翱捷科技-U（688220.SH） 优于大市 合同负债环比大幅增长，云端 ASIC 项目储备多种方案 2025 前三季度营收同比增长 13.42%，单三季度归母净利润环比减亏。公司 发布 2025Q3 季报，前三季度实现营收 28.8 亿元(YoY +13.42%)，归母净利 润-3.27 亿元。其中，单三季度实现营收 9.82 亿元(YoY +11.1%，QoQ -0.59%)， 归母净利润-0.82 亿元(环比减亏 0.4 亿元)，综合毛利率为 26.65%，较 2Q25 毛利率 23.21%环比提升 3.44 个百分点。 合同负债环比大幅增长，蜂窝基带毛利率显著改善。公司三季度合同负债 1.99 亿元，较 1H25 合同负债 0.89 亿元环比大幅增长 123.6%。芯片定制及 IP 授权业务方面，公司前三季度订单总金额较 2024 年同期有倍数级增长， 下游主要来自于穿戴/眼镜类芯片、云端推理 AI 芯片和 RISC-V 芯片。公司 当前正在执行项目较多，由于项目复杂度高，周期较长，前三季度确收绝对 值较低，较上年同期下降超过 60%，第三季度环比下降 50%左右。但预计伴 随项目验收交付，明年收入有 ...

证券研究报告 | 2025年11月17日 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | 执证编码：S0980525080001 | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | 可交换私募债跟踪 私募 EB 每周跟踪（20251110-20251114） 固定收益快评 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 上周新增项目信息如下：（部分项目因合规原因未予列示） 1. 海峡创新互联网股份有限公司 2025 年面向专业投资者非公开发行可交换公司债券项目获交易所反馈， 拟 ...

证券研究报告 | 2025年11月17日 金融工程日报 沪指震荡下跌，锂矿题材逆势爆发 核心观点 金融工程日报 市场表现：今日(20251117) 规模指数中中证 2000 指数表现较好，板块指数 中北证 50 指数表现较好，风格指数中中证 500 价值指数表现较好。计算机、 国防军工、煤炭、基础化工、房地产行业表现较好，医药、银行、非银、建 材、电新行业表现较差。锂矿、两岸融合、盐湖提锂、操作系统、水产等概 念表现较好，CRO、创新药、CAR-T 疗法、猴痘、疫苗等概念表现较差。 市场情绪：今日市场情绪较为高涨，收盘时有 100 只股票涨停，有 13 只股 票跌停。昨日涨停股票今日收盘收益为 2.47%，昨日跌停股票今日收盘收益 为-2.56%。今日封板率 76%，较前日提升 10%，连板率 36%，较前日提升 6%。 市场资金流向：截至 20251114 两融余额为 24927 亿元，其中融资余额 24747 亿元，融券余额 180 亿元。两融余额占流通市值比重为 2.5%，两融交易占市 场成交额比重为 10.0%。 折溢价：20251114 当日 ETF 溢价较多的是创科技 ETF，ETF 折价较多的是 ...

证券研究报告 | 2025年11月17日 食品饮料周报（25 年第 42 周） 优于大市 消费场景有序恢复，餐饮供应链边际改善 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 2.93%，其中 A 股食品饮 料（申万食品饮料指数）上涨 2.83%，跑赢沪深 300 约 3.91pct；H 股食品饮 料（恒生港股通食品饮料）上涨 4.33%，跑输恒生消费指数 0.08pct。本周 食品饮料板块涨幅前五分别为欢乐家(43.19%)、三元股份(31.79%)、科拓生 物(15.76%)、西麦食品(12.23%)和海欣食品(11.60%)。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。白酒：磨底阶段寻 找优质公司主线，关注 12 月酒企经销商大会。当前板块进入左侧布局阶段， 具备价位、区域话语权的优质公司有望获取更大增长空间，推荐泸州老窖/ 山西汾酒、贵州茅台、迎驾贡酒，也建议关注五粮液/洋河股份/舍得酒业的 改革节奏。啤酒：行业库存良性，静待需求回暖。全年啤酒龙头利润增长具 备较强支撑，建议积极布局啤酒板块，继续优先推荐大单品快速增长、内部 改革持续深化、业绩成长性强的燕京啤酒。（2）饮料。乳制品：需求平 ...

