丨证券研究报告丨 [Table_Author] 高伊楠 曹海花 张永乾 喻亨一 SAC：S0490517060001 SAC：S0490522030001 SAC：S0490524030002 SAC：S0490525030002 SFC：BUW101 [Table_scodeMsg1] 联合研究丨公司点评丨隆鑫通用（603766.SH） [Table_Title] 隆鑫通用 2025 年三季报点评：盈利能力持续跃 升，无极品牌抢占海外高端市场 报告要点 [Table_Summary] 公司披露 2025 年三季报：2025 年前三季度公司实现营业收入 145.6 亿元，同比增长 19.1%， 实现归母净利润 15.8 亿元，同比增长 75.5%，实现扣非归母净利润 15.3 亿元，同比增长 81.5%； 其中 2025Q3 公司实现营业收入 48.0 亿元，同比增长 5.6%，实现归母净利润 5.0 亿元，同比 增长 62.5%，实现扣非归母净利润 4.9 亿元，同比增长 78.8%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Tabl ...

[Table_scodeMsg1] 公司研究丨点评报告丨明阳智能（601615.SH） [Table_Title] 明阳智能：Q3 风机出货同比放量，在手订单高 位有望释放交付景气 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度实现营业收入 263 亿元，同比增长 30%，归母净利润约 7.7 亿元，同比下降 5%。单季度看，公司 Q3 营业收入约 92 亿元，同比增长 9%，归母净利润约 1.6 亿元，同比增长 5%。 丨证券研究报告丨 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 明阳智能（601615.SH） cjzqdt11111 [Table_Title 明阳智能：Q32] 风机出货同比放量，在手订单高 位有望释 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 3.72 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.6%. However, the net profit attributable to shareholders was 70 million yuan, a significant decline of 76.1% year-on-year [2][4] - In Q3 2025, the company achieved a revenue of 1.53 billion yuan, which is a year-on-year increase of 17.8% and a quarter-on-quarter increase of 21.4%. The net profit attributable to shareholders for this quarter was 20 million yuan, down 79.0% year-on-year and down 12.6% quarter-on-quarter [2][4] - The company's gross margin for Q3 was approximately 16.5%, a decrease of 6.3 percentage points year-on-year, primarily due to the company's proactive reduction of onshore wind business and a decline in power generation gross margin [6] - The company has seen an increase in contract liabilities, which reached 611 million yuan by the end of Q3 2025, indicating a solid foundation for future deliveries [13] Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company's gross margin was 19.07%, down 6.22 percentage points year-on-year. The total expense ratio for the same period was 14.38%, a decrease of 1.20 percentage points year-on-year [12] - The company received approximately 56 million yuan in other income due to increased government subsidies [12] Operational Insights - By the end of Q3 2025, the company's inventory and contract liabilities were 2.539 billion yuan and 611 million yuan, respectively, which are expected to support future delivery performance [13] - The company is actively expanding its domestic and international offshore wind product markets, which is anticipated to release growth potential in performance [13] Future Outlook - The company is expected to see net profits of approximately 180 million yuan and 760 million yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of approximately 69 times and 16 times [13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.742 billion yuan in Q3 2025, representing a year-on-year increase of 6.66% but a quarter-on-quarter decline of 3.37% [2][4]. - The net profit attributable to the parent company reached 645 million yuan, showing a significant year-on-year growth of 69.30% and a quarter-on-quarter increase of 13.54% [2][4]. - The non-recurring net profit was 598 million yuan, reflecting a year-on-year increase of 61.97% and a quarter-on-quarter growth of 15.49% [2][4]. Financial Performance Summary - In Q3 2025, the company's negative electrode business emphasized product structure, with a slight decline in shipment expectations, but unit profitability is expected to improve due to process optimizations [12]. - The company benefited from strong downstream demand for power and energy storage batteries, achieving breakthroughs in both sales volume and market share in the diaphragm coating business, with stable profitability anticipated [12]. - The base film business is experiencing positive growth and remains profitable, leading the industry, while equipment business revenue is estimated to have slightly declined [12]. - The company expects continued improvement in profitability, driven by new product launches and cost reductions from its Sichuan base, with stable growth in diaphragm coating, lithium battery equipment, and PVDF businesses [12]. - Forecasted net profits for 2025 and 2026 are 2.3 billion yuan and 3.3 billion yuan, respectively, corresponding to P/E ratios of 25X and 17X [12].

