Report Industry Investment Rating No information provided on the industry investment rating in the report. Report's Core View - The convertible bond market showed an incremental increase and valuation lift on November 6, 2025. The CSI Convertible Bond Index rose 0.53% compared to the previous day, and the trading sentiment in the convertible bond market heated up. The convertible bond price center increased, and the proportion of high - priced bonds rose. The valuation of convertible bonds also increased. In the industry, more than half of the underlying stock industry indices rose, with different performance among various industries [2][3][4]. Summary by Relevant Catalogs 1. Market Main Index Performance - The CSI Convertible Bond Index closed at 488.77, up 0.53% daily, 0.02% weekly, 1.37% monthly, and 17.90% since the beginning of 2025. Other convertible bond - related indices also showed varying degrees of increase. Among the A - share indices, the Shenzhen Component Index rose 1.73%, the ChiNext Index rose 1.84%, etc. In terms of market style, mid - cap value was relatively dominant, with the mid - cap value index rising 2.10% [2][8][9]. 2. Market Fund Performance - The trading volume of the convertible bond market was 78.222 billion yuan, a 12.51% increase compared to the previous day. The total trading volume of the Wind All - A Index was 2.075904 trillion yuan, a 9.58% increase. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 3.798 billion yuan, and the yield of the 10 - year treasury bond rose 1.36bp to 1.81% [2]. 3. Convertible Bond Valuation - The 100 - par - value fitted conversion premium rate was 31.46%, up 0.02pct compared to the previous day, at the 99.30% quantile since 2019. The overall weighted average par value was 104.03 yuan, up 0.49%. The price median was 132.88 yuan, up 0.25%, also at the 99.30% quantile since 2019. The conversion premium rates of different types of convertible bonds (such as equity - biased, debt - biased, and balanced) all increased [3][18][22]. 4. Industry Rotation - In the A - share market, the top three rising industries were non - ferrous metals (+3.05%), electronics (+3.00%), and communication (+2.37%); the top three falling industries were media (-1.35%), social services (-1.10%), and commercial and retail (-1.04%). In the convertible bond market, the top three rising industries were national defense and military industry (+3.36%), steel (+2.34%), and automobile (+2.28%); the top three falling industries were media (-0.33%), textile and apparel (-0.29%), and household appliances (-0.23%) [4][56].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 16.8 yuan [2][8]. Core Insights - The company has shown marginal improvement in operations and continuous enhancement in asset quality. The overall revenue for Q3 2025 was 2.12 billion yuan, a year-over-year decrease of 1.6%, while the net profit attributable to the parent company was 360 million yuan, down 2.21% year-over-year [8]. - For the first three quarters of 2025, the company achieved a cumulative revenue of 5.782 billion yuan, a decrease of 1.81% year-over-year, and a net profit of 755 million yuan, an increase of 4.36% year-over-year [8]. - The report highlights that the operating metrics have shown resilience, with an overall occupancy rate (OCC) of 68.9%, down 0.8 percentage points year-over-year, and an average daily rate (ADR) of 240 yuan per room, down 1.7% year-over-year [8]. - The company continues to push for asset-light operations, with 387 new stores opened in Q3 2025, of which 383 were franchise stores, indicating a shift towards a standard management model [8]. Financial Summary - The company’s total revenue is projected to be 7.751 billion yuan in 2024, decreasing to 7.628 billion yuan in 2025, before increasing to 7.893 billion yuan in 2026 and 8.089 billion yuan in 2027 [4]. - The net profit attributable to the parent company is expected to grow from 806 million yuan in 2024 to 889 million yuan in 2025, reaching 980 million yuan in 2026 and 1.072 billion yuan in 2027, reflecting a growth rate of 10.3% in 2025 [4]. - The report indicates a slight increase in expense ratios, with a gross margin of 44.8% in Q3 2025, up 1.7 percentage points year-over-year [8].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 27.2 CNY per share [2][8]. Core Insights - The company has shown operational improvements and progress in cost reduction and efficiency enhancement [2][8]. - For Q3 2025, the company reported total revenue of 3.715 billion CNY, a year-over-year decrease of 4.71%, and a net profit attributable to shareholders of 375 million CNY, a year-over-year increase of 45.45% [8]. - The hotel business generated a consolidated revenue of 3.66 billion CNY in Q3 2025, down 4.54% year-over-year, with limited-service hotels contributing 3.6 billion CNY, a decrease of 4.7% [8]. - The company continues to upgrade its store structure, focusing on the development of mid-to-high-end hotels, with a net increase of 212 new hotels in Q3 2025 [8]. - Cost reduction and efficiency improvements have been significant, with a notable decrease in expense ratios in Q3 2025 [8]. Financial Summary - Total revenue projections for 2025-2027 are 135.7 billion CNY, 145.6 billion CNY, and 152.0 billion CNY, respectively, with net profit attributable to shareholders expected to be 9.1 billion CNY, 11.6 billion CNY, and 12.9 billion CNY [8][9]. - The company’s earnings per share (EPS) is projected to be 0.85 CNY for 2025, increasing to 1.21 CNY by 2027 [9]. - The company’s total assets are expected to grow from 46.11 billion CNY in 2024 to 53.66 billion CNY by 2027 [9].

