Market Outlook - The A-share market is expected to continue a "slow bull" trend in November, driven by the implementation of the "14th Five-Year Plan" and consensus on trade issues between China and the U.S.[4] - Market valuations are likely to recover from tariff disruptions experienced in October, with improving market confidence and risk appetite in the technology sector[4]. Investment Strategy - Focus on three main lines: 1. Technology growth, particularly in AI hardware like storage and optical modules, as well as high-demand sectors such as energy storage and power grids[4]. 2. Market hotspots, including military industry and gaming sectors, guided by policy and fundamental improvements[4]. 3. Industries benefiting from "anti-involution" policies, such as chemicals and photovoltaics, optimizing supply-demand dynamics[4]. Key Industry Recommendations - **Metals**: Luoyang Molybdenum Co. is expected to increase copper production capacity by approximately 60% by 2028, benefiting from rising copper prices[9]. - **Chemicals**: Yara International is expanding its potash production capacity, with a projected output of 1.815 million tons in 2024[10]. - **New Energy**: Sungrow Power Supply is positioned to gain significantly from the growing U.S. data center market, with expected profit increases[11]. - **Machinery**: Magpower is expanding its product range and increasing its international market share, with projected net profits of 4.5 billion and 9.4 billion yuan for 2025 and 2026, respectively[12]. - **Military**: Guangdong Hongda is integrating quality defense assets, enhancing revenue and profit in the defense sector[13]. - **Automotive**: Top Group is expected to benefit from partnerships with major automotive brands, with projected net profits of 28.0 billion yuan in 2025[17]. - **Home Appliances**: Anker Innovations is projected to achieve net profits of 26.57 billion yuan in 2025, maintaining a strong growth trajectory[18]. - **Electronics**: Zhaoyi Innovation is experiencing a robust growth cycle, with a projected net profit of 2.39 billion yuan in 2025[19]. - **Communications**: Zhongji Xuchuang is expected to see net profits of 101.4 billion yuan in 2025, with a significant growth rate of 96%[20]. - **Media**: Kaiying Network is expanding its product offerings, with a 65% growth in information services in the first half of the year[21].

分析师及联系人 [Table_Author] 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨索菲亚（002572.SZ） [Table_Title] 索菲亚 2025Q3 点评：Q3 收入降幅略收窄，毛 利率提升 报告要点 [Table_Summary] 公司 2025 年前三季度实现营收/归母净利润/扣非净利润 70.08/6.82/7.20 亿元，同比-8%/-26%/- 18%；其中 2025Q3 实现营收/归母净利润/扣非净利润 24.57/3.62/2.92 亿元，同比-10%/+1%/- 15%。行业磨底期公司维持高分红比例回报投资者，中长期持续推进多品牌、全品类、全渠道 战略。 [Table_scodeMsg2] 索菲亚（002572.SZ） cjzqdt11111 [Table_Title 索菲亚 2025Q3 2] 点评：Q3 收入降幅略收窄，毛 利率提升 [Table_Summary2] 事件描述 公司2025年前三季度实现营收/归母净利润/扣非净利润70.08/6.82/7.20亿元，同比-8%/-26%/- 18%；其中 2025Q3 实现营收/归母净利润/ ...

丨证券研究报告丨 [Table_Summary] 收费类与资金类业务共同推动公司前三季度业绩实现高增。长期内我们继续看好中金公司凭借 优秀的收费类业务和资产负债表运用能力，在经纪、投行、资管和交易等方面建立竞争优势， 并通过客需业务和财富管理业务实现 ROE 稳步抬升。 分析师及联系人 [Table_Author] 吴一凡 程泽宇 SAC：S0490519080007 SAC：S0490524090001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_scodeMsg1] 港股研究丨公司点评丨中金公司（03908.HK） [Table_Title] 中金公司 2025 年三季报点评：收费类与资金类 业务大幅增长，带动 Q3 利润实现高增 报告要点 1 [Table_scodeMsg2] 中金公司（03908.HK） cjzqdt11111 [Table_Title 中金公司 2025 2] 年三季报点评：收费类与资金类 业务大幅增长，带动 Q3 利润实现高增 [Table_Summary2] 事件描述 中金公司发布 2025 年 ...

丨证券研究报告丨 报告要点 [Table_Summary] 2025Q3 公司实现营收 108.28 亿（同比+27.51%），归母净利润 3.03 亿（同比+5.89%），公司 持续实现营收与业绩的稳定增长。2025Q3，公司存货为 200.33 亿元（环比-5.55%），达到近 年来最低水平，公司持续存货管控效果显著。据 2024 年年报，公司 2025 年经营计划目标为实 现营收 449.88 亿元，截至 2025Q3，公司累计实现营收 302.44 亿元，第四季度公司或将实现 营收的进一步环比提升。公司核心型号在军贸市场中拥有较强稀缺性，未来公司依靠 Y-20、Y- 9 乃至其接替型号有望逐步打开军贸市场，同时民机业务的放量亦有望充分提升公司盈利质量。 分析师及联系人 [Table_Author] 王贺嘉 张飞 SAC：S0490520110004 SAC：S0490525060003 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg1] 公司研究丨点评报告丨中航西飞（000768.SZ） [Table_Title] 单季营收大幅提升业绩稳定增 ...

