10月14日，先导智能跌5.04%，截至发稿，报53.18元/股，成交53.46亿元，换手率6.26%，总市值832.89 亿元。 资料显示，无锡先导智能装备股份有限公司位于江苏省无锡市新吴区新锡路20号(经营场所:无锡市新吴 区新洲路18号),香港湾仔皇后大道东183号合和中心46楼，成立日期2002年4月30日，上市日期2015年5 月18日，公司主营业务涉及专业从事自动化成套设备的研发、设计、生产与销售以及自动化整体解决方 案。主营业务收入构成为：锂电池智能装备68.76%，其他15.76%，光伏智能装备8.04%，智能物流系统 6.44%，3C智能装备0.95%，其他(补充)0.05%。 从基金十大重仓股角度 数据显示，浙商证券资管旗下1只基金重仓先导智能。浙商汇金转型驱动（001540）二季度持有股数 6.75万股，占基金净值比例为3.09%，位居第十大重仓股。根据测算，今日浮亏损失约19.04万元。 浙商汇金转型驱动（001540）基金经理为陈顾君。 截至发稿，陈顾君累计任职时间5年269天，现任基金资产总规模2.04亿元，任职期间最佳基金回报 40.78%， 任职期间最差基金回报-7.57%。 ...

10月14日，洁美科技跌5.02%，截至发稿，报29.92元/股，成交8902.44万元，换手率0.71%，总市值 128.94亿元。洁美科技股价已经连续3天下跌，区间累计跌幅6%。 资料显示，浙江洁美电子科技股份有限公司位于浙江省安吉经济开发区阳光工业园区浙江洁美电子科技 股份有限公司,浙江省杭州市拱墅区大关路100号绿地中央广场10幢24层，成立日期2001年4月9日，上市 日期2017年4月7日，公司主营业务涉及电子元器件薄型载带的研发、生产和销售。主营业务收入构成 为：电子封装材料83.94%，电子级薄膜材料12.02%，其他4.04%。 浙商汇金新兴消费（009527）基金经理为陈顾君。 截至发稿，陈顾君累计任职时间5年269天，现任基金资产总规模2.04亿元，任职期间最佳基金回报 40.78%， 任职期间最差基金回报-7.57%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，浙商证券资管旗下1只基金重仓洁 ...

10月14日，海光信息跌5.09%，截至发稿，报231.58元/股，成交69.90亿元，换手率1.26%，总市值 5382.70亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，浙商证券资管旗下1只基金重仓海光信息。浙商汇金转型成长（000935）二季度减持2831 股，持有股数8400股，占基金净值比例为3.04%，位居第十大重仓股。根据测算，今日浮亏损失约10.43 万元。 浙商汇金转型成长（000935）成立日期2014年12月30日，最新规模3898.75万。今年以来收益39.4%，同 类排名1921/8162；近一年收益33.33%，同类排名2761/8015；成立以来收益34.65%。 浙商汇金转型成长（000935）基金经理为马斌博。 截至发稿，马斌博累计任职时间7年294天，现任基金资产总规模3897.17万元，任职期间最佳基金回报 78.16%， 任职期间最差基金回报-43.63%。 资料显示，海光信息技术股份有限公司 ...

Group 1: Cosmetics Industry Insights - The new consumer brands in the cosmetics sector are expected to achieve a compound annual growth rate (CAGR) of 20%-30% in revenue and profit over the next 2-3 years due to product upgrades and brand building [1] - Retail sales of cosmetics showed steady growth with year-on-year increases of 4.5% and 5.1% in July and August 2025, respectively [1] - The Q3 performance was relatively stable during the off-season, but some companies experienced a decline in revenue growth compared to previous quarters; the overall industry is expected to see low single-digit growth in Q4 2025 [1] Group 2: Marketing Strategies - The effectiveness of influencer marketing is diminishing, leading brands to focus more on the certainty and sustainability of traffic [2] - A shift in marketing strategies is observed, moving from reliance on influencers to a renewed focus on celebrity endorsements, utilizing a flexible matrix approach and short-term collaborations [2] - The new celebrity endorsement model aims to leverage the immediate sales conversion from celebrity fans while enhancing brand image and reaching new demographics [2] Group 3: Medical Aesthetics Industry Insights - The medical aesthetics sector is facing increased competition with a rapid approval of upstream consumables, while the difficulty in maintaining and acquiring new clients at downstream institutions continues to rise [3] - The Q3 performance of Langzi Co.'s medical aesthetics business showed slight improvement compared to H1, but revenue still experienced a low single-digit decline year-on-year [3] Group 4: Upstream and Downstream Dynamics - The demand growth rate is slowing, with an increasing number of products like hyaluronic acid and botulinum toxin being approved, intensifying competition [4] - There is a recommendation to focus on new materials with regulatory advantages, particularly the potential of PDRN [4] - The downstream sector is exploring a "Sam's Club" model in medical aesthetics, with a focus on replicating the business model from first-tier to second and third-tier cities [4]

