Group 1: Financial Performance - 三环集团2025年归母净利润预计为2782百万，增速为27%[1] - 沪电股份2025年归母净利润预计为4042百万，增速为56%[1] - 明阳电气2025年归母净利润预计为789百万，增速为19%[1] Group 2: Revenue Growth - 三环集团2025年营业收入预计为9207百万，增速为25%[1] - 沪电股份2025年营业收入预计为18654百万，增速为40%[1] - 明阳电气2025年营业收入预计为7886百万，增速为22%[1] Group 3: Market Opportunities - AI服务器推动MLCC行业量价齐升，预计整机用量较传统架构提高300%[1] - SOFC技术迭代升级，度电成本已与燃气轮机接近平价，带来放量机会[1] - 牧原股份生猪屠宰量同比增长140%，Q3屠宰肉食业务实现单季度盈利[1]

Investment Rating - The report maintains a "Buy" rating for the company, projecting significant profit growth in the coming years [7]. Core Insights - The company achieved rapid revenue growth in Q3 2025, with total revenue reaching 8.357 billion yuan, a year-on-year increase of 27.04%. The net profit attributable to shareholders was 891 million yuan, up 14.58% year-on-year [4][5]. - The company is actively expanding its robot screw business and has made significant progress in capacity construction, particularly in the domestic and international markets [6]. - The gross margin improved in Q3 2025, reaching 20.55%, with a net profit margin of 11.74%. The company is expected to benefit from the increasing penetration of smart driving technologies [5][7]. Financial Performance Summary - For the first three quarters of 2025, the company sold 4.7329 million sets of smart electric control products, a year-on-year increase of 41.56%. The sales of disc brakes and lightweight brake components also saw significant growth [4]. - The company forecasts net profits of 1.356 billion yuan, 1.653 billion yuan, and 1.981 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20, 17, and 14 [7][9]. - The projected revenue for 2025 is 12.046 billion yuan, reflecting a year-on-year growth of 21.2% [9].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Alibaba officially launched its AI smart hardware product, Quark AI Glasses S1, on November 27, 2025, which features a comprehensive set of functions including navigation, payment, price recognition, and AI voice/image Q&A capabilities [4] - The Quark AI Glasses S1 utilizes a dual-chip design with Qualcomm AR1 flagship chip and Hengxuan BES2800 chip, addressing performance and power consumption needs across different scenarios [4] - The AI smart glasses sector is seeing significant interest from major players, with Alibaba forming an industry ecosystem alliance with Qualcomm and other companies to enhance the supply chain [5] Summary by Sections Product Launch - The Quark AI Glasses S1 includes features such as AI voice Q&A, translation, and schedule management, supported by a self-developed Master Agent model for complex command processing [4] Supply Chain and Partnerships - The glasses are equipped with various chips from Aiwei Electronics and Nanchip Technology, ensuring a comprehensive power supply system for different charging needs [5] - Other companies like Ideal Auto and Samsung are also entering the AI glasses market, indicating a growing trend in the sector [6] Market Trends - The report highlights the increasing integration of AI models and augmented reality technology, suggesting a potential growth trajectory for the smart glasses market [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 7.685 billion yuan in Q3 2025, representing a year-over-year increase of 5.2% and a quarter-over-quarter increase of 4.7% [4] - The adjusted net profit attributable to the parent company for Q3 2025 was 786 million yuan, showing a significant year-over-year increase of 233% [4] - The gross margin for the third quarter was 36.7%, an increase of 1.8 percentage points year-over-year [4] - Mobile game revenue was 1.51 billion yuan, down 17.1% year-over-year due to a high base effect from the previous year [4] - Value-added services revenue reached 3.02 billion yuan, up 7.1% year-over-year, driven by growth in paid membership revenue [4] - Advertising revenue exceeded expectations at 2.57 billion yuan compared to the consensus of 2.51 billion yuan, marking a year-over-year increase of 22.7% [4] - IP derivatives and other revenue amounted to 580 million yuan, up 2.7% year-over-year [4] Business Performance - The company is focusing on long-term game operations, with the new game "Three Kingdoms: Hundred Generals Card" set to launch in Q1 2026 [5] - The game "Three Kingdoms: Strategize the World" continues to operate steadily, contributing to incremental growth in the gaming business [5] - The newly