丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] 红利择时看反弹的节奏和结构：AH 红利资产 的定价模式探索系列（III） 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 报告要点 [Table_Summary] 在报告《杠铃策略如何增强？【成长-红利】的轮动配置与择时》中，我们总结过风格维度上红 利和成长相对强弱的核心驱动力：偏长期角度看，投资者预期某类资产的基本面景气度相对强 势是支撑某一风格持续占优的必要条件；中短期上，风格演绎本质上是交易中短期的流动性/宏 观信用环境变化以及短期事件催化机会。聚焦当下，10 月初的中美关税博弈暂时告一段落，第 二十届四中全会成功落幕，上市公司三季报也悉数出炉，带来了短期风险偏好的修正，进入了 中长期维度的景气博弈阶段。 风险偏好和资金流向影响短期强弱 当下，成长景气尚可，产业趋势仍在的背景下，之所以有从成长往均衡红利方向倾斜的配置变 化，更多是基于短期市场风险偏好和资金配置流向上的变化。成 ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [12] Core Insights - The communication sector continues to experience high growth in Q3 2025, driven by AI, with a significant expansion in computing power infrastructure and deepening applications [2][10] - The overall revenue for the communication industry (excluding the three major operators) reached CNY 659.77 billion in the first three quarters of 2025, a year-on-year increase of 16.10%, with a net profit of CNY 51.44 billion, up 19.20% [20][24] - In Q3 2025, the sector achieved revenue of CNY 225.41 billion, a 16.41% increase year-on-year, and a net profit of CNY 17.89 billion, reflecting a 26.42% growth [20][24] Summary by Sections Industry Overview - The communication industry shows sustained performance with a continued high level of sector prosperity, driven by strong demand for AI and optical communication [20][29] - The revenue growth for various sub-sectors includes optical devices, which saw a significant increase, and IDC and related equipment, which also experienced substantial growth [29] Computing Power Industry Chain - Operators are seeing a slight recovery in revenue growth, with capital expenditures increasingly directed towards intelligent computing centers [8] - The demand for high-speed interconnects is surging, leading to significant revenue and profit growth in optical modules, while supply constraints are pushing up profit margins [8][29] Big Connectivity Industry Chain - The Internet of Things (IoT) continues to grow, driven by 5G penetration and demand for smart terminals, with stable revenue and profit growth across the industry [9] - The satellite communication sector is also witnessing upward trends in revenue and profit, with accelerated civilian applications of satellite technology [9] Investment Recommendations - The report recommends focusing on key players in various segments, including operators like China Mobile, China Telecom, and China Unicom, as well as companies in optical modules, IDC, and AI applications [10][31]

联合研究丨行业深度 [Table_Title] SOFC 深度报告：北美负荷需求迎大级拐点， SOFC 迎发展新机遇 %% %% %% %% [Table_Summary] 美国缺电大背景下，固体氧化物燃料电池（SOFC）凭借与 AI 数据中心需求的高度适配性，有 望迎来商业化加速。本篇对 SOFC 的特点、经济性、市场空间、产业推进等进行深度分析。海 外龙头 Bloom Energy 已实现商业化，关注国内相关标的投资机会。 分析师及联系人 [Table_Author] 徐科 曹海花 赵智勇 SAC：S0490517090001 SAC：S0490522030001 SAC：S0490517110001 SFC：BUV415 SFC：BRP550 王贺嘉 高伊楠 贾少波 SAC：S0490520110004 SAC：S0490517060001 SAC：S0490520070003 SFC：BUX462 SFC：BUW101 李博文 SAC：S0490524080004 请阅读最后评级说明和重要声明 2 / 20 %% %% research.95579.com 1 丨证券研究报告丨 报告要点 %% %% ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨零跑汽车（09863.HK） [Table_Title] 零跑汽车三季报点评：毛利率持续提升，海外表 现超预期 报告要点 [Table_Summary] 零跑汽车专注全域自研构造成本优势，造就极致品价比，产品覆盖 5-20 万价格带，2025Q3 营 收 194.5 亿元，毛利率 14.5%，归母净利润 1.5 亿元。展望未来，公司国内新车周期带来销量 持续增长，海外与 Stellantis 合作实现轻资产出海，打开全球销量空间。 分析师及联系人 [Table_Author] research.95579.com 1 [Table_scodeMsg2] 零跑汽车（09863.HK） cjzqdt11111 [Table_Title 零跑汽车三季报点评：毛利率持续提升，海外表 2] 现超预期 [Table_Summary2] 事件描述 公司 2025Q3 实现营收 194.5 亿元，毛利率 14.5%，归母净利润 1.5 亿元。 事件评论 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC： ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a net profit attributable to shareholders of 557 million yuan in Q3 2025, representing a year-on-year increase of 364% and a quarter-on-quarter increase of 417% [4][6]. - The non-recurring net profit was -29 million yuan, showing a year-on-year increase of 85% and a quarter-on-quarter increase of 96% [4][6]. - The recovery in lithium prices has led to improved profitability for the company, which is expected to continue as it enhances its resource self-sufficiency and optimizes costs [6]. Summary by Sections Production and Cost Management - The C-O salt lake is accelerating production, with an expected output of 30,000 to 35,000 tons of LCE for the full year 2025, and a long-term operational cost target of approximately 65,430 yuan per ton of LCE [6]. - The company plans to add a demonstration line for 5,000 tons of LCE to implement direct lithium extraction technology, which may be further applied in the second phase of a 40,000-ton LCE project [6]. Project Developments - The Goulamina lithium concentrate project in Mali, with a capacity of 506,000 tons, is set to commence production in December 2024, with promising profitability due to resource scale and quality advantages [6]. - The Mariana salt lake's first phase of a 20,000-ton lithium chloride project began production in February 2025, with stable supply expected in the second half of 2025 [6]. Market Position and Future Outlook - The company is positioned as a leading resource player with a faster increase in self-sufficiency and continuous cost optimization, which is expected to enhance profitability [6]. - The company is also increasing its focus on battery business, holding the largest global capacity for lithium metal, and is anticipated to benefit from the future demand for solid-state batteries [6].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨永兴材料（002756.SZ） [Table_Title] 锂价回暖，成本控制能力优秀——永兴材料 2025 三季报点评 报告要点 [Table_Author] 王鹤涛 赵超 王筱茜 肖百桓 周相君 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490519080004 SAC：S0490522080001 SAC：S0490525080007 SFC：BQT626 SFC：BUY139 SFC：BWM115 请阅读最后评级说明和重要声明 %% %% [Table_Summary] 2025Q3 公司实现营业收入 18.53 亿元，同比+6.61%，环比-2.7%；实现归母净利 1.31 亿元， 同比-35.4%，环比-37.55%；实现扣非归母净利 1.39 亿元，同比-17.8%，环比-3.83%。 分析师及联系人 %% %% research.95579.com 1 [Table_scodeMsg2] 永兴材料（002756.SZ） cjzqdt11111 [Table_Title 锂价回 ...

