Market Performance - In October 2025, global stock markets experienced a general uptrend, with the Dow Jones, S&P 500, and Nasdaq rising approximately 2% to 5%[4] - The Hang Seng Index and Hang Seng Tech Index saw declines of 3.5% and 8.6%, respectively, indicating a low point for Hong Kong stocks[4] Sector Performance - The Hang Seng industry indices showed a structural divergence, with defensive sectors like Energy (up 6.6%) and Utilities (up 3.6%) performing well, while Information Technology and Healthcare sectors fell significantly by 8.7% and 11.0%[8] - The financial sector also showed slight strength, contributing to the overall mixed performance of the market[8] IPO and Financing Activity - In October 2025, the Hong Kong IPO market saw 12 new listings, raising approximately HKD 27.71 billion, primarily driven by two large tech companies[12] - The first-day performance of new stocks was strong, with a first-day loss rate of only 8.3% and one stock, Jinye International Group, surging 330% on its debut[12] Macroeconomic Indicators - In the U.S., the manufacturing PMI for October was reported at 52.2, and the services PMI at 55.2, both showing improvement from September[14] - The consumer confidence index in the U.S. fell to a five-month low of 53.6, indicating a decline in consumer sentiment[14] Chinese Economic Outlook - China's GDP growth slowed to 4.8% year-on-year in Q3 2025, down from 5.4% in Q1 and 5.2% in Q2, with industrial output growth improving to 6.5%[16] - The "14th Five-Year Plan" emphasizes technological self-reliance and high-level opening-up, aiming to boost emerging industries and innovation[16] Investment Strategy - Hong Kong stocks are viewed as having relative valuation advantages globally, with a favorable liquidity environment expected to support valuation recovery[18] - Investors are advised to focus on sectors with high growth potential, such as technology, and those likely to benefit from policy support, including new energy and consumer sectors[18]

银行 2025 年 11 月 3 日 常熟银行(601128.SH) 息差边际企稳，拨备水平小幅下行 强烈推荐（维持） 股价：7.05 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.csrcbank.com | | 大股东/持股 | 交通银行股份有限公司/9.01% | | 实际控制人 | | | 总股本(百万股) | 3,317 | | 流通 A 股(百万股) | 3,317 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 234 | | 流通 A 股市值(亿元) | 234 | | 每股净资产(元) | 8.97 | | 资产负债率(%) | 91.9 | 行情走势图 相关研究报告 【平安证券】常熟银行（601128.SH）*半年报点评* 中 期分红抬升，关注转债进程*强烈推荐20250813 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 | | | S106052502 ...

证券研究报告 金融行业周报 ——十五五规划建议发布，金融街论坛年会召开 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年11月3日 1 核心观点 十五五规划建议发布，金融街论坛年会召开 1、十五五规划建议发布，持续推进金融强国建设。10月28日，中共中央关于制定国民经济和社会发展第十五个五年规划的建议 发布。完善中央银行制度是《建议》中金融改革的核心任务之一。完善中央银行制度，实则是强化人民银行在国家金融治理体 系中的核心地位，推动其职能从传统货币发行与流动性管理，向系统性风险监测、宏观审慎管理、金融稳定保障和国际金融协 调等综合职能拓展，以更好应对复杂多变的内外部经济金融环境。 《建议》在稳步推进金融高水平开放方面也作出了部署， "十五五"期间的金融开放将更致力于"修好内功，融通世界"，通过深度参与全球金融竞合，服务于加快建设现代化金融强 国 ...

银行 2025 年 11 月 3 日 长沙银行(601577.SH) 盈利表现良好，资负扩张稳健 推荐（维持） 股价：9.57 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.bankof changsha.com | | 大股东/持股 | 长沙市财政局/16.82% | | 实际控制人 | | | 总股本(百万股) | 4,022 | | 流通 A 股(百万股) | 4,021 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 385 | | 流通 A 股市值(亿元) | 385 | | 每股净资产(元) | 17.37 | | 资产负债率(%) | 93.3 | 行情走势图 相关研究报告 【平安证券】长沙银行（601577.SH）*半年报点评* 盈 利增速上行，不良率环比改善*推荐20250903 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 | | | S106052502 ...

Investment Rating - The report maintains a "Strong Buy" rating for Suzhou Bank, expecting the stock to outperform the market by over 20% within the next six months [11]. Core Views - Suzhou Bank's net profit for the first three quarters of 2025 reached 4.48 billion yuan, a year-on-year increase of 7.1%, supported by a 2.0% growth in operating income to 9.48 billion yuan [4][6]. - The bank's total asset scale grew by 14.6% year-on-year, with loans and deposits increasing by 11.6% and 12.9%, respectively [4][6]. - The bank's net interest income increased by 8.9% year-on-year, indicating a recovery in interest margin business, while non-interest income saw a decline of 10.4% [6][8]. Summary by Sections Financial Performance - For 2025, the projected operating income is 12.58 billion yuan, with a year-on-year growth of 3.9%, and net profit is expected to reach 5.46 billion yuan, growing by 7.8% [5][9]. - The bank's return on equity (ROE) is projected to be stable around 12.2% to 12.5% from 2025 to 2027 [5][9]. Asset Quality - The non-performing loan (NPL) ratio is expected to remain stable at 0.83% for 2025, with a slight decrease to 0.80% by 2027 [9]. - The provision coverage ratio is projected to decline from 484% in 2024 to 373% in 2027, indicating a stable risk absorption capacity [9]. Market Position and Strategy - The bank benefits from a strong regional environment in Suzhou, which supports robust credit demand, and its ongoing expansion in personnel and branches enhances its competitiveness in wealth management [8]. - The report emphasizes the potential for further improvement in profitability due to ongoing retail transformation and institutional reforms [8].

