Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company reported a significant increase in net profit for 3Q25, reaching RMB 20.292 billion, a year-on-year increase of 48.7% [1] - Strong performance in both insurance services and investment sectors contributed to the positive results, with insurance service earnings growing by 24.6% and investment earnings increasing by 64.7% [1] - The combined ratio (COR) for property insurance improved, decreasing by 2.1 percentage points to 96.1%, indicating better underwriting performance [2] - The new business value (NBV) for life insurance grew by 76.6%, significantly outpacing the growth of new premiums [3] - Total investment income for the first three quarters reached RMB 86.25 billion, a year-on-year increase of 35.3%, with an overall investment yield of 5.4% [4] - The company adjusted its earnings per share (EPS) forecasts for 2025, 2026, and 2027 to RMB 1.22, RMB 1.30, and RMB 1.42 respectively, reflecting positive trends in both insurance and investment performance [5] Summary by Sections Property Insurance - The company has improved its underwriting and claims management, leading to a decrease in COR to 96.1% [2] - Premium income for property insurance grew by 3.1% year-on-year, with motor insurance premiums increasing by 2.7% and non-motor insurance premiums by 3.7% [2] - The underwriting profit for property insurance increased by 130.7% to RMB 14.865 billion [2] Life Insurance - The NBV for life insurance showed a strong growth of 76.6%, indicating a significant improvement in profitability [3] - Total premiums for life insurance reached RMB 36.399 billion, with a year-on-year growth of 43.9% [3] - The company expects the NBV growth rate for life insurance to reach 65.9% in 2025 [3] Investment Performance - The investment performance for 3Q25 was robust, with earnings of RMB 26.916 billion, a 64.7% increase year-on-year [4] - The total investment assets grew by 11.2% year-to-date, reaching RMB 1,825.647 billion [4] - The company has effectively utilized its investment strategies to capitalize on market opportunities, particularly in fixed income and equity investments [4]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Insights - The company reported a narrowing decline in revenue and profit for Q3 2025, with total revenue of 776.06 billion RMB (down 5.39% year-on-year) and net profit attributable to shareholders of 17.49 billion RMB (down 14.97% year-on-year) [1]. - The company has seen a positive growth in new contracts since Q2, indicating a potential improvement in fundamentals due to the implementation of policy financial tools and accelerated issuance of special bonds [1][4]. - The overall gross margin improved in Q3 2025, with a gross margin of 8.85%, up 0.13 percentage points year-on-year [2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 776.06 billion RMB, with a net profit of 17.49 billion RMB, reflecting a year-on-year decline of 14.97% [1]. - The Q3 2025 revenue was 263.56 billion RMB, down 4.43% year-on-year but up 0.13% quarter-on-quarter, with a net profit of 5.66 billion RMB, down 9.98% year-on-year [1]. - The company’s gross margin for Q3 2025 was 8.85%, showing an improvement compared to previous quarters [2]. Contract and Order Growth - The new contract amount for the first nine months of 2025 was 1,584.9 billion RMB, an increase of 3.7% year-on-year, with Q3 alone contributing 476.2 billion RMB, up 6.0% year-on-year [4]. - The company’s backlog of uncompleted contracts reached 7,544.1 billion RMB, representing a growth of 9.6% compared to the end of the previous year [4]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 23.8 billion RMB, 22.9 billion RMB, and 22.6 billion RMB respectively [5]. - The target price for A shares is set at 7.41 RMB and for H shares at 5.08 HKD, based on a price-to-earnings ratio of 8.0x for A shares and 5.0x for H shares for 2026 [5].

