证券研究报告 A股策略周报： 整装待发 证券分析师 陈 骁 投资咨询资格编号：S1060516070001 研究助理 靳旭媛 一般从业资格编号：S1060124070018 请务必阅读正文后免责条款 2025年11月2日 1 ※ 核心观点|整装待发 2 • 上周日股领涨全球，A股高位震荡。上周全球经贸局势缓和，美联储降息落地，美股三大股指上涨0%-3%；受高市早苗交易催化，日经 225指数涨幅达6.3%。A股方面，"十五五"规划建议正式公布，叠加外部条件改善，市场高位震荡，北证50指数领涨7.5%，全A日均成 交额回升至2.3万亿元，全周股票型ETF净流入185.9亿元；结构上，电力设备、有色金属、钢铁行业领涨。 • 海外方面，全球经贸局势缓和，美联储如期降息。一是全球经贸局势缓和。当地时间10月25日至26日，中美在马来西亚吉隆坡举行经贸 磋商，并达成多项实质性成果：美方取消针对中国商品加征的10%所谓"芬太尼关税"，24%对等关税继续暂停一年，并暂停实施出口管 制50%穿透性规则以及对华海事、物流和造船业301调查措施一年；中方相应调整或暂停实施相关反制措施。10月30日，习近平总书记在 釜山同美国总统特 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7][11] Core Views - The company is experiencing pressure on its performance, with a year-on-year revenue decline of 8.47% to 1.899 billion yuan and a net profit decline of 10.63% to 305 million yuan for the first three quarters of 2025 [4][7] - The introduction of new medical beauty products, particularly the "Hai Mei Yue Bai" hyaluronic acid product, is expected to contribute significantly to revenue and improve overall performance [7][8] - The company is adjusting its profit forecasts for 2025-2027, with expected net profits of 370 million, 440 million, and 510 million yuan respectively, reflecting a downward revision due to initial market penetration of new products [7][9] Financial Summary - For 2023, the company is projected to achieve a revenue of 2.654 billion yuan, with a growth rate of 24.6% [6] - The net profit for 2024 is expected to be 420 million yuan, with a slight increase of 1.0% year-on-year [6][9] - The gross margin is anticipated to remain stable, with projections of 70.5% in 2023 and gradually increasing to 72.3% by 2027 [6][9] - The company's asset-liability ratio is low at 17.3%, indicating a strong balance sheet [1][9] Revenue and Profit Forecasts - Revenue forecasts for the upcoming years are as follows: 2.698 billion yuan in 2024, 2.755 billion yuan in 2025, 2.976 billion yuan in 2026, and 3.269 billion yuan in 2027 [6][8] - The expected net profit for 2025 is revised to 367 million yuan, reflecting a decrease of 12.8% compared to the previous year [6][9] Cost and Expense Analysis - The report highlights an increase in sales and management expense ratios, with sales expenses rising to 34.96% and management expenses to 20.00% in Q3 2025 [7][9] - The company is focusing on improving operational efficiency despite the rising costs associated with new product launches [7][9]

公 司 报 告 汽车 2025 年 11 月 02 日 星宇股份(601799.SH) 业务稳健增长，布局机器人新业务 推荐（维持） 股价：129.6 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.xy l.cn | | 大股东/持股 | 周晓萍/42.00% | | 实际控制人 | 周晓萍 | | 总股本(百万股) | 286 | | 流通 A 股(百万股) | 286 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 370 | | 流通 A 股市值(亿元) | 370 | | 每股净资产(元) | 38.75 | | 资产负债率(%) | 39.3 | 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 | ...