launched game "Escape from Duckkov" sold over 3 million copies in its first month, with peak online users exceeding 300,000 [5] - The core user metrics reached new highs, with daily active users (DAU) at 117 million, up 9% year-over-year, and monthly active users (MAU) at 376 million, up 8% year-over-year [6] - The average daily usage time per user increased by 6 minutes to 112 minutes, with the number of paying users reaching 35 million, up 17% year-over-year [6] Financial Forecast - The company is expected to achieve revenues of 30.18 billion yuan, 33.72 billion yuan, and 36.44 billion yuan for the years 2025, 2026, and 2027, respectively [7] - The adjusted net profit attributable to the parent company is projected to be 2.23 billion yuan, 3.60 billion yuan, and 4.42 billion yuan for the same years [7] - The previous forecasts for revenue and net profit have been slightly adjusted upwards [7] - The company maintains a gross margin forecast of 36.7% for 2025, increasing to 40.3% in 2026 and 40.9% in 2027 [10]

Investment Rating - Investment Rating: Maintain "Buy" [3] Core Insights - The report highlights that Pinduoduo's Q3 2025 performance exceeded expectations, with a revenue of 108.3 billion yuan, representing a year-over-year increase of 9%. The company's net profit reached 31.4 billion yuan, up 14% year-over-year, surpassing Bloomberg consensus estimates by 24.9% [2][6][9] - The international business, particularly through Temu, showed significant user growth and recovery, with a total download exceeding 1.2 billion and monthly active users reaching 530 million as of October 2025 [7] - The domestic segment's online marketing revenue was slightly below expectations, but the long-term outlook remains positive due to the company's support plans and expected improvements in the competitive landscape [8] Financial Performance Summary - For Q3 2025, Pinduoduo's revenue was 108.3 billion yuan, with online marketing revenue at 53.3 billion yuan (up 8% YoY) and transaction services revenue at 54.9 billion yuan (up 10% YoY) [6][7] - The report projects revenues of 429.2 billion yuan, 498.0 billion yuan, and 569.3 billion yuan for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 9.0%, 16.0%, and 14.3% [9][13] - Adjusted net profits are expected to be 104.6 billion yuan, 122.6 billion yuan, and 152.7 billion yuan for the same years, with growth rates of -14.5%, 17.2%, and 24.5% respectively [9][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved revenue of 28.36 billion yuan in Q3 2025, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [4] - The gross profit for Q3 was 18.18 billion yuan, with a gross margin of 64.1%, an increase of 1.2 percentage points year-over-year [4] - Adjusted net profit reached 9.50 billion yuan, reflecting a year-over-year growth of 26.7% and a net margin of 33.5%, up 4.9 percentage points year-over-year [4] Revenue Breakdown - The gaming and related services revenue for Q3 was 23.3 billion yuan, up 11.8% year-over-year, driven by growth in key titles such as "Fantasy Westward Journey" and "Nirvana in Fire" [5] - The company continues to expand its global gaming footprint, with successful launches of new titles in overseas markets [5] AI and Education Initiatives - The Youdao segment reported revenue of 1.63 billion yuan in Q3, a year-over-year increase of 3.6%, focusing on the "AI + Education" strategy [6] - New AI-enabled hardware and software products have been introduced, enhancing the educational offerings [6] Cloud Music Developments - Cloud Music generated revenue of 1.96 billion yuan in Q3, a slight decline of 1.8% year-over-year, with AI features enhancing user experience [7] - The introduction of the "AI Tuner" feature aims to enrich the platform's content ecosystem [7] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 113.91 billion yuan, 124.63 billion yuan, and 134.92 billion yuan, respectively [8] - Non-GAAP net profits for the same years are expected to be 39.67 billion yuan, 42.26 billion yuan, and 46.08 billion yuan [8] Key Financial Metrics - The company is expected to maintain a gross margin of around 64% over the next few years, with a projected return on equity (ROE) of 24% in 2025 [11] - Earnings per share (EPS) are forecasted to grow from 10.37 yuan in 2024 to 14.29 yuan in 2027 [11]

