证券研究报告|行业研究周报 [Table_Date] 2025 年 11 月 2 日 [Table_Title] AIDC 海内外景气共振，储能需求向好发展 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1.人形机器人 越疆机器人与瑞德丰签署具身智能机器人采购合同 随着国内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。重点看好国产机器人/机器狗有望加速放量带动的产业链需 求。 2.新能源汽车 《中共中央关于制定国民经济和社会发展第十五个五年规划的 建议》正式发布 我们认为，在国家政策的推动下，国内实现新能源汽车的快速渗 透、产业链的持续完善，国内企业在全球电动化市场中已经占据主 流的地位。而技术始终是驱动产业链行稳致远的主要推手，锂电池 产品的不断迭代优化将成为新能源汽车、低空等领域发展的重要基 础，固态电池等新兴技术产业化落地持续推进，未来商业化应用将 打开增长空间，看好具备优质技术和供应链优势的设备-材料-电池 环节。 3 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 4.026 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 40.19%. The net profit attributable to shareholders was 399 million yuan, up 13.13% year-on-year [2] - In Q3 2025, the company reported a revenue of 1.453 billion yuan, a year-on-year increase of 25.34%, while the net profit attributable to shareholders was 183 million yuan, an increase of 8.35% year-on-year [2] - The company has a leading position in liquid cooling technology, with a comprehensive product coverage from cold plates to cooling solutions, which is expected to drive performance growth [4][5] Summary by Sections Revenue and Profitability - The company experienced stable revenue growth year-on-year, with Q3 revenue at 1.453 billion yuan, a 25.34% increase year-on-year, although it saw a quarter-on-quarter decline of 11.44% due to domestic data center deployment schedules. The gross margin for Q3 was 29.40%, showing a year-on-year decline of 3.43 percentage points but a quarter-on-quarter increase of 3.43 percentage points [3] - The overall expense ratio for the first three quarters was 15.52%, down 3.36 percentage points year-on-year, with the sales expense ratio decreasing the most due to revenue growth [3] Inventory and Orders - As of the end of Q3, inventory stood at 1.232 billion yuan, a year-on-year increase of 37.5%, while prepayments were 26 million yuan, up 63.44% year-on-year, indicating stable orders and strong performance certainty [3] Technology and Market Position - The company has a significant advantage in the liquid cooling technology sector, with its products validated by major players like Intel and NVIDIA, which enhances its market position and growth potential in data centers and energy storage [4][5] Financial Forecast - The company is expected to maintain stable demand growth in the liquid cooling sector, with projected revenues of 5.773 billion yuan, 7.186 billion yuan, and 8.787 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is forecasted to be 599 million yuan, 768 million yuan, and 961 million yuan for the same years [5][7]

[Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）三季报海外业务强劲，同比持续高增， 推荐海外落地节奏加快的华新水泥；非洲产能释放，科达制造 等受益；（2）内需预期升温+关税扰动，叠加反内卷自律加 速，水泥推荐华新水泥、海螺水泥等，上峰水泥等受益；光伏 玻璃反内卷+底部提价，推荐旗滨集团，福莱特、信义光能等 受益；防水顺应倡议产品提价，行业收入进入拐点，推荐东方 雨虹、科顺股份等；（3）受益于特种电子布超高景气，三季报 表现持续亮眼，推荐中国巨石，中材科技等受益。（4）推荐经 营韧性超强的三棵树，推荐估值低位且具备高分红的兔宝宝、 伟星新材等。 证券研究报告|行业研究周报 [Table_Date] 2025 年 11 月 02 日 [Table_Title] 海外业务延续高景气，关注出海核心标的 ►水泥价格边际上行，浮法玻璃跌幅收窄。（1）水泥：本周 全国水泥市场价格环比继续上涨 1%，价格上涨区域主要集中 在江苏、浙江、安徽、广东、重庆和四川等地，幅度为 10-50 元/吨；价格回落区域包括湖北、湖南、贵州和陕西，幅度 10- 30 元/吨。（2）浮法玻璃：本周国 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 02 日 [Table_Title] 联手番茄小说布局 AI 漫剧，多部影片待定档 [Table_Title2] 捷成股份(300182) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 300182 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 7.54/4.39 | | 目标价格： | | 总市值(亿) | 177.14 | | 最新收盘价： | 6.65 | 自由流通市值(亿) | 150.22 | | | | 自由流通股数(百万) | 2,258.90 | [Table_Summary] ►事件概述 根据捷成股份披露的 2025 年三季报，公司 2025 年前三季度实现营业收入 20.52 亿元，同比下降 2.89%； 实现归母净利润 2.12 亿元，同比下降 41.35%。 ►风险提示 宏观环境给影视行业新片发行增加不确定性；市场对优质版权内容的竞争有可能加大；AI 漫剧业务发展不 及预期。 请仔细阅读在本报告尾部的重要法律声 ...

