2025 年 10 月 31 日 业绩稳健增长，布局灵巧手微链技术 —征和工业（003033.SZ）公司事件点评报告 买入(维持) 事件 2025 年 10 月 30 日，征和工业发布 2025 年三季度报告。 2025 年前三季度公司实现营收 13.90 亿元，同比增长 5.24%； 归母净利润 1.33 亿元，同比增长 35.70%；扣非净利润 1.06 亿元，同比增长 14.98%。其中 2025 年 Q3 公司实现营收 4.85 亿元，同比增长 1.80%；归母净利润 0.44 亿元，同比增长 14.65%；扣非净利润 0.43 亿元，同比增长 16.19%。 投资要点 ▌营收利润稳步提升，现金流大幅改善 2025 年 Q3 公司实现营业收入 4.85 亿元，同比增长 1.80%；归 母净利润 0.44 亿元，同比增长 14.65%。前三季度公司营业收 入/归母净利润/扣非净利润分别为 13.90/1.33/1.06 亿元， 同比+5.24%/+35.70%/+14.98%。业绩整体稳健，利润增长势 头强劲。 盈 利 能 力 层 面 ， 公 司 前 三 季 度 毛 利 率 / 净利率分别为 22.80 ...

2025 年 10 月 31 日 研 究 报 告 Q3 盈利增速亮眼，B 端业务成增长核心 —合合信息（688615.SH）公司事件点评报告 买入(首次) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 2025 年 10 月 30 日，合合信息发布 2025 年三季报。 2025 年 Q3 公司实现营收 4.60 亿元，同比增加 27.49%；归母 净利润 1.16 亿元元，同比增加 34.93%；扣非净利润 0.98 亿 元，同比增加 33.97%。前三季度公司实现总营收 13.03 亿 元，同比增加 24.22%；归母净利润 3.51 亿元，同比增加 14.55%；扣非净利润 3.10 亿元，同比增加 11.09%。 投资要点 ▌前三季度营收利润双增，Q3 盈利增速亮眼 2025 年前三季度公司实现营业收入/归母净利润/扣非净利润 分别为 13.03 亿 元 /3.51 亿 元 /3.10 亿元，同比 +24.22%/+14.55%/+11.09%。其中 Q3 公司实现营收 4.60 亿 元，同比增加 27.49%；归母净利润 1.16 亿元元，同比增加 34.9 ...

2025 年 10 月 31 日 确收错期扰动费率，自有品牌强势放量 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-10-30 | | --- | --- | | 当前股价（元） | 41.33 | | 总市值（亿元） | 129 | | 总股本（百万股） | 311 | | 流通股本（百万股） | 226 | | 52 周价格范围（元） | 14.45-79.21 | | 日均成交额（百万元） | 362.29 | 市场表现 -100 0 100 200 300 400 500 600 (%) 若羽臣 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《若羽臣（003010）：自有品牌 放量，盈利能力优化》2025-08-20 2、《若羽臣（003010）：业绩高速 增长，自有品牌放量》2025-07-18 —若羽臣（003010.SZ）公司事件点评报告 ...

2025 年 10 月 31 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：49 分（中性） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 49 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：户外运动、光刻胶、储能 1、户外运动主题：国家发展改革委等六部门发布通知，拟将 "北京市平谷区金海湖户外运动目的地"等 49 个地区纳入首 批高质量户外运动目的地建设名单，予以重点支持。此次建 设并非试点示范或挂牌命名，而是聚焦资源禀赋好、基础扎 实的区域，精准配套政策、资金、项目，打造标杆、以点带 面，带动全国户外运动产业提质升级，进一步满足人民群众 多层次、多样化的户外运动和美好生活需要。相关标的：三 夫户外(002780)、影石创新(688775) 2、光刻胶主题：据科技日报，近日，北京大学化学与分子工 程学院彭海琳教授团队及合 ...

