1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the recent week, 3 products were listed, 24 products were established, and 2 Brazilian market investment products are about to be established. In the coming week, 11 index products will end their fundraising, and 15 products will start fundraising. A total of 20 index products were declared in the recent week, with a high enthusiasm for science - innovation board products [1][6][9][13] - In the recent week (2025/10/27 - 2025/10/31), most of the major broad - based A - share ETFs declined, while some US - stock ETFs and commodity ETFs rose. Among A - share industry ETFs, those in the advanced manufacturing sector, especially photovoltaic, battery, and new energy vehicle ETFs, showed significant increases, while some technology - related ETFs had significant declines. In the cross - border ETF market, the Nikkei 225 had the highest increase, and related ETFs also led in gains [3][16][19][22] - As of October 31, 2025, the total scale of the entire market's 1346 ETFs increased by 10.375 billion yuan compared to the previous week. Among non - currency ETFs, ETFs targeting AAA science - innovation bonds had the largest net inflow of funds, while those targeting SGE Gold 9999 had the largest net outflow [3][29][31] 3. Summary According to the Table of Contents 3.1 Index Product Establishment, Fundraising, and Declaration - **Product Establishment and Listing**: In the recent week, 3 products including Huaxia Shanghai Stock Exchange 180ETF were listed, and 24 products including Guoshou Anbao CSI A500 Dividend Low - Volatility ETF were established. Two Brazilian market investment products, Huaxia Bradesco Brazil IBOVESPA ETF and E Fund Itaú Brazil IBOVESPA ETF, have completed fundraising and are about to be established [1][6][7] - **Product Issuance Information**: In the coming week, 11 index products such as Huaxia Shanghai Stock Exchange 180ETF Linked A will end their fundraising, and 15 products such as Boshi CSI Bank ETF will start fundraising [9][10][11] - **Product Declaration Information**: A total of 20 index products were declared in the recent week. Among them, 9 were theme - based products related to the science - innovation board, and only 1 was a broad - based product, the Yongying Shanghai Stock Exchange Science and Technology Innovation Board 200 Index Securities Investment Fund [13][14][15] 3.2 ETF Market Review - **Asset - Type Classification**: Classify ETFs into four categories according to the Merrill Lynch Investment Clock theory: stocks, commodities, cash, and bonds. In the recent week, most major broad - based A - share ETFs declined, some US - stock ETFs rose, and commodity ETFs showed mixed performance. Among A - share industry ETFs, advanced manufacturing sector ETFs rose significantly, while some technology - related ETFs declined [3][16][19] - **Cross - Border ETFs**: In the recent week, the cross - border market's major broad - based indices showed mixed trends. The Nikkei 225 had the highest increase of 6.31%. Among the corresponding broad - based ETFs, Huatai - PineBridge CSI KRX Korea Semiconductor ETF and ICBC Credit Suisse Daiwa Nikkei 225 ETF led in gains. Among non - currency ETFs, Huaan Mitsubishi UFJ Nikkei 225 ETF led in gains with a return of 10.23%, while Guolianan Science and Technology Innovation Chip Design ETF lagged with a return of - 5.40% [22][26] 3.3 ETF Fund Flows - **Overall Scale**: As of October 31, 2025, the entire market had 1346 ETFs, with a total scale of 570.383 billion yuan, an increase of 10.375 billion yuan compared to the previous week. A - share and cross - border ETFs ranked in the top two in terms of scale [29] - **Fund Inflow and Outflow**: Among non - currency ETFs, ETFs targeting AAA science - innovation bonds had the largest net inflow of 7.237 billion yuan, while those targeting SGE Gold 9999 had the largest net outflow of 4.41 billion yuan. Huatai - PineBridge CSI 300 ETF and Tianhong CSI AAA Science and Technology Innovation Corporate Bond ETF had relatively high fund inflows, and Haifutong CSI Short - Term Financing ETF and E Fund CSI Hong Kong Securities Investment Theme ETF had relatively high liquidity [3][31][35]

