长江商报消息 ●长江商报记者 汪静 登录新浪财经APP 搜索【信披】查看更多考评等级 "A+H"股热潮仍在持续，晶晨股份（688099.SH）也要赴港上市了。 9月5日晚间，晶晨股份发布公告，拟发行H股股票并在香港联合交易所主板挂牌上市。 晶晨股份表示，此次赴港上市是为"进一步提高公司的资本实力和综合竞争力，深入推进公司的国际化 战略"。截至目前，公司正与相关中介机构就本次发行的相关工作进行商讨，其他具体细节尚未最终确 定。 长江商报记者注意到，晶晨股份业务已覆盖全球主要经济区域。2025年上半年，公司境外营业收入 29.61亿元，占总营收的88.9%，境外毛利率38.49%，较境内毛利率23.25%，高出15.24个百分点。 2025年上半年，晶晨股份实现营业收入33.3亿元，同比增长10.42%；实现净利润4.97亿元，同比增长 37.12%。其中，2025年第二季度，公司出货量接近5千万颗，创单季度历史新高。 拟赴港上市 9月5日晚间，晶晨股份发布公告称，公司拟发行境外上市外资股（H股）股票并申请在香港联合交易所 主板挂牌上市，以进一步提高公司资本实力和综合竞争力，深入推进国际化战略。 晶晨股份表示，公 ...

Macro Strategy - The core viewpoint is that during the "14th Five-Year Plan" period, a nominal GDP growth rate of at least 5.5% is crucial to achieve the long-term goal of reaching the per capita GDP level of a moderately developed country by 2035 [1][17] - The recovery of nominal GDP growth is primarily dependent on price levels, with a target of returning the GDP deflator index to an average annual growth of +1.7% from 2012 to 2025, combined with a real GDP growth rate of over 4.4% [1][17] - The report emphasizes the importance of boosting consumer demand to address the historical negative growth in service prices, which is not effectively resolved by supply-side policies alone [1][17] Fixed Income Analysis - The report highlights that non-ETF component bonds of the Sci-Tech bonds exhibit higher valuation yields and credit spreads compared to ETF component bonds, indicating a relative value in switching to these non-component bonds [3][4] - It is noted that 14.79% of the non-ETF component bonds have credit spreads exceeding 40 basis points, suggesting a larger selection of bonds with potential spread compression compared to ETF component bonds [4] - The "anti-involution" policy is expected to have a more profound and longer-lasting impact compared to previous supply-side reforms, with a focus on market-driven measures rather than heavy administrative intervention [5][6] Company-Specific Insights - Satellite Chemical's H1 2025 revenue reached 23.46 billion yuan, a year-on-year increase of 20.9%, with net profit of 2.74 billion yuan, up 33.4% year-on-year, indicating strong performance [10][11] - The company has resolved supply chain risks related to U.S.-China ethane trade, allowing for stable operations moving forward [11] - The high-performance catalyst new material project has officially launched, with plans to invest 3 billion yuan, which is expected to drive future growth [11] Industry Performance - The report on Guizhou Moutai indicates a stable revenue growth of 9.2% year-on-year in H1 2025, with a net profit increase of 8.9%, although series liquor sales faced pressure [16] - The company maintains a profit forecast of 93.2 billion yuan for 2025, with slight adjustments for 2026 and 2027, reflecting a stable outlook despite market challenges [16] - The report on 361 Degrees shows steady growth driven by e-commerce and offline efficiency improvements, maintaining a profit forecast of 1.3 billion yuan for 2025 [13]