证券研究报告 Q3 新签订单增长提速 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 建筑施工 中国交建发布三季报：2025 年 Q1-Q3 实现营收 5139.15 亿元（yoy-4.23%）， 归母净利 136.47 亿元（yoy-16.14%），扣非净利 117.01 亿元（yoy-13.45%）。 25Q3 实现营收 1768.61 亿元（yoy-1.30%，qoq-3.04%），归母净利 40.79 亿元（yoy-16.34%，qoq-0.56%），略低于我们的预期（43.25 亿元），主 要是投资收益同比减少较多所致。9M25 公司新签订单同比+4.65%，稳健 度和完成度均较好，Q4 随着政策性金融工具投放使用，经营有望迎来改善。 A/H 均维持"买入"评级。 中国交建 (601800 CH/1800 HK) 港股通 25Q3 投资收益减少拖累归母净利率，扣非归母净利率同环比提升 9M25 公司综合毛利率 11.04%，同比-0.50pct，其中 25Q3 为 11.80%，同 比+0.50pct，环比+1.92pct。25Q3 公司期间费用率 6.82%，同比-0.2 ...

Investment Rating - The investment rating for the company is "Buy" [7][5]. Core Insights - The company reported a strong growth in net profit for Q3 2025, reaching RMB 126.87 billion, a year-on-year increase of 92%, aligning with previous forecasts [1]. - The annualized total investment return for the first three quarters was 6.42%, up by 1.04 percentage points year-on-year, driven by strong equity investment performance [3]. - The new business value (NBV) for life insurance increased by 41.8% year-on-year, with a significant acceleration from the 20.3% growth in the first half of 2025, indicating robust sales performance [2]. - The company’s new single premium income grew by 52% year-on-year in Q3 2025, contributing to the overall profit increase [2]. - The net asset value at the end of Q3 2025 rose by 19% compared to the end of Q2 2025, reflecting strong profit growth [1]. Summary by Sections Financial Performance - The company achieved a total investment income of RMB 368.55 billion in the first three quarters, a 41% increase year-on-year, primarily due to strong equity investments [3]. - The insurance service performance saw a significant increase of 229% in Q3 2025, influenced by interest rate fluctuations [4]. - The estimated EPS for 2025 is adjusted to RMB 6.08, with target prices maintained at RMB 52 for A-shares and HKD 29 for H-shares [5]. Business Growth - The sales force at the end of Q3 2025 comprised 607,000 agents, a 3% increase from the previous quarter, indicating stable growth despite a 5% year-on-year decline [2]. - The proportion of floating products in the first-year premium income increased by over 45 percentage points, reflecting a shift in product structure [2]. Valuation - The valuation is based on a DCF method, with target prices reflecting an average of intrinsic value and book value methods [12].

Investment Rating - The investment rating for the company is "Buy" [6][6]. Core Views - The company reported a revenue of 1064.14 billion RMB for 9M25, a year-on-year increase of 3.7%, and a net profit of 21.03 billion RMB, compared to a net loss of 1.38 million RMB in 9M24. In Q3, the company achieved a revenue of 395.92 billion RMB, up 3.1%, with a net profit of 35.34 billion RMB, an increase of 34.4% year-on-year [1][2][3]. - The company’s passenger load factor (PLF) improved to 86.9%, the highest among the three major airlines, supported by a 6.0% increase in capacity and an 8.9% increase in demand. However, unit revenue per passenger kilometer is estimated to have decreased by about 9% [2][4]. - The company is expected to benefit from lower oil prices, which will ease cost pressures, and the industry supply growth is anticipated to remain low, supporting an improvement in industry conditions [1][4]. Summary by Sections Financial Performance - For Q3 25, the company’s operating costs were 341.51 billion RMB, a 1.5% increase, while the unit ASK cost decreased by 4.3%. The gross profit margin improved by 1.4 percentage points to 13.7%, with gross profit increasing by 14.7% to 54.41 billion RMB [3][4]. - The company’s net profit for Q3 25 was 35.34 billion RMB, up 34.4% year-on-year, driven by lower costs and increased investment income [3][4]. Market Outlook - The company is expected to enter a profit cycle, with a strong passenger load factor and a favorable market share of 42% in Shanghai, supported by robust travel demand in the Yangtze River Delta [4][5]. - The forecast for net profit for 2025-2027 has been raised to 7.69 billion RMB, 5.93 billion RMB, and 8.02 billion RMB, respectively, reflecting a significant improvement in profitability due to lower oil price expectations [5][9]. Valuation - The target price for the company's A/H shares is set at 6.35 RMB and 5.10 HKD, respectively, with an upward adjustment in the price-to-book (PB) ratio to 3.0x for A shares and 2.2x for H shares, indicating a premium due to expected improvements in return on equity (ROE) [5][6].

