在经济经历了7月的放缓后，8月股市的高涨能否通过预期的改善向实体经济传导？我们认为最直接的映射是服务业PMI和服务业生产指数的反 弹，经济下行的压力也将有所缓解。 然而，随着"两新"政策拉动效应渐趋退坡，外部需求放缓与"反内卷"调整持续施压，经济结构性分化依然明显。8月股市的"升温"若要打破经济 的"降温"，仍要等待再通胀的进一步信号。 8月资本市场的"盛夏"热度，将对服务业指标形成有效拉动。从统计构成上来看，服务业PMI、服务业生产指数均锚定《国民经济行业分类》的服 务业行业门类增加值进行核算，其中金融业占有较高权重。 历史趋势表明，上证指数与服务业PMI、服务业生产指数常常"同频共振"，尤其是股指强势上扬之际。因此我们预计，此番A股创十年新高，8月 服务业PMI、服务业生产指数也将"水涨船高"。 投资者信心已呈现企稳迹象，而消费者信心的回归略显滞后。尽管第三批国补资金已于7月底"驰援"到位，但政策拉动逐步进入平台期，加之补贴 规范优化调整，8月汽车和家电销售额增速均出现进一步下降。我们预计在"两新"政策提振效应有所"褪色"的背景下，8月社零增速可能稳中趋 缓，整体消费市场进入结构性优化的新阶段。 与此同时 ...

以下文章来源于出海潜望 ，作者周月明 出海潜望 . 挖掘出海故事，助力企业全球化。来吧！一起去全世界逐浪 出品｜虎嗅商业消费组 作者｜周月明 编辑｜苗正卿 题图｜视觉中国 "你知道吗，2024年以前，举办了十多年的全球最大清真展之一：土耳其清真博览会，竟然从没出现过一家中国公司。"马来西亚中国清真企业家协会 驻广州市主席郑翰庭对虎嗅感叹。 连亚马逊深山老林里都曾闪现身影的中国人，竟鲜少涉足这个全球超20亿人 （占总人口四分之一） 的市场，着实令这位马来西亚华人感到惊讶。 这个市场究竟有多大？ 据数据，2024年，全球伊斯兰金融市场规模已达3.18万亿美元；2021年，全球清真食品和饮料市场规模已达2.09万亿美元；2024年清真化妆品市场也 达477亿美元。 穆斯林市场总产值已数万亿美元。 但这仍像一块未被中国企业系统开垦的蓝海地，而在另一边，许多中企早已在欧美市场内卷到白热化。 这片充满诱惑的"新大陆"布满了文化、宗教、商业规则的壁垒和盲区。 " 有人一口气做了5个Halal认证，但重点穆斯林国家仍是进不去。 "郑翰庭告诉虎嗅，作为马来西亚Jakim（ 马来西亚伊斯兰教发展局） 国际清真认证 机构赫拉多希班 ...

公募基金方面本期较上一季度持股减少的公募基金共计1个，即广发中证基建工程ETF，持股减少占比 小幅下跌。 2025年8月26日，柏诚股份(601133.SH)发布2025年半年度报告。截至2025年8月25日，共有10个机构投 资者披露持有柏诚股份A股股份，合计持股量达2.85亿股，占柏诚股份总股本的54.05%。其中，前十大 机构投资者包括柏盈柏诚投资控股(无锡)有限公司、无锡荣基企业管理合伙企业(有限合伙)、无锡金源 融信产业投资企业(有限合伙)、UBS AG、MORGAN STANLEY & CO. INTERNATIONAL PLC.、中国国 际金融股份有限公司、银河德睿资本管理有限公司、交通银行股份有限公司-广发中证基建工程交易型 开放式指数证券投资基金、香港中央结算有限公司、华泰证券股份有限公司，前十大机构投资者合计持 股比例达54.05%。相较于上一季度，前十大机构持股比例合计上涨了0.66个百分点。 对于社保基金，本期较上一季未再披露的社保基金共计1个，即全国社保基金四一二组合。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 ...

