Core Viewpoints - The mid-term dividend rush in the banking sector is nearing its end but is not yet finished, potentially extending until the end of November [4][11][26] - The four major banks have announced mid-term dividends earlier this year compared to last year, with the record date for dividends set for mid-December, which is nearly one month earlier than last year [7][11] - The recent rise in the banking sector is primarily driven by changes in market investment style, with mid-term dividends acting as a catalyst [4][11][26] Investment Strategy Post-Dividend Rush - After the mid-term dividend rush, the banking sector may experience short-term fluctuations, but it is unlikely that the overall trend has ended [5][14][26] - There are expected investment opportunities in the banking sector before the main spring rally is identified, suggesting that investors should overlook short-term volatility [5][16][26] - The demand for insurance funds and the need for asset allocation in a low-interest-rate environment make stable bank stocks attractive [5][16][26] Stock Selection Recommendations - Focus on high-dividend, fundamentally strong stocks in the short term, while also considering quality stocks for potential upside [6][26] - Recommended stocks include Industrial and Commercial Bank of China and China Merchants Bank for their stability, as well as Ningbo Bank and Chongqing Bank for their upward momentum [6][26] - Low-valuation banks such as Changsha Bank and Chongqing Rural Commercial Bank are also suggested for consideration [6][26] Market Performance Insights - The banking index has shown a cumulative increase of 7.7% from October 14 to November 14, 2025, with individual banks like ICBC and ABC showing significant gains [11][26] - The cumulative gains of the four major banks from December 2024 were 12.5%, 11.0%, 10.2%, and 10.0%, respectively, indicating a strong performance leading into the new year [7][11] Fundamental Analysis - The banking sector's fundamentals are expected to stabilize, with net interest margins showing signs of improvement [23][26] - The asset quality of listed banks is at its best level in recent years, with retail non-performing loans gradually being cleared [23][26]

证券研究报告 | 2025年11月18日 中国黄金国际（02099.HK） 优于大市 Q3 业绩表现亮眼，公司兼具高业绩弹性及高成长性 公司发布三季报：前三季度实现营收 9.25 亿美元，同比+99.83%；实现归母 净利润 3.41 亿美元，同比扭亏；其中，Q1/Q2/Q3 分别实现归母净利润 0.85/1.15/1.41 亿美元，Q3 环比+22.43%。公司 Q3 利润环比再次实现明显 提升，主要得益于金铜价格上涨以及甲玛矿销售折价系数提升。 核心产品产销量数据方面：公司前三季度实现黄金产量 4.02 吨，实现黄金 销量 4.21 吨。其中长山壕前三季度黄金产量约 2.12 吨，黄金销量约 2.34 吨；甲玛矿前三季度黄金产量约 1.90 吨，黄金销量约 1.87 吨。公司前三季 度实现铜产量 5.41 万吨，实现铜销量 5.33 万吨。公司 2025 年产量指引： 长山壕黄金产量指引约 2.4-2.6 吨；甲玛矿黄金产量指引约 2.15-2.3 吨， 铜产量指引约 6.3-6.7 万吨。全年的维度来看，公司金、铜产量超过指引的 可能性较高。 核心产品成本数据方面：长山壕前三季度黄金单位生产成本1639 ...

证券研究报告 | 2025年11月18日 中国黄金国际（02099.HK） 优于大市 Q3 业绩表现亮眼，公司兼具高业绩弹性及高成长性 公司发布三季报：前三季度实现营收 9.25 亿美元，同比+99.83%；实现归母 净利润 3.41 亿美元，同比扭亏；其中，Q1/Q2/Q3 分别实现归母净利润 0.85/1.15/1.41 亿美元，Q3 环比+22.43%。公司 Q3 利润环比再次实现明显 提升，主要得益于金铜价格上涨以及甲玛矿销售折价系数提升。 核心产品产销量数据方面：公司前三季度实现黄金产量 4.02 吨，实现黄金 销量 4.21 吨。其中长山壕前三季度黄金产量约 2.12 吨，黄金销量约 2.34 吨；甲玛矿前三季度黄金产量约 1.90 吨，黄金销量约 1.87 吨。公司前三季 度实现铜产量 5.41 万吨，实现铜销量 5.33 万吨。公司 2025 年产量指引： 长山壕黄金产量指引约 2.4-2.6 吨；甲玛矿黄金产量指引约 2.15-2.3 吨， 铜产量指引约 6.3-6.7 万吨。全年的维度来看，公司金、铜产量超过指引的 可能性较高。 核心产品成本数据方面：长山壕前三季度黄金单位生产成本1639 ...

