicals industry shows a strong correlation with various commodity prices, indicating potential investment opportunities based on price movements [6][9][17] - The steel industry is closely linked to production and inventory metrics, suggesting that monitoring these indicators can provide insights into future performance [10][12][14] Group 3 - The report highlights the importance of tracking excess returns in the automotive industry, with indicators such as daily sales and production rates being critical for understanding market dynamics [48][50] - The machinery equipment sector's performance is analyzed through various price indices, indicating a need for investors to pay attention to these metrics for better investment decisions [55][58] - The report also emphasizes the significance of high-frequency indicators in the transportation sector, which can provide insights into overall economic activity and sector performance [60][62] Group 4 - The agricultural sector's excess returns are tracked against food product price indices, indicating a strong relationship between agricultural prices and overall sector performance [96][98] - The report discusses the food and beverage industry's performance in relation to various price indices, suggesting that monitoring these can help identify investment opportunities [98][99] - The pharmaceutical and biotechnology sectors are analyzed with respect to traditional Chinese medicine price indices, highlighting the importance of these metrics in understanding market trends [101][106] Group 5 - The public utilities sector's performance is linked to coal consumption metrics, indicating that energy prices and consumption patterns are critical for assessing sector health [111][114] - The real estate sector's excess returns are correlated with metrics such as transaction volumes and land prices, suggesting that these indicators are vital for understanding market conditions [115][121] - The report also examines the computer industry, focusing on the relationship between excess returns and pricing trends in electronic components, which can inform investment strategies [124][127]

主力资金早间净流入电子、计算机、非银金融等板块，净流出银行、公用事业、医药生物等板块。 具体到个股来看，中科曙光、中芯国际、北方稀土获净流入45.29亿元、32.95亿元、26.01亿元。 净流出方面，翰宇药业、农业银行、平安银行遭抛售3.12亿元、2.87亿元、2.80亿元。 (本文来自第一财经) ...

申万宏源证券指出，继续看好港股是潜在牛市中领涨市场，"牛市氛围"强化后，投资者在港股进行行业 轮动会更加积极，当前已经来到了港股大众消费品的补涨窗口。中期维度，继续看好港股科技、创新药 和新消费龙头。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、蜜雪集团、名创优品等新消费龙头，又包含腾 讯、快手、阿里巴巴、小米等互联网电商龙头，科技+消费属性突出。 8月22日，港股三大指数集体高开，恒指涨0.4%，国指涨0.56%，恒生科技指数涨0.99%。港股新消费概 念走强，名创优品绩后涨超13%，小米集团、古茗、蜜雪集团等个股跟涨。港股消费ETF（513230）早 盘震荡攀升，现涨近1%。 浙商国际指出，对于中短期港股市场走势继续保持谨慎乐观的态度。板块配置方面，我们看好行业相对 景气且受益于政策利好的汽车、新消费、创新药、科技等；业绩股价稳健且受益于政策利好的低估值国 央企红利板块；基本面独立且受益于降息周期的香港本地银行、电信及公用事业红利股。 ...

证券时报·数据宝统计显示，世茂能源所属的公用事业行业，目前整体跌幅为0.11%，行业内，目前股价 上涨的有32只，涨幅居前的有世茂能源、华光环能、芯能科技等，涨幅分别为10.01%、7.81%、 4.40%。股价下跌的有78只，跌幅居前的有云南能投、华银电力、韶能股份等，跌幅分别为3.72%、 2.71%、2.63%。 公司发布的一季报数据显示，一季度公司共实现营业收入7727.25万元，同比下降16.14%，实现净利润 3342.38万元，同比下降3.42%，基本每股收益为0.2100元，加权平均净资产收益率2.52%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 世茂能源股价创出历史新高，截至9:32，该股上涨10.01%，股价报29.55元，成交量108.17万股，成交金 额3196.42万元，换手率0.68%，该股最新A股总市值达47.28亿元，该股A股流通市值47.28亿元。 ...

政策面上，国家刚启动第三批830亿超长期特别国债，重点投向新能源和基建，这对新能源车、智能电网是实打实的利好。央行也在释放流动性，居民储 蓄转移加上两融余额突破2万亿，增量资金入场的趋势没变。不过技术面得提个醒：中证2000指数已经出现三次顶背离，短线调整压力不小，但中长期向 上的趋势还在。 最后聊聊策略。中长线投资者可以关注两类机会：一是政策支持的硬科技，比如新能源车、半导体，回调就是上车机会，尤其是那些有核心技术的龙 头；二是防御性板块，白酒和公用事业既能抗跌又有分红，适合风险偏好低的朋友。短线操作的话，盯着算力大会、央行降息这些催化剂，比如中兴通 讯昨天成交164亿创纪录，带动国产算力板块走强，这种资金扎堆的地方可能有短期机会。 但有一点得警惕：如果鲍威尔今晚释放鹰派信号，全球市场可能又得抖三抖。不过换个角度想，美股连跌五天后，市场已经提前消化了部分风险，反而 给A股留出了独立空间。记住，真正的机会往往藏在别人恐慌的时候，而不是人声鼎沸的顶点。咱们要做的，就是握紧优质筹码，耐心等待市场风格轮 动。 各位朋友早上好！我是帮主郑重。今天全球市场都在等一个人——美联储主席鲍威尔的讲话。但就在刚刚，三位美联储官 ...