Core Viewpoint - The overall performance of the liquor industry in Q3 2025 is under pressure, with slow payment collection, increased inventory, and weak batch prices due to the impact of the "ban on alcohol" [1][2] Payment Collection - The payment collection progress for liquor companies in Q3 2025 has slowed down significantly, with only Kweichow Moutai expected to maintain a collection rate similar to previous years, while other companies face relative pressure [1][2] Sales Performance - The sales performance in Q3 2025 is under pressure, particularly in June and July due to the "ban on alcohol," although there has been some improvement in August and September. Kweichow Moutai has shown resilience with significant sales growth in August and September, with a year-on-year increase exceeding 20% [2][3] Inventory Levels - After a slight decrease in inventory levels in Q1 2025, the overall inventory in the liquor industry has accumulated due to a significant slowdown in sales since Q2 2025. The inventory is expected to decrease during the Mid-Autumn Festival and National Day, but channel inventory may not see significant reduction [2][3] Batch Prices - Batch prices for most liquor products are under pressure due to the "ban on alcohol" and aggressive promotional activities during the festive season. High-end liquor prices, such as Feitian Moutai, have dropped to 1750-1800 RMB, while other products like Wuliangye have also seen price declines [2][3] Price Segment Analysis - High-end liquor: Kweichow Moutai is expected to maintain growth, while Wuliangye and Luzhou Laojiao may face slight pressure in Q3 2025 - Mid-range liquor: Significant differentiation is expected, with Shanxi Fenjiu showing stable performance, while other brands may benefit from low base effects - Regional leaders: Brands like Gujinggongjiu and Yingjia Gongjiu are still adjusting and may be significantly impacted by the "ban on alcohol" [3][4] Earnings Forecast - Overall, liquor companies are expected to face pressure, with most companies' performance in Q3 2025 projected to decline year-on-year. However, Kweichow Moutai is anticipated to achieve revenue and profit growth, while others like Wuliangye and Shanxi Fenjiu may perform relatively steadily [4] Investment Recommendations - The company suggests focusing on bottom-range allocation opportunities in the liquor sector, recommending leading brands like Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as other brands with growth potential and lower valuations [5]

浙商证券研报指出，山推股份已回购股份近1亿元，未来股权激励或员工持股计划可期。2025年经营目 标：营业收入157亿元，预计同比增长10%，其中海外收入90亿元，预计同比增长21%。挖掘机方面， 依托推土机渠道及山东重工集团平台和供应链优势，有望快速崛起。2024年12月12日晚，公司公告收购 山重建机100%股权交割完成。此外，公司拟发行H股深入推进全球化战略，未来雷沃工程机械与山推 同业竞争有望逐步解决。2024年11月10日，山东重工集团出具《关于避免同业竞争的承诺函》，承诺5 年内采取包括但不限于业务调整、资产重组等措施解决雷沃工程机械、潍柴青岛与山推股份的挖掘机业 务存在的同业竞争情形。维持"买入"评级。 ...

