资料显示，西安陕鼓动力股份有限公司位于陕西省西安市高新区沣惠南路8号，成立日期1999年6月30 日，上市日期2010年4月28日，公司主营业务涉及透平压缩机组、工业流程能量回收装置和透平鼓风机 组等各种透平机械及系统的开发、制造、成套销售和服务。主营业务收入构成为：能量转换设备 46.04%，能源基础设施运营45.34%，工业服务8.42%，其他0.14%，销售材料0.04%，租赁业务0.01%。 截至6月30日，陕鼓动力股东户数3.01万，较上期减少0.43%；人均流通股56738股，较上期增加1.29%。 2025年1月-6月，陕鼓动力实现营业收入48.69亿元，同比减少2.70%；归母净利润4.14亿元，同比减少 9.75%。 8月29日，陕鼓动力跌0.71%，成交额1.23亿元。两融数据显示，当日陕鼓动力获融资买入额1327.04万 元，融资偿还1948.49万元，融资净买入-621.45万元。截至8月29日，陕鼓动力融资融券余额合计3.15亿 元。 融资方面，陕鼓动力当日融资买入1327.04万元。当前融资余额3.14亿元，占流通市值的2.18%，融资余 额超过近一年90%分位水平，处于高位。 融 ...

企业加大预防性"备采"力度 证券研究报告 宏观点评 / 2025.09.01 分析师 张伟 SAC 证书编号：S0160525060002 zhangwei04@ctsec.com 联系人 连桐杉 liants@ctsec.com 相关报告 1. 《特朗普降息再施压——全球经济观察 第 10 期》 2025-08-30 2. 《以价换量结束了吗？》 2025-08-27 3. 《 美 国 就 业， 到 底是 好还 是 坏 ？ 》 2025-08-25 ❖ "备采"来源于"反内卷"涨价预期而非经济基本面大幅改善： 从历史经验来看，2024 年下半年经济上行，GDP 读数从三季度的 4.6%上升 至四季度的 5.4%，同期 BCI 企业投资前瞻指数自 53.0 点上升至 54.9 点，同 期企业采购量（PMI）自 50.6%上升至 51.0%，规上工业企业利润滞后一个 月同比上升，由此可以看出，经济基本面修复情境下的企业采购量（PMI）短 期回升，常伴随 BCI 企业投资前瞻指数的同期回升和工业企业利润滞后回升。 而 2025 年二季度 GDP 同比 5.2%，仍然处于下行区间，一是考虑到经济的 惯性和年度目标， ...

记者丨冉黎黎 编辑丨王峰 8月31日，国家统计局发布2025年8月中国采购经理指数运行情况，其中显示，8月份，制造业 采购经理指数（PMI）为49.4%，比上月上升0.1个百分点。 制造业PMI指数（经季节调整） 国家统计局/图 国家统计局服务业调查中心高级统计师赵庆河解读称，8月份，制造业PMI升至49.4%，景气 水平较上月有所改善。其中，产需指数均有回升。生产指数为50.8%，比上月上升0.3个百分 点，连续4个月位于临界点以上，制造业生产扩张加快；新订单指数为49.5%，比上月上升0.1 个百分点。 产需指数均有回升 8月份，制造业采购经理指数（PMI）为49.4%，比上月上升0.1个百分点，制造业景气水平有 所改善。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数均高于 临界点，新订单指数、原材料库存指数和从业人员指数低于临界点。 其中，产需指数均有回升。生产指数为50.8%，比上月上升0.3个百分点，表明制造业生产扩 张加快。新订单指数为49.5%，比上月上升0.1个百分点，表明制造业市场需求景气水平略有 改善。 中国民生银行首席经济学家温彬对21世纪经济报道记者表 ...

