Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - The company reported a strong performance in Q3 2025, achieving a net profit attributable to shareholders of 146 billion yuan, with a year-on-year increase of 57% [3][8]. - The company has successfully listed its subsidiary, Zijin Gold International, on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD, marking it as the largest IPO in the global gold mining industry to date [6]. - The company has completed several significant acquisitions in 2025, enhancing its resource reserves in gold, copper, lithium, and molybdenum, which are expected to contribute positively to future profits [6][8]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 254.2 billion yuan, a year-on-year increase of 10.3%, and a net profit of 378.6 billion yuan, up 55.5% year-on-year [3][4]. - The company’s gross profit margin improved, with a mining enterprise gross margin of 60.62%, an increase of 2.91 percentage points year-on-year [4]. - The company’s unit sales costs for gold and copper increased slightly in Q3 2025, attributed to factors such as declining ore grades and increased transportation distances [5]. Production and Cost Analysis - The company’s gold production for Q1-Q3 2025 was 65 tons, a 20% increase year-on-year, while copper production reached 830,000 tons, a 5% increase [4]. - The unit sales cost for gold concentrate was 194.96 yuan/g, and for copper concentrate was 22,128 yuan/ton, reflecting a slight increase from the previous quarter [5]. Earnings Forecast - The company is projected to achieve net profits of 535 billion yuan, 684 billion yuan, and 749 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 67%, 28%, and 9% [8][10].

Investment Rating - The investment rating for the company is "Buy" [12] Core Views - The company has shown effective progress in new retail formats, with Q3 profits continuing to improve. For the first three quarters of 2025, the company achieved a revenue of 9.39 billion yuan, a year-on-year increase of 2.7%, and a net profit attributable to shareholders of 740 million yuan, a year-on-year increase of 81.2% [4][6] - The growth is driven by three major retail formats, although there has been a strategic contraction in the waterproof business segment. The revenue from home decoration wall paint, engineering wall paint, substrates and auxiliary materials, and waterproof membranes for the first three quarters were 2.49 billion, 2.90 billion, 2.85 billion, and 720 million yuan, respectively [5] - The company's gross margin has significantly improved, with a gross margin of 32.81% for the first three quarters, an increase of 4.2 percentage points year-on-year. The improvement is attributed to the growth of new retail formats and optimization of channel and product structure [5] Financial Performance - The company reported a strong cash flow performance with operating cash flow of 1.09 billion yuan for the first three quarters, an increase of 170 million yuan year-on-year. Additionally, the company announced a cash dividend of 370 million yuan, with a dividend payout ratio of 50% [6] - Revenue forecasts for 2025 and 2026 are projected at 12.56 billion and 13.26 billion yuan, respectively, with year-on-year growth rates of 3.8% and 5.6%. The net profit attributable to shareholders is expected to be 920 million and 1.10 billion yuan for the same years, reflecting significant growth [6][8]

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Views - The real estate market is experiencing continued pressure with both investment and sales declining. In the first nine months of 2025, national real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%, with the decline rate widening by 1 percentage point compared to the previous month. The sales area of new commercial housing was 65,835 million square meters, down 5.5% year-on-year, and the sales amount was 63,040 billion yuan, down 7.9% [4][5][6] Summary by Sections Industry Fundamentals Tracking - **New Housing Transactions and Inventory**: In the last week, the new housing transaction area in 30 major cities was 198.09 million square meters, with a cumulative year-to-date transaction area of 70,689.5 million square meters, down 4.9% year-on-year. The average transaction area over the past four weeks was 165.43 million square meters, down 18.1% year-on-year, but up 5.9% month-on-month [5][13] - **Second-hand Housing Transactions and Listings**: In the last week, the transaction area of second-hand housing in 20 cities was 215.09 million square meters, with a cumulative year-to-date transaction area of 8,859.15 million square meters, up 13.4% year-on-year [19][21] - **Land Market Transactions**: In the last week, 100 major cities saw 101 new residential land supplies and 32 transactions. The average floor price for residential land was 5,539.5 yuan per square meter, with a premium rate of 2.92% [26] Market Review - Last week, the A-share real estate index fell by 2.35%, underperforming the CSI 300 index, which fell by 2.22%. The real estate index lagged behind the CSI 300 by 0.12 percentage points [32][34]

