IP IP IP IP IP AI 上市公司积极布局海外产能，目前已逐步建立越南等海外地区产能，覆盖美国地区订单。相对而言，海外地区产能在关税税率、 原材料、劳动力及地方产业优惠政策方面具备明显优势 造纸和金属包装行业供给侧有望改善，价格&盈利处于较低水平，反内卷逐步成为大厂共识，价格协同性有望改善，造纸全产 业链价格有望抬升，龙头盈利增厚，金属包装两片罐年底调价，两片罐盈利弹性较大。 2 01 02 03 04 3 / 03 IP IP IP IP IP 2024 1741 2019-2024 13.6% 2029 3358 2024-2029 14.0% 2024 1018 50 304 369 2019-2024 CAGR 15.8% 24.1% 9.2% 11.1% 58% 3% 17% 21% 图：我国泛娱乐产品市场规模（十亿元人民币） 图：我国泛娱乐产品市场规模同比增速 4 03 00 10 IP IP IP 2024 1018 2019- 2024 15.8% 2029 2121 2029 15.8% 2024 58% 2029 63% 图：我国泛娱乐玩具市场规模（十亿元人民币） 图：我国泛娱乐 ...

晨会纪要（2025/11/04） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.11.04） 宏观及策略研究 全 A 净利边际改善，新动能延续高景气——A 股市场 2025 年三季报业绩综述 公司研究 毛利率实现提升，直营渠道稳增长——欧派家居（603833）2025 年三季报点 评 费用管控良好，加速海外布局盈利能力改善可期——奥瑞金（002701）2025 年三季报点评 Q3 收入与利润皆增长，费用端控制仍有空间——森马服饰（002563）2025 年三季报点评 证 行业研究 券 家居用品业绩有企稳迹象，关税下降利好出口改善——轻工制造&纺织服饰 行业 11 月投资策略展望 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 9 晨会纪要（2025/11/04） 宏观及策略研究 全 A 净利边际改善，新动能延续高景气——A 股市场 2025 年三季报业绩综述 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析 ...

| 上次评级： | 增持 | | --- | --- | | 最新收盘价： | 6.02 | 研 袁艺博 yuanyb@bhzq.com 022-23839135 公 公司点评 司 研 究 费用管控良好，加速海外布局盈利能力改善可期 ——奥瑞金(002701)2025 年三季报点评 分析师： 袁艺博 SAC NO： S1150521120002 2025 年 11 月 03 日 轻工制造-------金属包装 事件： 点评 金属包装龙头地位稳固，"包 证券分析师 公司公告 2025 年三季报，实现营收 183.46 亿元，同比增长 68.97%，归母净 利润 10.76 亿元，同比增长 41.40%，基本每股收益 0.42 元。 点评： 公司费用率管控效果较好，存货周转率加快 证 券 研评级究：助理 增持 上次评级： 增持 最近半年股价相对走势 今年前三季度，公司毛利率与净利率分别为 13.52%和 6.02%，同比分别下降 3.78 和 0.93 个百分点。我们认为，公司毛利率下降，一方面与整合中粮包装 规模效应释放仍需时间有关，另一方面与部分产品原材料价格波动有一定相 关性。公司持续推进降本增效，费用率管 ...

Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]

Group 1: Company Performance - The company achieved a revenue of 1.40 billion yuan in the first half of 2025, representing a year-on-year growth of 62.36%[1] - The net profit for 2025 is projected to be 640 million yuan, with a growth rate of 127% compared to 2024[1] - The EPS for 2025 is expected to be 0.2, up from 0.1 in 2024[1] Group 2: Market Trends - The AI-enabled revenue has become a core driver of performance, with significant contributions from products like AI-MDT reports and lung cancer screening[1] - The company is expanding its product matrix with new AI-driven health management products, indicating a strong focus on innovation[1] Group 3: Strategic Initiatives - The company is implementing an "All in AI" strategy, which has shown significant operational improvements and efficiency gains[1] - Collaborations with major tech firms like Alibaba for developing innovative screening products highlight the company's commitment to leveraging AI technology[1] Group 4: Risks and Challenges - Potential risks include ongoing industry policy impacts, declining customer prices, and the possibility of AI application not meeting expectations[1] - The company faces competition in the AI healthcare space, which may affect its market position and growth trajectory[1]