Group 1: Public Utilities and Environmental Protection Industry - The energy transition is ongoing, with clean energy and environmental protection exhibiting both growth and utility attributes [7][8] - The unified electricity market is accelerating, promoting high-quality development of renewable energy [7] - The coal power sector is transitioning to a regulatory power source, with coal prices expected to support long-term contract prices in 2026 [8] - Green electricity pricing uncertainties are diminishing, indicating a potential bottoming out for the green electricity sector [8] - Hydropower is experiencing improved cash flow and performance, supported by low costs and a balanced supply-demand trend [9] - Nuclear power is facing market price pressures but is expected to rebound, with new nuclear projects gaining momentum [10] - The natural gas market remains relatively loose, with domestic supply increasing and global prices potentially declining [10] - Green methanol is emerging as a significant growth area due to policies promoting renewable energy consumption [11] - The environmental protection sector is entering a mature phase, with improved cash flow and investment opportunities in public utility-like projects [11][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The livestock sector is expected to experience a significant turnaround, with beef and milk prices projected to rise [13][16] - The domestic and international markets are likely to see synchronized price increases for beef and milk due to supply adjustments [13] - The pig and poultry farming sectors are shifting focus from cyclical trends to cash flow generation, with leading companies expected to benefit [14] - The pet industry is identified as a high-quality growth sector, with domestic brands gaining traction [15][18] - Agricultural commodity prices are stabilizing, with corn and soybean markets showing signs of support [16][17] Group 3: Machinery Industry - The machinery industry is poised for growth driven by AI infrastructure and humanoid robots, with a focus on engineering machinery and market share-boosting leaders [19][20] - Emerging markets and export growth are key drivers, particularly in AI infrastructure and robotics [19] - Investment opportunities are identified in sectors with significant import substitution potential, such as scientific instruments and semiconductor components [20] - The nuclear power sector is highlighted for its growth potential, with a positive outlook on nuclear energy development [22] Group 4: Food and Beverage Industry - The food and beverage sector is recovering, with a notable increase in consumer demand and improvements in the supply chain [26][27] - The alcoholic beverage segment is in a bottoming phase, with opportunities for quality companies to gain market share [26] - Dairy and beverage sectors are expected to see stable demand recovery, with leading companies positioned for growth [26][27] - The snack food market is highlighted for its growth potential, particularly in niche segments like konjac snacks [26]

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [1][9][24] Core Insights - As of the end of Q3 2025, the total balance of insurance funds reached 37.5 trillion yuan, reflecting a year-on-year growth of 16.5% [2][4] - The insurance industry has increased its allocation to equity investments, particularly in direct stock investments, while reducing bank deposit scales [3][24] - The overall asset conversion rate for the industry stands at 83%, indicating a certain degree of under-allocation [3][24] Summary by Sections Fund Utilization - The insurance fund utilization balance exceeded 37 trillion yuan, with a year-on-year growth rate of 16.5% [4][10] - The balance of stock investments reached 3.6 trillion yuan, a significant increase of 55.1% year-on-year [15][24] Fixed Income - Bank deposit scales have decreased, with personal insurance and property insurance companies reducing their bank deposits by 4.9% and 7.5% respectively [11] - Bond allocation has increased, with personal insurance companies holding 17.2 trillion yuan in bonds, up 20.9% year-on-year [11] Equity Investments - The insurance sector has significantly increased its direct equity investments, with personal insurance stock investments reaching 34,124 billion yuan, an increase of 11,445 billion yuan since the beginning of the year [15] - The total scale of securities investment funds for personal and property insurance reached 17,756 billion yuan and 1,964 billion yuan respectively, with quarter-on-quarter growth rates of 20.2% and 6.9% [15] Market Outlook - The report anticipates that in Q4, insurance funds will continue to seek high-dividend investment opportunities and maintain a focus on long-term bonds to match their asset allocation needs [24]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6]. Core Insights - The company reported a significant increase in contract liabilities, with a 123.6% quarter-on-quarter growth, indicating strong demand for its products [2]. - Revenue for the first three quarters of 2025 reached 2.88 billion yuan, representing a year-on-year growth of 13.42%, while the net profit attributable to shareholders was -327 million yuan [1]. - The company is focusing on the development of its 6nm octa-core 4G chip and has multiple cloud ASIC project reserves, which are expected to enhance its competitive edge in the market [3]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 26.65%, an increase of 3.44 percentage points from the previous quarter [1]. - The revenue from the cellular baseband segment grew approximately 25% year-on-year, with a gross margin improvement leading to a total gross profit increase of over 50% in that segment [2]. - The company anticipates a substantial revenue increase in the coming year as project deliveries are expected to ramp up [2]. Earnings Forecast - The projected net profits for 2025 to 2027 are -406 million yuan, 52 million yuan, and 251 million yuan respectively, showing a recovery trend from previous losses [4]. - Revenue forecasts for the years 2023 to 2027 are 2.6 billion yuan, 3.39 billion yuan, 4 billion yuan, 5.59 billion yuan, and 7.08 billion yuan, reflecting a compound annual growth rate [5][21]. Market Position - The company is well-positioned in the cellular baseband chip market, with a unique competitive advantage and a continuous release of products for various smartphone clients [4]. - The ASIC business is strategically aligned with the trend of AI industrialization, enhancing the company's market positioning [4].