证券研究报告|行业研究周报 [Table_Date 2025]年 11 月 2 日 [Table_Title] 中美贸易谈判成果公布，美联储鹰派发言压制金 属价格 [Table_Title2] 有色-基本金属行业周报 [Table_Summary] 报告摘要: ►贵金属：美联储鹰派发言压制金价，但仍有支撑 本周 COMEX 黄金下跌 1.20%至 4,077.20 美元/盎司， COMEX 白银下跌 0.33%至 48.25 美元/盎司。SHFE 黄金下跌 1.72%至 921.92 元/克，SHFE 白银上涨 0.96%至 11,441.00 元/ 千克。 本周金银比下跌 0.88%至 84.50。本周 SPDR 黄金 ETF 持 仓减少 248,440.78 金衡盎 司，SLV 白银 ETF 持仓 减少 8,982,443.90 盎司。 周一，美国 10 月达拉斯联储商业活动指数 -5，前值- 8.7。 周二，美国 8 月 FHFA 房价指数月率 0.4%，前值由- 0.10%修正为 0%。美国 8 月 S&P/CS20 座大城市未季调房价指 数年率 1.6%，预期 1.3%，前值 1.82%。美国 10 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 11 月 02 日 [Table_Title] 周专题：三大白电 11 月外销排产表现优于内销 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题： 11 月排产：空冰洗出口韧性强于内销 根据产业在线，2025 年 11 月空冰洗排产合计总量共 2847 万 台，同比去年同期生产实绩-17.7% 1、空调： 内销：排产 530 万台，同比去年同期内销实绩-21.2%。 外销：空调出口排产 746 万台，同比去年同期出口实绩- 13.8%。 2、冰箱： 内销：排产 376 万台，同比上年同期内销实绩-10.9%。 出口：排产 402 万台，同比上年同期出口实绩-1.5%。 3、洗衣机： 内销：排产 418.0 万台，同比去年同期内销实绩-2.6%。 出口：排产 375 万台，同比去年同期出口实绩+5.0%。 2025 年空调出口冷年总结：新兴市场驱动增长 根据产业在线，2025 年全年（冷年）出口量达到 8802 万 台，同比+12.3%；出口额 169.7 亿美元，同比+13.7%。全年 总体呈现前高后低， ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 02 日 [Table_Title] 毛利率季度企稳，过程计量实现重点客户突破 [Table_Summary] 事件： 2025年前三季度，公司实现营业收入23.55亿元，同比增加5.52%；归母净利润2.07亿元，同比减少30.49%； 扣非归母净利润 1.80 亿元，同比减少 29.98%。 2025 年单三季度，公司实现营业收入 8.16 亿元，同比增加 9.15%；归母净利润 0.72 亿元，同比减少 10.03%； 扣非归母净利润 0.63 亿元，同比减少 6.19%。 1、行业供需影响整体毛利率水平，拉低盈利空间，毛利率季度环比 Q3 企稳 公司 Q3 营收 8.16 亿元，同比增长 9.15%，基本保持 Q2 同比增长水平。单季度毛利率 36.69%，环比略升 0.18pct，同比下降 4.96pct，主要系宏观环境和行业供需格局等影响，考虑公司 Q2Q3 毛利率及营收增长情 况，我们认为，公司持续聚焦优质客户，严控采购降本，毛利率情况有望稳定改善。 2025 年前三季度期间费用率 27.47%，同比下降 2.39pc ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 02 日 [Table_Title] 25Q3 收入提速，先进制程 ODM 逻辑开始显现 [Table_Title2] 富创精密(688409) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688409 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 91.58/45.01 | | 目标价格： | | 总市值(亿) | 222.22 | | 最新收盘价： | 72.57 | 自由流通市值(亿) | 222.22 | | | | 自由流通股数(百万) | 306.21 | [Table_Summary] 事件概述 公司发布 2025 年三季报。 ► 大客户放量&先进制程需求显著提升，Q3 收入端进一步提速 2025Q1-3 公司收入 27.3 亿元，同比+18.0%，其中 Q3 为 10.1 亿元，同比+24.5%，单季度继续提速，符合我们 预期。25Q3 分业务看：1）机械及机电零组件：产品竞争力持续强化，新品如匀气盘、金属加热器实现 ...

