温[Ta氏ble股_Sto份ckN（ameRptType] 300498） 公司点评 [Table_Title] 畜禽成本具领先优势，Q3 肉鸡业务盈利 5 亿 | [T投a资ble评_R级an：k]买入（维持） | | | --- | --- | | 报告日期： | 2025-10-22 | | [收Ta盘bl价e_（Ba元se）Data] | 18.09 | | 近 12 个月最高/最低（元） | 20.21/15.36 | | 总股本（百万股） | 6,654 | | 流通股本（百万股） | 5,963 | | 流通股比例（%） | 89.61 左右。 | | 总市值（亿元） | 1204 | | 流通市值（亿元） | 1079 | [分Ta析bl师e_：Au王th莺or] 执业证书号：S0010520070003 邮箱：wangying@hazq.com [相Ta关bl报e_告CompanyReport] 主要观点： [T2a0b2le5_QS3um归m母ar净y]利 17.8 亿元，9 月末资产负债率降至 49.4% 公司公布 2025 年三季报：1-9 月实现收入 757.88 亿元，同比-0.0 ...

| | | 报告日期： 2025-10-22 [Table_Chart] 行业指数与沪深 300 走势比较 -19% -8% 4% 15% 27% 38% 10/24 1/25 4/25 7/25 10/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：深圳合成生物新规落地，高纯度 OPO 结构脂"精准复刻"母乳 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 主要观点： [华安证券化工团队发表的《合成生物学周报》是一份面向一级市场、 Table_Summary] 二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全球并 加速融入经济社会发展，为人类应对生命健康、气候变化、资源能源 安全、粮食安全等重大挑战提供了崭新的解决方案。国家发改委印发 《"十四五" ...

[Table_IndNameRptType] 基础化工 行业周报 中美关税疑云再起，重点行业节能降碳支持管理办法印发 [Table_IndRank] 行业评级：增持 报告日期： 2025-10-22 [Table_Chart] 行业指数与沪深 300 走势比较 -27% -14% 0% 14% 27% 41% 2/24 5/24 8/24 11/24 2/25 5/25 8/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com [Table_Report] 相关报告 1.钛白粉价格上调，陶氏关闭比利时多元醇 工厂 20251010 2.石化化工行业稳增长方案出台，平煤神马 与河南能源拟战略重组置 20250926 3.科迪华拟分拆种业和植保公司，英力士关 停欧洲 PO/PG 装置 20250919 4.日本三大化工巨头整合聚烯烃产业，泛能 拓钛白粉业务暂停生产 ...

维力医疗（ [Table_StockNameRptType] 603309） 公司点评 高毛利产品占比提升，海外收入逐季攀升 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-10-22 | | [Table_BaseData] 收盘价（元） | 14.31 | | --- | --- | | 近 12 个月最高/最低（元） | 15.44/9.36 | | 总股本（百万股） | 293 | | 流通股本（百万股） | 292 | | 流通股比例（%） | 99.66 | | 总市值（亿元） | 42 | | 流通市值（亿元） | 42 | [公司价格与沪深 Table_Chart] 300 走势比较 -28% -13% 3% 18% 33% 10/24 1/25 4/25 7/25 维力医疗 沪深300 [Table_Author] 分析师：谭国超 邮箱：lichan@hazq.com [Table_CompanyReport] 相关报告 1.【华安医药】公司点评：维力医疗： 2025 年中报业绩符合预期，海外市场 增速亮眼 2025-0 ...

[Table_IndNameRptType] 电子 行业周报 核心新股周巡礼系列 8—超颖电子招股书梳理 [Table_IndRank] 行业评级：增持 报告日期：2025-10-22 [Table_Chart] 行业指数与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 10/24 1/25 4/25 7/25 电子(申万) 沪深300 [分析师： Table_Author] 陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点： ⚫[Table_Summary] 超颖电子公司积极布局海外产能，以昆山定颖和泰国超颖为 PCB 研 发生产和销售的基础，通过塞舌尔超颖在中国台湾省进行销售的布 局，积极服务全球客户 公司核心拥有 4 家控股子公司:昆山定颖、塞舌尔超颖、超颖投资以 及泰国超颖，不存在参股公司。 昆山定颖是公司最早成立的生产经营公司，公司 2024 年末实现当年 营收 17 ...

