1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - In Q3 2025, convertible bonds first rose and then fluctuated under the influence of multiple internal and external factors. The CSI Convertible Bond Index increased by 9.43% in Q3, with its valuation rising by 5.72 pct to 30.44% compared to the end of June. However, it underperformed major stock indices. The market can be divided into two stages: a fast - bull market catalyzed by the "anti - involution" and technology themes in July, and a high - level oscillation after September due to factors such as the redemption of secondary bond funds and the weakening of the equity market [2][9]. - Looking ahead to Q4, the support on the demand side of convertible bonds may weaken. Insurance funds and general institutions may reduce their convertible bond assets, which may bring pressure on the clearance of high - rated convertible bonds. Opportunities may lie in low - priced and bond - biased convertible bonds with cost - effectiveness [6]. 3. Summary According to the Directory 3.1 2025Q3 Convertible Bond Market: From Theme Craze to High - Level Oscillation - **Overall Performance**: The CSI Convertible Bond Index increased by 9.43% in Q3 2025, outpacing the cumulative increase in the first half of the year. However, it underperformed major stock indices. The convertible bond market first rose rapidly and then oscillated. The valuation of convertible bonds first increased and then decreased, and the proportion of low - parity bonds continued to shrink. The TMT and advanced manufacturing sectors performed strongly [2][9][15]. - **Convertible Bond Terms**: In Q3 2025, 112 convertible bonds triggered the call - back clause, with 61 announced for redemption, and the call - back probability was 54.46%. The number of times the downward - revision clause was triggered decreased, but the downward - revision probability increased to 14.55%. The risk of put - back was relatively controllable [3][22][23]. - **Supply and Demand Structure**: - **Supply**: As of September 30, 2025, 28 convertible bonds were issued in the year, with a scale of 36.948 billion yuan. The number decreased by 3.45% and the scale increased by 56.34% compared to the same period in 2024. The scale of new issuance plans in Q3 was 35.5 billion yuan, a year - on - year increase of 166.32%. High - rated and large - cap convertible bonds had weak issuance. The stock of convertible bonds continued to shrink, and it was expected to continue to decline in Q4 [4][26][37]. - **Demand**: Most major holders reduced their positions, while public funds increased their holdings. As of the end of September, public funds held 233.561 billion yuan of convertible bonds, a 7.68% increase from the end of June. Enterprise annuities and insurance institutions significantly reduced their holdings of convertible bonds [38][45][48]. 3.2 Stage Review: From Theme Craze to High - Level Oscillation - **July 1 - August 26**: The equity market continued to rise after the market started at the end of June, breaking through the upper limit of the oscillation. The "anti - involution" policy and the Yajiang Hydropower Station project drove the equity market, and the TMT sector's performance in August further magnified the market. Public funds were the main force in increasing convertible bond holdings, and the share of convertible bond ETFs increased significantly. The premium rate of convertible bonds rose to 32.55% [5][58][63]. - **August 27 - September 30**: The equity market entered an oscillation phase. The TMT sector was still the main line, but external disturbances weakened market risk appetite. The redemption of bond funds at the end of August led to a short - term weakness in the demand side of convertible bonds. The share of convertible bond ETFs peaked and declined, and the premium rate of convertible bonds fell to 30.44% [66][68][71].

