新能源汽车行业周报 西南证券认为当前新一轮新车周期已开启，市场需求有望在供给优化和政策刺激的背景下得到释 放，乘联会预计2025年乘用车零售2435万辆，同比+6%。 此外，财政部等部门印发《个人消费贷款财政贴息政策实施方案》，家用汽车领域被明确纳入贴 息范围，贴息比例为1个百分点，通过降低购车成本将有效提升消费者的消费能力，进而促进汽车销 量的增长。 机器人方面，本次世界机器人运动会特设场景赛，聚焦实际应用，设置工厂、仓储、医院、酒店 四大场景，充分体现机器人未来发展重点方向。 据上海有色网，本周锂盐厂散单惜售情绪浓烈，报价持续抬升；叠加多数上游企业兼具碳酸锂产 能，遂倾向将氢氢氧化锂报价与碳酸锂期现价格挂钩，进一步推高了报价中枢。 需求端，部分三元材料厂因客供减量，在订单饱满的背景下，转向现货市场补库。为保证生产连 续性，已出现以高价接货的情况，对氢氧化锂价格形成有力支撑。综合来看，当前供需格局偏紧，预 计短期内电氢价格下行空间有限，仍将维持高位震荡。 01. 机构观点 建议关注： ①乘用车：建议关注差异化竞争、加速推进智能化并加速出海的优质龙头车企； ②智能汽车：前期布局智能化领域，具备市场、技术优势的 ...

以下文章来源于昕锐消费笔谈 ，作者孟昕赵梦菲金桐羽 昕锐消费笔谈 . 以新锐视角分享和传递家电、轻工及智能制造等新消费的研究心得 文章转自2025年07月31日太平洋家电轻工团队报告，分析师： 孟昕 、赵梦菲、 金桐羽 投资要点 行业分析：内销政策利好叠加外销复苏，两轮车行业发展前景广阔。 1）内销： 新强标政策出台加速低质低价产品出清，叠加2025年以旧换新政策延续促进更新 需求，两轮车行业规模和集中度均有望进一步提升，2025年中国两轮电动车销量有望达5200万台。 2）外销： 东南亚多国推出"油改电"补贴，越南河内"禁摩"有 望进一步助推电动两轮车东南亚市场的增长，或将为两轮车出口带来新增量。 公司分析：产品端深耕两轮并拓展三轮业务，渠道生产端不断突破 。 1）产品端： 公司两轮车业务已实现电动自行车、电动摩托车品类全价格段覆盖，智能化方 面局车产品实现规模高速扩张，同时规模效应也或将帮助盈利能力提升。 女积性极客完群善，多共端同协助同推生收态入体规系模，和高产端品化结方构面的旗不舰断新提品升Q7；和公A7plus 司电动助三力轮公车司业两务轮在车行业业务竞价争格格天局花较板为上分探散至的5000背景元 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 爱玛科技(603529) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 爱玛科技：二季度销售稳健增长，产品结构持 续优化 [Table_ReportDate] 2025 年 08 月 24 日 [Table_S 事件：爱玛科技 ummary]发布 2025 年半年度报告。2025H1 公司实现收入 130.31 亿元（同比+23.0%），归母净利润 ...

公司点评 盈利能力持续向上 ——爱玛科技 25Q2 业绩点评 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-08-23 | | [Table_BaseData] 收盘价（元） | 37.94 | 爱玛科技（ [Table_StockNameRptType] 603529） | 近 12 个月最高/最低（元） | 47.44/27.76 | | --- | --- | | 总股本（百万股） | 869 | | 流通股本（百万股） | 847 | | 流通股比例（%） | 97.51 | | 总市值（亿元） | 330 | | 流通市值（亿元） | 322 | [公司价格与沪深 Table_Chart] 300 走势比较 -15% 8% 31% 54% 77% 8/24 11/24 2/25 5/25 爱玛科技 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@ha ...

昨夜（8月22日），多家A股公司在发布半年报的同时，拟向全体股东送出中期"大红包"。 其中，中国中车、恒力石化、长安汽车等多家头部企业首次宣告中期分红，最高分红金额超30亿元。 超60家公司拟中期分红 Choice数据显示，8月22日晚间，共有61家A股公司公布了2025年中期利润分配预案。 2023年中期和2024年中期，爱玛科技分别向全体股东派发现金红利3.00亿元、2.86亿元。 一向以"慷慨分红"著称的养元饮品，拟在2025年中期再次向投资者派发丰厚的现金"红包"。预案显示， 公司拟向全体股东每10股派发现金红利5.00元（含税），合计派发现金红利6.30亿元，约占2025年上半 年归母净利润的84.71%。 据统计，自2017年上市以来，养元饮品已累计实施分红8次，分红总金额约158亿元。 值得一提的是，此次中期分红也是养元饮品上市以来首次进行中期分红，打破了以往仅在年度进行分红 的惯例。 多家头部企业首次宣告中期分红 除了养元饮品，记者统计发现，还有多家头部企业在8月22日晚首次宣告了中期分红。 其中，中国中车拟向全体股东每10股派发现金红利1.1元（含税），合计拟派发现金红利31.57亿元，约 ...

