【化工】宝丰能源—内蒙项目达产，Q2业绩同比、环比高增 公司发布2025年中报，上半年实现营业总收入228.20亿元，同比增长35.05%；归母净利 润57.18亿元，同比增长 73.02%；扣非归母净利润55.79亿元，同比增长58.67%。其中，第二 季度营收120.49亿元，同比增长38.97%， 环比增长11.87%；归母净利润32.81亿元，同比增 长74.17%，环比增长34.64%。看好内蒙项目投产为公司业绩带来的增量。 9月23日，中银证券发布中银晨会聚焦。以下为晨报精选： 【电子】Meta 2025 Connect大会点评—首款AR眼镜正式落地、肌电交互是亮点 2025 年9月18日，Meta举办了2025 Connect大会，共发布3款眼镜产品，其中两款AI眼镜 实现了续航和AI功能 的迭代，一款首次发布的AR眼镜具备高精度显示功能，并配套了Meta 神经感应腕带，能通过解读肌肉活动产生的 信号来控制眼镜。我们认为本次新产品发布较 有效加速AI/AR产业发展进程，相关产业链公司有望深度受益。((苏凌瑶 周世辉) 聚烯烃产品毛利率表现亮眼，投资收益增厚利润。2025H1公司总体毛利率为36. ...

Market Overview - A-shares saw a late rally with the Sci-Tech 50 Index rising over 3%, while Hong Kong stocks showed weakness with both major indices down over 1% [1] - The Shanghai Composite Index closed up 0.22% at 3828.58 points, the Shenzhen Component Index rose 0.67% to 13157.97 points, and the ChiNext Index increased by 0.55% to 3107.89 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 21,427 billion yuan, a decrease of over 2,000 billion yuan from the previous day [1] Sector Performance - The semiconductor sector showed strong performance, with several stocks reaching new highs, including Chipone Technology, which rose over 17% to surpass 200 yuan [3] - Consumer electronics stocks were active, with Longying Precision hitting the daily limit and achieving a new historical high [6][8] - The AI industry chain stocks also saw gains, with Guangku Technology rising over 10% and Industrial Fulian increasing nearly 7% [1] Notable Stocks - Tianpu Co. achieved a 14-day consecutive limit-up, breaking the 100 yuan mark [1] - Yunnan Tourism also recorded a limit-up, marking its fourth consecutive increase [10] - In Hong Kong, Hongteng Precision surged nearly 18%, approaching historical highs, while Sunny Optical Technology rose nearly 7% [2] Semiconductor Industry Insights - The domestic semiconductor equipment localization rate has been steadily increasing, with a significant gap of approximately 3 million GPU cards in China [5] - Long-term prospects indicate that domestic wafer fabs could expand their market share from about 10% to 30%, indicating a threefold growth potential [6] - The semiconductor equipment localization rate is currently around 20%, with potential growth to 60%-100%, suggesting a significant development trend [6] Consumer Electronics Developments - The period from September to October is noted as a peak for new product launches in the consumer electronics sector, with companies in the supply chain positioned for potential rebounds [8] - Meta recently held its Meta Connect 2025 conference, unveiling several new hardware products, including AR glasses and AI glasses [8]

Core Viewpoint - The report from Industrial Securities indicates that since May, the intensity of industry rotation in the market has been continuously converging, with "technology growth industry trends" and "low valuation cycle recovery" becoming the two main lines of market consensus [1][3]. Group 1: Market Consensus - The market has experienced rapid style and industry rotation this year, but since May, the rotation intensity has been decreasing, indicating a shift towards a more stable consensus around the two main lines [1][3]. - The sectors showing high growth include AI (components, games, publishing) and resource products (non-ferrous metals, steel, plastics, cement, agricultural chemicals), with improvements also noted in innovative pharmaceuticals and military industries [3][27]. Group 2: Capital Inflows - There has been a notable increase in incremental capital entering the market, driven by macro policies and attractive market returns, with foreign capital showing a strong interest in sectors like pharmaceuticals, internet, and cyclical industries [4][9]. - The report highlights that since July, foreign capital inflows into Hong Kong stocks have been significant, with net inflows exceeding 644 billion yuan, indicating a strong recovery in A-share positions [4][9]. - Margin trading has also seen continuous inflows, with over 100 billion yuan entering the market for five consecutive weeks, primarily favoring technology growth sectors [9][18]. Group 3: Sector Opportunities - The "反内卷" (anti-involution) policy has gained prominence, with significant actions taken in various industries to reduce overcapacity and improve pricing, particularly in resource sectors [27][29]. - The military industry is expected to benefit from both domestic planning and international market opportunities, with a favorable environment for order releases and increased global competitiveness [31][34]. - The AI sector has shown clear recovery trends, with opportunities emerging in domestic computing power and downstream applications, supported by recent technological advancements and policy changes [37][50].