AI 业务增长发力，盈利能力优化提速 —能科科技（603859.SH）公司事件点评报告 买入(维持) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn | 基本数据 | 2025-10-30 | | --- | --- | | 当前股价（元） | 44.12 | | 总市值（亿元） | 108 | | 总股本（百万股） | 245 | | 流通股本（百万股） | 245 | | 52 周价格范围（元） | 20.58-53.02 | | 日均成交额（百万元） | 513.05 | 市场表现 -50 0 50 100 150 200 (%) 能科科技 沪深300 2025 年 10 月 30 日 资料来源：Wind，华鑫证券研究 相关研究 1、《能科科技（603859）：AI 业务 表现亮眼，持续深耕工业 AI 领域》 2025-08-27 2、《能科科技（603859）：全面深 耕工业 AI，"AllinAI"战略彰显公 司决心》2025-08-08 2025 年 10 月 27 日，能科科技发布 2025 年三季报。 2025 年 Q3 公司实现营收 3.51 亿元，同 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The company has demonstrated steady revenue growth, with total operating income for Q1-Q3 2025 reaching 3.145 billion yuan, a year-on-year increase of 16%. The net profit attributable to shareholders was 248 million yuan, up 22% year-on-year [4][8] - The company is focusing on cost control and efficiency improvements, with a reduction in sales and management expense ratios, leading to a net profit margin of 7.03% [5][8] - The core supermarket business remains stable, with significant growth in frozen baked goods and a positive market response to high-end cream products [6][8] Summary by Sections Financial Performance - For Q3 2025, total operating income was 1.075 billion yuan, a 15% increase year-on-year, with a net profit of 77 million yuan, up 14% year-on-year [4][6] - The company expects to see continued improvement in profitability due to enhanced cost control and the release of scale effects [7][8] Revenue and Profit Forecast - The company forecasts EPS for 2025-2027 to be 1.92, 2.32, and 2.70 yuan respectively, with corresponding PE ratios of 22, 18, and 16 times [8][10] - Projected revenue growth rates for 2025-2027 are 15.0%, 12.3%, and 10.0% respectively, with net profit growth rates of 21.2%, 20.8%, and 16.6% [10][11] Market Position and Strategy - The company is actively expanding its product offerings and enhancing its market presence through new product launches and improved customer engagement strategies [6][7] - The focus on high-end cream products is expected to strengthen the company's competitive position in the market [6][8]

2025 年 10 月 30 日 大健康战略顺利推进，利润表现超预期 —西麦食品（002956.SZ）公司事件点评报告 买入(维持) 事件 2025 年 10 月 29 日，西麦食品发布 2025 年三季报，2025Q1- Q3 总营业收入 16.96 亿元（同增 18%），归母净利润 1.32 亿 元（同增 22%），扣非净利润 1.27 亿元（同增 43%）。其中 2025Q3 总营业收入 5.47 亿元（同增 19%），归母净利润 0.51 亿元（同增 21%），扣非净利润 0.49 亿元（同增 86%）。 投资要点 ▌成本延续下行通道，费用管控效果显著 公司 2025Q3 毛利率同增 1pct 至 43.75%，主要系产品结构优 化、澳麦原粮成本下降所致，公司已锁定全年原料价格，且 年底供货商询价来看，成本仍处下降通道，预计后续毛利率 持续兑现，销售费用率同减 2pct 至 27.11%，主要系电商费 投收窄所致，管理费用率同减 1pct 至 5.08%，主要系经营效 率提升叠加规模效应释放所致，净利率同增 0.1pct 至 9.31%，盈利能力稳步优化。 ▌药食同源反馈积极，电商渠道利润改善 产品端 ...

