公司发布的半年报数据显示，上半年公司共实现营业收入4.99亿元，同比增长9.24%，实现净利润 5826.41万元，同比增长20.92%，基本每股收益为0.1551元，加权平均净资产收益率4.79%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 钢研纳克股价创出历史新高，截至9:40，该股上涨8.71%，股价报20.22元，成交量2239.24万股，成交金 额4.39亿元，换手率5.91%，该股最新A股总市值达77.40亿元，该股A股流通市值76.55亿元。 证券时报·数据宝统计显示，钢研纳克所属的社会服务行业，目前整体涨幅为0.32%，行业内，目前股价 上涨的有46只，涨幅居前的有钢研纳克、凯撒旅业、西安饮食等，涨幅分别为8.71%、5.76%、3.09%。 股价下跌的有31只，跌幅居前的有科德教育、ST东时、ST开元等，跌幅分别为4.64%、3.43%、 2.12%。 ...

股 票 研 究 IP 产品上新节奏调整，看好 25H2 业绩表现 上海电影(601595) | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 40.31 | [Table_Market] 交易数据 2025 年半年报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 李芓漪(分析师) | 021-38038428 | liziyi@gtht.com | S0880523080004 | 本报告导读： 25H1 电影大盘承压，公司 IP 业务尚未充分释放，25H2 影片《浪浪山小妖怪》有望 贡献可观的票房收入，相关 IP 衍生产品 SKU 已超过 800 个，亦有望增厚 25H2 业 绩。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | ...

8月27日兰生股份发布2025半年度分配预案，拟10派0.6元（含税），预计派现金额合计为4345.10万元。 派现额占净利润比例为76.32%，这是公司上市以来，累计第22次派现。 资金面上看，该股8月27日主力资金净流入3046.40万元，近5日主力资金净流出682.29万元。 两融数据显示，该股最新融资余额为1.77亿元，近5日减少548.54万元，降幅为3.00%。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派0.6元（含税） | 0.43 | 0.75 | | 2024.12.31 | 10派2.2元（含税） | 1.59 | 2.51 | | 2024.06.30 | 10派0.6元（含税） | 0.43 | 0.69 | | 2023.12.31 | 10转增4派2.8元（含税） | 1.45 | 2.69 | | 2022.12.31 | 10派1.09元（含税） | 0.58 | 1.29 | | 2021.12.31 | 10派1.13元（含税） ...

8月27日胜科纳米发布2025半年度分配预案，拟10派0.5元（含税），预计派现金额合计为2016.56万元。 派现额占净利润比例为60.43%，这是公司上市以来，累计第2次派现。 公司上市以来历次分配方案一览 两融数据显示，该股最新融资余额为1.51亿元，近5日增加1694.72万元，增幅为12.64%。 按申万行业统计，胜科纳米所属的社会服务行业共有8家公司公布了2025半年度分配方案，派现金额最 多的是行动教育，派现金额为1.19亿元，其次是华测检测、西高院，派现金额分别为8364.14万元、 7312.99万元。（数据宝） 2025半年度社会服务行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | | （%） | （%） | | 605098 | 行动教 育 | 0.00 | 10 | 11925.11 | 90.74 | | 2.61 | | 300012 | 华测检 测 | 0. ...

