Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Views - The construction materials industry is currently at a cyclical bottom in terms of profitability, with leading companies in various segments performing in line with expectations. For instance, China Jushi in the fiberglass sector has seen a significant year-on-year improvement in profitability, while companies like Rabbit Baby have also reported substantial profit improvements due to investment income. Other leading companies such as Oriental Yuhong, Beixin Building Materials, Qibin Group, and Jianlang Hardware are also showing signs of bottoming out in their fundamentals. It is anticipated that stock prices may break out of the bottom range under the influence of policy catalysts and market style shifts [4][5] Summary by Relevant Sections Cement - Demand for cement has shown a slight month-on-month improvement, primarily due to infrastructure projects and better weather conditions, although year-on-year demand remains down. The overall demand is still in a weak recovery phase, influenced by weather disruptions and the pace of demand release. In September 2025, the monthly cement production was 154 million tons, down 8.6% year-on-year [5][10] Glass - The glass industry is experiencing a continuous decline in demand due to the impact of real estate. Short-term demand during the traditional peak season has shown limited improvement, and inventory levels among intermediaries remain relatively high. The supply-demand imbalance persists, with limited improvement in downstream terminal demand. The industry is expected to face increased environmental requirements and costs, accelerating the pace of cold repairs [5][17] Fiberglass - The fiberglass sector is witnessing a price recovery, with price increases of 5%-10% reported. The demand for electronic yarns is driven by the AI industry, leading to a significant increase in both volume and price. The demand is expected to continue growing alongside AI developments [6] Consumer Building Materials - The profitability of the consumer building materials sector has reached a bottom, with prices having no further downward space after years of competition. The sector is strongly advocating for price increases and profitability improvements, with several categories like waterproofing, coatings, and gypsum boards issuing price increase notices this year. A recovery in profitability is anticipated for leading companies in the second half of the year [6] Recent Company Announcements - Conch Cement reported Q3 revenue of 20 billion yuan, down 11.4% year-on-year, but net profit increased by 3.4% year-on-year to 1.94 billion yuan, benefiting from cost reductions and improved gross margins. Q3 revenue for Qibin Group was 4.39 billion yuan, up 18.9% year-on-year, with a net profit of 20 million yuan, marking a return to profitability [19][20][22]

- The report tracks the performance of style factors, including liquidity, volatility, and nonlinear market capitalization, which showed strong long positions, while valuation, profitability, and leverage factors exhibited strong short positions [2][16] - Barra style factors are constructed using various financial and technical metrics, such as historical beta, logarithm of total market capitalization, historical excess return momentum, and volatility calculated as a weighted combination of historical excess return volatility, cumulative excess return deviation, and residual return volatility [14][15] - Liquidity factor is calculated as a weighted combination of monthly turnover rate (35%), quarterly turnover rate (35%), and annual turnover rate (30%) [15] - Profitability factor is constructed using a weighted combination of analyst forecast earnings-to-price ratio (68%), inverse cash flow ratio (21%), inverse PE ratio (11%), forecast long-term earnings growth rate (18%), and forecast short-term earnings growth rate (11%) [15] - Growth factor is calculated using a weighted combination of earnings growth rate (24%) and revenue growth rate (47%) [15] - Leverage factor is constructed using market leverage ratio (38%), book leverage (35%), and asset-liability