丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨京东方 A（000725.SZ） [Table_Title] 业绩稳健增长，"AI+制造"引领显示行业 报告要点 [Table_Summary] 公司发布 2025 年三季度报告，报告期内公司实现营业收入 1545.48 亿元，同比增长 7.53%； 归母净利润 46.01 亿元，同比增长 39.03%；经营性现金流量净额 367.7 亿元，同比增长 8.58%， 扣除资本开支后自由现金流 67.4 亿元，在成都 8.6 代线项目支出高峰期依然展现了强大的造血 能力。公司重视 AI+制造，将运用人工智能、大数据、物联网等重新定义显示制造体系，在生 产设备、工业软件、工艺控制、品质管理、能源管理、生产环境等多维度全面提升生产制造与 运营管理的智能化水平。同时公司联合 Intel 发布下一代 AI 技术显示产品，引领行业趋势。 分析师及联系人 [Table_Author] 杨洋 谢尔曼 SAC：S0490517070012 SAC：S0490518070003 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% re ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a significant increase in performance for the first three quarters of 2025, achieving operating revenue of 3.398 billion yuan, a year-on-year growth of 38.71%, and a net profit attributable to shareholders of 317 million yuan, a year-on-year increase of 50.81% [2][4]. - In Q3 2025, the company achieved operating revenue of 1.258 billion yuan, a year-on-year growth of 44.34% and a quarter-on-quarter growth of 5.83%. The net profit attributable to shareholders reached 144 million yuan, marking a year-on-year increase of 139.04% and a quarter-on-quarter increase of 53.08% [2][4]. - The company maintains a strong gross margin of 23.06% and a net margin of 9.32% for the first three quarters, with Q3 margins improving to 24.38% and 11.45% respectively [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 3.398 billion yuan, with a gross margin of 23.06% and a net margin of 9.32% [2][4]. - In Q3 2025, the company reported operating revenue of 1.258 billion yuan, with a gross margin of 24.38% and a net margin of 11.45% [2][4]. Future Outlook - The company is focusing on expanding its high-end product operations, with plans to raise up to 1.98 billion yuan for investment in AI and high-density interconnect circuit board projects, which will significantly enhance its production capacity [11]. - The company has established itself as a leader in HDI products and is well-positioned to meet the growing demands of high-end server markets, particularly in AI and GPU acceleration [11]. Earnings Forecast - The company is projected to achieve net profits of 471 million yuan, 764 million yuan, and 1.078 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 117.17, 72.24, and 51.17 [11].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨奥飞数据（300738.SZ） [Table_Title] 奥飞数据 2025 三季报点评： 毛利率持续提升，固定资产快速扩张 报告要点 [Table_Summary] 2025Q3，公司业绩表现符合预期，营收、利润同环比均实现亮眼增长。单季度毛利率环比进一 步提升至 37.55%，或主要受益于交付项目的上架率快速爬升。公司固定资产规模实现快速扩 张，今年为公司 IDC 交付大年，从目前交付节奏来看，与年初规划基本符合。公司抓住此轮 AI 需求爆发，努力实现"保交付、促上架"，新项目建设及交付将成为未来核心增长点。 分析师及联系人 [Table_Author] 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 奥飞数据（300738.SZ） cjzqdt11111 [Table_Title 奥飞数据 2025 2] 三季报点评： 毛利率持续提升 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨中国核电（601985.SH） [Table_Title] 短期因素限制表观业绩，内资价值安全边际突出 报告要点 [Table_Summary] 前三季度公司核电业务归母净利润同比增长 2.81%，与上半年公司控股核电子公司净利润同比 增长 10.72%相比，单季度核电业绩增速由正转负，盈利下滑主因系增值税退返结算节奏以及 所得税增加影响。新能源业务方面，由于市场化电价下降叠加股比下降影响，公司前三季度新 能源贡献归母净利润同比下降 67.96%。受此影响，公司三季度归母净利润为 23.36 亿元，同 比下降 23.45%；前三季度归母净利润为 80.02 亿元，同比下降 10.42%。虽然公司业绩短期承 压，但其更多系非经常性税收及资源偏弱影响，我们认为公司长期价值依然稳固。 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 请阅读最后评 ...

丨证券研究报告丨 行业研究丨专题报告丨运输 [Table_Title] 持仓比例创四年新低，物流航空减配明显 ——交运行业 2025Q3 基金持仓分析 报告要点 [Table_Summary] 2025Q3，交运行业在所选口径公募基金重仓占比环比下跌 0.94pct 至 1.06%，主要由于物流及 供应链和航空板块减持明显，海运板块配置环比提升。个股来看，持仓随行业景气波动，招商 轮船关注度提升，顺丰控股重仓基金数明显回落。Q3 末北向资金持股环比下降，其中持股市值 最大板块为快递。 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：BQK468 SFC：BWN875 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 [Table_Title 持仓比例创四年新低，物流航空减配明显 2] ——交运行业 2025Q3 基金持仓分析 [Tab ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨中炬高新（600872.SH） [Table_Title] 中炬高新 2025 年三季报点评：渠道调整致收入 承压，费用率提升利润下滑 报告要点 [Table_Summary] 中炬高新 2025Q1~Q3 营业总收入 31.56 亿元（同比-20.01%）；归母净利润 3.8 亿元（同比- 34.07%），扣非净利润 3.84 亿元（同比-30.45%）。单看 2025Q3 营业总收入 10.25 亿元（同 比-22.84%）；归母净利润 1.23 亿元（同比-45.66%），扣非净利润 1.21 亿元（同比-43.09%）。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title 中炬高新 2025 2] 年三季报点评：渠道调整致收入 承压，费用率提升利润下滑 [Table_Summary2] 事件描述 中炬高新 2025Q1~Q3 营业总收入 31.56 亿元（同比-20.01%）；归母净利润 3.8 亿元（同比- 34.07%），扣非净利润 3.84 ...

