Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 48.02 yuan over the next six months [5]. Core Insights - The company's main business shows stable growth, with significant overseas market expansion. For the first three quarters of 2025, the company achieved a revenue of 11.786 billion yuan, a year-on-year increase of 8.01%, and a net profit of 1.116 billion yuan, up 17.13% year-on-year [1][4]. - The report highlights that the company's gross profit margin improved to 24.4% in Q3 2025, an increase of 3.1 percentage points year-on-year, attributed to lower sugar prices and strategic acquisitions [3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.887 billion yuan, a 4% increase year-on-year, and a net profit of 317 million yuan, which is a 21% increase year-on-year. However, the net profit excluding non-recurring items decreased by 8.17% to 223 million yuan [1][2]. - The revenue breakdown for Q3 2025 shows that yeast and deep processing products generated 2.64 billion yuan, while sugar and packaging products saw declines of 17.2% and 33.3% respectively due to business divestitures [2]. Market Dynamics - The company experienced a 17.8% year-on-year revenue growth in overseas markets, with significant contributions from regions such as Russia, Egypt, the Middle East, Africa, Southeast Asia, and Central Asia [2]. - The total number of distributors increased to 24,954 by the end of Q3 2025, with a net addition of 365 distributors, including 173 domestic and 192 international [2]. Profitability and Cost Management - The company's net profit margin for Q3 2025 was 8.2%, reflecting a 1.3 percentage point increase year-on-year. The stable sales and management expense ratios were reported at 6.2% and 3.8% respectively [3]. - The report notes that the acquisition of Shengtong Sugar Industry is expected to optimize the company's industrial structure and enhance its sustainable profitability [3]. Future Projections - Revenue growth projections for the company are estimated at 10.39%, 11.21%, and 10.53% for the years 2025 to 2027, with net profit growth rates of 10.48%, 16.32%, and 12.03% respectively [4].

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 15 HKD over the next six months, reflecting a dynamic P/E ratio of 21 times for 2026 [4][6]. Core Insights - The company focuses on "interventional non-implant" treatment, utilizing drug-coated balloons (DCB) to expand narrowed blood vessels without leaving permanent implants, thus avoiding related complications and preserving future treatment options [1][19]. - Recent domestic procurement policies are expected to ease, and new products are entering a growth phase, with the company's core products included in the procurement scope [2][39]. - The partnership with Boston Scientific is anticipated to accelerate the company's international expansion, with several products already approved in the U.S. [3][38]. Summary by Sections Company Overview - The company, established in 2011, specializes in "interventional non-implant" treatment solutions for various vascular diseases and has developed several leading medical devices [15]. - The company has a strong management team with extensive experience in the medical device industry [16][17]. Product and Technology - The company has developed a comprehensive range of DCB products for multiple indications, including above-knee, below-knee, coronary, and arteriovenous fistula stenosis [22][26]. - The technology platforms include drug coating technology, aspiration platform technology, radiofrequency ablation technology, and materials technology, which enhance product functionality and reduce production costs [28][29]. Market Dynamics - The domestic procurement policy is set to ease, with the sixth batch of high-value consumables procurement rules expected to optimize the bidding process [2][39]. - The DCB market in China is projected to grow significantly, from over 1 billion CNY in 2019 to 14.2 billion CNY by 2030 [22]. Financial Projections - Revenue growth is expected to be 19.99%, 21.99%, and 29.05% from 2025 to 2027, with net profit growth of 130.43%, 66.62%, and 73.46% during the same period [4][9].

