Group 1 - The report highlights the launch of the "Hundred Days Action" for winter ice and snow tourism in Heilongjiang, aiming to enhance high-quality development by increasing tourist numbers and spending by over 10% and 15% respectively [5][10][11] - The Heilongjiang sector index has shown a positive trend, increasing by 2.19% in November, with a total of 7 out of 10 trading days recording gains, indicating a sustained upward momentum [5][24][22] - In the period from January to September, Heilongjiang's industrial economy demonstrated strong performance, with the added value of major equipment manufacturing increasing by 15.8% year-on-year, significantly outpacing the national average [5][39][38] Group 2 - The report notes that three companies in Heilongjiang saw stock price increases exceeding 10% during the period from October 26 to November 7, with Renmin Tongtai leading at 15.36% [5][26][24] - The industrial technology transformation investment in Heilongjiang grew by 43.8% year-on-year, reflecting the provincial government's commitment to enhancing high-tech manufacturing and production efficiency [5][39][38] - The overall performance of listed companies in Heilongjiang was positive, with 23 companies achieving gains, while only 16 experienced declines, indicating a favorable market environment [5][24][26]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" with a current price of 36.59 yuan [1] Core Insights - The company reported a revenue of 642 million yuan for the first three quarters of 2025, representing a year-on-year growth of 51.98%. However, the net profit attributable to the parent company was 48 million yuan, a decrease of 1.73% year-on-year [7] - The company is experiencing pressure on gross margins due to inventory clearance and increased marketing expenditures aimed at promoting products in the U.S. and Russia [7][11] - The company is expected to gradually commence production and trial operations for its new capacity of 400,000 units in the fourth quarter of 2025 [11] Financial Performance Summary - For 2025, the company forecasts total revenue of 714 million yuan, with a growth rate of 35.47%. The net profit attributable to the parent company is projected to be 57.28 million yuan, with a growth rate of 2.03% [9] - The gross margin for the first three quarters of 2025 was 19.57%, down 3.03 percentage points year-on-year, while the net margin was 7.82%, down 3.70 percentage points year-on-year [11] - The company’s earnings per share (EPS) for 2025 is estimated at 1.02 yuan, with a price-to-earnings (P/E) ratio of 35.83 times based on the current stock price [11][12] Market Data - The total share capital of the company is 56.09 million shares, with a circulation ratio of 49.13% [2] - The highest and lowest stock prices over the past 12 months were 58.00 yuan and 22.44 yuan, respectively [2] - The largest shareholder, Dai Jigang, holds a 37.14% stake in the company [2] Relative Performance - The company has shown relative returns of 3.30% over one month, 0.63% over three months, and 14.04% over twelve months [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 586 million yuan for the first three quarters of 2025, representing a year-on-year growth of 8.99%. However, the net profit attributable to the parent company was 72 million yuan, a decline of 4.46% year-on-year. In Q3 2025, revenue was 211 million yuan, down 7.10% year-on-year, primarily due to the slow shipping speed from the Thailand factory and a suspension of shipments to a major customer. The net profit for Q3 2025 was 23 million yuan, a significant drop of 37.86% year-on-year [5][6] Financial Performance - The gross margin for the first three quarters of 2025 was 29.77%, down 0.83 percentage points year-on-year. The net margin was 12.30%, down 1.77 percentage points year-on-year. In Q3 2025, the gross margin was 31.13%, down 3.27 percentage points year-on-year but up 1.04 percentage points quarter-on-quarter. The net margin for Q3 was 10.77%, down 5.43 percentage points year-on-year and down 4.58 percentage points quarter-on-quarter [7][8] Revenue and Profit Forecast - The company is expected to achieve revenues of 797 million yuan, 968 million yuan, and 1.127 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.97%, 21.46%, and 16.37%. The net profit attributable to the parent company is projected to be 118 million yuan, 145 million yuan, and 171 