Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 16.844 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 34.13%. The net profit attributable to the parent company was 3.761 billion yuan, up 38.91% year-on-year [4][5] - The growth was driven by the core product "Dongpeng Special Drink," which generated approximately 12.563 billion yuan in revenue, a 19.4% increase year-on-year, and the second growth curve "Dongpeng Water" electrolyte drinks, which saw a revenue increase of 134.8% to 2.847 billion yuan [5][6] - The company's national expansion strategy is showing significant results, with revenue growth in various regions, particularly in Southwest and North China, where revenues increased by 48.9% and 72.9% respectively [5][8] Summary by Sections Revenue Performance - In Q3 2025, the company reported a revenue of 6.107 billion yuan, a 30.36% increase year-on-year, and a net profit of 1.386 billion yuan, up 41.91% year-on-year [4][5] - The revenue from energy drinks, electrolyte drinks, and other beverages in Q3 was 4.203 billion yuan, 1.354 billion yuan, and 0.547 billion yuan respectively, with year-on-year growth rates of 14.6%, 83.8%, and 95.6% [6] Profitability and Cost Management - The gross margin for the first three quarters of 2025 was 45.2%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin reached 22.3%, up 0.8 percentage points year-on-year [7][8] - The company maintained strict cost control, with a total expense ratio of 17.8%, down 0.3 percentage points year-on-year [7] Product and Market Strategy - The company is successfully building a comprehensive beverage group, with a focus on high-cost performance strategies and expanding its product matrix [8] - The number of distribution points has exceeded 4.2 million, and the company is enhancing its channel depth and brand exposure through various marketing strategies [8] Financial Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are adjusted to 4.584 billion yuan, 5.840 billion yuan, and 7.046 billion yuan respectively, with corresponding EPS of 8.81 yuan, 11.23 yuan, and 13.55 yuan [9][10] - The current stock price corresponds to a PE ratio of 34x for 2025, 27x for 2026, and 22x for 2027 [9]

Macro Insights - The report emphasizes the dual policy line of "industrial technology + boosting domestic demand," reflecting the central government's commitment to economic transformation and upgrading [2] - The construction of a modern industrial system has been prioritized, indicating a stronger focus on how technological innovation integrates with industrial development [2] - High-level opening up has been elevated in importance, suggesting a proactive approach to gaining development advantages amid global competition [2] Market Data - The US inflation data for September was lower than expected, primarily due to declines in housing, used car, and truck prices, which may pave the way for future interest rate cuts by the Federal Reserve [3] - The market is expected to maintain a strong performance in the short term, supported by the recent policy announcements from the 20th National Congress and ongoing US-China trade negotiations [4] Bond Market - As of the end of September 2025, the total bond custody volume reached 175.46 trillion yuan, with a net increase of 0.92 trillion yuan month-on-month [5] - The secondary market for REITs showed a slight upward trend, with the weighted REITs index closing at 181.5, yielding a weekly return of 0.11% [6] - Credit bond issuance increased by 33.45% week-on-week, with a total issuance of 578.28 billion yuan [7] High-end Manufacturing - Domestic sales of construction machinery continued to grow in September, with significant recovery in non-excavator categories and strong export performance [12] - The report recommends several leading manufacturers in the construction machinery sector, including SANY Heavy Industry and XCMG, as well as component manufacturers like Hengli Hydraulic [12] Machinery Industry - In September, exports of electric tools and lawn mowers increased by 4% and 11% year-on-year, respectively, while excavator and tractor exports saw growth rates of 42% and 51% [13] - The report highlights the continued trend of declining exports to the US, while machine tools and tractors showed marginal acceleration in export growth [13] Banking Sector - The People's Bank of China reported that new RMB loans totaled 14.75 trillion yuan in the first three quarters, a year-on-year decrease of 1.27 trillion yuan, with a loan balance growth rate of 6.6% [14] - The report notes that corporate loans remain strong in key sectors such as manufacturing and technology, while real estate loans continue to decline [14] Pharmaceutical Industry - The report indicates that China's pharmaceutical innovation is gaining momentum, with domestic policies supporting innovation and stabilizing industry profitability [17] - It recommends focusing on innovative drugs and high-end medical devices, highlighting companies like Innovent Biologics and Mindray Medical [17] Company Research - Ping An Bank reported a revenue decline of 9.8% and a net profit decrease of 3.5% in the first three quarters, but asset stability was maintained [18] - Bilibili's self-developed game "Escape from Duck City" is expected to contribute significantly to revenue, with a focus on cost control and stable