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 ...

9月2日，上证指数早盘一度小幅上扬，随后回落走低，午后低位窄幅震荡；深证成指早盘震荡下探，午 后一度回升，随后再度回落；创业板指、科创50指数早盘一度小幅上扬，随后回落下探，午后一度回 升，之后再度回落。截至收盘，上证指数报3858.13点，跌0.45%，成交额12228亿元；深证成指报 12553.84点，跌2.14%，成交额16522.14亿元；创业板指报2872.22点，跌2.85%，成交额8038.44亿元； 科创50指数报1328.28点，跌2.13%，成交额901亿元。沪深两市合计成交28750.14亿元，成交额较上一 交易日增加1251.01亿元。 从行业来看，申万所属的31个一级行业，今日仅有公用事业、综合、纺织服饰3个行业主力资金呈现净 流入，净流入金额分别为2.04亿元、1.89亿元、0.4亿元。28个行业主力资金呈现净流出，其中，电子行 业主力资金净流出最多，净流出金额为247.16亿元；行业主力资金净流出靠前的还有计算机、通信、电 力设备、有色金属、国防军工、非银金融等，净流出金额分别为220.09亿元、178.22亿元、82.2亿元、 74.34亿元、51.66亿元、49.7亿元。 ...

证券时报·数据宝统计显示，近一个月共有63家北交所公司获机构调研，调研机构类型显示，券商共对 62家公司进行调研；基金调研47家；阳光私募调研45家；保险调研33家；海外机构调研8家。 机构调研榜单中，纳科诺尔参与调研的机构合计达114家，最受关注；其次是科隆新材、同惠电子、建 邦科技，参与调研的机构分别有67家、65家、62家。 按申万行业分类，获机构调研的北交所公司分属于17个行业，机械设备、基础化工、电子等行业较为集 中，分别有14家、9家、6家公司上榜。 机构调研次数来看，科隆新材、同力股份、明阳科技等机构调研最为密集，均获机构2次调研。 根据调研日期截止日统计，近一个月（8月3日至9月2日），共有63家北交所公司获机构调研，其中，纳 科诺尔最受关注，参与调研的机构有114家。 近一个月机构调研股一览 | 代码 | 简称 | 机构家数 | 调研次数 | 最新收盘价（元） | 其间涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | 832522 | 纳科诺尔 | 114 | 1 | 62.77 | 7.48 | 电力设备 | | 9 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company achieved double growth in both year-on-year and quarter-on-quarter performance for Q2 2025, with revenue reaching 205.09 billion yuan, a year-on-year increase of 26.73%, and a net profit of 29.68 billion yuan, up 40.15% year-on-year [6]. - The company benefits from a recovering downstream demand and has a clear advantage in multi-platform and customized solutions, with its general automation business revenue growing by 17.11% year-on-year [6][7]. - The renewable energy business continues to grow rapidly, with revenue of approximately 90.00 billion yuan in H1 2025, reflecting a year-on-year increase of about 50.00% [6]. - Strategic business initiatives are progressing quickly, with significant advancements in industrial AI technology and international market growth, particularly in regions like Vietnam and the Middle East [7]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 205.09 billion yuan and a net profit of 29.68 billion yuan, with a gross margin of 30.23% and a net margin of 14.65% [6]. - Q2 2025 revenue was 115.31 billion yuan, showing a year-on-year growth of 18.99% and a quarter-on-quarter growth of 28.44% [6]. Business Segments - The general automation business saw revenue of 88.07 billion yuan in H1 2025, with notable growth in various segments: frequency converters (8.00%), general servo systems (23.33%), and PLC&HMI (30.43%) [6]. - The renewable energy segment's revenue growth is attributed to increased orders from domestic and international clients, with over 30 domestic projects and 5 international projects in progress [6][7]. Strategic Developments - The company has made significant progress in integrating industrial AI technology, launching the iFG platform, and expanding its product offerings in humanoid robotics [7]. - International revenue grew by 39.34% year-on-year, indicating successful penetration into new markets [7].

证券研究报告：机械设备 |公司点评报告 发布时间：2025-09-02 股票投资评级 增持 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -5% 3% 11% 19% 27% 35% 43% 51% 59% 67% 杭叉集团 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.87 | | --- | --- | | 总股本/流通股本（亿股）13.10 | / 13.10 | | 总市值/流通市值（亿元）326 | / 326 | | 52 周内最高/最低价 | 24.87 / 16.67 | | 资产负债率(%) | 33.5% | | 市盈率 | 16.15 | | 第一大股东 | 浙江杭叉控股股份有限 | | 公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 深耕智能制造转型，构建工业互联体系。2025 ...

