天风证券研报指出，金达威主营保健品、辅酶Q10、维生素系列等，2025H1公司营收17.28亿元（同比 +13.5%），归母净利润2.47亿元（同比+90.1%）。保健品市场持续扩容，健康消费需求日益旺盛。短 期来看，公司辅酶Q10稳健增长、保健品品牌多特倍斯国内需求爆发，业绩有望延续25H1高增长；中长 期来看，公司成长路径清晰，一方面预计可依靠合成生物技术平台孵化EPA等高附加值新品（有望复制 辅酶Q10成功路径）、另一方面公司转债募投辅酶Q10改扩建、30000吨阿洛酮糖和5000吨肌醇项目，有 望带来新业绩增长点、再者公司保健品品牌化也在持续推进升级和落地。我们预计25-27年归母净利润 分别为4.4/6.5/7.9亿元，增速分别为29%/47%/22%；参考可比公司汤臣倍健、若羽臣等，给予公司2026 年1.1倍PEG，对应PE为35X，目标市值157亿，对应目标价25.7元，维持"买入"评级。 ...

天风证券研报指出，富特科技是业内领先的新能源汽车高压电源核心零部件供应商，主要生产车载充电 机、车载DC/DC变换器、车载电源集成产品等车载高压电源系统以及非车载高压电源系统。目前已开 拓广汽集团、长城汽车、蔚来汽车、易捷特、雷诺汽车、小鹏汽车、小米汽车、比亚迪、长安汽车、零 跑汽车、Stellantis、某欧洲主流豪华品牌等国内外一流客户。公司三合一系统集成产品的毛利率逐年上 升带动主营业务毛利率增长并保持行业领先。车载电源行业竞争格局相对集中，未来聚焦三大发展趋 势；车载电源行业优势地位明显，后续增量看海外客户及产能；另外，非车载高压电源系统取得突破， 深入拓展应用场景。未来业绩增长可期，首次覆盖给予"买入"评级。 ...

Core Viewpoint - Livestock stocks have collectively risen, with significant gains observed in companies such as YouRan Agriculture, Modern Farming, and China Shengmu, indicating a positive market sentiment despite recent price adjustments in the sector [1][1][1] Group 1: Stock Performance - YouRan Agriculture (09858) increased by 6.71%, trading at HKD 3.34 [1] - Modern Farming (01117) rose by 4.2%, trading at HKD 1.24 [1] - China Shengmu (01432) and Original Ecological Agriculture (01431) also saw gains of 1.45% and 1.82%, respectively [1] Group 2: Market Analysis - CITIC Securities reported that the recent slowdown in the reduction of dairy cow inventory has led to a temporary price correction in livestock stocks, but this will not disrupt the underlying cyclical logic of the industry [1][1] - The dairy cow inventory is expected to continue its downward trend, with the turning point for raw milk prices approaching as seasonal demand weakens and operational pressures on farms increase [1][1] Group 3: Future Outlook - Tianfeng Securities indicated that the current phase of dairy cow capacity reduction may be nearing its end, with Q3 silage procurement potentially accelerating the clearing of marginal stocks [1] - Raw milk prices are anticipated to bottom out and rebound, while beef prices may also see a turning point, although various factors such as funding, confidence, and environmental regulations could impact the pace of restocking [1][1] - Companies with cow resources or those employing a "milk-meat linkage" model are expected to demonstrate stronger profitability [1]

Core Viewpoint - Despite a rebound in raw milk prices in some regions due to pre-holiday stocking and student milk production demand, overall milk prices in major production areas remain stable and below cost lines, indicating ongoing industry losses and financial pressures from silage [1] Group 1: Milk Price Trends - Since September, some regions have seen a rebound in raw milk prices, but major production areas still maintain stable prices [1] - Current milk prices are below the cost line, leading to continued industry losses and financial pressures [1] Group 2: Production Capacity and Inventory - The dairy industry is experiencing ongoing capacity reduction, with a 0.18% month-on-month decrease in dairy cow inventory in September, following a 0.2% decrease in August [1] - The cumulative reduction in dairy cow inventory has reached approximately 8% [1] Group 3: Future Outlook - The short-term support for milk prices from holiday factors is expected to diminish, leading to a continuation of the capacity reduction trend [1] - The capacity reduction may be nearing its end, and a turning point in milk prices is anticipated [1]

Core Insights - The enthusiasm for share buybacks and increases in holdings among A-share listed companies and their major shareholders remains strong since 2025, with significant amounts being repurchased and increased [1][2][3] Group 1: Share Buybacks - As of October 15, 2023, several listed brokerages, including Dongfang Securities and Xibu Securities, have repurchased shares totaling over 2.3 billion yuan, a significant increase compared to the previous year [1][2] - Hongta Securities has repurchased 221.69 million shares, accounting for 0.047% of its total share capital, with a total expenditure of approximately 20.01 million yuan [2] - Guotai Junan led the buyback efforts among brokerages, repurchasing 67.52 million shares for a total of 1.21 billion yuan, representing 0.383% of its total share capital [3] Group 2: Shareholder Increases - Major shareholders of listed brokerages are also increasing their holdings, with Huaneng Capital increasing its stake in Changcheng Securities by 6.37 million shares, amounting to approximately 50.17 million yuan [3][4] - Hubei Hongtai Group has increased its holdings in Tianfeng Securities by 179 million shares, representing 2.06% of the total share capital, with a total investment of 502 million yuan [4] Group 3: Investor Confidence and Value Management - Many brokerages are focusing on enhancing investor confidence through new annual action plans aimed at improving returns and establishing effective shareholder return mechanisms [5][6] - Longjiang Securities has outlined plans for value creation, maintenance, and communication to enhance its investment value and investor relations [6]

