行业点评 本周 A 股地产、港股地产、港股物业均上涨。本周（10.18-10.24）申万 A 股房地产板块涨跌幅为+1.5%，在各板 块中位列第 18；恒生港股房地产板块涨跌幅为+1.2%，在各板块中位列第 8。本周恒生物业服务及管理指数涨跌幅为 +2.2%，恒生中国企业指数涨跌幅为+3.9%，沪深 300 指数涨跌幅为+3.2%；物业指数对恒生中国企业指数和沪深 300 的相对收益分别为-1.7%和-1%。 土地市场溢价率处于低位。本周（10.18-10.24）全国 300 城宅地成交建面 1521 万㎡，单周环比 52%，单周同比 -14%，平均溢价率 4%。2025 年初至今，全国 300 城累计宅地成交建面 33812 万㎡，累计同比-9.9%；年初至今，中海 地产、绿城中国、保利发展、建发房产、招商蛇口的权益拿地金额位居行业前五。 本周(10.18-10.24)47 个城市商品房销售 429 万方，成交量环比+4%，同比-13%，整体处于季节性低位；9 月新房 售价环比-0.4%，环比跌幅略有扩大，同比-2.7%，同比降幅持续收窄；结合量价，景气度下行趋缓。本周分能级来看： 一线城市周环比+10%， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 18.39 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 68.6%. The net profit attributable to shareholders reached 1.79 billion yuan, up 84.3% year-on-year [2]. - The revenue for Q3 was 6.65 billion yuan, with a year-on-year increase of 56.8%, while the net profit attributable to shareholders was 0.55 billion yuan, growing 45.9% year-on-year [2]. - The company is experiencing strong sales growth in electric two-wheelers, toC scooters, and all-terrain vehicles, with electric two-wheeler sales reaching 1.487 million units and revenue of 4.45 billion yuan, a year-on-year increase of 71.8% [3]. Summary by Sections Performance Review - The company achieved a revenue of 18.39 billion yuan in the first three quarters of 2025, with a net profit of 1.79 billion yuan, reflecting significant growth rates of 68.6% and 84.3% respectively [2]. - Q3 results showed revenue of 6.65 billion yuan and a net profit of 0.55 billion yuan, with year-on-year growth rates of 56.8% and 45.9% [2]. Operational Analysis - Revenue growth exceeded expectations, while profit growth was in line with expectations. The slower profit growth was attributed to seasonal demand fluctuations and foreign exchange losses [3]. - The company expanded its store network significantly, with over 9,700 stores for electric two-wheelers in China as of September 30, 2025, and an 18% increase in store efficiency [3]. Profit Forecast, Valuation, and Rating - The company is expected to see substantial growth in its electric two-wheeler and robotic lawnmower businesses, with revenue projections of 21.7 billion yuan, 27.3 billion yuan, and 33.1 billion yuan for 2025, 2026, and 2027 respectively [4]. - The forecasted net profits for the same years are 2.1 billion yuan, 2.7 billion yuan, and 3.5 billion yuan, indicating growth rates of 90%, 31%, and 29% respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 217 million yuan for Q3 2025, representing a year-on-year growth of 12.7%. The gross profit was 191 million yuan, with a growth of 10.7%. The net profit attributable to the parent company, after deducting non-recurring items, reached 41 million yuan, marking a significant increase of 68.3% year-on-year [2]. - The cash received from sales of goods and services in Q3 2025 was 267 million yuan, up 17.3% compared to the same period last year, outpacing revenue growth [2]. - The company has expanded its product offerings in mobile intelligent terminal visual solutions and smart automotive sectors, achieving notable revenue growth in these areas [3]. - The forecast for revenue from 2025 to 2027 is projected to be 929 million yuan, 1.135 billion yuan, and 1.438 billion yuan, respectively, with corresponding growth rates of 14.0%, 22.1%, and 26.7% [4]. Summary by Sections Performance Review - In Q3 2025, the company achieved a revenue of 217 million yuan, a 12.7% increase year-on-year, with a gross profit of 191 million yuan, reflecting a 10.7% growth. The net profit attributable to the parent company was 41 million yuan, up 68.3% year-on-year [2]. Operational Analysis - Revenue from mobile intelligent terminal visual solutions reached 170 million yuan in Q3 2025, growing by 12.9% year-on-year. The smart automotive and AIoT sectors generated 40 million yuan, with a growth of 10.3% [3]. - The company has successfully integrated its smart super-domain fusion products across various device tiers and established partnerships in the AI glasses and robotics sectors [3]. Profit Forecast and Valuation - The projected revenues for 2025, 2026, and 2027 are 929 million yuan, 1.135 billion yuan, and 1.438 billion yuan, with net profits expected to be 238 million yuan, 365 million yuan, and 579 million yuan, respectively [4].

