2025 年 11 月 16 日 精创电气(920035)：冷链设备"小 巨人"，细分领先者的智能化与出海 ——北交所新股申购策略报告之一百五十一 相关研究 - 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 A0230124070002 lvjh@swsresearch.com 策 略 研 究 证 券 研 究 报 申购策略 目录 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 购 策 略 告 ⚫ 基本面：长期深耕行业的冷链设备"小巨人"。公司主营系冷链智能控制及监测记录类产 品，主要应用于制冷暖通（HVAC/R）、医药、食品和环境检测等领域。智能化引领，云 技术赋能优势。公司基于神经网络、自主学习等核心算法模块，将云平台软件技术与智能 化产品相互融合，已经形成了"精创智能冷链物联网监控平台"及"ECO²云计算节能电 控箱软件"等云平台软件著作权。市场地位突出，位居国际前列。公司业务全球化布局， 在中国深圳、南 ...

策 略 研 究 新股分析 2025 年 11 月 16 日 中国铀业：天然铀矿核心企业，背靠 中核拓疆海外 ——注册制新股纵览 20251116 本期投资提示： 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 申 购 策 略 告 相关研究 - ⚫ AHP 得分：剔除流动性溢价因素后，中国铀业 2.12 分，位于总分的 28.7%分位。中国铀 业于 2025 年 11 月 13 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算 中国铀业 AHP 得分分别为 2.12 分、1.60 分，分别位于非科创体系 AHP 模型总分的 28.7%、 32.8%分位，分别处于中游偏上、下游偏上水平。假设以 ...

2025 年 11 月 16 日 北证开市四周年，市值近万亿流动 性改善显著 ——北交所策略周报（20251110-20251116） 本周策略观点： 本周市场行情： 北交所新股： 新三板动态： ⚫ 本周新挂牌 11 家，摘牌 6 家，周新增计划融资 0.96 亿元，完成融资 0.67 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 联系人 郑菁华 A0230525060001 zhengjh@swsresearch.com 新 三 板 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 ...

2025 年 11 月 16 日 牛市两段论 证 券 研 究 报 告 证券分析师 傅静涛 A0230516110001 fujt@swsresearch.com 韦春泽 A0230524060005 weicz@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 A 股 策 略 韦春泽 A0230524060005 weicz@swsresearch.com ⚫ 一、全球竞争加剧，已经是无法回避的时代背景。"十五五"规划外循环从"跟跑"到"领 跑"，直面话语权竞争。A 股也应拥抱"竞争思维"，不要惧怕竞争：竞争事件催化确实 仍会冲击风险偏好，但竞争加剧已成事实，A 股正在转向定价竞争的成败得失。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 A 股策略 一、全球竞争加剧，已经是无法回避的时代背景。"十五五"规划外循环从"跟跑" 到"领跑"，直面话语权竞争。A 股也应拥抱"竞争思维"，不要惧怕竞争：竞争事件 催化确实仍会冲击风险偏好，但竞争加剧已成事实，A 股正在转向定价竞争的成败得 失。 ...

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a high prosperity trend despite fluctuating interest rate expectations [3][4]. Core Views - The report highlights that the non-ferrous metals index outperformed the broader market indices, with significant year-to-date gains across various metal categories, particularly energy metals and precious metals [5][9]. - The report suggests that the recent interest rate cuts and ongoing geopolitical developments will continue to influence metal prices positively, particularly for gold and silver [4][22]. Weekly Market Review - The Shanghai Composite Index decreased by 0.18%, while the non-ferrous metals index increased by 1.07%, outperforming the CSI 300 by 2.15 percentage points [5]. - Year-to-date, the non-ferrous metals index has risen by 77.71%, significantly outperforming the CSI 300 by 60.09 percentage points [8]. Price Changes and Industry Key Companies Valuation - Precious metals saw a price increase, with gold prices rising by 1.91% and silver by 4.51% [14]. - The report provides detailed price changes for various metals, including copper, aluminum, and lithium, indicating a mixed performance with some metals experiencing price increases while others faced declines [15][17]. - Key companies in the industry are highlighted with their respective valuations, showing a range of price-to-earnings (PE) and price-to-book (PB) ratios, indicating potential investment opportunities [19][20]. Precious Metals - The report notes an increase in gold ETF holdings, reflecting growing investor confidence in gold as a safe-haven asset [22]. - The gold-silver ratio is reported at 78.3, suggesting potential shifts in demand dynamics between these two precious metals [23]. Industrial Metals - The report discusses the supply and demand dynamics for copper, noting a decrease in domestic social inventory and fluctuations in production rates [28]. - For aluminum, the report indicates an increase in downstream processing rates and a tightening supply-demand balance, suggesting a positive price outlook [42][44]. Small Metals - The report highlights the tight supply conditions for cobalt due to export restrictions from the Democratic Republic of Congo, while lithium prices continue to rise due to strong demand in energy storage [9][17].