证券研究报告 | 策略专题研究 | 中国策略 策略专题研究 报告日期：2025 年 08 月 27 日 降息预期遇上人工智能+，大盘成长风格走向高潮 ——板块轮动月报（2025 年 9 月） 核心观点 JH 会议鲍威尔放鸽，在货币政策框架调整、就业下行风险上升等因素影响下，美联储 9 月降息概率大增，全球流动性有望趋于改善。展望 9 月，美联储降息预期升温背景 下，A 股大盘成长风格或将迎来高潮，行业风格重视成长和消费。行业方面关注：胜 率思维下，"AI+"下游应用方向的传媒和计算机，强 beta 品种券商；赔率思维下，"水 往低处流"，大金融方向涨幅落后的房地产；美联储降息预期升温背景下的有色金属、 基础化工，以及 9 月日历效应显示的社会服务板块。 ❑ 风格轮动：市值看大盘，估值看成长，行业风格择成长+消费 1）市值风格：中盘≈大盘＞小盘，市值风格或偏向中大盘；2）估值风格：全指 成长明显强于全指价值，排名靠前的风格当中成长相关指数聚集性较强，估值风 格或偏向成长；3）中信行业风格：成长＞消费＞周期＞金融＞稳定，预计成长、 消费相对占优。综合而言，9 月份大盘成长、行业风格成长+消费值得重点关注。 全球流 ...

Core Insights - The A-share market experienced a slight decline in the Shanghai Composite Index by 0.39%, while the Shenzhen Component Index rose by 0.26%. The overall market showed mixed performance with a total trading volume of approximately 2.71 trillion yuan, indicating a slight contraction in market activity [2][11][24]. Market Performance - The A-share market opened lower but saw a rebound before a slight drop at the close. The leading sectors included agricultural products (+2.62%), media and internet (+1.40%), and social services (+1.31%). Conversely, sectors such as comprehensive finance (-1.14%) and healthcare (-1.08%) faced declines [7][11][23]. - The trading volume decreased by 467.1 billion yuan compared to the previous day, with 2,802 stocks rising [11][24]. Sector Analysis - The agricultural products sector led the gains, driven by news regarding the stabilization of the pig market and the announcement of central frozen pork reserves by the National Development and Reform Commission. Other strong performers included media and internet, social services, and chemicals [11][12]. - High valuation stocks saw a retreat, particularly in sectors like comprehensive finance, healthcare, and telecommunications [11][12]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, suggesting that monetary and fiscal support policies may still be forthcoming. Historical trends indicate that domestic policy interventions can help mitigate external risks and market volatility [11]. - Investment strategies should focus on non-bank financial sectors, AI computing, innovative pharmaceuticals, and military industries, while also considering sectors benefiting from improved supply-demand dynamics such as metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming [11].

二季度增量资金进入新消费板块推升上涨行情，也拉高了市场对新消费方向的业绩预期，二季报前瞻陆 续披露后，部分高成长标的业绩低于此前预期，板块经过调整后逐步企稳，考虑到头部企业依旧维持较 为稳定的高增速，在整体消费大盘有望触底回升，新消费相对增速优势，叠加财年估值切换有望迎来新 一轮行情。 （文章来源：每日经济新闻） 传统消费补涨性价比较高。从大消费赛道来看，8月以来主要行业上涨幅度分别为：汽车（12.05%）、 家用电器（9.37%）、轻工制造（8.4%）、美容护理（7.5%）、商业贸易（7.44%）、农林牧渔 （7.38%）、食品饮料（7.11%）、社会服务（6.9%）、纺织服装（5.93%），除汽车外均落后于沪深 300（9.66%），估值分别处于近十年来79.06%、39.29%、75.06%、59.51%、89.37%、12.11%、 11.80%、46.13%、61.31%分位，其中食品饮料、农林牧渔、家用电器、社会服务均处估值中枢以下， 2025E盈利预期增速分别为8.64%、22.26%、13.92%、45.35%，在当前行业轮动背景下估值分位与业绩 增速具备较好配置性价比。 ...

科德教育股价创出历史新高，截至9:33，该股上涨5.56%，股价报27.35元，成交量4393.81万股，成交金 额11.75亿元，换手率13.60%，该股最新A股总市值达90.02亿元，该股A股流通市值88.38亿元。 证券时报·数据宝统计显示，科德教育所属的社会服务行业，目前整体跌幅为0.16%，行业内，目前股价 上涨的有35只，涨幅居前的有谱尼测试、科德教育、ST东时等，涨幅分别为5.67%、5.56%、5.04%。股 价下跌的有43只，跌幅居前的有广东建科、钢研纳克、中钢天源等，跌幅分别为2.91%、1.94%、 1.92%。 公司发布的一季报数据显示，一季度公司共实现营业收入1.83亿元，同比下降2.27%，实现净利润 3797.24万元，同比下降6.80%，基本每股收益为0.1154元，加权平均净资产收益率3.98%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） ...