分析师及联系人 丨证券研究报告丨 [Table_Author] [Table_scodeMsg1] 公司研究丨点评报告丨巨人网络（002558.SZ） [Table_Title] 《超自然》表现强势，递延收入高增，看好公司 Q4 利润释放 报告要点 [Table_Summary] 公司披露 25Q3 业绩，公司 25Q3 实现营收 17.06 亿元（同比+115.6%），实现归母净利润 6.40 亿元（同比+81.2%），实现扣非净利润 6.78 亿元（同比+73.9%）。《超自然行动组》流水亮眼 表现助力收入高增，或因递延周期调整致合同负债高增，预计利润 Q4 持续释放。展望未来， 看好《超自然行动组》长线能力和出海潜力，旗下策略卡牌《名将杀》、SLG《五千年》和策略 对抗游戏《口袋斗蛐蛐》等新游持续推进。 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 巨人网络（002558.SZ） cjzqdt11111 [T ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported Q3 2025 results with revenue of 3.975 billion yuan, a year-on-year decrease of 3.23%, and a net profit attributable to shareholders of 944 million yuan, an increase of 49.24% year-on-year. The non-recurring net profit was 873 million yuan, up 44.97% year-on-year. Despite a slight decline in revenue, the company continues to optimize its investment and improve profit margins [2][4][6]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 39.75 billion yuan, a slight decline of 3.23% year-on-year. The net profit attributable to shareholders was 9.44 billion yuan, reflecting a significant increase of 49.24% year-on-year. The non-recurring net profit was 8.73 billion yuan, up 44.97% year-on-year [2][4]. Product Development and Market Strategy - The company has a rich product pipeline with over twenty high-quality games in genres such as MMORPG, SLG, card games, and simulation management. Notable new releases include "Douluo Dalu: Hunting Soul World," which contributed to revenue growth despite a natural decline in existing game revenues [6][11]. Cost Management and Profitability - The company has optimized its resource allocation and marketing strategies, leading to improved operational efficiency. Q3 sales expenses decreased to 1.79 billion yuan, down 5.5 million yuan year-on-year and 2 million yuan quarter-on-quarter, achieving the lowest sales expense ratio since 2019 at 45.0% [11][12]. Shareholder Returns - The company plans to distribute a cash dividend of 2.1 yuan for every 10 shares, maintaining a high dividend payout ratio of approximately 59% of net profit for the first three quarters of 2025. The annual dividend yield is estimated at 4.8% based on the closing price on October 30, 2025 [11][12]. Future Outlook - The company is expected to achieve net profits of 3.09 billion yuan and 3.38 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 15.0 and 13.7 times. The "Buy" rating is maintained based on these projections [11][12].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨吉比特（603444.SH） [Table_Title] 业绩位于预告区间上限，出海及小游戏贡献显著 增量 报告要点 [Table_Summary] 公司披露 2025 年三季报，25Q3 实现营收 19.7 亿元（同比+129.2%）， 实现归母净利润 5.7 亿元（同比+307.7%），实现扣非净利润 5.6 亿元（同比+273.7%），均贴近预告区间上限。核 心新游《杖剑传说》表现稳健，游戏出海亮眼。关注核心产品后续流水变动趋势及新品测试和 上线节奏。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 吉比特（603444.SH） cjzqdt11111 [Table_Title 业绩位于预告区间上限，出海及小游戏贡献显 2] 著增量 [Table_Summary2] 事件描述 公司披露 202 ...

[Table_Title] 三季度业绩如期兑现 报告要点 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨兆易创新（603986.SH） [Table_Summary] 2025 年前三季度，公司实现营收 68.32 亿元、同比+20.92%，实现归母净利润 10.83 亿元、同 比+34.04%；2025 年三季度，公司实现营收 26.81 亿元、同比+31.40%、环比+19.64%，实现 归母净利润 5.08 亿元、同比+61.13%、环比+48.97%。三季度业绩如期兑现。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 兆易创新（603986.SH） cjzqdt11111 [Table_Title2] 三季度业绩如期兑现 [Table_Summary2] 事件描述 2025 年 10 月 28 日，兆易创新公告《2025 年三季度报告 ...

分析师及联系人 [Table_scodeMsg1] 公司研究丨点评报告丨分众传媒（002027.SZ） [Table_Title] 毛利率创阶段新高，持续重视股东回报 [Table_Author] SAC：S0490516080001 SFC：BUX177 报告要点 丨证券研究报告丨 [Table_Summary] 公司公布 2025 三季报：2025 年前三季度，公司实现营业收入 96.07 亿元，同比增长 3.73%， 实现归母净利润 42.40 亿元，同比增长 6.87%；其中 2025Q3，公司实现营业收入 34.94 亿元， 同比增长 6.08%，实现归母净利润 15.76 亿元，同比增长 6.85%。公司梯媒主业稳健，未来并 购新潮稳步推进，"碰一下"释放增长动能，具备较强业绩弹性，我们持续看好楼宇媒体赛道及 梯媒龙头分众的投资价值，维持"买入"评级。 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 分众传媒（002027.SZ） cjzqdt11111 [Table_Title2] 毛利率创阶段新高 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨南芯科技（688484.SH） [Table_Title] 平台型成长逻辑兑现，三季度收入同环比增长显 著 报告要点 [Table_Summary] 2025 年前三季度，公司实现收入 23.80 亿元、同比+25.34%，归母净利润 1.91 亿元、同比- 29.66%；2025Q3，公司实现营收 9.10 亿元、同比+40.26%、环比+15.97%，归母净利润为 0.69 亿元、同比+2.82%、环比+15.78%。平台型成长逻辑兑现，三季度收入同环比增长显著。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 南芯科技（688484.SH） cjzqdt11111 [Table_Title 平台型成长2] 逻辑兑现，三季度收入同环比增长 显著 [Table_Summary2] 事件描述 202 ...