Investment Rating - The industry investment rating is "Positive" and maintained [5] Core Insights - Deckers reported revenue of $1.43 billion for FY2026Q2, a year-on-year increase of 9%, aligning with market expectations [3][4] - Gross margin improved by 0.3 percentage points to 56.2%, driven by product price increases, improved product mix, favorable currency fluctuations, and cost-sharing on tariffs [3][4] - Net profit margin increased by 0.3 percentage points to 18.7%, supported by a decrease in the effective tax rate [3][4] Revenue Breakdown - By brand, UGG and HOKA revenues grew by 10.1% and 11.1% respectively, while other brands saw a decline of 26.5% [4] - Direct-to-Consumer (DTC) and wholesale channel revenues were $3.9 billion and $10.4 billion respectively, with DTC showing a slight decline of 0.8% [4] - Revenue from the U.S. decreased by 1.7%, while international markets saw a growth of 29.3% [4] Inventory and Guidance - Inventory increased by 7% year-on-year to $840 million, attributed to proactive stockpiling before tariff hikes [4] - The company expects FY2026 revenue to reach $5.35 billion, a 7% increase year-on-year, with a gross margin of approximately 56% [4]

固定收益丨深度报告 [Table_Title] 债市"收官战"，无虑银行兑现浮盈 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 银行作为债市重要的参与机构，其配债行为的变化对市场影响举足轻重。2025 年，银行同时面 临负债端"存款搬家"、净息差较低背景下业绩增长乏力等多重压力，银行是否会在负债压力背 景下选择"缩表"、在业绩压力下进一步加大浮盈兑现力度，进而影响债市供需和收益率走势？ 同时在负债压力背景下，银行发行同业存单的需求如何变化？本文基于对上市银行业绩拆分、 信贷收支表跟踪，对银行 2025 年前三季度行为进行复盘，同时对四季度情况做出展望。 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% 分析师及联系人 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490525080001 SFC：BVN394 research.95579.com 2 [Table_Title2] 债市"收官战"，无虑银行兑现浮盈 [Table_Summary2] 从 2025 年半 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨航亚科技（688510.SH） [Table_Title] 交付节奏导致短期业绩波动，内外贸高景气趋势 延续 报告要点 [Table_Summary] 公司发布三季报，25Q1-3 实现营收 5.3 亿，同比增长 1.95%；归母净利润 0.78 亿，同比减少 16.04%；扣非归母净利润 0.65 亿，同比减少 27.93%。25Q3 实现营收 1.61 亿，同比减少 10.87%，环比减少 17.68%；归母净利润 0.17 亿，同比减少 34.78%，环比减少 45.46%；扣 非归母净利润 0.11 亿，同比减少 53.72%，环比减少 59.77%。 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SAC：S0490525040001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 航亚科技（688510.SH） cjzqdt11111 [Table_Title 交付节奏 ...

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [2][8]. Core Views - Changshu Bank's Q3 revenue growth is 8.2%, with a net profit growth of 12.8%. Interest income has accelerated quarter-on-quarter, while non-interest income has increased significantly by 35.3% year-on-year, driving revenue growth. The net interest margin for Q3 stands at 2.57%, only down 1 basis point from the first half of the year, maintaining a leading position in the industry. The non-performing loan ratio remains stable at 0.76%, with a provision coverage ratio decreasing by 27 percentage points to 463%, indicating excellent asset quality. The integration of rural banks is progressing smoothly, and the bank is expanding its presence to create a second growth curve. As a pro-cyclical bank stock, Changshu Bank has a clear long-term development path. This year, it has implemented a mid-term dividend for the first time, with a payout ratio increased to 25.3%. Currently, the 2025 PB valuation is 0.73x and PE valuation is 5.4x, both at historical lows, indicating significant long-term value is undervalued [2][6][11]. Summary by Sections Financial Performance - In Q3, Changshu Bank's operating revenue grew by 8.2% year-on-year, with net profit increasing by 12.8%. The non-performing loan ratio remained flat at 0.76%, and the provision coverage ratio decreased by 27 percentage points to 463% [6][11]. Revenue Composition - The growth in operating revenue is driven by a 2.4% increase in net interest income and a substantial 35.3% rise in non-interest income. The bank's investment income has been affected by market fluctuations, leading to a 22.2% decline in Q3 investment income [11]. Asset Quality - The asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 463%. The bank has increased efforts in risk resolution and recovery of non-performing loans, leading to a stabilization in retail asset quality [11]. Growth Strategy - The integration of rural banks is advancing well, with several rural banks being restructured and opened this year. This expansion is aimed at creating a second growth curve for the bank [11]. Valuation Metrics - The current PB and PE valuations are at 0.73x and 5.4x respectively, indicating that the bank's long-term value is significantly undervalued compared to historical levels [2][11].