Investment Rating - The report maintains an "Outperform" rating for the renewable energy sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights that major companies in the energy storage sector have shown impressive Q3 performance, with significant year-on-year profit growth [7]. - The photovoltaic sector has seen a sequential improvement in profitability, although challenges remain due to market pressures [28][29]. - The wind energy sector is experiencing robust growth, particularly with significant overseas contracts being secured [6][25]. Summary by Sections Wind Energy - Goldwind Technology has signed a contract for a 3GW wind power project in Saudi Arabia, providing a full lifecycle solution from equipment to operation [6][11]. - The wind index increased by 1.12% in the week of October 27-31, outperforming the CSI 300 index by 1.55 percentage points, with a current PE TTM of 26.07 [12][13]. - The report emphasizes the competitive advantage of domestic large-capacity wind turbine models in international markets [11][25]. Photovoltaic - Major photovoltaic companies reported Q3 losses, but with a reduction in losses compared to previous quarters; Longi Green Energy reported a loss of 830 million yuan, a reduction of 300 million yuan [28][27]. - The photovoltaic equipment index rose by 8.65%, outperforming the CSI 300 index by 9.08 percentage points, with a current PE TTM of 48.20 [30]. - The improvement in profitability is attributed to stabilized prices in the photovoltaic supply chain and a reduction in inventory impairment losses [28][29]. Energy Storage & Hydrogen Energy - Major energy storage companies reported strong Q3 results, with Sunshine Power's net profit increasing by 56.34% year-on-year [7]. - The report notes that the domestic energy storage market is expected to grow significantly, with a projected market size of approximately 800GWh over the next three years [7]. - The global energy storage market is anticipated to grow at a rate of 40-50% by 2026, indicating strong demand in both domestic and international markets [7].

公 司 报 告 银行 2025 年 11 月 3 日 工商银行(601398.SH) 行情走势图 盈利同比转正，息差边际企稳 相关研究报告 推荐（维持） 【平安证券】工商银行（601398.SH）*半年报点评* 营 收同比转正，不良率维持低位*推荐20250902 股价：7.78 元 证券分析师 主要数据 | 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 | | 行业 | 银行 | | --- | --- | | 公司网址 | www.icbc.com.cn;www.icbc-ltd.com | | 大股东/持股 | 中央汇金投资有限责任公司/34.79% | | 实际控制人 | | | ...

公 司 报 告 行情走势图 证券分析师 2025年11月03日 医药 新产业(300832.SZ) 国内业务环比改善，海外盈利能力不断提升 推荐 ( 维持) 股价:61元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.snibe.com | | 大股东/持股 | 西藏新产业投资管理有限公司/26.88% | | 实际控制人 | 翁先定 | | 总股本(百万股) | 786 | | 流通A股(百万股) | 682 | | 流通B/H股(百万股) | | | 总市值(亿元) | 479 | | 流通A股市值(亿元) | 416 | | 每股净资产(元) | 11.13 | | 资产负债率(%) | 8.7 | 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 事项： 公司2025年前三季度实现营业收入34.28亿元，yoy+0.39%，实现归母净利润 12.05亿元，yoy-12.92%。单Q3实现营收12.43亿元，yoy+3.28%，实现归母 净利润 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][7]. Core Insights - The company's domestic business is stabilizing while its overseas business is accelerating. The significant revenue growth in Q3 is attributed to a low base from last year's price adjustments for aortic stents, with domestic market share for aortic intervention products remaining strong. The overseas revenue growth exceeded 65% year-on-year, with expansion into seven new countries [4][7]. - Cost reduction and efficiency improvements are beginning to show results, with an increase in gross margin expected due to enhanced production efficiency and automation. The company continues to invest heavily in R&D, with total R&D expenditure amounting to 89.1 million yuan, representing 8.78% of revenue [4][5]. - The company is focused on technological innovation and expanding its product pipeline, with several new products receiving approval and progressing through clinical trials both domestically and internationally [5][7]. Financial Summary - For the first three quarters of 2025, the company achieved revenue of 1.015 billion yuan, a year-on-year increase of 4.66%, and a net profit of 429 million yuan, a year-on-year decrease of 22.46%. In Q3 alone, revenue reached 300 million yuan, up 64.68% year-on-year, while net profit was 114 million yuan, down 23.63% year-on-year [3][4]. - The projected financials for 2024 to 2027 indicate a steady growth trajectory, with revenue expected to rise from 1.206 billion yuan in 2024 to 2.399 billion yuan in 2027, and net profit increasing from 605 million yuan to 943 million yuan over the same period [6][10].

证券研究报告 大消费行业周报 三季报集中发布，关注细分优势赛道， 期待内需整体回暖 平安证券研究所 大消费团队 证券分析师： 胡琼方 S1060524010002（证券投资咨询）邮箱：HUQIONGFANG722@pingan.com.cn 王源 S1060524010001（证券投资咨询）邮箱：WANGYUAN468@pingan.com.cn 王萌 S1060522030001（证券投资咨询）邮箱：WANGMENG917@pingan.com.cn 张晋溢 S1060521030001（证券投资咨询）邮箱：ZHANGJINYI112@pingan.com.cn 王星云 S1060523100001（证券投资咨询）邮箱：WANGXINGYUN937@pingan.com.cn 2025年11月03日 请务必阅读正文后免责条款 本周观点 资料来源：wind，平安证券研究所 大消费行业周观点：本周三季报密集披露，传统内需龙头特别是全国性龙头企业短期经营有所承压，细分赛道如功能饮料、零食板块中的 魔芋等红利持续释放。建议后续密切关注相关动态变化，关注稳健增长的细分优势赛道及边际改善、经营有所恢复的细分领域。 社会 ...