相关研究 [Table_Main] 证券研究报告 | 行业周报 通信 优于大市（维持） 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -20% 0% 20% 39% 59% 78% 98% 118% 2024-08 2024-12 2025-04 通信 沪深300 资料来源：德邦研究所，聚源数据 1.《组网与技术日益清晰，卫星互联 预计将密集发射》，2025.8.19 2.《星网实现高速发射，组网有望常 态化》，2025.8.14 3.《卫星互联网加速发射，投资机会 进一步显现》，2025.8.11 4.《tokens 消耗量高速增长，算力经 营成为新业态》，2025.8.4 5.《AI 大会揭示我国 AI 放量机会， 中美科技博弈再度聚焦》，2025.7.28 通信 2025 年 08 月 26 日 英伟达产品安全存疑，利好国产算力 链全方位闭环 [Table_Summary] 投资要点： 1. 投资策略 请务必阅读正文之后的信息披露和法律声明 1.1 英伟达安全性存疑，或加速国产芯片替代。我们认为，英伟达的安全问题或将 造成国内算 ...

Core Insights - The report highlights a positive trend in the macroeconomic environment, indicating that the economy is stabilizing and showing signs of recovery under policy support [9][10][12][28] - It emphasizes the importance of consumption and private investment in driving economic growth, with specific actions proposed to stimulate these areas [12][28] Economic Overview - Financial data showed improvement in June, with social financing growing by 8.9% and M1 and M2 increasing to 4.6% and 8.3% respectively [9] - Industrial production remains stable, with a year-on-year increase of 6.4% in June, although corporate profitability is still recovering [9][10] - The report notes that the industrial capacity utilization rate is at 74%, reflecting a slight decline compared to previous periods [9] Policy Direction - The political bureau meeting expressed optimism about the economy, highlighting the need for continued policy support to maintain growth momentum [12][28] - The report suggests that the government will implement more proactive fiscal policies and moderately loose monetary policies to enhance economic effects [12][28] Capital Market Insights - The report indicates a growing willingness among savers to allocate funds to the capital market, driven by declining interest rates [28][29] - It emphasizes the need to enhance the attractiveness and inclusiveness of the domestic capital market to stabilize and promote growth [28][29] Sector-Specific Insights - The banking sector is expected to see marginal improvements in performance, with net interest income and non-interest income showing signs of recovery [21][22] - The insurance sector is adjusting its product offerings in response to changes in interest rates, which may lead to a temporary spike in sales [24][25][26] Company Updates - China Petroleum & Chemical Corporation (Sinopec) anticipates a significant decline in net profit for the first half of 2025, projecting a decrease of 39.5% to 43.7% year-on-year [6] - Hisense Home Appliances reported a revenue of 49.34 billion yuan for the first half of 2025, with a net profit increase of 3.01% year-on-year, although growth rates have slowed compared to previous periods [7] - Dongfang Yuhong has engaged in debt restructuring involving the acquisition of assets from clients to settle outstanding debts, with a total book value of 838.70 million yuan [6]