汽车行业 超配（维持） 汽车行业双周报（2025/10/10-2025/10/23） 行 业 今年前三季度新能源汽车产销量超过 1100 万辆 2025 年 10 月 24 日 投资要点： S0340124020014 电话：0769-22117626 wuzhenjie@dgzq.com.cn 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：iFinD，东莞证券研究所 分析师：刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2025年10月23日，申万汽车板块近两周 下跌5.21%，跑输沪深300指数3.02个百分点，在申万31个行业中排名第 27名；申万汽车板块从9月初至今下跌5.57%，跑输沪深300指数4.83个 百分点，在申万31个行业中排名第29名；申万汽车板块从2025年初至今 上涨21.26%，跑赢沪深300指数4.20个百分点，在申万31个行业中排名 第1 ...

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry chain [1] Core Views - In Q3 2025, China's energy storage battery shipments increased by over 60% year-on-year, with total shipments for the first three quarters exceeding 30% of last year's total [8][44] - The domestic energy storage cell supply is tight, with leading battery companies operating at full capacity, and this supply-demand imbalance is expected to continue until Q1 2026 [8][49] - The new energy vehicle market is in a traditional peak season, particularly with rapid growth in sales of new energy commercial vehicles, sustaining overall demand for lithium batteries [8][49] - The report highlights the ongoing industrialization of solid-state batteries, with significant breakthroughs in key technologies recently achieved [8][49] - It suggests focusing on leading companies with technological and cost advantages across the industry chain, particularly those involved in solid-state battery core processes and materials [8][49] Summary by Sections Market Review - As of October 23, 2025, the lithium battery index has decreased by 9.36% over the past two weeks, underperforming the CSI 300 index by 7.17 percentage points [15] - Year-to-date, the lithium battery index has increased by 49.03%, outperforming the CSI 300 index by 31.97 percentage points [15] Price Changes in the Lithium Battery Industry Chain - As of October 23, 2025, the average price of battery-grade lithium carbonate is 74,800 CNY/ton, up 2.61% in the last two weeks [29] - The price of lithium hydroxide (LiOH 56.5%) is 72,200 CNY/ton, increasing by 0.84% [29] - The price of lithium iron phosphate has decreased by 2.62% to 33,400 CNY/ton, while NCM523, NCM622, and NCM811 have seen increases of 16.26%, 13.20%, and 8.36% respectively [32] - The price of electrolyte lithium hexafluorophosphate has surged by 38.10% to 87,000 CNY/ton [35] - The average price of wet separators has risen by 5.80% to 0.73 CNY/sqm [40] Industry News - The report notes that in Q3 2025, China's energy storage battery shipments reached 165 GWh, a 65% increase year-on-year, with total shipments for the first three quarters reaching 430 GWh [44] - The report also highlights that from January to September 2025, China's lithium battery exports increased by 19.14% in quantity and 26.75% in value [44] - The global battery production in September 2025 was 216.7 GWh, a 50.8% year-on-year increase [44] Company Announcements - The report identifies key companies to watch, including CATL (300750), EVE Energy (300014), and others, based on their strong performance and market positioning [51]

