Investment Rating - The report maintains a "Recommended" investment rating for Xiaomi Group-W (1810.HK) [1][6]. Core Insights - In Q3 2025, Xiaomi achieved a revenue of 113.1 billion yuan, representing a year-on-year increase of 22.3%, with an adjusted net profit of 11.3 billion yuan, up 80.9% year-on-year [3]. - The automotive business turned profitable in Q3, with a delivery volume of 108,796 units, a year-on-year increase of 173.4%, and automotive revenue reaching 28.3 billion yuan, up 197.9% year-on-year [5]. - The smartphone business faced pressure from rising storage costs, with Q3 smartphone shipments exceeding 43 million units, a slight increase of 0.5% year-on-year, and revenue of 46 billion yuan, down 3.1% year-on-year [5]. - The IoT and consumer products segment saw a revenue increase of 5.6% year-on-year, with smart home appliances experiencing a decline due to reduced government subsidies [5]. Financial Projections - Revenue projections for Xiaomi are set at 365.9 billion yuan for 2024, 471.1 billion yuan for 2025, and 601.1 billion yuan for 2026, with year-on-year growth rates of 35.0%, 28.7%, and 27.6% respectively [4][11]. - Net profit forecasts are adjusted to 44.1 billion yuan for 2025, 52.4 billion yuan for 2026, and 65.3 billion yuan for 2027, reflecting a significant increase from previous estimates [6][11]. - The gross margin for the automotive business reached 25.5% in Q3, while the smartphone business gross margin was 11.1%, down approximately 0.6 percentage points year-on-year [5]. Key Financial Ratios - The report highlights a projected return on equity (ROE) of 19.0% for 2025, with a price-to-earnings (P/E) ratio of 21.9 and a price-to-book (P/B) ratio of 4.2 [4][11].

储能系列报告（一） 从"配角"到"主角"，储能前景广阔 证券分析师 李梦强 投资咨询资格编号：S1060525090001 张之尧 投资咨询资格编号：S1060524070005 电力设备及新能源 强于大市（维持） 证券研究报告 2025年11月19日 请务必阅读正文后免责条款 ※ 要点总结 2 新型储能：从"配角"到"主角"，需求前景光明。新能源的快速发展对电力系统的调节能力和支撑能力提出挑战，要求电力系统形态由"源 网荷"三要素向"源网荷储"四要素转变。储能登上舞台，成为构建新型电力系统的重要基础。我们认为，能源安全和双碳战略下，我国风光 装机体量将持续增长；当前国内储能装机和充放电量与电力系统整体相比并不高，需求空间广阔。 一、概念：存储电能的设备，电力系统的"蓄水池"。储能系统是用于电能转化和存储的装置。电的传输速度与光速相同，电力发、输、用在 同一瞬间完成，要求系统实时平衡。风、光发电存在间歇性和波动性，供需难以实时匹配，高比例新能源接入会影响供电质量和用电效率。储 能是电力系统中的"蓄水池"，可以动态吸收电能并适时释放，将实时平衡的"刚性"电力系统变得更加"柔性"，提高输出电能的稳定性、 平滑用电 ...

证券研究报告 行业比较框架系列（一）大宗周期篇： 价格景气为锚，情绪博弈为帆 证券分析师 魏 伟 投资咨询资格编号：S1060513060001 陈 骁 投资咨询资格编号：S1060516070001 郝思婧 投资咨询资格编号：S1060521070001 请务必阅读正文后免责条款 2025年11月19日 1 ※ 核心观点 2 • 引言：在我国经济转型以及资本市场多有结构性机会的背景下，策略研究的行业配置愈加重要。我们将30个申万一级行业（除综合外） 分为七大产业板块：消费、医疗健康、TMT、制造、大宗周期、基建地产、金融，致力于对各产业的投资逻辑和行情特征进行系统性研 究，并总结构建一个多维度且兼具前瞻性的行业比较分析框架。本篇报告是行业比较系列的第一篇，重点研究大宗周期板块（含煤炭、 钢铁、石油石化、有色金属、基础化工行业）。历史经验显示，周期行业表现具有波动较大、长期复合收益偏低的特征，因此，择时对 周期投资更加重要。在本篇报告中，我们将构建"经济周期-行业景气-市场情绪"三维度框架进行研究跟踪。 • 经济周期：行业顺周期属性强，关注经济增长和物价拐点。周期行业表现与宏观经济运行密切相关，总量层面，社融 ...