Group 1: Report Summary - The report tracks the latest private exchangeable bond (Private EB) projects from public channels on a regular basis [1] - The information on new projects added last week (from November 10 - 14, 2025) is presented, including a project from Strait Innovation Internet Co., Ltd. that has received feedback from the exchange, with an intended issuance size of 300 million yuan, underlying stock of Fengzhushou (301382.SZ), and lead underwriter of Dongguan Securities [1] Group 2: Project Status Table - A table shows the status of various Private EB projects as of November 14, 2025, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates [3] - Projects are either "Passed" or "Feedback Received", with issuance scales ranging from 200 million to 80 billion yuan and various underlying stocks [3] Group 3: Related Research Reports - Lists related research reports on Private EB tracking and bond market reviews from previous weeks [4]

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][68]. Core Views - The food and beverage sector is expected to benefit from a gradual recovery in consumer scenarios and improvements in the restaurant supply chain [1][3]. - The report highlights a differentiated performance across categories, with beverages outperforming food and alcoholic beverages [2][3]. - The outlook for 2026 is optimistic, with expectations of continued demand recovery and valuation expansion [3][16]. Summary by Relevant Sections Market Performance - The food and beverage sector saw a cumulative increase of 2.93% this week, with A-shares rising by 2.83% and H-shares by 4.33% [1]. - The top five performers in the sector included companies like Huanlejia and Sanyuan [1]. Alcoholic Beverages - The report suggests a focus on high-quality companies in the liquor sector, particularly as the industry enters a bottoming phase [2][11]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with an emphasis on the upcoming December liquor distributor conference [2][11]. Beverages - The beverage sector is experiencing a positive trend, with stable demand recovery in dairy products and strong performance from leading companies like Nongfu Spring and Dongpeng Beverage [2][15]. - The report recommends focusing on companies with strong growth potential and ongoing internal reforms [2][15]. Snacks - The report emphasizes the importance of selecting alpha-type stocks in the snack category, particularly those benefiting from the growth of konjac snacks [2][12]. - Leading companies in this space, such as Weilong and Yanjinpuzi, are highlighted for their competitive advantages [2][12]. Restaurant Supply Chain - The report indicates that the restaurant supply chain is showing signs of stabilization, with major companies optimizing their expense management [13]. - Recommendations include Yihai International and Haitian Flavoring, which are expected to perform well as the industry recovers [13]. Dairy Products - The dairy sector is projected to see a gradual recovery in demand, with leading companies like Yili expected to benefit from improved margins [14][15]. - The report suggests a focus on companies with a safety margin in valuations [14][15]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Baba Foods, Dongpeng Beverage, Weilong, and Luzhou Laojiao, with an average increase of 4.24% [16]. - The report anticipates continued growth in the beverage sector, particularly for energy drinks and tea products [15][16].

Investment Rating - The report maintains an "Outperform" rating for the banking industry [1] Core Insights - The banking industry is undergoing a transformation driven by changes in the real economy and the shift towards high-quality development, which necessitates a new financial paradigm that addresses high uncertainty rather than just information asymmetry [33][34] - The demand from the real economy is evolving, with traditional sectors like infrastructure and real estate declining, while high-tech industries are emerging as the main drivers of future banking demand [22][25] - The integration of investment banking, asset management, and wealth management is becoming crucial for banks to adapt to the new financial landscape and provide comprehensive services to clients [83][87] Summary by Sections 1) Industry Transformation and Upgrading - Since the second half of the 20th century, global economic growth has been largely driven by technological advancements and the release of production factors, leading to a phenomenon of industrial gradient transfer between countries [4] - The demand from the real economy has historically aligned with bank credit supply, with overseas demand, real estate, and infrastructure investment being significant drivers of China's economic growth [9][10] 2) Financial Paradigm Shift - The financial paradigm is shifting from addressing information asymmetry to managing high uncertainty, particularly for technology-driven enterprises [33][34] - Traditional financing models focused on debt financing are evolving towards a combination of equity and debt financing, emphasizing the importance of banks participating in the growth of innovative companies [43][46] 3) "Investment Banking-Asset Management-Wealth Management" Synergy - The traditional banking model is under pressure, prompting a strategic shift towards investment banking and asset management, which are seen as key areas for growth and profitability [83][87] - The report highlights the importance of a multi-tiered financial market to support technology enterprises, facilitating flexible and efficient financing solutions [41][43] 4) From Departmental Banking to Process Banking - The traditional organizational structure of banks is facing challenges, necessitating a transition to a process-oriented approach that focuses on customer-centric services [103][105] - Banks need to optimize their business processes and risk management systems to better serve technology enterprises and adapt to the evolving financial landscape [105]