Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a decline in revenue and profit for the first three quarters of 2025, with a total revenue of 2.514 billion yuan, down 6.43% year-on-year, and a net profit of 194 million yuan, down 44.37% year-on-year [1]. - The revenue growth rate has shown improvement quarter-on-quarter, with Q3 2025 revenue reaching 1.041 billion yuan, an increase of 1.75% year-on-year [2]. - The gross margin has decreased, with Q1-Q3 2025 gross margin at 22.52% and Q3 2025 at 22.92%, reflecting a year-on-year decline of 5.61 percentage points [3]. Revenue Performance - For Q3 2025, fresh product revenue was 874 million yuan, showing a slight year-on-year increase of 0.08% [2]. - The revenue from key product categories such as "夫妻肺片" and "整禽类" has contracted, while categories like "香辣休闲" and "其他鲜货" have seen growth [2]. - Regional performance varied, with the East China market experiencing a revenue decline of 1.92% year-on-year, while South China saw significant growth of 73.13% [2]. Profitability and Cost Analysis - The company’s net profit margin for Q1-Q3 2025 was 7.72%, down 6.15 percentage points year-on-year [3]. - Selling expenses and management expenses have increased, with selling expense ratio at 5.58% and management expense ratio at 6.37% for Q1-Q3 2025 [3]. - The report indicates that the decline in gross margin is likely related to rising import beef prices [3]. Earnings Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised downwards to 255 million, 278 million, and 325 million yuan, respectively, reflecting reductions of 27.6%, 28.2%, and 24.7% from previous estimates [4]. - The projected EPS for 2025-2027 is 0.62, 0.67, and 0.79 yuan, with corresponding P/E ratios of 30, 28, and 24 [4][5].

改革仍在持续，25Q3 业绩承压 ——中炬高新（600872.SH）2025 年三季报点评 买入（维持） 当前价：18.39 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 2025 年 10 月 27 日 公司研究 股价相对走势 -18% -9% 0% 9% 19% 10/24 01/25 04/25 07/25 中炬高新 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -2.70 | -16.76 | -37.43 | | 绝对 | -0.27 | -4.07 | -19.86 | 资料来源：Wind 相关研报 25Q2 经营环比改善，治理结构进一步优化， 期待改革成效逐渐释放——中炬高新 （600872.SH）2025 年中报点评 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 1.808 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 2.05%. However, the net profit attributable to shareholders decreased by 19.51% to 173 million yuan [1]. - In Q3 2025, the company reported a revenue of 685 million yuan, a year-on-year increase of 6.55%, while the net profit attributable to shareholders was 61 million yuan, down 14.77% [1][2]. - The company is accelerating new product launches and strengthening channel construction, with significant improvements in revenue growth driven by fish products and snack wholesale channels [2]. - The gross profit margin for the first three quarters of 2025 was 29.25%, with a slight decrease in Q3 to 28.93% due to rising raw material costs [3]. - The company is focusing on improving cost efficiency, with a net profit margin of 9.56% for the first three quarters of 2025, showing a sequential improvement compared to Q2 [3]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a revenue of 1.808 billion yuan and a net profit of 173 million yuan, with a decrease in net profit margin to 8.89% in Q3 [1][3]. - The company’s revenue growth rate for 2025 is projected at 1.94%, with a net profit forecast of 254 million yuan, reflecting a decline of 12.77% [5]. Product and Market Strategy - The company is enhancing its product lineup with new offerings such as sesame sauce tripe and marinated tofu, aiming to leverage market trends and improve distribution speed [2]. - The company is also expanding its presence in overseas markets and adjusting its e-commerce strategy in response to declining traffic [2]. Cost and Profitability - The gross profit margin is under pressure due to increased costs of raw materials, particularly for fish and konjac products, but the company expects stable costs in the upcoming procurement season [3]. - The report indicates a focus on improving the efficiency of expense utilization, with a sales expense ratio of 13.81% for Q1-Q3 2025 [3]. Valuation and Forecast - The earnings per share (EPS) for 2025 is estimated at 0.56 yuan, with corresponding price-to-earnings (P/E) ratios of 21, 18, and 