Investment Rating - The industry investment rating is "Outperform the Market - A" [1] Core Insights - The year 2026 marks the first year of the "14th Five-Year Plan" implementation, characterized by frequent mergers and acquisitions among state-owned enterprises and stronger stock performance of private enterprises compared to state-owned ones [4][11] - The "14th Five-Year Plan" has a unique aspect with the 2027 centenary of the military, potentially leading to order front-loading and structural changes [4][24] - The overall industry is returning to a value investment focus, prioritizing orders and performance, with upstream sectors expected to outperform downstream [4][23] Summary by Sections Section 1: Characteristics of the First Year of the Industry Cycle and "14th Five-Year Plan" Outlook - The first year of the five-year plan typically sees strong industry development certainty but limited stock price surprises due to prior expectations [8] - Historical data shows significant fluctuations in index performance, with the first year often experiencing a decline in EPS growth [7][9] Section 2: Outlook for Subsequent Supply and Demand - Demand is expected to show marginal improvement, while supply-side capacity is significantly increasing, indicating potential marginal shocks in certain industry segments [22] - The industry is expected to experience a recovery in sectors that underperformed during the latter half of the "14th Five-Year Plan," such as aerospace and aviation engine sectors [4][24] Section 3: Key Tracks and Structural Focus - Recommended focus areas include intelligent grouping, aerospace industry (including both aviation and commercial aerospace), and carrier-based aircraft [4][23] - Structural focus should be on aviation engines and the demand expansion and industrialization of PEEK materials [4][35]

Group 1 - The core viewpoint of the report emphasizes a return to fundamentals in the real estate industry, suggesting a shift from scale-driven growth to a focus on sustainable development and quality [1][2] - The report predicts a decline in total sales area for 2026, estimating it at 850 million square meters, a decrease of 6.4% year-on-year, with a notable drop in pre-sale housing sales [3][19] - The total inventory of commercial housing is projected to decrease from a peak of 4.25 billion square meters in 2021 to 2.77 billion square meters by September 2025, indicating a significant reduction in market supply [13][19] Group 2 - New construction area for 2026 is estimated at 600 million square meters, reflecting a slight decrease of 0.3% year-on-year, supported by improved land acquisition in core cities [3][28] - The report anticipates a completion area of 540 million square meters in 2026, down 13.2% from the previous year, primarily due to the ongoing impact of reduced new construction in prior years [3][35] - The total construction area is expected to reach 6.11 billion square meters, representing an 8% decline, as the industry continues to recover from previous disruptions [3][44] Group 3 - Real estate development investment is projected to total 7.8 trillion yuan in 2026, a decrease of 8.3% year-on-year, with construction-related investments expected to decline significantly [3][56] - The report highlights that the construction investment component is expected to be 4.4 trillion yuan, down 10.7%, while other expenses, primarily driven by land acquisition costs, are projected at 3.4 trillion yuan, down 4.9% [57][58] - The overall investment landscape reflects a cautious recovery, with a focus on stabilizing financing conditions and improving operational efficiency within the industry [22][57]

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [6]. Core Viewpoints - The defense and military industry has shown a defensive stance amidst the overall market pullback, with the Shenyin Wanguo Defense and Military Industry Index outperforming major indices such as the Shanghai Composite Index and the ChiNext Index during the same period [1][14]. Summary by Sections 1. Industry Performance Review - During the week from November 14 to November 21, 2025, the China Securities Military Industry Index fell by 2.5% to 11,663.3 points, while the China Defense Index decreased by 3.16% to 1,564.16 points. The Shenyin Wanguo Defense and Military Industry Index dropped by 1.72% to 1,642.78 points. In comparison, the Shanghai Composite Index fell by 3.9% to 3,834.89 points, and the CSI 300 Index decreased by 3.77% to 4,453.61 points. The Shenyin Wanguo Defense and Military Industry Index outperformed all major indices during this period [1][14]. 2. Individual Stock Performance - The top ten performing defense and military stocks for the week included Jianglong Shipbuilding (+64.97%), Aerospace Development (+31.77%), and Tianhai Defense (+22.74%). Conversely, the worst performers included Maixinlin (-15.45%) and Tian'ao Electronics (-12.93%) [2][16]. 3. Key Company Announcements - Newyu Guoke reported a reduction in shareholding by a major shareholder, while Tianhai Defense announced a plan to reduce shares held by its second-largest shareholder. Other companies like Huanxin Technology and AVIC Shenyang Aircraft also made significant announcements regarding financial support and board meetings [3][19]. 4. Industry News - Recent news highlights include a significant drop in European defense stocks due to U.S. support for a peace plan in Ukraine, and the supply of attack drones to Ukraine by a Lithuanian startup. Additionally, the UK aircraft carrier strike group achieved "full operational capability" during NATO exercises [11][20]. 5. Investment Recommendations - The report suggests focusing on the aviation engine and turbine markets, as well as the aerospace sector and carrier-based aircraft supply chains. Specific companies to watch include Hangfa Power, Hangfa Technology, and AVIC Shenyang Aircraft [11].