Core Insights - The core viewpoint of the news is that Chendian International has shown a mixed performance in its financial results for the first half of 2025, with revenue growth but declining profitability metrics [1][3]. Financial Performance - Chendian International achieved an operating revenue of 1.957 billion yuan in the first half of 2025, representing a year-on-year increase of 1.26% [1]. - The net profit attributable to shareholders was 26 million yuan, reflecting a significant year-on-year growth of 29.55% [1]. Profitability Metrics - The company's net profit margin decreased from 2.49% in the first half of 2024 to 2.29% in 2025, a decline of 0.20 percentage points [3]. - The gross profit margin also fell from 11.38% in the first half of 2024 to 8.18% in 2025, a decrease of 3.20 percentage points [3]. - The return on equity (ROE) for the first half of 2025 was 0.72%, which is an increase of 0.16 percentage points year-on-year [3]. Operational Efficiency - The inventory turnover days were recorded at 6.74 days, a decrease of 0.77 days compared to the first half of 2024, indicating improved operational efficiency [5]. - The net cash flow from operating activities was 465 million yuan, down 0.87% from 552 million yuan in the same period of 2024 [5]. - The debt-to-asset ratio for the first half of 2025 was 71.83%, a decrease of 2.15 percentage points year-on-year, suggesting a reduction in the proportion of total liabilities to total assets [5]. Institutional Holdings - As of the first half of 2025, the number of institutions holding Chendian International's stock decreased to 8, down from 12 in the same period of 2024, indicating a decline in institutional investor confidence [7]. - The company's market capitalization peaked at 7.879 billion yuan on June 15, 2015, and the current market cap stands at 2.809 billion yuan, requiring a 180.54% increase in stock price to reach its historical high [7]. - The utility industry is characterized by stability, suggesting that market capitalization fluctuations are relatively mild [7].

固定收益 | 固定收益专题 转债框架研究 证券研究报告 转债投资机构行为分析手册 我们对不同类投资机构的转债投资策略及偏好进行详细拆解，形成转债投 资机构行为分析手册以供参考，本篇我们聚焦概览与公募基金篇。 转债投资机构与分析方法概览 以 2024 年末数据为例，"私募资管"明显持有更多的电力设备转债，但对 银行、农牧、钢铁、交运、家电等顺周期行业转债持仓更低；"保险"的转 债持仓较为分散，对钢铁、有色、化工、建材等行业的敞口相对较高。"私 募资管"、"QFII"对低评级转债的容忍度更高；"保险"、"证券自营"持仓 中 AAA 评级转债占比较高；"企业年金"、"社保基金"直接持有高评级转 债的规模也并不高（占比约 15%）。"私募资管"持仓转债中 100 元以下占 比超 15%；"保险"、"社保基金"、"QFII"持仓转债则以 110-120 元为主。 风险提示：1）宏观经济增长不及预期；2）正股权益市场波动超预期；3） 转债投资人披露规则及数据统计不完全可能导致偏误。 首先，沪深交易所会逐月披露不同类型投资者投资各类债券情况，而转债 作为交易所固定收益证券中的一种亦会被披露，我们以此来看：公募基金 持有转债 ...

TO OD DE LED STORES of a b 1 F 11 7 08 1 and and the 11 0 佛山已培育出84家境内外上市公司，打造了资本市场"佛山军团"。图为佛山环文华公园创新活力区。南方日报记者 戴嘉信 摄 | 股票代码 | 股票简称 | 营业收入 | 营业收入 同比增长率 | 净利润 | | --- | --- | --- | --- | --- | | 000921.SZ | 海信家电 | 493.40亿元 | 1.44% | 20.77亿元 | | 002911.SZ | 佛燃能源 | 153.38亿元 | 8.59% | 3.10亿元 | | 001322.SZ | 箭牌家居 | 28.37亿元 | -8.12% | 2844.14万元 | | 603348.SH | 文灿股份 | 28.03亿元 | -8.88% | 1311.00万元 | | 002611.SZ | 东方精工 | 21.59亿元 | -0.10% | 3.97亿元 | | 002676.SZ | 顺威股份 | 15.85亿元 | 14.27% | 5656.07万元 | | 002054.SZ | 德美化 ...