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 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 2 billion yuan in the first three quarters of 2025, a year-on-year increase of 1.8%, with a net profit attributable to shareholders of 670 million yuan, up 0.3% year-on-year [1]. - The company is focusing on new product performance while solidifying its core pickled vegetable business [3]. - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates to 805 million yuan, 852 million yuan, and 899 million yuan respectively, reflecting increased investment in new product promotion and market competition [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 690 million yuan, a year-on-year increase of 4.5%, and a net profit of 230 million yuan, up 4.3% year-on-year [1]. - The gross margin for the first three quarters of 2025 was 53.73%, while Q3 2025 saw a decline to 52.93% year-on-year, attributed to changes in product structure and pricing strategies [2]. - The net profit margin for the first three quarters of 2025 was 33.67%, with a slight decrease compared to the previous year [2]. Strategic Initiatives - The company is implementing a "dual-driven" strategy to enhance its core business while exploring new product categories and channels [3]. - New product launches include a 60g product at a price point of 2 yuan and an 80g product with a 10% bonus, aimed at reinforcing the core pickled vegetable market [3]. - The company is expanding its B2B market by enhancing its restaurant channel offerings and establishing a large customer operations center [3]. Profit Forecast and Valuation - The report projects a decrease in net profit for 2025-2027, with EPS estimates of 0.70 yuan, 0.74 yuan, and 0.78 yuan respectively, reflecting a P/E ratio of 18x for 2025 [4][5]. - The company is recognized as a leader in the pickled vegetable industry, benefiting from strong brand and channel advantages [4].

Inflation Data Summary - In September, the U.S. CPI increased by 3.0% year-on-year, up from 2.9% in the previous month, but below the market expectation of 3.1%[2] - The seasonally adjusted CPI rose by 0.3% month-on-month, down from 0.4% previously and below the expected 0.4%[2] - Core CPI also increased by 3.0% year-on-year, down from 3.1% last month, and the month-on-month increase was 0.2%, down from 0.3%[2] Economic Implications - The mild inflation data reduces the risk of the Federal Reserve making uninformed decisions amid the government shutdown affecting non-farm data releases[3] - The overall inflation increase is tempered by declines in housing, used car, and truck prices, while tariff impacts continue to be felt in categories like appliances and furniture[3] - Market expectations are set for two rate cuts within the year, with probabilities of 96.7% for October and 94.4% for December, indicating a strong belief in easing monetary policy[7] Sector-Specific Insights - Food prices saw a month-on-month increase of only 0.2%, down from 0.5% in the previous month, with notable declines in beef prices[4] - Energy prices increased by 1.5% month-on-month, influenced by rising international oil prices due to geopolitical tensions, although overall price increases remain limited[4] - Core goods prices fell to a month-on-month increase of 0.2%, primarily due to a drop in used car and truck prices, which decreased from 1.0% to -0.4%[5]

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating upward trend, but the market trading enthusiasm declined compared to the previous week. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Among mainstream asset classes, the return rate ranking from high to low was: crude oil > A - shares > convertible bonds > US stocks > REITs > pure bonds > gold [1][11]. - The price trends of equity - type and franchise - type REITs in the secondary market diverged this week. Equity - type REITs declined, while franchise - type REITs rose. Among different underlying asset types, water conservancy facilities REITs had the largest increase [16]. - This week, there was no new listing of REITs products, and no update on the project status of REITs products [4][37]. 3. Summary of Each Section According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of listed public REITs showed a fluctuating upward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 816.04 and 1045.13 respectively, with a weekly return rate of 0.16%. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Compared with other mainstream asset classes, the return rate of REITs was lower than that of crude oil, A - shares, convertible bonds, and US stocks, but higher than that of pure bonds and gold [11]. - **At the underlying - asset level**: The price trends of equity - type and franchise - type REITs diverged. The weighted index of equity - type REITs closed at 153.43, with a return rate of - 0.36%, while the weighted index of franchise - type REITs closed at 117.04, with a return rate of 0.72%. Among different underlying asset types, water conservancy facilities REITs had the largest increase, followed by municipal facilities and new infrastructure REITs [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 46 rising, 1 remaining unchanged, and 28 falling. The top three in terms of increase were Industrial Bank Inner Mongolia Energy Clean Energy REIT, AVIC Yishang Warehouse Logistics REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT, with increases of 4.06%, 3.58%, and 3.23% respectively. The top three in terms of decrease were China Merchants Fund Shekou Rental Housing REIT, Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT, and Huaxia Joy City Commercial REIT, with decreases of 4.11%, 2.44%, and 2.42% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.72 billion yuan, and the water conservancy facilities REITs led in the average daily turnover rate during the period. The total trading volume of 75 listed REITs was 2.72 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, consumer infrastructure, and park infrastructure, with trading volumes of 515 million, 461 million, and 454 million yuan respectively. In terms of turnover rate, the top three were water conservancy facilities, new infrastructure, and affordable rental housing, with average daily turnover rates of 1.05%, 0.94%, and 0.85% respectively [25]. - **At the single - REIT level**: This week, the trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were Soochow Suyuan Industrial Park REIT, CICC Logistic REIT, and Bosera Shekou Industrial Park REIT. In terms of trading amount, the top three were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia China Resources Commercial REIT, and CICC Anhui Expressway REIT. In terms of turnover rate, the top three were Huatai Baowan Logistics REIT, Huatai Jiangsu Expressway REIT, and China Merchants Fund Shekou Rental Housing REIT [26]. 3.1.3 Main - Force Net Inflow and Block Trading - **Main - force net inflow**: This week, the total main - force net inflow was - 11.83 million yuan, indicating a decline in market trading enthusiasm compared to the previous week. Among different underlying asset REITs, the top three in terms of main - force net inflow during the week were consumer infrastructure, water conservancy facilities, and affordable housing. Among single REITs, the top three in terms of main - force net inflow were CICC Inlitchi Consumer REIT, China Merchants Fund Shekou Rental Housing REIT, and Yin Hua Shaoxing Raw Water Water Conservancy REIT [30]. - **Block trading**: This week, the total block trading volume reached 400.67 million yuan, an increase compared to the previous week. There were block trading transactions on 5 trading days, with the highest single - day block trading volume on Wednesday (October 22, 2025), reaching 98.48 million yuan. Among single REITs, the top three in terms of block trading volume were CICC Chongqing Liangjiang REIT, Southern SF Logistics REIT, and Huaxia China Communications Construction REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects As of October 24, 2025, there were 75 public REITs products in China, with a total issuance scale of 196.619 billion yuan. Among them, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 31.835 billion yuan. This week, there was no new listing of REITs products [37]. 3.2.2 Pending - Listing Projects According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 19 REITs in the pending - listing state, including 12 first - issuance REITs and 7 REITs pending expansion [40].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Credit bond issuance volume increased month-on-month, and industry credit spreads generally declined [1][24] Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From October 20 to October 24, 2025, a total of 545 credit bonds were issued, with a total issuance scale of 578.28 billion yuan, a month-on-month increase of 33.45% [1][11] - Industrial bonds: 267 were issued, with a scale of 310.475 billion yuan, a month-on-month increase of 30.60%, accounting for 53.69% of the total issuance scale [1][11] - Urban investment bonds: 232 were issued, with a scale of 152.105 billion yuan, a month-on-month increase of 49.66%, accounting for 26.30% of the total issuance scale [1][11] - Financial bonds: 46 were issued, with a scale of 115.7 billion yuan, a month-on-month increase of 23.12%, accounting for 20.01% of the total issuance scale [1][11] - The average issuance period of credit bonds was 2.61 years, with industrial bonds at 2.09 years, urban investment bonds at 3.27 years, and financial bonds at 2.09 years [1][14] - The average issuance coupon rate of credit bonds was 2.24%, with industrial bonds at 2.14%, urban investment bonds at 2.40%, and financial bonds at 1.98% [2][18] 1.2 Cancellation of Issuance Statistics - Two credit bonds cancelled their issuance this week [3][23] 2. Secondary Market 2.1 Credit Spread Tracking - By industry, among Shenwan primary industries, the largest increase in AAA - grade industry credit spreads was in electronics (up 0.9BP), and the largest decrease was in communications (down 