Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 8.66 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.5%. The net profit attributable to shareholders was 1.06 billion yuan, down 41.1% year-on-year [2][6]. - The company plans to acquire a 10.6% stake in Yingen Mining, increasing its ownership to 70.6%. This acquisition is expected to enhance the company's growth potential as Yingen Mining operates significant projects in the soda ash sector [12]. - The soda ash market is experiencing a downturn, with prices for key products like heavy soda ash and light soda ash dropping significantly. The average prices for Q1-Q3 2025 were 1,387 yuan/ton and 1,349 yuan/ton, reflecting year-on-year declines of 35.7% and 34.3%, respectively [12]. - The company maintains a strong safety margin and growth potential, with expectations for significant dividends and price elasticity in the future. The projected net profits for 2025, 2026, and 2027 are 1.47 billion yuan, 2.23 billion yuan, and 2.57 billion yuan, respectively [12]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 2.74 billion yuan, a decrease of 17.0% year-on-year and 10.1% quarter-on-quarter. The net profit for the same period was 320 million yuan, down 46.4% year-on-year and 20.9% quarter-on-quarter [2][6]. Market Conditions - The soda ash industry is facing a prolonged downturn, with prices continuing to decline due to unfavorable supply-demand dynamics. The average prices for Q3 2025 were 1,240 yuan/ton for heavy soda ash and 1,200 yuan/ton for light soda ash, showing a quarter-on-quarter decrease of 10.0% and 8.7%, respectively [12]. Strategic Moves - The planned acquisition of Yingen Mining is a strategic move to enhance the company's stake in a key subsidiary, which is crucial for future growth. Yingen Mining is responsible for significant production capacities in the soda ash sector, which is expected to contribute positively to the company's financials [12]. Future Outlook - The company is positioned to benefit from potential rebounds in the soda ash market, with a focus on energy efficiency and equipment upgrades. The long-term outlook remains positive, supported by strong fundamentals and a commitment to shareholder returns through dividends [12].

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨龙源电力（001289.SZ） [Table_Title] 风况偏弱限制主业经营，业绩增速受限高基数 报告要点 [Table_Summary] 三季度公司风电发电量同比增长 3.32%，增速环比降低 4.7 个百分点；光伏发电量同比增长 88.61%，增速环比提升 4.4 个百分点。若剔除火电剥离影响，三季度营业收入同比增长 5.15%， 新能源业务收入平稳增长。但利用小时数与电价的承压依然对当期业绩产生不利影响，三季度 公司毛利润同比降低 1.51 亿元。去年同期公司因江阴热电转让取得一次性投资收益 5.14 亿元， 受高基数的影响，三季度投资收益贡献同比降低 5.26 亿元。主业经营偏弱叠加去年一次性投资 收益推高业绩基数，三季度公司实现归母净利润 10.18 亿元，同比降低 38.19%。 分析师及联系人 张韦华 邬博华 司旗 宋尚骞 刘亚辉 SAC：S0490517080003 SAC：S0490514040001 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 ...

Report Overview - The report analyzes the convertible bond holdings of public funds in Q3 2025, including scale, industry and style preferences, and factor performance [1][9] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - As of Q3 2025, public funds held convertible bonds worth 303.8 billion yuan, with the market value ratio increasing to 38.94%. Funds prefer convertible bonds with low BS pricing premium, high conversion value, large balance, and low conversion premium ratio. Factors such as maturity, implied volatility, and pure bond value have performed well this year [1][9] 3. Summary by Relevant Catalog 3.1 Publicly - Held Convertible Bond Scale - As of Q3 2025, 1581 public funds held convertible bonds, with a total scale of 303.8 billion yuan, accounting for 38.94% of the total convertible bond market value [9][13] 3.2 Convertible Bond Funds and Heavy - Held Convertible Bonds - Funds with large convertible bond holdings in Q3 2025 include Boshi CSI Convertible and Exchangeable Bond ETF, Haifutong Shanghai Stock Exchange Investment - Grade Convertible and Exchangeable Bond ETF, etc., all with holdings over 7 billion yuan. Funds with a high proportion of convertible bonds include Huashang Convertible Bond Selection A, Rongtong Convertible Bond A, etc., all with a proportion over 105% [15] 3.3 Convertible Bond Holding Industry Distribution - In terms of market value, the banking, power equipment and new energy, basic chemicals, and electronics industries have the largest holdings, all over 20 billion yuan. The banking industry accounts for 19%. Power equipment and new energy, banking, and basic chemicals are over - allocated, while power and utilities, non - banking, and construction are under - allocated [9][20] 3.4 Convertible Bond Holding Style Distribution - 21 style factors are constructed from four aspects: convertible bond valuation, underlying stock, trading, and terms. The market's funds prefer convertible bonds with low BS pricing premium, high conversion value, large scale, and low conversion premium ratio [22][27] 3.5 Convertible Bond Holding Factor Performance - From December 31, 2024, to October 29, 2025, factors such as maturity, implied volatility, implied volatility premium for 1 year, pure bond value, and peak factor have performed relatively well, with information ratios above 1.7 [29][30]