Core Viewpoint - The recovery of the PMI manufacturing index in August, along with improvements in production, new orders, and prices, indicates the initial effects of policies aimed at expanding domestic demand and countering excessive competition. The stock market's recovery is boosting economic confidence, which may lead to a rebound in consumer spending. Future policies to expand domestic demand are expected to strengthen the positive economic trend, especially in the service consumption sector as the impact of durable goods policies diminishes [1][7]. Group 1: Economic Resilience - The production index in August rose to 50.8%, while the new orders index was at 49.5%, indicating a strong resilience in the economy despite a widening supply-demand gap of 1.3 percentage points [2]. - The increase in production is attributed to stable domestic demand and a recovering stock market, alongside exporters rushing to ship goods due to new tax regulations [2]. Group 2: Price Index Trends - The PMI output price index and raw material purchase price index increased by 0.8 percentage points and 1.8 percentage points to 49.1% and 53.3%, respectively, marking three consecutive months of price increases [3]. - The rise in prices is linked to the initial success of measures to curb excessive competition, with 11 out of 16 industries showing price increases [3]. Group 3: Inventory and Procurement Dynamics - The finished goods inventory index fell by 0.6 percentage points to 46.8%, while raw material inventory and procurement levels rose, indicating a shift towards passive inventory reduction [4]. - Companies are adjusting procurement levels in response to new orders, maintaining low inventory levels as demand and exports increase [4]. Group 4: Performance of Enterprises - Large enterprises saw a significant increase in their index to 50.8%, while small enterprises slightly rose to 46.6%, and medium enterprises fell to 48.9% [5]. - The service sector, particularly transportation and entertainment, benefited from summer consumption, with business activity indices for rail and air transport exceeding 55% [6]. Group 5: Future Outlook - The PMI manufacturing index remains in contraction for five consecutive months, highlighting ongoing economic pressures, particularly for small and medium enterprises [7]. - Continued policy support is necessary to sustain economic recovery, especially in demand, with upcoming measures to stimulate service consumption and digital economy initiatives [7].

国家统计局 8 月 31 日发布数据：2025 年 8 月份，制造业采购经理指数（PMI）为 49.4%，比上月上升 0.1 个百分点，制造业景气水平有所改善。建筑业商务活动指 数为 49.1%（前值 50.6%）；服务业商务活动指数为 50.5%（前值 50.0%）。 一、 供需双涨展现经济韧性。8 月生产指数 50.8%（前值 50.5%）。新订单指数 49.5%（前值 49.4%），新出口订单 47.2%（前值 47.1%）。供需两端共同上升， 体现经济仍然保持较强韧性。不过供需缺口拉大到 1.3pct，生产还是大于需求。8 月生产指数在反内卷和生产淡季的情况下超预期上行或来自两个方面，一方面，内 需的稳定和股市上行为经济带来信心修复。另一方面，出口商"抢出货"也进一步 拉高了生产强度。7 月 7 日国家税务总局发布了一篇关于优化企业所得税预缴纳税 申报有关事项的公告，从 10 月 1 日开始，代理出口货物的企业在预缴申报时，必 须同步报送实际委托出口方的基础信息和出口金额情况，出口政策进一步规范化， 打击"买单出口"（没有出口资质的企业用别人的出口身份发货），因此出口商或 存在"抢出货"的行为。高频数 ...

公司董事会及监事会审议通过《2025年半年度报告》及其摘要、《2025年半年度募集资金存放与使用情 况的专项报告》及《关于开展外汇衍生品交易业务的议案》。公司拟使用自有资金开展总额不超过2000 万美元的外汇衍生品交易，期限12个月，额度可循环使用，旨在规避汇率波动风险。 业绩披露要点 明志科技2025年中报显示，主营收入2.52亿元，同比下降14.76%；归母净利润4360.7万元，同比上升 2.2%；扣非净利润2600.54万元，同比上升25.63%。第二季度单季度收入1.35亿元，同比下降22.32%； 单季度归母净利润3040.45万元，同比上升16.0%；单季度扣非净利润1661.52万元，同比下降9.76%。毛 利率31.16%，负债率16.04%，财务费用-1919.57万元，研发投入占营收比例13.05%。 公司公告汇总 截至2025年8月29日收盘，明志科技（688355）报收于18.9元，较上周的20.18元下跌6.34%。本周，明 志科技8月26日盘中最高价报20.73元。8月28日盘中最低价报18.4元。明志科技当前最新总市值23.43亿 元，在通用设备板块市值排名200/216，在两 ...

Summary of Key Points Core Viewpoint - In August, China's manufacturing sector showed slight improvement in economic sentiment, while non-manufacturing activities accelerated expansion, indicating a general trend of economic growth [1][2]. Manufacturing Sector - The Manufacturing Purchasing Managers' Index (PMI) rose to 49.4%, an increase of 0.1 percentage points from the previous month, indicating a slight improvement in manufacturing sentiment [3][5]. - The production index and new orders index both showed recovery, with the production index at 50.8%, up 0.3 percentage points, suggesting accelerated manufacturing production [5][7]. - The new orders index improved to 49.5%, reflecting a slight enhancement in market demand [5][6]. - Large enterprises reported a PMI of 50.8%, while medium and small enterprises had PMIs of 48.9% and 46.6%, respectively, indicating varying levels of economic activity across different enterprise sizes [5]. Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index increased to 50.3%, up 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [1][18]. - The service sector's business activity index reached 50.5%, marking a year-to-date high, with significant growth in sectors like capital market services and transportation [2][13]. - The construction sector's business activity index fell to 49.1%, indicating a decline in activity [13][16]. Price Indices - The main raw material purchase price index rose to 53.3%, and the factory price index increased to 49.1%, both showing a continuous upward trend for three months [1][2]. - The input price index for non-manufacturing remained stable at 50.3%, indicating a general increase in operational costs [16]. Future Expectations - The production and business activity expectation index for manufacturing was reported at 53.7%, suggesting increased confidence among manufacturers regarding future market conditions [2][17]. - The business activity expectation index for non-manufacturing reached 56.2%, indicating optimism about market prospects [17][18].

