证券研究报告 | 浙商早知道 报告日期：2025 年 10 月 31 日 浙商早知道 2025 年 10 月 31 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 ❑ 资金：周四沪深两市总成交额为 24217 亿元，南下资金净流入 136.4 亿港元。 1 市场总览 3、资金：周四沪深两市总成交额为 24217 亿元，南下资金净流入 136.4 亿港元。 1、大势：周四上证指数下跌 0.7%，沪深 300 下跌 0.8%，科创 50 下跌 1.9%，中证 1000 下跌 1.1%，创 业板指下跌 1.8%，恒生指数下跌 0.2%。 2、行业：周四表现最好的行业分别是钢铁（+0.9%)、有色金属（+0.8%)、公用事业（+0.1%)、交通运输 （+0.1%)、银行（+0.1%)，表现最差的行业分别是通信（-2.8%)、电子（-2.2%)、国防军工（-2.0%)、传媒 （-1.9%)、综合（-1.8%)。 重要观点 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 ...

证券研究报告 | 公司点评 | 汽车零部件 均胜电子(600699) 报告日期：2025 年 10 月 30 日 单三季度业绩大增 35%超预期，H 股正式全球发售 ——均胜电子点评报告 投资要点 ❑ 事件：公司发布 2025 年三季报 1）2025 年前三季度，公司实现收入 458 亿元，同比增长 11%；实现归母净利润 11.2 亿 元，同比增长 19%；前三季度新获订单 714 亿元，其中汽车电子 318 亿元、汽车安全 396 亿元。 ❑ 主业新获百亿大单；上半年降本增效工作持续推进，盈利能力持续修复 1）此前公告主业获百亿大单 10 月 20 日公司公告，主业获 50 亿人民币订单，包括智能辅助驾驶域控制器、智能座舱车 载多联屏等，计划 2026 年底量产；9 月 15 日已公告获得 150 亿人民币智驾订单。 2）上半年降本增效工作持续推进，盈利能力持续修复：①汽车安全业务方面：公司在浙 江湖州扩建产业基地，提高气体发生器核心零部件自供比例、降低成本；在菲律宾启动工 厂利用东南亚地区成本与规模优势；继续推进美洲、欧洲部分安全业务低效工厂的关停及 产线转移工作。②汽车电子业务方面：持续推进资源整合， ...

❑ 事件：公司发布 2025 年 9 月销售月报 2025 年 9 月份，公司销售商品猪 557.3 万头，同比增长 11.05%，主要得益于公司 生产经营规划及生产效率提升；商品猪销售均价 12.88 元/公斤，同比降低 30.94%；商品猪销售收入 90.66 亿元，同比降低 22.46%。2025 年 1 月至 9 月， 公司共销售商品猪 5732.3 万头，同比增长 27.0%；销售仔猪 1157.1 万头，同比 增加 151.2%。 ❑ 生猪养殖持续精进，成本优势稳步扩大 公司降本增效成果显著，养殖成本进入加速下行通道。2025 年 9 月公司生猪养 殖完全成本已降至 11.6 元/公斤左右，并计划在年底降至 11 元/公斤，成本下降来 源于生产成绩改善与单位期间费用下降。为实现成本的进一步突破，公司明确了 三大核心降本路径：1）种猪育种：依托全产业链优势，综合考量繁殖性能、生 长性能及屠宰经济价值进行选育，品种改良已成为当前成本下降的关键驱动力； 2）健康管理：通过持续推进疾病净化，提升猪群整体健康水平，以挖掘其生长 潜力；3）人才与管理：缩小内部场线间的成本离散度，推动落后场线向成本已 低于 1 ...

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 10 月 30 日 科技股牛市对债市影响的海外经验 ——债市专题研究 核心观点 参考日韩科技转型阶段科技牛并未对债市形成较大冲击，我们认为债市投资者无需对 正在演绎的权益市场科技牛行情过度担忧，股债行情联动更偏向于短期因素，长期债 市定价或仍需参考基本面等因素从长计议。 ❑ 日本：从"贸易立国"到"科技立国" 二战结束后，日本推行"贸易立国"的核心经济战略，驱动日本经济于 1956 至 1973 年间整体维持相对较高的增速水平。1970 年代后，劳动力红利丧失、石油危 机冲击等多因素叠加，驱动日本经济开始向科技发展转型，逐步形成"科技立国" 的经济发展理念。科技产业的快速发展催生出日本股市牛市行情，以 1970-1985 年 为观测窗口，期间日经 225 指数由约 2300 点上涨至约 13000 点。拆分行业来看， 以 1970 年 1 月东证各行业指数值为 1，至 1985 年 12 月，作为基准的日经 225 指 数由 1 上涨为 5.70，信息与通信行业指数最终录得 31.75，成为驱动该轮牛市的重 要引擎。1 ...