Group 1 - The report highlights the stable profitability and cash flow improvement in the municipal environmental sector, driven by debt reduction and water price adjustments, leading to opportunities in high-dividend environmental assets. Recommended companies include Hanlan Environment, Xingrong Environment, Green Power, Junxin Co., Yongxing Co., Hongcheng Environment, Conch Venture, Everbright Environment, and Yuehai Investment [4][27]. - The transportation sector's carbon reduction initiatives are fully underway, with the biodiesel industry expected to benefit significantly from policies such as the EU RED3, which will increase demand for biodiesel in road transport, shipping, and aviation [4][33]. - AI empowerment is driving secondary growth in the municipal environmental sector, with significant potential in waste management and autonomous sanitation. The integration of AI in waste-to-energy projects can enhance profitability and cash flow, with examples showing net profit increases of 83% to 146% [4][27]. Group 2 - The report details the stable revenue and income from municipal water and solid waste services, which are essential for urban operations. The typical operating model involves exclusive rights for 25-30 years, ensuring long-term revenue stability [10][11]. - Water price adjustments are accelerating, with various regions implementing increases that can enhance the profitability of water companies. For instance, cities like Guangzhou and Shenzhen have proposed significant price hikes, with increases ranging from 13% to 31% [19][21]. - The report provides a summary of high-dividend companies in the environmental sector, showcasing their market capitalization, PE ratios, net profits, and dividend rates, indicating a trend towards higher shareholder returns [9][24]. Group 3 - The report emphasizes the expected increase in free cash flow for municipal environmental companies due to a significant decline in capital expenditures (Capex), which is projected to enhance dividend rates over time [25][27]. - Specific companies are recommended based on their growth potential and dividend stability, including Hanlan Environment, Xingrong Environment, Junxin Co., Yongxing Co., and Hongcheng Environment, each with unique strengths in their respective markets [27][28]. - The biodiesel industry is set to expand significantly due to EU policies that broaden the scope of renewable energy requirements across various transport sectors, indicating a robust growth trajectory for companies involved in biodiesel production [33][34].

Group 1: Economic Changes and Trends - In 2025, the domestic economy experienced three significant changes: the retreat of the "scar effect," the weakening impact of tariff conflicts on the economy, and the gradual formation of a new "supply-side reform" framework[2] - The "scar effect" has shown signs of retreat, with improvements in consumer traffic and prices of certain goods, as well as a rapid decline in accounts receivable growth for enterprises[2][25] - The export structure has been optimized, with a decrease of approximately 3.2 percentage points in exports to the U.S. to 11.4% and an increase in exports to Europe by about 0.7 percentage points to 17.2%[31] Group 2: Policy Recommendations and Economic Recovery - The report emphasizes the need for "anti-involution" measures and debt clearance to restore corporate profitability and operational vitality[3][57] - The focus on developing the service sector is crucial for improving overall employment absorption capacity in society[3][57] - The year 2026 is expected to be a pivotal year for comprehensive reform and development, with an emphasis on accelerating reform processes and expanding domestic demand policies[4] Group 3: Economic Forecasts - The economy is predicted to undergo a non-typical recovery, transitioning from "confidence building" to a "non-typical" recovery phase, with expectations of improved corporate profitability[5] - Domestic demand policies are expected to support consumption demand, while increased debt clearance efforts will alleviate the "crowding out effect" on investment funds[5] - The inflation trend is becoming increasingly important, with PPI showing an upward trend and CPI expected to improve, contributing to the recovery of corporate profitability[5]

上 市 公 司 电力设备 | 市场数据： | 2025 年 11 月 14 日 | | --- | --- | | 收盘价（元） | 60.77 | | 一年内最高/最低（元） | 73.94/45.22 | | 市净率 | 5.5 | | 股息率%（分红/股价） | 0.74 | | 流通 A 股市值（百万元） | 41,792 | | 上证指数/深证成指 | 3,990.49/13,216.03 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 11.15 | | 资产负债率% | 45.13 | | 总股本/流通 A 股（百万） | 688/688 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 11-14 12-14 01-14 02-14 03-14 04-14 05-14 06-14 07-14 08-14 09-14 10-14 11-14 -20% 0% 20% 40% 东方电缆 沪深300指数 (收益率) 投资要点： 2025 年 11 月 16 日 东 ...

2025 年 11 月 16 日 国电南瑞 (600406) ——业绩稳步提升，合同负债持续增长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 11 月 14 日 | | --- | --- | | 收盘价（元） | 23.80 | | 一年内最高/最低（元） | 26.85/21.08 | | 市净率 | 3.9 | | 股息率%（分红/股价） | 2.45 | | 流通 A 股市值（百万元） | 190,313 | | 上证指数/深证成指 | 3,990.49/13,216.03 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.13 | | 资产负债率% | 43.18 | | 总股本/流通 A 股（百万） | 8,032/7,996 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 上 市 公 司 电力设备 11-14 12-14 01-14 02-14 03-14 04-14 05-14 06-14 07-14 08 ...