15 for 2025-2027 [4][5]. - The company’s strategy is clear, with active multi-channel expansion, supporting the "Buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 16.844 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 34.13%. The net profit attributable to the parent company was 3.761 billion yuan, up 38.91% year-on-year [4][5] - The growth was driven by the core product "Dongpeng Special Drink," which generated approximately 12.563 billion yuan in revenue, a 19.4% increase year-on-year, and the second growth curve "Dongpeng Water" electrolyte drinks, which saw a revenue increase of 134.8% to 2.847 billion yuan [5][6] - The company's national expansion strategy is showing significant results, with revenue growth in various regions, particularly in Southwest and North China, where revenues increased by 48.9% and 72.9% respectively [5][8] Summary by Sections Revenue Performance - In Q3 2025, the company reported a revenue of 6.107 billion yuan, a 30.36% increase year-on-year, and a net profit of 1.386 billion yuan, up 41.91% year-on-year [4][5] - The revenue from energy drinks, electrolyte drinks, and other beverages in Q3 was 4.203 billion yuan, 1.354 billion yuan, and 0.547 billion yuan respectively, with year-on-year growth rates of 14.6%, 83.8%, and 95.6% [6] Profitability and Cost Management - The gross margin for the first three quarters of 2025 was 45.2%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin reached 22.3%, up 0.8 percentage points year-on-year [7][8] - The company maintained strict cost control, with a total expense ratio of 17.8%, down 0.3 percentage points year-on-year [7] Product and Market Strategy - The company is successfully building a comprehensive beverage group, with a focus on high-cost performance strategies and expanding its product matrix [8] - The number of distribution points has exceeded 4.2 million, and the company is enhancing its channel depth and brand exposure through various marketing strategies [8] Financial Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are adjusted to 4.584 billion yuan, 5.840 billion yuan, and 7.046 billion yuan respectively, with corresponding EPS of 8.81 yuan, 11.23 yuan, and 13.55 yuan [9][10] - The current stock price corresponds to a PE ratio of 34x for 2025, 27x for 2026, and 22x for 2027 [9]

分析师点评 市场数据 总量研究 2025 年 10 月 27 日 晨会速递 【宏观】坚持高质量发展，续写奇迹新篇章——二十届四中全会公报精神学习暨《"十 五五"规划》系列报告二 本次公报进一步强化了"产业科技+提振内需"的双政策主线，与当前高质量发展基 调一脉相承，体现了中央久久为功、持续推动经济转型升级的战略定力。相比十九届 五中全会公报，现代产业体系建设从第二位调整为第一位，表明下一阶段更看重科技 创新如何与产业发展融合；高水平对外开放从第九位调整为第五位，指向在大国博弈 的惊涛骇浪中，势必要以开放的主动赢得发展的主动。 【宏观】美国通胀不及预期，为降息铺平道路——2025 年 9 月美国 CPI 数据点评 9 月美国通胀数据表现温和，不及市场预期，降低了美联储在数据真空期的"盲飞" 风险。结构看，通胀不及预期主要受住房、二手车和卡车价格回落影响，而关税的传 导仍在持续，如家电、家具、服装等价格环比涨幅较上月均有所扩大。整体来看，因 企业部门吸收了部分关税成本叠加服务业通胀放缓，使得整体通胀上行相对温和，为 后续美联储降息铺平道路，市场已提前锁定年内两次降息空间。 【策略】多重利好叠加，市场或持续强势表现 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company achieved steady revenue growth in Q3 2025, with total revenue reaching 326 million yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 102 million yuan, up 30.68% year-on-year [1][2]. - The company is focusing on innovation and expanding its emerging business sectors, particularly in mental health, pelvic floor, and neurological rehabilitation, while also enhancing its aesthetic medicine and urology segments [2][3]. - The company has established a comprehensive closed-loop system for neurological rehabilitation, covering diagnosis, treatment, and rehabilitation, with several products in various stages of development [3]. Financial Performance Summary - For Q3 2025, the company reported revenue of 115 million yuan, a 14.87% increase year-on-year, and a net profit of 33 million yuan, reflecting a 14.99% growth [1][2]. - The operating cash flow increased by 33.74% year-on-year, primarily due to higher cash receipts from sales [2]. - The company’s R&D expenses were 11 million yuan, accounting for 9.76% of revenue, highlighting its commitment to innovation [2]. Profit Forecast and Valuation - The projected net profit for 2025 is 131 million yuan, with a corresponding P/E ratio of 36 times [4][3]. - The company is positioned as a leader in the magnetic-electric rehabilitation device sector, benefiting from the growing rehabilitation industry and consumer spending upgrades [3].