丨证券研究报告丨 行业研究丨行业周报丨钢铁 [Table_Title] 三季报上市钢企的盈利处于什么水平？ 报告要点 [Table_Summary] 2025Q3，上市钢企平均吨净利 92 元/吨，环比+14 元/吨，处于 2021 年来的 68%分位数。尽 管盈利高分位数下，表明三季度行业盈利比本轮下行周期中绝大部分时期都要高，印证反内卷 预期+焦煤宽松趋势下，钢铁盈利从底部修复的弹性。不过，相较于 2021Q2~Q3 行业平均近 400~500 元/吨的吨净利润，盈利向上修复的空间依然广阔。而展望 2026 年，在反内卷落地+ 铁矿宽松趋势下，钢铁行业的盈利或具有更强的修复动能。 分析师及联系人 [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] 三季报上市钢企 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 697 million yuan in Q3 2025, representing a year-on-year increase of 5.79%. The net profit attributable to shareholders was 79 million yuan, up 26.10% year-on-year, while the net profit excluding non-recurring items was 62 million yuan, an increase of 14.57% year-on-year. This marks the first positive growth in performance in seven quarters [4][10]. - The company is strengthening its advantages in traditional sectors while accelerating its layout in precision fields, seizing opportunities in embodied intelligence and AI. The improvement in profitability has been continuous since the beginning of the year [10][11]. - The company has established a preliminary platform in general, specialized, and precision fields, solidifying its long-term growth in the reducer sector [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 1.987 billion yuan, a year-on-year increase of 3.10%. The net profit attributable to shareholders was 185 million yuan, down 11.13% year-on-year, while the net profit excluding non-recurring items was 155 million yuan, down 12.06% year-on-year [4][10]. - In Q3 2025, the company’s revenue was 697 million yuan, with a net profit of 79 million yuan and a net profit excluding non-recurring items of 62 million yuan [4][10]. Market Position and Product Development - The company has seen a recovery in orders, with significant growth in sales of modular reducers, high-power reducers, and Jeno reducers benefiting from the lithium battery sector. Although sales of traditional industrial cycloidal pinwheel reducers have declined, their gross margin and average price remain stable [10]. - The product matrix continues to expand, with new products expected to contribute positively. The company has developed customized products and specialized reducers for various applications, including high-end vertical lathes and large rotary drive systems [10][11]. Strategic Initiatives - The company is accelerating its layout in the precision field and is actively engaging with partners in the robotics and automation sectors. It has established a joint venture to explore opportunities in robotic joint modules [10]. - The company completed its first AI vertical application test in the first half of 2025, aiming to integrate proprietary data to build a private model [10]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 282 million, 335 million, and 395 million yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 37x, 32x, and 27x respectively [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 4.5 billion yuan in the first three quarters of 2025, a year-on-year decrease of 4%. However, the net profit attributable to shareholders was 350 million yuan, reflecting a year-on-year increase of 13%, while the net profit excluding non-recurring items was approximately 320 million yuan, up 9% year-on-year [2][4]. - In the third quarter, the company reported a revenue of 1.57 billion yuan, a year-on-year decline of 1%, but the net profit attributable to shareholders increased by 33% to 130 million yuan, with a net profit excluding non-recurring items of approximately 120 million yuan, up 27% year-on-year [2][4]. Summary by Sections Revenue Performance - The company has faced pressure on revenue due to weak demand in the building materials sector, with a 15% year-on-year decline in real estate completion area in the first three quarters of 2025. Despite this, the revenue decline has shown signs of narrowing, with the company focusing on channel development and opening 133 new stores while upgrading 168 existing ones [10]. - The retail channel revenue for tiles grew by 6% year-on-year, and high-value product revenue increased by 20% [10]. Profitability - The gross margin for the first three quarters was approximately 31.1%, remaining stable year-on-year. The third quarter gross margin was about 32.6%, with a slight decrease of 1.2 percentage points quarter-on-quarter. The company has managed to reduce manufacturing costs through digitalization and AI technology, which helped mitigate the impact of price declines [10]. - The net profit margin for the first three quarters was approximately 7.8%, an increase of 1.2 percentage points year-on-year, while the third quarter net profit margin was about 8.3%, up 2.1 percentage points year-on-year [10]. Cash Flow and Financial Health - The net cash flow from operating activities for the first three quarters was 650 million yuan, significantly better than the same period last year. The company has maintained a strong cash collection ratio, with accounts receivable decreasing to 910 million yuan [10]. - The company is one of the first in the consumer building materials industry