证券研究报告 海外MNC动态跟踪系列（十六） 阿斯利康发布2025Q3财报：持续深耕肺癌及乳腺癌领域 医药 强于大市（维持） 平安证券研究所 医药团队 分析师： 叶寅 投资咨询资格编号:S1060514100001 邮箱：YEYIN757@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002 邮箱：HANMENGMENG005@PINGAN.COM.CN 张梦鸽 投资咨询资格编号:S1060525070003 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年11月19日 请务必阅读正文后免责条款 行业观点 2026 年，阿斯利康管线将迎来多项关键催化，涵盖肿瘤、呼吸、罕见病等领域。 2 事件：阿斯利康公布2025年三季度业绩，前九个月总营收432.36亿美元（同比增加11%，以下均为同比增加），其中产品收入431.43亿美元（+11%）；研发 投入103.70亿美元，同比增长16%。从地区分布来看，2025年前九个月美国市场收入185.17亿美元（+11%），新兴市场收入116.57亿美元（+13%），其中中 国区收入52.79亿美元（+5%），占据阿斯 ...

医药 2025 年 11 月 18 日 加科思-B（1167.HK） 专攻突破难成药靶点开发，管线领先布局及专利全面搭建共筑竞争壁垒 推荐（首次） 行情走势图 股价：7.13 港元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.jacobiopharma.com | | 大股东/持股 | 王晓洁、胡云雁、泽、Yakovpharma | | | Ltd,Jphwpharma Ltd 等一致行动人 | | | /19.35% | | 总股本(百万股) | 791.76 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 791.76 | | 总市值（亿港元） | 56 | | 每股净资产(元) | 1.10 | | 资产负债率(%) | 32.83 | 证券分析师 | 投资咨询资格编号 | | --- | | S1060524030001 | | HEMINXIU894@pingan.com.cn | | 投资咨询资格编号 | | S1060519060002 | | hanmengmeng005@pingan.com.cn | | 投资咨询资 ...

证券研究报告 海外MNC动态跟踪系列（十五） 诺华发布2025Q3财报：核药板块表现亮眼未来可期 医药 强于大市（维持） 平安证券研究所 医药团队 分析师： 叶寅 投资咨询资格编号:S1060514100001 邮箱：YEYIN757@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002 邮箱：HANMENGMENG005@PINGAN.COM.CN 张梦鸽 投资咨询资格编号:S1060525070003 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年11月18日 请务必阅读正文后免责条款 行业观点 2 事件：诺华（Novartis）发布2025年第三季度财报：单季净销售额达139.09亿美元，同比增长7%，受业绩良好推动，诺华第三季度自由现金 流达到62亿美元，同比增长4%，净利润为39.30亿美元，同比增长25%。2025前三季度累计净销售额达411.96亿美元，同比增长11%。从业务 板块来看，诺华在心血管-肾脏-代谢、免疫、神经科学和肿瘤四大领域均实现显著增长。已有十款重磅产品在前三季度的累积销售突破 10 亿美元门槛。其中，Kisqali（瑞 ...

推荐（维持） 股价：96 港元 主要数据 汽车 2025 年 11 月 18 日 小鹏汽车-W(9868.HK) 三季度亏损进一步收窄，物理AI与新车周期共振 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.xiaopeng.com | | 大股东/持股 | | | 实际控制人 | 何小鹏 | | 总股本(百万股) | 1909.77 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1670.52 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 15.70 | | 资产负债率(%) | 69.49 | 行情走势图 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENHAI964@pingan.com.cn | 事项： 公司发 ...

行 业 报 告 银行 2025 年 11 月 18 日 25 年 3 季度银行业主要监管指标数据点评 息差边际企稳，不良率小幅上行 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业点评*银行*24 年 4 季度银行业主 要监管指标数据点评：银行内部持续分化，资产质量 整体提升*强于大市 20250224 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 研究助理 李灵琇 一般证券从业资格编号 S1060124070021 LILINGXIU785@pingan.com.cn 事项： 国家金融监督管理总局公布 2025 年 3 季度银行业保险业主要监管指标数据， 3 季 度末我国银行业金融机构本外币资产总额 410 万亿元，同比增长 8.8%（8.9%， 25Q2），2025 年前三季度商业银行累计实现净利润 1.87 万亿元,同 ...

