Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 5.838 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.54%. However, the net profit attributable to shareholders decreased by 3.10% to 425 million yuan. The Q3 revenue fell short of expectations, leading to short-term pressure on profitability. The core business remains stable, and the robotics segment is beginning to show a second growth curve. The projected net profits for 2025-2027 are 720 million, 990 million, and 1.25 billion yuan, respectively, with corresponding PE ratios of 20.5X, 15.0X, and 11.8X [2][4][11]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 2.209 billion yuan, with a quarter-on-quarter increase of 4.5% and a year-on-year increase of 5.8%. However, this performance was below expectations due to fluctuations in sales from key downstream customers. The net profit for Q3 was 148 million yuan, down 19.1% compared to the previous quarter and year [11]. Business Stability and Growth - The core business continues to grow steadily, supported by models such as the Wanjie M8/M9 and the Shangjie H5. The company anticipates significant revenue growth in Q4 due to scale effects. The company is also extending its connector product line to enhance value and has developed a comprehensive solution for high-voltage electrical systems [11]. Robotics Segment - The company has established a dedicated R&D team for robotics harnesses and connectors, successfully providing multiple product series to a leading AI company. The robotics segment is expected to initiate a second growth curve, leveraging the industrial base in areas like Tokunshan and Zhangpu [11]. Profit Forecast - The company forecasts net profits of 720 million, 990 million, and 1.25 billion yuan for 2025, 2026, and 2027, respectively, with PE ratios of 20.5X, 15.0X, and 11.8X. The company is recognized as a domestic leader in automotive wiring harnesses [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company's total revenue for Q1-Q3 2025 is 1.378 billion yuan, showing a year-on-year increase of 1.00%. However, the net profit attributable to the parent company is 53.7755 million yuan, a decrease of 34.06% year-on-year. The Q3 2025 revenue is 492 million yuan, reflecting a year-on-year growth of 4.27%, while the net profit for Q3 is 17.9855 million yuan, down 19.08% year-on-year [2][4] Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported total revenue of 1.378 billion yuan, with a net profit of 53.7755 million yuan and a non-recurring net profit of 53.599 million yuan, both showing significant declines year-on-year [2][4] - In Q3 2025, the revenue reached 492 million yuan, marking a 4.27% increase year-on-year, while the net profit was 17.9855 million yuan, down 19.08% year-on-year [2][4] Market and Competitive Landscape - Revenue performance has shown a quarter-on-quarter improvement, indicating that the operational bottom has been reached. The revenue growth rates for Q1 to Q4 2025 are projected to be +1.50%, -3.12%, and +4.27%, respectively, with expectations for continued recovery in Q4 due to a lower comparative base [10] - The competitive landscape remains intense, with the company's net profit margin declining by 2.08 percentage points to 3.9% for Q1-Q3 2025, and gross margin decreasing by 1.52 percentage points to 22.73% [10] Investment Projects and Future Outlook - Some investment projects have been delayed to adapt to new market trends. The company has adjusted the construction timeline for the "Wuhu Baifuyuan Project" and "Hebi Baishun Project" to January 2027 due to changes in market demand and economic conditions [10] - Profit forecasts for the company indicate net profits of 72 million yuan, 97 million yuan, and 111 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.74, 1.00, and 1.14 yuan, suggesting a PE ratio of 57, 42, and 36 times at the current stock price [10]

丨证券研究报告丨 分析师及联系人 行业研究丨行业周报丨钢铁 [Table_Title] 成本宽松趋势下，论钢铁板块的攻防策略 报告要点 [Table_Summary] 展望 2026 年，钢铁板块的交易主线或是"铁矿让利+反内卷下钢铁减产的兑现"。成本端，明 年铁矿让利空间或超过今年的焦煤。站在反内卷的角度，今年减产兑现度较低，本质上或由于 缺乏合适的抓手。展望 2026 年，《钢铁行业规范条件》有望成为钢铁"分级管理"的抓手；根 据《钢铁行业稳增长方案》，钢企将分为"引领型"、"规范型"和"不规范型"三个等级，实施 差异化的产量调控安排。不规范企业或将面临较大的限产幅度，从而实现"扶优劣汰，有保有 压"的目标。 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SAC：S0490525080005 SFC：BQT626 SFC：BUY139 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 13.817 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.55%. However, the net profit attributable to shareholders was only 0.89 billion yuan, down 64.15% year-on-year. In the third quarter alone, the revenue was 4.830 billion yuan, up 15.67% year-on-year and 3.31% quarter-on-quarter, but the net profit was a loss of 0.88 billion yuan [2][4][11] - The short-term profitability is under pressure due to several factors, including ongoing investments in filter and silicon carbide businesses, reduced government subsidies, increased R&D expenses, and adjustments in investment income from precious metal waste sales [11] - The company is focusing on optimizing its business structure and expanding production capacity, which is expected to support long-term growth. The high-end strategy in the LED sector has shown significant results, with a 2.44 percentage point increase in gross margin year-on-year for the first three quarters of 2025 [11] - The company is also advancing in the compound semiconductor field, with significant production capacity established for silicon carbide and gallium nitride products, which are anticipated to become a second growth curve for the company [11] - The acquisition of Lumileds for $239 