智通财经APP获悉，天风证券发布研报称，刚果(金)出台最新配额政策，短期持续去库且库存低于预 期，产业链各环节惜售，短期价格空间有望抬升；全年9.66万配额长期逻辑——供需直接平衡甚至短 缺，中长期看好钴价中枢提升，并且在长逻辑夯实下，权益端的长久期资产或面临重估。锂电出口管制 影响有限，直接影响的三元前驱体也有海外供应逐步体现，整体来看对钴需求影响较小。 天风证券主要观点如下： 刚果(金)出台最新配额政策，配额总量9.66万吨，基础配额8.7万吨不变 具体分配：洛钼旗下矿企获配额占比36%，年化3.12万吨；第二大配额企业嘉能可配额占比22%，年化 1.88万吨；第三大配额企业欧亚资源配额占比12%，年化1万吨。此外刚果(金)本国企业EGC获配占比 6.5%，年化5640吨，位列第四。并且，其他大家关注的中资企业比如北方矿业配额占比5.5%，年化 4800吨；盛屯矿业配额占比2%，年化1680吨；华友钴业配额占比1.24%，年化1080吨。今年内的 10/11/12月配额分别为3625/7250/7250吨，⾃2025年10⽉16⽇起施行。 2)库存成了当前最重要问题：海运排期问题仍考验当前库存，当前产业链 ...

中经实习记者 孙小琴 记者 夏欣 北京报道 2025年以来，上市券商及其大股东回购、增持股份热情持续高涨。据Wind数据统计，截至10月14日， 已有包括东方证券、西部证券、国金证券在内的9家券商实施股份回购，累计回购金额超过23亿元（不 含交易费用）。与此同时，长城证券、天风证券大股东也于年内完成了新一轮增持，合计增持金额超过 5亿元。 （编辑：夏欣 审核：何莎莎 校对：张国刚） ...

智通财经APP获悉，天风证券发布研报称，锂电池出货量持续增长，长期增长依旧具备充足空间。锂电 设备行业筑底回升，25/26年有望进入订单高峰。全球产业创新周期共振，国内固态电池投资规划超百 亿。湿法→干法电极→全固态，生产环节&设备变化较大。固态电池设备高价值量，增厚锂电设备整体 规模。自锂电上轮大规模扩产至今已有数年，在周期下行的几年时间中，众多锂电设备公司已与当初有 了很多变化，该行将其分类为如下几个发展方向：跨界发展、平台化发展、品类增量。 自锂电上轮大规模扩产至今已有数年，在周期下行的几年时间中，众多锂电设备公司已与当初有了很多 变化，将其分类为如下几个发展方向： β——固态电池创新周期有望加速落地 全球产业创新周期共振，国内固态电池投资规划超百亿。据TrendForce集邦咨询，24年开始固态电池陆 续由样品进入试验线，25-26年将主要为试验线，2027年开始将转入量产。从量产节奏来看，SolidPower 规划于26年量产、有望成为最早进入量产阶段;其次为广汽、清陶、比亚迪、三星SDI、丰田、辉能、宁 德时代、卫蓝等预计于27年进入量产。据我们梳理，在不考虑头部企业情况下，国内固态电池已形成超 ...

Core Viewpoint - Tianfeng Securities predicts that Wuling Motors (00305) will continue to grow in performance due to its research capabilities in the new energy sector and ongoing investments in building a complete autonomous industrial chain [1][2] Financial Performance - For the first half of 2025, the company reported revenue of 4.03 billion yuan, a year-on-year increase of 2.0%; net profit reached 85.81 million yuan, up 306.2%; and attributable net profit was 39.42 million yuan, a significant increase of 2385.2% [2] - The forecast for total revenue from 2025 to 2027 is expected to reach 8.866 billion yuan, 9.724 billion yuan, and 10.672 billion yuan, representing year-on-year growth of 12%, 10%, and 10% respectively [1] Business Segments Performance - The core business of automotive parts and other industrial services generated revenue of 2.84 billion yuan, a year-on-year increase of 5.2%, with 46 customers and 125 projects secured [3] - The automotive power system business turned a profit with an adjusted EBIT of 6.61 million yuan, attributed to improved product structure and rapid growth in high-value-added products [3] - The commercial vehicle business saw an adjusted EBIT increase of 6.2% to 27.97 million yuan, with successful developments in niche markets such as fire trucks and vending vehicles [3] Profitability and Cost Control - The company's gross margin improved to 12.0%, an increase of 1.2 percentage points year-on-year, indicating enhanced product value and cost control [4] - The sales and management expense ratio decreased by 1.3 percentage points to 5.4%, reflecting improved operational efficiency [4] - R&D expense ratio increased by 1.3 percentage points to 4.6%, showing the company's commitment to technology upgrades and new product development [4] New Energy and Intelligentization - The joint venture "Ling Shi Automobile" saw a 9% year-on-year increase in sales in the first half of 2025 and established partnerships with leading companies like Huolala and SF Express [5] - The parent company, Guangxi Automobile Group, has launched the "Ling Shi Project" strategy to develop the "Ling Shi" vehicle brand and aims to excel in hybrid systems, drive axles, and chassis [5] - The strategic partnership with Huawei has been upgraded to enhance collaboration in areas such as assisted driving, intelligent cockpits, and smart manufacturing, supporting the company's long-term competitiveness [5]

天风证券研报指出，鸿路钢构2025Q1-3累计新签订单222.67亿，同比增长1.56%，25Q3单季新签订单78.87亿，同比+4.19%。预计订单对应实际加工量保持增长，看好Q4产量增长。近期两 ...