Core Insights - The report maintains a "Buy" rating for the utility and environmental protection industry, highlighting a 4.5% year-on-year increase in electricity consumption in September, with resilience in industrial and commercial electricity demand [1][4]. Market Review - The Shanghai Composite Index rose by 2.88% and the ChiNext Index increased by 8.05% during the week of October 20-24. The coal sector rose by 1.74%, utilities by 1.02%, environmental protection by 1.75%, and carbon neutrality by 2.44% [1][12]. Industry Outlook Thermal Power - The report suggests focusing on thermal power companies with assets in regions where electricity supply is tight and competition is favorable, such as Sheneng Co. and Huadian International [4]. - Coal prices are expected to rise due to supply constraints from abnormal weather and regulatory checks, with a notable increase post-National Day [31]. - Electricity consumption in September showed a year-on-year growth of 4.5%, with industrial sectors growing at 7.3%, 5.7%, and 6.3% respectively [31]. Hydropower - The report recommends focusing on leading hydropower operators like Yangtze Power, as the sector benefits from stable electricity prices and regional supply-demand dynamics [4][32]. - Significant increases in inflow to major hydropower stations were noted, with a 80%+ year-on-year growth in inflow to the Three Gorges and Xiluodu reservoirs [32]. Nuclear Power - The report highlights the potential of China National Nuclear Power, as the market for electricity pricing becomes more favorable [4][32]. - The nuclear power sector is expected to stabilize, with new units coming online and electricity prices remaining steady [32]. Renewable Energy - The report suggests focusing on leading new energy companies like Longyuan Power, as the wind and solar sectors are expected to see stable growth despite recent slowdowns in installation rates [4][33]. Industry Data Tracking Coal Prices - The report tracks coal prices, noting that the European ARA coal price was $91.60/ton, up 1.66%, while Newcastle coal was $103.60/ton, down 0.48% [35]. - Domestic coal prices also saw increases, with the price at Guanzhou Port for Indonesian coal at 769.61 RMB/ton, up 1.27% [35]. Natural Gas Prices - The report notes that the ICE UK natural gas price rose to 81.31 pence/therm, a 1.71% increase, while the Henry Hub price was $3.33/million BTU, up 10.63% [51]. Carbon Market - The national carbon market's carbon emission allowance price was reported at 54.70 RMB/ton, reflecting a 4.77% increase [58]. Investment Recommendations - The report recommends focusing on thermal power companies with strong asset positioning, hydropower operators benefiting from stable pricing, and nuclear power companies with growth potential [4][65].

业绩简评 2025 年 10 月 24 日，公司披露 2025 年三季报，前三季度公司实现 营收 75.0 亿元，同比增长 11.9%，实现归母净利润 9.14 亿元，同 比下降 1.95%；其中 Q3 实现营收 30.7 亿元，同比增长 16.6%，环 比增长 34.2%，实现归母净利润 4.41 亿元，同比增长 53.1%，环 比增长 129.6%。 经营分析 海缆交付环比加速，Q3 业绩拐点确立：前三季度海底电缆与高压 电缆实现收入 35.5 亿元，同比增长 35.8%，其中 Q3 收入 15.9 亿 元，环比增长 109.2%，海缆交付确收节奏较上半年明显加速。截 至报告期末，公司合同负债（预收货款）15.7亿元，同比增长83.1%， 存货规模 36.3 亿元，同比增长 105%，环比 Q2 末增长 16.4%。公 司重点项目如青洲五七、帆石一、山东半岛北 L、英国 Inch Cape 等均已陆续进入交付、安装敷设阶段，有望带动业绩弹性持续释 放。其他业务方面，Q3 电力工程与装备线缆业务实现收入 13.4 亿 元，环比增长 2.2%；海洋装备与工程运维约 0.78 亿元，环比下降 62.9%。 在手 ...