to recover from bad debt impacts, with credit impairment losses in the third quarter being less than 10 million yuan [10]. Industry Context - The tile industry is experiencing significant supply-side adjustments, with a projected national production of 5.91 billion square meters of building ceramics in 2024, a cumulative decline of 28% from 2021. The number of production lines is expected to decrease from 2,485 in 2022 to 2,193 in 2024, indicating a notable exit rate of 11.75% [10]. - The company has outperformed its competitors in revenue performance during the industry downturn, with projections for net profits of 470 million yuan and 580 million yuan for 2025 and 2026, respectively, corresponding to valuations of 17 and 14 times [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 17.661 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.54%. The net profit attributable to the parent company was 1.605 billion yuan, down 8.01% year-on-year, while the net profit after deducting non-recurring items increased by 7.59% to 1.404 billion yuan [2][6] - In Q3 alone, the company achieved a revenue of 6.343 billion yuan, a decline of 9.34% year-on-year, with a net profit of 507 million yuan, down 7.55% year-on-year. The net profit attributable to the parent company after deductions was 444 million yuan, a decrease of 4.68% [2][6] - The decline in oil prices, along with delivery schedules and typhoon impacts, has put pressure on work volume. However, new overseas contracts have significantly increased, ensuring sufficient orders for future workloads. The potential of offshore oil and gas resources is substantial, and the company is expected to benefit from CNOOC's efforts to increase reserves and production [2][6] - The company completed the construction of 6 jackets and 6 modules on land in Q3, a year-on-year decrease of 25% and 64.71%, respectively. Offshore, it completed 4 jackets and 6 modules, down 42.86% and 57.14% year-on-year. The total length of subsea pipeline laid was 76 kilometers, a decrease of 44.93% [13] - The company has signed new overseas contracts worth approximately 40 billion USD in the Middle East, with total orders on hand amounting to about 59.5 billion yuan, a year-on-year increase of 63.01% [2][6] - The government work report for 2025 highlights the development of deep-sea technology, indicating new opportunities for the company in deep-sea resource development and equipment manufacturing [2][6] Financial Summary - The company expects EPS for 2025-2027 to be 0.54 yuan, 0.60 yuan, and 0.65 yuan, respectively, with corresponding PE ratios of 10.12X, 9.20X, and 8.44X based on the closing price on October 30, 2025 [2][6]

Investment Rating - The report maintains a "Positive" investment rating for the metal, non-metal, and mining industry [9]. Core Insights - The report highlights that December interest rate cut expectations have weakened, leading to fluctuations in copper and aluminum prices. The overall industrial metal prices have shown volatility, with domestic prices falling except for aluminum, while external prices have risen for all but copper and nickel. This is attributed to the realization of benefits from the October interest rate cut and US-China talks, alongside hawkish comments from the Federal Reserve that have dampened December rate cut expectations [1][4]. Summary by Sections Precious Metals - The report indicates that gold prices are stabilizing as the interest rate cut approaches, with recession trading remaining the core driver for gold price recovery. The report emphasizes that the current environment suggests gold prices are more likely to fluctuate rather than indicate a trend reversal. The focus is on the potential impact of domestic gold trading tax policies, which may increase the cost of physical gold holdings while stabilizing reserves [3][4]. Industrial Metals - The report expresses a long-term positive outlook for copper and aluminum. It notes that while short-term interest rate cut expectations have decreased, the medium to long-term economic stabilization outlook remains unchanged. The report highlights that supply adjustments in copper and aluminum since late September warrant attention, particularly the potential for overseas copper companies to reduce supply at year-end [5][6]. Energy and Minor Metals - The lithium sector is identified as entering a pivotal year, with demand for lithium expected to grow significantly by 2026 due to stable domestic power demand and the acceleration of solid-state battery industrialization. The report also discusses the strategic importance of rare earths and tungsten, noting that the long-term demand for rare earth materials is expected to recover due to traditional demand bottoming out and the acceleration of applications in humanoid robotics [6][7]. Market Performance - The report notes that the metal materials and mining sector has outperformed the broader market, with a 2.64% increase compared to a 0.11% rise in the Shanghai Composite Index. The energy metals sector has shown particularly strong performance, with a 4.99% increase [15][19].