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained at this level [7]. Core Views - The company reported a revenue of 34.854 billion RMB for the first three quarters of 2025, a year-on-year increase of 3.54%. The net profit attributable to shareholders was 3.209 billion RMB, up 31.28% year-on-year, driven by improved rental rates and daily rates for drilling platforms [1]. - The gross margin for Q3 2025 was 19.53%, an increase of 1.46 percentage points year-on-year, attributed to higher utilization rates of large equipment and efficient operations of high daily rate projects [2]. - The drilling platform business is experiencing a recovery, with cumulative operating days reaching 14,784, a year-on-year increase of 12.3%, indicating strong operational efficiency [3]. - The company is focusing on high-return projects in its geophysical exploration segment, optimizing capacity to enhance overall business quality and profitability [4]. - Profit forecasts for 2025-2027 project net profits of 4.172 billion, 4.928 billion, and 5.642 billion RMB respectively, with corresponding EPS of 0.87, 1.03, and 1.18 RMB [5]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 11.533 billion RMB, a year-on-year increase of 3.60%, and a net profit of 1.246 billion RMB, up 46.13% year-on-year [1]. - The overall expense ratio decreased to 6.67%, down 0.61 percentage points year-on-year, reflecting improved cost control [2]. Drilling Platform Operations - The drilling platform's calendar day utilization rate reached 90.3%, a year-on-year increase of 11.6%, indicating strong demand in the offshore oil and gas sector [3]. Ship Operations and Geophysical Exploration - The company operates over 200 vessels, with a total operating time of 62,589 days, a year-on-year increase of 17.7% [4]. - The geophysical exploration segment has seen a strategic focus on high-return projects, with a significant increase in underwater operations [4]. Profitability and Valuation - The company is expected to maintain a valuation premium due to its leading position in the offshore oil and gas equipment industry, with target prices set at 16.05 RMB for A shares and 8.16 HKD for H shares [5].

Investment Rating - The report maintains a rating of "Accumulate" for the company [5][7]. Core Views - The company's Q3 revenue reached 1.853 billion RMB, a year-on-year increase of 6.61% but a quarter-on-quarter decrease of 2.70%. The net profit attributable to shareholders was 131 million RMB, down 35.40% year-on-year and 37.55% quarter-on-quarter [1][2]. - The increase in lithium prices has led to an improvement in the company's gross margin, which was 16.55% in Q3, a quarter-on-quarter increase of 1.78% despite a year-on-year decrease of 0.20 percentage points [2][3]. - The report highlights the expected upward trend in lithium prices due to supply constraints and increasing demand from the energy storage sector, which is anticipated to support the company's performance recovery [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 5.547 billion RMB, down 10.98% year-on-year, with a net profit of 532 million RMB, a decrease of 45.25% year-on-year [1][5]. - The company’s total expenses in Q3 were 6.58%, an increase of 2.16 percentage points year-on-year and 1.52 percentage points quarter-on-quarter, with notable increases in sales, management, and R&D expenses [2][4]. Market Outlook - The report anticipates that the lithium market will experience a strong supply-demand dynamic in 2026, driven by robust energy storage demand, which is expected to support lithium price stability and potentially enhance the company's earnings [3][4]. - The company is also focusing on expanding its lithium production capacity and improving its product structure, which is expected to contribute positively to its financial performance in the upcoming quarters [4][5]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.72 RMB, 2.41 RMB, and 3.12 RMB respectively. The target price for the company is set at 50.79 RMB, reflecting an increase from the previous target of 38.39 RMB [5][7]. - The report uses a comparative valuation method, suggesting a price-to-earnings (PE) ratio of 12.5 for the steel segment and 28.7 for the lithium materials segment in 2026 [5][12].