ratio (27%) [15] - GRU models, including open1d, close1d, barra1d, and barra5d, are tracked for their multi-factor performance across different stock pools, showing varied results in terms of long-short returns [3][4][5][6] - GRU models demonstrated strong performance in certain configurations, such as close1d and barra5d, while open1d and barra1d showed weaker returns in specific periods [31][33] - Multi-factor portfolios underperformed this week, with relative excess returns against the CSI 1000 index showing a decline of 0.95% [33][34] - Barra5d model exhibited strong year-to-date performance, achieving an excess return of 5.81% against the CSI 1000 index [33][34] - Technical factors, including short-term and long-term momentum and volatility metrics, showed mixed results across different stock pools, with short-term metrics generally outperforming [19][21][24][26] - Basic financial factors, such as static financial metrics and growth-related metrics, generally showed negative long-short returns, with low-growth stocks outperforming [19][21][24][26] - GRU models' long-short returns varied across stock pools, with close1d and barra5d models showing strong positive returns, while open1d and barra1d models experienced slight pullbacks [31][33] - The liquidity factor achieved a weekly return of 1.39%, while the volatility factor returned 0.92% over the same period [17] - Profitability factor showed a weekly return of -1.31%, and valuation factor returned -1.53% [17] - Growth factor achieved a weekly return of 0.21%, while leverage factor returned -0.83% [17] - GRU models' weekly returns included -0.82% for open1d, 2.88% for close1d, -0.45% for barra1d, and 1.23% for barra5d [31] - Multi-factor portfolio weekly return was -0.95% relative to the CSI 1000 index [34]

证券研究报告 石化行业周报：地缘计价摇摆，原油波动 行业投资评级：强大于市|维持 中邮证券研究所石化团队 分析师:张津圣 SAC 登记编号:S1340524040005 1 1 发布时间：2025-11-03 投资要点 请参阅附注免责声明 3 ◼ 本周申万一级行业指数表现中，石油石化指数表现一般，较上周上涨0.05%。 ◼ 而中信三级行业指数表现来看，本周工程服务在石油石化中表现最佳，涨幅2.26%。 1 原油—— ◆ 原油跌 ◆ 美原油库存下降，汽油库存下降 请参阅附注免责声明 2 ◼ 焦点：地缘计价摇摆。关注OPEC+未来政策。持续关注反内卷进展，石化行业中老旧装置淘汰退出和更 新改造的进展。 ◼ 回顾：本周申万一级行业指数表现中，石油石化指数表现一般，较上周上涨0.05%。而中信三级行业指 数表现来看，本周工程服务在石油石化中表现最佳，涨幅2.26%。 ◼ 原油：原油跌。美原油库存下降，汽油库存下降 ◼ 聚酯：涤纶长丝价格大体平稳、价差涨。江浙织机涤纶长丝库存天数跌，织机开工率涨 ◼ 烯烃：样本聚烯烃现货价格大体平稳，库存下滑 ◼ 标的： ➢ 上游：地缘若未来再次给出原油溢价，则利好上游标的。 ➢ 炼化 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [15]. Core Insights - The company achieved a record high net profit attributable to shareholders of 9.51 billion yuan in Q3 2025, with a year-on-year increase of 140.98% [4]. - Revenue for the first three quarters of 2025 reached 86.44 billion yuan, reflecting a year-on-year growth of 38.91% [4]. - The company’s gold production for Q1-Q3 2025 was 10.71 tons, with a slight year-on-year decrease of 0.41%, but Q3 production saw a quarter-on-quarter increase of 15.68% [5]. - The report highlights ongoing project developments, including the discovery of a large-scale gold-copper deposit at Wanxiang Mining, which is expected to significantly contribute to profit growth [7]. Financial Performance - The company’s revenue is projected to grow from 90.26 billion yuan in 2024 to 183.45 billion yuan in 2027, with a compound annual growth rate of 24.99% to 5.88% [11]. - Net profit attributable to shareholders is expected to rise from 1.76 billion yuan in 2024 to 5.96 billion yuan in 2027, with growth rates of 119.46% to 7.75% [11]. - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 32.09 in 2024 to 9.49 in 2027, indicating improving valuation metrics [11]. Cost and Production Insights - The average gold sales cost for Q1-Q3 2025 was approximately 327 yuan per gram, a year-on-year increase of 16% [6]. - The report notes that the cost of production at the Vasa mine has increased significantly due to various factors, including tax rate hikes and operational cost increases [6]. Future Outlook - The report anticipates stable growth in gold production and sales, with projected net profits of 34.28 billion yuan, 55.34 billion yuan, and 59.64 billion yuan for 2025, 2026, and 2027 respectively [9]. - The company is expected to benefit from ongoing mining project developments