Investment Rating - The report maintains a "Recommended" rating for Yifeng Pharmacy (603939.SH) with a current stock price of 24.42 yuan [1]. Core Views - The company achieved a revenue of 17.286 billion yuan in Q1-Q3 2025, representing a year-on-year growth of 0.39%. The net profit attributable to shareholders was 1.225 billion yuan, up 10.27% year-on-year [5]. - In Q3 alone, the company reported a revenue of 5.564 billion yuan, a 1.97% increase year-on-year, and a net profit of 345 million yuan, reflecting a 10.14% year-on-year growth [5]. - The report highlights effective control over sales expenses, with a sales expense ratio of 25.45% in Q3 2025, down 1.49 percentage points year-on-year [8]. - The company continues to expand its retail network, with 14,701 chain pharmacies across ten provinces and cities as of June 30, 2025, focusing on a direct sales model [8]. - The report projects steady growth in net profit for 2025-2027, estimating 1.770 billion yuan, 2.055 billion yuan, and 2.377 billion yuan respectively, driven by economic recovery and product structure optimization [8]. Financial Summary - For 2024A, the projected revenue is 24.062 billion yuan, with a net profit of 1.653 billion yuan, indicating a year-on-year growth of 8.3% [11]. - The gross margin is expected to improve gradually, reaching 41.0% by 2027E, while the net margin is projected to increase to 7.5% [11]. - The company’s return on equity (ROE) is forecasted to rise from 14.3% in 2024A to 16.2% in 2027E [11]. - The price-to-earnings (P/E) ratio is expected to decrease from 19.4 in 2024A to 12.5 in 2027E, indicating potential valuation improvement [11].

汽车 2025 年 11 月 02 日 华阳集团(002906.SZ) 营收、利润双增，主要业务稳健增长 推荐（维持） 股价：31.66 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.f oryougroup.com | | 大股东/持股 | 江苏华越投资有限公司/51.60% | | 实际控制人 | 邹淦荣,张元泽,李道勇,吴卫,陈世 银,李光辉,曾仁武,孙永镝 | | 总股本(百万股) | 525 | | 流通 A 股(百万股) | 525 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 166 | | 流通 A 股市值(亿元) | 166 | | 每股净资产(元) | 12.91 | | 资产负债率(%) | 48.4 | 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 | | | BVG94 ...

非银行金融 2025 年 10 月 31 日 行业点评 COR 与 NBV 持续向好，人保 25Q3 业绩稳增 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-非银行金融-COR 改善、 NBV 高增，人保 2025 中期分红保持增长-强于大市 20250828 【平安证券】行业点评-非银行金融-资负双驱、利 润高增，人保 25Q1 业绩亮眼-强于大市 20250430 【平安证券】行业点评-非银行金融-NBV 与投资高 增、COR 承压，人保 2024 业绩斐然-强于大市 20250328 证券分析师 王维逸 投资咨询资格编号 S1060520040001 BQC673 WANGWEIYI059@pingan.com.cn 李冰婷 投资咨询资格编号 S1060520040002 LIBINGTING419@pingan.com.cn 事项： 中国人保发布 2025 年三季报，前三季度归母净利润 468.22 亿元（YoY+28.9%）， 归母净资产 3140.71 亿元（较上年末+16.9%），ROE（加权平均）16.0% （YOY+1.8pps）；25Q3 单季归母净利润 202.92 ...

Group 1: Market Outlook - The "14th Five-Year Plan" signals increased reform and innovation, suggesting medium-term upward momentum in the market, despite short-term liquidity concerns at year-end[3] - Focus on sectors aligned with the "14th Five-Year" industrial guidance and Q3 performance, particularly technology growth (AI, semiconductors, innovative pharmaceuticals) and advanced manufacturing (new energy)[3] Group 2: Recommended Stocks - Dongcheng Pharmaceutical (002675.SZ) has a market cap of 12.2 billion CNY, with a TTM PE of 73.3, driven by ongoing innovation and clinical trials[4] - Zhongwei Company (688012.SH) leads in high-end semiconductor equipment with a market cap of 187.9 billion CNY and a TTM PE of 98.2, benefiting from increased product delivery[11] - Haiguang Information (688041.SH) has a market cap of 553.7 billion CNY and a TTM PE of 233.9, positioned well in the AI and domestic substitution trends[19] - Industrial Fulian (601138.SH) focuses on AI, with a market cap of 1548.3 billion CNY and a TTM PE of 50.7, showing strong revenue growth of 38.4% YoY[27] - Penghui Energy (300438.SZ) leads in small-scale energy storage with a market cap of 24.5 billion CNY, benefiting from rising demand and price improvements[35] - Jinfeng Technology (002202.SZ) has a market cap of 66.2 billion CNY and a TTM PE of 26.1, with improving margins in wind turbine manufacturing[42] - Luoyang Molybdenum (603993.SH) has a market cap of 369.8 billion CNY and a TTM PE of 19.3, with copper prices expected to rise[50] - Huaxin Cement (600801.SH) has a market cap of 40.6 billion CNY and a TTM PE of 13.5, with significant growth in overseas operations[57] - China Pacific Insurance (601601.SH) has a market cap of 342.5 billion CNY and a TTM PE of 7.6, noted for its high dividend yield and resilient asset performance[64] - Shanghai Bank (601166.SH) has a market cap of 13.4 billion CNY and a TTM PE of 5.6, recognized for its stable asset quality and dividend value[73]

