联合研究丨行业深度 [Table_Title] 中银中证港股通互联网指数 A（025186）：AI 产 业加速发展，港股互联网迎配置良机 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中证港股通互联网指数，从港股通范围内选取 30 家涉及互联网相关业务的上市公司证券作为 指数样本，以反映港股通内互联网主题上市公司证券的整体表现，该指数是对应成份股在调整 市值的基础上按相应的指数编制规则计算出来的。中银中证港股通互联网指数 A（025186）采 用指数化投资策略，紧密跟踪标的指数，追求跟踪偏离度和跟踪误差最小化。 分析师及联系人 [Table_Author] 覃川桃 邓元哲 戴清 SAC：S0490513030001 SAC：S0490524080006 SAC：S0490524010002 SFC：BUT353 SFC：BTR264 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 [Table_Title ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 283 million yuan for the first half of 2025, representing a year-on-year growth of 2.44%. The net profit attributable to shareholders was 76 million yuan, up 2.80% year-on-year [1]. - The structural mechanics performance testing analysis system was the main contributor to revenue growth, accounting for 66.3% of the revenue increase [1]. - The company plans to raise up to 150 million yuan through a private placement to fund the upgrade of its intelligent measurement and control industry and to supplement working capital [3]. Financial Performance - The gross profit margin for the first half of 2025 was 68.73%, an increase of 2.73 percentage points year-on-year. The second quarter gross profit margin was 68.77%, up 3.54 percentage points year-on-year [2]. - The company expects to achieve revenues of 634 million yuan, 780 million yuan, and 946 million yuan for the years 2025, 2026, and 2027, respectively, with net profits of 159 million yuan, 200 million yuan, and 248 million yuan for the same years [4][5]. - The earnings per share (EPS) are projected to be 1.15 yuan, 1.44 yuan, and 1.80 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 36.63, 29.18, and 23.48 [4][5]. Business Development - The company is focusing on upgrading its existing facilities and introducing advanced production equipment to enhance its manufacturing capabilities, which is expected to drive continuous innovation and product upgrades [3]. - The company’s research and development expense ratio was 10.71%, reflecting a commitment to maintaining its core competitiveness [2]. Market Position - The company is recognized as a leading provider of structural mechanics performance research and electrochemical workstation solutions in China, benefiting from a robust downstream market [4]. - The company’s stock has shown significant performance, with a 52-week high of 53.5 yuan and a low of 28.03 yuan, indicating strong market interest [6].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 大华股份(002236)公司点评报告 2025 年 08 月 19 日 公司于 2025 年 8 月 15 日收盘后发布《2025 年半年度报告》。 点评： 营业收入实现稳健增长，毛利率逐季回升 2025 年上半年，公司实现营业收入 151.81 亿元，同比增长 2.12%；实现 归母净利润 24.76 亿元，同比增长 36.80%；实现扣非归母净利润 17.96 亿 元，同比增长 1.91%。毛利率方面，在高质量导向的指引下，公司毛利率逐 季回升，半年度毛利率 41.61%，环比一季度上升 1.48pct，同比去年上半 年上升 0.69pct，除汇率的正面影响外，公司内部多措并举，一方面严格执 行项目筛选机制以及成本管控策略，另一方面重点突破高含金量领域，高价 值业务持续落地，共同推动毛利率稳中有升，促进公司盈利能力持续改善。 国内外业务均实现正向增长，创新业务快速发展 2025 年上半年，分业务来看，公司国内业务实现营收 75.53 亿元，同比增 长 2.33%。其中，政府业务实现营收 18.51 亿元，同比增长 4.68%，单二 ...

