国际油价急跌，WTI原油跌1.81%，报64.402美元/桶；布伦特原油跌1.65%，报67.998美元/桶。消息人 士称，欧佩克+将在周日会议上考虑再次提高石油产量。（智通财经） 机构：二季度拉美智能手机市场出货量同比增长2% Canalys最新数据显示，2025年第二季度，拉美智能手机市场出货量同比小幅增长2%，达到3430万部。 三星出货量达到1100万部，同比提升8%，其中Galaxy A06与A16机型占比超过六成。小米以670万部、 同比增长8%的成绩位居第二，创下历史新高。摩托罗拉排名第三，出货量下滑10%至510万部。荣耀和 传音分别位列第四与第五，但走势分化：荣耀大幅增长70%，出货量创纪录地达到290万部；传音则下 滑23%，出货量达240万部。（智通财经） 国内多家品牌足金首饰价格上破1050元/克 国际金价近日连连攀升，今日上午，现货黄金盘中一度触及3546.92美元/盎司的历史新高。国内多家黄 金珠宝品牌公布的境内足金首饰价格较昨日继续上涨，周大福、六福珠宝、潮宏基等品牌足金首饰价格 报1053元/克。（智通财经） AI加持全面爆单 阿里国际站9月采购节首日交易额飙升33% 国际油价 ...

公告称，收益提升主要是由于合约价值增加。 智通财经APP讯，爱得威建设集团(06189)发布截至2025年6月30日止6个月的中期业绩，该集团取得收益 人民币84万元(单位下同)，同比增加326%;期内亏损1687.1万元，同比增加98.16%;每股亏损0.07元。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.82, based on a 12X PE for 2025 [4]. Core Views - The company achieved significant growth in overseas sales, with a net profit of HKD 7.5 billion in the first half of the year, representing a 93% year-on-year increase. This growth is attributed to the expansion of overseas capacity and recovery in domestic pricing [1][2]. - The report highlights the strong growth potential in Africa, driven by population growth and infrastructure development, which is expected to sustain cement demand [2]. - Domestic performance also showed recovery, with a 29% increase in domestic revenue to HKD 30.7 billion, despite an 8.3% decline in sales volume [3]. Summary by Sections Overseas Sales Performance - The company reported overseas revenue of HKD 23.5 billion, a 77.6% increase year-on-year, with overall overseas cement sales volume rising by 178% to 4.17 million tons. However, the average price and gross margin per ton decreased by 34.2% and 44.5%, respectively [2]. - In Africa, revenue from Ethiopia, Mozambique, and the Democratic Republic of Congo saw significant increases, with Ethiopia's sales volume growing by 363% [2]. Domestic Sales Performance - Domestic revenue reached HKD 30.7 billion, up 29%, driven by price increases, while sales volume fell by 8.3% to 6.65 million tons. The average price per ton increased by HKD 11, and gross margin improved by HKD 26 [3]. - The company is also focusing on capital expenditures, with a 40% increase to HKD 22.95 billion, and plans for ongoing projects in Mozambique and Uganda [3]. Financial Outlook - The company adjusted its net profit forecasts for 2025-2027 to HKD 15.8 billion, HKD 21.3 billion, and HKD 29.0 billion, respectively, due to a decline in overseas gross margins [1]. - The company is expected to gradually reduce debt repayment pressure, aided by cash flow contributions from overseas projects and the sale of assets in Xinjiang [3].

8月A股新开户数265万户 同比增长165% 2025年8月A股新开户265万户，同比环比均有大幅增长。从月度对比来看，2025年1月A股新开户总数为 157万户，2月的284万户实现了近翻倍增长，3月突破了300万户，4月因关税摩擦市场震荡环比下降 37.22%，5月受假期影响进一步回落，6月、7月有所回升，8月环比增长35%。与2024年8月新增100万新 开户相比，2025年8月新开户同比大增165%，远超去年同期开户水平。结合2024年全年开户数据来看， 265万户高于去年的10个月份。（智通财经） 机器人板块大举反攻 分析称与一则传闻有关 9月2日午后，浙江荣泰突然直线封板，与此同时，机器人板块大举反攻。分析人士认为，板块的爆发可 能与一则市场传闻有关。据市场上流传的信息指，某机器人龙头上市公司今天应该与特斯拉举行了会 议，特斯拉对明年的产能给出了非常乐观的指引。该传闻指，特斯拉要求该公司明年一季度做好产能爬 坡的准备，明年三季度单周产能可能达1万台。有机构指，这个指引非常"恐怖"。目前这则传闻尚未被 有关方面证实。（券商中国） 浙江荣泰回应特斯拉与某机器人龙头供应商会议一事：无法确认准确性 9月2 ...