公 司 报 告 食品饮料 2025年10月31日 古井贡酒(000596.SZ) 深度调整，轻装前行 推荐 ( 维持) 股价:151.35元 行情走势图 相关研究报告 平安观点： 公 司 季 报 点 评 券 研 究 报 告 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 BVG933 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 20,254 | 23,578 | 20,041 | 21,244 | 22,943 | | YOY(%) | 21.2 | 16.4 | -15.0 | 6.0 | 8.0 | | 净利润(百万元) | 4,589 | 5,517 | 4,514 | 4,737 | 5,224 | | YOY(%) | 46.0 | 20.2 | -18.2 | 4.9 | 10.3 | | 毛利率(%) | 79.1 | 79.9 | ...

Investment Rating - The investment rating for China Coal Energy (601898.SH) is "Recommended" [1] Core Views - The report highlights that the company's self-produced coal cost reduction and the recovery of coal prices have led to a significant improvement in gross profit on a quarter-on-quarter basis [1][7] - The company is expected to achieve a net profit attributable to shareholders of 162.4 billion, 172.6 billion, and 181.8 billion for the years 2025 to 2027, respectively, maintaining a stable profit outlook [7] Summary by Relevant Sections Financial Performance - In Q3 2025, the company reported revenue of 361.48 billion, a year-on-year decrease of 23.8%, and a net profit of 47.80 billion, a decrease of 1.0% [4] - For the first three quarters of 2025, revenue totaled 1,105.84 billion, down 21.2% year-on-year, with a net profit of 124.85 billion, down 14.6% [4] Coal Production and Sales - In Q3 2025, the company's self-produced coal output was 34.24 million tons, a year-on-year decrease of 4.4%, while total sales volume was 61.68 million tons, down 14.3% year-on-year [7] - The average selling price of self-produced coal was 483 yuan/ton, down 11.5% year-on-year but up 7.5% quarter-on-quarter [7] Market Outlook - The report indicates that since Q3 2025, market coal prices have stopped declining and are on the rise, with the Qinhuangdao port Q5500 thermal coal price increasing by 6% to approximately 672 yuan/ton [7] - The company is positioned as a leading thermal coal producer in China and is advancing its ongoing projects, which are expected to enhance its profit structure [7] Financial Projections - The projected revenue for 2025 is 168.53 billion, with a net profit of 16.24 billion, reflecting a year-on-year decrease of 16.0% [6] - The gross profit margin is expected to remain stable at around 24.5% for the coming years [6]

银行 2025 年 10 月 31 日 邮储银行(601658.SH) 营收持续修复，资负稳健扩张 强烈推荐（维持） 股价：5.75 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.psbcltd.cn;www.psbc.com | | 大股东/持股 | 中国邮政集团有限公司/51.87% | | 实际控制人 | 中国邮政集团有限公司 | | 总股本(百万股) | 120,095 | | 流通 A 股(百万股) | 67,122 | | 流通 B/H 股(百万股) | 19,856 | | 总市值（亿元） | 6,802 | | 流通 A 股市值(亿元) | 3,860 | | 每股净资产(元) | 8.44 | | 资产负债率(%) | 93.7 | 行情走势图 相关研究报告 【平安证券】邮储银行（601658.SH）*半年报点评* 盈 利增速回正，息差边际企稳*强烈推荐20250902 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.c ...