Group 1 - The report focuses on the ETF industry rotation investment strategy based on Guotai Fund's research [2][4] - As of Q2 2025, the total asset size of 2587 non-monetary index funds reached 5.61 trillion yuan, with an increase of 0.64 trillion yuan from the previous quarter [6][4] - By October 31, 2025, there were 1346 ETFs in the market with a total size of 57,038.30 billion yuan, showing an increase of 103.75 billion yuan in the last week [6][4] Group 2 - Guotai Fund has a comprehensive layout in the ETF market, with 72 non-monetary ETFs totaling 2699.55 billion yuan as of October 31, 2025 [10][4] - The report highlights the top five ETFs selected based on a scoring system that combines anchoring ratio and momentum acceleration [19][25] - The selected ETFs for the current month include Guotai SSE Sci-Tech Innovation Board Chip ETF, Guotai ChiNext New Energy ETF, Guotai CSI New Energy Vehicle ETF, Guotai CSI Semiconductor Materials and Equipment Theme ETF, and Guotai CES Semiconductor Chip ETF [25][26] Group 3 - The historical performance of the ETF index combination from July 1, 2021, to October 31, 2025, showed a total return of 9.46% and an annualized return of 2.11% [20][21] - The ETF combination outperformed the CSI 300 index with an annualized excess return of 4.82% [20][27] - In 2025, the cumulative return of the ETF combination reached 42.43%, significantly surpassing the CSI 300's 17.94% [24][27]

Group 1: Cloud Computing and AI Industry - Google Cloud's revenue accelerated further, with a quarterly revenue of $15.2 billion, representing a year-over-year growth of 33.5%. The demand from Anthropic is expected to drive continued growth for AWS [12][10] - Microsoft Azure's revenue growth guidance has slightly decreased, with FY26Q1 growth at 39% and Q2 guidance dropping to 37% [12] - Amazon AWS reported revenue of $33 billion, exceeding market expectations with a year-over-year growth of 20.2%, indicating a strong demand outlook [12][10] Group 2: Food and Beverage Industry - Major liquor companies reported significant revenue declines, with Wuliangye's revenue down 53% year-over-year in Q3 2025, while Moutai's revenue growth slowed to 0.35% [11][15] - The high-end liquor prices have continued to drop, indicating a market in search of a balance between volume and price [11][15] - The food and beverage sector is entering a strategic allocation phase, with a focus on high-quality companies despite the need for patience regarding fundamental improvements [11][13] Group 3: Basic Chemical Industry - The basic chemical industry is rated positively, with a recovery in profitability observed in Q2 2025. The sector is expected to benefit from a long-term upward demand trend [14][20] - The industry is advised to focus on sectors such as textile and agricultural chemicals, with a particular emphasis on key materials that are self-sufficient [20][17] - The overall asset-liability ratio for the chemical industry remains at a historical low of 49.6%, indicating a stable financial position [16][17] Group 4: Shipbuilding Industry - China Shipbuilding reported a revenue of 107.4 billion yuan for the first three quarters of 2025, a year-over-year increase of 18%, with a net profit of 5.85 billion yuan, up 115% [21][19] - The company has a strong order backlog, with approximately 21.13 million CGT and $55.4 billion in orders, indicating a positive outlook for future deliveries [21][19] - The easing of port fees related to U.S. vessels is expected to improve the shipbuilding industry's fundamentals [24][19]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported slightly better-than-expected performance for the first three quarters of 2025, with total revenue of 7.356 billion yuan (YoY +17%) and a net profit attributable to shareholders of 644 million yuan (YoY +23%) [7] - New mining service orders exceeded 10 billion yuan in the first three quarters of 2025, benefiting from the construction of the Yarlung Tsangpo River hydropower project [7] - The company has established a comprehensive service system centered on integrated civil explosives, focusing on major mining areas, particularly in Xinjiang, where coal production has significantly increased [7] - The acquisition of a 51% stake in Songguang Explosives is expected to enhance the company's explosive production capacity [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 10.076 billion yuan, with a year-on-year growth rate of 17.9% [6] - The net profit attributable to shareholders is forecasted to be 885 million yuan for 2025, reflecting a year-on-year growth of 24.2% [6] - Earnings per share are expected to reach 0.71 yuan in 2025, with a projected PE ratio of 19 [6]

Group 1: AI Cloud Competition - Google Cloud revenue accelerated further, with a YoY growth of 33.5%, driven by TPU external supply and demand from Anthropic [12] - Microsoft Azure's revenue growth guidance has slightly declined, with FY26Q1 growth at 39% and Q2 guidance at 37% [12] - Amazon AWS reported revenue of $33 billion, exceeding market expectations with a YoY growth of 20.2%, driven by increased demand from Anthropic [12] Group 2: Food and Beverage Industry - Major liquor companies reported significant revenue declines in Q3, with high-end liquor prices continuing to drop, indicating a search for balance between volume and price [11][13] - The food and beverage sector is entering a strategic allocation phase, with a focus on high-quality companies despite the need for patience regarding fundamental improvements [11][13] - Recommended stocks include high-dividend leading companies and those with sustainable growth capabilities, particularly in the snack and beverage sectors [13] Group 3: Basic Chemical Industry - The basic chemical industry maintains a "positive" rating, with recommendations to focus on sectors benefiting from "anti-involution" policies and key materials with self-sufficiency [14][20] - Q3 revenue for the chemical sector reached 543.8 billion yuan, with a net profit of 33.6 billion yuan, reflecting a YoY growth of 10% [16] - The agricultural chemical sector remains strong, with demand for fertilizers and pesticides expected to grow due to increased planting areas and higher transgenic penetration [17][20] Group 4: Shipbuilding Industry - China Shipbuilding reported Q3 revenue of 34.8 billion yuan, a YoY increase of 5%, with a net profit of 2.07 billion yuan, reflecting a 98% YoY growth [21] - The company has a substantial order backlog, with expected deliveries increasing in 2026-2027, indicating a positive outlook for future profitability [21][24] - The shipbuilding sector is seeing a recovery in second-hand ship prices, which may lead to an increase in new ship prices [22]