买入评级最高的资本货物股票：通用动力公司(GD.US)、派克汉尼汾公司(PH.US)、联合租赁公司 (URI.US)和赛莱默公司(XYL.US)。 智通财经APP获悉，奥本海默公司的分析师认为，近期动量因子因市场广度扩大而表现不佳，是一 个"看涨的自上而下信号"。 该行技术分析主管阿里·H·沃尔德表示："我们将这次战术性下跌视为自下而上买入高动量股票的机会， 并重申其作为具有吸引力的晚期周期因素的地位。" 为了分析哪些行业正在经历高动量，分析师测量了第一五分位数减去第五五分位数的股票百分比。工 业、金融和科技行业在动量排名中表现出最高的行业得分，而医疗保健、房地产投资信托基金和能源的 排名最低。 此外，沃尔德表示，市场权重评级较低的行业(如下图所示)表明，动量因子在未来几个月应继续表现出 色。 其中，资本货物、航空航天和国防、建筑以及工程和电气设备"以牺牲商业服务为代价，重新确立了其 在我们的动量得分中的地位。" 沃尔德称，在银行业内部，大型银行和经纪商相对于日益恶化的保险公司仍持有优先地位，甚至由于小 盘股的复苏，区域性银行也有所上涨。 买入评级最高的银行股票：美国银行(BAC.US)、花旗集团(C.US) ...

会议指出，建筑业是我省的支柱产业。要科学研判当前形势，坚定行业发展信心，准确把握建筑业 高质量发展的方位方向。要大力推动传统建筑产业向工业化、数字化、绿色化转型升级，加快构建现代 建筑产业体系，全力开辟发展新赛道、塑造发展新动能。要聚焦聚力强企业、促产业、扩市场、优环 境，积极为企业排忧解难，打造"齐鲁建造"升级版。要加强组织领导，坚持系统观念，抓实工程质量、 市场秩序、安全生产等行业监管，强化科技人才支撑，推动全省建筑业做优做强，为经济社会高质量发 展、现代化强省建设提供坚实支撑。（记者 方垒） 9月2日上午，全省建筑业发展工作会议在济南召开，副省长温暖出席会议并讲话。 ...

涨跌 (%) 收盘 指数 1月 名称 (点) 1日 5日 -0.45 8.38 -0.26 上证指数 3828 | 风格指数 (%) | FEE | 近１个月 近６个月 | | | --- | --- | --- | --- | | 大盘指数 | -0.57 | 11.37 | 16 | | 中盘指数 | -2.13 | 13.14 | 17.92 | | 小盘指数 | -2.48 | 9.84 | 16.95 | | 涨幅居前 行业(%) | 바람들 | 近１个月 近６个月 | | | 衣商行II | 2.54 | 0.41 | 14.95 | | 国有大型银行II | 2.11 | 2.82 | 13.82 | | 股份制银行II | 1.95 | -2.3 | 7.84 | | 白色家电 | 1.78 | 2.14 | 2.45 | | 饰品 | 1.66 | 6.96 | 34.32 | | 跌幅居前 行业(%) | MEE | 近１个月 近６个月 | | | 通信设备 | -6.71 | 46.84 | 94.07 | | 其他电源设备Ⅱ | -5.71 | 14.99 | 22.82 | | 元件 ...