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent's Q3 revenue reached 192.87 billion yuan, representing a year-over-year increase of 15% and a quarter-over-quarter increase of 5%, exceeding consensus expectations of 188.8 billion yuan [4] - The adjusted net profit for Q3 was 70.55 billion yuan, up 18% year-over-year and 12% quarter-over-quarter, surpassing the consensus estimate of 65.97 billion yuan [4] - The growth in revenue and profit is driven by strong performance in the gaming sector, robust advertising growth fueled by AI, and improvements in financial technology services [4][10] Summary by Sections Q3 Performance - Revenue: 192.87 billion yuan (yoy +15%, qoq +5%), above consensus of 188.8 billion yuan [4] - Gross Profit: 108.8 billion yuan (yoy +22%, qoq +4%), exceeding consensus of 106.39 billion yuan [4] - Adjusted Net Profit: 70.55 billion yuan (yoy +18%, qoq +12%), above consensus of 65.97 billion yuan [4] Value-Added Services (VAS) - Domestic game revenue reached 42.8 billion yuan (yoy +15%), driven by stable contributions from titles like "Delta Action" and "Honor of Kings" [5] - International game revenue was 20.8 billion yuan (yoy +43%), exceeding expectations due to growth from Supercell games and new releases [5] Marketing Business - Marketing revenue was 36.2 billion yuan (yoy +21%), surpassing expectations, driven by AI-enhanced advertising platforms [6] - The combined MAU for WeChat reached 1.414 billion, a year-over-year increase of 2% [6] Financial Technology - Financial technology revenue was 58.2 billion yuan (yoy +10%), supported by growth in commercial payment activities and consumer loan services [7] AI Investments - Capital expenditure for Q3 was 12.98 billion yuan, a year-over-year decrease of 24% [8] - AI capabilities are continuously improving, with advancements in transaction ecosystems and model performance [8][9] Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are 257.02 billion yuan, 290.51 billion yuan, and 319.01 billion yuan respectively, with stable growth expected in gaming and advertising sectors [10]

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector overall experienced a decline of 7.47% during the week of November 17-21, 2025, ranking 29th among all sectors, underperforming the Shanghai Composite Index by 3.57 percentage points [4][22] - The report highlights a continued trend of divergence in the chemical industry for 2025, recommending focus on sectors such as synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's performance was notably poor, with the Shanghai Composite Index declining by 3.90% and the ChiNext Index by 6.15% during the same period [4][22] - The report indicates that the chemical sub-sectors showed varied performance, with the least decline in refining chemicals (-0.58%) and the most significant decline in fluorinated chemicals (-11.00%) [23] Key Industry Dynamics - The report discusses the upcoming quota policies for refrigerants, which are expected to enter a high prosperity cycle starting in 2024, with a continuous reduction in supply for second-generation refrigerants [5] - The electronic specialty gases market is highlighted as a critical area for domestic substitution opportunities due to high technical barriers and increasing demand from semiconductor and photovoltaic sectors [6][8] - The light hydrocarbon chemical trend is identified as a global movement, with a shift towards lighter raw materials for olefin production, which is expected to enhance the valuation of leading companies in this sector [8] - The COC polymer industry is experiencing accelerated domestic industrialization, driven by the shift of downstream industries to domestic production and the need for supply chain security [9] - The potassium fertilizer market is anticipated to rebound as major producers reduce output, leading to a potential recovery in prices [10] - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12]

证券研究报告 证券研究报告 证券研究报告 国内储能原材料价格上涨，英国大储放量增长 敬请参阅末页重要声明及评级说明 华安电新 张志邦 SAC执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年11月25日 敬请参阅末页重要声明及评级说明 华安证券研究所 证券研究报告 证券研究报告 要点总结 Ø需求侧 低ROE市场 高ROE市场 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 • 国内：1）量：25年10月国内装机2.87GW/7.46GWh ；2）先导指标：招标：25年10月国内储能招标规模为10GW/29.4GWh ，容量同/环比+116%/-31% 。 • 印度：1）量：10月底，储能系统装机0.5GWh；2）先导指标：招标：独储25年累计招标46.59GWh，光储项目累计招标25.24GWh ；3）政策：光伏开启强制 配储；4）展望：印度全年装机预计超1.7GWh；5） 2025-26财年印度要求并网4GW/17GWh的电化学储能项目，且不能有任何拖延。 • 量：德国：10月储能装机344MWh ，其中户储304MWh， ...

