摘要 根据 Wind 数据，折价成交个券中，"24 产融 04"债券估值价格偏离幅度较大。净价上涨成交个券中，"25 福州城投 MTN002"估值价格偏离程度靠前。净价上涨成交二永债中，"23 中行二级资本债 04B"估值价格偏离幅度较大；净价 上涨成交商金债中，"25 农行 TLAC 非资本债 02C(BC)"估值价格偏离幅度靠前。成交收益率高于 5%的个券中，非银金 融债排名靠前。 信用债估值收益变动主要分布在[-5,0)区间。非金信用债成交期限主要分布在 2 至 3 年，其中 0.5 年内品种折价成交 占比最高；二永债成交期限主要分布在 4 至 5 年。分行业看，电子行业的债券平均估值价格偏离最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价成交跟踪 | | | | | 大幅折价个券成交跟踪 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 剩余期限 | 估值价格偏 | 估值净价 | 估值收 ...

年 月 日 阳光电源 买入 维持评级 公司点评 单季经营现金流环比大增，AIDC 有 望续写华章 业绩简评 2025 年 10 月 28 日公司发布三季报，前三季度实现营收 664.02 亿 元，同比增长 32.95%；归母净利润 118.81 亿元，同比增长 56.34%。 经营分析 净利润环比继续增长，盈利能力持续提升。单三季度营收 228.69 亿元，同比增长 20.83%，净利润 41.47 亿元，同比增长 57.04%。 三季度公司毛利率 35.87%，环比+2.12pct；净利率 18.03%，环比 +1.55pct。 研发投入同增 32%，加码 AIDC 业务。公司前三季度研发投入 31.40 亿元，同比增长 32.16%，公司持续加码技术创新，并设立 AIDC 事 业部，为长期高增长奠定基础。 经营现金流环比大幅增加。经营活动产生的现金流量净额达到 99.14 亿元，同比暴增 1133.14%，单三季度经营活动现金流 64.79 亿元，环比增加 48.35 亿元，主要系业务结构改善、销售回款增 加，大幅提升公司营运效率。 盈利预测、估值与评级 预计公司 2025-2027 年归母净利润为 14 ...

业绩简评 2025 年 10 月 27 日，公司发布 2025 年第三季度报告。25 年前三 季度公司实现营业收入 22.90 亿元（同比+2.56%），归母净利润 5.14 亿元（同比+3.06%），扣非归母净利润 5.09 亿元（同比 +2.98%）。 单季度来看，25Q3 公司实现收入 8.42 亿元（同比+2.34%），归母 净利润 1.92 亿元（同比+2.06%），扣非归母净利润 1.92 亿元（同 比+1.60%）。 经营分析 业绩保持稳健增长，核心业务趋势向好。 盈利能力方面，前三季度公司毛利率为 41.69%，同比微降 0.13 个 百分点；销售净利率为 26.91%，同比微降 0.04 个百分点。在种植 牙集采等行业变化背景下，公司盈利能力维持稳定，成本管控和经 营效率优异。 期间费用率方面，前三季度公司销售、管理、研发费用率分别为 1.17%、9.19%、1.88%，合计 12.24%，较去年同期的 11.99%略有上 升，主要系管理费用增加所致，整体保持在合理水平。其中，销售 费用率持续处于行业较低水平，展现品牌护城河优势。 现金流方面，前三季度经营活动产生的现金流量净额为6.82亿元 ...