2025年11月17日 证券研究报告 | 迎接"十五五"：科创时代的银行新范式 行业研究 · 行业专题 金融 · 银行 投资评级：优于大市（维持） 证券分析师：王剑 证券分析师：陈俊良 证券分析师：田维韦 证券分析师：刘睿玲 证券分析师：张绪政 021-60875165 021-60933163 021-60875161 021-60375484 021-60875166 S0980518070002 S0980519010001 S0980520030002 S0980525040002 S0980525040003 wangjian@guosen.com.cn chenjunliang@guosen.com.cn tianweiwei@guosen.com.cn liuruiling@guosen.com.cn zhangxuzheng@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 04 从部门银行到流程银行 05 风险提示 请务必阅读正文之后的免责声明及其项下所有内容 产业梯度转移：实体需求影响银行业务 目录 01 产业转型升级：实体需求生变 02 金融范式转变：逻辑与案例 ...

证券研究报告 | 2025年11月17日 风险提示：需求恢复较弱；原材料价格大幅上涨；食品安全等风险。 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | EPS | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | （元） | （百万元） | 2025E | 2026E | 2025E | 2026E | | 600519.SH | 贵州茅台 | 优于大市 | 1,456.6 | 1,824,057 | 72.12 | 75.79 | 20.2 | 19.2 | | 9633.HK | 农夫山泉 | 优于大市 | 54.3 | 556,058 | 1.35 | 1.55 | 40.2 | 35.0 | | 600809.SH | 山西汾酒 | 优于大市 | 196.6 | 239,821 | 9.73 | 10.22 | 20.2 | 19.2 | | 000568.SZ | 泸州老窖 | 优于大市 | 139.6 | 205,514 | 7.70 | 8.04 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5]. Core Insights - The company achieved a revenue of 990 million yuan in Q3 2025, representing a year-on-year growth of 69.4% and a quarter-on-quarter increase of 20.2%. The net profit attributable to shareholders reached 110 million yuan, up 580.6% year-on-year and 322.7% quarter-on-quarter [1][9]. - The company has established long-term partnerships with major automotive manufacturers in the new energy vehicle sector, including GAC Honda, Dongfeng Nissan, and Geely, among others [29]. - The company is actively expanding its presence in the low-altitude economy, collaborating with EHang and other firms to develop eVTOL aircraft and related technologies [2][44]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 16.5%, showing a year-on-year decrease of 0.9 percentage points but a quarter-on-quarter increase of 1.5 percentage points. The net profit margin for the same quarter was 11.3%, up 8.5 percentage points year-on-year and 8.1 percentage points quarter-on-quarter [13]. - For the first three quarters of 2025, the company reported a total revenue of 2.36 billion yuan, a year-on-year increase of 46.7%, and a net profit of 150 million yuan, up 191.2% year-on-year [9]. Market Position and Strategy - The company is one of the few domestic leaders with independent R&D and production capabilities in both electric drive systems and power systems for the new energy sector [1][24]. - The company has successfully penetrated various segments, including passenger vehicles, commercial vehicles, and non-road vehicles, with significant partnerships established across these sectors [29][42]. Product Development and Innovation - The company has developed a comprehensive product matrix for new energy vehicles, including powertrains and electric drive systems, with a focus on high efficiency and lightweight designs [33][39]. - The "integrated chip" technology has been highlighted as a key innovation, enhancing the performance and competitiveness of the company's products in the market [38][44]. Future Outlook - The revenue forecast for 2025-2027 has been revised upwards to 3.21 billion, 4.03 billion, and 4.89 billion yuan, respectively, reflecting the expected increase in sales from key automotive clients and expansion into overseas markets [3][53]. - The company aims to become a leading provider of integrated solutions in the new energy power domain, leveraging its advanced manufacturing capabilities and strong R&D team [30][53].

证券研究报告 | 2025年11月17日 机器人领域业务，公司斩获头部 Robotaxi 客户，持续引领全球激光雷 达市场。在海外，禾赛接连拿下 Motional 及多家北美、亚洲、欧洲全 球领先自动驾驶企业的激光雷达订单，这些大型项目代表着价值数千万 美元的战略合作。在国内，禾赛与包括文远知行、小马智行、哈啰及京 东物流在内的多家国内头部无人出租车及无人卡车企业达成合作，部分 车型计划搭载多达 8 颗禾赛激光雷达，涵盖主激光雷达与补盲激光雷达。 风险提示：原材料价格上涨，汽车价格竞争持续激化。 禾赛科技（HSAI.O） 优于大市 单三季度收入同比增长 47%，公司激光雷达在手订单充沛 2025Q3 公司营收同比增长 47%，实现净利润 2.56 亿元。2025Q3，公司 实现收入为 7.95 亿元，同比增长 47.5%，环比增长 12.6%，净利润为 2.56 亿元（2024Q3 为-0.70 亿元，2025Q2 为 0.44 亿元），调整后净利润（即 加回股权激励费用后净利润）为 2.88 亿元（2024Q3 为-0.44 亿元，2025Q2 为 0.73 亿元）。分业务来看，1）2025Q3，公司产品收 ...