Investment Rating - The report maintains a "Recommended" rating for Supor (002032) with a target price of 54.1 CNY [2][8]. Core Insights - Supor's Q3 2025 revenue reached 5.42 billion CNY, showing a year-over-year decline of 2.3%, primarily due to pressure on overseas sales, while domestic sales remained stable [8]. - The company's gross margin for Q3 2025 was 23.9%, unchanged from the previous year, indicating resilience in maintaining profitability despite competitive pressures [8]. - The net profit margin decreased to 7.9%, down 1.0 percentage points year-over-year, mainly due to increased marketing expenses [8]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 22,427 million CNY - 2025E: 23,127 million CNY (growth of 3.1%) - 2026E: 24,275 million CNY (growth of 5.0%) - 2027E: 26,181 million CNY (growth of 7.9%) [4][9] - **Net Profit Forecasts**: - 2024A: 2,244 million CNY - 2025E: 2,239 million CNY (decline of 0.3%) - 2026E: 2,389 million CNY (growth of 6.7%) - 2027E: 2,637 million CNY (growth of 10.4%) [4][9] - **Earnings Per Share (EPS)**: - 2024A: 2.80 CNY - 2025E: 2.79 CNY - 2026E: 2.98 CNY - 2027E: 3.29 CNY [4][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 17 times - Price-to-Book (P/B) ratio for 2025E: 6.0 times [4][9] Market Performance - The report highlights that Supor's domestic sales of key products such as woks and pressure cookers showed positive growth, with sales increasing by 11.1% and 0.5% respectively in Q3 2025 [8]. - The company is positioned as a leading player in the small home appliance sector, benefiting from effective channel transformations and continuous product innovation [8].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 14.60 yuan [2][9]. Core Insights - The company's Q3 2025 performance shows significant improvement, with revenue reaching 220 million yuan, a year-over-year increase of 19.0%, and a net profit of 30 million yuan, up 289.0% year-over-year. This growth is attributed to a focus on core self-owned brands and a low base effect [2][9]. - The increase in revenue is primarily driven by the domestic sales of the company's self-owned brands, which amounted to 140 million yuan in Q3 2025, reflecting a 31.7% year-over-year growth. The national subsidy policy continues to positively impact revenue growth [9]. - The gross margin improved to 46.4%, up 3.5 percentage points year-over-year, due to a higher proportion of revenue from self-owned brands. The share of self-owned brand revenue increased from 77.0% in H1 2024 to 82.5% in H1 2025 [9]. - The net profit margin also increased to 12.4%, up 8.6 percentage points year-over-year, supported by both the rise in gross margin and effective cost control measures [9]. - Future projections indicate continued growth in net profit, with estimates of 120 million yuan, 140 million yuan, and 160 million yuan for 2025, 2026, and 2027 respectively, reflecting a corresponding PE ratio of 33, 28, and 24 times [9]. Financial Summary - Total revenue is projected to grow from 754 million yuan in 2024 to 1,204 million yuan in 2027, with year-over-year growth rates of 13.3%, 26.5%, 13.9%, and 10.9% respectively [5]. - The net profit is expected to recover from a decline of 2.6% in 2024 to a growth of 71.5% in 2025, followed by 18.4% and 14.2% in 2026 and 2027 respectively [5]. - The company's earnings per share (EPS) is forecasted to increase from 0.21 yuan in 2024 to 0.49 yuan in 2027 [5].

Investment Rating - The report assigns a strong buy rating for LAM Research, anticipating a performance that will exceed the benchmark index by more than 20% over the next six months [73]. Core Insights - LAM Research achieved record revenue of $5.324 billion in CY25Q3, representing a year-over-year growth of 27.74% and a quarter-over-quarter increase of 2.95%, surpassing market expectations [3][13]. - The company's non-GAAP gross margin reached 50.6%, up 2.4 percentage points year-over-year and 0.3 percentage points quarter-over-quarter, indicating strong operational efficiency [10][12]. - The demand for AI infrastructure is driving growth in the semiconductor equipment market, with expectations that every additional $100 billion in data center capital expenditure will lead to approximately $8 billion in semiconductor equipment investment [5][23]. Company Performance Overview Revenue Situation - LAM Research's revenue for CY25Q3 was $5.324 billion, exceeding the guidance midpoint of $52 billion and market consensus of $5.232 billion [3][13]. - Deferred revenue at the end of the quarter was $2.769 billion, slightly up from the previous quarter, indicating ongoing service and system-related transactions [13]. Gross Margin Situation - The non-GAAP gross margin for CY25Q3 was 50.6%, close to the upper end of the previous guidance [10][12]. Capital Expenditure - Capital expenditures reached $185 million in CY25Q3, an increase of approximately $13 million from the previous quarter, primarily for investments in U.S. laboratories and Asian manufacturing facilities [11]. Employee Changes - The company employed approximately 19,400 full-time employees by the end of CY25Q3, an increase of about 400 employees, mainly in R&D and field support teams [15]. Revenue Structure By Business Segment - The equipment segment accounted for 60% of total system revenue, with record growth driven by advanced process investments and spending in mature nodes in mainland China [15]. - The customer support business (CSBG) generated approximately $1.8 billion in revenue, showing slight growth both quarter-over-quarter and year-over-year [16]. By Region - In CY25Q3, revenue from mainland China constituted 43% of total revenue, up from 35% in the previous quarter, with local customer investments driving growth [19]. Demand Situation Analysis - The company anticipates a revenue reduction of approximately $200 million in the upcoming quarter due to U.S. export restrictions affecting shipments to mainland China, with an estimated total impact of $600 million for the year [22]. - Global demand for wafer fabrication equipment (WFE) is expected to remain strong, with a market size projected to exceed $105 billion in 2025 [22][23]. Technical Progress - LAM Research has made significant advancements in atomic layer deposition (ALD) technology, solidifying its market position with key customers in NAND applications [26]. - The company is also focusing on advanced packaging technologies, with new tools being developed to meet the growing demand in this area [29]. Performance Guidance - For CY2025Q4, LAM Research expects revenue to be around $52 billion, with a non-GAAP gross margin of approximately 48.5% [30].