证券研究报告 | 公司点评 | 通用设备 耐普矿机(300818) 报告日期：2025 年 08 月 31 日 短期业绩承压，长期增长可期 ——耐普矿机点评报告 事件：公司发布 2025 年中报 ❑ 25H1 公司营收、归母净利同比下滑，短期业绩承压 ❑ 投资建议：选矿设备民企龙头，受益海外需求和品类拓展 预计 2025-2027 年公司实现营业收入 9.8、12.8、15.8 亿元，同比增长-12%、 30%、24%，2024-2027 年 CAGR 为 12%；实现归母净利润 0.9、1.3、1.9 亿元， 同比增长-26%、48%、48%，2024-2027 年 CAGR 为 17%；对应 PE52、35、 24X，维持"买入"评级。 ❑ 风险提示 1）2025H1 公司实现营收 4.1 亿元，同比-34%；归母净利润 1699 万元，同比- 80%，业绩下滑主因去年同期含 EPC 总包业务。 2）分业务看，橡胶耐磨制品、矿用金属备件、选矿设备及备件、矿用管道，工 业设备耐磨衬里收入分别为 2.9 亿元、5805 万元、4315 万元、1526 万元，同比 分别-3%、-3%、-9%、+5%； ❑ 公司 ...

股本股东变化 截至2025年6月30日，咸亨国际股东户数为1.35万户，较3月31日减少724户，减幅5.09%。户均持股数量 由上期的2.89万股增至3.04万股，户均持股市值为46.83万元。 截至2025年8月29日收盘，咸亨国际（605056）报收于14.36元，较上周的15.03元下跌4.46%。本周，咸 亨国际8月27日盘中最高价报15.68元。8月28日盘中最低价报14.28元。咸亨国际当前最新总市值58.93亿 元，在通用设备板块市值排名91/216，在两市A股市值排名2891/5152。 本周关注点 公司拟聘任致同会计师事务所为2025年度财务报表及内部控制审计机构，原聘任机构天健会计师事务所 聘期已满。致同2024年度业务收入26.14亿元，证券业务收入4.82亿元，项目合伙人钱斌，审计费用拟定 为102万元（含税）。 公司将于2025年9月10日召开第四次临时股东大会，审议《关于变更会计师事务所的议案》，股权登记 日为2025年9月3日。 公司拟使用不超过7000万元闲置募集资金临时补充流动资金，资金将用于主营业务相关的生产经营活 动，不影响募投项目正常实施，不改变募集资金用途。截至20 ...

Core Viewpoint - The manufacturing and non-manufacturing sectors in China showed signs of improvement in August, with key indices indicating a continued expansion in economic activity [1][2][7]. Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for August was reported at 49.4%, reflecting a 0.1 percentage point increase from July, indicating a slight improvement in manufacturing sentiment [2][4]. - The production index reached 50.8%, up 0.3 percentage points from July, marking the fourth consecutive month above the critical point, suggesting accelerated production expansion [4]. - The new orders index was at 49.5%, with a 0.1 percentage point increase from the previous month, indicating a modest rise in demand [4]. - The price indices for major raw materials and factory output were 53.3% and 49.1%, respectively, both showing increases, which suggests an overall improvement in market price levels [4]. - Large enterprises reported a PMI of 50.8%, up 0.5 percentage points from July, indicating a sustained expansion, while small enterprises saw a PMI of 46.6%, reflecting a slight improvement [4]. - The production and business activity expectations index was at 53.7%, up 1.1 percentage points from July, indicating increased confidence among manufacturers regarding future market conditions [4]. Non-Manufacturing Sector - The non-manufacturing business activity index for August was 50.3%, a 0.2 percentage point increase from July, indicating continued expansion in the sector [7][9]. - The service sector's business activity index reached 50.5%, up 0.5 percentage points from July, marking the highest level for the year, with certain industries like capital market services showing particularly strong growth [9]. - The construction sector's business activity index fell to 49.1%, down 1.5 percentage points from July, attributed to adverse weather conditions affecting production [9]. - The business activity expectations index for the service sector was 57%, reflecting a 0.4 percentage point increase from July, indicating optimism among service providers regarding market prospects [9][10].