9.3BP); for AA + - grade, the largest increase was in textile and apparel (up 52.9BP), and the largest decrease was in steel (down 56.4BP); for AA - grade, the largest increase was in machinery and equipment (up 2.7BP), and the largest decrease was in media (down 17.4BP) [3][24] - By region for urban investment bonds, this week, the largest increase in AAA - grade credit spreads was in Yunnan (up 6.4BP), and the largest decrease was in Liaoning (down 9.7BP); for AA + - grade, the largest increase was in Yunnan (up 11.1BP), and the largest decrease was in Sichuan (down 10.8BP); for AA - grade, the largest decrease was in Hebei (down 11.7BP) [3][26] - Coal and steel credit spreads both declined. AAA and AA + - grade coal credit spreads decreased by 4.2BP and 4.4BP respectively; AAA and AA + - grade steel credit spreads decreased by 4.7BP and 56.4BP respectively [25] - Credit spreads of urban investment and non - urban investment at all levels declined. The three levels of urban investment credit spreads decreased by 6.2BP, 4.6BP, and 5.7BP respectively; the three levels of non - urban investment credit spreads decreased by 5.3BP, 5.7BP, and 5.2BP respectively [25] - Credit spreads of state - owned enterprises and private enterprises both declined. The three levels of central state - owned enterprise credit spreads decreased by 3.2BP, 3.1BP, and 5.3BP respectively; the three levels of local state - owned enterprise credit spreads decreased by 5.4BP, 5.7BP, and 5.6BP respectively; AAA and AA + - grade private enterprise credit spreads decreased by 5.3BP and 3.7BP respectively [25] 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1426.37 billion yuan, a month-on-month decrease of 2.16%. The top three in trading volume were corporate bonds, medium - term notes, and commercial bank bonds [4][27] - Commercial bank bonds: trading volume reached 354.669 billion yuan, a month-on-month decrease of 6.75%, accounting for 24.87% of the total trading scale [4][27] - Corporate bonds: trading volume reached 436.845 billion yuan, a month-on-month increase of 7.45%, accounting for 30.63% of the total trading scale [4][27] - Medium - term notes: trading volume reached 357.797 billion yuan, a month-on-month decrease of 0.91%, accounting for 25.08% of the total trading scale [4][27] 2.3 This Week's Actively Traded Bonds - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [29]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From January to October 24, 2025, the convertible bond market underperformed the equity market. In the long - term, convertible bonds remain relatively high - quality assets due to the persistent strong demand and weak supply. However, the current valuation is high, and investors need to focus on structure [1][4] 3. Summary by Relevant Catalogs Market行情 - From October 20 to October 24, 2025, the convertible bond and equity markets rose again. The CSI Convertible Bond Index increased by +1.5% (previous week: - 2.3%), and the CSI All - Share Index changed by +3.4% (previous week: - 3.5%). Since the beginning of 2025, the CSI Convertible Bond Index has risen by +16.1%, and the CSI All - Share Index has risen by +23.0% [1] - By rating, high - grade bonds (AA+ and above), medium - grade bonds (AA), and low - grade bonds (AA - and below) rose by +2.30%, +2.22%, and +2.53% respectively this week, with low - grade bonds having the highest increase [1] - By convertible bond size, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) rose by +0.12%, +2.36%, and +2.66% respectively this week, with large - scale convertible bonds having the lowest increase [1] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) rose by +4.58%, +2.88%, +1.64%, +1.35%, and +1.16% respectively this week, with ultra - high - parity bonds having the highest increase [2] Current Convertible Bond Valuation Level - As of October 24, 2025, there were 410 outstanding convertible bonds (413 at the end of last week), with a balance of 556.823 billion yuan (566.693 billion yuan at the end of last week) [3] - The average convertible bond price was 131.06 yuan (130.61 yuan at the end of last week), with a percentile of 98.6%; the average convertible bond parity was 104.86 yuan (103.82 yuan at the end of last week), with a percentile of 94.8%; the average convertible bond conversion premium rate was 27.6% (27.7% at the end of last week), with a percentile of 56.0%. The conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 29.3%, higher than the median of medium - parity convertible bonds since 2018 (20.4%) [3] Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Yingliu Convertible Bond, Chenfeng Convertible Bond, and Jingda Convertible Bond, with increases of 73.08%, 27.32%, and 25.11% respectively [22]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The total bond custody volume increased less month - on - month. As of the end of September 2025, the total bond custody volume of CCDC and SHCH was 175.46 trillion yuan, with a net monthly increase of 0.92 trillion yuan, 0.58 trillion yuan