million is aimed at enhancing the company's global presence in the automotive LED and high-end consumer electronics markets [11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 13.817 billion yuan, with a year-on-year growth of 16.55%. The net profit attributable to shareholders was 0.89 billion yuan, reflecting a decline of 64.15% year-on-year. The third quarter revenue was 4.830 billion yuan, showing a year-on-year increase of 15.67% and a quarter-on-quarter increase of 3.31%, but the net profit was a loss of 0.88 billion yuan [2][4][11] Business Strategy - The company is implementing a high-end strategy in the LED sector, which has led to a significant improvement in product structure and gross margin. The production capacity for silicon carbide and gallium nitride is being expanded, which is expected to support future growth [11] - The acquisition of Lumileds is part of the strategy to strengthen the company's position in the global market, particularly in automotive and high-end consumer electronics [11]

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨翱捷科技-U（688220.SH） [Table_Title] 翱捷科技 2025 年三季报点评：物联网+智能手 机 SoC 双线突破，ASIC 业务蓄力长期 报告要点 [Table_Summary] 2025 年 10 月 30 日，翱捷科技公告 2025 年三季度报告，2025 年前三季度公司实现营业收入 28.80 亿元，同比+13.42%，归母净利润-3.27 亿元同比减亏；其中 2025 年单三季度公司实现 营业收入 9.82 亿元，同比+11.07%，环比-0.59%，实现归母净利润-0.82 亿元，同环比均实现 减亏。 分析师及联系人 [Table_Author] 杨洋 于海宁 钟智铧 祖圣腾 SAC：S0490517070012 SAC：S0490517110002 SAC：S0490522060001 SAC：S0490523030001 SFC：BUW100 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 翱捷科 ...

- The report constructs quantitative factors based on Hong Kong Stock Connect holding data, categorized into "stock factors" and "flow factors" to reflect the characteristics of Southbound capital movements and holdings [3][6][7] - Stock factors include Holding, HoldingValue, H2Volume, H2Share, and HoldingStability(N), which measure holding quantity, holding value, holding proportion relative to trading volume, free float shares, and holding stability over N days respectively [41][42] - Flow factors include ΔHolding, Inflow, Inflow2HV, Inflow2Amt, Inflow2Cap, and ΔHolding%, which measure changes in holding quantity, net buying, net buying proportion relative to holding value, trading amount, free float market value, and holding growth rate respectively [43][44] - The report highlights the complementary nature of stock and flow factors, where stock factors capture long-term preferences and institutional holding behavior, while flow factors reflect short-term momentum effects [7][39][45] - Stock factors perform better in low-valuation stock pools, with HoldingStability(3) and HoldingStability(10) showing monthly IC values of 4.13% and 6.42%, ICIR values of 1.52 and 2.02, and IC win rates of 65.05% and 69.90% respectively [8][77][86] - Flow factors perform better in large-cap and high-net-profit stock pools, with Inflow2HV, Inflow2Amt, and Inflow2Cap achieving monthly IC values of approximately 3% in large-cap stocks and over 4% in high-net-profit stocks, with ICIR values exceeding 1.5 and IC win rates above 65% [8][95][114] - A composite factor named "Holding and Flow Factor" was constructed by combining seven individual factors, including HoldingStability(3), HoldingStability(10), Inflow2HV(3), Inflow2Amt(3), Inflow2Cap(3), ΔHolding, and Inflow, after neutralization and standardization [134][135] - The Hong Kong Stock Connect Flow Select Portfolio, based on these factors, achieved an annualized return of 27.01%, with an annualized excess return of 20.19% compared to the benchmark index, and a Sharpe ratio of 0.88 [9][137][151] - After optimizing the stock selection space to include only large-cap, high-net-profit, and actively traded stocks, the adjusted portfolio achieved an annualized return of 21.70%, with an annualized excess return of 14.88% and a Sharpe ratio of 0.83 [140][144][145]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has experienced a rebound in sales volume for the first time this year, with a quarterly performance showing signs of recovery [2][6]. - The company's installed capacity has expanded, leading to a 9.2% year-on-year increase in controlled power generation, reaching 2.518 billion kWh in the third quarter [6]. - Despite a 3.03% year-on-year decrease in revenue to 3.541 billion yuan, the net profit attributable to shareholders surged by 122.97% to 147 million yuan due to cost control and increased investment income [2][6]. Summary by Sections Revenue and Sales Volume - The company reported a total sales volume of 944 million cubic meters in the third quarter, marking a 0.94% year-on-year increase, reversing the downward trend observed since the end of last year [6]. - The wholesale gas volume increased by 27.66% to 334 million cubic meters, while retail gas volume decreased by 21.99% to 308 million cubic meters [6]. Cost Management and Profitability - The company effectively controlled costs, resulting in a gross profit of 425 million yuan, a decline of 7.77% year-on-year, while financial expenses decreased by 15.70% to 255 million yuan [6]. - Investment income rose by 130.13% to 57 million yuan, contributing to the significant increase in net profit [6]. Future Outlook - The La Niña phenomenon is expected to lead to a colder winter, which may increase heating demand and positively impact gas sales and wind power generation [6]. - The company has adjusted its earnings forecast for 2025-2027, expecting profits of 2.038 billion yuan, 2.248 billion yuan, and 2.480 billion yuan, with corresponding EPS of 0.48 yuan, 0.53 yuan, and 0.59 yuan [6].