证券研究报告 | 公司点评 | 通信设备 中兴通讯(000063) 报告日期：2025 年 10 月 30 日 压力最大阶段或已过去，看好 AI 算力发展 ——中兴通讯 2025 三季报点评报告 投资要点 ❑ 受国内运营商通信基础设施投资下降影响，业绩有所承压 2025 年前三季度，公司实现营业收入 1005.20 亿元，同比增长 11.63%，归母净 利润 53.22 亿元，同比下降 32.69%；单三季度，公司实现营业收入 289.67 亿 元，同比增长 5.11%，归母净利润 2.64 亿元，同比下降 87.84%。 三季度业绩承压，主要受到国内运营商通信基础设施投资下降的影响，运营商网 络营收有所承压，运营商网络业务是公司收入占比最高（25H1 为 49%）、盈利能 力最高（25H1 毛利率 53%）的业务，该业务压力对公司的整体盈利水平和净利 润影响较大。 ❑ 第二曲线同比高增，自研芯片是盈利能力提升的重要抓手 前三季度，公司网络、算力、家庭、个人业务板块营收占比分别为 50%、25%、 15%、10%。 运营商网络：Q3 国内 Capex 降幅明显，压力最大阶段或已过去。 前三季度，国内运营商网络 ...

Market Overview - On October 29, the Shanghai Composite Index rose by 0.7%, the CSI 300 increased by 1.19%, the STAR 50 gained 1.18%, the CSI 1000 was up by 1.2%, the ChiNext Index surged by 2.93%, while the Hang Seng Index fell by 0.33% [4][5] - The best-performing sectors on October 29 were power equipment (+4.79%), non-ferrous metals (+4.28%), non-bank financials (+2.08%), basic chemicals (+1.53%), and steel (+1.26%). The worst-performing sectors included banks (-1.98%), conglomerates (-0.56%), food and beverage (-0.56%), textiles and apparel (-0.24%), and light industry manufacturing (-0.22%) [4][5] - The total trading volume for the A-share market on October 29 was 22,906.74 billion yuan, with a net inflow of 2.258 billion Hong Kong dollars from southbound funds [4][5] Key Recommendations - The report recommends Yongding Co., Ltd. (600105) based on its strong growth potential in the optical communication, overseas engineering, and automotive wiring harness sectors, driven by high-temperature superconducting materials and optical chip industries [6] - Despite short-term performance fluctuations mainly due to investment income, the long-term growth potential is supported by high-temperature superconducting materials and optical chip business [6] - The projected revenue for Yongding Co., Ltd. from 2025 to 2027 is 4,587.80 million yuan, 5,063.36 million yuan, and 5,747.82 million yuan, with growth rates of 11.59%, 10.37%, and 13.52% respectively. The net profit attributable to shareholders is expected to be 373.07 million yuan, 191.17 million yuan, and 226.42 million yuan, with growth rates of 507.46%, -48.76%, and 18.44% respectively [6] Important Insights - The strategy report suggests a balanced allocation approach for November, with a market view leaning towards large-cap stocks and value-oriented sectors [8] - The report indicates that the market's feedback mechanism is weakening, and upcoming regulations on public fund performance may further encourage style balance [8] - Key sectors to focus on include brokerage and banking, as well as industries experiencing upward trends such as communications (optical modules), electronics (storage), non-ferrous metals (copper), and basic chemicals [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's main business performance may have bottomed out, with a significant decline in revenue and net profit in the first three quarters of 2025 [1] - The report is optimistic about the growth potential of the CDMO business and the innovative drug pipeline, anticipating a recovery starting in 2026 [2] - The company's profitability is under short-term pressure due to business structure adjustments, but there is potential for a quick recovery in profits [3] Summary by Sections Performance - In the first three quarters of 2025, the company achieved revenue of 510 million yuan, a year-on-year decrease of 29.33%, and a net profit attributable to shareholders of 6.12 million yuan, down 95.68% year-on-year [1] Growth Potential - 2025 is viewed as a strategic adjustment year for the company, with expectations for the CDMO business to contribute significantly in the next two years. The company has completed 617 project verifications and registered 461 projects as of June 30, 2025 [2] - The company has 12 products expected to be included in the national procurement list, which could lead to significant revenue growth in 2026 [2] Profitability - The company's gross margin and net margin have significantly decreased due to declining demand in the generic drug sector and increased investments in innovative drug development. However, a recovery in profitability is anticipated as the supply-demand balance stabilizes [3] Financial Forecast and Valuation - The company is projected to achieve revenues of 711.24 million yuan in 2025, with a year-on-year decline of 11.31%, followed by growth in subsequent years. The net profit is expected to be 49.88 million yuan in 2025, with a significant increase in 2026 and 2027 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Insights - The company's resilience in the nutrition sector is highlighted, with Q3 performance exceeding expectations. For the first three quarters of 2025, revenue reached 16.642 billion yuan, a year-on-year increase of 5.45%, while net profit attributable to shareholders was 5.321 billion yuan, up 33.37% year-on-year. However, Q3 revenue was 5.541 billion yuan, down 6.66% year-on-year and 2.11% quarter-on-quarter, with net profit at 1.717 billion yuan, down 3.80% year-on-year and 0.35% quarter-on-quarter [1][2] Summary by Sections Revenue and Profitability - In Q3 2025, the average prices for key products such as VA, VE, VC, and methionine were 63.3, 64.3, 19.2, and 22.3 yuan per kilogram, showing significant year-on-year declines of -67.4%, -48.7%, -27.5%, and an increase of +7.9% respectively. Despite the price drops, the company's gross margin was 44.86%, up 1.3 percentage points year-on-year, indicating strong profitability [2] Market Demand and Supply - The demand for methionine is expected to remain robust, with a projected global market growth of around 6% annually, translating to an increase of over 100,000 tons per year. The company plans to expand its solid methionine production capacity by 70,000 tons and has initiated trial production of an 180,000 tons/year liquid methionine project [3] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 6.61 billion, 7.04 billion, and 8.10 billion yuan respectively, with corresponding EPS of 2.15, 2.29, and 2.64 yuan. The current price corresponds to P/E ratios of 10.86, 10.20, and 8.86 for the respective years [4]