Group 1 - The core viewpoint of the report emphasizes a return to fundamentals in the real estate industry, suggesting a shift from scale-driven growth to a focus on sustainable development and quality [1] - The report predicts a decline in total sales area for 2026, estimating it at 850 million square meters, a decrease of 6.4% year-on-year, with a notable drop in pre-sale housing sales [3][19] - The total inventory of commercial housing is projected to decrease from a peak of 4.25 billion square meters in 2021 to 2.77 billion square meters by September 2025, indicating a significant reduction in market supply [13] Group 2 - New construction area for 2026 is estimated at 600 million square meters, reflecting a slight decrease of 0.3% year-on-year, supported by improved land acquisition in core cities [28][30] - The report anticipates a completion area of 540 million square meters in 2026, down 13.2% from the previous year, primarily due to the ongoing impact of reduced construction starts in prior years [36][38] - The total construction area is expected to reach 6.11 billion square meters by the end of 2026, representing an 8% decline, with a significant reduction in the proportion of halted projects [45][46] Group 3 - Real estate development investment is projected to total 7.8 trillion yuan in 2026, a decrease of 8.3% year-on-year, with construction-related investments expected to decline by 10.7% [57][58] - The report highlights that the decline in construction area will significantly impact the growth rate of construction investments, while the easing of material prices is expected to mitigate some of the downward pressure [53][58] - The investment in land acquisition is anticipated to support the overall investment figures, as the decline in land purchase amounts is expected to narrow, providing a buffer for other investment categories [56][58]

Fiscal Policy Insights - In October, general public budget revenue growth was 3.2% year-on-year, a slight increase of 0.6 percentage points from the previous month[4] - Tax revenue grew by 8.6% year-on-year, remaining stable compared to last month, while non-tax revenue plummeted by 33%, a significant drop of 21.5 percentage points[4] - General public budget expenditure fell by 3% year-on-year, marking a decline of 0.8 percentage points from the previous month, the lowest in nearly a year[6] - Government fund revenue decreased by 18.3% year-on-year, a sharp decline of 23.7 percentage points from the previous month, with land transfer revenue down by 27.5%[6] Market Trends - The equity market is expected to remain in a volatile pattern until the Central Economic Work Conference in December, with limited risk of a significant downturn due to favorable risk appetite and a loose liquidity environment[2] - Recent dovish statements from Federal Reserve officials have alleviated concerns about a rate hike in December, leading to a slight recovery in market risk appetite[2] - The bond market is anticipated to enter a phase of fluctuation in the short term, influenced by changes in market risk preferences and inflation expectations[12] Labor Market Analysis - The U.S. added 119,000 non-farm jobs in September, a significant increase from the previous month's initial value of 97,000[15] - The unemployment rate rose to 4.4%, a slight increase of 0.1 percentage points from the previous month, indicating a weakening labor market[16] - Wage growth showed a month-on-month increase of 0.3%, down 0.1 percentage points from the previous month, with year-on-year growth remaining stable at 3.8%[16]