[Table_StockName策Rpt略Typ研e] 究 市场点评 调整近尾声，布局好时机 [Table_RptDate] 报告日期： 2025-10-21 主要观点 [策Ta略bl分e_析Au师th：or郑]小霞 10 月 21 日市场大涨，其中上证指数收涨 1.36%，创业板指收涨 3.02%，全 A 成交额 1.89 万亿，较上一个交易日增加 8%。行业层面，多数行业上涨， 通信（4.89%）、电子（3.21%）、房地产（2.26%）领涨，仅煤炭（-1.05%） 下跌。市值风格上，成长权重股如科创创业 50（4.95%）领涨，仅红利如 红利指数（-0.20%）下跌。 执业证书号：S0010520080007 邮箱：zhengxx@hazq.com 策略分析师：刘超 执业证书号：S0010520090001 降息预期升温，AI 基建景气持续验证，官媒发文等积极因素叠加带动 市场上涨 邮箱：liuchao@hazq.com 策略分析师：陈博 近期多家中小银行调降存款利率，降息预期升温。10 月 20 日，苏商银行 宣布于 10 月 22 日下调存款利率。自今年 10 月中旬以来，多家区域性银行 宣布下调存 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve a feed sales increase of over 5 million tons, with plans for a spin-off listing to support overseas development [4][6] - For the first three quarters of 2025, the company reported a net profit attributable to shareholders of 4.14 billion yuan, a year-on-year increase of 14.3% [3] - The company has established a competitive advantage in overseas markets, particularly in Southeast Asia, Africa, and Latin America, with a focus on feed, seed, and animal health products [5][7] Financial Performance Summary - For the first nine months of 2025, the company achieved revenue of 96.09 billion yuan, a year-on-year increase of 13.2%, and a net profit of 4.14 billion yuan, a year-on-year increase of 14.3% [3] - The company’s feed sales volume for the first half of 2025 was approximately 14.7 million tons, a year-on-year increase of 25% [5] - The company’s projected revenue for 2025-2027 is expected to grow significantly, with main business revenue reaching 141.48 billion yuan in 2025, 159.84 billion yuan in 2026, and 181.16 billion yuan in 2027, representing year-on-year growth of 23.5%, 13.0%, and 13.3% respectively [9] Spin-off and Strategic Focus - The company has announced a plan to spin off its subsidiary, Haida International Holdings, for listing on the Hong Kong Stock Exchange, which will allow it to focus on overseas market development [6][7] - Post-spin-off, the company will maintain a controlling stake in Haida International Holdings and will concentrate on expanding its operations in Asia (excluding East Asia), Africa, and Latin America [7] Future Projections - The company’s feed sales volume is projected to reach 29.53 million tons in 2025, 32.46 million tons in 2026, and 35.67 million tons in 2027, with respective year-on-year growth rates of 20.9%, 9.9%, and 9.9% [9] - The net profit attributable to shareholders is expected to be 5.01 billion yuan in 2025, 5.80 billion yuan in 2026, and 6.22 billion yuan in 2027, with year-on-year growth rates of 11.3%, 15.7%, and 7.3% respectively [9]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The technology sector has shown mixed performance, with significant declines in various indices, particularly in the Chinese market, while the Nasdaq index experienced a slight increase [3][21] - The AI industry continues to evolve rapidly, with notable advancements in model capabilities and applications, particularly in both domestic and overseas markets [4][5][31][32] Summary by Sections Market Review - From October 13 to October 17, 2025, the Shanghai Composite Index decreased by 1.47%, the ChiNext Index fell by 5.71%, and the CSI 300 Index dropped by 2.22%. The Hang Seng Tech Index saw a decline of 7.98%, while the Nasdaq Index increased by 2.14% [3][21]. AI Developments - Domestic AI advancements include the release of the Doubao model series by Huoshan Engine, which has seen a daily token usage surpassing 30 trillion, marking an over 80% increase since May 2025 [4][5][32]. - OpenAI's Sora 2 updates allow users to generate longer videos, enhancing user engagement and content creation capabilities [31]. - Google's Gemini 3.0 Pro successfully replicated the macOS interface, showcasing the model's advanced capabilities [31]. Semiconductor Industry - TSMC reported a third-quarter revenue of approximately NT$989.92 billion, a year-on-year increase of 30.3%, with a net profit of NT$452.3 billion, up 39.1% [6][33]. - Broadcom announced a strategic partnership with OpenAI to develop a custom 10GW AI chip, expected to be deployed in late 2026 [6][34]. Smart Driving - The Ministry of Transport in China emphasized the importance of AI in smart transportation, promoting the development of intelligent connected vehicles and autonomous driving technologies [8][34]. E-commerce and Local Life - Meituan's Keeta is set to launch operations in Brazil, with initial cities including Santos and São Vicente, indicating a strategic expansion into international markets [8]. - Alibaba's Tmall introduced six AI shopping applications aimed at enhancing consumer experience and operational efficiency for merchants, resulting in significant improvements in traffic matching efficiency [9]. Entertainment and Gaming - The domestic film market saw a significant drop in box office revenue, highlighting a post-holiday slump [11]. - The new PlayStation game "Ghost of Yōtei" achieved over 1.8 million sales within five days of its release, indicating strong market demand [14].

Group 1 - The report highlights that the ongoing US-China trade friction and marginal weakening of the macro economy are raising policy expectations, with significant changes anticipated in both internal and external factors, leading to potential market disturbances in the short term [3][4][5] - The upcoming Fourth Plenary Session is expected to clarify the strategic direction of the 14th Five-Year Plan, focusing on economic growth, domestic circulation, and technological self-reliance, which may boost market risk appetite [5][27] - In terms of industry allocation, the report suggests a continued "high cut low" strategy in the short term, with potential focus areas including finance, public utilities, steel, petrochemicals, food and beverage, and home appliances, while also indicating that the current period is a good time to position for growth industries [6][39] Group 2 - The report notes that the third quarter GDP growth is expected to be around 4.8%, reflecting a continued marginal slowdown in the economy, with external challenges increasing due to the US-China trade situation [4][14] - The analysis indicates that the current growth style is in a healthy adjustment phase, transitioning from the first to the second stage of the industrial prosperity cycle, with historical data suggesting that such adjustments typically last 1-2 months with a decline of 15-20% [6][29] - The report emphasizes that the upcoming disclosure of third-quarter results may serve as a catalyst for the end of the current adjustment phase, as growth industries are expected to maintain relative performance advantages [6][37]