证券研究报告 电子 | 半导体 非金融|公司点评报告 hyzqdatemark 2025 年 10 月 20 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 联系人 熊宇翔 xiongyuxiang@huayuanstock.com | 基本数据 | | 2025 | 年 | 10 | 17 | 日 | | | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 101.47 | | | | | | | 一 年 最 高 最 低 | / | | | | | | | 内 | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | 40,774.86 | | | | | 流通市值（百万元） | | | | | | | 32,779.30 | | | | | 总股本（百万股） | | | | | | | 401.84 | | | | | 资产负债率（%） | | ...

Group 1: Fixed Income Market - Credit spreads across the curve have compressed, with slight widening observed in the banking sector while other industries saw a majority of spreads compressing [2][7][9] - The issuance volume of traditional credit bonds and asset-backed securities has increased, with AA and AA+ rated industrial and urban investment bonds yielding between 2.4% and 2.8% [6][9] - The strategy suggests a cautious approach to credit allocation, recommending short-end positioning and moderate allocation to medium to long-term credit bonds [9] Group 2: Emerging Industries and Index Funds - The "Specialized, Refined, Characteristic, and Innovative" (专精特新) initiative has led to the cultivation of over 140,000 specialized small and medium enterprises in China, with 1,460 "little giant" companies [11][12] - The North Exchange's specialized index, launched in June 2025, selects the top 50 securities from these "little giants," focusing on high-end manufacturing, new materials, and biomedicine [11][12] - The expected scale of the first batch of index funds is around 10 funds with an average size of 500 million yuan, potentially exceeding 15 billion yuan by 2027 [12] Group 3: Transportation and Logistics - The express delivery sector has shown resilience, with major companies reporting improved single-ticket revenue and volume growth, indicating a trend of price increases in the industry [20][21][30] - The privatization attempt of Aneng Logistics by a consortium is still in preliminary stages, introducing uncertainty into the acquisition process [22] - The implementation of new port fees between China and the U.S. is expected to create a dual market structure, affecting shipping costs and efficiency [23][24] Group 4: Media and Entertainment - The gaming sector is expected to continue benefiting from strong product performance, with companies like Ice Glacier Network projecting significant earnings growth [34][35] - The launch of Manus1.5 enhances AI web application capabilities, indicating ongoing innovation in AI technology [35][36] - The CTE event showcases a wide array of global toy brands, highlighting the rapid expansion of the trendy toy industry [35] Group 5: Energy and Utilities - The electricity and environmental sectors are projected to see stable operations in hydropower and nuclear power, with significant growth expected in waste-to-energy projects [4][30] - The oil and gas pipeline sector is undergoing reforms, with an emphasis on fair access and market structure improvements [4][30] - The anticipated increase in electricity demand driven by AI advancements presents opportunities for equipment exports [4][30]

证券研究报告 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 建筑装饰 行业定期报告 hyzqdatemark 2025 年 10 月 20 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 关注重大工程投资机会，低估值策略占优 投资评级： 看好（维持） ——建筑装饰行业周报（20251013-20251019） 投资要点： 行业要闻： 联系人 重大工程建设提速扩容，资金保障强化投资韧性。在"稳增长、扩内需"政策持续发力背景下，2025 年前三季度全国铁路建设进展明显加快，中国国家铁路集团有限公司数据显示，累计完成固定资产 投资 5937 亿元，同比增长 5.8%，新投产铁路里程 968 公里，铁路网结构不断完善，对上下游产 业链形成有力带动。在资金层面，超长期财政支 ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 10 月 20 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 板块表现： 9 月快递价格持续上涨，中美港费落地或将影响海运效率 投资评级： 看好（维持） —交通运输行业周报（2025 年 10 月 13 日-2025 年 10 月 19 日） 投资要点： 一、行业动态跟踪 快递物流： 1）"通达系"发布 9 月经营业绩，单票收入均实现同、环比改善，快递反内卷影响 持续。2025 年 9 月，圆通/申通/韵达业务量分别实现 26.27/21.87/21.10 亿件，同 ...

国家政策层面推动充电基础设施建设提速，关注北交所充电设施产业链企业 证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 10 月 20 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com ——北交所科技成长产业跟踪第四十七期（20251019） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 六部门印发《电动汽车充电设施"三年倍增"行动方案（2025-2027）》。为落实《提振消费专项行动方 案》有关要求，加大力度完善电动汽车充电设施服务网络，提升消费品质，促进电动汽车更大范围内购置使用， 国家发展改革委等部门研究制定了《电动汽车充电设施服务能力"三年倍增"行动方案（2025—2027 年）》。 截至 2025 年上半年，全国公共充电设施 409.6 万个，同比增长 36.7%；私人充电设施 1200.4 万个，同比增长 63.3%，私人 ...

hyzqdatemark 2025 年 10 月 20 日 证券分析师 证券研究报告 汽车 | 摩托车及其他 非金融|首次覆盖报告 符超然 SAC：S1350525050004 fuchaoran@huayuanstock.com 李咏红 SAC：S1350525090001 liyonghong@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 10 | 月 | 17 日 | | 年 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 62.87 | | | | | | | 一 | 高 | | | | | | | 最 | 年 内 | | | | | | | | | | | | | 77.00/42.48 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | 4,509.53 | | 流通市值（百万元） | | | | | | | | | | 3,475.29 | | 总股本 ...

