2025 年 08 月 26 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 148 期 观点精粹: 最新报告摘要 蔚来全新 ES8、吉利银河 M9 开启预售，中大型智能 SUV 市场迎来重磅新品--行业周报 PCB 刀具持续高端化，加速扩充产能--鼎泰高科/通用设备(301377/216401) 公司点评 经营性利润稳健增长，未来三年分红比例拟提升至 60%以上--国电电力/电力(600795/214101) 公司点评 2025 年 Q2 利润同比回升，研发投入不断加强--安图生物/医疗器械(603658/213705) 公司点评 美债的历史演进与当下困局--宏观深度研究 电视剧业务迎新政利好，主投电影《刺杀小说家 2》定档国庆--华策影视/影视院线(300133/217206) 公司点 评 业绩韧性充分，产品结构持续升级--金徽酒/白酒Ⅱ(603919/213405) 公司点评 2025Q2 归母净利润同比高增，受益高端 PCB 扩产趋势--大族数控/专用设备(301200/216402 ...

8月25日，A股三大指数继续猛攻。 中原证券指出，头部云厂商2025年资本开支展望乐观，海外算力高速发展。AI发展推动大型数据中心的建设，拉动光器件产品需求持续且稳定增长。光模 块的可靠性要求提高、迭代周期缩短，带来行业技术门槛显著提升，光模块头部厂商产品的优势将进一步凸显。 部分地产、消费、军工股表现不俗，博纳影业（001330.SZ）涨10%，中国卫星（600118.SH）涨10%，万科A（000002.SZ）涨超9%，华策影视 （300133.SZ）、三只松鼠（300783.SZ）上涨。 山西证券表示，2025年是承上启下的一年，过去半年中延迟订单逐步释放，需求边际好转。军工板块业绩将在2025年下半年筑底回升，重新步入上行周期。 跌幅榜上，部分美容护理概念走弱，丸美生物（603983.SH）跌超6%，部分高位人气股如同洲电子（002052.SZ）下挫。 消息面上，8月以来稀土主要品种价格走高。光大证券分析，稀土涨价的主要原因在于供给端的持续收紧，同时需求端结构性爆发，产品供不应求推动价格 走高。随着稀土出口量的大涨，稀土企业有望赚取超额利润。 白酒板块走势强劲，舍得酒业（600702.SH）涨10%， ...

Market Overview - Pharmaceutical and biotechnology stocks showed strong performance, with Shenyuan Biological (688098) hitting a 20% limit up for the third consecutive day [1][6] - The North China 50 Index opened high and rose over 3%, reaching a historical high, while the Shanghai Composite Index and Shenzhen Component Index also saw slight increases [1][2] - The overall market experienced a slight contraction in trading volume [1] Pharmaceutical Sector - Multiple sub-sectors within pharmaceuticals, including innovative drugs, hepatitis concepts, weight-loss drugs, and AI medical concepts, reached historical highs [6] - Significant inflows into the pharmaceutical sector were noted, with over 76 billion yuan in net inflows on the day and a total of over 736 billion yuan in the last 20 trading days [9] - Recent policy support for innovative drugs is expected to drive further growth in the sector, with 534 drugs passing preliminary reviews for inclusion in the national medical insurance directory [8] Robotics Sector - The robotics concept saw a surge, with several stocks hitting their daily limit up, including Southern Precision and Guojiji Precision [3][5] - The Shanghai Municipal Economic and Information Commission announced a plan to accelerate the application of robots in key industries, which is expected to boost the sector [5] Alcohol Sector - The liquor sector experienced a significant rally, with all stocks in the sector rising and the index reaching a new high for the year [10] - Kweichow Moutai and other leading companies showed strong performance, with Moutai launching a series of cultural products aimed at enhancing brand visibility [12] - The sector is attracting attention from stable investors due to its high dividend yields, with the median dividend yield for liquor stocks around 3%, significantly higher than bond yields [12]

Core Viewpoint - Shanghai Yuxuan Pump and Valve Co., Ltd. is recognized for its excellent product quality and innovation in the industrial valve sector, as evidenced by its recent shipment of Z41Y-DN400 stainless steel gate valves to Shanxi Fenjiu filtering plant, marking a deepening collaboration between the two companies [1][6][7]. Group 1: Product Features and Advantages - The Z41Y-DN400 stainless steel gate valve is a leading product of Shanghai Yuxuan, made from high-quality stainless steel, providing strong corrosion resistance suitable for complex chemical environments [1]. - The valve features an advanced gate structure that ensures excellent sealing performance, crucial for preventing medium leakage in the Shanxi Fenjiu filtering plant [1][7]. - It offers good regulation capabilities, allowing precise control of medium flow to meet diverse production needs, thereby enhancing production efficiency [1][7]. Group 2: Quality Assurance and Logistics - Shanghai Yuxuan conducted thorough preparations for the shipment, including comprehensive inspections of each valve, ensuring no defects and compliance with standards [3]. - The company utilized customized wooden packaging with protective materials to prevent damage during transportation, ensuring safe delivery of the valves [3][4]. - A partnership with a professional logistics company was established to select optimal transportation routes, considering various factors to ensure timely and safe delivery [4]. Group 3: Strategic Importance of Collaboration - The selection of Shanghai Yuxuan's valve by Shanxi Fenjiu reflects the former's superior product quality and performance, enhancing its brand recognition and trust in the industry [6][7]. - This collaboration is significant for Shanghai Yuxuan, providing economic benefits and increasing its influence in the chemical and food and beverage sectors, aiding market expansion and brand image enhancement [7]. - The use of Z41Y-DN400 valves will improve operational efficiency and safety at the Shanxi Fenjiu filtering plant, supporting high-quality production and maintaining competitive advantage in the market [7]. Group 4: Future Outlook - Shanghai Yuxuan aims to continue its commitment to "quality first, customer foremost," increasing investment in technology research and development to enhance product quality and service levels [9]. - The company anticipates further collaboration with Shanxi Fenjiu in various fields, promoting high-quality development in related industries [9].