证 券 研 究 报 告 钢铁行业深度研究报告 钢铁"反内卷"：十年供给侧，行业新征程 ❑ "内卷"下的钢铁，总量与结构的失衡。自 2021 年下半年地产开工数据转为 负增长后，国内钢材需求快速下降。但供给端并未及时匹配需求端的变化，导 致钢材市场供给过剩。回顾过去钢铁行业发展，行业共经历了两轮供需恶化阶 段：2010-2016 年，需求整体仍处于增长，但供给增长过快，叠加需求增长降 速，导致供需之间出现错配；2021 年至今，地产影响需求，国内需求持续下 降，供给无法及时匹配需求端变化。 除了总量过剩外，行业面临结构上的恶化。本轮过剩周期核心矛盾在于建筑用 钢需求快速下降，但制造业用钢需求韧性较强，使得部分企业产品由建筑钢材 向制造业用钢转移，进而加大了制造业用钢供给，使得建筑钢材供需双弱，制 造业用钢供需开始恶化，导致带来全行业"内卷式"竞争加剧。导致的结果一 方面是钢价的长周期下跌；另一方面，市场基准价持续下跌使得产品高端化占 比高的企业利润也同样受到压缩。 因此，行业陷入了"供给过剩→价格下跌→控制成本（原料议价能力弱，维持 产能利用率摊薄固定成本）→难以大幅减产→供需持续恶化"的负循环困局中。 ❑ 钢 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][23]. Core Insights - The company achieved revenue of 20.614 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 39.80%. The net profit attributable to shareholders was 2.443 billion yuan, up 78.04% year-on-year [1]. - The report highlights the upward resonance of CCL (Copper Clad Laminate) and PCB (Printed Circuit Board) businesses, indicating that profitability is expected to continue rising [1][7]. - The company’s PCB business is experiencing accelerated growth, particularly in AI-related products, which are expected to see significant volume increases in the coming quarters [7]. Financial Performance Summary - For Q3 2025, the company reported revenue of 7.934 billion yuan, a year-on-year increase of 55.10% and a quarter-on-quarter increase of 12.24%. The net profit attributable to shareholders for Q3 was 1.017 billion yuan, reflecting a year-on-year growth of 131.18% [1]. - The report projects total revenue for 2025 to reach 29.423 billion yuan, with a year-on-year growth rate of 44.3%. The net profit is expected to be 3.552 billion yuan, with a growth rate of 104.3% [3][9]. - The company’s earnings per share (EPS) is forecasted to increase from 0.72 yuan in 2024 to 1.46 yuan in 2025, and further to 2.48 yuan in 2026 [3][9]. Business Outlook - The report emphasizes that the company’s CCL business is expected to stabilize and grow due to the increasing demand for high-speed CCL products, particularly in AI server applications [7]. - The company is positioned to benefit from the ongoing AI industry boom, with both high-speed CCL and high-end PCB products expected to drive substantial growth [7]. - The target price for the company is set at 86.8 yuan, based on a valuation of 35 times earnings for 2026, reflecting a potential upside from the current price of 63.28 yuan [3][7].