强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 5228.93 | | 52 | 周最高 | 5841.52 | | 52 | 周最低 | 3963.29 | 行业相对指数表现（相对值） -11% -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 2024-10 2025-01 2025-03 2025-05 2025-08 2025-10 计算机 沪深300 资料来源：聚源，中邮证券研究所 证券研究报告：计算机|点评报告 发布时间：2025-10-20 行业投资评级 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 近期研究报告 《从 Sierra 看 AI 落地，AI 应用的价 值在于为结果付费》 - 2025.10.13 沐曦冲刺 IPO，锚定关键客户筑牢国产 GPU 替代根 基 ⚫ 沐曦 IPO 即将上会，拟募资 39 亿元用于 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market in the fourth quarter may move in a volatile manner. The current bond market has investment value, but the trading sentiment should be "halted, not chased." If there is a policy rate cut, the short - end and long - end yields will show different trends, and redemption disturbances may increase [3][10][19]. - The financial data shows marginal improvement. The abnormal fluctuation of non - bank deposits may be related to the behavior of deposit investment institutions. The growth of residents' medium - and long - term credit is a positive marginal signal [3][11]. - The broad fiscal policy has intensified efforts at the beginning of the fourth quarter, including the launch of new policy - based financial tools and the issuance of local government bonds. This may drive the re - issuance of PSL, and increase the bond issuance pressure from late October to November [3][4][13]. - A window for monetary easing may open. With the intensification of fiscal policy, the total monetary policy may be loosened, and there are suitable time windows for this [4][19]. 3. Summary by Related Catalogs 3.1 Fiscal Policy - **Policy - based Financial Tools**: In late September, a new policy - based financial tool with a total amount of 50 billion yuan was announced. It will be jointly funded by three policy banks and support areas such as "technological innovation, green transformation, consumption upgrade, and foreign trade stability." The historical PSL has been concentratedly issued in three rounds, and this new tool may drive the re - issuance of PSL [13][15]. - **Local Government Bonds**: The Ministry of Finance will allocate 50 billion yuan from the local government debt balance limit to local areas. The current year's local government debt limit and balance have a revitalization space of about 1.2 trillion yuan. This issuance may increase the bond issuance pressure from late October to November [13][17]. 3.2 Financial Data - **Residents' Medium - and Long - term Credit**: In September, residents' medium - and long - term new loans increased year - on - year, which is a marginal positive signal [11]. - **Non - bank Deposits**: Non - bank deposits declined beyond the seasonal norm, with significantly increased volatility. This may be related to the behavior of deposit investment institutions to reduce the scale of non - bank deposits at the end of the quarter, and institutions such as money funds and wealth management products have increased their investment in short - term fixed deposits [11]. 3.3 Monetary Policy - **Policy Synergy**: With the strengthening of the synergy effect of macro - policies, the linkage between fiscal and monetary policies has increased in recent years. After the broad fiscal policy enters the window of strength, the total monetary policy may be loosened [19]. - **Time Window**: Around important meetings in October and around the Politburo meeting are suitable time windows for monetary easing. The adjustment of the equity market and the decline of the non - manufacturing employment sub - index are also favorable factors [19].