Investment Rating - The report maintains a "Recommendation" rating for COSCO SHIPPING Specialized (600428) [1] Core Views - The company shows steady growth in Q3 performance, with a focus on the potential demand in the automotive and wind power sectors [1][6] - The company is expected to benefit from the expansion of its fleet and stable freight rates, leading to robust profitability growth in the short term [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 16.6 billion yuan, a year-on-year increase of 37.9%, and a net profit attributable to shareholders of 1.33 billion yuan, up 10.5% year-on-year [6] - In Q3 2025, the company reported revenue of 5.84 billion yuan, a 27.9% increase year-on-year, and a net profit of 500 million yuan, a 6.6% increase year-on-year [6] - The company plans to deliver 53 new ships in 2025, increasing its capacity to 9.16 million deadweight tons, a 49% year-on-year growth [6] Revenue and Profit Forecast - Projected total revenue for 2024A is 16.78 billion yuan, with expected growth rates of 39.8% in 2024, 29.7% in 2025, 14.5% in 2026, and 6.8% in 2027 [2] - The forecasted net profit attributable to shareholders for 2024A is 1.53 billion yuan, with growth rates of 43.8% in 2024, 22.1% in 2025, 14.5% in 2026, and 9.3% in 2027 [2] Market Position and Demand Drivers - The company is positioned as a leader in specialized shipping, benefiting from the growth in marine economy and structural demand in downstream sectors such as new energy vehicles and wind power [6] - The report highlights the expected CAGR of 8.8% for global wind power installations from 2024 to 2030, with even higher growth rates for offshore wind [6] Valuation and Target Price - The target price for the company is set at 8.84 yuan, representing a potential upside of 22% from the current price of 7.22 yuan [2][6] - The report maintains profit forecasts for 2025-2027 at 1.87 billion yuan, 2.14 billion yuan, and 2.34 billion yuan respectively, corresponding to PE ratios of 11, 9, and 8 times [6]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [57]. Core Insights - Tesla's Q3 2025 revenue reached $28.095 billion, a year-over-year increase of 12%, surpassing market expectations of $26.365 billion [10][12]. - The automotive business generated $21.205 billion in revenue, up 6% year-over-year, with a total vehicle delivery of 497,099 units, reflecting a 7% increase [10][12]. - The energy and storage segment achieved a revenue of $3.415 billion, marking a 44% year-over-year growth, driven by record deployment of storage solutions [10][13]. - The company is optimistic about its robot and AI initiatives, with plans to launch the Optimus V3 robot in Q1 2026 and a target production of 1 million units annually within five years [18]. - Full Self-Driving (FSD) capabilities are being expanded, with the deployment of FSD v12.4, enhancing the Robotaxi service's functionality [19]. Summary by Sections Overall Revenue Situation - Total revenue for Q3 2025 was $28.095 billion, with a gross profit of $5.054 billion and a gross margin of 18% [10][8]. - Non-GAAP net income was $1.770 billion, down 29% year-over-year, with adjusted earnings per share at $0.50 [10][12]. Automotive Business - Total automotive revenue was $21.205 billion, with a total production of 447,450 vehicles, a 5% decrease year-over-year [9][12]. - The delivery of Model 3 and Model Y vehicles was 481,166 units, a 9% increase year-over-year [12][10]. Energy and Storage - The energy and storage segment generated $3.415 billion in revenue, with a gross profit of $1.073 billion, achieving a gross margin of 31.42% [25][13]. - The deployment of storage solutions reached a historic high, contributing significantly to revenue growth [13]. Robotics and AI - The company plans to release the Optimus V3 robot in Q1 2026, with a production target of 1 million units annually within five years [18]. - A partnership with Samsung aims to produce advanced chips for AI reasoning and training, enhancing the company's AI capabilities [18]. FSD and Robotaxi - The deployment of FSD v12.4 began in October, improving the Robotaxi service's capabilities and expanding its operational area [19]. - The company aims to remove safety drivers from Robotaxi services in select areas by the end of the year, contingent on regulatory approvals [28].