Investment Rating - The report rates the industry as "Overweight" indicating a positive outlook for investment opportunities in the sector [38]. Core Insights - The animation micro-drama market is expected to experience explosive growth, with a projected market size surpassing 20 billion yuan. The market has seen a 12-fold increase in revenue over the past six months, driven by rising demand, technological advancements, and platform support [4][10]. - The current user demographic for micro-dramas is primarily young males in high-tier cities, contrasting with the female-dominated traditional short drama market. This demographic shift presents a unique competitive landscape [6][10]. - The industry is in its initial growth phase (1.0 stage), with future potential in IP derivatives and international expansion as the market matures [15][19]. Summary by Sections Market Dynamics - The micro-drama market is characterized by a combination of short drama and traditional animation features, catering to user preferences for engaging, fragmented content. The market is expanding rapidly, with a compound growth rate of 83% in supply and significant increases in viewership and engagement metrics [10][15]. - The report identifies three main drivers for the market's growth: increasing demand for diverse content, significant technological breakthroughs in AI, and strong support from platforms with extensive IP libraries [4][5][10]. Industry Structure - The micro-drama industry value chain includes IP script acquisition, adaptation, production, distribution, and platform operation. The report emphasizes the need for content diversification and the involvement of various stakeholders to build a robust ecosystem [19][24]. - AI technology is revolutionizing the production process, reducing production cycles by 80-90% and costs by 70-90%, thus enabling a more efficient and scalable production model [24][27]. Key Players and Investment Targets - The report highlights several key companies to watch in the micro-drama space, including Mango TV, Bilibili, and Reading Group, along with companies involved in IP content, production, and distribution [28][31][34]. - Specific companies mentioned include Chinese Online, Zhi Cheng Co., and Huace Film & TV, which are actively engaging in the micro-drama ecosystem through various initiatives and collaborations [32][34].

2025 年 11 月 02 日 中银基金李思佳:在均衡稳健中追 求可持续可复制的成长性收益 基金经理研究系列报告之八十六 申万宏源研究微信服务号 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 落子 (8621)23297818× jiangxin@swsresearch.com 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 中银基金李思佳: 剑桥大学金融硕士。具备 8年证券从业经验, 2 年投资管理年限。2017 ○ 年加入中银基金，曾任研究员、价值与周期组组长、基金经理助理。2023 年 10 月至今 任中银战略新兴产业的基金经理, 2025年 年 4 月至今任中银增长的基金经理,共计 2 只在 管基金，总管理规模达 20.58 亿元。 基金经理的投资策略：李思佳女士的投资风格相对均衡目稳健，在充分 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [1]. Core Insights - The company has shown revenue and profit growth, with total revenue for the first three quarters reaching 4.31 billion yuan, a year-on-year increase of 20.6%, and a net profit attributable to shareholders of 129 million yuan, up 15.1% year-on-year [6]. - The company is focusing on two main segments: display materials and application materials, with significant progress in both areas, including entering the supply chain of major clients like Samsung [6]. - The second phase of the UTG project has been optimized, with the full production date postponed to April 2026 to meet the increasing demands of the display industry [6]. Financial Data and Profit Forecast - Total revenue is projected to reach 6.42 billion yuan in 2025, with a year-on-year growth rate of 31.2% [5]. - The net profit attributable to shareholders is expected to be 207 million yuan in 2025, reflecting a significant increase of 47.4% year-on-year [5]. - The company's gross margin is forecasted to improve gradually, reaching 19.2% by 2027 [5].