Investment Rating - The report maintains an "Outperform" rating for the building materials industry [1]. Core Views - The traditional fiberglass industry is experiencing a price recovery and improved profitability, while the specialty fabric sector is benefiting from high demand driven by AI technology [4]. - The report highlights the structural recovery of the fiberglass industry in 2025, with a focus on the resilience of demand in key sectors such as wind energy and automotive [3][4]. Summary by Sections Traditional Fiberglass - The industry is set to undergo three rounds of slight price recovery starting in 2024, with a structural rebound in profitability expected in 2025. The demand for roving is driven by high growth in wind power installations and positive trends in new energy vehicles and home appliances, although construction and export demand remain weak [3]. - By the end of 2025, the domestic roving capacity is expected to increase by 460,000 tons per year, but the growth rate of capacity is anticipated to slow down due to more rational competition among companies and reduced capital expenditures in recent years [3][4]. - The profitability of listed fiberglass companies is projected to improve significantly, with a reported net profit of 4.79 billion yuan in the first three quarters of 2025, a year-on-year increase of 49% [9]. Specialty Electronic Fabrics - The demand for specialty electronic fabrics is experiencing a boom due to the rapid development of AI and high-frequency communication technologies. The strong growth in AI computing power is driving the demand for high-performance PCBs and chip packaging substrates [3][4]. - The global AI server shipment is expected to grow at a CAGR of 28.8% from 2022 to 2026, with significant increases in the demand for low dielectric electronic fabrics that meet the high-performance requirements of AI servers and switches [3][52]. - Domestic companies are rapidly catching up in the specialty electronic fabric market, with significant capacity expansions planned. For instance, China National Materials Technology plans to expand its production capacity by 94 million meters annually by 2025 [3][4]. Investment Recommendations - The report suggests focusing on companies such as China National Materials Technology, Honghe Technology, China Jushi, Feilihua, and International Composites, which are well-positioned to benefit from the recovery in the fiberglass industry and the growth in specialty electronic fabrics [4].

Investment Rating - The industry investment rating is "Outperform" with an expectation that the industry index will perform better than the CSI 300 index by more than 5% within the next six months [44]. Core Insights - The People's Bank of China (PBOC) has emphasized a balanced approach in monetary policy, focusing on short-term and long-term growth, risk prevention, and the health of the banking system while maintaining a moderately loose monetary policy to support economic recovery and structural transformation [2][10]. - The financial statistics report for October indicates a decline in new RMB loans by 280 billion yuan year-on-year, with a total of 220 billion yuan added in October 2025, reflecting a shift in credit structure and a natural decrease in financial growth rates as the economy transitions to high-quality development [14][17]. - The recent meetings by the PBOC, the China Securities Regulatory Commission (CSRC), and the National Financial Regulatory Administration highlighted the commitment to enhancing financial stability, risk prevention, and supporting high-quality economic development [3][19]. Summary by Sections Monetary Policy Execution Report - The PBOC's third-quarter monetary policy execution report indicates a GDP growth of 5.2% year-on-year, with a focus on maintaining liquidity and optimizing credit structure to support key sectors and strategic transformations [11][12]. - The report outlines measures to lower the comprehensive financing costs and maintain a stable exchange rate while ensuring the effectiveness of monetary policy tools [12][17]. Financial Statistics Report - The October financial statistics report shows a total social financing increment of 0.82 trillion yuan, with a year-on-year growth rate of 8.5%, indicating a robust financial environment despite a decrease in new loans [14][15]. - The report also notes that M2 growth was at 8.2%, reflecting a slight decrease from the previous month, while the overall financial volume remains reasonable [17]. Market Performance - The banking, securities, insurance, and fintech indices experienced changes of +1.70%, -1.01%, +2.63%, and -2.11% respectively, with the banking sector showing resilience amid market fluctuations [21]. - The average daily trading volume for stock funds was reported at 24,965 billion yuan, indicating a slight decrease from the previous week [32][36]. Regulatory Developments - The PBOC and other financial regulatory bodies are focused on enhancing the central bank system, improving monetary policy frameworks, and ensuring effective risk management to support the financial sector's stability and growth [19][20].