盘面上，油气开采、林业、减速器、银行等板块涨幅居前，通信设备、元器件、多元金融、芯片等板块跌幅居前。 此外，前期热门股也走低，连续5涨停的德创环保、连续4涨停的建业股份今日盘中均一度由涨停杀至跌停，走出"天地 板"行情，智度股份、济民健康、中油资本、日丰股份等近50股也跌停或跌超10%。 今日， A股深度调整，前期领涨的创业板指一度跌近4%，失守2900点整数关口，深证成指、科创50、中证500等也跌超 2%，上证50则高开高走小幅飘红，北证50午后也出现一波快速反弹翻红。超4100只个股下跌。 Wind实时监测数据显示，银行获得主力资金逾65亿元净流入，汽车获得逾52亿元净流入，公用事业、机械设备均获得 超30亿元净流入，家用电器获得逾20亿元净流入。电子行业遭主力资金大幅净流出逾303亿元，计算机也大幅净流出逾 205亿元，通信净流出逾169亿元。 消息面上，日前，中国人民银行、金融监管总局、国家林草局联合发布《关于金融支持林业高质量发展的通知》，从 深化集体林权制度改革金融服务、强化林业重要战略实施金融保障、加大林业产业高质量发展金融投入、建立金融支 持生态产品价值实现机制、完善政策配套体系及保障机制等 ...

Choice统计显示，9月2日，沪深两市可交易A股中，上涨个股有1063只，下跌个股有3983只，平盘个股 100只。不含当日上市新股，共有53只个股涨停，28只个股跌停。从所属行业来看，涨停个股主要集中 在机械设备、汽车、公用事业等行业。 （文章来源：证券时报网） ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-09-02 股票投资评级 买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -10% -2% 6% 14% 22% 30% 38% 46% 54% 62% 70% 华荣股份 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 20.61 | | --- | --- | | 总股本/流通股本（亿股）3.38 | / 3.34 | | 总市值/流通市值（亿元）70 | / 69 | | 52 周内最高/最低价 | 25.88 / 14.97 | | 资产负债率(%) | 58.7% | | 市盈率 | 15.04 | | 第一大股东 | 胡志荣 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 华荣股份(603855) 业绩保持稳健，外贸增速亮眼 l 事件描述 公司发布 ...

Group 1 - The EU plans to rapidly pass legislation to eliminate all tariffs on U.S. industrial goods, responding to pressure from President Trump, who demands the EU remove tariffs on U.S. products in exchange for lowering auto tariffs to 15% [1][3] - The EU's automotive exports to the U.S. face a 27.5% tariff, with Germany's exports projected to reach €38.4 billion in 2024, highlighting the significant impact on the European automotive industry [3][4] - The EU's decision-making process has been criticized for lacking thorough impact assessments, with the European Parliament's ability to block the agreement remaining uncertain [4][6] Group 2 - The EU's trade negotiations reflect a long-standing structural weakness and dependency on the U.S., with significant capital outflows from Germany and increased reliance on U.S. investments and energy [7][9] - The U.S. has leveraged its influence over the EU through various means, including media and social organizations, creating a network of influence within European decision-making [9] - The EU's internal divisions and the complexity of its multi-party system have allowed for deeper U.S. penetration into its political and economic structures [9]

Group 1 - The EU is rapidly advancing legislation to eliminate all tariffs on U.S. industrial goods and is also preparing to reduce tariffs on certain U.S. seafood and agricultural products, with a focus on meeting a timeline set by Trump [1][3] - The agreement appears to favor the U.S. more than the EU, as the EU acknowledges that the deal is intended to provide "stability" and "predictability," but this stability aligns with the U.S. agenda [1][5] - There is internal backlash within the EU, with 55% of surveyed companies believing the agreement places an excessive burden on Europe, and concerns about the lack of a predictable tariff ceiling [3][5] Group 2 - The U.S. strategy involves leveraging tariffs and export controls to compel the EU to negotiate on digital regulations, which the EU insists are sovereign rights and not subject to trade negotiations [3][7] - The automotive sector is particularly affected, as the U.S. is the largest export market for European cars, with a significant portion of exports at risk due to potential tariff increases [7][8] - The EU's decision to eliminate tariffs on U.S. industrial goods may weaken its negotiating position, as it risks losing leverage in future discussions [7][8] Group 3 - The EU's approach to trade negotiations is characterized by a lack of clear boundaries and tools, which may lead to an escalation of trade tensions rather than resolution [8] - The potential for the U.S. to reinterpret or ignore the terms of the agreement poses a significant risk for the EU, as it may lead to renewed tariff increases [7][8] - The EU's legislative process may face challenges, as there are concerns about the symmetry and legality of the agreement, which could result in delays or rejections by the European Parliament [7][8]