Core Insights - The report emphasizes seizing growth opportunities arising from industrial upgrades in the machinery sector [4][6] - Investment recommendations focus on capturing growth lines and identifying quality leading companies with core competitiveness [5][7] Group 1: Industry Overview - The machinery industry is entering a second phase of industrial upgrading, with high-end manufacturing poised for significant growth opportunities [11][13] - The industry is characterized by a broad distribution across various downstream sectors, with a focus on high-end equipment and autonomous manufacturing [39][43] Group 2: Emerging Growth Directions - Key emerging growth areas include humanoid robots, AI infrastructure, and unmanned forklifts, driven by AI advancements and energy transformation [6][10] - The report highlights the potential of humanoid robots, which are currently in a transformative phase, with significant commercial prospects anticipated in the near future [1][49] Group 3: Engineering Machinery - Domestic engineering machinery has stabilized, with expectations of continued recovery driven by equipment updates and major infrastructure projects [7][10] - The global layout of engineering machinery is expected to smooth domestic cyclical fluctuations and enhance profitability [7] Group 4: Self-Control and Localization - The report identifies significant opportunities in domestic substitution and self-control, particularly in scientific instruments and semiconductor components [7][10] - The focus is on increasing localization rates in core segments, which presents substantial growth potential [7][10] Group 5: Nuclear Power and Controlled Nuclear Fusion - The nuclear power sector is experiencing favorable conditions, with ongoing improvements in the nuclear fission power industry and future growth potential in controlled nuclear fusion [7][10] Group 6: Value Directions - The report emphasizes the importance of detection services, general equipment, and tire molds as key value directions within the machinery industry [7][10] - It recommends focusing on companies with strong cash flow and resilience in the current economic environment [7][10] Group 7: Investment Recommendations - The report suggests a combination of growth and forward-looking investment opportunities, highlighting specific companies across various segments [7][10] - Long-term investment recommendations include companies in detection services, engineering machinery, and renewable energy equipment [7][10]

Core Viewpoints - The report emphasizes seizing growth opportunities arising from industrial upgrades in the machinery sector [4][6] - Investment recommendations focus on capturing growth lines and identifying quality leading companies with core competitiveness [5][7] Group 1: Industry Overview - The machinery industry is entering a second phase of industrial upgrading, with high-end manufacturing poised for significant growth opportunities [11][13] - The industry is characterized by a broad distribution of downstream applications, with numerous sub-sectors categorized into five primary and nineteen secondary industries [39][43] Group 2: Emerging Growth Directions - Key emerging growth areas include humanoid robots, AI infrastructure, and unmanned forklifts, driven by AI advancements and energy transformation [6][10] - The report highlights the potential for humanoid robots to revolutionize productivity and improve human life, with significant market potential supported by national policies [49][53] Group 3: Engineering Machinery - The domestic engineering machinery sector has stabilized, with expectations of continued recovery driven by equipment updates and major infrastructure projects [7][10] - Globalization strategies are expected to enhance profitability and smooth domestic cyclical fluctuations, transitioning the industry towards a "globalization + electrification" growth model [7][10] Group 4: Self-Control and Localization - The report identifies significant opportunities in domestic substitution and self-control, particularly in scientific instruments and semiconductor components [7][10] - The focus is on increasing localization rates in core segments, with recommendations for companies in scientific instruments and X-ray detection equipment [7][10] Group 5: Nuclear Power and Controlled Nuclear Fusion - The nuclear power sector is experiencing favorable conditions, with ongoing improvements in the nuclear fission power industry and potential growth in controlled nuclear fusion [7][10] - The report suggests monitoring companies involved in nuclear power and fusion technologies for long-term investment opportunities [7][10] Group 6: Value Directions - The report emphasizes the importance of detection services, general equipment, and tire molds as value-driven segments within the machinery industry [7][10] - Recommendations include focusing on companies with strong cash flow and resilience in the current economic environment [7][10] Group 7: Investment Recommendations - A combination of growth and forward-looking companies is recommended, including those in humanoid robots, AI infrastructure, and detection services [7][10] - Long-term investment strategies should prioritize companies with robust fundamentals and competitive positioning in their respective markets [7][10]