2025 年 10 月 26 日 行业研究 重点领域景气度高，居民贷款增长承压 ——2025 年 3 季度央行贷款投向点评 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 9 月金融数据前瞻：社融增速回落，货币活 化延续——流动性观察第 117 期 8 月金融数据前瞻： 社融增速或现拐点， 存款活化程度提升——流动性观察第 116 期 7 月金融数据前瞻：社融向上、贷款向下— —流动性观察第 115 期 如何看待股债跷跷板和 8 月流动性？——流 动性观察第 114 期 6 月金融数据前瞻：低基数效应下的季节性 修复——流动性观察第 113 期 4 月金融数据前瞻及 5 月流动性展望——流 动性观察第 109 期 3 月金融数据前瞻及 4 月流动性展望——流 动性观察第 108 期 事件：10 月 24 日，人民银行发布 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5] Core Insights - Prices for various cobalt categories have risen, with lithium hexafluorophosphate reaching a nearly two-year high [1] - The report highlights the increasing prices of lithium concentrate and cobalt, indicating a positive trend in the new energy vehicle materials sector [1][4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, such as Salt Lake Co., Cangge Mining, and Tianqi Lithium [4] Summary by Relevant Sections Cobalt and New Materials - Electrolytic cobalt price is at 398,000 CNY/ton, up 8.2% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.81, down 1.2% [1][10] - Lithium concentrate (Li2O 5%) price is 795 USD/ton, up 8.16% week-on-week [1][29] - Cobalt sulfate price is 89,900 CNY/ton, up 0.96% week-on-week [37] New Energy Vehicle Materials - Prices for battery-grade lithium hydroxide and carbonates remain stable, with battery-grade lithium carbonate price at 73,800 CNY/ton [29] - The price of lithium iron phosphate is 334,000 CNY/ton, with a week-on-week increase of 0% [39] - The report notes a significant increase in the production and penetration rate of new energy vehicles, with September 2025 production at 1.6169 million units, up 16.3% month-on-month [25][26] Photovoltaic Materials - Photovoltaic-grade polysilicon price is 6.51 USD/kg, down 0.3% week-on-week, while EVA price is 10,900 CNY/ton, down 0.9% [2] - The report indicates that the price of photovoltaic glass remains stable at 24.0 CNY/sqm [2] Uranium and Nuclear Materials - Uranium price is at 62.88 USD/lb, up 6.6% week-on-week [2] - Prices for zirconium-related materials remain stable, with no significant changes reported [2] Other Materials - The price of lithium cobalt oxide is 376.0 CNY/kg, up 3.3% week-on-week [3] - The report highlights the increase in rhodium prices, with a current price of 21,150 CNY/kg, up 0.5% [3]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark [6]. Core Insights - The "14th Five-Year Plan" emphasizes the development of hydrogen energy and nuclear fusion as new economic growth points, alongside other advanced technologies [1]. - The clean energy transition is crucial for achieving carbon neutrality, with hydrogen and nuclear fusion playing complementary roles in decarbonizing the energy sector [2]. - Recent policy support for hydrogen energy, including funding for green methanol projects, indicates a strong governmental push towards the hydrogen sector [3]. - China's nuclear fusion sector is experiencing rapid advancements, with multiple projects progressing simultaneously, suggesting a promising future for controlled nuclear fusion [4]. Summary by Sections Hydrogen Energy Sector - The hydrogen energy industry is expected to benefit from continuous cost reductions driven by technological advancements and supportive policies [3]. - Companies involved in green methanol production and those with advanced gasification technology are highlighted as key investment opportunities [5]. Nuclear Fusion Sector - Companies directly participating in nuclear fusion project construction and those supplying high-value components are identified as potential investment targets [5]. - The report notes significant breakthroughs in nuclear fusion technology in China, indicating a robust growth trajectory for the sector [4].

2025 年 10 月 26 日 行业研究 实现科技自立自强，确保产业链供应链的韧性与安全 ——基础化工行业周报（20251020-20251024） 要点 "十五五"目标要求科技自立自强水平大幅提高。二十届四中全会在"十五 五"时期经济社会发展主要目标中明确提出"科技自立自强水平大幅提 高"，并规划到 2035 年实现科技实力大幅跃升。在具体工作部署方面，全 会将"加快高水平科技自立自强，引领发展新质生产力"列为重点工作要 求，凸显了科技创新在现代化建设中的核心地位。全会强调要抓住新一轮科 技革命和产业变革历史机遇，统筹教育强国、科技强国、人才强国建设，提 升国家创新体系整体效能，全面增强自主创新能力，抢占科技发展制高点， 不断催生新质生产力。在实施路径上，全会提出四个关键举措：加强原始创 新和关键核心技术攻关、推动科技创新和产业创新深度融合、一体推进教育 科技人才发展、深入推进数字中国建设。这些表述体现了党中央对科技自立 自强的高度重视，为实现中国式现代化提供强大科技动能。 半导体材料板块正处于需求扩张与国产替代的共振阶段。AI 算力、智能驾驶 渗透等应用持续推动半导体行业扩张，根据 WSTS 预测 20 ...