expenses [19] - Huizhou Technology is projected to see significant revenue growth from its data center and automotive wiring businesses, maintaining a "buy" rating [20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company achieved steady revenue growth in Q3 2025, with total revenue reaching 326 million yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 102 million yuan, up 30.68% year-on-year [1][2]. - The company is focusing on innovation and expanding its emerging business sectors, particularly in mental health, pelvic floor, and neurological rehabilitation, while also enhancing its aesthetic medicine and urology segments [2][3]. - The company has established a comprehensive closed-loop system for neurological rehabilitation, covering diagnosis, treatment, and rehabilitation, with several products in various stages of development [3]. Financial Performance Summary - For Q3 2025, the company reported revenue of 115 million yuan, a 14.87% increase year-on-year, and a net profit of 33 million yuan, reflecting a 14.99% growth [1][2]. - The operating cash flow increased by 33.74% year-on-year, primarily due to higher cash receipts from sales [2]. - The company’s R&D expenses were 11 million yuan, accounting for 9.76% of revenue, highlighting its commitment to innovation [2]. Profit Forecast and Valuation - The projected net profit for 2025 is 131 million yuan, with a corresponding P/E ratio of 36 times [4][3]. - The company is positioned as a leader in the magnetic-electric rehabilitation device sector, benefiting from the growing rehabilitation industry and consumer spending upgrades [3].

2025 年 10 月 26 日 行业研究 重点领域景气度高，居民贷款增长承压 ——2025 年 3 季度央行贷款投向点评 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 9 月金融数据前瞻：社融增速回落，货币活 化延续——流动性观察第 117 期 8 月金融数据前瞻： 社融增速或现拐点， 存款活化程度提升——流动性观察第 116 期 7 月金融数据前瞻：社融向上、贷款向下— —流动性观察第 115 期 如何看待股债跷跷板和 8 月流动性？——流 动性观察第 114 期 6 月金融数据前瞻：低基数效应下的季节性 修复——流动性观察第 113 期 4 月金融数据前瞻及 5 月流动性展望——流 动性观察第 109 期 3 月金融数据前瞻及 4 月流动性展望——流 动性观察第 108 期 事件：10 月 24 日，人民银行发布 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5] Core Insights - Prices for various cobalt categories have risen, with lithium hexafluorophosphate reaching a nearly two-year high [1] - The report highlights the increasing prices of lithium concentrate and cobalt, indicating a positive trend in the new energy vehicle materials sector [1][4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, such as Salt Lake Co., Cangge Mining, and Tianqi Lithium [4] Summary by Relevant Sections Cobalt and New Materials - Electrolytic cobalt price is at 398,000 CNY/ton, up 8.2% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.81, down 1.2% [1][10] - Lithium concentrate (Li2O 5%) price is 795 USD/ton, up 8.16% week-on-week [1][29] - Cobalt sulfate price is 89,900 CNY/ton, up 0.96% week-on-week [37] New Energy Vehicle Materials - Prices for battery-grade lithium hydroxide and carbonates remain stable, with battery-grade lithium carbonate price at 73,800 CNY/ton [29] - The price of lithium iron phosphate is 334,000 CNY/ton, with a week-on-week increase of 0% [39] - The report notes a significant increase in the production and penetration rate of new energy vehicles, with September 2025 production at 1.6169 million units, up 16.3% month-on-month [25][26] Photovoltaic Materials - Photovoltaic-grade polysilicon price is 6.51 USD/kg, down 0.3% week-on-week, while EVA price is 10,900 CNY/ton, down 0.9% [2] - The report indicates that the price of photovoltaic glass remains stable at 24.0 CNY/sqm [2] Uranium and Nuclear Materials - Uranium price is at 62.88 USD/lb, up 6.6% week-on-week [2] - Prices for zirconium-related materials remain stable, with no significant changes reported [2] Other Materials - The price of lithium cobalt oxide is 376.0 CNY/kg, up 3.3% week-on-week [3] - The report highlights the increase in rhodium prices, with a current price of 21,150 CNY/kg, up 0.5% [3]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark [6]. Core Insights - The "14th Five-Year Plan" emphasizes the development of hydrogen energy and nuclear fusion as new economic growth points, alongside other advanced technologies [1]. - The clean energy transition is crucial for achieving carbon neutrality, with hydrogen and nuclear fusion playing complementary roles in decarbonizing the energy sector [2]. - Recent policy support for hydrogen energy, including funding for green methanol projects, indicates a strong governmental push towards the hydrogen sector [3]. - China's nuclear fusion sector is experiencing rapid advancements, with multiple projects progressing simultaneously, suggesting a promising future for controlled nuclear fusion [4]. Summary by Sections Hydrogen Energy Sector - The hydrogen energy industry is expected to benefit from continuous cost reductions driven by technological advancements and supportive policies [3]. - Companies involved in green methanol production and those with advanced gasification technology are highlighted as key investment opportunities [5]. Nuclear Fusion Sector - Companies directly participating in nuclear fusion project construction and those supplying high-value components are identified as potential investment targets [5]. - The report notes significant breakthroughs in nuclear fusion technology in China, indicating a robust growth trajectory for the sector [4].