2025 年 11 月 24 日 建筑 证券研究报告 投资评级 领先大市-A 维持评级 | | | 行业表现 chenyf4@essence.com.cn 低估值基建央企具备稳健防御属性，出 海/洁净室工程延续高景气度 本周投资建议： 受大盘调整影响，本周建筑板块下跌 6.11%，传统建筑央企板块下跌 3.63%。年初以来，受下游基建投资增速放缓及房地产投资持续下滑 等因素影响，传统建筑央企经营承压，年初至今股价下跌 10.70%， 目前建筑板块及传统建筑央企估值位居低位，截至目前，SW 建筑装 饰板块市盈率（TTM）为 9.0 倍，传统建筑央企板块市盈率（TTM） 为 5.4 倍。基建央企板块营收业绩成长仍承压，但关键性经营指标有 所改善，且多家企业提升分红比例，财政政策维持积极基调，化债效 果或于 2026 年逐步体现，板块整体具备稳健防御属性，建议关注 Q4 低估值传统建筑央企板块投资机会。此外，西部区域建设及洁净室板 块维持高景气，需求持续上行驱动龙头企业成长。 2023 年以来，八大建筑央企海外新签订单维持两位数快速增长，2023 年、2024 年、2025Q1-Q3 合计海外新签订单增速分别为 1 ...

Investment Rating - The report maintains an investment rating of "Outperform" compared to the market [5] Core Insights - Google has released Gemini 3, a next-generation large model that achieves state-of-the-art (SOTA) performance across multiple testing sets, integrating Google's multimodal, search, and programming capabilities [10][28] - Gemini 3 demonstrates strong reasoning abilities, achieving a score of 37.5% on the Humanity's Last Exam (HLE) without tools, surpassing GPT-5.1's score of 26.5%. With the addition of search and programming tools, the score increases to 45.8% [10][12] - The model excels in multimodal input and output, seamlessly integrating text, images, video, audio, and code, with advanced reasoning and visual understanding capabilities [11][28] - Google also introduced Nano Banana Pro, which significantly enhances image generation capabilities, allowing for professional-level design and multi-language text generation [15][28] Summary by Sections Industry Performance - The computer sector has shown a relative performance of -2.81% for the week, while the Shanghai Composite Index decreased by 3.90% [21][20] - The computer industry ranked 6th among 30 industry indices this week, indicating a relatively strong position within the technology, media, and telecommunications (TMT) sectors [23] Key Developments - The launch of Gemini 3 is seen as a significant step towards artificial general intelligence (AGI), showcasing advanced text, logic, and scientific reasoning capabilities [28] - The introduction of Google Antigravity, an AI integrated development environment (IDE), allows for autonomous planning and execution of complex software tasks [11][28] - Nano Banana Pro's capabilities include precise multi-language text generation and enhanced creative control for image editing, marking a shift towards professional applications in AI image generation [15][28]

Group 1 - The report indicates that the A-share market is experiencing a significant adjustment, with major indices such as the Shanghai Composite Index dropping by 3.90% and the ChiNext Index falling by 6.15% this week, reflecting a shift from high to low valuation stocks [1][16][25] - The report highlights that the current market volatility is characterized as "clear air turbulence," suggesting that while fluctuations are present, the long-term bullish trend remains intact [2][30] - It is noted that the A-share market's high valuation levels are becoming increasingly unsustainable, with a need for a transition from a liquidity-driven bull market to a fundamental-driven bull market [2][38] Group 2 - The report emphasizes that the internal factors driving the market's adjustment include a rapid shift from high to low valuation stocks, particularly in the technology sector, where significant capital outflows have been observed [2][32][36] - External factors, such as concerns over the AI investment bubble and the declining expectations for a December interest rate cut by the Federal Reserve, have contributed to the downward pressure on global risk assets, including A-shares [2][30][37] - The report suggests that the transition to a fundamental-driven bull market will require monitoring the easing of political cycles and the recovery of economic cycles, particularly in the context of US-China trade relations [2][3][4] Group 3 - The report identifies a significant style shift in the A-share market, with a notable preference for sectors such as power equipment, chemicals, and pharmaceuticals, while technology stocks have faced increased selling pressure [55][56][57] - It is highlighted that the technology sector is experiencing internal differentiation, with strong performance in segments supported by fundamental trends, while weaker segments are underperforming [56][78] - The report also notes that the current high levels of institutional investment in technology stocks, exceeding 40%, indicate a potential risk of overexposure in this sector [77][78]