电力设备 电力设备 低空经济行业周报（第三十八期）：纵横股份已中标 近 2 亿低空数字经济领域业务，陕西成立省属低空企 业聚焦交通场景运营 ——行业周报 2025 年 10 月 19 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-10 2025-02 2025-06 电力设备 沪深300 相关研究报告 《欧洲电动车销量月报（2025 年 9 月）：9 国新能源车维持高增长，英法 意陆续启动电车补贴—行业点评报 告》-2025.10.16 《充电桩"三年倍增"行动方案落地， 有望开启新一轮投资周期—行业点评 报告》-2025.10.16 《固态电池行业周报（第十八期）： 中科院物理所研发阴离子调控技术解 决固态电池界面问题，中国企业亮相 北美电池展展示固态电池全链条技术 —行业周报》-2025.10.12 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 纵横股份已中标近 2 亿低空数字经济领域业务，陕西成立省属低空企业聚焦 交通场景运营 （1）行业动态：10 月 17 日，2025 陕西交通创新 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The third quarter earnings forecasts for listed insurance companies have exceeded expectations, indicating a robust performance in the non-bank financial sector, which is characterized by both offensive and defensive capabilities [5] - The insurance sector has shown significant growth despite high base comparisons, with investment income expected to surpass market expectations due to stock market gains [6] - The brokerage sector is anticipated to maintain high profitability, with low valuations presenting strategic investment opportunities [5][6] Summary by Sections Insurance Sector - Listed insurance companies have reported third-quarter earnings forecasts that indicate a year-on-year increase of 50% to 70% for China Life, 45% to 65% for New China Life, and 40% to 60% for China Property Insurance [6] - The stabilization of long-term interest rates and reduced pressure on net assets are expected to improve the return on equity (ROE) for insurance companies, leading to a potential recovery in price-to-book (PB) valuations [6] - Recommended stocks include China Pacific Insurance and Ping An Insurance due to their undervaluation and high potential for investment returns [6] Brokerage Sector - The number of new margin trading accounts opened in September reached a record high of 205,400, reflecting a 288% year-on-year increase [6] - The brokerage sector's net profit for the first three quarters is expected to grow by 53.1%, with the third quarter showing a sequential increase of 1% [6] - Recommended stocks in this sector include Guotai Junan Securities, Huatai Securities, and GF Securities, which are expected to benefit from their respective strengths in retail and institutional business [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the expected influx of social security and pension funds into the market [5][6][7] Market Overview - As of the 42nd week of 2025, the CSI REITs (closing) index was 814.73, up 4.85% year-on-year but down 1.46% month-on-month. The CSI REITs total return index was 1043.46, up 11.08% year-on-year but down 1.44% month-on-month [5][7][20] - The trading volume of the REITs market reached 467 million units, a year-on-year decrease of 9.65%, while the trading amount was 2.072 billion yuan, a year-on-year increase of 1.52% [5][26][29] Sector Performance - Weekly and monthly performance of various REITs sectors showed declines: - Affordable housing: -2.50% weekly, -4.60% monthly - Environmental: -0.34% weekly, -4.48% monthly - Expressways: -1.12% weekly, -4.07% monthly - Industrial parks: -1.00% weekly, -1.98% monthly - Warehousing and logistics: -1.45% weekly, -1.76% monthly - Energy: -0.96% weekly, -3.11% monthly - Consumer: -1.09% weekly, -3.98% monthly [5][36][52] Upcoming Listings - There are currently 11 REITs funds awaiting listing, indicating an active issuance market [8][36]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [2] Core Insights - The MFN pricing progress has exceeded expectations, particularly regarding global pricing dynamics for innovative drugs. Pfizer and AstraZeneca have reached agreements with the Trump administration on various pricing aspects, which are expected to significantly impact the market [6][15] - In the third week of October 2025, the pharmaceutical and biotechnology sector experienced a decline of 2.48%, underperforming the CSI 300 index by 0.26 percentage points, ranking 16th among 31 sub-industries [8][17] Summary by Sections MFN Pricing Developments - Pfizer's agreement includes pricing for both existing and new drugs, direct sales, and tariffs, with notable points such as only applying MFN pricing to the Medicaid channel, which accounts for a low revenue share of 4.5% [6][15] - The potential for raising prices in other developed countries to maintain U.S. pricing levels is supported by recent announcements from BMS and AbbVie, indicating a trend that could enhance global sales forecasts for innovative drugs [7][16] Market Performance - The overall market trend from early 2025 has been upward, but the pharmaceutical and biotechnology sector has faced a downturn recently, with specific sub-sectors like offline pharmacies showing the highest gains at 0.59% [8][17] - The medical research outsourcing sector saw the largest decline at 6.46%, while other sectors like medical devices and vaccines also reported significant drops [21][22] Stock Recommendations - Monthly stock recommendations include companies such as Sanofi, Innovent Biologics, and Stone Pharmaceutical, while weekly recommendations feature companies like Kelun-Biotech and Shanghai Yizhong [9]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that despite short-term pressures, the long-term fundamentals remain strong, particularly