Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [11]. Core Insights - The pearl materials industry is experiencing steady growth, driven by increasing demand in high-end sectors such as automotive and cosmetics. The industry is undergoing a transformation, with domestic companies accelerating their entry into high-end markets through mergers and acquisitions and technological advancements. As a global leader, the company leverages its integrated advantages in synthetic mica, core technology research and development, and capacity expansion to ensure rapid internal growth. The acquisition of Korean CQV and Merck's surface solutions business fills gaps in high-end products and channels, achieving diversified synergy. With deepening integration and capacity release, the company is expected to solidify its global leadership position and fully benefit from the industry's high-endization [3][6][8]. Summary by Sections Pearl Materials: Demand Growth and Structural Upgrade - Pearl materials are special optical effect materials that display a pearl-like luster, produced by coating substrates with one or more layers of metal oxides. They are used in high-color-requirement fields such as automotive, cosmetics, and coatings. Compared to other pigments, pearl materials are safe, non-toxic, vibrant in color, and have strong weather resistance. The global pearl materials market is rapidly growing, with a compound annual growth rate (CAGR) of 14.0% from 2016 to 2023, reaching sales of 23.5 billion in 2023. Emerging substrate pearl materials, such as synthetic mica, silica, and alumina, have significantly outpaced overall growth, with CAGRs of 45.7%, 33.1%, and 25.0% respectively from 2016 to 2020 [6][7][28]. Application Scenarios and High-End Demand - Pearl materials have broad downstream applications categorized into industrial-grade, cosmetic-grade, and automotive-grade. The automotive and cosmetic sectors primarily focus on mid-to-high-end products. In 2023, the market shares for cosmetic and automotive pearl materials were approximately 6.8% and 16.2%, with CAGRs of 33.9% and 15.6% from 2016 to 2023, respectively. The high-end demand is expected to maintain around 15% growth, driven by stable industry demand and increased penetration from product upgrades [7][28][32]. Industry Landscape Transformation - The industry is witnessing a shift towards high-end markets, with domestic brands making significant strides. The market concentration of the top five companies (CR5) is projected to be around 19% in 2024, with the company achieving a market share close to 12% after acquiring Merck's pearl business and CQV, making it the global leader. Historically, the high-end market has been dominated by overseas brands, with a CR5 concentration of 52% [7][8][28]. Company Overview - The company, established in 2011, focuses on the production and sale of pearl materials and synthetic mica. It went public in Hong Kong in 2021. The second phase of its pearl materials project, with an annual capacity of 30,000 tons, is set to commence in 2024, making it the largest pearl materials factory in China. The company is also concentrating on synthetic mica, with a 100,000-ton project in Tonglu starting in 2025. The acquisitions of CQV and Merck's surface solutions business in 2023 and 2025, respectively, are expected to facilitate rapid global expansion and growth [8][9][28]. Capacity Expansion and Growth Acceleration - The company currently has a total capacity of 48,000 tons for pearl pigments across its two factories in Guangxi. The ongoing construction of a 100,000-ton synthetic mica facility in Hangzhou will further support revenue growth. The company aims to enhance its market share through capacity expansion and leverage the advantages of its acquisitions to penetrate high-end markets [9][28]. Strategic Synergy and Future Outlook - The company anticipates achieving a synergistic effect from its acquisitions, optimizing costs and enhancing product integration. The expected net profits for 2026 and 2027 are projected to be approximately 490 million and 720 million, respectively, corresponding to price-earnings ratios of 17.73 and 11.99 [9][28].

