Investment Rating - The investment rating for the company is "Accumulate" with a target price of 36.25 CNY, while the current price is 25.94 CNY [5]. Core Insights - The company experienced a decline in revenue and profit year-on-year in Q3 2025, but structural optimization of revenue has led to improved profitability. The long-term outlook remains positive, particularly regarding the development of new business areas such as the short video center [2][11]. Financial Summary - Total revenue for 2023 is projected at 4,307 million CNY, with a year-on-year growth of 10.0%. However, a significant decline of 24.0% is expected in 2024, followed by a recovery with growth rates of 6.2%, 4.5%, and 4.1% in the subsequent years [4]. - Net profit attributable to the parent company for 2023 is estimated at 562 million CNY, with a substantial increase of 61.4% compared to the previous year. A slight decrease of 4.2% is anticipated in 2024, followed by growth in the following years [4]. - The earnings per share (EPS) for 2025 is projected to be 1.45 CNY, with subsequent increases to 1.54 CNY in 2026 and 1.62 CNY in 2027 [4][12]. Business Development - The gaming business is developing steadily, with core products expected to maintain a long lifecycle. The company is focusing on upgrading existing mobile games and developing a matrix of high-quality mobile games to enhance product efficiency [11]. - The establishment of the Shanghai International Short Video Center aims to create a full industry chain ecosystem around short videos and short dramas. This includes a fund to support high-potential creators and projects, promoting content innovation and commercialization [11].

中国重汽 A 2025 年三季报点评 以旧换新驱动营收高增，重卡出口趋势持续 中国重汽(000951) 风险提示：商用车产销不及预期，原材料价格大幅上涨。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 42,070 | 44,929 | 55,035 | 60,037 | 65,515 | | (+/-)% | 46.0% | 6.8% | 22.5% | 9.1% | 9.1% | | 净利润(归母) | 1,080 | 1,480 | 1,558 | 1,723 | 2,039 | | (+/-)% | 405.5% | 37.0% | 5.3% | 10.6% | 18.3% | | 每股净收益(元) | 0.92 | 1.26 | 1.33 | 1.47 | 1.74 | | 净资产收益率(%) | 7.3% | 9.7% | 9.6% | 10.2% | 11.4% | | 市盈率(现价&最新股本摊薄) | 19 ...

本报告导读： 信用债延续久期策略。随着 9 月下旬以来的持续修复，短端信用利差接近前期低点， 建议关注中长久期信用债的相对性价比及曲线陡峭处的骑乘空间。 投资要点： 债券研究 /[Table_Date] 2025.11.03 | | 010-83939801 | | --- | --- | | | wangyuchen4@gtht.com | | 登记编号 | S0880523020004 | | | 张紫睿(分析师) | | | 021-23185652 | | | zhangzirui@gtht.com | | 登记编号 | S0880525040068 | [Table_Report] 相关报告 关注中长期信用债的骑乘收益空间 [Table_Authors] 王宇辰(分析师) 信用债市场周度回顾 251103 场 请务必阅读正文之后的免责条款部分 债 策 券 研 究 分子分母端再平衡，分化加剧 2025.11.02 "信息"为何能驱动行情？背后的技术形态支撑 20251102 2025.11.02 官宣"买卖国债重启"后债市走势再思考：重配 置节奏，轻追逐信息 2025.11.02 银行二永债周度数据库 ...

股 票 研 究 公司产品《仗剑传说》《道友来挖宝》等表现亮眼、持续性突出，我们预计在 26 年 仍将持续贡献业绩，《杖剑》《问剑》等产品的境外地区拓展、《九牧之野》上线还将 进一步推动增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,185 | 3,696 | 6,398 | 8,399 | 9,257 | | (+/-)% | -19.0% | -11.7% | 73.1% | 31.3% | 10.2% | | 净利润(归母) | 1,125 | 945 | 1,523 | 2,168 | 2,476 | | (+/-)% | -23.0% | -16.0% | 61.2% | 42.3% | 14.2% | | 每股净收益(元) | 15.62 | 13.12 | 21.15 | 30.10 | 34.36 | | 净资产收益率(%) | 25.2% | 19.3% | 28.2% | 34.1% ...

国企改革稳步推进，收入、业绩继续修复 上汽集团(600104) 上汽集团 2025 年三季报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 管正月(分析师) | 021-38032026 | guanzhengyue@gtht.com | S0880521030003 | 本报告导读： 公司 Q3 业绩符合预期，尽管计提减值短期扰动业绩，公司收入、业绩、销量仍然延 续修复，改革成果不断落地，华为合作品牌商界稳步推进，提供新增长曲线。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 744,705 | 627,590 | 657,157 | 710,357 | 771,451 | | (+/-) ...