本周，财政部印发《关于规范政府和社会资本合作存量项目建设和运 营的指导意见》，规范政府和社会资本合作（PPP）存量项目建设和 运营，提升项目运行质量效益。主要内容包括：1）保障在建项目顺 利建设，优先实施具有一定收益的项目，持续保障项目建成完工，接 近完工的项目，抓紧推进建设、及时验收决算、及早投入运营；同时， 金融机构要依法合规积极支持在建项目融资。2）推动已运营项目平 稳运行，依法履约按效付费，不得以拖延竣工验收时间、延迟绩效评 价等方式拖欠付费；加强项目运营监管；推动实现降本增效，提高公 共服务供给效率；规范做好项目移交；3）强化政策支持，加大财政 支持力度，对符合条件的在建项目，地方政府可统筹运用一般债券、 专项债券等资金，用于 PPP 存量项目建设成本中的政府支出；相关部 门和地方政府要结合 PPP 存量项目实际和经济社会发展需要，将支 持 PPP 存量项目建设和运营纳入增量政策中统筹实施。 本周投资建议： 多数建筑央国企拥有 PPP 项目，短期来看，加速在建项目完工验收或 推动收入确认；长期来看，政府强制履约付费将极大改善企业应收账 款质量和经营活动现金流，而降本增效和融资优化有助于企业盈利改 善 ...

核心结论 分析师 2025 年 08 月 22 日 晨会纪要 证券研究报告 【交通运输】中通快递-W（02057.HK）2025Q2 及 2025H1 业绩点评：盈 利能力承压，2025Q2 市占率环比提升 1、盈利能力承压，单票净利（经调）同比下降。2、营业成本（尤其是其他 成本）的增加是毛利率下降的主要原因。3、2025Q2 市占率环比提升，下 调 2025 年包裹量增速指引。4、预计 2025 年资本开支基本持平或微降。5、 中期股息每股 0.3 美元，派息比率为 40%。6、尽管公司下调全年包裹量指 引带来盈利预测有所修正，考虑到"反内卷"政策环境下电商快递行业整体 估值水平有望抬升，上调至"买入"评级。 【医药生物】远大医药（0512.HK）2025 年中报业绩点评：核药产品持续 高增速，创新品种收入占比提升 盈利预测与评级：预计 2025-2027 年公司营收分别为 122.54/133.76/147.79 亿港元，同比增长 5.2%/9.2%/10.5%；归母净利润分别为 21.85/24.62/27.06 亿港元，同比增长-11.5%/12.7%/9.9%。维持"买入"评级。 风险提示：药品及 ...

Core Viewpoint - The company is actively monitoring industry developments and is committed to participating in public bidding processes, ensuring timely disclosure of relevant orders obtained [1] Group 1 - The company emphasizes its dedication to creating "quality projects, safe projects, green projects, and clean projects" [1]