证券研究报告|北交所专题报告 2025年10月20日 掘金新兴，北证领航 ——北证专精特新指数基金投资工具书 证券分析师 姓名：赵昊 资格编号：S1350524110004 邮箱：zhaohao@huayuanstock.com 证券分析师 姓名：万枭 资格编号：S1350524100001 邮箱：wanxiao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 核心要点 n 专精特新战略与北交所定位可紧密协同。"专精特新"指企业具备专业化、精细化、特色化、新颖化特征。截至2024年11月， 我国累计培育专精特新中小企业超14万家、"小巨人"企业1.46万家。北交所作为服务创新型中小企业的关键平台，致力于解 决"卡脖子"问题，推动工业"六基"领域突破，并构建从"小巨人"到单项冠军的多层次培育体系，对我国产业升级和自主 化起到不可或缺的作用。 n 北证专精特新指数诞生于北证创新属性。北交所"小巨人"企业达155家，占北交所总市值一半以上,推出专精特新指数的土壤 深厚。2025年6月北证专精特新指数正式发布，从符合条件的"小巨人"中选取市值最大的50只证券作为样本，兼具稀缺性与成 长性 ...

证券研究报告 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 陶宸冉 SAC：S1350525070007 taochenran@huayuanstock.com 市场表现： | 基本数据 | 2025 | | 年 | 10 | | 日 | | | 月 | 17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 44.82 | | | | | | 一 年 最 / 最 低 | | 高 | | | | | 内 | | | | | （元） | | | | | 68.80/11.44 | | | | | | | 总市值（百万元） | | | | | | 9,041.46 | | | | | | 流通市值（百万元） | | | | | | 8,304.05 | | | | | | 总股本（百万股） | | | | | | 201.73 | | | | | | 资产负债率（%） | | | | | | 40.07 | | | | ...

Investment Rating - Investment rating: None [4] Core Insights - The report highlights the launch of the "Janus Project" by the U.S. Army, aimed at developing next-generation nuclear power technology to provide reliable and secure energy for national defense facilities and critical missions. The project is expected to enhance domestic enrichment fuel, reactor manufacturing, and nuclear supply chain systems, becoming a core support for the U.S. military's energy strategy [4][16][17] - The report notes a significant decline in Hong Kong tech stocks, with the Hang Seng Tech Index dropping by 8.0%, underperforming the Hang Seng Index by 4.0 percentage points. In contrast, the Philadelphia Semiconductor Index rose by 5.8%, outperforming the Nasdaq 100 and S&P 500 indices [4][7][9] - The report indicates a risk-off sentiment in the market, with ongoing concerns regarding U.S.-China trade tensions and credit risks leading to declines in both U.S. stocks and cryptocurrencies, while gold and U.S. Treasury bonds saw increases [4][28] Summary by Sections 1. Overseas AI - The report covers the performance of the Hong Kong tech sector, noting a decline in the Hang Seng Tech Index and a strong performance in the AI energy sector. The top five gainers included ON Semiconductor (+15%) and NUSCALE POWER (+13%), while the top five losers included Xiaomi Group (-12%) and SenseTime (-11%) [9][14] - The report discusses the Janus Project's strategic importance in enhancing military energy autonomy and resilience, reducing reliance on vulnerable fuel supplies and power grids [16][17] 2. Web3 and Cryptocurrency Market - The global cryptocurrency market capitalization decreased to $3.66 trillion as of October 17, 2025, down from $4.14 trillion the previous week. The total trading volume for cryptocurrencies was $222.36 billion, accounting for 6.08% of the total market cap [21][25] - The report highlights a panic sentiment in the cryptocurrency market, with the Fear and Greed Index at 28, indicating a state of fear among investors [25][28] - The report notes significant outflows from cryptocurrency ETFs, totaling $1.225 billion for the week, driven by concerns over U.S.-China trade tensions and credit risks [30][34]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a 38% year-on-year growth in net profit attributable to the parent company for Q1-Q3 2025, with steady progress in capacity construction and expansion into consumer markets [5] - The company's leading position in aramid paper and the acceleration of domestic substitution are expected to drive high growth in sectors such as aerospace, power grid transformation, and data centers [6][9] - The demand for honeycomb core aramid paper is anticipated to continue its high growth trend due to validation from international clients and ongoing deliveries of domestically produced aircraft [6] Financial Performance Summary - For Q1-Q3 2025, the company reported revenue of 343 million yuan (up 22% year-on-year) and a net profit of 91.17 million yuan (up 29% year-on-year) [9] - The company’s revenue for Q3 2025 was 106 million yuan (up 10% year-on-year), with a net profit of 28.14 million yuan (up 6% year-on-year) [9] - The gross profit margin remained stable above 40%, indicating strong operational performance [9] - The net cash flow from operating activities for Q1-Q3 2025 was 63.62 million yuan (up 255% year-on-year) [9] Earnings Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 143 million yuan, 181 million yuan, and 230 million yuan, respectively, corresponding to P/E ratios of 40.2, 31.7, and 24.9 times [6][8] - Revenue is expected to grow from 408 million yuan in 2024 to 805 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.63% [8][10] - The company’s return on equity (ROE) is projected to increase from 14.04% in 2024 to 20.00% in 2027 [8][10]