Group 1: Report Overview - The report is a deep - dive into the bond index system, covering classification, construction, calculation, and evaluation [5][17] - It aims to provide a comprehensive reference for understanding the bond index's compilation basis and internal logic [5] Group 2: Index Classification - Mainstream bond indices are compiled by institutions like ChinaBond, China Securities Index, Shanghai Clearing House, etc [19] - Indices can be classified by bond type (interest - rate bonds, credit bonds, convertible bonds, and composite bonds) and return treatment (wealth index, full - price index, net - price index) [19][24] - Different institutions have unique index family classifications [27] Group 3: Index Construction - Sample bond selection follows criteria such as bond type, credit rating, and remaining maturity, with some indices setting limits on the number of constituent bonds [37] - Market - value weighting is the mainstream method, and some indices set weight caps [42] - Index sample bonds are adjusted regularly (daily, monthly, quarterly) and temporarily, with some indices having an alternative bond mechanism [50][54] Group 4: Index Calculation - There are two main calculation methods: the daily - calculation method and the Paasche - weighting method [61] - The daily - calculation method is used by ChinaBond, Shenzhen, and other institutions, while the Paasche - weighting method is used by China Securities Index and others [61] Group 5: Index Evaluation - Evaluation dimensions include representativeness, transparency, investability, and stability [72] - A comparison between the ChinaBond New Composite Index and the China Securities Composite Bond Index shows differences in constituent bond composition, rating weights, and duration contributions [79][83][88]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨信德新材（301349.SZ） [Table_Title] 信德新材 2025 三季报分析：副产品去库改善盈 利，持续看好一体化逻辑 报告要点 [Table_Summary] 信德新材发布 2025 年三季报，实现收入 8.42 亿元，同比+48.9%，归母净利润 0.31 亿元，扣 非净利润 0.11 亿元。单看 2025Q3，实现营收 3.32 亿元，同比+62.41%，环比+24.33%，归母 净利润 0.21 亿元，扣非净利润 0.15 亿元，同比均大幅扭亏，环比持续改善。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 信德新材（301349.SZ） cjzqdt11111 [Table_Title 信德新材 2025 2] 三季报分析：副产 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company reported a revenue of 10.114 billion yuan for Q3 2025, representing a year-on-year increase of 20.68% but a quarter-on-quarter decline of 2.17% [2][4]. - The net profit attributable to the parent company reached 2.167 billion yuan, showing a significant year-on-year growth of 1,434.42% and a quarter-on-quarter increase of 714.52% [2][4]. - The non-recurring net profit was 0.013 billion yuan, which is a year-on-year increase of 54.19% but a quarter-on-quarter decline of 78.54% [2][4]. Financial Performance - The gross profit margin for Q3 2025 was 17.6%, which is an increase of 2.8 percentage points compared to the previous quarter, indicating a recovery towards previous high profitability levels [9]. - Financial expenses amounted to 420 million yuan, with a significant portion attributed to exchange losses [9]. - Fair value changes resulted in a profit of 2.417 billion yuan, primarily due to the company's early holdings in Chery Automobile's Hong Kong listing [9]. Product and Business Development - The company is accelerating the launch of new products and businesses, including: 1. The introduction of the G Yuan solid-state battery with an energy density of 300 Wh/kg and the first experimental line for the "Jinshi" all-solid-state battery [9]. 2. The global launch of the LMFP supercharging cell "Qichen II" with an energy density of 240 Wh/kg and 5C fast charging technology [9]. 3. The release of the "G Series Super Heavy Truck Standard Box" with a single package capacity of 116 kWh and 3,000 cycles with "zero degradation" [9]. 4. The launch of the "Qianyuan Smart Storage 20MWh Energy Storage Battery System" [9]. Market Outlook - The company is expected to achieve product and customer structure upgrades in the domestic power market, enhancing market share and profitability through partnerships with B-class vehicle customers [9]. - The company is actively promoting capacity layout in overseas markets, with future growth anticipated from its bases in the United States, Czech Republic, and Morocco [9].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨中科电气（300035.SZ） [Table_Title] 中科电气 2025 三季报分析：出货维持高增，价 格调整影响盈利 报告要点 [Table_Summary] 中科电气发布 2025 年三季报，公司实现营业收入 22.91 亿元，同比+41.44%，环比+13.71%； 实现归母净利润 1.29 亿元，同比+13.25%，环比-6.06%；扣非净利润 1.29 亿元，同比+10.09%， 环比-17.32%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 中科电气（300035.SZ） cjzqdt11111 [Table_Title 中科电气 2025 2] 三季报分析：出货维持高增，价 格调整影响盈利 [Table_Summary2] 事 ...

丨证券研究报告丨 [Table_Summary] 当升科技发布 2025 年三季报，2025Q3 实现收入 29.67 亿元，同比增长 49.54%，环比增长 17.52%；归母净利润 1.92 亿元，同比增长 8.02%，环比下滑 4.43%；扣非净利润 1.36 亿元， 同比增长 29.36%，环比下滑 26.42%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 [Table_scodeMsg1] 公司研究丨点评报告丨当升科技（300073.SZ） [Table_Title] 当升科技2025 三季报分析：三元出货积极增长， 铁锂盈利改善显著 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 当升科技（300073.SZ） cjzqdt11111 [Table_Title 当升科技 2025 2] 三季报分析：三元出货积极增 长，铁锂盈利改善显著 [Tab ...

分析师及联系人 [Table_Author] 丨证券研究报告丨 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 [Table_scodeMsg1] 公司研究丨点评报告丨恩捷股份（002812.SZ） [Table_Title] 恩捷股份2025 三季报分析：出货高增需求景气， 盈利改善趋势明确 报告要点 [Table_Summary] 恩捷股份发布 2025 年三季报，营业收入 37.8 亿元，同比+40.98%，环比+24.59%，归母净利 0.07 亿元，扣非净利润 0.1 亿元，环比实现转正，同比均有所下滑。 1 [Table_scodeMsg2] 恩捷股份（002812.SZ） cjzqdt11111 [Table_Title 恩捷股份 2025 2] 三季报分析：出货高增需求景 气，盈利改善趋势明确 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 恩捷股份发布 2025 年三季报，营业收入 37.8 亿 ...