Group 1: Regional Bank Impact - On October 16, Zion Bank reported a loss of $50 million due to loan fraud, causing a 6.7% drop in the regional bank index and a 0.9% decline in the S&P 500[3][14] - The VIX index surged close to 29 points, indicating heightened market volatility following the fraud disclosures[3][19] - The market's initial fears were short-lived, with regional bank stock prices beginning to recover shortly after the incident[3][28] Group 2: Private Credit Concerns - The private credit market has grown rapidly, reaching approximately $1.2 trillion in the U.S., accounting for 14% of total corporate lending[4][34] - The default rate for private credit remains low at around 1.8% as of Q2 2025, suggesting limited immediate spillover risks[4][38] - However, there are emerging cracks in the private credit market, with an increasing proportion of non-stressed PIK loans indicating deteriorating cash flows among borrowers[4][42] Group 3: Broader Credit Market Risks - Commercial real estate (CRE) remains a significant risk, with the delinquency rate for commercial mortgage-backed securities (CMBS) reaching a historical high of 11.8%[5][49] - The office vacancy rate in the U.S. hit 18.4%, exacerbating the challenges faced by the commercial real estate sector[5][49] - Consumer credit risks are rising, particularly among low-income groups, with delinquency rates for auto loans and credit cards reaching near historical highs[5][53] Group 4: Market Trends and Responses - The S&P 500 rose by 0.7% and the Nasdaq by 2.2% in the week following the regional bank news, indicating a recovery in broader market sentiment[6][65] - The Federal Reserve cut interest rates by 25 basis points in October, signaling a shift in monetary policy to support economic stability[6][66] - High-yield bond issuance rates have decreased, with the average yield falling to 6.6%, suggesting a more favorable environment for refinancing[5][59]

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting a potential price rebound for thermal coal due to seasonal demand and tightening supply conditions [3][9]. Core Insights - The report highlights that as of October 31, thermal coal prices at Qinhuangdao port remained stable, while supply and demand dynamics indicate a tightening market due to increased safety inspections and rising transportation costs [3][20]. - The report anticipates that after a price adjustment, thermal coal prices are expected to rise in November, driven by winter heating demand [3][9]. - The report recommends focusing on companies with elastic demand for thermal coal, such as Jinkong Coal Industry and Huayang Co., as well as undervalued stocks like Shanxi Coking Coal and Huabei Mining [3][9]. Summary by Sections 1. Recent Industry Policies and Dynamics - The report outlines that Henan Province aims to stabilize coal production at 100 million tons by 2027, with a focus on increasing the proportion of intelligent mining [8]. - The National Energy Administration has implemented a credit system for the energy sector to enhance transparency and accountability [8]. 2. Price Trends for Thermal and Coking Coal - As of October 31, thermal coal prices in various regions showed slight declines, with Dazhong South District reporting a decrease of 15 CNY/ton to 600 CNY/ton [9]. - Coking coal prices remained stable, with Shanxi Gujiao 2 coking coal maintaining a price of 1595 CNY/ton [12]. 3. International Oil Price Movements - Brent crude oil prices fell to 65.07 USD/barrel, a decrease of 1.32% from the previous week [15]. - The report notes an increase in the ratio of international oil prices to coal prices, indicating a potential shift in market dynamics [15][18]. 4. Port Inventory and Transportation Costs - The report states that coal inventory at the Bohai Rim ports decreased to 23.16 million tons, a drop of 3.46% week-on-week [20]. - Domestic coastal shipping costs fell to 45.33 CNY/ton, reflecting a 2.25% decrease [27]. 5. Company Valuation Table - The report includes a valuation table for key companies, highlighting their stock prices and market capitalizations, with China Shenhua at 42.51 CNY and a market cap of 844.6 billion CNY [33].