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [2][18]. Core Insights - The company reported a revenue of 4.509 billion yuan for the first three quarters of 2025, a year-on-year increase of 5.72%, and a net profit attributable to shareholders of 392 million yuan, up 24.92% year-on-year. In Q3 alone, revenue reached 1.514 billion yuan, with a net profit of 151 million yuan, reflecting a significant increase of 60.83% year-on-year [2][4]. Financial Performance Summary - **Revenue Forecasts**: The revenue projections for 2025-2027 have been adjusted to 62.59 billion yuan, 73.75 billion yuan, and 83.36 billion yuan respectively, with year-on-year growth rates of 10.1%, 17.8%, and 13.0% [8]. - **Net Profit Forecasts**: The net profit forecasts for the same period are 540 million yuan, 644 million yuan, and 769 million yuan, with growth rates of 26.7%, 19.3%, and 19.4% respectively [8]. - **Earnings Per Share (EPS)**: The EPS is projected to increase from 1.86 yuan in 2024 to 3.35 yuan in 2027 [4][8]. - **Valuation Metrics**: The company is expected to trade at a price-to-earnings (PE) ratio of 17, 14, and 12 for the years 2025, 2026, and 2027 respectively [4][8]. Business Segment Insights - **Lubricant Additives**: The lubricant additives business has shown continuous improvement, with a shipment volume of 34,200 tons in H1 2025, representing an 18.27% year-on-year increase. Revenue from this segment reached 618 million yuan, up 18.49% year-on-year, with a gross profit margin of 13.48%, an increase of 5.53 percentage points year-on-year [4][8]. - **Anti-aging Agents**: The anti-aging agent segment is expected to improve as overseas capacities begin to exit the market, indicating potential for recovery in this sector [4][8]. - **Life Sciences and PI Materials**: The life sciences division has reached a market development stage, with monthly sales exceeding one million yuan. The PI materials segment is set to begin trial production in 2026, with established partnerships in the domestic market [4][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 28.5 yuan [2][8]. Core Insights - The company reported a revenue of 4.501 billion yuan for the first three quarters of 2025, a year-on-year decrease of 5.38%. The net profit attributable to shareholders was 168 million yuan, down 73.17% year-on-year [2][8]. - In Q3 2025, the company achieved a revenue of 1.749 billion yuan, a decline of 5.91% year-on-year, with a net profit of 79 million yuan, down 72.58% year-on-year [2][8]. - The report highlights that the company is facing short-term pressures due to weak demand and increased competition, but there is potential for improvement as costs are expected to decrease in Q4 [8]. Financial Performance Summary - For 2024A, total revenue is projected at 7.131 billion yuan with a growth rate of 4.8%. The net profit is expected to be 849 million yuan, reflecting a growth rate of 5.8% [4]. - For 2025E, total revenue is forecasted to decline to 6.858 billion yuan, with a significant drop in net profit to 352 million yuan, indicating a year-on-year decrease of 58.6% [4]. - The report anticipates a recovery in 2026E with revenue increasing to 7.327 billion yuan and net profit rebounding to 650 million yuan, representing an 84.8% growth [4]. Market Dynamics - The report notes that the company is experiencing pressure from rising costs and increased competition, particularly in the nut and seed segment, which has maintained positive growth due to stable demand during gifting seasons [8]. - The company is adjusting its strategy by focusing on high-cost performance products and expanding into new sales channels, including membership stores and online platforms [8]. - The report emphasizes the importance of monitoring cost reductions as a catalyst for potential recovery in the company's performance [8].