million yuan for the same years, with growth rates of 10.60%, 23.44%, and 17.93% respectively. The corresponding EPS for these years is expected to be 1.79 yuan, 2.21 yuan, and 2.60 yuan [8][10] Operational Insights - The Thailand factory's production capacity is expected to gradually improve, with a designed capacity of 300,000 to 500,000 units per year. As of Q3 2025, the factory had shipped 9,827 units, with a monthly capacity utilization rate of less than 10%. It is anticipated that there will be significant improvements in 2026 as the workforce and equipment become more integrated [6][7] Strategic Developments - The company has signed an investment cooperation agreement with Qingdao Haibang Optical Technology Co., Ltd. to establish a new company in Qingdao, focusing on developing automotive electronic products. This move is part of the company's strategy to enhance its capabilities in optical sensing technology [7][8]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights significant advancements in the AI and autonomous driving sectors, with companies like OpenAI and Xiaopeng Motors making notable progress in AI applications and Robotaxi models [3][5] - The continuous iteration of technology is identified as a key driver for the increased penetration of Robotaxi services, with improvements in algorithms, safety, and user experience expected to enhance adoption rates [5] Performance Overview - Over the past 12 months, the industry has shown a relative return of -0.79% compared to the CSI 300 index, with absolute returns of 15.48% [2] Key Developments - OpenAI has released several AI models and applications, including the AI browser and Sora 2 model, which have gained traction in the market [3] - Xiaopeng Motors plans to launch three L4-level Robotaxi models in 2026, equipped with advanced AI capabilities and safety features [5] - The seventh generation Robotaxi from Xiaoma Zhixing is set to begin operations in major cities, showcasing significant technological advancements and cost reductions [5] Investment Recommendations - The report suggests monitoring companies within the related supply chain, including Siwei Tuxin, Zhongke Chuangda, and Xiaoma Zhixing, as they are positioned to benefit from the growth in the autonomous driving sector [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 3.409 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.96%. The net profit attributable to shareholders was 136 million yuan, up 44.01% year-on-year [4] - The company continues to increase investment in its own brands, with a focus on high-end beauty products, which is expected to drive revenue growth [8] - The gross margin for the first three quarters of 2025 was 66.00%, an increase of 2.91 percentage points year-on-year, while the net margin was 3.99%, up 0.77 percentage points year-on-year [8] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 3.409 billion yuan, with a net profit of 136 million yuan and a non-recurring net profit of 131 million yuan [4] - In Q3 2025, the company reported a revenue of 909 million yuan, a year-on-year increase of 20.92%, and a net profit of 13 million yuan, up 210.00% year-on-year [4] - The company’s revenue projections for 2025-2027 are 4.690 billion yuan, 5.220 billion yuan, and 5.850 billion yuan, respectively, with year-on-year growth rates of 10.67%, 11.32%, and 12.06% [8] Brand and Market Positioning - The company is focusing on enhancing its high-end brand positioning, with significant growth in its EDB and RV brands in the North American market [8] - The self-owned brand revenue proportion reached 43.97% in Q3, with a gross margin of 82% for these brands [8] - The company is expected to launch more PDRN-related products next year, indicating ongoing innovation and product development [8]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage with a current price of 57.8 CNY [5]. Core Insights - The company, founded in 1998, has evolved from producing high-end pet snacks to becoming a pioneer in the Chinese pet food industry, with a focus on international expansion and brand development [5][11]. - The pet food market in China is projected to grow from 173.2 billion CNY in 2022 to 267 billion CNY by 2025, with a compound annual growth rate (CAGR) of 15.5% [5][33]. - The company aims to enhance its product structure by increasing the proportion of high-margin staple foods, which have seen a rise