锂电池产业链 买入（维持） 动储电池出货高增，Q3 净利环比大幅增长 公 司 点 评 亿纬锂能（300014）2025 年三季报点评 2025 年 10 月 24 日 投资要点： 分析师：黄秀瑜 事件：公司发布了2025年三季度报告。 点评： 资料来源：iFinD，东莞证券研究所 报 告 请务必阅读末页声明。 主要数据 2025 年 10 月 23 日 2025年Q3实现归母净利润环比大幅增长。公司2025年前三季度实现营收 450.02亿元，同比增长32.17%，归母净利润28.16亿元，同比下降11.70%。 其中，2025Q3营收168.32亿元，同比增长35.85%，环比增长9.49%；归母 净利润12.11亿元，同比增长15.13%，环比增长140.16%。若剔除股权激 励费用及单项坏账计提影响，2025年前三季度归母净利润为36.75亿元， 同比增长18.40%，其中Q3归母净利润14.57亿元，同比增长50.70%，环比 增长30.43%。前三季度毛利率15.95%，同比下降1.43pct；净利率6.61%， 同比下降3.01pct。Q3毛利率13.66%，同比下降5.35pct，环比下降3.8 ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [3][24]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 3.41% from October 10 to October 23, 2025, which is approximately 1.22 percentage points lower than the index [10][24]. - Most sub-sectors within the industry recorded negative returns during the same period, with offline pharmacies and traditional Chinese medicine showing positive growth of 4.19% and 1.55%, respectively, while medical R&D outsourcing and medical equipment sectors faced declines of 8.86% and 7.66% [13][24]. - Approximately 56% of stocks in the industry reported positive returns, with notable performers including ZhenDe Medical, which saw a weekly increase of 43.97% [14][16]. - The overall industry valuation has decreased, with the SW pharmaceutical and biotechnology index's PE (TTM) at approximately 53.10 times, and a relative PE to the CSI 300 of 3.90 times as of October 23, 2025 [17][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 3.41% from October 10 to October 23, 2025 [10]. - Most sub-sectors recorded negative returns, with offline pharmacies and traditional Chinese medicine performing better than others [13]. - About 56% of stocks in the industry achieved positive returns during this period [14]. 2. Industry News - On October 21, the Ministry of Finance announced the allocation of funds for enhancing medical services and capacity building, aimed at supporting various healthcare initiatives [18][22]. 3. Company Announcements - Junshi Biosciences disclosed that its wholly-owned subsidiary passed an FDA inspection, indicating compliance with current Good Manufacturing Practices [23]. 4. Industry Outlook - The report suggests focusing on sectors with potential for exceeding expectations in the upcoming quarterly reports, including medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, and innovative drugs [24][25].

交通运输行业 超配 （维持） 反内卷初见成效，快递单价提升 2025 年 1-9 月快递行业跟踪点评 投资策略： 9月快递行业数据进一步验证反内卷效果，目前全国多个省市快递企业已发布涨价通知， 叠加双十一旺季的启动，河南等地已宣布启动第二轮涨价，行业快递均价回升。参考历史经验，经历 了多年的精细化运营后快递企业网络效率较高，业绩弹性更大，预计快递提价和严查低价件将提升快 递企业利润率。看好快递行业反内卷背景下加大监管力度，倒逼企业调整竞争策略。后续价格降幅或 继续收窄，份额争夺放松将释放快递企业盈利弹性。建议关注圆通速递（600233）、申通快递（002468）、 顺丰控股（002352）、韵达股份（002120）。 风险提示：（1）行业竞争加剧。（2）行业政策变化。（3）上游电商平台低价竞争或限制快递企业提价 能力。（4）居民消费意愿变化，网购需求不及预期。（5）地缘政治风险导致国际业务增长不及预期 等风险。 2025 年 10 月 24 日 分析师：邓升亮（SAC 执业证书编号： S0340523050001） 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][46]. Core Viewpoints - The major telecommunications operators in China reported a slight decline in revenue growth for the first three quarters of 2025, but overall net profit continues to show good growth. As the basic market approaches saturation, digital and innovative businesses are becoming new growth engines for operators, with government and enterprise digitalization becoming key pillars of growth. The communication industry is expected to experience a period of technological iteration and policy dividends, with new growth drivers from AI, quantum communication, and low-altitude economy [3][41]. Summary by Sections 1. Communication Industry Market Review - The communication sector index fell by 1.88% over the past two weeks (10/10-10/23), outperforming the CSI 300 index by 0.31 percentage points. Year-to-date, the sector has risen by 60.32%, outperforming the CSI 300 index by 43.26 percentage points [4][11]. 2. Industry News - The International Telecommunication Union confirmed that the 2027 World Radiocommunication Conference will be held in Shanghai, China [16]. - Omdia predicts that the number of global 5G Fixed Wireless Access (FWA) users will reach 150 million by 2030, with a compound annual growth rate (CAGR) of 23% [19]. - IDC reported that the AI IaaS market in China grew by 122.4% year-on-year in the first half of 2025, reaching a market size of 19.87 billion yuan [20]. 3. Company Announcements - Yiyuan Communication reported a net profit growth of 105.65% year-on-year for the first three quarters of 2025, with revenue of 17.877 billion yuan [24]. - China Telecom's net profit for the first three quarters of 2025 grew by 5%, with total revenue of 394.3 billion yuan [27]. 4. Industry Data Updates - As of August 2025, the mobile phone user base reached approximately 1.819 billion, a year-on-year increase of 2.67% [28]. - The total number of 5G base stations reached 4.646 million by August 2025, accounting for 36.3% of all mobile base stations [37]. 5. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and earnings certainty," highlighting companies such as China Mobile, China Telecom, and FiberHome Communication [41][42].