证券研究报告：建筑材料|行业周报 发布时间：2025-10-20 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5129.37 | | 52 周最高 | 5355.99 | | 52 周最低 | 4167.51 | 行业相对指数表现 -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 2024-10 2025-01 2025-03 2025-05 2025-08 2025-10 建筑材料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《中美贸易摩擦升温，关注低位内需板 块》 - 2025.10.13 建材行业报告 （2025.10.13-2025.10.19） 内需避险逻辑强化，关注低位建材板块 投资要点 我们认为市场短期进入内需逻辑强化的窗口，一方面市场风偏下 降，中美贸易摩擦升温、三季报的落地、以及科技板块的回调，可能 促使市场增强对于低位内需板块的关注。我们认为，建材板块中具备 内需+高股 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][47]. Core Insights - The report highlights that the medical device procurement is gradually reflecting principles of "stabilizing clinical needs, ensuring quality, preventing collusion, and countering price wars" [6][30]. - The report suggests that the recent adjustments in procurement rules indicate a shift towards a more moderate approach, focusing on clinical needs and product quality rather than solely on low prices [6][30]. - The report emphasizes the potential for long-term development in the domestic medical device industry as procurement becomes more reasonable [6][30]. Summary by Sections Industry Overview - The closing index for the medical and biological sector is 8583.87, with a 52-week high of 9323.49 and a low of 6764.34 [2]. Market Performance - During the week of October 13-17, 2025, the A-share medical and biological sector fell by 2.48%, underperforming the CSI 300 index by 0.26 percentage points but outperforming the ChiNext index by 3.23 percentage points [7][36]. - The Hang Seng Healthcare Index decreased by 5.85%, underperforming the Hang Seng Index by 1.88 percentage points [7][36]. Industry Opinions and Investment Recommendations 1. **Innovative Drugs**: The innovative drug sector is experiencing adjustments, with a recommendation to maintain or increase positions based on long-term industry development logic. Key companies to watch include Innovent Biologics, 3SBio, and others [8][21]. 2. **Medical Devices**: The report notes that the National Medical Insurance Administration's recent procurement documents aim to optimize price differences and control "anchor points," indicating a move away from simply selecting the lowest bid [8][29]. 3. **Research Services**: The report expresses optimism about investment opportunities in the research services sector, particularly for companies with strong competitive advantages [26]. Sector Valuation - As of October 17, 2025, the overall valuation of the medical sector (TTM) is 30.03, a decrease of 0.84 from the previous week. The sector's valuation premium over the CSI 300 index is 123.96%, down by 4.90 percentage points [43].

Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The report indicates that the liquor sector is gradually bottoming out, with stable demand for banquet consumption, particularly for weddings, while business consumption remains under pressure. The high-end and mid-low price segments are performing relatively well, but the sub-high-end segment is under pressure. The prices of major brands like Moutai and Wuliangye are currently under pressure, with Moutai priced below 1800 RMB and Wuliangye around 850 RMB [5][18] - The overall performance of the liquor industry is expected to decline, with most companies experiencing varying degrees of revenue drop, except for Moutai and Fenjiu [5][18] Summary by Sections Liquor - The impact of the alcohol ban in July and August affected normal consumption and sales, but this influence has gradually diminished since September. The sales during the National Day period showed a general improvement compared to previous months [5][18] - Price performance shows that high-end and mid-low segments are stable, while the sub-high-end segment is under pressure. Current prices for Moutai, Wuliangye, and Guojiao are under pressure [5][18] - For Q3, it is expected that except for Moutai and Fenjiu, other liquor companies will see revenue declines, with some experiencing a further drop compared to Q2 [5][18] Beer - Qingdao Beer is expected to see slight growth in Q3 due to a low sales base from the previous year, with a focus on fresh products and high-end items. The average price is also expected to increase slightly [6][20] - Chongqing Beer is facing pressure in high-end product sales, with expectations of flat performance year-on-year. New factory depreciation is anticipated to impact profits [6][20] - Yanjing Beer continues to grow due to its flagship product U8, with supply chain management and efficiency improvements driving profitability [6][20] Dairy Products - Yili is expected to face pressure in its ambient liquid milk segment, while milk powder and cold drinks continue to grow. Cost pressures are anticipated to affect gross margins [6][21] - Miao Ke Lan Duo is expected to maintain its revenue performance, with improvements in the B2B restaurant channel and highlights in the C-end family dining series [6][21] Soft Drinks - Dongpeng Beverage is expected to continue its steady growth in energy drinks, with new products showing higher growth rates. Profit growth is expected to slightly exceed revenue growth due to cost advantages [6][22] - Yangyuan Beverage is expected to maintain flat revenue, with increased promotional activities impacting gross margins [6][22] Food Supply Chain - Anji Food is expected to see positive monthly performance, with overall revenue growth projected in the mid-single digits year-on-year [6][23] - Qianwei Central Kitchen is expected to see stable growth in the B2B segment, while the small B segment remains competitive [6][23] Snack Foods - Wanchen Group is expected to accelerate store openings, with revenue and profit growth anticipated to remain high [6][24] - Salted Snack Company is expected to continue its growth trend, driven by successful product launches [6][24] Export Companies - The domestic pet industry continues to see strong growth, with companies like Zhongchong reporting better-than-expected growth in domestic brands [6][9] - Peti's export business is expected to continue its downward trend, while health product exports are expected to improve [6][9] Recent Mergers and Acquisitions - Mixue Group plans to acquire Fulu Family to expand its market presence and reduce logistics costs [6][27] - Yiyi Group is planning to acquire Gao Ye Family to enhance its domestic market presence and leverage existing channels [6][28]

