证券研究报告：交通运输 | 公司点评报告 发布时间：2025-10-31 股票投资评级 买入|维持 个股表现 2024-10 2025-01 2025-03 2025-06 2025-08 2025-10 -12% -3% 6% 15% 24% 33% 42% 51% 60% 69% 78% 申通快递 交通运输 资料来源：聚源，中邮证券研究所 行业反内卷政策持续发力，八月起各省区陆续开启提价进程，尽 管提价导致部分低价件挤出，件量增速有所下降，但价格显著改善， 三季度公司业务量 65.2 亿件，同比增长 10.7%，单票收入 2.05 元， 同比提高 2.1%。 l 低价件挤出导致单票成本稍有提高，不改业绩强势 公司基本情况 | 最新收盘价（元） | 15.46 | | --- | --- | | 总股本/流通股本（亿股）15.31 | / 14.67 | | 总市值/流通市值（亿元）237 | / 227 | | 52 周内最高/最低价 | 19.48 / 9.52 | | 资产负债率(%) | 61.3% | | 市盈率 | 22.41 | | 第一大股东 | 浙江菜鸟供应链管理有 | | 限公司 | | ...

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 [7][14]. Core Insights - The company reported a record high net profit of 56 billion yuan in Q3 2025, with a year-on-year increase of 96.40% [4]. - For the first three quarters of 2025, the company achieved a total revenue of 145.5 billion yuan, a decrease of 5.99% year-on-year, but the net profit for the same period rose by 72.61% to 143 billion yuan [4]. - The company’s copper production exceeded 180,000 tons in Q3 2025, surpassing market expectations, with total production figures for copper, cobalt, molybdenum, tungsten, niobium, and phosphate fertilizer showing varying degrees of year-on-year growth [5]. - The KFM Phase II construction proposal was approved, which is expected to add 100,000 tons of copper capacity with an investment of 1.084 billion USD, projected to be completed by 2027 [6]. Financial Projections - The company is expected to see steady growth in copper production from 2025 to 2027, with projected net profits of 202 billion yuan, 257 billion yuan, and 316 billion yuan for those years, representing year-on-year growth rates of 49%, 27%, and 23% respectively [7]. - The earnings per share (EPS) is projected to increase from 0.63 yuan in 2024 to 1.48 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 27.83 to 11.90 over the same period [10][11].

证券研究报告：环保 | 公司点评报告 发布时间：2025-10-31 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） 4.15 | | | --- | --- | | 总股本/流通股本（亿股）52.19 | / 48.97 | | 总市值/流通市值（亿元）217 | / 203 | | 52 周内最高/最低价 4.75 | / 2.92 | | 资产负债率(%) | 53.4% | | 市盈率 | 21.84 | | 第一大股东 | 桐庐源桐实业有限公司 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 浙富控股(002266) 业绩不及预期，看好抽蓄和核电行业的景气提升 l 投资要点 事件：2025 年 10 月 29 日，公司发布 2025 年三季报。 2025Q1-3,公司营收 161.6 亿元，同比+5.9%；归母净利润 7.4 亿 元，同比-4.8%；其中2025Q3公司营收55.1亿元，同环比分别+11.4%/- 3.4%，归母净利润 1.7 亿，同环比分别-40.7%/-41.6 ...

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][16]. Core Insights - The company has demonstrated robust revenue growth, achieving 310 million yuan in revenue for Q3 2025, a year-on-year increase of 32.51%. The net profit attributable to shareholders for the same period was 48.11 million yuan, reflecting a 9.63% increase year-on-year [3][4]. - The company is expanding its production capacity for thermal management products to meet increasing customer demand, with planned investments totaling up to 26 billion yuan for new manufacturing facilities [3][4]. - The company is strategically positioned to benefit from the rising demand for heat pipes and uniform temperature plates, particularly in the context of the growing high-performance consumer electronics market [4][13]. Company Overview - The latest closing price of the company's stock is 135.20 yuan, with a total market capitalization of 15.6 billion yuan [2]. - The company has a low debt-to-asset ratio of 11.7%, indicating a strong financial position [2]. - The company is involved in the research, development, production, and sales of thermal management materials and devices, with a focus on high-quality products for major clients such as Samsung, OPPO, and Huawei [13][14]. Financial Projections - Revenue projections for the company are 1.14 billion yuan in 2025, 2.09 billion yuan in 2026, and 2.99 billion yuan in 2027, with corresponding net profits of 190 million yuan, 360 million yuan, and 523 million yuan respectively [8][10]. - The company is expected to maintain a healthy growth trajectory, with significant increases in both revenue and net profit over the next few years [10][15]. Incentive Plans - The company has announced a stock incentive plan aimed at motivating key personnel, with a total of 1.28 million restricted shares to be granted, representing 1.107% of the total share capital [5][7].