直营进入改善区间，低基数下业绩高增 锦江酒店(600754) 锦江酒店 2025Q3 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | 本报告导读： 业绩符合预期，24Q3 低基数导致本季业绩高增长，直营经营数据和利润均改善，但 海外亏损仍待优化。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 14,649 | 14,063 | 13,398 | 13,438 | 13,710 | | (+/-)% | 29.5% | -4.0% | -4.7% | 0.3% | ...

Core Insights - The comprehensive factor value of the dividend style timing model for the week of October 27 to October 31, 2025, is -0.78, which is a decline from -0.63 in the previous week (October 20 to October 24, 2025), indicating that it remains below zero and has not generated a positive signal [1][6][7]. Model Results - The latest results show that the decline in U.S. Treasury yields and the recovery in analyst industry sentiment have contributed negatively to the dividend scoring. Additionally, the market sentiment has improved this week, but the positive contribution from the net financing factor to dividends has decreased [6][7]. Factor Analysis - The individual factor values as of October 31, 2025, include: - Non-manufacturing PMI for China: -0.12 - M2 YoY for China: 0.83 - U.S. 10-year Treasury yield: -1.40 - Relative net value of dividends: -0.27 - Dividend yield of the CSI dividend index minus 10-year government bond yield: -0.15 - Net financing: -1.32 - Average industry sentiment: 2.40 [12].

• • • • • • • 301 • • / CONTENTS 3 / 2 4 / 5 • 【第一阶段】"地缘冲突"驱动全球原油贸易重构，油运景气上行已超三年且产能利用率升至阈值 • 核心逻辑：俄乌冲突，导致俄欧原油贸易"舍近求远"，驱动油运航距拉长需求大增，油运景气上行且产能利用率升至阈值 • 2022-24上半年：行业景气持续上行，产能利用率升至阈值——俄欧"舍近求远"，全球原油海运平均航距显著拉长达8%且持续 • 2024下半年：行业景气意外回落，市场经历压力测试——两个负面短期影响：地缘油价+伊朗增产 • 2025上半年：行业景气显著回升，产能利用率恢复至阈值——2024下半年负面影响改善：油价中枢回落+伊朗制裁升级 • 【第二阶段】"原油增产"驱动油运需求继续增长，供需继续向好且具油价下跌期权，有望成就油运"超级牛市" • 核心逻辑：原油供给进入增产周期，驱动油运需求继续增长，叠加油轮有效供给刚性，未来供需继续向好，高景气持续将超预期 • 2025下半年：行业景气大幅飙升，2025年Q4与全年油轮盈利将创十年新高——中东增产效应显现+南美加速增产+对俄制裁利好合规VLCC • 未来数年：预计油运供 ...

行业：信贷增速降档提质方向明确，但2026年信贷有望同比多增、增速降幅趋缓 6.6% 9.3% 5% 7% 9% 11% 13% 15% 2018-01 2019-01 2020-01 2021-01 2022-01 2023-01 2024-01 2024年起贷款增速明显放缓，2026年下行斜率有望趋缓 预计2026年企业贷款增量有所恢复 | 硕士2026年企业资款增重有此恢复 | | --- | 2 3 / | 人民币贷款同比增速 | 商业银行总资产增速 | | | | 贷款规模/万亿元 | | | 同比增速 | | | 贷款增量规模/万亿元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2023 | 2024 | 2025Q3 | 2023 | 2024 | 2025Q3 | 2023 | 2024 | 2025Q3 | | | | | 人民币各项贷款 | 237.59 | 255.68 270.39 | | 10.6% | 7.6% | 6.6% | 23.61 ...

盈利显著提振，COR 延续改善 中国财险(2328) ——中国财险 2025 年三季报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [当前价格 Table_CurPrice] (港元)： | 18.96 | 本报告导读： 公司 2025 年前三季度净利润同比+50.5%，预计得益于承保利润及投资收益共同驱 动，COR 延续改善，权益市场回暖叠加资产配置优化推动投资收益率回暖。 投资要点： | 52 周内股价区间(港元) | 11.56-19.37 | | --- | --- | | 当前股本(百万股) | 22,243 | | 当前市值(百万港元) | 421,723 | [Tab ...