公司研究 事项： 公司发布 2025 年三季报:前三季度公司收入 1.85 亿元，同比+15.80%；归母净 利润 0.37 亿元，同比+32.86%，扣非净利润 0.31 亿元，同比+55.97%。Q3 收 入 0.52 元，同比+3.43%；归母净利润 0.09 亿元，同比-17.27%；扣非净利润 0.06 亿元，同比-22.91%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 212 | 258 | 316 | 390 | | 同比增速(%) | -3.4% | 21.4% | 22.8% | 23.2% | | 归母净利润(百万) | 31 | 53 | 81 | 111 | | 同比增速(%) | -27.8% | 73.8% | 54.1% | 36.2% | | 每股盈利(元) | 0.30 | 0.52 | 0.80 | 1.08 | | 市盈率(倍) | 107 | 61 | 40 | 29 | | 市净 ...

证 券 研 究 报 告 【资产配置快评】2025 年第 49 期 Riders on the Charts: 每周大类资产配置图 表精粹 投资摘要： 华创证券研究所 证券分析师：郭忠良 邮箱：guozhongliang@hcyjs.com 执业编号：S0360520090002 相关研究报告 《资产配置快评 2025 年第 48 期：风险管理的重 心回到通胀上行风险—10 月美联储议息会议点 评 2025 年第 7 期》 2025-10-30 《资产配置快评 2025 年第 47 期：Riders on the Charts：每周大类资产配置图表精粹》 2025-10-29 《聚焦十五五——总量"创"辩第 114 期》 2025-10-28 《资产配置快评 2025 年第 46 期：Riders on the —Harriet Beecher Stowe 原油市场爆发价格战，新兴市场出现系统性金融风险 The past, the present and the future are really one: they are today. 多资产配置研究 资产配置快评 2025 年 11 月 04 日 图表 1 ...

Investment Rating - The report maintains a "Strong Buy" rating for Lingyun Co., Ltd. (600480) with a target price range of 15.7 to 19.6 CNY [2][8]. Core Insights - The company's Q3 2025 performance met expectations, with revenue of 14.07 billion CNY, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 590 million CNY, up 17% year-on-year [2][8]. - New business segments, including liquid cooling, sensors, and steer-by-wire systems, are progressing steadily, contributing to the overall growth [8]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 18.837 billion CNY - 2025E: 20.122 billion CNY (growth of 6.8%) - 2026E: 21.499 billion CNY (growth of 6.8%) - 2027E: 23.124 billion CNY (growth of 7.6%) [4][9] - **Net Profit Forecasts**: - 2024A: 655 million CNY - 2025E: 841 million CNY (growth of 28.4%) - 2026E: 961 million CNY (growth of 14.2%) - 2027E: 1.056 billion CNY (growth of 10.0%) [4][9] - **Earnings Per Share (EPS)**: - 2024A: 0.54 CNY - 2025E: 0.69 CNY - 2026E: 0.79 CNY - 2027E: 0.86 CNY [4][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 19 times - Price-to-Book (P/B) ratio for 2025E: 1.9 times [4][9]. Business Development Summary - The company is actively developing liquid cooling products for energy storage, charging stations, and data centers, which are expected to become new growth points as the liquid cooling industry expands [8]. - The sensor projects, including torque and pressure sensors, have begun to deliver small batch orders, indicating progress in new technology applications [8].

行业研究 证 券 研 究 报 告 汽车行业 2025 年三季报总结 乘用车边际体现反内卷成效，零部件受益于 推荐（维持） 持续成长的规模效应 汽车 2025 年 11 月 04 日 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：夏凉 电话：021-20572532 邮箱：xialiang@hcyjs.com 执业编号：S0360522030001 证券分析师：李昊岚 邮箱：lihaolan@hcyjs.com 执业编号：S0360524010003 联系人：林栖宇 邮箱：linxiyu@hcyjs.com 联系人：张睿希 邮箱：zhangruixi@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 232 | 0.03 | | 总市值(亿元) | 43,718.07 | 4.43 | | 流通市值(亿元) | 32,985.22 | 4.20 | 相对指数表现 | % | 1M | 6M | 12M | | - ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 89.7 CNY [2][8]. Core Insights - The company achieved record high quarterly performance in Q3 2025, with revenue of 50.19 billion CNY, representing a year-over-year increase of 39.92% and a quarter-over-quarter increase of 12.62% [2][8]. - The product structure continues to have optimization potential, particularly with the increasing penetration of high-end products such as 800G switches and AI servers [8]. - The company is expected to benefit from the growing demand for AI-related products, with significant investments planned to expand production capacity [8]. Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 135.12 billion CNY (YoY +49.96%) and a net profit attributable to shareholders of 27.18 billion CNY (YoY +47.03%) [2][4]. - The projected financial indicators for 2024 to 2027 show a consistent growth trajectory, with total revenue expected to reach 37.93 billion CNY by 2027, and net profit projected at 8.52 billion CNY [4][9]. - The company’s earnings per share (EPS) is forecasted to grow from 1.34 CNY in 2024 to 4.42 CNY in 2027, reflecting strong profitability growth [4][9]. Market Position and Competitive Advantage - The company has increased its investment in key processes and bottleneck processes, leading to rapid growth in fixed assets over the past four quarters [8]. - The establishment of a production base in Thailand is expected to enhance the company's competitive position in North America, particularly in the AI server and switch application fields [8]. - The ongoing development of next-generation GPU platforms and other chip architectures indicates a strong commitment to innovation and market leadership [8].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