Core Viewpoint - The importance of lawful and compliant operations, along with honest tax payments, is emphasized for maintaining a fair competitive environment and promoting healthy industry development. The tax authorities in Yunnan Province are actively supporting compliant businesses through innovative service mechanisms and guidance on policy compliance [1]. Group 1: Tax Compliance and Business Support - The local tax authorities are leveraging tax credit incentives and big data to create a comprehensive management model that includes "data profiling, pre-reminders, and precise guidance" to support compliant businesses [2]. - The "A-level taxpayer green channel" is established to provide convenient services for businesses with good credit, including personalized visits and policy delivery [2]. - Companies like Zhangliang Flower Cooperative have reported significant production volumes, with over 5.7 billion fresh-cut flowers annually, highlighting the impact of tax compliance on business growth [2]. Group 2: Financial Benefits from Tax Compliance - Companies with excellent tax credit ratings, such as Guoneng Qiaojia New Energy Co., have benefited from expedited VAT refunds, totaling 1.917 million yuan since January 2024, which supports their expansion needs [3]. - The local tax authorities offer tailored services to high-rated companies, including online policy updates and offline guidance, which have led to substantial tax reductions for compliant businesses [4]. Group 3: Risk Management and Financial Assistance - The tax authorities have implemented a "credit warning—timely repair—standardized operation" management mechanism to assist companies facing financial difficulties, such as Nanhua Hongqiang Concrete Co., which received a 2 million yuan credit loan due to its good tax credit status [5]. - Yunnan Lanyi Brewing Co. benefited from proactive risk management services, which helped identify and correct tax declaration issues, thereby enhancing its tax compliance management [6].

Group 1: Market Overview - The three major indices collectively rose, with the Shanghai Composite Index up 1.03%, Shenzhen Component Index up 1.72%, and ChiNext Index up 3.11% [1] - The total market turnover reached 16,394 billion, an increase of 1,915 billion compared to the previous day, with over 3,900 stocks rising [1] Group 2: Brokerage Sector Performance - The brokerage sector has seen three consecutive days of gains, with a significant inflow of 100 billion today, resulting in an overall increase of 4.54% in the sector [2][4] - Notable stocks such as Guosen Securities and Xiangcai Securities have hit the daily limit, while others like Dongfang Caifu and Guotai Junan also experienced gains [4] Group 3: Policy Support for Financial Sector - Recent guidelines from multiple financial regulatory bodies aim to bolster macroeconomic foundations and stabilize consumer expectations, emphasizing the use of various monetary policy tools to maintain liquidity and lower financing costs [4] - The guidelines also focus on enhancing the capital market's function in coordinating investment and financing, promoting the entry of long-term funds into the market [4] Group 4: Financial Sector Outlook - CITIC Securities reports that the financial sub-industry benefits from favorable macro and industrial policies, a low-interest-rate environment, and the emergence of core competitiveness among top financial institutions [5] - The report suggests that two types of companies will benefit: high-quality index-weighted stocks and growth stocks expected to outperform industry benchmarks within three years [5] Group 5: Hong Kong Brokerage Developments - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, allowing clients to trade cryptocurrencies and stablecoins directly [7] Group 6: Alcohol Industry Insights - The price of Feitian Moutai has dropped, with the wholesale reference price for 2025 Feitian Moutai original box down by 85 yuan to 1,830 yuan per bottle, and the scattered bottle price down by 70 yuan to 1,780 yuan [9] - Despite initial declines, the liquor sector saw a slight recovery, closing up 0.18% as market sentiment improved due to the brokerage sector's performance [9] Group 7: Military Industry Trends - The military sector experienced a significant rise, with multiple stocks hitting the daily limit, including Changcheng Military Industry, which has seen five consecutive days of gains [12] - Research indicates that the military industry is entering a new development phase with the upcoming "14th Five-Year Plan" and increased public interest due to commemorative events related to historical victories [14]

Core Viewpoint - Jiang'an County is focusing on building a new development pattern that integrates urban and rural areas, emphasizing green development and innovation to enhance the county's economic capabilities [4][6]. Group 1: Economic Development - Jiang'an County has established small micro-industrial parks to boost local economies, attracting 21 enterprises and creating over 500 jobs for returning migrant workers [6][7]. - The county's "Industrial Strong County" strategy aims to develop local economies through small micro-parks, with a total of 66 enterprises generating an annual output value of 600 million yuan [6][7]. - In 2023, Jiang'an County signed over 50 new projects, expected to create more than 2,500 jobs, focusing on labor-intensive industries [7]. Group 2: Technological Advancement - Jiang'an County is promoting digital transformation in industries, with over 70 companies receiving free digital maturity assessments and 28 companies getting tailored transformation plans [9]. - The county has implemented 18 "smart transformation" projects, leading to a total investment exceeding 2 billion yuan in technological upgrades [9]. Group 3: Environmental Sustainability - Jiang'an County is enhancing its ecological environment, with a focus on water management and the protection of rare fish species in the Yangtze River [12]. - The industrial park in Jiang'an County has achieved a 98.5% reuse rate of industrial water, showcasing the effectiveness of circular economy practices [11]. - The county has developed a circular economy industrial park, gathering 41 industrial enterprises, including 3 national-level green factories [11].