in high-growth sectors such as PCB, AI chips, and storage [7] - The report emphasizes the ongoing demand for storage products, indicating a potential multi-year bull market driven by strong procurement from cloud service providers [6] - The AI infrastructure is expanding globally, with significant investments in AI chips and data centers, confirming a 40% CAGR for computing chips over the next five years [5] Market Review - The domestic risk assets experienced a broad decline, with the electronic industry index dropping by 7.1% during the week of October 13-17, 2025, while consumption electronics fell by 9.3% and semiconductors by 6.7% [3][4] - In contrast, overseas assets like the Nasdaq rose by 2.1%, indicating a divergence in performance between domestic and international markets [4] Industry Updates - The consumer electronics sector is seeing a surge in new product launches, with Apple's iPhone Air set to be released soon, and global smartphone sales showing signs of recovery [5] - The storage market is experiencing a shortage, with prices for Flash Wafer increasing significantly, driven by strong demand [6] - Major companies like OpenAI and Google are making substantial investments in AI infrastructure, further solidifying the industry's growth trajectory [5][6] Investment Recommendations - The report suggests focusing on core beneficiaries in high-growth areas, including companies like SMIC, Hua Hong Semiconductor, and Cambricon [7]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The report emphasizes that the refrigerant trend remains unchanged, suggesting to actively seize layout opportunities after market corrections [4][22] - The fluorochemical industry chain has entered a long prosperity cycle, with significant growth potential across various segments, including fluorite, refrigerants, and high-end fluorinated materials [22] Summary by Sections 1. Industry Overview - The fluorochemical index decreased by 8.97% from October 13 to October 17, underperforming the Shanghai Composite Index by 7.50% [6][24] - The average price of fluorite (97% wet powder) as of October 17 is 3,620 CNY/ton, down 0.44% week-on-week, but up 3.12% year-on-year [19][34] 2. Refrigerant Market - As of October 17, prices for various refrigerants are as follows: R32 at 62,500 CNY/ton, R125 at 45,500 CNY/ton, R134a at 53,000 CNY/ton, R410a at 53,000 CNY/ton, and R22 at 16,000 CNY/ton [20][23] - The market for R32 and R134a is expected to remain warm due to slight recovery in domestic production demand and seasonal export orders [21][22] 3. Key Companies and Performance - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [11][22] - Sanmei Co. expects a net profit of 1.524 to 1.646 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 171.73% to 193.46% [10]

Group 1 - The report highlights the implementation of export controls on superhard materials by the Ministry of Commerce and the General Administration of Customs, affecting products such as synthetic diamond powders and CVD equipment [2][11]. - China's superhard materials industry is globally leading, with a production share of over 95% in industrial diamonds, supported by a monopolized supply chain in Henan and a significant market share in diamond wire saws [3][16]. - The future development of the superhard materials industry will focus on high-end and specialized applications, with an emphasis on technological independence and green transformation [3][23]. Group 2 - The report notes a decline of 3.59% in the chemical new materials sector on the North Exchange, with only the rubber and plastic products sector showing an increase [4][30]. - Key companies in the sector, such as LITONG Technology and HUIFENG Diamond, have shown significant stock performance, with LITONG Technology increasing by 39.83% [4][37]. - The report provides insights into the financial performance of MINSHIDA, which reported a 28.88% year-on-year increase in net profit for the first three quarters of 2025 [5][74]. Group 3 - The superhard materials industry is experiencing a trend towards high-end and diversified applications, extending from traditional industrial processing to high-value sectors like semiconductors and aerospace [13][19]. - The report outlines the core demands for various applications of superhard materials, including high hardness for industrial processing and high thermal conductivity for semiconductor applications [14]. - The competitive landscape of the superhard materials industry will increasingly focus on eliminating outdated production capacity and supporting specialized enterprises [23][26].