Core Viewpoint - New Lai Fu plans to issue shares and pay cash to acquire 100% equity of Jin Nan Magnetic Materials, with a share issuance price of 33.98 yuan per share, which will account for 21% of the total share capital post-transaction, excluding the impact of fundraising [1] Company Overview - New Lai Fu's actual controller remains Mr. Wang Xiaoming [1] - Jin Nan Magnetic Materials focuses on neodymium iron boron, soft magnet, and robotics, forming a synergy of products, capacity, and customers [1] Business Operations - Jin Nan Magnetic Materials supplies oil-containing bearings in bulk to the top five micro-motor manufacturers globally and provides gearboxes to leading domestic sweeping robot manufacturers [1] - New Lai Fu has recently developed ultra-fine soft magnetic powder targeting high-frequency scenarios above 1MHz (such as chip inductors), with initial performance evaluations comparable to similar high-end products, opening new fields in electric control for new energy vehicles, 5G base stations, AI servers, and supercomputing [1] Future Prospects - High-performance samarium iron nitrogen powder is expected to achieve mass production by 2025, with costs 30% lower than neodymium iron boron; it offers temperature stability suitable for new energy vehicles and smart home applications, along with excellent corrosion resistance for use in liquid cooling systems, water pumps, and oil pumps [1] - The investment rating is maintained at "Buy" [1]

智通财经APP获悉，浙商证券发布研报称，我国政策明确指引，到2027年，率先实现人工智能与6大重 点领域广泛深度融合，新一代智能终端、智能体等应用普及率超70%。大模型应用正在从Copilot转向 Agent，从辅助向执行过渡。企业服务或是AIAgent最先落地场景，办公/OA/ERP/营销等SaaS厂商有望 受益，国内厂商聚焦场景化落地，AI订单/营收已现，AI赋能日渐显著。 浙商证券主要观点如下： 国务院政策号角吹响，指明未来十年AI产业规划，AI浪潮持续奔涌 2025年8月21日，国务院发布"国务院关于深入实施"人工智能+"行动的意见"，明确表示，到2027年，率 先实现人工智能与6大重点领域广泛深度融合，新一代智能终端、智能体等应用普及率超70%，到2030 年，我国人工智能全面赋能高质量发展，新一代智能终端、智能体等应用普及率超90%，到2035年，我 国全面步入智能经济和智能社会发展新阶段。 大模型应用正在从Copilot转向Agent，从辅助向执行过渡 大模型应用从辅助(Copilot)向执行(Agent)、决策(Intelligence)过渡，AI应用可以独立规划任务路径、调 用工具并执行决策 ...

Core Viewpoint - The consensus among brokerages is that the impact of the current trade tensions will be significantly less than that experienced in April, with many viewing the situation as an opportunity rather than a cause for panic [1][4][5][10]. Group 1: Market Reactions and Strategies - Multiple brokerages emphasize the "TACO" trading strategy, suggesting that short-term market declines due to tariff threats often present buying opportunities [1][7][11]. - Analysts from various firms, including Guangfa Securities and Huaxi Securities, predict that the current market environment is different from April, with a more robust monetary and fiscal policy backdrop supporting the market [7][10]. - The potential for a minor risk-reward rebalancing is noted, with expectations of a short-term reduction in leveraged funds against the backdrop of strong market fundamentals [4]. Group 2: Economic and Policy Insights - The ongoing trade tensions are viewed as a tactical maneuver by the U.S. to gain leverage in negotiations, with the likelihood of a resolution being high [6][11]. - Analysts highlight that the long-term trend for A-shares remains bullish, supported by structural improvements in earnings and credit recovery [13]. - The upcoming APEC summit is identified as a critical event that may influence future negotiations and market sentiment [6]. Group 3: Investment Opportunities - Specific sectors such as technology, AI, and semiconductor industries are recommended for investment, particularly in the context of potential market volatility [7][10]. - The focus on domestic policies aimed at stabilizing growth and addressing internal demand is seen as a key driver for future market performance [9][13]. - Analysts suggest that the current market conditions may provide favorable entry points for investors, particularly in light of historical patterns observed during similar market conditions [7][8].

行 业 及 产 业 非银金融 2025 年 10 月 12 日 行 业 研 究 / 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 继续看好低估值的非银板块 看好 ——非银金融行业周报（2025/9/29-2025/10/10） 本期投资提示： 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 证 券 研 究 报 告 相关研究 - ⚫ 券商：9 月 29 日-10 月 10 日期间，申万券商 II 指数收涨 4.42%，跑赢沪深 300 指数 2.95pct。 1）高增长：投融资热度延续向好，预计 9M25 券商板块净利润同比高增。经纪及两融方面，2025 年 9 月上交所披露 A 股新开户 293.72 万户，同比+61%，环比+11%，连续 4 个月实 ...