in revenue share from 6.36% in 2020 to 24.78% in 2024 [5][40]. Financial Forecast - Total revenue is expected to grow from 37.47 billion CNY in 2023 to 55.33 billion CNY in 2025, reflecting a growth rate of 23.93% [4][5]. - Net profit attributable to shareholders is forecasted to increase from 2.33 billion CNY in 2023 to 4.68 billion CNY in 2025, with a growth rate of 18.81% [4][5]. - The company's return on equity (ROE) is projected to rise from 12.07% in 2023 to 17.08% in 2025 [4]. Market Position and Strategy - The company operates 23 modern pet food production bases globally and has established a strong brand matrix, including "WANPY," "TOPTREES," and "ZEAL," to capture both domestic and international markets [5][46]. - The penetration rate of pet ownership in China has increased from 13% in 2019 to 22% in 2023, indicating significant growth potential compared to the 70% rate in the US [5][35]. - The company is committed to maintaining a focus on domestic market growth while accelerating overseas market expansion [5][40].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company reported strong performance in its Q3 2025 results, with a revenue of 734 million yuan, representing a year-on-year growth of 69.25%, and a net profit attributable to shareholders of 8.41 million yuan, up 178.80% year-on-year [7] - The revenue for Q3 alone was 276 million yuan, showing a year-on-year increase of 69.21%, while the net profit for the quarter was 3.33 million yuan, reflecting a significant growth of 374.07% [7] - The company is benefiting from the increasing demand for AI computing power, particularly in its computing power services and supercomputing cloud system businesses [5][10] Financial Performance Summary - For the first three quarters of 2025, the revenue breakdown shows that the computing power services generated 697 million yuan, a growth of 69.76% year-on-year, while the supercomputing cloud system revenue reached 22.25 million yuan, growing by 256.13% [10] - The gross margin for computing power services was 21.91%, down 11.19% year-on-year, whereas the gross margin for supercomputing cloud systems was 47.10%, up 30.15% year-on-year [10] - The company forecasts revenues of 1.05 billion yuan, 1.74 billion yuan, and 2.74 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 60.88%, 65.12%, and 57.63% [10][11] - The net profit attributable to shareholders is projected to be 19 million yuan, 30 million yuan, and 108 million yuan for the same years, with growth rates of 56.49%, 59.49%, and 258.63% [10][11] Strategic Developments - The company has entered into a strategic cooperation agreement with the Laoshan District government and Qingdao Unicom to advance the "3000 Card Intelligent Computing Resource Pool" project, which aims to support the AI industry park in Qingdao [10] - This project will involve the construction and hosting of computing resource pools, joint operation of computing services, and collaborative investment in domestic computing resource pools [10]

- The report provides a snapshot of the A-share market, focusing on the performance of broad-based indices on November 5, 2025, with the ChiNext Index and CSI 2000 showing the largest gains of 1.03% and 0.77%, respectively [1][2] - The report compares the moving averages of various indices, noting that the CSI 2000 broke above its 5-day and 10-day moving averages, while other indices remained below their 5-day and 10-day moving averages [14] - The turnover rates for various indices are highlighted, with the CSI 2000 having the highest turnover rate at 4.45, followed by the CSI 1000 at 2.66, and the ChiNext Index at 2.62 [17] - The distribution of daily returns is analyzed, showing that the ChiNext Index has the largest negative skewness and kurtosis, while the CSI 1000 has the smallest negative skewness and kurtosis [24] - The risk premium relative to the 10-year government bond yield is discussed, with the ChiNext Index and CSI 2000 having the highest 5-year percentile values of 76.59% and 69.21%, respectively [28][30] - The PE-TTM ratios of various indices are examined, with the CSI 1000 and CSI 500 having the highest 5-year percentile values of 97.27% and 96.53%, respectively [39][40] - The dividend yield of various indices is analyzed, with the ChiNext Index and CSI 1000 having the highest 5-year historical percentile values of 68.43% and 39.34%, respectively [51] - The report also discusses the net asset value ratios, noting that the current net asset value ratios for various indices are as follows: SSE 50 (20.0%), CSI 300 (15.33%), CSI 500 (11.2%), CSI 1000 (7.4%), CSI 2000 (2.8%), ChiNext Index (1.0%), and CSI All Share (5.79%) [52]