Group 1 - The Hang Seng Index reached a year-to-date high of 25,680 points, despite a subsequent pullback of 1.8% over two days, indicating sustained market interest [1] - Southbound capital inflow remained strong during the Hong Kong stock market's pullback, with net purchases of HKD 86.3 billion and HKD 358.76 billion on August 14 and 15, respectively, the latter setting a new single-day record [1][5] - Year-to-date, southbound capital has exceeded HKD 938.9 billion, significantly surpassing the full-year target of HKD 8,078.7 billion for 2024, with nearly HKD 3,000 billion inflows in the last three months alone [8] Group 2 - The sectors attracting southbound capital include technology hardware and equipment, software and services, retail, and biomedicine [6] - The Hong Kong IPO market has been robust, with over 50 new listings raising more than HKD 128 billion, a year-on-year increase of over six times, making it the top global IPO market [8] - The issuance of Hong Kong-themed funds has surged, with new fund sizes reaching HKD 85 billion since 2025, contributing significant incremental capital to the market [8] Group 3 - The performance of ETFs tracking Hong Kong stocks has been notable, with significant growth in funds related to technology and innovation sectors, reflecting strong investor interest [9] - As of Q2 2025, active public funds' investment in Hong Kong stocks accounted for 14.7% of total fund assets, indicating a growing allocation to this market [9] Group 4 - The valuation of the Hang Seng Index is currently at a dynamic P/E ratio of 11.3, which is above the historical average but still has room for improvement compared to historical highs [12] - Analysts are optimistic about the future performance of the Hong Kong market, citing a favorable macroeconomic environment and continued capital inflows as key support factors [13] Group 5 - Investment opportunities are seen in the internet sector, which is considered undervalued, and in AI-related industries, which are expected to gain momentum in the second half of the year [14] - High dividend yield stocks in sectors such as finance, utilities, and consumer goods are also viewed as attractive for long-term investors, with the Hang Seng High Dividend Yield Index showing a yield of 5.75% [14]

Investment Rating - The report maintains a "Buy" rating for Hikvision Technology Co., Ltd. (002415.SZ) [6][10] Core Views - The company achieved stable revenue growth with significant improvement in net cash flow from operating activities. In the first half of 2025, the company reported revenue of 41.818 billion yuan, a year-on-year increase of 1.48%, and a net profit attributable to shareholders of 5.657 billion yuan, up 11.71% year-on-year [1][4] - The company is shifting its focus from revenue to profit, emphasizing profit-centered operations and embracing AI to enhance operational efficiency. This includes organizational changes and a focus on digital transformation [3][4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross profit margin of 45.19%, with the main business products and services gross margin reaching 48.52%, an increase of 2.19 percentage points year-on-year [1] - The company's cash flow from operating activities was 5.343 billion yuan, a significant improvement from a cash outflow of 190 million yuan in the same period last year [1] Business Segments - Domestic main business revenue totaled 17.821 billion yuan, a year-on-year decrease of 8.33%. The Public Service Business Group (PBG) generated revenue of 5.573 billion yuan, down 2.11%, while the Enterprise Business Group (EBG) reported revenue of 7.462 billion yuan, a slight decline of 0.36%. The Small and Medium Business Group (SMBG) saw a revenue drop of 29.75% to 4.067 billion yuan [2] - International main business revenue reached 12.231 billion yuan, an increase of 6.90%. Innovative business revenue was 11.766 billion yuan, up 13.92%, accounting for 28% of the company's total business, driven by the domestic 3C industry and sectors like new energy vehicles and lithium batteries [2] Profit Forecast and Investment Recommendations - The report adjusts the revenue forecast for 2025-2027 to 95.139 billion, 101.348 billion, and 108.437 billion yuan, respectively. The net profit forecast is adjusted to 13.346 billion, 14.633 billion, and 16.266 billion yuan, respectively, with corresponding EPS of 1.45, 1.58, and 1.76 yuan per share [4][8] - The report highlights the company's comprehensive advantages in technology, products, and solutions, indicating a broad growth space in the future, thus maintaining the "Buy" rating [4]

Investment Rating - The report indicates an "Overweight" rating for the industry, suggesting a positive outlook for the next six months [31]. Core Insights - The report highlights a total of 79 merger and acquisition (M&A) events during the period from July 28 to August 3, with 14 classified as significant M&A transactions. Out of these, 15 M&A events were completed, while no significant M&A transactions were finalized [10]. - Recent policy updates emphasize that government investment funds should not engage in public trading of stocks, except for M&A, directed placements, and strategic allocations. This aims to prevent the increase of local government hidden debts [7][8]. - The report notes that the restructuring index outperformed the Wind All A index by 1.07% during the specified period, indicating a strong performance in the restructuring sector [25]. Summary by Sections M&A Activity Overview - During the week of July 28 to August 3, there were 79 M&A events involving listed companies, with 2 failures. The significant M&A events included 14 transactions, with 15 completed [10][16]. Major M&A Updates - The report lists several major M&A transactions involving state-owned enterprises and private companies, with notable transactions including China Shipbuilding's acquisition of China Heavy Industry for approximately 11.52 billion CNY [14]. Control Changes - Four listed companies reported changes in actual control, with notable transitions including Renfu Pharmaceutical being taken over by the State-owned Assets Supervision and Administration Commission [19]. Market Performance - The restructuring index showed a positive trend, outperforming the broader market index, which reflects a favorable environment for M&A activities [25].