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report indicates that pig prices are stabilizing at low levels, with a continued reduction in breeding stock. As of October 17, 2025, the national average price for live pigs is 11.18 yuan/kg, showing a week-on-week increase of 0.19 yuan/kg but a year-on-year decrease of 6.52% [3][12] - The report highlights that the price of piglets has further declined, which may accelerate the culling of sows. The price for 7kg piglets has dropped to 165 yuan/head, below the industry average cost of 300 yuan/head, leading to potential losses that could hasten the elimination of sows [4][19] - The report notes that the domestic pet market is experiencing a rise in local brands, particularly during the Double Eleven pre-sale event, where the top eight brands in sales are all domestic [5][22] Summary by Sections Weekly Observation - The pig price is in a low-level fluctuation, with breeding stock reduction continuing. The proportion of breeding stock in actual sales is 1.02%, with a week-on-week increase of 0.09 percentage points but a year-on-year decrease of 5.07 percentage points. The utilization rate of breeding facilities is 32%, down 2.4 percentage points from the previous period and down 15.9 percentage points year-on-year [12][13] Weekly Perspective - The report suggests that losses in pig farming may accelerate the reduction of breeding stock. The price of live pigs continues to decline, reaching a new low for the year, and the losses in pig farming are deepening. The report recommends stocks such as Muyuan Foods, Wens Foodstuff Group, and others [29][30] Market Performance (October 13-17) - The agricultural sector underperformed the market by 0.73 percentage points, with the Shanghai Composite Index down 1.47% and the agricultural index down 2.20%. Notable stock performances include Shenyin Wanguo Biological (+10.33%) and others [32][37] Price Tracking (October 13-17) - The average price for live pigs is 11.17 yuan/kg, down 0.01 yuan/kg from the previous week. The average price for piglets is 17.99 yuan/kg, down 0.73 yuan/kg. The average price for white strip meat is 14.68 yuan/kg, down 0.51 yuan/kg [6][47] Key News (October 13-17) - The Ministry of Agriculture and Rural Affairs held a video conference to strengthen the inspection and slaughtering of pigs, emphasizing the importance of quality control in pork products [38]

Group 1 - The report highlights that the recent global market downturn has led to a limited adjustment in the North Exchange, with the North 50 index showing a smaller decline compared to other major indices, indicating a potential valuation advantage for growth stocks [1][9][19] - The North Exchange's price-to-earnings (PE) ratio as of October 17, 2025, is 48.34X, which is lower than the PE ratios of the ChiNext and Sci-Tech boards, suggesting a narrowing valuation gap with the ChiNext and a widening discount compared to the Sci-Tech board [17][19][22] - The report emphasizes the importance of focusing on technology growth and undervalued stocks, particularly those with strong performance in the upcoming quarterly reports [40][41] Group 2 - The North Exchange has seen a decline in liquidity, with average daily trading volume dropping to 181.85 billion yuan and turnover rate to 3.87% from previous higher levels [12][20][24] - The report notes that the North Exchange has a significant number of companies with high PE ratios, with 140 companies exceeding 45X, indicating a potential risk in overvaluation [33][36] - The report suggests that investors should pay attention to companies with stable performance and reasonable valuations, particularly in sectors like high-end equipment, information technology, and chemical new materials, which have varying PE ratios [34][37][42]

Group 1 - The Bay Area Semiconductor Expo successfully showcased high-growth semiconductor targets, with 18 companies in the semiconductor industry on the North Exchange, totaling a market value of 73.242 billion yuan as of October 17, 2025 [2][22][24] - Tonghui Electronics (920509.BJ) achieved a revenue of 101 million yuan in H1 2025, representing a year-on-year growth of 16.81%, and a net profit of 29.3099 million yuan, up 55.40% year-on-year [2][24][27] - The semiconductor industry is expected to benefit from the integration of the entire semiconductor supply chain, with significant participation from top global companies [12][13] Group 2 - The average weekly decline for five major industries, including high-end equipment and information technology, was recorded at -4.50% and -5.43% respectively [3][28] - The median price-to-earnings (PE) ratio for the high-end equipment industry dropped to 40.1X, while the information technology sector saw an increase to 69.6X [3][30] - The chemical new materials industry also experienced a decline in median PE ratio to 40.4X, with notable performers like Litong Technology increasing by 39.83% [3][31] Group 3 - In the technology sector, the median TTM PE ratio for 156 companies decreased from 48.9X to 45.8X, with an overall market capitalization drop from 495.739 billion yuan to 471.131 billion yuan [4][40][41] - The top five gainers in the technology sector included Wantong Hydraulic (+16.56%) and Tonghui Electronics (+15.66%) [4][38][43] - The smart manufacturing industry saw its median PE ratio drop to 50.1X, while the electronic industry’s median PE ratio fell to 54.0X [4][45][51] Group 4 - The third-quarter reports are being disclosed, highlighting high-growth and scarce targets such as Yabo Xuan, which reported a revenue of 419 million yuan, up 55.9% year-on-year [5][62] - Other companies like Minshida and Lichuang Technology also reported significant revenue growth, with Minshida achieving 343 million yuan in revenue, a 21.77% increase [5][63] - The announcements indicate a focus on innovation and technology advancements, with several companies receiving patents and regulatory approvals [5][62][63]