丨证券研究报告丨 行业研究丨专题报告丨公用事业 [Table_Title] "五问五答"看当前火电投资逻辑 报告要点 [Table_Summary] 当前，火电行业正处于新老投资框架切换的拐点，我们从五问五答切入来探讨当前火电板块的 投资逻辑：1）度电盈利修复至高位，布局火电的逻辑是什么？2）周期视角下的 PB 估值存在 一定失真，当前何种定价方法更加适用？3）落实到标的层面，应当优先关注哪类火电企业？4） 2024 年年中"煤价涨-火电跌"的现象并没有在今年出现，这反映了什么？ 5）火电装机增量 有限的情况下，火电企业未来的利润增长点与看点在哪里？ 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 张子淳 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] "五问五答"看当前火电投资逻辑 [Table_Summary2] 度电盈利修复至高 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant decline in net profit for the first three quarters of 2025, with a net profit of 280 million yuan, down 1.77 billion yuan year-on-year (-86%). In Q3 2025, the net profit was 20 million yuan, a decrease of 630 million yuan (-97%) year-on-year and a decrease of 80 million yuan (-79%) quarter-on-quarter. The company's main coking coal occupies a leading position in the industry, with scarce resources and high costs, showing significant elasticity in price increases. The long-term contract price for coking coal is expected to further rebound in Q4, which may improve quarterly profitability [2][6]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a raw coal output of 19.65 million tons, a decrease of 530,000 tons (-3%) year-on-year. The sales volume of commercial coal was 18.17 million tons, down 1.91 million tons (-10%). In Q3 2025, the raw coal output was 5.12 million tons, down 850,000 tons (-14%) year-on-year and down 1.91 million tons (-27%) quarter-on-quarter. The sales volume of commercial coal was 6.44 million tons, a decrease of 160,000 tons (-2%) year-on-year but an increase of 1.02 million tons (+19%) quarter-on-quarter [12]. Pricing and Costs - The average selling price of coal for Q1-Q3 2025 was 723 yuan/ton, down 309 yuan/ton (-30%) year-on-year. In Q3 2025, the average selling price was 642 yuan/ton, down 277 yuan/ton (-30%) year-on-year and down 132 yuan/ton (-17%) quarter-on-quarter. The cost per ton of coal for Q1-Q3 2025 was 578 yuan/ton, down 140 yuan/ton (-19%) year-on-year. In Q3 2025, the cost was 503 yuan/ton, down 106 yuan/ton (-17%) year-on-year [12]. Profitability - The gross profit per ton of coal for Q1-Q3 2025 was 145 yuan/ton, down 169 yuan/ton (-54%), with a gross profit margin of 20%, down 10 percentage points year-on-year. In Q3 2025, the gross profit per ton was 139 yuan/ton, down 171 yuan/ton (-55%), with a gross profit margin of 22%, down 12 percentage points year-on-year but up 2 percentage points quarter-on-quarter. The total gross profit for Q3 2025 was 890 million yuan, down 1.15 billion yuan (-56%) year-on-year but up 80 million yuan (+10%) quarter-on-quarter [12]. Strategic Developments - The company successfully acquired exploration rights for the Tarcheng Baiyanghe Mine in Xinjiang, covering 1.668 billion tons of coal, for 1.748 billion yuan in 2024. Additionally, it acquired a 60% stake in the Siku Coal Mine and is actively expanding overseas, indicating potential for medium to long-term growth [2][12]. Earnings Forecast - The company is expected to achieve net profits of 400 million yuan, 700 million yuan, and 700 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 53.90, 30.23, and 28.45 times [12].