Investment Rating - The report indicates a positive investment outlook for the chemical industry, particularly highlighting the strong performance of the communication and electronics sectors, with the Shenwan Chemical Index rising by 2.14% [1]. Core Insights - The report emphasizes the ongoing recovery in demand for storage chips, with Samsung and SK Hynix raising DRAM and NAND flash prices by up to 30% in Q4, indicating a "super cycle" in the storage chip market [3]. - The report notes significant developments in the AI industry, including the launch of OpenAI's ChatGPT Atlas and a $10 billion partnership between Anthropic and Google Cloud, reflecting a positive trend in industry sentiment [1]. - The report suggests focusing on the storage industry chain, which is expected to maintain a favorable outlook due to rising demand and pricing power [1]. Summary by Sections Market Overview - The Brent crude oil average price for the week was $63.37 per barrel, up 2.22% from the previous week, while the WTI average was $59.31 per barrel, up 1.75% [10]. - The basic chemical sector underperformed the index with a decline of 1.11%, while the petrochemical sector outperformed with a gain of 1.09% [10]. Key Events - The report highlights the upcoming trade discussions between the US and China, scheduled for October 24-27, which may ease trade tensions [1]. - The report also mentions the Chinese government's focus on fostering emerging industries, with a target for the "three new" economy to account for over 18% of GDP by 2024 [2]. Price Movements - The report provides insights into price changes for key chemical products, noting that the price of titanium dioxide has stabilized despite cost pressures [29]. - The report indicates that the price of carbon dioxide dimethyl carbonate has decreased by 1.22% to 3680 yuan/ton, reflecting weak demand [28]. Industry Trends - The report discusses the recovery in the tire industry, with improved operating rates and rising rubber prices, driven by both domestic and international demand [26]. - The report notes that the dye market is experiencing stable prices, with demand remaining weak and trade activity limited [27].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 1.9 billion, 2.3 billion, and 2.8 billion for the years 2025 to 2027, corresponding to PE ratios of 40, 33, and 28 respectively [6] Core Insights - The company reported a revenue of 386 million in Q3 2025, representing a year-on-year increase of 10.49%, and a net profit of 51 million, up 11.43% year-on-year, with a net profit margin of 13.13% [2] - The company's major product lines, particularly the "Medical Research 7 Days" series, are experiencing strong growth, with online sales in the toothpaste category reaching 110 million, a 14.1% increase year-on-year [3] - Short-term gross margin is under pressure due to increased promotional activities, but overall profitability has improved due to excellent cost control [4] - The company is positioned as a leader in the sensitive teeth segment with over 60% market share, and is focusing on high-end products to optimize profit structure and drive market share growth [5] Financial Summary - For the first three quarters of 2025, the gross margin was 50.50%, a year-on-year increase of 1.24 percentage points, while Q3 gross margin was 45.9%, down 8.03 percentage points year-on-year [4] - The company expects revenue growth rates of 4.76%, 13.40%, 11.41%, 15.45%, and 15.81% from 2023 to 2027, with net profit growth rates of 4.97%, 14.07%, 18.65%, 20.86%, and 20.22% respectively [11] - The report includes a detailed forecast of the income statement, balance sheet, and cash flow statement, indicating a steady growth trajectory for the company [13]

Investment Rating - The report maintains a positive outlook on the innovative drug sector and suggests focusing on quality defensive assets in the pharmacy sector [1][11]. Core Views - The innovative drug industry continues to show long-term potential, with Chinese pharmaceutical companies demonstrating their strength in international markets. The report anticipates further business development (BD) activities from domestic companies [2][37]. - In the pharmacy sector, leading companies are expected to enhance their market share through mergers and acquisitions, supported by strong cash flow and self-sustaining capabilities. The report highlights the defensive attributes of these leading pharmacies [2][47]. - The report emphasizes the importance of monitoring the updates to the essential drug list and identifies companies with potential for inclusion, such as Fangsheng Pharmaceutical [2][11]. Summary by Sections Innovative Drugs - The report highlights a significant global strategic partnership between Innovent Biologics and Takeda, involving three second-generation IO and ADC products, with a total transaction value potentially reaching $11.4 billion [2][37]. - It suggests focusing on dual/multi-antibody drugs and slow disease medications that meet unmet clinical needs, as well as ADC and small nucleic acid therapies [11]. Pharmacies - The report notes that the retail scale of