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of 270 million yuan for the first three quarters of 2025, representing a year-on-year growth of 15.8%, while the net profit attributable to the parent company was 79.08 million yuan, a decrease of 1.3% year-on-year [6] - The company is focusing on R&D and sales expenses to expand its market presence in consumer products and robotics, which is expected to drive long-term growth [6] - The gross margin remains stable, with a slight decline in Q3 2025 to 75.5% compared to 78.6% in the same period last year, indicating strong product competitiveness [6] - The company has initiated a dual-brand strategy to balance its industrial and consumer segments, with "SCANOLOGY" for high-end industrial products and "3DeVOK" for consumer-grade products [6] - The company is expanding its robotics business, leveraging existing optical and visual capabilities to develop a 6D pose tracking system for precise calibration and guidance [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 426 million yuan, with a year-on-year growth rate of 28.0% [2] - The net profit attributable to the parent company is projected to be 162 million yuan in 2025, reflecting a growth rate of 34.3% [2] - The company expects to achieve earnings per share of 1.83 yuan in 2025, with a projected increase to 3.11 yuan by 2027 [2] - The gross margin is expected to improve gradually from 76.8% in 2025 to 79.4% in 2027 [2] - Return on equity (ROE) is forecasted to rise from 11.9% in 2025 to 15.6% in 2027 [2] Market Data - The closing price of the company's stock is 87.99 yuan, with a market capitalization of 1,556 million yuan [3] - The price-to-earnings ratio is projected to decrease from 65 in 2024 to 28 in 2027, indicating potential for value appreciation [2][3] - The company has a dividend yield of 0.80%, reflecting its commitment to returning value to shareholders [3]

2025 年 11 月 02 日 整体收入利润增速回升且 ROE 改善 关注 PPI 修复带动企业补库进程 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 25Q3 A 股盈利营收增速延续小个位数正增, ROE 环比改善, 全年净利润增速有望达到 10%。 1) 成长性：Ａ股（非金融和"三桶油"，不含北交所，以下如无特殊说明均为此口径）扣非净利润增速 官 21Q1 的高点后经历了两年下滑和两年负增长，25Q1 回升至 7.0%，25Q2 回落后 25Q3 小幅反 弹 0.4 个百分点至 3.2%，随着 2024年同期基数压力的逐季走低保持正增长。本轮 A 股营收增速高 点同样出现在 21Q1 (44.8%) , 连续下行 14 个季度后到 24 Q3 见底回升, 2025 年增速回正, 25Q3 边际回升 0.9 个百分点至 1.7%。2）全年盈利敏感性测算：中性情境下 2025 年 A 股（非金融和三 桶油）扣非净利润增速在 6%-17%。2024 年亏损的样本截至 25Q3 已实现 14.7%的扭亏幅度，考 虑到 2024 年年报低基数，预计 2025 年报扭亏幅度会更高。按照 25Q3 盈利样本和 ...

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal Industry [6]. Core Views - The report highlights a significant improvement in the company's performance due to a rebound in coal prices, with a notable increase in quarterly earnings compared to the previous quarter [6][7]. Financial Data and Profit Forecast - For 2025, the total revenue is projected at 169.91 billion yuan, with a year-on-year decrease of 7.7%. The net profit attributable to shareholders is expected to be 18.22 billion yuan, reflecting an 18.5% decline year-on-year. The earnings per share (EPS) is forecasted to be 1.88 yuan [2][7]. - The company reported a total revenue of 118.08 billion yuan for the first three quarters of 2025, down 12.8% year-on-year, and a net profit of 12.71 billion yuan, down 27.2% year-on-year [6][7]. - The gross profit margin is expected to be 29.7% for 2025, with a return on equity (ROE) of 20.6% [2][7]. Market Data - As of October 31, 2025, the closing price of the stock was 25.65 yuan, with a year-to-date high of 25.65 yuan and a low of 18.59 yuan. The price-to-book ratio is 5.63, and the dividend yield is 220.077% [3][6]. Production and Sales Performance - In the first three quarters of 2025, the company produced 13.037 million tons of coal, a 2.0% increase year-on-year, and sold 11.938 million tons, up 1.8% year-on-year. The average selling price per ton of coal was 540 yuan, down 13.0% year-on-year [6][7]. - In Q3 2025, the company achieved a coal production of 4.297 million tons, a 3.9% increase year-on-year, while the average selling price per ton was 535 yuan, a decrease of 14.15% year-on-year [6][7]. Cost and Expense Management - The company managed to reduce its total expenses in the first three quarters of 2025 to 54.94 billion yuan, down 20.74% year-on-year. Financial expenses decreased by 43.2% due to a reduction in interest-bearing liabilities and lower interest rates [6][7].