Report's Investment Rating for the Industry - No information provided Core Viewpoints of the Report - Two-wheeled vehicles have become an important part of urban transportation with broad market prospects [1] - Electric two-wheelers are changing China's urban transportation structure and are crucial for the "dual carbon" strategy [1] - Motorcycles are widely used in daily life and various functional scenarios and are accelerating their overseas expansion [4] Summary by Related Catalogs Electric Two-wheelers - Electric two-wheelers are a new generation of urban short-distance travel tools, breaking the boundary of basic means of transportation and connecting various aspects of urban life [1] - In 2024, the sales volume of electric two-wheelers in China reached 50 million, and urban residents' dependence on them continues to increase [1] - Electric two-wheelers are a key part of the urban green transportation system, helping to alleviate traffic congestion and reduce carbon emissions [1] Motorcycles - Motorcycles are popular for daily travel and play important roles in multiple functional scenarios, being recognized by the government and the public [4] - In 2024, the production and sales of fuel motorcycles in the whole industry were 16.5645 million and 16.4562 million respectively, with year-on-year growth of 13.86% and 12.99% [4] - In 2024, the export volume of motorcycle complete vehicles increased to 11.0163 million, with a year-on-year growth of 26.72% [4]

Group 1: High-end Manufacturing - The report highlights that cycloidal reducers possess advantages such as high torque, impact resistance, and precision, making them a promising new solution for humanoid robot joint transmission [1] - Companies with relevant technology reserves or existing products in cycloidal reducers, such as Zhongdali De, Haoneng Co., Shuanghuan Transmission, Keda Li, and Hechuan Technology, are recommended for attention [1] Group 2: Overseas TMT - The report identifies Geekplus as the leading global AMR warehouse robot manufacturer, emphasizing its comprehensive platform technology and global service network as competitive advantages [2] - The company offers a range of AMR solutions, including shelf-to-person and pallet-to-person picking, and has served over 800 clients across more than 40 countries, with a key customer repurchase rate of 84.3% [2] - Financially, the company is expected to see a decrease in expense ratios and the release of scale effects from 2022 to 2024, indicating a potential profitability turning point [2] Group 3: Petrochemical - China Petroleum Engineering has won a total contract project in Iraq worth $2.524 billion, marking a significant breakthrough in overseas market expansion [3] - The projected net profits for the company from 2025 to 2027 are estimated at 738 million, 825 million, and 929 million yuan respectively, maintaining an "accumulate" rating [3] - Sinopec Oilfield Services has secured a total contract project worth 3.597 billion yuan from the National Oil and Gas Pipeline Group, indicating a major breakthrough in the domestic market [4] - The expected net profits for Sinopec from 2025 to 2027 are projected at 810 million, 1 billion, and 1.228 billion yuan respectively, with an "accumulate" rating for both A and H shares [4] Group 4: Internet Media - Kuaishou is expected to benefit from improvements in advertising business due to optimized deployment and enhanced AI capabilities, leading to a stable upward performance [6] - The adjusted net profit forecasts for Kuaishou from 2025 to 2027 are 20.15 billion, 24.19 billion, and 27.76 billion yuan respectively, with an increased target price of 84.3 HKD and a "buy" rating [6] Group 5: Home Appliances - Ninebot Company is focusing on short-distance transportation and robotics, with strong growth momentum in two-wheeled vehicles and lawnmowers [7] - The net profit forecasts for Ninebot from 2025 to 2027 have been raised to 2 billion, 2.7 billion, and 3.5 billion yuan respectively, with a current PE ratio of 21, 16, and 12 times, maintaining an "accumulate" rating [7]

Group 1: Consumer Strategy and Investment Recommendations - The investment opportunities in consumer sectors are divided into new consumption and dividend+consumption dimensions. New consumption saw strong excess returns in Q2 2025, but in July, market focus shifted due to high expectations and emerging sectors like PCB and innovative drugs, leading to a significant decline in stock prices [2][8] - The next systematic allocation for both new consumption and dividend+consumption is expected around late August during the intensive disclosure period of mid-year reports, with the outcome of US-China tariffs on August 12 indicating the next consumption allocation direction [2][8] Group 2: Light Industry Manufacturing - New tobacco products are showing a steady upward trend, with HNB products reaching 5 billion units in H1 2025, a 29.5% year-on-year increase. BAT's HNB revenue is expected to accelerate in the second half of the year [16] - The home furnishing sector is stabilizing at the bottom, with weak domestic sales but potential growth for resilient soft furniture companies [17] - The paper industry is also stabilizing, with inventory trends indicating a gradual decrease, although prices remain flat due to weak downstream demand [17] Group 3: Textile and Apparel - The apparel sector is experiencing mixed results, with a 1.9% year-on-year increase in retail sales in June, influenced by various factors. Focus is recommended on unique alpha companies and those with significant advantages in sub-sectors [20] - The export sector is recovering, aided by reduced tariffs from the US, although uncertainties remain in US-China tariff negotiations [20] Group 4: Beauty and Personal Care - The beauty sector is facing a decline in retail sales, with a 2.3% year-on-year drop in June. Recommendations include focusing on leading companies with stable mid-year performance and those with significant rebound potential [21] Group 5: Home Appliances - The home appliance sector is seeing a slight decrease in production, with a total of 26.97 million units produced in August, down 4.9% year-on-year. Notably, the global TV shipment volume decreased by 1.5% in the first half of the year, with domestic brands showing growth [22][23] Group 6: Retail and E-commerce - The retail sector is under slight pressure, with supermarkets and department stores facing challenges, while e-commerce is stabilizing at the bottom. Yonghui's recent fundraising plan aims to reduce debt and improve operational efficiency [24] Group 7: Social Services - The tea beverage sector remains high in demand, benefiting from delivery subsidies, while the restaurant industry is stabilizing. The tourism sector maintains high demand, and the education sector shows resilience [25]

Group 1 - The core viewpoint of the article is that Aima Technology (603529.SH) is rated as a buy due to favorable industry conditions and company performance [2] Group 2 - Industry analysis indicates that domestic sales policies and the recovery of exports create a promising outlook for the two-wheeler industry [2] - Company analysis highlights Aima's focus on deepening its two-wheeler product line while expanding into three-wheeler business, along with continuous breakthroughs in production and distribution channels [2]

Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].