丨证券研究报告丨 行业研究丨点评报告丨环保 [Table_Title] 双碳跟踪：钢铁、水泥、铝冶炼配额方案正 式印发，化工等行业扩围准备中 报告要点 [Table_Summary] 2025 年 11 月 17 日，生态环境部印发《2024、2025 年度全国碳排放权交易市场钢铁、水泥、 铝冶炼行业配额总量和分配方案》，《方案》聚焦生产过程直接碳排放，自 2025 年起实施碳排 放强度控制思路，核心管控单位产品碳排放。后续碳市场扩围将持续进行，配额分配机制预计 逐步收紧，利于绿证、CCER 需求扩张，看好绿证需求上行带来垃圾焚烧企业现金流改善；看 好绿色燃料替代逻辑。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% [Table_Author] SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 徐科 贾少波 李博文 盛意 %% %% research.95579.com 1 [Table_Title 双碳跟踪：钢铁、水泥、铝冶炼配额方案正式印 2] 发，化工等行业扩围准备中 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8%. The gross profit reached 1.621 billion yuan, with a gross margin of 36.8% [2][4]. - The company's R&D expenses amounted to 1.468 billion yuan, reflecting an 8.4% increase year-on-year, while the R&D expense ratio decreased by 8.9 percentage points to 33.8% [2][4]. - The enterprise-level Agent expansion has led to significant growth in the company's "Prophet AI" platform, which generated 3.692 billion yuan in revenue, a 70.1% increase year-on-year, accounting for 83.9% of total revenue [2][4]. Summary by Sections Business Performance - In Q3 2025, the company achieved a quarterly revenue of 1.78 billion yuan, a year-on-year increase of 31.4%. The demand for AI applications that deliver tangible business value has surged among enterprise clients, leading to the acquisition of new business opportunities across key industries such as energy, manufacturing, finance, and retail [8]. - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million yuan per user, marking a 71.4% year-on-year growth [8]. Product Development - The "Prophet AI" platform's revenue share continues to rise, with a reported 36.92 billion yuan in revenue for the first three quarters of 2025, up 70.1% year-on-year. The revenue from SHIFT intelligent solutions decreased by 12.5% to 6.02 billion yuan due to increased standardization in existing scene deliveries [8]. - The company has enhanced its core products and expanded downstream applications, launching ModelHub XC and the AI engine system EngineX, which are compatible with various domestic chips [8]. Market Position - The company is positioned as a leader in AI, benefiting from the ongoing penetration of AI across various industries. The potential for digital transformation in Chinese enterprises is significant, with traditional sectors like finance and automotive leading the way, while energy and manufacturing present substantial market opportunities [8]. - The company has maintained its position as the market leader in China's machine learning platform sector for seven consecutive years, with projected revenues of 6.937 billion, 9.062 billion, and 11.797 billion yuan for 2025-2027, reflecting a compound annual growth rate of approximately 30% [8].

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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 26.3 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 30%, while the net profit attributable to shareholders was approximately 770 million yuan, a decline of 5% year-on-year. In Q3 alone, the revenue was about 9.2 billion yuan, with a year-on-year increase of 9%, and the net profit was approximately 160 million yuan, up 5% year-on-year [2][4] Summary by Sections Revenue Performance - In Q3, the company achieved a wind turbine shipment of approximately 4.2 GW, with onshore wind accounting for about 3.1 GW and offshore wind for about 1.1 GW, generating sales revenue of approximately 8.04 billion yuan, a year-on-year increase of 9%. The revenue from power station products was about 610 million yuan, showing some growth, while the revenue from power station operation decreased by 23% to approximately 270 million yuan [12] Profitability - The gross margin for Q3 was approximately 10.3%, an increase of 5.5 percentage points year-on-year. The period expense ratio was about 8.7%, down 0.7 percentage points year-on-year. The net profit margin was approximately 1.7%, showing a year-on-year decline [12] Other Key Indicators - The company's inventory and contract liabilities were approximately 18.5 billion yuan and 8.2 billion yuan, respectively, both at historical highs, which lays a foundation for future delivery performance [12] - The company is expected to see an improvement in the average delivery price of wind turbines in 2026, with a significant release of performance anticipated. The net profit attributable to shareholders is projected to be approximately 1.1 billion yuan and 2.8 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of approximately 27 times and 11 times [12]

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.291 billion yuan for Q3 2025, representing a year-on-year increase of 41.44% and a quarter-on-quarter increase of 13.71% [2][4]. - The net profit attributable to shareholders was 129 million yuan, showing a year-on-year growth of 13.25% but a quarter-on-quarter decline of 6.06% [2][4]. - The company's gross margin for Q3 2025 was 14%, which faced pressure due to price adjustments of core products [11]. - The company has shown significant improvement in its expense ratios, with total period expense ratio at 6.8%, indicating effective cost control measures [11]. - The company is expected to maintain strong production levels in Q4 2025 and 2026, benefiting from new product iterations and cost reduction expectations [11]. Financial Performance - The company achieved a revenue of 2.291 billion yuan in Q3 2025, with a gross profit margin of 14% [2][4]. - The net profit attributable to the parent company was 129 million yuan, with a non-recurring net profit also at 129 million yuan [2][4]. - The company reported a significant improvement in its expense ratios, with sales, management, R&D, and financial expense ratios at 1.09%, 1.75%, 2.16%, and 1.80% respectively [11].