经营业绩： 腾讯控股(00700)二季度各业务板块全面开花 非国际财务报告准则公司权益持有人应占盈利630.52亿元 同比增长10% 长江基建集团(01038)发布中期业绩，股东应占溢利43.48亿港元，同比增长0.9% 电能实业(00006)发布中期业绩，股东应占溢利30.42亿港元 同比增加1.2% 重大事项： 中慧生物-B(02627)旗下慧尔康欣®作为唯一疫苗入选国家医保创新药品初审名单 石四药集团(02005)：氨吡啶已获国家药监局批准登记成为在上市制剂使用的原料药 歌礼制药-B(01672)：治疗肥胖症的减重不减肌候选药物ASC47在临床前模型中显示与替尔泊肽联用的 疗效胜过与司美格鲁肽联用 广汽集团(02238)：广汽埃安拟向华望汽车增资 6 亿元 潼关黄金(00340)获纳入MSCI全球小型股指数成份股 惠理集团(00806)发布中期业绩，股东应占利润2.52亿港元，同比增长572.7% 新秀丽(01910)发布中期业绩，股权持有人应占溢利1.18亿美元，同比下降30.2% 多点数智(02586)发布中期业绩，股东应占利润6752.6万元 同比扭亏为盈 来凯医药-B(02105)上半年核心管线 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company marks a significant step towards the commencement of the Xinjiang-Tibet Railway project, which is expected to have a total investment exceeding 300 billion RMB and will stimulate demand for railway engineering and related equipment [2][11] - The Ministry of Transport, Ministry of Finance, and Ministry of Natural Resources have issued a new rural road improvement action plan, aiming to complete the construction and renovation of 300,000 kilometers of rural roads by 2027, which is expected to support demand for engineering and materials [15][16] - The construction industry PMI for July is reported at 50.6%, a decrease of 2.2 percentage points from the previous month, indicating potential challenges in construction progress due to adverse weather conditions [2][11] Summary by Sections Industry Viewpoints - The Xinjiang-Tibet Railway project is anticipated to enter a substantial construction phase, with a projected length of approximately 2,000 kilometers and a total investment potentially exceeding 300 billion RMB, which will positively impact regional engineering demand [11] - The focus on major infrastructure investment projects is expected to accelerate the implementation of key projects, particularly in the central and western regions of China [2][11] - The report suggests monitoring the progress of significant projects in regions such as Xinjiang, Tibet, and Sichuan-Chongqing, as well as related beneficiary stocks [2][11] Industry Dynamics Tracking - The establishment of the Xinjiang-Tibet Railway Company is a pivotal development, with the project expected to start construction by 2025 [14] - The new rural road improvement action plan aims to enhance rural transportation infrastructure significantly by 2027, which will likely boost material and engineering demand [15][16] - The report highlights the growth in foreign contracting projects, with a 9.3% increase in completed business volume and a 13.7% increase in new contracts signed in the first half of 2025 [12] Weekly Market Review - The construction and decoration sector experienced a weekly increase of 1.75%, outperforming the Shanghai Composite Index and the Wind All A Index [21] - Notable stocks that performed well include Shanghai Port and Beautiful Ecology, while stocks like启迪设计 and 重庆建工 faced declines [21][24]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index reaching a new high for the year, closing up 0.16% at 3639.67 points, while the Shenzhen Component Index fell 0.18% to 11157.94 points, and the ChiNext Index dropped 0.68% to 2342.86 points [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8255 trillion yuan, an increase of 91.4 billion yuan compared to the previous day [2][3] Investor Sentiment - Despite the rise in the Shanghai Composite Index, most investors experienced losses, with around 3000 stocks declining compared to just over 2000 stocks rising [3] - The significant contribution to the index's rise came from the six major banks, which added 5.70 points to the index, indicating that the overall market strength is not broad-based [3] Sector Performance - Strong sectors included banking and semiconductors, with news of potential 100% tariffs on imported chips from the U.S. prompting a focus on domestic self-sufficiency [4] - Weak sectors included insurance, pharmaceuticals, solar energy, batteries, steel, and coal, which have seen significant prior speculation and are now experiencing a downturn [4] Stock Movements - Individual stocks like Upwind New Materials saw a rise of 3.93%, closing at 91.85 yuan per share, indicating ongoing speculative trading [4] - Chinese shipbuilding and heavy industry stocks experienced volatility, with both companies involved in a merger showing mixed performance [5] Foreign Investment Trends - Morgan Stanley reported a significant net inflow of foreign capital into the Chinese stock market in July, with passive funds contributing 3.9 billion USD and active funds seeing a net outflow of 1.2 billion USD [7] - The net inflow for July reached 2.7 billion USD, more than double that of June, highlighting a strong capital-driven market trend [7] Key Takeaways - The market is currently in a phase where it is not seeing significant downward movement, suggesting potential for upward momentum if it can stabilize [6] - The focus on bank stocks and the impact of foreign investment indicate a market driven by specific sectors rather than a broad-based rally [7]

Group 1 - XCMG and Shanghai Tunnel Engineering Co., Ltd. signed a strategic cooperation agreement to leverage their core strengths in international market expansion, intelligent equipment R&D, financial cooperation, and urban development services [1][2] - The partnership aims to enhance competitiveness in the smart infrastructure construction equipment sector and focus on the "green and intelligent" development trend in urban infrastructure [1][2] - Both companies have a long-standing strategic relationship, achieving significant results in major infrastructure projects and core technology collaboration [2] Group 2 - XCMG's chairman emphasized the importance of this cooperation in seizing new global infrastructure construction opportunities and contributing to national development [2] - The collaboration is expected to facilitate a shift from incremental to stock transformation in the domestic infrastructure sector, focusing on intelligent and specialized equipment needs [2] - The agreement involves key market development both domestically and internationally, promoting regional integration and industrial development [2]