2025 年 10 月 26 日 行业研究 实现科技自立自强，确保产业链供应链的韧性与安全 ——基础化工行业周报（20251020-20251024） 要点 "十五五"目标要求科技自立自强水平大幅提高。二十届四中全会在"十五 五"时期经济社会发展主要目标中明确提出"科技自立自强水平大幅提 高"，并规划到 2035 年实现科技实力大幅跃升。在具体工作部署方面，全 会将"加快高水平科技自立自强，引领发展新质生产力"列为重点工作要 求，凸显了科技创新在现代化建设中的核心地位。全会强调要抓住新一轮科 技革命和产业变革历史机遇，统筹教育强国、科技强国、人才强国建设，提 升国家创新体系整体效能，全面增强自主创新能力，抢占科技发展制高点， 不断催生新质生产力。在实施路径上，全会提出四个关键举措：加强原始创 新和关键核心技术攻关、推动科技创新和产业创新深度融合、一体推进教育 科技人才发展、深入推进数字中国建设。这些表述体现了党中央对科技自立 自强的高度重视，为实现中国式现代化提供强大科技动能。 半导体材料板块正处于需求扩张与国产替代的共振阶段。AI 算力、智能驾驶 渗透等应用持续推动半导体行业扩张，根据 WSTS 预测 20 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 2 billion yuan in the first three quarters of 2025, a year-on-year increase of 1.8%, with a net profit attributable to shareholders of 670 million yuan, up 0.3% year-on-year [1]. - The company is focusing on new product performance while solidifying its core pickled vegetable business [3]. - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates to 805 million yuan, 852 million yuan, and 899 million yuan respectively, reflecting increased investment in new product promotion and market competition [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 690 million yuan, a year-on-year increase of 4.5%, and a net profit of 230 million yuan, up 4.3% year-on-year [1]. - The gross margin for the first three quarters of 2025 was 53.73%, while Q3 2025 saw a decline to 52.93% year-on-year, attributed to changes in product structure and pricing strategies [2]. - The net profit margin for the first three quarters of 2025 was 33.67%, with a slight decrease compared to the previous year [2]. Strategic Initiatives - The company is implementing a "dual-driven" strategy to enhance its core business while exploring new product categories and channels [3]. - New product launches include a 60g product at a price point of 2 yuan and an 80g product with a 10% bonus, aimed at reinforcing the core pickled vegetable market [3]. - The company is expanding its B2B market by enhancing its restaurant channel offerings and establishing a large customer operations center [3]. Profit Forecast and Valuation - The report projects a decrease in net profit for 2025-2027, with EPS estimates of 0.70 yuan, 0.74 yuan, and 0.78 yuan respectively, reflecting a P/E ratio of 18x for 2025 [4][5]. - The company is recognized as a leader in the pickled vegetable industry, benefiting from strong brand and channel advantages [4].