qqqqqqqqqqqqqqqqqqq 股指期货市场概况 从整体表现来看，相较于上上周最后一个交易日，上周四大期指主力合约全面收涨，中证 500 期指涨幅最大，涨幅 为 3.46%，上证 50 期指涨幅最小，涨幅为 2.63%。IF 贴水收窄，IC、IM 升水转贴水，IH 贴水转升水。 全部合约角度看，较上上周而言，IC、IF 和 IH 的当月、下月、当季和下季合约的平均成交量均下降，其中 IF 下降 幅度最大，为-23.95%，IM 下降幅度最小，为-14.33%，四大期指上周五的合计持仓量升降不一，其中 IF、IH 下降， IH 下降幅度更大，为-9.49%，IC、IM 上升，IM 上升幅度更大，幅度为 5.63%。 基差水平方面，截至上周五收盘，IF、IC、IM 和 IH 当季合约的年化基差率分别为-2.93%、-9.59%、-12.00%和- 0.18%，较上上周最后一个交易日，IF、IC 和 IH 贴水收窄，IM 贴水加深。 跨期价差方面，截至上周五收盘，IF、IC、IM和IH当月合约与下月合约的跨期价差率分别处在2019年以来的62.10%、 49.10%、63.90%和 40.40%分位数。IF ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][12]. Core Insights - The company reported a revenue of 2.381 billion yuan for the first three quarters of 2025, representing an 18% year-on-year increase, with a net profit attributable to shareholders of 509 million yuan, up 13% year-on-year [2]. - The company has shown stable revenue growth, although profit growth has been slightly slower due to a decline in gross margin, which was 63.89% in Q3 2025, down 3.17 percentage points year-on-year [2]. - R&D investment for the first three quarters of 2025 reached 134 million yuan, a 19.95% increase year-on-year, with several innovative products entering the market approval stage [3]. - The company is progressing with its overseas production and acquisition strategy, with a manufacturing center in Thailand expected to commence operations by the end of the year [3]. - Profit forecasts for 2025-2027 indicate net profits of 645 million, 820 million, and 1.007 billion yuan, reflecting growth rates of 17%, 27%, and 23% respectively [3]. Summary by Sections Performance Overview - For Q3 2025, the company achieved a revenue of 815 million yuan, a 20% increase year-on-year, with a net profit of 146 million yuan, up 4% year-on-year [2]. Operational Analysis - The company’s revenue continues to grow steadily, but the profit growth rate is slightly lagging due to a decrease in gross margin, which is expected to stabilize in the domestic market while improving in overseas markets [2]. Research and Development - The company’s R&D expenditure for the first three quarters of 2025 was 134 million yuan, marking a 19.95% increase year-on-year, with several innovative products making progress towards market entry [3]. Strategic Initiatives - The acquisition of a 51% stake in Creo Medical S.L.U. in Spain has been completed, facilitating the company’s expansion into the European market [3]. - The construction of the manufacturing center in Thailand is on track for completion by the end of the year, enhancing the global supply chain [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 645 million, 820 million, and 1.007 billion yuan, with corresponding P/E ratios of 25, 20, and 16 [3].

业绩 客座率高企票价可提升，中期受益供需优化。2025Q3 公司客座率 创新高，达到 85.9%，其中 9 月淡季客座率高达 86.3%，客座率高 企凸显供需优化，公司已具备提价基础，考虑供给侧航班量低增 长，预计供需改善可持续，票价将提升。中期看，供应链紧张等 问题未得到妥善解决，行业供给增速预计维持低个位数，而旅客 量维持高个位数增长，预计 2026 年内将现供需拐点，票价提升公 司利润有望释放。 盈利预测、估值与评级 考虑 Q3 经营改善明显，上调公司 2025-2027 年净利预测至 13 亿 元、66 亿元、98 亿元（原 7 亿元/49 亿元/86 亿元）。维持"买入" 评级。 风险提示 宏观经济增速低于预期风险；人民币汇率贬值风险；油价大幅上 涨风险；安全运行风险。 2025 年 10 月 27 日，南方航空发布 2025 年第三季度报告。2025 年前三季度公司营业收入为 1376 亿元，同比增长 2.2%；归母净利 润为 23 亿元，同比增长 17.4%。其中 Q3 公司实现营业收入 514 亿元，同比上升 3%；归母净利润 38.4 亿元，同比增长 20%。 分析 Q3 收益水平同比回落， ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][11]. Core Insights - The company reported a revenue of 1.3 billion yuan for the first three quarters of 2025, a year-on-year increase of 12.6%, with a net profit of 160 million yuan, up 11.0% year-on-year [2]. - The demand in the automation control sector is recovering, leading to an increase in market share for the company's servo and PLC products [3]. - The company has made significant advancements in humanoid robot products, establishing a second growth curve with several large clients testing its products [4]. - Operating cash flow has improved significantly, with a net cash flow of 190 million yuan, reflecting a 61.9% year-on-year increase [5]. Summary by Sections Performance Review - In Q3 2025, the company achieved a revenue of 410 million yuan, a 23.2% increase year-on-year, and a net profit of 40 million yuan, up 47.6% year-on-year, with a gross margin of 39.7% [2]. Operational Analysis - The company is benefiting from a robust recovery in the smart manufacturing sector, with its core products seeing increased market penetration, contributing to a significant revenue growth in Q3 [3]. Product Development - The company is leading in humanoid robot product development, with several commercial orders for its components, indicating a strong position in emerging markets [4]. Financial Metrics - The company’s operating expenses increased to 27.3% of revenue, primarily due to marketing and new equity incentive costs, but operating cash flow has shown strong improvement [5]. - The projected net profits for 2025-2027 are 240 million, 300 million, and 370 million yuan, respectively, with corresponding growth rates of 20%, 25%, and 22% [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a total revenue of 2.613 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 16.30%. The net profit attributable to the parent company was 231 million yuan, up 31.52% year-on-year [2]. - In Q3 2025, the company achieved revenue of 697 million yuan, a year-on-year increase of 11.19%, but the net profit attributable to the parent company dropped to 1.43 million yuan, a decline of 89.90% year-on-year [2][3]. - The company's strong brand and nationwide teaching network position it as a leading player in the personalized education sector [4]. Performance Summary - For Q3 2025, the revenue growth was primarily driven by personalized education services, aligning with the increase in contract liabilities, which grew by 22.46% year-on-year to 1.204 billion yuan, marking a quarterly high since 2023 [3]. - The decline in net profit for Q3 was attributed to increased costs from teacher recruitment, with operating costs rising by 19.51% year-on-year to 508 million yuan, leading to a decrease in gross margin by 5 percentage points to 27.17% [3]. - Sales expenses increased by 61.14% year-on-year to 69.77 million yuan, while management expenses decreased by 22.80% year-on-year to 97.41 million yuan, mainly due to reduced equity incentive costs [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 248 million yuan, 294 million yuan, and 358 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.035, 2.410, and 2.936 yuan [4]. - The current stock price corresponds to a PE ratio of 22, 18, and 15 for the years 2025, 2026, and 2027, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 23.188 billion, net profit attributable to shareholders of 5.751 billion, and net profit excluding non-recurring items of 5.589 billion for the first three quarters of 2025, representing year-on-year growth of 14.85%, 24.50%, and 21.08% respectively [2] - In Q3 2025, the company achieved revenue of 7.427 billion, net profit attributable to shareholders of 1.301 billion, and net profit excluding non-recurring items of 1.317 billion, with year-on-year growth of 12.72%, 9.53%, and 16.89% respectively [2] - The company has enhanced its innovation momentum with multiple new drug approvals in Q3 2025, including China's first self-developed EZH2 inhibitor and a unique eye drop for treating meibomian gland dysfunction-related dry eye [3] - The internationalization process has accelerated, with three overseas business development agreements reached in Q3 2025, including collaborations with GSK and Braveheart Bio, indicating a normalization of external licensing for innovative drugs [4] - R&D investment has increased, with R&D expenses reaching 4.945 billion in the first three quarters of 2025, a year-on-year increase of 8.72%, and cumulative R&D investment exceeding 50 billion [4] Summary by Sections Performance Review - For Q1-Q3 2025, the company achieved revenues of 23.188 billion, net profit of 5.751 billion, and net profit excluding non-recurring items of 5.589 billion, with respective year-on-year growth rates of 14.85%, 24.50%, and 21.08% [2] - In Q3 2025, the company reported revenues of 7.427 billion, net profit of 1.301 billion, and net profit excluding non-recurring items of 1.317 billion, with year-on-year growth rates of 12.72%, 9.53%, and 16.89% [2] Business Analysis - The company has seen a continuous enhancement in innovation, with several new drugs approved for market entry in Q3 2025 [3] - The internationalization process has been expedited, with significant overseas collaborations established [4] - R&D expenses have increased, reflecting a commitment to innovation and operational efficiency [4] Profit Forecast, Valuation, and Rating - The company is expected to see rapid growth in innovative drug revenues, with projected revenues of 33.8 billion, 38 billion, and 42.6 billion for 2025, 2026, and 2027 respectively, and net profits of 9 billion, 10.5 billion, and 12.1 billion for the same years [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 2.717 billion, a net profit attributable to shareholders of 317 million, and a net profit excluding non-recurring items of 337 million for the first three quarters of 2025, reflecting a year-on-year increase of 15.90% in revenue but a decrease of 23.86% in net profit [2] - The company has launched its innovative product Ensartinib in the US market and has eight drugs currently on sale, contributing to steady revenue growth [3] - The company’s EBITDA reached 860 million, representing a year-on-year increase of 20.15%, despite a decline in net profit due to rising depreciation and amortization expenses [3] - The company has made significant progress in its pipeline, with multiple academic results published and ongoing clinical trials for various treatments [4] Summary by Sections Performance Review - For Q3 2025, the company achieved a revenue of 986 million, a net profit of 177 million, and a net profit excluding non-recurring items of 147 million, with year-on-year changes of +16.83%, -7.93%, and +1.08% respectively [2] Operational Analysis - The company’s core products are gaining traction, and the EBITDA is showing robust growth. The launch of new products is expected to drive future performance [3] - Strategic collaborations and the establishment of an innovative ecosystem are beginning to yield results, with new treatments being approved and launched [3] Research and Development - The company is advancing its research projects steadily, with significant clinical trials and studies being conducted in various cancer treatment areas [4] Financial Forecast and Valuation - The company is projected to achieve revenues of 3.554 billion, 4.200 billion, and 5.193 billion for the years 2025, 2026, and 2027 respectively, with net profits of 563 million, 691 million, and 869 million [5]