Investment Rating - The report maintains a "Positive" investment rating for the advertising industry [7]. Core Insights - The outdoor advertising market showed overall improvement in September 2025, with total advertising expenditure reaching 25.878 billion yuan, representing a year-on-year increase of 12% and a month-on-month increase of 14%. After excluding scope and listing price growth, the net value increased by 5% year-on-year [2][5][11]. - The rapid growth of building LCD advertising is notable, with a year-on-year increase of 18% and a month-on-month increase of 22%. High-speed rail video advertising also continued its recovery trend, with a month-on-month increase of 12% [11]. - The top five industries for outdoor video media advertising in September were websites, beverages, cosmetics, video, and alcohol, with respective advertising shares of 23%, 16%, 10%, 7%, and 6%. The website industry showed sustained strong investment [11]. Summary by Sections Market Overview - In September 2025, the total outdoor advertising expenditure was 25.878 billion yuan, with traditional outdoor media showing steady growth and video media experiencing significant increases [2][11]. Channel Performance - Building LCD advertising grew significantly, while high-speed rail video advertising showed signs of recovery. Traditional outdoor media saw mixed results, with only metro, airport, and waiting area media showing year-on-year growth [11]. Industry Breakdown - The website industry led in advertising expenditure, with a notable increase in share due to significant investments from platforms like "Taobao" and "Gaode." The beverage industry also saw growth, although it experienced a slight decline month-on-month [11]. Outlook - Building media maintains a high level of attractiveness due to its frequent exposure and precise targeting of high-consumption demographics. The ongoing economic recovery is expected to support a rebound in advertising spending, enhancing the investment value of building media [11].

[Table_Title] 金工如何看行业（一）： 金融工程丨深度报告 实际利率如何定价黄金 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 黄金对实际利率变化的反应存在非对称性，实际利率下行周期中金价上涨弹性，高于上行周期 中金价下跌弹性。对 2023 年 10 月以来实际利率高位震荡下行区间内的上行、下行小级别周期 分段回归，计算黄金价格中由实际利率定价的中枢。当前（截至 2025.11.21）金价向上偏离幅 度较大，短期或存在均值回归需求。中长期来看，随着美联储降息周期持续，金价的利率定价 中枢或将持续上移，为金价走高提供支撑。在降息、央行购金、ETF 购金等情景假设下，2026 年金价中枢位置或在 5400~5600 美元/盎司区间。 分析师及联系人 [Table_Author] 邓越 刘胜利 SAC：S0490517070010 SAC：S0490517070006 SFC：BWH883 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title2 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - Google has launched the next-generation large language model Gemini 3, which is integrated into key products such as Google Search AI mode, Gemini applications, API interfaces, and VertexAI. Additionally, the image generation model Nano Banana Pro (Gemini 3 Pro Image) has been introduced, marking a leap towards professional-grade production scenarios [4][11] - The report highlights promising segments within the AI industry, including interactive tools and toys, internet giants with advantages in traffic, models, and data, vertical sectors like advertising, e-commerce, and education that have successfully established business models overseas and are expected to replicate in China, as well as AI+ gaming companies [11] Summary by Sections Event Description - Google has released the Gemini 3 large language model and the Nano Banana Pro image generation model, enhancing its core products [4] Event Commentary - Gemini 3 Pro showcases comprehensive upgrades in model capability, user experience, and search integration. It supports a context window of 1 million tokens and has achieved significant performance benchmarks, including a score of 37.5% in the "Human Last Exam" (HLE), outperforming the second-ranked GPT.5.1 by approximately 10%. The model also leads in reasoning ability and multi-modal capabilities [11] - The Nano Banana Pro model enhances control and text rendering capabilities, supporting high-resolution image generation and maintaining consistency across multiple characters. It integrates with Google's ecosystem, leveraging real-time web information for image generation [11] - The report suggests focusing on specific AI segments, including companies with strong IP reserves benefiting from AI advancements, large firms with advantages in traffic and data, and vertical sectors that have proven business models abroad [11]