公司研究 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 132,120 | 139,379 | 148,195 | 154,930 | | 同比增速(%) | 16.2% | 5.5% | 6.3% | 4.5% | | 归母净利润(百万) | -4,226 | 781 | 5,965 | 9,184 | | 同比增速(%) | 48.3% | 118.5% | 663.4% | 53.9% | | 每股盈利(元) | -0.19 | 0.04 | 0.27 | 0.41 | | 市盈率(倍) | -25 | 137 | 18 | 12 | | 市净率(倍) | 2.6 | 2.6 | 2.3 | 1.9 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 10 月 31 航空 2025 年 11 月 03 日 目标价：5.89 元 当前价：4.80 元 证 券 研 究 报 告 中国东航（600115）2025 年三季报点评 推荐（维持） 25Q3 归母净利 35.3 亿元，同比+ ...

证 券 研 究 报 告 房地产行业周报（2025 年第 44 周） 推荐（维持） 房地产指数下跌，新房二手房同比下降 行业研究 房地产 2025 年 11 月 03 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,921.51 | 1.07 | | 流通市值(亿元) | 12,389.50 | 1.28 | 板块行情：第 44 周（10 月 27 日-10 月 31 日）申万一级行业指数中，房地产 指数下跌 0.7%，在 31 个一级行业板块中排名第 26。 政策要闻：地方层面：1）重庆：10 月 29 日，重庆市发展改革委就《重庆市 要素市场化配置综合改革试点行动方案》公开征求 ...

行业研究 证券研究报 告 新疆周报（20251027-20251102） 国家能源集团哈密煤制油配套1500万吨煤矿 推荐（维持） 项目获批 基础化工 2025 年 11 月 03 日 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 -3% 11% 24% 38% 24/09 24/12 25/02 25/05 25/07 25/09 2024-09-27~2025-09-26 基础化工 沪深300 相关研究报告 《新疆周报（20250421-20250427）：国家生态 环境部受理国能准东 20 亿方煤制气项目环评》 2025-04-28 《 化 工 行 业 新 材 料 周 报 （20250421- 20250427）：25 年年底数千台 Optimus 有望入驻 工厂；台积电第二代 GAA 工艺 14A 首次曝光》 2025-04-28 《能源周报（20250421-20250427）：准东煤制 天然气管道一标段正式开工》 2025 ...

Quantitative Models and Construction - **Model Name**: DecompGRU **Model Construction Idea**: The model improves information interaction between time-series and cross-sectional data by introducing two simple de-mean modules on the GRU baseline model[18] **Model Construction Process**: 1. The DecompGRU model architecture is based on GRU as the baseline 2. Two de-mean modules are added to enhance the interaction between time-series and cross-sectional data 3. The model is trained using IC and weighted MSE loss functions[18] **Model Evaluation**: The model demonstrates improved interaction between time-series and cross-sectional data, enhancing prediction accuracy[18] Model Backtesting Results - **DecompGRU TOP200 Portfolio**: - Cumulative absolute return: 41.11% - Excess return relative to WIND All A equal-weight index: 13.98% - Maximum drawdown: 10.08% - Weekly win rate: 64.52% - Monthly win rate: 100% - October absolute return: 1.78%, excess return: -0.07%[11] - **ETF Rotation Portfolio**: - Cumulative absolute return: 19.06% - Excess return relative to benchmark: -2.00% - Maximum drawdown: 7.82% - Weekly win rate: 62.50% - Monthly win rate: 57.14% - October absolute return: -2.04%, excess return: -1.18%[14][15] Quantitative Factors and Construction - **Factor Name**: Sentiment Heat Factor **Factor Construction Idea**: The factor aggregates stock-level sentiment heat metrics (e.g., browsing, self-selection, and clicks) to represent broader market sentiment[19] **Factor Construction Process**: 1. Individual stock sentiment heat is calculated as the sum of browsing, self-selection, and click counts 2. The sentiment heat is normalized by dividing by the total market sentiment on the same day and multiplying by 10,000 3. Aggregated sentiment heat is used as a proxy for market sentiment at the index, industry, and concept levels[19] **Factor Evaluation**: The factor effectively captures market sentiment and its impact on pricing errors[19] Factor Backtesting Results - **Broad-based Index Sentiment Heat Rotation Strategy**: - Annualized return since 2017: 8.74% - Maximum drawdown: 23.5% - 2025 portfolio return: 38.5% - Benchmark return: 32.9%[28] - **Concept Sentiment Heat BOTTOM Portfolio**: - Annualized return: 15.71% - Maximum drawdown: 28.89% - 2025 portfolio return: 42.1%[41][44]