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [48]. Core Insights - The semiconductor industry index has seen a cumulative decline of 9.48% over the past two weeks, underperforming the CSI 300 index by 7.29 percentage points. However, since the beginning of 2025, the semiconductor index has risen by 44.73%, outperforming the CSI 300 index by 27.66 percentage points [7][15]. - The report highlights a significant price increase in storage products driven by the explosion of AI applications, leading to a surge in demand for high-performance storage chips used in AI servers and data centers. Major companies like Micron and Samsung have raised prices by 20%-30% and 15%-30% respectively [41][25]. Industry News and Company Dynamics - The report notes that the global semiconductor equipment investment reached $33.07 billion in Q2 2025, a 24% year-on-year increase [18]. - The Chinese smartphone market saw a 3% decline in Q3 2025, with Vivo regaining the top position in shipments [22]. - The report mentions that the utilization rate of wafer foundries in the second half of 2025 is better than expected due to low inventory levels among chip design companies and strong AI demand [23]. - The report anticipates a "super cycle" in the storage chip market, with price increases expected to continue until 2026, driven by high demand from data centers and smart devices [25]. Semiconductor Industry Data Updates - Global smartphone shipments reached 323 million units in Q3 2025, a year-on-year increase of 2.09% [34]. - In September 2025, domestic new energy vehicle sales reached 1.604 million units, a year-on-year increase of 24.6% [36]. - Global semiconductor sales in August 2025 amounted to $64.88 billion, a year-on-year increase of 21.7% [38]. Investment Recommendations - The report suggests focusing on segments benefiting from the price increases in storage products, including storage modules, niche storage, and supporting materials [41]. - Specific companies to watch include: - Northern Huachuang (002371) - Zhongwei Company (688012) - Huahai Qingke (688120) - Tuo Jing Technology (688072) [44][45].

2025 年 10 月 24 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2025/10/10-2025/10/23） 行 业 OpenAI 发布 AI 浏览器，iPhone17 系列销售火热 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（10/10-10/23）累计下跌8.33%， 跑输沪深300指数6.14个百分点，在申万行业中排名第31名；板块10月 累计下跌6.33%，跑输沪深300指数5.59个百分点，在申万行业中排名第 31名；板块今年累计上涨43.80%，跑赢沪深300指数26.74个百分点，在 申万行业中排名第3名。估值方面，截至10 ...

【A 股市场大势研判】 指数探底回升，全线收红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 上证指数分时图 | | --- | --- | --- | --- | | 上证指数 | 3922.41 | 0.22% | 8.65 | | 深证成指 | 13025.45 | 0.22% | 28.84 | | 沪深 300 | 4606.34 | 0.30% | 13.77 | | 创业板 | 3062.16 | 0.09% | 2.84 | | 科创 50 | 1401.26 | -0.30% | -4.15 | | 北证 50 | 1455.37 | -1.07% | -15.70 | 证券研究报告 2025 年 10 月 24 日 星期五 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 煤炭 | 1.75% | 通信 | -1.51% | 深圳国企改革 | 6.62% ...

电子行业 超配 （维持） 东莞 AI 产业系列报告之一 深 度 AI Infra 规模高增，PCB 产业链有望受益 2025 年 10 月 23 日 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 电子行业指数走势 资料来源：东莞证券研究所，iFind 究 投资要点： 相关报告 东莞PCB产业链重点企业介绍：21世纪以来东莞电子信息产业加速发展， 智能手机领域吸引了华为、OPPO、vivo等龙头企业，形成了从基础材料、 零部件到终端制造的完整产业链条。庞大的电子终端生产基地为PCB产 业链发展提供了巨大机遇，同时产业链龙头公司近年紧抓AI发展浪潮， 持续加大AI相关产品研发的力度，产品技术领先，并陆续通过国内外终 端客户验证，业绩持续释放。以东莞PCB产业链龙头为例：（1）生益科 技（600183）：拥有全系列高速覆铜板，有不同等级高速覆铜板应用在 不同传输速率的产品，可以满足服务器、数据中心、交换机、光模 ...