固定收益丨深度报告 [Table_Title] 债券指数体系与应用解析（上） ——走在债市曲线之前系列报告（九） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 作为债券指数主题研究的上篇，本报告系统梳理了国内债券市场指数体系的构建逻辑与编制方 法，详细阐述了债券指数的分类体系及其样本券的筛选标准与维护机制，并明确样本券权重确 定时主要采用的市值加权法及其上限控制，同时说明了定期调整与临时调整相结合的维护频率 与规则；在计算方式方面，报告重点介绍了逐日计算法与派许加权法两种核心方法；最后，报 告从市场代表性、编制透明度、成分稳定性及可投资性等多维角度评估了指数质量，为全面理 解债券指数的编制基础与内在逻辑提供了较为有效的参考。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Su ...

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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.154 billion yuan in Q3 2025, a year-on-year decrease of 1.6% but a quarter-on-quarter increase of 14.72%. The net profit attributable to the parent company was -153 million yuan, with a non-recurring net profit of -98 million yuan, showing a reduction in losses compared to previous periods [2][4]. - The company has seen a steady increase in shipments of lithium iron phosphate cathode materials, despite ongoing pressure on performance due to low market prices. Internal cost reduction and efficiency improvements have led to a positive gross margin in Q3 [11]. - The company is expected to return to an upward shipment trend in Q4 2025 and 2026, with product upgrades and customer expansion likely to improve profitability. Additionally, the company is actively developing a closed-loop industry chain for the recycling of used lithium iron phosphate [11]. Financial Performance - In Q3 2025, the company reported a gross margin recovery, with a significant increase in the shipment proportion of high-pressure products and a notable rise in the shipment of lithium replenishing agents [11]. - The company recorded asset impairment and credit impairment provisions of 28 million yuan and 4 million yuan, respectively, with net investment losses of 65 million yuan primarily due to futures hedging impacts. Inventory increased significantly to 1.21 billion yuan, mainly for preparing for future demand growth [11]. - The operating cash flow showed a net outflow of 279 million yuan, with capital expenditures amounting to 175 million yuan [11].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨梅花生物（600873.SH） [Table_Title] 诉讼或影响有限，注重研发，长期发展可期 报告要点 [Table_Summary] 公司于近日收到广东高院受理的由日本味之素株式会社提起的侵害专利权的《民事起诉状》等 文件，公司将积极应诉，鉴于本次案件尚未开庭审理，诉讼结果存在不确定性，暂无法判断是 否会对公司损益产生影响，公司一贯尊重知识产权，重视自主研发与技术创新。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 请阅读最后评级说明和重要声明 马太 王呈 %% %% 1 [Table_scodeMsg2] 梅花生物（600873.SH） cjzqdt11111 [Table_Title2] 诉讼或影响有限，注重研发，长期发展可期 [Table_Summary2] 事件描述 [Table_Summary2] 事件描述 公司于近日收到广东高院受理的由日本味之素株式会社提起的侵害专利权的《民事起诉状》等 文件，原告拥有专利号为 2014 ...

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：GPU/TPU 高速共振增长，巨 头合作加快算力扩张 报告要点 [Table_Summary] 2025 年第 47 周，通信板块下跌 2.80%，在长江一级行业中排名第 8 位；2025 年年初以来， 通信板块上涨 51.24%，在长江一级行业中排名第 2 位。英伟达 FY26Q3 业绩超预期，数据中 心业务高速增长；GB300 加速放量，Rubin 平台预计在 2026H2 加速推广。Gemini 3 展现强 劲多模态能力，支持原生生成式 UI；采用 TPU 训练提升成本效率。全球算力需求加速释放， 巨头深度合作加速生态绑定，产业景气再得验证，持续看好 AI 与算力主线。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点： 2] GPU/TPU 高速共振增长，巨 头合作加快算力扩 ...

丨证券研究报告丨 金融工程丨专题报告 [Table_Title] 2025 年 12 月指数样本调整预测 报告要点 [Table_Summary] 根据指数样本定期审核规则，沪深 300 指数预计调整 11 只样本，华电新能、胜宏科技、光启 技术等证券或将调入沪深 300 指数；中证 500 指数预计调整 50 只样本，电投能源、苏泊尔、 申能股份等证券或将调入中证 500 指数；中证红利指数预计调整 7 只样本，中国海油、索菲 亚、报喜鸟等证券或将调入中证红利指数。 分析师及联系人 [Table_Author] 鲍丰华 冷旭晟 覃川桃 SAC：S0490521070001 SAC：S0490524080001 SAC：S0490513030001 SFC：BUT353 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 2025 年 12 月指数样本调整预测 [Table_Summary2] 报告要点 根据指数样本定期审核规则，沪深 300、中证 500 指数和中证红利指数预计在 12 月 15 日调 整样本。沪深 300 指数预计调 ...