Investment Rating - The investment rating for Huafeng Aluminum (601702) is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance met expectations, with revenue of 9.1 billion yuan (yoy +18.6%) and net profit of 896 million yuan (yoy +3.2%) [6] - The company is focusing on product structure optimization and has introduced strategic new products to adapt to industry changes, maintaining a stable export ratio despite challenges [6] - Expansion plans for the Chongqing Phase II capacity are underway, which will enhance output and reduce costs [6] - The company is expected to benefit from increasing demand in related industries, maintaining profit forecasts for 2025-2027 [6] Financial Data and Profit Forecast - Total revenue projections are 12.16 billion yuan for 2025, with a growth rate of 11.8% [5] - Net profit is forecasted at 1.33 billion yuan for 2025, reflecting a 9.0% increase [5] - Earnings per share are expected to be 1.33 yuan for 2025, with a projected PE ratio of 13 [5] - The company aims for a net profit of 2.01 billion yuan by 2027, with a PE ratio of 9 [5]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly highlighting quality targets in gold, copper, and aluminum [3][4]. Core Insights - The report indicates that the metals sector has outperformed the broader market, with the non-ferrous metals index rising by 2.56% compared to a decline in the CSI 300 index [3][4]. - The report emphasizes the impact of the Federal Reserve's interest rate cut on the precious metals market, suggesting a long-term upward trend in gold prices due to low domestic gold reserves in China and increasing central bank purchases [3][21]. - The report identifies specific companies to watch, including Zijin Mining, Shandong Gold, and others in the precious metals sector, as they are expected to benefit from the favorable market conditions [3][4]. Weekly Market Review - The Shanghai Composite Index rose by 0.11%, while the Shenzhen Component increased by 0.67%, and the CSI 300 fell by 0.43% [4]. - The non-ferrous metals index has increased by 75.90% year-to-date, outperforming the CSI 300 by 57.96% [7]. Price Changes and Company Valuations - The report details price changes for various metals, noting that copper prices have seen a 24.17% increase year-to-date, while aluminum prices have risen by 13.03% [14]. - The report provides a comprehensive valuation table for key companies in the non-ferrous metals sector, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2023 to 2026 [18]. Precious Metals - The report highlights an increase in gold ETF holdings, indicating a growing confidence among investors in the precious metals market [21]. - The gold-silver ratio is noted to be at 81.9, suggesting potential for silver to catch up as demand recovers [22]. Industrial Metals - The report discusses the supply and demand dynamics for copper, noting a slight increase in domestic social inventory and a decrease in the copper treatment charge [27]. - For aluminum, the report indicates a slight decrease in the operating rate of downstream processing enterprises, while the overall supply-demand balance remains tight [39][41]. Small Metals - The report mentions the tight supply conditions for cobalt due to export restrictions from the Democratic Republic of Congo, and the strong demand for lithium in the energy storage sector [3][4].

Investment Rating - The report rates the industry as "Positive" [2] Core Insights - The comic drama market is expected to explode in 2025, with a projected market size surpassing 20 billion [3][9] - The growth is driven by three main factors: increasing demand, technological breakthroughs, and platform support [3][4] - The industry is currently in the 1.0 growth phase, with future competition likely to focus on content quality and IP derivatives [3][14] Summary by Sections Market Dynamics - The comic drama market has seen a 12-fold increase in revenue over the past six months, with the number of related companies expected to exceed hundreds of thousands [3][9] - The target audience primarily consists of young males in high-tier cities, contrasting with the female-dominated live-action short drama market [5][9] Technological Advancements - AI technology has significantly reduced production time and costs, with some models cutting production cycles by 80-90% and costs by 70-90% [3][24] - The integration of AI tools across the entire production chain is enhancing efficiency and lowering barriers to entry [3][28] Industry Structure - The comic drama value chain includes IP script development, adaptation, production, and platform distribution [3][18] - The current bottleneck lies in content supply, necessitating a focus on expanding quality content and attracting diverse industry players [3][24] Key Players - Notable companies to watch include Mango TV, Bilibili, and Reading Group, with specific attention to those excelling in various segments of the comic drama industry [3][29] - The report highlights the importance of IP content providers, production companies, and platforms in driving the industry's growth [3][33] Future Outlook - The report anticipates that the comic drama market will continue to grow, with significant potential for IP monetization and international expansion [3][14]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook compared to the overall market performance [2]. Core Insights - The report highlights that the performance of COSCO Shipping Holdings and Xiamen Xiangyu exceeded expectations, suggesting potential investment opportunities in the transportation sector due to institutional underweight positions [2]. - The shipping segment shows resilience, with COSCO's Q3 performance slightly above expectations, and tanker stock performance aligning with freight rate trends. The report anticipates an upward revision in global tanker profitability forecasts [2]. - The aviation sector is experiencing sustained growth in demand, with domestic passenger transport reaching 210 million, a year-on-year increase of 3.9%. Major airlines are expected to see significant improvements in profitability [2]. - The express delivery sector is under pressure, but companies like SF Express are showing resilience through strategic investments and market expansion, with expectations for margin improvement in Q4 and next year [2]. - The report emphasizes the recovery in railway passenger and freight volumes, with recommendations for specific railway and highway companies based on performance metrics [2]. Summary by Sections Shipping - COSCO Shipping's Q3 net profit reached CNY 95.33 billion, a 63.20% increase from Q2, while operating cash flow was CNY 142.05 billion, up 32.57% [4][6]. - Recommendations include COSCO Shipping Energy and China Merchants Energy, with a focus on the tanker segment due to favorable freight rates [2]. Aviation - Domestic airlines achieved a passenger volume of 210 million, with a seat occupancy rate exceeding 84% for three consecutive months, indicating strong recovery [2]. - China Eastern Airlines showed the most significant year-on-year improvement in profitability [2]. Express Delivery - SF Express maintained high growth rates despite margin pressures, with a focus on strategic pricing and market expansion [2]. - The report notes initial signs of profit recovery in the express delivery sector due to price increases in core regions [2]. Rail and Highway - The report highlights a growth in railway passenger and freight volumes, with specific recommendations for companies like Daqin Railway and Zhejiang Huhang Highway [2]. - The highway segment is also showing positive trends, with several companies reporting significant increases in net profit and cash flow [2].