Content: --------- <doc id='1'>证券研究报告·金融工程报告 2025 年 11 月 5 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.11.05 ◆市场表现：2025 年 11 月 4 日, 各宽基指数（表 1）全部下跌，其中创业板指（-1.96%） 投资要点：</doc> <doc id='2'>分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 和中证 500（-1.67%）跌幅最大。当年涨跌情况，创业板指（46.34%）涨幅最大， 其次是中证 2000（32.06%）和中证 500（25.94%），中证 1000（24.81%）和中证全 指（22.68%）涨幅缩小，而上证 50（12.22%）涨幅最小。 ◆均线比较：所有跟踪指数已跌破 5 日均线，除中证 2000 外其余跟踪指数跌破 10 日均线，沪深 300、中证 500、中证 1000 和中证全指跌破 20 日均线。各跟踪指数 已远离近 250 日高位超过 1.8%。 ◆资金占比与换手：2025 年 11 月 4 日, 沪深 300（26.86%）交易金额占比最高， 相关研究报告 态 2025.11.04 A 股市场快照：宽基指数每日投资动 态 2025.11.03 A 股市场快照：宽基指数每日投资动 态 2025.10.31 其次是中证 2000（23.42%）和中证 1000（20.3%）。各宽基指数当前换手率分别为 中证 2000（4.06），创业板指（2.64），中证 1000（2.59），中证全指（1.79），中 证 500（1.71），沪深 300（0.71）和上证 50（0.33）。 ◆日收益率分布：创业板指的峰度负偏离最大，沪深 300 的峰度负偏离最小。创 业板指的负偏态最大，沪深 300 的负偏态最小。 ◆风险溢价：2025 年 11 月 4 日, 上证 50（45.32%）和中证 2000（23.57%）风险溢 价近 5 年分位值较高，创业板指（9.44%）和中证 500（7.7%）较低。</doc> <doc id='3'>◆PE-TTM：中证 1000（96.69%）和中证 500（96.45%）分位值较高，而中证 2000 （81.16%）和创业板指（55.79%）分位值较低。 ◆股债性价比：没有指数高于其 80%分位，中证 500 低于其 20%分位。 ◆股息率：创业板指（69.17%）和中证 1000（40.91%）所处近 5 年历史分位值较 高，而中证 2000（17.27%）和中证 500（16.12%）较低。 ◆破净率：当前，各指数破净率为上证 50（20.0%），沪深 300（15.67%），中证 500（11.0%），中证 1000（7.5%），中证 2000（2.85%），创业板指（1.0%）和中 证全指（5.85%）。 ◆风险提示：本报告可能存在数据缺失、数据错误、数据不及时、模型处理错误 等风险。本报告仅从金融工程角度，对重要指数的市场数据进行跟踪、统计、分 析，不构成对市场指数、行业或个股进行预测或推荐。</doc> <doc id='5'>| 市场衣乳… | | --- | | 1.1 指数表现 … | | 1.2 指数与均线的比较 | | 1.3 资全占比与换手率 … | | 2 日收益分布 | | 2.1 收益区间分布对比 | | 22 分布形态变化对比 | | 3 风险溢价 … | | 3.1 各宽基指数的风险溢价 | | 32 风险溢价历史分布 | | 4 PE-TTM. | | 4.1 各宽某指数 PE-TTM 和分位值 | | 4.2 PE-TTM 历史对比… | | 4.3 股债性价比历史对比… | | 5 吸血率… | | 5.1 近一年各宽某指数股息率变化情况, | | 5.2 股息率历史对比… | | 6 玻璃率 | | 7 风险提示 . |</doc> <doc id='7'>| 表 1、各宽基指数表现情况 | | --- | | 表 2、各宽基指数与均线、近250交易日高位和低位的比较 … | | 表 3 、各宽基指数分布形态变化 … | | 表 4、各宽基指数和十年期国债即期收益率的风险溢价 | | 表 5、各宽基指数 PE-TTM 分位值和历史值 | | 表 6、各宽基指数当前股息率和历史情况 | | 图 1、各宽基指数交易全额占比和换手率 | | 图 2、各宽基指数每日收益率分布情况 | | 图 3、各宽基指数相对十年国债即期收益率的风险溢价 | | 图 4、各宽基指数相对沪深 300 的风险溢价的近 5年分布 . | | 图 5 、各宽基指数 PE-TTM 及其分位值 | | 图 6、各宽基指数的股债性价比… | | 图 7、各宽基指数股息率 | | 图 8、各宽基指数破净个股数和占比………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 |</doc> <doc id='9'>1 市场表现 本报告将从指数涨跌幅、连阴连阳、上涨下跌分布等维度对各宽基指数进 行评价和跟踪。 1.1 指数表现 </doc> <doc id='10'>2025 年 11 月 4 日, 各宽基指数（表 1）全部下跌，其中创业板指（-1.96%） 和中证 500（-1.67%）跌幅最大。当周涨跌情况，各跟踪指数除了上证 50（0.05%） 外全部下跌，其中创业板指（-1.68%）和中证 500（-1.64%）跌幅最大。当季 涨跌情况，各跟踪指数涨跌各现，其中上证 50（0.8%）和中证 2000（0.25%） 上涨，而创业板指（-3.21%）和中证 500（-2.72%）跌幅最大。当年涨跌情况， 创业板指（46.34%）涨幅最大，其次是中证 2000（32.06%）和中证 500（25.94%）， 中证 1000（24.81%）和中证全指（22.68%）涨幅缩小，而上证 50（12.22%） 涨幅最小。 表 1、各宽基指数表现情况 指数名称 指数代码 当日涨幅% 当周涨幅% 当月涨幅% 当季涨幅% 当年涨幅% 日K </doc> <doc id='11'>| | | | 涨幅最小。 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数名称 | 指数代码 | 当日涨幅% | 当周涨幅% | 当月涨幅% | 当季涨幅% | 日K 当年涨幅% 连阴连阳 | 周K 连阴连阳 | 月K 连阴连阳 | | 季K 连阴连阳 | 年K 连阴连阳 | | | 上证50 | 000016.SH | -0.11 | 0.05 | 0.05 | 0.80 | 12.22 | | |

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The ice and snow economy is entering a rapid growth phase, with the national ice and snow industry expected to exceed 1 trillion yuan in 2025, reaching 10,053 billion yuan [7] - The winter ice and snow tourism "Hundred Days Action" in Heilongjiang Province will start on November 8, 2025, focusing on product supply and creating a new all-domain ice and snow tourism system [7] - The government has shown strong support for the ice and snow economy, aiming for the industry to reach 1.2 trillion yuan by 2027 and over 1.5 trillion yuan by 2030 [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -10.04% compared to the CSI 300 index, with an absolute return of 7.04% [3] Investment Highlights - The ice and snow industry is projected to grow significantly, with a 25% year-on-year increase in consumer participation and spending during the 2024-2025 ice and snow season, amounting to over 1,875 billion yuan [7] - The search volume for outdoor ski resorts has surged nearly 900% since mid-October 2025, indicating a rising interest in ice and snow tourism [7] - Key companies in the ice and snow industry, such as Anta Sports and Bosideng, are expected to benefit from the growth in ice and snow sports and tourism [7]