less than the month - on - month increase at the end of August [1][11]. - The custody volume of interest - rate bonds and credit bonds increased net month - on - month, while that of financial bonds and inter - bank certificates of deposit (NCDs) decreased net month - on - month [1][11]. - This month, the total custody volume of major bonds of allocation accounts continued to increase month - on - month, while that of trading accounts and overseas institutions continued to decrease month - on - month [2][27]. - The balance of bonds to be repurchased increased seasonally, and the bond market leverage ratio rose month - on - month. As of the end of September 2025, the estimated balance of repurchase - style repo was 11.33 trillion yuan, a month - on - month increase of 99.39 billion yuan, and the leverage ratio was 106.90%, a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 1.05 percentage points [4][53]. 3. Summary According to Relevant Catalogs 3.1 Bond Custody Volume and Structure - As of the end of September 2025, the total bond custody volume of CCDC and SHCH was 175.46 trillion yuan, with a net monthly increase of 0.92 trillion yuan, 0.58 trillion yuan less than the month - on - month increase at the end of August [1][11]. - In September 2025, the interest - rate bond custody volume was 122.01 trillion yuan, accounting for 69.54% of the inter - bank bond market custody volume, with a net monthly increase of 1.29 trillion yuan; the credit bond custody volume was 18.74 trillion yuan, accounting for 10.68%, with a net monthly increase of 5.0986 billion yuan; the non - policy financial bond custody volume was 12.76 trillion yuan, accounting for 7.27%, with a net monthly decrease of 4.823 billion yuan; the NCD custody volume was 19.97 trillion yuan, accounting for 11.38%, with a net monthly decrease of 0.41 trillion yuan [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Changes in Custody Volume by Institution Month - on - Month - Policy banks and commercial banks increased their holdings of interest - rate bonds and credit bonds and reduced their holdings of NCDs [2][27]. - Insurance institutions increased their holdings of interest - rate bonds, NCDs, and credit bonds across the board [2][27]. - Securities companies increased their holdings of credit bonds and reduced their holdings of interest - rate bonds and NCDs [2][27]. - Credit unions, non - legal entity products, and overseas institutions increased their holdings of interest - rate bonds and reduced their holdings of NCDs and credit bonds [2][27]. 3.2.2 Changes in Custody Volume by Bond Type Month - on - Month - The custody volume of treasury bonds continued to increase month - on - month. Commercial banks continued to significantly increase their holdings, while policy banks continued to reduce their holdings [3][29]. - The custody volume of local government bonds continued to increase month - on - month. Except for commercial banks reducing their holdings, other major institutions increased their holdings [3][29]. - The custody volume of policy - financial bonds continued to increase month - on - month. Commercial banks continued to increase their holdings, while securities companies and non - legal entity products changed to reducing their holdings [3][29]. - The custody volume of NCDs continued to decrease month - on - month. Except for insurance institutions increasing their holdings, other major institutions reduced their holdings [3][29]. - The custody volume of enterprise bonds continued to decrease month - on - month. Commercial banks and non - legal entity products were the main entities reducing their holdings [3][30]. - The custody volume of medium - term notes continued to increase month - on - month. Commercial banks continued to significantly increase their holdings, while non - legal entity products changed to reducing their holdings [3][31]. - The custody volume of short - term financing bills and super - short - term financing bills continued to decrease month - on - month. Non - legal entity products were the main entity reducing their holdings [3][31]. - The custody volume of non - publicly - oriented debt instruments continued to decrease month - on - month. Non - legal entity products were the main entity reducing their holdings [3][31]. 3.2.3 Holder Structure of Major Bond Types - As of the end of September 2025, for treasury bonds, commercial banks held 69.91%, overseas institutions held 5.41%, policy banks held 10.29%, etc. [34]. - For policy - financial bonds, commercial banks held 55.25%, non - legal entity products held 31.66%, overseas institutions held 2.95%, etc. [36]. - For local government bonds, commercial banks held 73.38%, non - legal entity products held 9.50%, policy banks held 10.66%, etc. [39]. - For enterprise bonds, non - legal entity products held 54.98%, commercial banks held 32.02%, securities companies held 9.02%, etc. [41]. - For medium - term notes, non - legal entity products held 60.71%, commercial banks held 24.15%, securities companies held 4.88%, etc. [43]. - For short - term financing bills and super - short - term financing bills, non - legal entity products held 63.46%, commercial banks held 29.83%, etc. [46]. - For non - publicly - oriented debt instruments, non - legal entity products held 62.06%, commercial banks held 20.31%, etc. [49]. - For NCDs, non - legal entity products held 60.68%, commercial banks held 23.57%, etc. [51]. 