Market Overview - On October 28, the Shanghai Composite Index fell by 0.22%, the CSI 300 decreased by 0.51%, the STAR Market 50 dropped by 0.84%, the CSI 1000 declined by 0.22%, the ChiNext Index decreased by 0.15%, and the Hang Seng Index fell by 0.33% [3][4] - The best-performing sectors on October 28 were Comprehensive (+2.06%), Defense and Military Industry (+1.07%), Transportation (+0.24%), Textile and Apparel (+0.19%), and Computer (+0.13%). The worst-performing sectors were Non-ferrous Metals (-2.72%), Beauty and Personal Care (-1.51%), Steel (-1.35%), Construction Decoration (-0.88%), and Coal (-0.79%) [3][4] - The total trading volume of the A-share market on October 28 was 21,653 billion, with a net inflow of 2.258 billion HKD from southbound funds [3][4] Key Insights - From January to September 2025, the profit growth of industrial enterprises maintained a recovery trend, primarily influenced by a low base effect. The impact of "anti-involution" remains to be observed, with its sustainability and intensity dependent on substantial supply-side policy effects. Overall, "anti-involution" may support a moderate recovery in industrial profits, but its strength is yet to be determined [5] - Industrial profits are significantly affected by base effects, indicating that the current readings may not fully reflect underlying economic conditions [5] - High-tech manufacturing has emerged as a crucial driver for the high-quality development of industrial enterprises [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company achieved revenue of 1.453 billion yuan in Q3 2025, representing a year-over-year increase of 25% but a quarter-over-quarter decrease of 11%. The decline is attributed to the delivery cycle affected by the domestic IDC launch rhythm. The net profit attributable to the parent company was 183 million yuan, up 8% year-over-year and 9% quarter-over-quarter, with a gross margin of 29.4%, an increase of 3.43 percentage points sequentially [1] - The company has made significant progress in overseas markets, with major client Google achieving a breakthrough. The company's BHS-AP platform products have been validated by Intel, and its UQD quick connector was included in NVIDIA's MGX ecosystem. The company is actively expanding its overseas market presence, particularly in the liquid cooling sector, anticipating benefits from the growing demand for AI data centers [2] - The domestic supernode market is expected to explode, creating opportunities for liquid cooling demand. Major domestic manufacturers are accelerating the deployment of supernode solutions, with significant power consumption that necessitates liquid cooling solutions. The company, as a leader in liquid cooling, is poised to benefit from this trend [3] - The company maintains a solid leadership position in the liquid cooling sector, leveraging its "full-chain" platform advantages and "end-to-end" product layout to collaborate deeply with data center owners, IDC operators, and major internet companies [4] - The company is projected to achieve revenues of 6.32 billion yuan, 9.34 billion yuan, and 12.80 billion yuan for the years 2025 to 2027, with year-over-year growth rates of 38%, 48%, and 37%, respectively. The net profit attributable to the parent company is expected to be 670 million yuan, 1.09 billion yuan, and 1.58 billion yuan for the same period, with corresponding growth rates of 48%, 63%, and 45% [5]