Content: --------- <doc id='1'>[Table_StockNameRptType] 金融工程一 周报 新股摩尔线程询价，56%投资者选择最高档位 ——"打新定期跟踪"系列之二百三十九 [Table_RptDate] 报告日期：2025-11-24 主要观点 ⚫ 跟踪近期打新收益率 跟踪近期科创板+创业板+主板的网下打新市场表现，假设所有主 板、科创板、创业板的股票都打中，且上市首日以市场均价卖出，忽 略锁定期的卖出限制，自 2025 年初起截至 2025/11/21，A 类 2 亿规 模账户打新收益率 2.81%，B 类 2 亿规模账户打新收益率 2.39%；A 类 10 亿规模账户打新收益率 1.03%，B 类 10 亿规模账户打新收益率 0.80%。 滚动跟踪近期 20 只新股上市后的涨幅表现，其中科创板个股上 市首日平均涨幅为 223.48%，创业板个股上市首日平均涨幅为 244.20%。</doc> <doc id='2'>跟踪近期新股的有效报价账户数，最近一只科创板新股 A 类有效 报价账户数量为 4440，B 类有效报价账户数量为 1759。最近一只创 业板新股 A 类有效报价账户数量为 4585 左右，B 类有效报价账户数 量为 2497。最近一只沪市主板新股 A 类有效报价账户数量为 5534， B 类有效报价账户数量为 2976，最近一只深市主板新股 A 类有效报 价账户数量为 4127，B 类有效报价账户数量为 2804。</doc> <doc id='3'>⚫ 风险提示 新股上市可能破发，打新策略可能取得负向收益。新股上市前面 临诸多不确定因素，可能会暂停发行，影响打新收益。新股上市数 量、申购新股人数、二级市场情绪波动等因素可能影响打新收益。基 金公司历史入围率不代表未来，本文意见仅供参考。</doc> <doc id='4'>执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com 分析师：吴正宇 执业证书号：S0010522090001 邮箱：wuzy@hazq.com 分析师：骆昱杉 执业证书号：S0010522110001 邮箱：luoyushan@hazq.com [Table_CompanyReport] 相关报告</doc> <doc id='5'>[Table_Author] 分析师：严佳炜 [Table_Summary] [Table_Summary] 1.《禾元生物分三档询价，首家科创 成长层新股启动发行——"打新定 期跟踪"系列之二百三十二》 2.《9 月上市 8 只新股，2 亿规模 A 类户打新收益约 53 万元——"打新 定期跟踪"系列之二百三十三》 3.《科创成长层新股询价状况如何？ ——"打新定期跟踪"系列之二百 三十四》 4.《新股超颖电子上市首日均价涨幅 达 339%——"打新定期跟踪"系 列之二百三十五》 5.《科创未盈利新股上市，西安奕材 上市均价涨幅高达 211%——"打 新定期跟踪"系列之二百三十六》 6.《近两个月打新收益环比上升—— "打新定期跟踪"系列之二百三十 七》 7.