Inflation Data Summary - In September, the U.S. CPI increased by 3.0% year-on-year, up from 2.9% in the previous month, but below the market expectation of 3.1%[2] - The seasonally adjusted CPI rose by 0.3% month-on-month, down from 0.4% previously and below the expected 0.4%[2] - Core CPI also increased by 3.0% year-on-year, down from 3.1% last month, and the month-on-month increase was 0.2%, down from 0.3%[2] Economic Implications - The mild inflation data reduces the risk of the Federal Reserve making uninformed decisions amid the government shutdown affecting non-farm data releases[3] - The overall inflation increase is tempered by declines in housing, used car, and truck prices, while tariff impacts continue to be felt in categories like appliances and furniture[3] - Market expectations are set for two rate cuts within the year, with probabilities of 96.7% for October and 94.4% for December, indicating a strong belief in easing monetary policy[7] Sector-Specific Insights - Food prices saw a month-on-month increase of only 0.2%, down from 0.5% in the previous month, with notable declines in beef prices[4] - Energy prices increased by 1.5% month-on-month, influenced by rising international oil prices due to geopolitical tensions, although overall price increases remain limited[4] - Core goods prices fell to a month-on-month increase of 0.2%, primarily due to a drop in used car and truck prices, which decreased from 1.0% to -0.4%[5]

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating upward trend, but the market trading enthusiasm declined compared to the previous week. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Among mainstream asset classes, the return rate ranking from high to low was: crude oil > A - shares > convertible bonds > US stocks > REITs > pure bonds > gold [1][11]. - The price trends of equity - type and franchise - type REITs in the secondary market diverged this week. Equity - type REITs declined, while franchise - type REITs rose. Among different underlying asset types, water conservancy facilities REITs had the largest increase [16]. - This week, there was no new listing of REITs products, and no update on the project status of REITs products [4][37]. 3. Summary of Each Section According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of listed public REITs showed a fluctuating upward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 816.04 and 1045.13 respectively, with a weekly return rate of 0.16%. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Compared with other mainstream asset classes, the return rate of REITs was lower than that of crude oil, A - shares, convertible bonds, and US stocks, but higher than that of pure bonds and gold [11]. - **At the underlying - asset level**: The price trends of equity - type and franchise - type REITs diverged. The weighted index of equity - type REITs closed at 153.43, with a return rate of - 0.36%, while the weighted index of franchise - type REITs closed at 117.04, with a return rate of 0.72%. Among different underlying asset types, water conservancy facilities REITs had the largest increase, followed by municipal facilities and new infrastructure REITs [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 46 rising, 1 remaining unchanged, and 28 falling. The top three in terms of increase were Industrial Bank Inner Mongolia Energy Clean Energy REIT, AVIC Yishang Warehouse Logistics REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT, with increases of 4.06%, 3.58%, and 3.23% respectively. The top three in terms of decrease were China Merchants Fund Shekou Rental Housing REIT, Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT, and Huaxia Joy City Commercial REIT, with decreases of 4.11%, 2.44%, and 2.42% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.72 billion yuan, and the water conservancy facilities REITs led in the average daily turnover rate during the period. The total trading volume of 75 listed REITs was 2.72 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, consumer infrastructure, and park infrastructure, with trading volumes of 515 million, 461 million, and 454 million yuan respectively. In terms of turnover rate, the top three were water conservancy facilities, new infrastructure, and affordable rental housing, with average daily turnover rates of 1.05%, 0.94%, and 0.85% respectively [25]. - **At the single - REIT level**: This week, the trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were Soochow Suyuan Industrial Park REIT, CICC Logistic REIT, and Bosera Shekou Industrial Park REIT. In terms of trading amount, the top three were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia China Resources Commercial REIT, and CICC Anhui Expressway REIT. In terms of turnover rate, the top three were Huatai Baowan Logistics REIT, Huatai Jiangsu Expressway REIT, and China Merchants Fund Shekou Rental Housing REIT [26]. 3.1.3 Main - Force Net Inflow and Block Trading - **Main - force net inflow**: This week, the total main - force net inflow was - 11.83 million yuan, indicating a decline in market trading enthusiasm compared to the previous week. Among different underlying asset REITs, the top three in terms of main - force net inflow during the week were consumer infrastructure, water conservancy facilities, and affordable housing. Among single REITs, the top three in terms of main - force net inflow were CICC Inlitchi Consumer REIT, China Merchants Fund Shekou Rental Housing REIT, and Yin Hua Shaoxing Raw Water Water Conservancy REIT [30]. - **Block trading**: This week, the total block trading volume reached 400.67 million yuan, an increase compared to the previous week. There were block trading transactions on 5 trading days, with the highest single - day block trading volume on Wednesday (October 22, 2025), reaching 98.48 million yuan. Among single REITs, the top three in terms of block trading volume were CICC Chongqing Liangjiang REIT, Southern SF Logistics REIT, and Huaxia China Communications Construction REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects As of October 24, 2025, there were 75 public REITs products in China, with a total issuance scale of 196.619 billion yuan. Among them, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 31.835 billion yuan. This week, there was no new listing of REITs products [37]. 3.2.2 Pending - Listing Projects According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 19 REITs in the pending - listing state, including 12 first - issuance REITs and 7 REITs pending expansion [40].