[Table_Title2] 旅游零售Ⅱ 行业评级: 推荐 证券研究报告|行业点评报告 [Table_Date] 2025 年 11 月 03 日 [Table_Title] 免税消费政策再优化，激发免税消费活力 [Table_Summary] 事件概述: 10 月 30 日，财政部、商务部、文化和旅游部、海关总署、税务总局联合印发《关于完善免税店政策支持提振消 费的通知》，明确自 2025 年 11 月 1 日起实施四项核心政策升级，从国货赋能、品类扩容、审批放权到服务优化 形成组合拳，旨在引导海外消费回流、吸引外籍人员入境消费，为处于结构调整期的免税店行业注入强劲政策 动能。 分析与判断: ► 新政从扩大品类供给、放宽经营权限、便利提货方式等方面提升免税经营灵活性，促进免税购物消费 新政从如下四个方面提升免税经营商经营灵活性，促进免税消费：1）扩大经营品类。《通知》明确，在确保风 险可控的前提下，将手机、微型无人机、运动用品、保健食品、非处方药、宠物食品等便于携带、消费者需求 较高的热销商品纳入经营范围。同时，整合优化口岸出境免税店、口岸进境免税店和市内免税店经营品类清 单；2）放宽审批权限，进一步提高免 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 2.052 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.89%, and a net profit attributable to shareholders of 212 million yuan, down 41.35% year-on-year [2] - The company is entering a rapid development phase in the comic-drama industry, collaborating with major platforms like Douyin and iQIYI, and has launched its AI platform "Lingxi" to enhance content production efficiency [3] - The company has over 100,000 hours of film and animation copyrights and is leveraging its self-developed AI technology to create short video adaptations, which have received positive feedback [4] Financial Summary - For 2025, the company expects revenues of 3.084 billion yuan, with a net profit of 412 million yuan, and an EPS of 0.15 yuan [7] - The gross profit margin is projected to be 25.7% in 2025, showing a recovery from previous lows [7] - The company’s cash flow from operating activities for the first three quarters of 2025 was 1.027 billion yuan, an increase of 20.91% compared to the same period last year [2]

Investment Rating - Industry Rating: Recommended [5] Core Views - The report highlights that the recent U.S.-China trade negotiations have led to significant agreements, including the cancellation of certain tariffs and a pause on export controls, which may positively impact market sentiment [3][48] - The Federal Reserve's recent hawkish stance has pressured metal prices, particularly gold, but there remains underlying support due to ongoing geopolitical tensions and economic uncertainties [4][50] - Long-term trends indicate a continued focus on gold and silver investments, driven by concerns over global debt and currency devaluation, with specific stocks recommended for investment [51][52] Summary by Sections Precious Metals - Gold prices on COMEX fell by 1.20% to $4,077.20 per ounce, while silver prices decreased by 0.33% to $48.25 per ounce [1][30] - The gold-silver ratio declined by 0.88% to 84.50, indicating a potential for silver price recovery [30] - SPDR Gold ETF holdings decreased by 248,440.78 ounces, while SLV Silver ETF holdings fell by 8,982,443.90 ounces [30] Base Metals - Copper prices on LME dropped by 0.51% to $10,891.50 per ton, while aluminum prices increased by 1.10% to $2,888.00 per ton [9] - The report notes a tightening supply for copper due to ongoing geopolitical issues and production challenges, with a projected reduction in output [11][21] - The aluminum market remains stable, with domestic production capacity holding steady and demand from sectors like electric vehicles and power generation expected to support prices [22] Minor Metals - Magnesium prices decreased by 0.90% to 17,680 yuan per ton, with stable demand but reduced purchasing activity from export traders [17] - Molybdenum and vanadium prices have shown weakness, with ongoing pressure from oversupply and reduced demand in the steel sector [18]

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]