丨证券研究报告丨 市场策略丨专题报告 [Table_Title] 海外策略：美股 AI 泡沫是否存在？进行到哪儿 了？ 报告要点 [Table_Summary] 从估值、流动性和资本开支三个角度来看，美股 AI 当前并没有明显的出现泡沫的迹象。从估值 来看，当前纳斯达克指数当前估值难言较低，但相比于 2000 年科网泡沫时期仍有差距。从流 动性角度看，12 月美联储降息的预期正逐步减弱，市场流动性过度充裕的可能性不大。分析资 本开支数据，美国企业层面的扩张行为与科网泡沫时期有所不同，当前的扩张行为仍较为有序。 市场仍然未到需要担忧 AI 泡沫是否会破裂的阶段，即使最终会形成泡沫，当前也只是在形成泡 沫的早期演进期。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 海外策略：美股2] AI 泡沫是否存在？进行到哪儿 了？ [Table_Summary2] 市场焦点 1：美股 AI 泡沫是否存在？进行到哪儿了？ 导读：近期随着对于 ...

丨证券研究报告丨 [Table_scode 公司研究丨点评报告丨宝光股份（ Msg1] 600379.SH） [Table_Title] 短期盈利能力有所承压，期待高盈利业务放量 报告要点 [Table_Summary] 公司发布 2025 年三季报。公司 2025 前三季度营业收入 9.5 亿元，同比-18.0%；归母净利润 0.5 亿元，同比-28.3%；扣非净利润 0.5 亿元，同比-27.2%。单季度看，公司 2025Q3 营业收 入 3.1 亿元，同比+0.3%，环比-2.1%；归母净利润 0.1 亿元，同比-46.9%，环比-33.6%；扣非 净利润 0.1 亿元，同比-43.0%，环比-32.6%。 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 [Table_Author] SFC：BQK482 SFC：BVD284 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 邬博华 曹海花 司鸿历 袁澎 [Table_scodeMsg2] ...

丨证券研究报告丨 [Table_scode 公司研究丨点评报告丨宝光股份（ Msg1] 600379.SH） [Table_Title] 短期盈利能力有所承压，期待高盈利业务放量 报告要点 [Table_Summary] 公司发布 2025 年三季报。公司 2025 前三季度营业收入 9.5 亿元，同比-18.0%；归母净利润 0.5 亿元，同比-28.3%；扣非净利润 0.5 亿元，同比-27.2%。单季度看，公司 2025Q3 营业收 入 3.1 亿元，同比+0.3%，环比-2.1%；归母净利润 0.1 亿元，同比-46.9%，环比-33.6%；扣非 净利润 0.1 亿元，同比-43.0%，环比-32.6%。 1 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_scodeMsg2] ...

[Table_scodeMsg1] 港股研究丨公司深度丨中国水务（00855.HK） [Table_Title] 中国水务深度：供水和管道直饮水龙头，自由现 金流拐点已现 报告要点 [Table_Summary] 公司供水行业龙头企业，供水主业持续稳健发展, 管道直饮水具备先发优势。截至 FY2025，公 司城市供水业务服务人口超 3000 万人，管道直饮水业务服务人口约 1200 万。公司运营业绩稳 健，接驳和建造业务下行，后续盈利稳定性有望增强。公司自由现金流拐点已现，看好未来分 红提升潜力。 分析师及联系人 [Table_Author] 徐科 贾少波 李博文 SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 盛意 SAC：S0490525070006 %% %% %% %% research.95579.com 1 丨证券研究报告丨 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 中国水务（00855.HK） cjzqdt ...