Investment Rating - Industry rating: Recommended [4] Core Views & Investment Suggestions - The meeting between the US and China leaders reached important consensus, marking substantial progress in bilateral economic and trade relations. The agreement includes the cancellation of 10% of fentanyl-related tariffs and the extension of the suspension period for 24% of reciprocal tariffs by one year. Both sides also agreed to suspend certain export control measures [2][23] - OpenAI is preparing for its initial public offering (IPO), with an expected annual revenue of approximately $20 billion and a potential valuation of $1 trillion. This rapid development underscores the commercialization potential of AI technology, which is expected to reshape industry valuation systems and attract global capital to the AI sector [3][24] - The report suggests a cautious optimism regarding trade negotiations, highlighting AI as a highly certain investment direction amid increasing global macroeconomic volatility. The performance gap between US and Chinese models is narrowing, and the open-source path is driving the rise of domestic ecosystems [3][25] Summary by Sections Market Overview - In the 43rd week of 2025, the Shanghai Composite Index rose by 0.11%, while the CSI 300 Index fell by 0.43%. The ChiNext Index increased by 0.5%. The Hang Seng Index decreased by 1.5%, and the Hang Seng Internet Index fell by 0.97%. The SW Media Index dropped by 0.06%, ranking 21st among 31 industries [1][11] Sub-industry Data Film Industry - The top three films by box office for the week were "The Life of the Stray" with a box office of 20.06 million yuan (17.3% market share), "Sky Warrior: The Last Strike" with 16.91 million yuan (14.5%), and "The Volunteer Army: Bloodbath for Peace" with 12.12 million yuan (10.4%) [27][28] Gaming Industry - The top three iOS games by revenue were "Honor of Kings," "Love and Deep Space," and "Endless Winter." The top three Android games by popularity were "Heart Town," "Honor of Kings," and "Kara Bichu" [30][31] TV Series Industry - The top three TV series by broadcasting index were "Water Dragon Chant," "Heaven and Earth Sword Heart," and "Dark River Transmission," with indices of 82.2, 82.1, and 82.0 respectively [33][34] Variety and Animation - The top variety show was "Now Departing Season 3" with a broadcasting index of 80.8, followed by "Flowers and Youth Season" and "Wonderful Night Season 2." The top three animated shows were "Immortal Reversal," "Swallowing the Starry Sky," and "Happy Hammer" [35][38]

证券研究报告|行业研究周报 [Table_Date] 2025 年 11 月 02 日 猪肉猪价中枢大幅上移，行业显著减亏 [Table_Title2] 农林牧渔行业周报第 36 期 [Table_Summary] 本周观点: 种植产业链：据农业农村部，今年以来，各级农业农村部门深 入学习贯彻习近平总书记关于"三农"工作的重要论述和重要 指示批示精神，认真落实党中央、国务院决策部署，统筹抓好 农业农村各项重点工作，推动农业农村经济保持良好发展势 头，为经济社会高质量发展提供了有力支撑。全年粮食有望再 获丰收。夏粮稳产丰收，产量2994.8亿斤。早稻实现增产，产 量 570.3 亿斤，比上年增加 6.8 亿斤，增长 1.2%。秋粮面积增 加，特别是高产作物玉米增加较多。今年大部农区光温水条件 良好，特别是东北三省及内蒙古、新疆等地秋粮生产形势较 好。近期各地精心组织秋粮收获，目前收获已过八成半。积极 应对黄淮海地区持续连阴雨影响，全力以赴抢收抢烘，努力减 轻灾害影响。大豆油料扩种成果持续巩固，预计大豆面积连续 4 年保持在 1.5 亿亩以上，产量继续保持在 2000 万吨以上；夏 油面积、单产、总产实现"三增" ...