Investment Rating - The report maintains a "Recommended" investment rating for Tesla (TSLA.O) [11] Core Insights - Tesla's Q3 2025 total revenue reached $28.095 billion, a year-on-year increase of 12%, while net profit decreased by 37% to $1.389 billion [4][5] - The energy business showed significant growth with a revenue increase of 44%, while automotive revenue growth slowed to 6% [5] - The company is facing pressure on profit margins due to rising operational costs and pricing strategies, despite maintaining strong cash flow [9][11] Revenue and Profitability - Total revenue for Q3 2025 was $28.095 billion, with automotive sales contributing $21.205 billion, reflecting a 6% year-on-year growth [5][6] - Energy generation and storage revenue reached $3.415 billion, marking a 44% increase [5] - The gross margin for the quarter was approximately 18%, slightly lower than the previous year, influenced by cost pressures [5][9] Automotive Sales and Costs - Automotive sales revenue increased from $18.831 billion in Q4 2024 to $20.359 billion in Q3 2025, a growth of about 8% [6] - The cost of automotive sales was $17.365 billion, indicating ongoing cost challenges despite efforts to optimize production and logistics [6] FSD and Deferred Revenue - Deferred revenue related to Full Self-Driving (FSD) reached $3.83 billion as of September 30, 2025, up from $3.60 billion at the end of 2024, indicating a strong future revenue source [8] - The company anticipates recognizing $880 million of this deferred revenue within the next 12 months [8] Operational Expansion and Cash Flow - Tesla's operational expansion led to a 57% increase in R&D expenses to $1.630 billion, and a 32% rise in selling, general, and administrative expenses to $1.562 billion [9][10] - Despite these increases, operating cash flow remained robust at $10.934 billion for the nine months [9] AI Strategy - R&D expenses for AI and related projects significantly increased, with total AI infrastructure assets reaching $6.621 billion [10] - The company is integrating its AI chip design team, incurring $238 million in restructuring costs [10]

Interest Rate Changes - The Federal Reserve lowered the benchmark overnight borrowing rate by 25 basis points to a range of 3.75%-4% with a 10 to 2 vote[2] - The end of Quantitative Tightening (QT) is set for December 1[2] - There is significant internal disagreement within the Fed regarding the pace of rate cuts, with one member advocating for a 50 basis point cut[3] Future Rate Outlook - Powell indicated that a rate cut in December is not guaranteed, as inflation remains resilient and non-farm payroll data shows a cooling trend[4] - The Fed may lean towards a slower pace of rate cuts in December due to data uncertainties[4] Market Reactions - The market reacted to the hawkish tone of the Fed, with U.S. Treasury yields and rate cut expectations declining, while the dollar strengthened and gold prices fell[6] - CME's expectations for a December rate cut have decreased to around 67%[6] Economic Conditions - Current credit market conditions are deemed to have no systemic risks, and AI continues to support stock market performance, boosting sentiment in U.S. equities[5] - The U.S. economy is experiencing stagflation, with a divide between booming AI investments and sluggish low-end consumer spending[6] Investment Strategies - Investors are advised to look for opportunities in low-end consumer stocks like DLTR amidst ongoing government shutdowns and the suspension of food stamps[6] - For U.S. Treasuries, there are opportunities to go long around a yield of approximately 4.2%[8]

2025 年 10 月 30 日 资料来源：Wind，华鑫证券研究 -10 -5 0 5 相关研究 1、《双融日报》2025-10-29 2、《双融日报》2025-10-28 3、《双融日报》2025-10-27 ▌ 华鑫市场情绪温度指标：（过热） 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：82 分（过热） 最近一年大盘走势 10 15 20 25 (%) 沪深300 3、储能主题：国内《新型储能专项行动方案》明确 2027 年 装机 1.8 亿千瓦，撬动 2500 亿元直接投资，容量补偿、现货 价差等政策将项目 IRR 推升至 8%以上，投资由"强制配储" 转为"主动盈利"；海外订单 2025H1 同比暴增 220%，达 160 GWh，电芯排产已现加价抢购，供需格局或扭转。相关标的： 宁德时代（300750）、阳光电源（300274） ▌ 风险提示 宏观经济意外下滑、地缘政治风险、流动性收紧超预期、行 业政策低于预期。 券 研 究 报 策 略 研 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 82 分，市场情绪处于"过热"。历史 ...