Investment Rating - The report maintains a "Recommendation" rating for Tianrun Dairy [2][8] Core Views - The company reported a total revenue of 2.074 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.81%. The net profit attributable to shareholders was -11 million yuan, while the net profit excluding non-recurring items was 77 million yuan, reflecting a year-on-year increase of 3.12% [2][8] - In Q3 2025, total revenue was 678 million yuan, down 4.84% year-on-year, with a net profit of 11 million yuan, a significant decline of 77.6% year-on-year. The net profit excluding non-recurring items was 19 million yuan, down 62.71% year-on-year [2][8] - The company faces ongoing pressure from competition in the dairy industry, with a notable decline in sales of liquid milk products. However, it is actively responding to competition by promoting discounted products and gradually reducing excess dairy cattle [8][9] Financial Summary - For 2024A, total revenue is projected at 2.804 billion yuan, with a year-on-year growth rate of 3.3%. For 2025E, total revenue is expected to decrease to 2.700 billion yuan, reflecting a decline of 3.7% [4][12] - The net profit attributable to shareholders is forecasted to drop significantly to 44 million yuan in 2024A, and further to 7 million yuan in 2025E, indicating a year-on-year decrease of 69.3% and 84.5% respectively [4][12] - The earnings per share (EPS) is expected to be 0.14 yuan in 2024A, dropping to 0.02 yuan in 2025E, and then recovering to 0.39 yuan in 2026E and 0.53 yuan in 2027E [4][12] Market Performance - The company has shown resilience in its domestic market, with revenue from Xinjiang increasing by 10.16% year-on-year, while revenue from outside Xinjiang decreased by 13.68% [8][9] - The gross profit margin in Q3 2025 was 14.72%, down 5.14 percentage points year-on-year, primarily due to increased sales of lower-priced products to cope with competition [8][9] Investment Recommendations - The report suggests that while short-term pressures are expected to continue, investors should closely monitor the turning point in raw milk prices, as the company is well-positioned to benefit from its 100% self-sufficiency in milk supply once the cycle reverses [8][9]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [20]. Core Insights - The company reported a revenue of 9.276 billion yuan in Q3 2025, reflecting a year-over-year increase of 6.58% and a quarter-over-quarter increase of 0.64%. The net profit attributable to shareholders was 202 million yuan, down 3.11% year-over-year but up 42.81% quarter-over-quarter [1][5]. - The strong performance is attributed to a significant increase in storage prices driven by supply-demand dynamics, with expectations for continued price increases in Q4 2025 [5]. - The company has successfully developed a dual business model of "distribution + products," enhancing its competitive edge in the high-end storage market [5]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 35.249 billion yuan, with a year-over-year growth rate of 45.2%. The net profit attributable to shareholders is expected to reach 641 million yuan, reflecting a growth rate of 142.9% [6]. - The earnings per share (EPS) is forecasted to be 1.38 yuan in 2025, with a price-to-earnings (P/E) ratio of 77 [6]. - The gross margin for Q3 2025 was reported at 4.03%, with a net margin of 2.11%, indicating improved profitability despite a slight year-over-year decline in margins [5]. Market Dynamics - The report highlights that the demand for storage solutions is increasing, with significant price hikes expected in both DRAM and NAND Flash products due to supply constraints and rising demand from various sectors [5]. - The company is positioned to benefit from the ongoing trend of domestic substitution in the storage market, which is anticipated to contribute positively to its performance [5]. Strategic Developments - The establishment of a joint venture with Wuxi Lingjing Cloud is expected to enhance the company's distribution and product capabilities, further solidifying its market position [5]. - The company has made significant progress in the development of enterprise-level SSD and RDIMM products, which are now entering mass production [5].