physical pharmacies in China reached 50.4 billion yuan in August 2025, indicating a recovery trend despite a slight year-on-year decline [2][42]. - Leading pharmacy chains are expected to increase their market share during the industry clearing phase, with a focus on mergers and acquisitions when the timing is right [2][47]. Traditional Chinese Medicine - The report advises paying attention to the progress of the essential drug list updates and highlights companies like Huazhong Sanjiu that have already absorbed high baseline pressures [2][11]. Biopharmaceuticals - The report discusses the promising results of the ASO drug Bepirovirsen for hepatitis B treatment, suggesting continued monitoring of research developments in this area [3][11]. Medical Devices - The report indicates that leading companies are accelerating their international strategies, with successful product registrations in markets like Ecuador [3][11]. Medical Services and Consumer Healthcare - The report notes a year-on-year increase in total medical visits in Chongqing, suggesting a recovery in the medical services sector [3][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported total operating revenue of 977 million yuan for the first nine months of 2025, a year-on-year increase of 3%. However, net profit attributable to shareholders decreased by 10.96% to 144 million yuan [2]. - The company is focusing on innovation and has invested 82.05 million yuan in R&D during the first nine months of 2025, representing a 9.69% increase year-on-year [3]. - The company is diversifying its business into new areas such as AR/VR and low-altitude economy, while continuing to develop its existing consumer and automotive/new energy sectors [3]. Financial Performance Summary - For Q3 2025, the company achieved total operating revenue of 387 million yuan, a decline of 5.03% year-on-year, with a net profit of 46 million yuan, down 28.31% [2]. - The projected revenue for 2025-2027 is expected to grow to 1.653 billion yuan, 2.085 billion yuan, and 2.431 billion yuan, respectively, with corresponding net profits of 259 million yuan, 311 million yuan, and 354 million yuan [4][9]. - The company's gross profit margin for Q3 2025 was 36.22%, a decrease of 2.35 percentage points year-on-year [2]. R&D and Innovation - The company has obtained 14 new patents in the first half of 2025, including 22 invention patents, and has a total of 384 patents, of which 199 are invention patents [3]. - The R&D expense ratio increased to 8.40% in the first nine months of 2025, up by 0.52 percentage points year-on-year [3]. Market Position and Future Outlook - The company is strategically positioned in the consumer sector, with products used in smartphones, wearables, smart homes, and the automotive/new energy sectors [3]. - The expected growth rates for revenue from 2025 to 2027 are 26.40%, 26.19%, and 16.55%, respectively, indicating a strong growth trajectory [4][9].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical sector, with various indices showing significant weekly gains, such as the oil and gas resource index increasing by 3.80% and the oil and gas extraction service index rising by 10.04% [9][10]. Core Insights - Oil prices have risen primarily due to geopolitical factors, particularly the U.S. sanctions on Russian suppliers Rosneft and Lukeoil, which have raised concerns about short-term supply reductions [15][17]. - The report suggests that the actual impact of sanctions may be limited, as historical data indicates that trade flow is more affected than actual supply levels [17]. - The report highlights that the U.S. crude oil inventory has decreased, with a net import increase, and the active oil rig count remains stable at 418 [15][17]. Summary by Sections Market Overview - The petrochemical sector outperformed the Shanghai Composite Index by 1.45%, with various sub-sectors showing positive performance [9]. - The average operating load of domestic refineries was reported at 80.89%, a slight decrease from the previous week [3]. Oil Sector - As of October 23, WTI crude was priced at $61.79, up by $4.33, while Brent crude was at $65.98, up by $3.90 [15]. - The EIA reported a decrease in commercial crude oil inventory by 961,000 barrels, with gasoline inventory down by 214,700 barrels [15]. Refining Sector - The average refining margin for major refineries was reported at 512.62 yuan/ton, down by 35.2 yuan/ton from the previous period [3]. - The report indicates a weak domestic gasoline market, with average operating loads for Shandong independent refineries at 50.04% [3]. Polyester Sector - The report notes an increase in raw material prices, leading to a slight uptick in replenishment willingness among weaving enterprises [3]. - The average profit level for polyester filament POY150D was reported at 96.02 yuan/ton, a decrease of 80.44 yuan/ton from the previous week [3]. Olefin Sector - The domestic ethylene market average price was reported at 6,370 yuan/ton, a slight decrease of 15 yuan/ton [3]. - The report anticipates continued weak consolidation in the ethylene market due to negative downstream profits [3].