《科创板打新 A 类账户数超 4000 户——"打新定期跟踪"系列之二 百三十八》</doc> <doc id='7'>| 1 跟踪近期打新收益率 4 | | --- | | 2 近期新股打新结果 6 | | 3 近期新股日历 7 | | 4 近期打新市场表现 8 | | 4.1 近一个月内新上市股票 8 | | 4.2 近一个月打新收益测算 9 | | 5 理论打新收益测算 10 | | 5.1 不同规模账户逐股票打新 10 | | 5.2 不同规模 A 类户逐月打新收益 10 | | 5.3 不同规模 B 类户逐月打新收益 12 | | 风险提示： 13 |</doc> <doc id='9'>| 图表 | 1 2025 至今打新收益率（A 类账户） 4 | | | --- | --- | --- | | 图表 | 2 2025 至今打新收益率曲线（A 类账户） 4 | | | 图表 | 3 2025 至今打新收益率（B 类账户） 4 | | | 图表 | 4 2025 至今打新收益率曲线（B 类账户） 4 | | | 图表 | 5 2023 年至今逐月上市规模（亿元） 5 | | | 图表 | 6 科创板个股近期涨幅 5 | | | 图表 | 7 创业板个股近期涨幅 5 | | | 图表 | 8 科创板个股报价账户数量 5 | | | 图表 | 9 创业板个股报价账户数量 5 | | | 图表 | 10 主板有效报价账户数量 6 | | | 图表 | 11 近期新股发行数量 7 | | | 图表 | 12 打新流程图 7 | | | 图表 | 13 待上市股票状态汇总 7 | | | 图表 | 14 待上市股票状态明细 7 | | | 图表 | 15 过去一周 IPO 日历 8 | | | 图表 | 16 摩尔线程各档位询价情况 8 | | | 图表 | 17 本周 IPO 日历（持续更新） 8 | | | 图表 | 18 近期新上市股票首次开板涨跌幅与募资金额（亿元） 9 | | | 图表 | 19 近期新上市股票满中收益（万元） 9 | | | 图表 | 20 近期各股票 A 类实际打新表现 10 | | | 图表 | 21 近期不同规模账户逐股票网下打新收益（万元） 10 | | | 图表 | 22 A 类户逐月网下打新收益（单位：万元）和打新收益率（所有板块） 11 | | | 图表 | 23 A 类户逐月网下打新收益（单位：万元）和打新收益率（科创板） 11 | | | 图表 | 24 A 类户逐月网下打新收益（单位：万元）和打新收益率（创业板） 11 | | | 图表 | 25 A 类户逐月网下打新收益（单位：万元）和打新收益率（主板） 12 | | | 图表 | 26 B 类户逐月网下打新收益（单位：万元）和打新收益率（所有板块） 12 | | | 图表 | 27 B 类户逐月网下打新收益（单位：万元）和打新收益率（科创板） 12 | | | 图表 | 28 B 类户逐月网下打新收益（单位：万元）和打新收益率（创业板） 13 | | | 图表 | 29 B 类户逐月网下打新收益（单位：万元）和打新收益率（主板） | 13 |</doc> <doc id='10'>[Table_CommonRptType] 金融工程</doc> <doc id='11'>1 跟踪近期打新收益率 我们跟踪近期科创板+创业板+主板的网下打新市场表现，假设所有主板、科创 板、创业板的股票都打中，且上市首日以市场均价卖出，忽略锁定期的卖出限制， 自 2025 年初起截至 2025/11/21，A 类 2 亿规模账户打新收益率 2.81%，B 类 2 亿 规模账户打新收益率 2.39%；A 类 10 亿规模账户打新收益率 1.03%，B 类 10