证 券 研 究 报 告 科技制造引领，寻找景气成长 ——北交所25年二季报总结 2025.09.02 证券分析师：刘靖 A0230512070005 研究支持： 吕靖华 A0230124070002 主要内容 2 ◼ 北证二季报盈利压力再现。截至25Q2，北证单季营收增速+4.9%、环比-0.4pct，单季归母净利润增速-16.6%、环比 -8.8pct，ROEttm达+6.0%、环比-0.1pct；拆分ROE来看，25Q2，北证资产周转率TTM达62.6%、环比+0.5pct， 北证销售净利率TTM达5.5%、环比-0.2pct。其中，盈利压力主要源于两方面，1）Q2海外扰动影响显现，我国对美 出口增速大幅下滑，25Q2，北证出口50%以上企业单季扣非净利润增速转负、达-4.4%，环比-21.0pct。2）供给压 力、北证固定资产增速达历史高位，25Q2，北证固定资产增速达+30.2%、环比+2.0pct，处于历史高位，对北证盈 利能力形成压力，25Q2北证毛利率TTM达22.4%、环比-0.3pct，下滑幅度高于其他板块。展望后续，固定资产增速 的拐点有望在下半年出现，关注北证供给优化后的盈利弹性，截至2 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - The main contract price of rebar oscillated, recording a daily decline of 0.16%. With both supply and demand increasing, the fundamentals of rebar have not improved, industrial contradictions have accumulated, inventory has continued to increase, and steel prices are under pressure. It is expected to continue the weak bottom - seeking trend, and attention should be paid to demand performance [4]. - The main contract price of hot - rolled coil oscillated weakly, recording a daily decline of 0.36%. The demand for hot - rolled coil has some resilience, but the fundamentals have not substantially improved, and the market sentiment is poor. It is expected to continue the oscillating and weakening trend, and attention should be paid to steel mill production [4]. - The main contract price of iron ore oscillated, recording a daily increase of 0.06%. The demand for iron ore has weakened, while the supply has increased steadily. The fundamentals of iron ore have weakened, and the valuation is relatively high. It is expected that the ore price will be under pressure and oscillate weakly, and attention should be paid to steel performance [4]. Group 3: Summary by Related Catalogs 1. Industry Dynamics - As of the end of August, the total amount of proposed use of special bonds to acquire idle stock land in 26 provinces and cities exceeded 610 billion yuan, and the actual issuance of special bonds was about 175.2 billion yuan. The bond - issuing progress accelerated in the third quarter [6]. - In the first half of 2025, nine major construction central enterprises all achieved profitability. The total revenue was 3,331.929 billion yuan, a year - on - year decrease of 4.39%; the total net profit was 77.727 billion yuan, a year - on - year decrease of 7.52% [7]. - In August 2025, 14 steel projects started or were put into production, including projects of Jinding Steel and Anhui Liugang starting, and projects of Quzhou Yuanli Metal, Hongyi New Materials, and Zhongnan Co., Ltd. being put into production [8]. 2. Spot Market - The spot prices of rebar, hot - rolled coil, and other products are presented, along with their price changes. For example, the national average price of rebar (HRB400E, 20mm) was 3,290 yuan, a decrease of 7 yuan; the national average price of hot - rolled coil (Shanghai, 4.75mm) was 3,424 yuan, a decrease of 5 yuan [9]. 3. Futures Market - The closing prices, price changes, trading volumes, and open interests of the main contracts of rebar, hot - rolled coil, and iron ore futures are provided. For example, the closing price of rebar futures was 3,117 yuan, a decrease of 0.16% [11]. 4. Related Charts - Include charts of steel inventory (rebar and hot - rolled coil inventory), iron ore inventory (national 45 - port iron ore inventory, 247 - steel mill iron ore inventory), and steel mill production (247 - sample steel mill blast furnace start - up rate and capacity utilization rate, etc.) [13][18][26]. 5. Market Outlook - Rebar: Supply has increased to a high level this year, and demand has improved slightly but remains at a low level in recent years. The fundamentals have not improved, inventory has increased, and steel prices are under pressure. It is expected to continue the weak bottom - seeking trend [34]. - Hot - rolled coil: Supply has slightly shrunk, and demand is weakly stable. There is some demand resilience, but the fundamentals have not substantially improved. It is expected to continue the oscillating and weakening trend [34]. - Iron ore: Demand has weakened, and supply has increased steadily. The fundamentals have weakened, and the valuation is relatively high. It is expected that the ore price will be under pressure and oscillate weakly [35].

Group 1 - The core viewpoint of the article indicates that the Hong Kong stock market, particularly the dividend sector, experienced a decline last week, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index falling by 1.72% and the Hang Seng Index down by 1.00% [1] - The materials sector led the performance among Hang Seng's primary industries, while the healthcare sector lagged behind [1] - Foreign capital continued to flow into the Hong Kong stock market, with a net inflow of 22.2 billion HKD from southbound funds last week, despite a slight outflow of 0.03 million USD from active foreign investments [1][2] Group 2 - The outlook for the Hong Kong stock market suggests a potential easing of liquidity, as the Hong Kong Monetary Authority may not need to continue withdrawing funds due to the appreciation of the HKD against the USD [2] - The anticipated interest rate cuts by the Federal Reserve in September could lead to a flow of US funds into emerging markets, benefiting the Hong Kong stock market [2] - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index stands at 5.98%, significantly higher than the 4.46% yield of the CSI Dividend Index, with a price-to-book ratio of 0.60 and a price-to-earnings ratio of 6.79 [2] Group 3 - The overall performance of the Hong Kong stock market last week showed a mixed trend, with the broad-based indices reflecting varied sector performances [4] - The recent adjustments in liquidity are viewed as short-term impacts, with the Hong Kong Interbank Offered Rate (Hibor) rising sharply from 0.9% to 3.3% [1][2] - The strong dividend strategy of central state-owned enterprises is expected to continue, supported by a low interest rate environment and a weak economic recovery [2]