Investment Rating - The report maintains a "Positive" investment rating for the healthcare sector [7] Core Insights - Overall, the performance of overseas CXO companies in Q3 2025 met expectations, with M segment outperforming R segment, and clinical CRO performing better than preclinical CRO [5][17] - Demand indicators show that several companies have stable or improving RFPs, new orders, and backlog orders, with Pharma demand remaining steady and Biotech demand showing slight recovery [5][17] - The biotechnology financing environment shows signs of improvement in Q3 2025 [5][17] Summary by Sections Performance Overview - Overseas CXO companies' revenue in Q3 2025 is generally in line with expectations, with M segment performing better than R segment, and clinical CRO outperforming preclinical CRO [5][17] - Revenue for CRL in Q1-3 2025 was $3.021 billion, a year-on-year decline of 0.9%, with net profit down 41.5% [23][33] Demand Trends - Demand for CRO services is gradually improving, with positive trends in RFPs and orders, which are expected to translate into performance [18] - CDMO shows strong resilience, with Lonza's CDMO business performing robustly and Samsung Biologics' revenue growing by 18% year-on-year in Q3 2025 [6][18] Company-Specific Insights - Labcorp reported a revenue of $10.436 billion in Q1-3 2025, a year-on-year increase of 7.8%, with Q3 revenue at $3.564 billion, up 8.6% [39][41] - IQVIA's revenue for Q1-3 2025 was $11.946 billion, a year-on-year increase of 4.4%, with Q3 revenue at $4.100 billion, up 5.2% [50][53] - ICON's Q3 2025 revenue was $2.043 billion, showing a year-on-year growth of 0.6% [65][69] - Medpace's Q3 2025 revenue reached $660 million, a year-on-year increase of 23.7% [73][78]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 347 million yuan in Q3 2025, a year-on-year decline of 11.79%, but a quarter-on-quarter increase of 8.91%. The net profit attributable to the parent company was 79 million yuan, reflecting a year-on-year growth of 18.26% and a quarter-on-quarter growth of 35.41%. The non-recurring net profit was 69 million yuan, with a year-on-year increase of 7.04% and a quarter-on-quarter increase of 33.38% [2][4]. Financial Performance - In Q3 2025, the company achieved a significant profit growth rate that outpaced revenue growth, indicating effective cost control and product structure optimization. The company expects strong growth in shipments, maintaining high capacity utilization and an optimized supply-demand structure. The single-walled carbon nanotube (SWCNT) is identified as the core growth driver, with its share in solid/semi-solid customers expected to rise from 70% to over 80% [9][10]. - The company reported a net profit margin of 23.06%, with significant improvements across various expense ratios: sales expense ratio at 0.85%, management expense ratio at 5.75%, R&D expense ratio at 8.05%, and financial expense ratio at 2.46% [9][10]. - Operating cash flow for Q3 2025 was 93 million yuan, with capital expenditures of 51 million yuan. The company has established a strategic partnership with a research team from Tsinghua University, focusing on cutting-edge research in carbon-based materials [9][10]. Future Outlook - The company is expected to continue its rapid growth as a leader in carbon nanotube technology, driven by increasing downstream demand. The projected net profit attributable to the parent company for 2026 is approximately 700 million yuan [9][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 163 million yuan in Q3 2025, representing a year-on-year increase of 20.47% and a quarter-on-quarter increase of 7.73%. The net profit attributable to the parent company was 4 million yuan, while the net profit excluding non-recurring items was -10 million yuan [2][4]. Financial Performance - The company's gross margin was 24.4%, showing continuous improvement quarter-on-quarter. The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 2.15%, 12.69%, 11.0%, and 2.45%, respectively. The R&D expenses remain significant as the company focuses on advanced projects such as artificial synthesis of high-purity quartz sand and solid oxide fuel cells [12]. - The company recorded asset impairment and credit impairment provisions of 3 million yuan each, with other income of 12 million yuan and net investment income of 3 million yuan. The net cash outflow from operating activities was 33 million yuan, and capital expenditures were 134 million yuan, both showing increases compared to previous periods [12]. Future Outlook - The company's main business is in a bottoming-out phase, with profitability expected to gradually improve as demand expectations strengthen. The company can achieve self-supply in key powder materials, single cells, stacks, and critical components of SOFC, enabling cost reduction and ensuring quality stability [12]. - The first 8kW SOC system of the initial demonstration project has been installed and is expected to gradually commence operation in Q1 2026. The urgent demand from downstream scenarios is likely to accelerate the large-scale commercialization process [12]. - Low-alpha alumina and high-purity quartz sand are expected to gradually achieve bulk sales, fulfilling the material platform logic [12].