and improved operational efficiencies, contributing to overall profitability [7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][13]. Core Insights - The company reported a revenue of 2.583 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.76%. The net profit attributable to shareholders was 226 million yuan, up 16.29% year-on-year [5]. - In Q3 2025, the company achieved a revenue of 917 million yuan, a 15.08% increase year-on-year, with a net profit of 80 million yuan, marking a significant growth of 104.08% year-on-year [5][6]. - The company is focusing on expanding its production bases in China and Southeast Asia, while exploring new business growth points through a diversified product matrix and global channel advantages [6]. Financial Performance - The company's gross margin for Q3 was 24.57%, slightly down by 0.21 percentage points year-on-year, while the net profit margin improved by 3.82 percentage points to 8.77% [6]. - The financial expenses have increased, with the expense ratio for the first three quarters at 17.74%, up 2.41 percentage points year-on-year. However, cash flow improved significantly, with operating cash flow for Q3 reaching 165 million yuan, an increase of 124 million yuan year-on-year [6]. Earnings Forecast - The company is expected to generate revenues of 3.43 billion yuan and 3.91 billion yuan in 2025 and 2026, respectively, representing year-on-year growth rates of 17.2% and 14.2% [7]. - The forecasted net profit attributable to shareholders for 2025 and 2026 is projected to be 320 million yuan and 380 million yuan, with growth rates of 3.36% and 18.34%, respectively [7].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - High - frequency economic data focuses on: production end is differentiated with some开工率 decreasing and some increasing; commercial housing transactions decline marginally while land supply area rises continuously; prices are stable with an upward trend; shipping prices at home and abroad show opposite trends. Short - term attention should be paid to anti - involution, incremental policy implementation, and the recovery of the real estate market [2][30]. 3. Summary by Relevant Catalogs Production - Steel: Coke oven capacity utilization decreased by 0.42 pct, blast furnace operating rate decreased by 2.96 pct, and rebar output increased by 5.52 tons [2][9]. - Petroleum asphalt: Operating rate increased by 0.4 pct [9]. - Chemical industry: PX operating rate increased by 1.6 pct, PTA operating rate increased by 2.4 pct [9]. - Automobile tires: Full - steel tire operating rate decreased by 0.24 pct, semi - steel tire operating rate decreased by 0.26 pct [10]. Demand - Real estate: Commercial housing transaction area declined marginally, inventory - to - sales ratio decreased, land supply area increased continuously, and residential land transaction premium rate increased [13]. - Movie box office: Decreased by 0.53 billion yuan compared with the previous week [13]. - Automobile: Daily average retail sales of manufacturers increased by 0.6 million vehicles, and daily average wholesale sales increased by 1.5 million vehicles [15]. - Shipping index: SCFI increased by 10.49%, CCFI increased by 2.89%, BDI decreased by 1.26% [18]. Prices - Energy: Brent crude oil price decreased by 1.32% to $65.07 per barrel, coking coal futures price increased by 3.52% to 1295.5 yuan per ton [20]. - Metals: LME copper, aluminum, and zinc futures prices changed by - 0.51%, + 1.1%, and + 1.01% respectively, and domestic rebar futures price increased by 1.83% [21]. - Agricultural products: The overall price rose rapidly, with the wholesale price index of agricultural products 200 increasing by 2.23%. Pork, egg, vegetable, and fruit prices changed by + 0.39%, - 0.14%, + 5.96%, and + 0.28% respectively compared with the previous week [23]. Logistics - Subway passenger volume: Beijing decreased slightly, Shanghai increased slightly [26]. - Flight volume: Both domestic (excluding Hong Kong, Macao, and Taiwan) and international flight volumes decreased [28]. - Urban traffic: The peak congestion index in first - tier cities continued to decline [28].

Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Insights - The company reported a revenue of 2.695 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 35.47%. The net profit attributable to the parent company was 128 million yuan, up 32.45% year-on-year [5]. - In Q3 2025, the company achieved a revenue of 1.111 billion yuan, a year-on-year increase of 38.02%, with a net profit of 67 million yuan, reflecting a growth of 22.71% year-on-year [5]. - The company's Q3 gross margin was 21.41%, down 5.90 percentage points year-on-year, primarily due to a shift in customer structure towards lower-margin strategic industry clients [6]. - The company is expected to continue its growth trajectory in the MRO industry, with projected revenues of 4.52 billion yuan and 6.03 billion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 25.3% and 33.4% [7]. Financial Performance - The company’s total market capitalization is 6.7 billion yuan, with a total share capital of 410 million shares [4]. - The company’s PE ratio is 29.60, with a projected PE of 25.4X and 21.4X for 2025 and 2026, respectively [4][7]. - The operating cash flow for Q3 was 117 million yuan, an increase of 59 million yuan year-on-year [6]. Revenue and Profit Forecast - The forecast for the company's revenue and net profit for the upcoming years is as follows: - 2025E Revenue: 4.52 billion yuan, Net Profit: 263.47 million yuan - 2026E Revenue: 6.03 billion yuan, Net Profit: 312.73 million yuan [9][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][15]. Core Insights - The company reported a rapid growth in Q3 2025, with a total revenue of 1.462 billion yuan, a slight decrease of 7.14% year-on-year, while the net profit attributable to shareholders increased by 0.35% to 385 million yuan [4][6]. - The company has shown significant improvements in profitability, with a gross margin of 75.23% and a net profit margin of 26.34% for the first three quarters of 2025 [6]. - The traditional Chinese medicine segment is expected to contribute to revenue growth through new formulations and the cultivation of second and third-tier products [6][7]. - The biopharmaceutical segment is undergoing management optimization, with ongoing clinical trials for several monoclonal antibody projects [7]. Financial Performance Summary - For Q1-Q3 2025, the company achieved a net cash flow from operating activities of 432 million yuan, reflecting an increase of 84.63% [4][6]. - The company’s revenue for 2025 is projected to be 2.307 billion yuan, with net profits expected to reach 471 million yuan, corresponding to a PE ratio of 19 [8][11]. - The financial metrics indicate a healthy cash flow and a stable financial position, with an asset-liability ratio of 28.9% [3][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [2][14]. Core Insights - The company reported a revenue of 3.73 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 47.3%. The net profit attributable to shareholders was 1.62 billion yuan, up 52.0% year-on-year, with a stable performance in Q3 [5][6]. - The company's product, Vomeletin, shows a steady increase in market share due to its "high efficiency and low toxicity" advantages, with a gross margin of 96.8% for the first three quarters of 2025 [6][8]. - The NDA for Vomeletin for the treatment of NSCLC has been accepted for priority review, with competitive efficacy and safety data compared to other treatments in the market [7][8]. Financial Performance - For 2025, the company is projected to achieve revenues of 4.82 billion yuan, a 35.3% increase year-on-year, and a net profit of 1.99 billion yuan, reflecting a growth of 38.8% [8][10]. - The gross margin is expected to remain high, with estimates of 96.3% for 2025 and 96.4% for 2026 and 2027 [10][13]. - The company’s debt-to-asset ratio is low at 10.7%, indicating strong financial stability [4][13]. Earnings Forecast - The earnings per share (EPS) is projected to be 4.41 yuan in 2025, increasing to 6.23 yuan by 2027, with corresponding price-to-earnings (P/E) ratios of 23.89 and 16.92 respectively [10][13]. - The company is expected to continue its growth trajectory with revenue forecasts of 5.87 billion yuan in 2026 and 7.07 billion yuan in 2027, maintaining a strong growth rate [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 12 months [2][14]. Core Insights - The company reported a revenue of 231.8 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 14.9%. The net profit attributable to shareholders was 57.5 billion yuan, up 24.5% year-on-year [4][5]. - The third quarter of 2025 saw a revenue of 74.3 billion yuan, a 12.7% increase, with a net profit of 13.0 billion yuan, marking a 9.5% growth [4][5]. - The company is expected to confirm a collaboration payment from GSK in Q4, which is anticipated to contribute to revenue growth [5]. Financial Performance Summary - The gross profit margin for the first three quarters of 2025 was 86.2%, with a net profit margin of 24.8% [6]. - The company’s net profit margin for Q3 2025 was 17.6%, with a slight decrease of 0.5 percentage points compared to the previous quarter [6]. - The projected revenues for 2025, 2026, and 2027 are 344.4 billion yuan, 390.5 billion yuan, and 438.8 billion yuan, respectively, with corresponding net profits of 91.8 billion yuan, 107.0 billion yuan, and 117.7 billion yuan [7][10]. Earnings Forecast and Valuation Metrics - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.38 yuan, 1.61 yuan, and 1.77 yuan, respectively [10][13]. - The price-to-earnings (P/E) ratios for the same years are projected to be 45, 39, and 35 times [7][10]. - The company is recognized as a leading innovative pharmaceutical enterprise in China, with a highly differentiated product matrix [7].