2025 年 11 月 02 日 中银基金李思佳：在均衡稳健中追 求可持续可复制的成长性收益 ——基金经理研究系列报告之八十六 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 证 券 研 究 报 告 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 蒋辛 (8621)23297818× jiangxin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 量 化 策 略 相关研究 - ⚫ 中银基金李思佳：剑桥大学金融硕士。具备 8 年证券从业经验，2 年投资管理年限。2017 年加入中银基金，曾任研究员、价值与周期组组长、基金经理助理。2023 年 10 月至今 任中银战略新兴产业的基金经理，2025 年 4 月至今任中银增长的基金经理，共计 2 只在 管基金，总管理 ...

Investment Rating - The report suggests a cautious outlook on the construction industry, recommending state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also highlighting private companies like Zhizhi New Materials and Honglu Steel Structure as potential investment opportunities [3][12][14]. Core Insights - The construction industry is currently experiencing weak overall demand, but regional investments may gain momentum as national strategies are implemented [3][12]. - The report emphasizes the importance of modernizing infrastructure and upgrading key industries to enhance global competitiveness [3][10]. - Significant growth has been observed in specific sub-sectors, particularly in private infrastructure companies, which have shown substantial year-to-date gains [3][6]. Industry Performance - The SW Construction Decoration Index decreased by 1.49%, underperforming compared to major indices such as the Shanghai Composite Index, which increased by 0.11% [4][6]. - The best-performing sub-sectors for the week included Professional Engineering (+2.08%) and Decorative Curtain Walls (+1.39%) [4][6]. - Year-to-date, the private infrastructure sector has seen a remarkable increase of 67.91%, with individual companies like Chengbang Co. and Dongyi Risheng achieving gains of 182.55% and 182.38%, respectively [3][6]. Key Company Updates - Sichuan Road and Bridge reported a revenue increase of 1.95% and a net profit increase of 11.04% for the first three quarters of 2025 [12][14]. - Jianfa Hecheng experienced a revenue growth of 10.55% and a net profit increase of 21.2% during the same period [13][14]. - Notable changes in other companies include Xinjiang Jiaojian with a revenue increase of 38.58% and a net profit increase of 147.73% [14]. Market Trends - The report highlights the government's focus on constructing a modern industrial system and enhancing the competitiveness of key industries, including construction [10][11]. - The Ministry of Housing and Urban-Rural Development reported that 24,300 urban old residential communities were newly started or renovated from January to September 2025 [11][12]. - The report notes that the construction sector's fixed asset investment reached 2.6 trillion yuan in the first three quarters of 2025, reflecting a year-on-year decline of 4.17% [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company's performance in 2025 Q1-3 showed a total revenue of 12.066 billion yuan, a year-on-year increase of 72%, but the net profit attributable to the parent company was 1.038 billion yuan, a decrease of 29.5% [4] - Domestic sales were impacted by certain self-subsidy effects, while overseas sales showed stable growth, particularly in Europe and the Asia-Pacific regions [4] - The company has launched new products in the lawn mower category and is expected to see significant performance in this area [4] Financial Performance Summary - Total revenue projections for the company are as follows: 2024: 11.945 billion yuan, 2025E: 19.336 billion yuan, 2026E: 24.713 billion yuan, 2027E: 29.860 billion yuan, with respective year-on-year growth rates of 38.0%, 61.9%, 27.8%, and 20.8% [2] - The net profit attributable to the parent company is projected to be 1.702 billion yuan in 2025E, with a year-on-year decrease of 13.9% [2] - The company's gross margin is expected to be 45.2% in 2025E, with a return on equity (ROE) of 11.8% [2] Market Position and Strategy - The company has maintained a strong market share in the sweeping machine sector, achieving shares of 24.8%, 31.6%, and 27.6% in July, August, and September 2025, respectively [4] - The company is actively adjusting its product strategy in Europe and has seen a rapid increase in orders, while also expanding its online presence in North America [4] - The washing machine business has become a second growth curve for the company, with significant online market share growth [4]