Group 1 - A total of 40 stocks received buy ratings from brokerages on August 1, with 10 stocks announcing target prices [1] - Based on the highest target prices, China Resources Sanjiu, Meihua Biological, and Ninebot Company-WD ranked highest in target price increase, with expected increases of 49.09%, 47.85%, and 38.13% respectively [1] - Among the rated stocks, 30 maintained their ratings, while 10 received ratings for the first time [1] Group 2 - Five stocks attracted attention from multiple brokerages, with Hisense Home Appliances, Oriental Yuhong, and Qingdao Bank receiving the most ratings, at 4, 3, and 3 brokerages respectively [1] - In terms of industry distribution, the highest number of buy-rated stocks belonged to Capital Goods, Durable Consumer Goods & Apparel, and Technology Hardware & Equipment, with 7, 6, and 4 stocks respectively [1]

Overall Inventory Cycle - In May, the total inventory in the U.S. increased by 2.62% year-on-year, down from 3.15% in the previous period[12] - Sales in May rose by 3.30% year-on-year, compared to 3.68% previously[12] - The U.S. is confirmed to be entering an active destocking phase, with a significant import surge occurring from November 2024 to March 2025[12] - A brief replenishment demand is expected in June and July, after which active destocking will continue[12] Industry Inventory Cycle - Six out of fourteen major industries are in active destocking as of May, including oil, gas, chemicals, transportation, automotive parts, textiles, and food[19] - The historical percentile for overall inventory in May is 32.4%, with construction materials at 83.6% and chemicals at 69.3%[19] - The first round of excess imports is estimated at $180 billion and the second at $100 billion, totaling $280 billion, which may be exhausted by November[12] - Recent rapid declines in copper prices are attributed to a 50% tariff on copper products while exempting raw materials, disrupting supply and demand dynamics[13] Risk Factors - The potential for U.S. economic fundamentals and policies to exceed expectations poses a risk to inventory and pricing stability[8]

Group 1 - The A-share private placement market has shown significant recovery this year, with 76 listed companies completing private placements by July 30, raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][3] - The active participation in the private placement market spans various industries, with capital goods, materials, and technology hardware and equipment leading in the number of listed companies involved [3] - Four major banks, including Bank of China and Postal Savings Bank, have raised over 100 billion yuan each through private placements, primarily for liquidity support [3] Group 2 - The growth in the private placement market has directly boosted the investment banking revenue for securities firms, with underwriting and advisory fees making up a significant portion of the issuance costs [4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] - 62 out of the 76 companies that completed private placements disclosed their issuance costs, totaling 904 million yuan [4] Group 3 - Securities firms have actively participated in private placements, with 8 firms and 5 asset management companies involved in 25 companies, totaling 46 subscription instances [5] - Leading firms like GF Securities and Hua'an Asset Management have been prominent in participating in private placements, enhancing their returns and supporting the real economy [5] - The substantial subscriptions by top securities firms signal positive market sentiment, boosting investor confidence and market activity [5]

Group 1 - The A-share market has seen a significant increase in private placements, with 76 companies completing placements and raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][2] - The majority of companies involved in private placements are from the capital goods, materials, and technology hardware sectors, with 21, 10, and 9 companies respectively [2] - Four banks raised over 100 billion yuan each through private placements, aimed at supplementing liquidity, while the remaining companies raised less than 20 billion yuan for various purposes [2] Group 2 - Securities firms are capitalizing on the recovery of the private placement market, benefiting from increased underwriting fees and potential investment returns from subscribed shares [3] - The expansion of private placement business is expected to enhance the revenue of securities firms, with underwriting and advisory fees being a significant portion of the issuance costs [3][4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] Group 3 - Securities firms' participation in private placements is seen as beneficial for both their own profitability and the support of the real economy and industry upgrades [5][6] - The large-scale subscriptions by leading securities firms send positive signals to the market, boosting investor confidence and trading activity [6]