Core Insights - Institutional attention is increasing in sectors such as electric equipment, basic chemicals, food and beverage, and steel, indicating a potential shift in investment focus [5][6][7] - The gaming industry shows signs of recovery, with significant growth in end-user engagement and new game releases expected to drive advertising demand [27][28][29] - The automotive sector is experiencing a surge in intelligent driving technology, with major players launching new algorithms and models that enhance safety and performance [17][18][19][21] - The communication industry is witnessing advancements with NVIDIA's launch of Spectrum-XGS Ethernet, which aims to optimize data center connectivity and support AI applications [22][24][25] Sector Summaries Electric Equipment - Institutional research indicates a rise in interest, with electric equipment being one of the top sectors under scrutiny [5][6] - Recent reports highlight significant growth in shipments and profitability for companies in this sector, suggesting a positive outlook [31][32] Food and Beverage - The sector is facing challenges with a 5.1% decline in revenue and a 73.7% drop in net profit for the first half of 2025, primarily due to rising costs and increased marketing expenses [44][46] - Despite the downturn, there are efforts to innovate with new products and channels, which may lead to gradual improvement in performance [47] Automotive - Long-term growth is anticipated as the newly established state-owned enterprise group enhances decision-making efficiency and resource allocation [33] - The company reported a 51% increase in electric vehicle sales, indicating strong demand and successful new model launches [32] Communication - The introduction of Spectrum-XGS Ethernet by NVIDIA is expected to revolutionize data center operations, enhancing performance and reducing latency for AI applications [22][24] - The technology is seen as a critical component for future AI infrastructure, potentially leading to significant market opportunities [25] Gaming - The gaming industry is experiencing a resurgence, with new game approvals and a robust pipeline of upcoming titles expected to drive growth [28][29] - Companies are leveraging high engagement in traditional gaming venues to boost advertising revenues, indicating a healthy market environment [27]

Market Overview - A-shares continue to reach new highs this week, with daily average trading volume exceeding 20 trillion yuan for two consecutive weeks, reflecting strong market sentiment [2][10] - The bond market experienced a decline, with both interest rate bonds and credit bonds weakening, indicating a potential negative return for pure bond funds [2][29] - Gold prices remain under pressure due to the Federal Reserve's stance on interest rates and positive geopolitical developments, leading to reduced safe-haven demand [3][36] Stock Market Performance - The A-share market's rise is primarily driven by capital inflow and industry catalysts, with significant structural opportunities present [5][10] - Major indices such as the CSI 500 and CSI 300 saw substantial weekly gains, with the STAR 50 index increasing over 10% [10][11] - The trading volume for the two markets increased by 22.62% week-on-week, with the CSI 300 and CSI 500 seeing higher trading volume proportions [12][13] Bond Market Insights - The bond market is expected to remain volatile in the short term, with a focus on coupon strategies as the market dynamics shift [6][29] - The interbank funding environment has tightened, while exchange funding has loosened, contributing to the overall weakness in the bond market [29][30] Commodity Market Analysis - The Nanhua Commodity Index fell by 0.44% this week, with declines in various sectors including black and non-ferrous commodities [36][38] - Gold prices decreased by 0.23%, while crude oil prices increased by 0.81%, indicating mixed trends in the commodity market [38] Industry Performance - In the industry sector, telecommunications, electronics, and comprehensive sectors showed strong performance with weekly gains of 10.84%, 8.95%, and 8.25% respectively [19][21] - The real estate and coal sectors lagged behind, reflecting a divergence in sector performance [19][21]