Investment Rating - The report assigns a "Buy" rating for Jianghe Group, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [2][13]. Core Insights - Jianghe Group's Q3 performance shows resilience, with a revenue of 52.15 billion yuan, a year-on-year decline of 5.22%, but a net profit of 1.30 billion yuan, reflecting a year-on-year growth of 17.28% [5][6]. - The company has maintained a competitive edge, with new orders totaling approximately 222.13 billion yuan in the first three quarters, a year-on-year increase of 6.13% [6]. - The gross margin slightly improved to 15.62%, while the net margin increased to 2.59% [6]. - The company is projected to achieve revenues of 228 billion yuan and 236 billion yuan in 2025 and 2026, respectively, with corresponding net profits of 6.7 billion yuan and 7.4 billion yuan [7][9]. Company Overview - Jianghe Group's latest closing price is 7.88 yuan, with a total market capitalization of 89 billion yuan [4]. - The company has a debt-to-asset ratio of 70.3% and a price-to-earnings ratio of 14.07 [4].

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-10-31 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 7.64 | | --- | --- | | 总股本/流通股本（亿股）6.20 | / 5.16 | | 总市值/流通市值（亿元）47 | / 39 | | 52 周内最高/最低价 | 8.14 / 6.77 | | 资产负债率(%) | 31.5% | | 市盈率 | 18.80 | | 第一大股东 | 马孝武 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 长高电新(002452) 业绩超预期，看好新产品的持续开拓和华网业务的 进一步减亏 l 投资要点 事件：2025 年 10 月 28 日，公司发布 2025 年三季报。 2025Q1-3,公司营收 12.0 亿元，同比+6.2%；归母净利润 2.0 亿 元，同比+12.0%；其中 2025Q3 公司营收 4.7 亿元，同环比分别 +16.8%/+19.6%，归母净利润 1.0 亿，同环比分别+63.1%/+34 ...

发布时间：2025-10-31 大盘指数 9000 10000 11000 12000 13000 14000 3000 4000 5000 上证指数 深证成指 2000 3000 6000 7000 8000 中小100 创业板指 资料来源：聚源，中邮证券研究所 关于存款搬家的与困惑。按照"居民存款搬家"进行推导，可以 得到"流动性宽松 → 利率下降 → 存款、理财收益降低 → 居民寻 求更高收益资产 → 资金流入股市"的资金转移路径。显然"居民存 款搬家"的本质是居民将资产从低风险的储蓄存款转向高风险的权益 资产，这种资产转移的更应该发生在牛市主升浪的中后期，并且存款 搬家的动作也应该随着牛市发展更加而不是触发一轮牛市的扳机。 企业资本更有可能是触发牛市的流动性扳机。实业资本在投资回 报率降低乃至无利可图的情况下为了追求更高的投资回报或将停止 扩大再生产，转而进入股市去寻求更高的投资回报。对比居民部门资 金和产业部门资金，居民部门资金进行资产配置的底层需求是财富增 值，在追求收益率的同时也非常看重风险回避，从行为特征上来看更 像是趋势的跟随者；而产业部门资金更多由资本逐利的本性驱动，对 风险的承受能力更强 ...

证券研究报告：计算机|深度报告 发布时间：2025-10-31 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 5480.49 | | --- | --- | --- | | 52 | 周最高 | 5841.52 | | 52 | 周最低 | 3963.29 | 行业相对指数表现（相对值） -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 30% 2024-10 2025-01 2025-03 2025-06 2025-08 2025-10 计算机 沪深300 资料来源：聚源，中邮证券研究所 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 《大模型 APP，AI 时代第一个爆款》 - 2025.10.22 Tempus AI 启示：用数据构筑 AI+医疗行业领先优 势 ⚫ 海外：AI 辅助精准医疗先驱者 Tepmus AI 1、Tempus AI 主要业务包 ...

证券研究报告：商贸零售 | 公司点评报告 发布时间：2025-10-31 个股表现 资料来源：聚源，中邮证券研究所 | 最新收盘价（港元） | 228.20 | | | --- | --- | --- | | 总股本/流通股本（亿股）13.43 | | | | 总市值/流通市值（亿港 | 3,064.60 | | | 元） | | | | 52 周内最高/最低价 | 335.40/ | 79.50 | | 资产负债率(%) | 26.8047 | | | 市盈率 | 41.2297 | | | 第一大股东 GWF | Holding | Limited | 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 股票投资评级 泡泡玛特(9992.HK) 买入|维持 高增延续，旺季来临，展望积极 事件 公司发布 25 年第三季度最新业务状况，25Q3 整体收益同比增长 245-250%，其 中中 国收 益同 比增长 185%-190%，海 外同 比增长 365%-370%。其中 25Q1 同比增长 165-170%，25H1 同比增长 204. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8] Core Insights - The company reported a revenue of 1.385 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.19%, and a net profit attributable to shareholders of 335 million yuan, up 0.70% year-on-year [6][7] - The company is facing short-term performance pressure due to intensified competition in the domestic power semiconductor industry, with a supply-demand imbalance persisting [7] - The company is optimizing its product structure and expanding its influence in the mid-to-high-end market, successfully launching its third-generation SGT products and entering mass supply of its seventh-generation IGBT products [7] Financial Performance and Forecast - The company is expected to achieve revenues of 1.901 billion yuan, 2.473 billion yuan, and 3.101 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 437.63 million yuan, 612.34 million yuan, and 751.92 million yuan [8][10] - The projected revenue growth rates are 3.95% for 2025, 30.13% for 2026, and 25.39% for 2027 [10][12] - The company’s earnings per share (EPS) is forecasted to be 1.05 yuan for 2025, increasing to 1.47 yuan in 2026 and 1.81 yuan in 2027 [10][12]