3.3 Bond Market Leverage Ratio Observation - As of the end of September 2025, the estimated balance of repurchase - style repo was 11.33 trillion yuan, a month - on - month increase of 99.39 billion yuan. The leverage ratio was 106.90%, a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 1.05 percentage points [4][53].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 4.501 billion yuan for the first three quarters of 2025, a year-on-year decrease of 5.38%, and a net profit attributable to the parent company of 168 million yuan, down 73.17% year-on-year [1]. - The company is actively launching new products and focusing on cost trends, with a notable performance in the nut category during the Mid-Autumn Festival and National Day periods [2]. - The increase in raw material costs has pressured profits, with gross margins decreasing significantly [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.749 billion yuan, a decrease of 5.91% year-on-year, and a net profit of 79 million yuan, down 72.58% year-on-year [1]. - The gross margin for Q1-Q3 2025 was 21.94%, while for Q3 it was 24.52%, reflecting a year-on-year decline of 8.59 percentage points [3]. Product and Market Development - The nut product line showed positive sales momentum, while the sunflower seed category faced pressure due to inventory control measures [2]. - New products, including the "All Nuts" series and konjac products, are being introduced to expand the product matrix and enhance market presence [2]. Cost and Expense Analysis - The company faced increased costs due to rising raw material prices and promotional activities, leading to a decline in net profit margins [3]. - The sales expense ratio for Q1-Q3 2025 was 11.33%, reflecting increased investment in market expenses during the new product rollout phase [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 390 million yuan, 634 million yuan, and 738 million yuan respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 28x for 2025, 17x for 2026, and 15x for 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - Domestic excavator sales continued to grow in September 2025, with a total of 19,858 units sold, representing a year-on-year increase of 25.4%. Domestic sales reached 9,249 units, up 21.5% year-on-year [3][4] - The report highlights a significant recovery in non-excavator machinery categories, with loader sales increasing by 30.5% year-on-year in September 2025 [3][4] - The government is expected to support infrastructure investment through the issuance of long-term special bonds and local government bonds, which will drive demand for construction machinery [5] - The report notes that the electric loader sales surged by 176.0% year-on-year in September 2025, indicating a strong trend towards electrification in the machinery sector [7][8] - The commencement of the Yarlung Tsangpo River hydropower project is anticipated to further boost demand for construction machinery, with potential equipment needs estimated between 120 billion to 180 billion RMB [9][10] Summary by Sections Sales Performance - In September 2025, excavator sales reached 19,858 units, with domestic sales at 9,249 units, both showing significant year-on-year growth [3][14] - Non-excavator machinery categories also showed strong performance, with loaders up 30.5% and truck cranes up 40.7% in domestic sales [3][14] Market Trends - The report emphasizes the ongoing recovery in domestic demand for construction machinery, driven by equipment replacement cycles and government infrastructure initiatives [4][5] - The electric machinery segment is gaining traction, with electric loader sales increasing significantly, reflecting a shift towards greener technologies [7][8] Export Opportunities - Excavator exports in September 2025 totaled 10,609 units, marking a 29.0% increase year-on-year, with total export value reaching 5.27 billion USD [6][14] - The report identifies opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [6] Investment Recommendations - The report recommends several leading machinery manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a positive outlook for these companies [10][11]

2025 年 10 月 24 日 行业研究 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：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 如何看待理财三季报的 3 个"异象"？ ——《中国银行业理财市场季度报告（2025 年三季度）》点评 银行业 相关研报 2Q 平稳收官，下半年还有哪些关注点？—— 《中国银行业理财市场半年报告（2025 年 上）》点评 2025-7-27 震荡中前行——《中国银行业理财市场季度 报告（2025 年一季度）》点评 2025-4-24 六个视角看 2024 理财年报——《中国银行业 理财市场年度报告（ 2024 年）》点评 2025-1-21 从五个维度看 2025 年银行理财运行——银 行理财月度观察（2024 年 12 月）2025-1-1 "脱媒"趋势下的理财半年报——《中国银 行业理财市场半年报告（2024 年上）》点评 2024-7-31 要点 事件： ...