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company reported a net profit of RMB 15.813 billion for Q3 2025, representing a year-on-year increase of 91.5%, driven by improved underwriting performance and significant investment gains [1]. - The combined operating ratio (COR) for the first three quarters was 96.1%, a decrease of 2.1 percentage points year-on-year, indicating enhanced underwriting profitability [1]. - The total investment income for the first three quarters reached RMB 35.9 billion, a year-on-year increase of 33.0%, with an annualized total investment return of 5.4% [4]. Summary by Sections Underwriting Performance - The company has improved its underwriting management, leading to a decrease in the car insurance COR to 94.8%, down 2.0 percentage points year-on-year, and a 65% increase in underwriting profit to RMB 11.729 billion [2]. - Non-car insurance COR decreased to 98.0%, down 2.5 percentage points year-on-year, with underwriting profit turning positive at RMB 3.136 billion [3]. Investment Performance - The investment performance saw a significant increase, with Q3 2025 investment income reaching RMB 15.041 billion, up 60.2% year-on-year [4]. - The company has increased its allocation to high-quality equity assets, with equity assets accounting for 13.8% of the portfolio as of the first half of 2025 [4]. Profit Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 have been raised to RMB 2.09, RMB 2.32, and RMB 2.52 respectively, reflecting adjustments of +8.1%, +8.4%, and +8.7% [5]. - The target price based on discounted cash flow (DCF) valuation has been increased to HKD 23.20 from HKD 21.00 [5].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company's Q3 revenue decreased to 2.153 billion RMB, down 12.94% year-over-year and 37.79% quarter-over-quarter, with a net profit of 153 million RMB, down 16.33% year-over-year and 76.35% quarter-over-quarter [1]. - The decline in revenue is attributed to a reduction in the material trading segment and adjustments in the general book business, along with the impact of settlement rhythms on the distribution side [1]. - The report highlights that the company's publishing business has a strong brand advantage, with a market share of 5.25% in the national book retail market, ranking second, and a 6.07% share in the new book retail market, ranking first [3]. Financial Performance - The gross margin for Q3 was 46.96%, an increase of 4.13 percentage points year-over-year [2]. - The total operating revenue for the first three quarters was 8.488 billion RMB, down 16.56% year-over-year, while the net profit attributable to the parent company was 1.170 billion RMB, up 22.32% year-over-year [1]. - The report projects a decrease in net profit forecasts for 2025-2027, with estimates of 1.458 billion RMB, 1.445 billion RMB, and 1.426 billion RMB respectively, reflecting a downward adjustment of 14.57%, 18.22%, and 19.32% [5]. Business Strategy - The company is leveraging artificial intelligence to build a comprehensive educational product matrix covering all scenarios of "teaching, learning, assessment, and testing" [4]. - The report notes the establishment of a new media platform at various administrative levels, enhancing the company's influence in local news [3]. Valuation - The target price for the company is set at 13.31 RMB, corresponding to a 16.4X PE for 2025, reflecting the company's status as a leading publisher with brand and channel advantages [5].

证券研究报告 邮储银行 (601658 CH/1658 HK) 信贷结构优化，息差环比下行 9 月末总资产、贷款、存款增速分别为+11.1%、+10.0%、+8.1%，较 6 月 末+0.3pct、-0.1pct、-0.3pct。三季度公司新增贷款 1197 亿元，对公为主要 发力方向，"五篇大文章"加快推动。9 月末公司涉农贷款余额 2.47 万亿 元，普惠型小微企业贷款余额 1.75 万亿元，本年累计投放金额均超过 1 万 亿元。公司完善科技金融专业服务体系。在北京、上海、江苏、浙江、安徽、 深圳 6 家分行设立科技金融事业部，9 月底科技贷款余额突破 9400 亿元。 此外消费经营贷贴息落地后，公司 9 月贴息领域经营贷款投放金额同比增长 超 10%。1-9 月净息差为 1.68%，较 H1-2bp，年内累计下降 19bp。 业务增长稳定，关注中收跃升计划 从营收驱动看，公司各项业务增长较为稳定。25Q1-3 利息净收入同比-2.1%， 较 H1+0.6pct，主因生息资产增速提升。中收同比+11.5%，占营收比例同 比提升 0.8pct 至 8.7%，其中公司板块是核心增长引擎，公司中收同比增速 37 ...