Investment Rating - The investment rating for the industry is "Positive" and maintained [6]. Core Insights - NVIDIA has launched NVQLink™, an open system architecture that integrates GPU computing with quantum processors to build accelerated quantum supercomputers, marking a significant step towards commercializing quantum computing [2][4]. - The release of NVQLink defines the role of classical computing power necessary for fault-tolerant quantum computing, indicating a shift from experimental demonstrations to high-performance computing systems, which lays a crucial foundation for the practical application of quantum computing [10]. - The NVQLink has achieved a data throughput of up to 400 Gbps and a maximum round-trip latency of only 3.96 microseconds, which are critical for maintaining the correct operation of 100 logical quantum bits [10]. - NVIDIA is continuously advancing in quantum computing, having developed a software development kit (SDK) called cuQuantum and a QPU-agnostic platform called NVIDIA CUDA-Q™, creating a hybrid computing architecture that combines quantum and classical computing [10]. - NVQLink has gained broad industry support, connecting with 17 QPU manufacturers, 5 controller manufacturers, and 9 U.S. national laboratories, enhancing development efficiency and system compatibility [10]. - The commercial potential of quantum computing is expected to accelerate in specific industries such as pharmaceuticals, materials science, and cryptography, leveraging its "quantum superiority" for targeted problem-solving [10]. - The launch of NVQLink is anticipated to accelerate the commercialization of quantum computers, suggesting investment opportunities across the entire quantum technology industry chain, particularly in leading companies in quantum computing and communication [10].

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [15] Core Insights - The transportation industry shows signs of recovery with various segments experiencing different levels of performance, driven by factors such as fuel cost reduction, normalization of travel demand, and strategic adjustments by companies [2][41] Summary by Sections Aviation - In Q3 2025, listed airlines saw significant improvement in fuel costs, leading to a notable divergence in profitability among carriers. The international growth rate outpaced domestic, with a 19% increase in available seat kilometers (ASK) and a 22% increase in revenue passenger kilometers (RPK) compared to the same period in 2019 [6][23] - The average fuel price decreased by 11% year-on-year, contributing to improved profitability for airlines like China Eastern and Southern, while others faced challenges due to maintenance issues [31][37] Airports - Listed airport companies benefited from the normalization of travel, with gradual increases in passenger flow and stable costs leading to improved profitability. For instance, Shanghai Airport reported a 52.5% year-on-year increase in net profit for Q3 2025 [7][45][47] Express Delivery - The express delivery sector saw improvements in franchise profitability, while direct operations faced pressure due to increased strategic investments aimed at solidifying core business foundations. The overall market trend indicated a "weak volume, stable price" scenario [8][49] Cross-Border Logistics - Cross-border logistics continued to face external pressures, with significant declines in shipping prices due to geopolitical factors. However, cargo airlines maintained relatively stable profits due to fleet expansions [9][10] Bulk Supply Chain - Despite weak domestic demand, the implementation of "anti-involution" policies since July has led to improved operational efficiency and profitability for leading supply chain companies [10] Maritime Transport - The maritime sector showed signs of recovery, with oil and bulk shipping profitability improving. Container shipping, while still under pressure, showed better-than-expected performance due to seasonal demand and easing trade tensions [11][12] Ports - Port operations benefited from increased imports of bulk commodities, leading to year-on-year growth in performance, particularly in dry bulk and container segments [12][45] Highways - The highway sector experienced a recovery in traffic volume in Q3 2025, resulting in positive year-on-year profit growth for major listed companies [13] Railways - Railway passenger and freight demand showed slight growth, with companies diversifying into non-coal freight and logistics services to enhance profitability [14]