Group 1 - The overall change in public fund holdings shows an increase in allocation to electronics and communications, while reducing allocation to banks and food & beverage sectors [1][8] - In Q3 2025, the top five industries with increased holdings were electronics (up 6.6 percentage points), communications (up 3.9 percentage points), new energy (up 2.7 percentage points), non-ferrous metals (up 1.3 percentage points), and media (up 0.5 percentage points) [1][8] - The top five industries with decreased holdings included banks (down 3.1 percentage points), food & beverage (down 1.8 percentage points), home appliances (down 1.5 percentage points), military industry (down 1.4 percentage points), and automobiles (down 1.4 percentage points) [1][8] Group 2 - The report categorizes funds into four types: increasing, decreasing, adjusting, and extreme styles, with a focus on their respective investment behaviors [7][13] - Increasing funds showed a balanced and strengthened growth style, adding positions in biopharmaceuticals, chemical pharmaceuticals, and semiconductors while reducing positions in military electronics, power grid equipment, and white goods [15][17] - Decreasing funds significantly reduced their exposure to TMT (Technology, Media, and Telecommunications), increasing positions in consumer electronics, environmental governance, and batteries while decreasing holdings in semiconductors, communication equipment, and software development [15][17] Group 3 - Adjusting funds displayed a clear style adjustment, increasing allocations to batteries, industrial metals, and consumer electronics while reducing positions in city commercial banks, state-owned banks, and electric power [15][17] - Extreme style funds made internal adjustments within their respective styles, with growth funds increasing positions in photovoltaic and reducing wind power, while value funds increased allocations to real estate development and reduced insurance [15][17] Group 4 - The report highlights that the consensus buy direction includes consumer electronics, batteries, and industrial metals, while the consensus sell direction includes biopharmaceuticals, social media, and software development [15][17] - The top five industries with the highest net purchases by increasing funds were pharmaceuticals (1.8 billion), electronics (0.8 billion), and media (0.5 billion), while the top three industries with the highest net sales were military industry (-0.9 billion), transportation (-0.9 billion), and banks (-0.9 billion) [18][27]

Investment Rating - The report maintains a "Buy" recommendation for the electricity and public utilities sector, highlighting potential policy catalysts for green energy [1]. Core Insights - The report emphasizes the recovery of thermal power performance driven by declining coal prices, stable growth in hydropower, and the potential for green energy policy catalysts [1][4]. - It identifies key companies with significant profit growth in the thermal power sector, such as JianTou Energy (+231.79%) and JingNeng Power (+125.66%) [4][7]. - The report suggests that if coal prices stabilize and rebound, it may lead to improved electricity prices and profitability for thermal power companies [16][17]. Summary by Sections Thermal Power - **Performance**: The decline in coal prices has significantly improved profitability, with notable profit growth in companies like JianTou Energy (15.83 billion, +231.79%) and JingNeng Power (31.70 billion, +125.66%) [4][7]. - **Outlook**: A potential stabilization and rebound in coal prices could lead to improved electricity prices, enhancing profitability for thermal power companies [16][17]. Hydropower - **Performance**: Companies such as QianYuan Power (+85.74%) and MinDong Power (+32.38%) have shown strong profit growth due to improved water inflow [25][27]. - **Outlook**: The report suggests that a shift in market style could present allocation opportunities for hydropower assets, especially with declining long-term interest rates [33][34]. Nuclear Power - **Performance**: Short-term performance is under pressure, with China Nuclear Power reporting a 10.4% decline in net profit [38][39]. - **Outlook**: The long-term growth potential remains strong, with significant new nuclear projects expected to come online, enhancing future profitability [50][52]. Green Energy - **Performance**: Offshore wind energy companies like FuNeng Power (+12.17%) have shown growth, although traditional green energy faces challenges [55][62]. - **Outlook**: The report anticipates a new growth cycle for offshore wind energy, driven by favorable policies and market conditions [65].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Insights - The company's Q3 2025 performance met expectations, with revenue of 6.47 billion yuan, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 898 million yuan, a year-on-year increase of 22% [2]. - The growth in net profit is attributed to an increase in the proportion of high-margin businesses, particularly in the fields of new energy gears and precision reducers [2][8]. - The company is expanding its market presence in the robotics sector, particularly in precision reducers, which are expected to see significant growth due to market expansion and import substitution [2][8]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 8.781 billion yuan, 9.842 billion yuan, 11.539 billion yuan, and 13.950 billion yuan, respectively, with corresponding year-on-year growth rates of 8.8%, 12.1%, 17.2%, and 20.9% [4]. - Net profit attributable to shareholders is projected to be 1.024 billion yuan in 2024A, 1.268 billion yuan in 2025E, 1.531 billion yuan in 2026E, and 1.848 billion yuan in 2027E, with year-on-year growth rates of 25.4%, 23.8%, 20.7%, and 20.7% [4]. - The target price for the company's stock is set at 49.2 yuan, with the current price at 41.42 yuan, indicating a potential upside [4][8]. Business Development - The company has successfully positioned itself as a core supplier for leading domestic brands in the smart cleaning machine sector and has established stable supply relationships with major e-bike manufacturers [2][8]. - The report highlights the company's efforts in the intelligent actuator business, which has shown stable growth and is expected to contribute significantly to future revenues [2][8].