证券代码：002701 证券简称：奥瑞金 （奥瑞）2025－临 061 号 奥瑞金科技股份有限公司 关于公司控股股东部分股份解除质押、展期及质押的公告 奥瑞金科技股份有限公司（"奥瑞金"或"本公司"、"公司"）及董事会 全体成员保证信息披露的真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 公司近日收到控股股东上海原龙投资控股（集团）有限公司（以下简称"上 海原龙"）函告，获悉上海原龙所持有本公司的部分股份办理了解除质押、展期 及质押业务，具体事项如下： 1 股 东 名 称 是否为 控股股 东或第 一大股 东及其 一致行 动人 本次质押 /展期数 量（万股） 占其所 持股份 比例 （%） 占公司 总股本 比例 （%） 是 否 为 限 售 股 是 否 为 补 充 质 押 质押 起始 日 质押 到期 日 质 权 人 质押 用途 上 海 原 龙 是 2,000 2.38 0.78 否 否 2024 年 10 月 28 日 至质 权人 申请 解除 质押 之日 止 国泰 海通 证券 股份 有限 公司 本次 为质 押展 期不 涉及 新增 融资 2,000 2.38 0.78 否 否 2024 年 10 月 30 ...

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.27%。本期较上一季度新披露的外资机构有 1 家 ，即香港上海汇丰银行有限公司。 MACD金叉信号形成，这些股涨势不错！ 2025年10月31日，奥瑞金(002701.SZ)发布2025年第三季报。截至2025年10月30日，共有12个机构投资 者披露持有奥瑞金A股股份，合计持股量达12.25亿股，占奥瑞金总股本的47.86%。其中，前十大机构 投资者包括上海原龙投资控股(集团)有限公司、香港中央结算有限公司、北京华彬庄园绿色休闲健身俱 乐部有限公司、香港上海汇丰银行有限公司、珠海润格长青股权投资基金合伙企业(有限合伙)、厦门瑞 合盛圆股权投资合伙企业(有限合伙)、申万宏源证券有限公司、全国社保基金一零一组合、招商证券股 份有限公司、北京二十一兄弟商贸有限公司，前十大机构投资者合计持股比例达47.85%。相较于上一 季度，前十大机构持股比例合计下跌了1.27个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计1个，即金元顺安成长动力灵活配置混合。本期 较上一季未再披露的公募基金共计255个，主要包括南方 ...

Core Viewpoint - The company reported significant financial growth in the third quarter of 2025, driven by acquisitions and increased revenue from newly consolidated entities [5][6][7]. Financial Data Summary - Total assets reached 31.548 billion yuan, an increase of 74.37% from the beginning of the period [6] - Total liabilities amounted to 20.717 billion yuan, up 137.11% from the start of the period [6] - Net assets were 10.831 billion yuan, reflecting a 15.77% increase [6] - Operating revenue for the year-to-date was 18.346 billion yuan, a rise of 68.97% year-on-year [6] - Operating costs increased to 15.866 billion yuan, up 76.70% compared to the same period last year [6] - Net profit attributable to shareholders was 1.076 billion yuan, marking a 41.40% increase year-on-year [7] - Investment activities resulted in a net cash flow of -4.827 billion yuan, significantly lower than -0.157 billion yuan in the previous year [7] - Financing activities generated a net cash flow of 2.138 billion yuan, compared to 0.319 billion yuan in the same period last year [7] Non-Recurring Gains and Losses - Non-recurring gains amounted to 463 million yuan, primarily from the acquisition of former COFCO Packaging Holdings Co., Ltd. and Xingfan Co., Ltd. [5] Shareholder Information - There were no changes in the top ten shareholders or the status of shares available for lending [8][9]. Other Important Matters - The company plans to issue convertible bonds to professional institutional investors, as approved in recent board and shareholder meetings [10].

Core Insights - Aorikin (002701.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 18.346 billion yuan, representing a year-on-year growth of 68.97% [1] - The net profit attributable to shareholders was 1.076 billion yuan, showing a year-on-year increase of 41.40% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 568 million yuan, which reflects a year-on-year decrease of 23.74% [1] - Basic earnings per share stood at 0.42 yuan [1]

Core Insights - Aorikin reported a revenue of approximately 18.346 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 68.97% [1] - The company achieved a net profit attributable to shareholders of about 1.076 billion yuan, which is a year-on-year increase of 41.4% [1] Financial Performance - Revenue for the first three quarters: approximately 18.346 billion yuan, up 68.97% year-on-year [1] - Net profit attributable to shareholders: approximately 1.076 billion yuan, up 41.4% year-on-year [1]