Group 1: Profit and Revenue Trends - In October, the profit growth rate of industrial enterprises turned negative at -5.5%, marking three consecutive months of negative growth[3] - The revenue growth rate also turned negative at -3.3% in October, indicating a significant decline in both profit and revenue[5] - The two-year compound growth rate for profits fell to -7.8%, reflecting ongoing pressure on profit recovery despite base effects being excluded[3] Group 2: Sector Performance - Mining sector profits decreased by 12.0%, while manufacturing profits fell by 9.2% in October[6] - State-owned enterprises saw profit growth slow to 3.6% in October, down from previous high growth rates[6] - The computer electronics and automotive sectors were among the top contributors to profit growth, collectively adding 2.6 percentage points to overall profits[6] Group 3: Inventory and Turnover Issues - By the end of October, the nominal growth rate of industrial product inventories rose to 3.7%, indicating increased inventory pressure[6] - The inventory turnover days increased to 20.4 days, and accounts receivable turnover days rose to 69.8 days, highlighting growing turnover pressures[6] Group 4: Future Outlook - There is potential for profit recovery in the first half of next year, supported by anticipated domestic demand policies and a possible global industrial cycle recovery due to U.S. Federal Reserve rate cuts[3] - The government is expected to implement framework policies to stabilize growth ahead of the upcoming Two Sessions[3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company reported a revenue of 2.124 billion yuan in Q3 2025, representing a year-on-year increase of 9.33% - The net profit attributable to shareholders reached 370 million yuan, marking a year-on-year increase of 31.6% and a growth of 63.7% compared to Q3 2019 [5][7] Summary by Sections Event Description - The company released its Q3 2025 report, showing a revenue of 2.124 billion yuan, up 9.33% year-on-year, and a net profit of 370 million yuan, up 31.6% year-on-year, with a 63.7% increase compared to Q3 2019 [5][6] Event Commentary - The company is poised for recovery and growth due to several factors: 1. Short-term: The pilot shortage is being addressed, leading to improved aircraft utilization 2. Mid-term: Significant subsidies for regional routes are expected to stabilize profitability 3. Long-term: Collaboration with mainline carriers to monetize secondary traffic effectively - Projected net profits for 2025-2027 are 650 million, 1.03 billion, and 1.23 billion yuan, with corresponding P/E ratios of 20.4X, 13.0X, and 10.8X [7] Financial Performance - The company experienced a 15.4% year-on-year increase in Available Seat Kilometers (ASK) and a 19.4% increase in Revenue Passenger Kilometers (RPK) in Q3 2025 - The passenger load factor improved by 2.9 percentage points to 86.4% year-on-year - However, the revenue per passenger kilometer decreased by 8.4% due to external factors affecting domestic travel demand and strategic adjustments to the route network [7][12] Cost Management - Non-fuel costs were effectively diluted, with a 5.75% year-on-year decrease in unit non-fuel costs to 0.261 yuan/ASK - The company recorded a significant reduction in fuel costs due to falling global oil prices, leading to a total operating cost of 1.832 billion yuan, up 5.9% year-on-year [12][18]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Viewpoints - The report highlights an increase in expectations regarding real estate policies, suggesting a focus on high-quality consumer building materials leaders. The industry is experiencing intensified downward pressure, but the anticipated policy tools aim to reduce housing burdens, which could support residential demand [6][9]. - The report recommends focusing on quality leaders in consumer building materials, such as SanKeTree, TuBaoBao, and WeiXing New Materials, as they possess bottom value and are expected to benefit from policy changes and operational turning points [6][9]. - The report notes a slight decline in cement prices and a shift in glass inventory from decrease to increase, indicating ongoing challenges in the market [7][8]. Summary by Sections Basic Situation - Cement prices have slightly decreased, with a national average of 355.65 yuan/ton, down 1.45 yuan/ton week-on-week and down 76.77 yuan/ton year-on-year. The cement output rate is approximately 45.5%, reflecting a 0.4 percentage point decrease [24][32]. - The glass market is operating weakly, with a national average price of 61.55 yuan per weight box, down 1.84 yuan per weight box week-on-week and down 15.22 yuan year-on-year. The inventory of glass has increased, indicating pressure on the market [38][40]. Recommendations - The report continues to recommend investments in the African supply chain and existing supply chain leaders, highlighting companies like Huaxin Cement and Keda Manufacturing as key players benefiting from demand recovery and structural optimization [9]. - It emphasizes the importance of focusing on quality leaders in the consumer building materials sector, particularly those with strong business models and growth potential, such as SanKeTree and TuBaoBao [9]. Market Trends - The report indicates that the downward slope of the industry is increasing, with a focus on the expected rise in real estate policies. The core reasons for the pressure on housing prices in major cities are linked to income and inflation expectations, as well as the rental-to-sale ratio being inverted with mortgage rates [6][9].