Industry Investment Rating - The investment rating for the basic chemical industry is "Outperform" [1] Core Views - The basic chemical industry is currently under pressure due to global trade sentiment, with a focus on cyclical bottoming and potential recovery in leading companies such as Wanhua Chemical, Yangnong Chemical, Hengli Petrochemical, and Hualu Hengsheng [4][5] - The basic chemical sector has experienced a decline of 5.83% this week, underperforming the CSI 300 index by 3.61 percentage points [5][18] Summary by Sections Industry Overview - The closing index for the basic chemical sector is 3951.07, with a 52-week high of 4195.72 and a low of 3081.91 [1] Market Performance - The basic chemical sector has underperformed the CSI 300 index year-to-date, with a decline of 18.96 percentage points compared to the index's increase of 33.31% [18] - This week, the sector's performance was marked by significant fluctuations, with notable gainers including Sanfu Co. (up 33.17%) and Chengxing Co. (up 25.12%) [6][18] Price Movements - Key products in the lithium battery materials sector have seen price increases, with liquid chlorine rising by 184.91% and lithium cobalt oxide by 19.74% [8][23] - Conversely, R22 prices have dropped significantly by 51.52% [9][25] Key Companies and Investment Ratings - Wanhua Chemical: Buy rating, closing price at 61.5, market cap of 192.56 billion, 2025E EPS of 135.5 [11] - Yangnong Chemical: Buy rating, closing price at 68.8, market cap of 27.89 billion, 2025E EPS of 13.9 [11] - Hengli Petrochemical: Buy rating, closing price at 24.6, market cap of 52.29 billion, 2025E EPS of 37.3 [11]

- The diffusion index model tracks industry rotation based on momentum principles, focusing on upward trends in industry performance. It has been monitored for four years, with notable excess returns in 2021 (25% before September) and stable returns in 2022 (6.12%). However, it faced significant drawdowns in 2023 (-4.58%) and 2024 (-5.82%) due to market reversals. For October 2025, recommended industries include non-ferrous metals, banking, communication, steel, electronics, and automobiles[26][30] - The GRU factor model utilizes GRU deep learning networks to analyze minute-level volume and price data, aiming to capture industry rotation. It has shown strong adaptability in short cycles but struggles in long cycles and extreme market conditions. For October 2025, industries such as building materials, electric power and utilities, textiles and apparel, transportation, steel, and petrochemicals are recommended[33][36] - Diffusion index model weekly tracking shows top industries as non-ferrous metals (0.979), communication (0.931), banking (0.929), steel (0.849), electronics (0.833), and electric power equipment & new energy (0.816). Industries with the largest weekly changes include consumer services (0.271), coal (0.251), and retail trade (0.127)[27][28][29] - GRU factor weekly tracking highlights top industries as textiles and apparel (4.22), comprehensive (2.68), transportation (2.16), steel (2), electric power and utilities (1.84), and petrochemicals (1.08). Industries with the largest weekly improvements include food and beverage, electric power and utilities, and real estate[34][37] - Diffusion index model performance: weekly average return -3.42%, excess return over equal-weighted industry index -0.85%, October excess return -1.21%, year-to-date excess return 3.42%[30] - GRU factor model performance: weekly average return -1.74%, excess return over equal-weighted industry index 0.86%, October excess return 2.51%, year-to-date excess return -5.40%[36]