2025 年 9 月 4 日 2025H1，中信交运行业上市公司共实现营业总收入 17329 亿元，同比增长 1.28%， 实现归母净利润 950 亿元，同比增长 2.39%。25H1 需求扰动影响运价，看好下半年 油运景气回升。25H1 快递单票收入持续下滑，"反内卷"有望使价格战得到缓解。 风险分析：地缘政治风险、交运需求修复不及预期、行业竞争加剧风险。 公司研究 【石化】控股股东划转股份给中国移动集团，有望受益于数智化转型合作——中国石 油（601857.SH 0857.HK）公告点评(A 股：买入；H 股：买入) 公司发布《关于国有股份划转的提示性公告》，控股股东中国石油集团拟通过国有股 份划转方式将其持有的公司 5.4 亿股 A 股股份（占公司总股本的 0.30%）划转给中国 移动集团。预计公司 25-27 年归母净利润分别为 1661/1712/1757 亿元，维持 A 股和 H 股的"买入"评级。风险提示：原油价格下行风险，成品油和化工品景气度下行风 险。 晨会速递 分析师点评 市场数据 行业研究 【交运】25H1 交运行业盈利修复，关注"反内卷"提振快递行业景气度——交通运 输仓储行业半年报总 ...

Economic News - The Ministry of Industry and Information Technology held a meeting on August 19 to discuss the photovoltaic industry, emphasizing the importance of regulating competition and promoting sustainable development [1] - The European Union plans to prepare a new round of sanctions against Russia by September, aiming to support Ukraine [1] - Shanghai's government released an implementation plan to accelerate the development of "AI + manufacturing," targeting the integration of AI technology into the manufacturing sector [1] - The People's Bank of China announced the latest Loan Prime Rate (LPR) on August 20, with the 5-year LPR remaining at 3.5% and the 1-year LPR at 3% [1] - The 24th meeting of special representatives on the China-India border issue was held in New Delhi, resulting in a 10-point consensus [1] - Hainan released a new management method for high-demand talent enjoying personal income tax preferential policies, optimizing the previous version [1] Company Insights - Apple has entered large-scale production of the iPhone 17, with Foxconn ramping up hiring at its Zhengzhou factory [6] - DeepSeek upgraded its online model to version 3.1, expanding context length to 128k [6] - NIO announced a price reduction of 20,000 yuan for its 100 kWh battery pack, effective August 19, which will lower the price of vehicles equipped with this battery [6] Market Analysis - The report indicates a gradual strengthening of a slow bull market, with the market breaking through the 3400-point level and showing increased trading activity [9] - The report suggests that the market is expected to target the 4000-point level, with a transition from a virtual to a real economy, providing a foundation for the slow bull market [10] - The focus for investment should be on large technology sectors, particularly in AI, robotics, and innovative pharmaceuticals, as these areas are expected to drive future growth [11] Company Performance - Daya Co. reported a 4.19% decrease in revenue for the first half of 2025, but achieved a net profit of 0.42 billion yuan, compared to a loss in the previous year [21] - The company’s gross profit increased by 30% in the first half of 2025, with a gross margin rising to 7.74% [22] - The company is investing approximately 1.485 billion yuan in a production base in Morocco, which is expected to enhance its international competitiveness and reduce shipping costs [24] - The company plans to achieve an integrated energy supply model by 2026, combining solar, wind, and biomass energy [25] Industry Trends - The lithium battery equipment industry is expected to see significant growth, driven by the demand for electric vehicles and energy storage solutions [34] - The report highlights the advantages of dry electrode technology over traditional wet methods, predicting a shift towards this technology in the future [38] - The overall market for solid-state battery equipment is projected to grow significantly, with a compound annual growth rate of 70% from 2024 to 2029 [37]