Investment Rating - The report maintains a "Recommendation" rating for the company [1][8]. Core Views - The company reported a net profit increase of 50% year-on-year for the first three quarters, driven by improved market conditions [1]. - The return on equity (ROE) for the reporting period was 5.2%, up by 0.7 percentage points year-on-year [1]. - The total assets, excluding client funds, reached 1,744 billion yuan, an increase of 569.1 billion yuan year-on-year [7]. Financial Performance - The total operating revenue, excluding other business income, was 6.8 billion yuan, a year-on-year increase of 68.4% [6]. - The net profit attributable to the parent company was 1.89 billion yuan, up 49.6% year-on-year [6]. - The company's self-operated business income totaled 2.48 billion yuan, with a quarterly self-operated yield of 2.3%, reflecting a year-on-year increase of 1.1 percentage points [2]. Business Segments - Brokerage business revenue increased to 2.33 billion yuan, with a year-on-year growth of 132.4% [2]. - Investment banking revenue was 510 million yuan, showing a stable performance compared to the previous year [2]. - The company's interest income from credit business was 2.08 billion yuan, with a significant increase in margin financing business scale [2]. Valuation and Price Target - The target price for the company's stock is set at 14.00 yuan, with the current price at 11.52 yuan [3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.58, 0.63, and 0.68 yuan respectively [8]. - The report suggests a price-to-book (PB) ratio of 1.60 times for the 2026 performance, indicating a favorable valuation outlook [8].

Investment Rating - The report maintains a "Recommended" rating for Huaxia Eye Hospital (301267) with a target price of 23.05 yuan [2][8]. Core Views - The company's revenue for the first three quarters of 2025 reached 3.272 billion yuan, a year-on-year increase of 2.83%. The net profit attributable to the parent company was 434 million yuan, up 3.04% year-on-year [2][8]. - The revenue growth has slowed down due to industry environment and policy impacts, particularly the ongoing effects of cataract centralized procurement policies. However, the long-term growth logic in the consumer medical field remains intact, and revenue growth is expected to gradually recover as consumer demand rebounds [8]. - The company's gross margin for the first three quarters of 2025 was 45.03%, a decrease of 1 percentage point year-on-year, primarily due to the impact of cataract centralized procurement policies and a slowdown in high-margin consumer medical business growth [8]. - The company is actively exploring the application of cutting-edge technologies, such as smart glasses in ophthalmic medical services, which may open new application scenarios and business models [8]. - The forecasted net profits for 2025-2027 are 442 million, 484 million, and 549 million yuan, representing year-on-year growth of 3.2%, 9.4%, and 13.5% respectively [8]. Financial Summary - Total revenue for 2024 is projected at 4.027 billion yuan, with a growth rate of 0.3%. For 2025, revenue is expected to reach 4.192 billion yuan, reflecting a growth rate of 4.1% [4]. - The net profit attributable to the parent company is forecasted to be 429 million yuan in 2024, with a significant decline of 35.6%, followed by a recovery in subsequent years [4]. - The earnings per share (EPS) is expected to be 0.51 yuan in 2024, increasing to 0.65 yuan by 2027 [4].