Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Insights - The company reported significant growth in net profit for Q3, with a quarter-on-quarter increase of 140.16% [9]. - The company's revenue for the first three quarters of 2025 reached 450.02 billion yuan, a year-on-year increase of 32.17% [9]. - The company is a leading player in the power battery sector, with a 66.98% year-on-year increase in battery shipments [9]. - The company has optimized its customer structure, which is expected to enhance profitability [9]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 168.32 billion yuan, a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49% [9]. - The net profit for Q3 was 12.11 billion yuan, representing a year-on-year increase of 15.13% and a quarter-on-quarter increase of 140.16% [9]. - The gross margin for the first three quarters was 15.95%, down 1.43 percentage points year-on-year, while the net margin was 6.61%, down 3.01 percentage points year-on-year [9]. Product and Market Development - The company has successfully launched large cylindrical batteries and is the first supplier for BMW's next-generation electric vehicle [9]. - The company’s energy storage battery shipments reached 48.41 GWh in the first three quarters, a year-on-year increase of 35.51% [9]. - The company is expected to release a solid-state battery with an energy density of 350 Wh/kg by 2026 [9]. Future Outlook - The company maintains a "Buy" rating with projected EPS of 2.16 yuan and 3.47 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 36 times and 23 times [9][11]. - The company is positioned as a platform enterprise in power, energy storage, and consumer lithium batteries, with anticipated rapid profit growth due to product and customer structure optimization [9].

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [3][24]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 3.41% from October 10 to October 23, 2025, which is approximately 1.22 percentage points lower than the index [10][24]. - Most sub-sectors within the industry recorded negative returns during the same period, with offline pharmacies and traditional Chinese medicine showing positive growth of 4.19% and 1.55%, respectively, while medical R&D outsourcing and medical equipment sectors faced declines of 8.86% and 7.66% [13][24]. - Approximately 56% of stocks in the industry reported positive returns, with notable performers including ZhenDe Medical, which saw a weekly increase of 43.97% [14][16]. - The overall industry valuation has decreased, with the SW pharmaceutical and biotechnology index's PE (TTM) at approximately 53.10 times, and a relative PE to the CSI 300 of 3.90 times as of October 23, 2025 [17][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 3.41% from October 10 to October 23, 2025 [10]. - Most sub-sectors recorded negative returns, with offline pharmacies and traditional Chinese medicine performing better than others [13]. - About 56% of stocks in the industry achieved positive returns during this period [14]. 2. Industry News - On October 21, the Ministry of Finance announced the allocation of funds for enhancing medical services and capacity building, aimed at supporting various healthcare initiatives [18][22]. 3. Company Announcements - Junshi Biosciences disclosed that its wholly-owned subsidiary passed an FDA inspection, indicating compliance with current Good Manufacturing Practices [23]. 4. Industry Outlook - The report suggests focusing on sectors with potential for exceeding expectations in the upcoming quarterly reports, including medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, and innovative drugs [24][25].

Investment Rating - The report maintains an "Overweight" rating for the express delivery industry, expecting the industry index to outperform the market index by over 10% in the next six months [7]. Core Insights - The express delivery industry has shown signs of recovery with an increase in average delivery prices, attributed to regulatory measures against excessive competition [2][3]. - The total express delivery volume from January to September 2025 reached 1,450.8 billion pieces, a year-on-year increase of 17.2%, while the industry revenue for the same period was 10,857.4 billion yuan, up 8.9% year-on-year [2]. - The average revenue per delivery in September was 7.55 yuan, reflecting a year-on-year decrease of 4.91% but a month-on-month increase of 0.18 yuan, indicating a potential price recovery trend [2]. Summary by Sections Industry Performance - In September 2025, the express delivery volume was 168.8 billion pieces, a year-on-year increase of 12.7%, and the revenue was 1,273.7 billion yuan, up 7.2% year-on-year [2]. - The average delivery price has seen a slight recovery due to the "anti-involution" measures, with various regions announcing price increases ranging from 0.1 to 0.4 yuan per delivery [3]. Market Dynamics - Major express delivery companies such as SF Express, Yunda, Shentong, and YTO have reported varying growth rates in delivery volumes, with SF Express showing a significant year-on-year increase of 31.81% in September [4]. - The market concentration index (CR8) for the express delivery sector remained stable at 86.9, with slight fluctuations in market shares among leading companies [4]. Investment Strategy - The report suggests that the ongoing price increases and regulatory scrutiny will enhance profit margins for express delivery companies, with a focus on companies like YTO Express, Shentong Express, SF Holdings, and Yunda [5]. - The anticipated price recovery and reduced competition for market share are expected to release profit elasticity for express delivery companies [5].

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][46]. Core Viewpoints - The major telecommunications operators in China reported a slight decline in revenue growth for the first three quarters of 2025, but overall net profit continues to show good growth. As the basic market approaches saturation, digital and innovative businesses are becoming new growth engines for operators, with government and enterprise digitalization becoming key pillars of growth. The communication industry is expected to experience a period of technological iteration and policy dividends, with new growth drivers from AI, quantum communication, and low-altitude economy [3][41]. Summary by Sections 1. Communication Industry Market Review - The communication sector index fell by 1.88% over the past two weeks (10/10-10/23), outperforming the CSI 300 index by 0.31 percentage points. Year-to-date, the sector has risen by 60.32%, outperforming the CSI 300 index by 43.26 percentage points [4][11]. 2. Industry News - The International Telecommunication Union confirmed that the 2027 World Radiocommunication Conference will be held in Shanghai, China [16]. - Omdia predicts that the number of global 5G Fixed Wireless Access (FWA) users will reach 150 million by 2030, with a compound annual growth rate (CAGR) of 23% [19]. - IDC reported that the AI IaaS market in China grew by 122.4% year-on-year in the first half of 2025, reaching a market size of 19.87 billion yuan [20]. 3. Company Announcements - Yiyuan Communication reported a net profit growth of 105.65% year-on-year for the first three quarters of 2025, with revenue of 17.877 billion yuan [24]. - China Telecom's net profit for the first three quarters of 2025 grew by 5%, with total revenue of 394.3 billion yuan [27]. 4. Industry Data Updates - As of August 2025, the mobile phone user base reached approximately 1.819 billion, a year-on-year increase of 2.67% [28]. - The total number of 5G base stations reached 4.646 million by August 2025, accounting for 36.3% of all mobile base stations [37]. 5. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and earnings certainty," highlighting companies such as China Mobile, China Telecom, and FiberHome Communication [41][42].

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [48]. Core Insights - The semiconductor industry index has seen a cumulative decline of 9.48% over the past two weeks, underperforming the CSI 300 index by 7.29 percentage points. However, since the beginning of 2025, the semiconductor index has risen by 44.73%, outperforming the CSI 300 index by 27.66 percentage points [7][15]. - The report highlights a significant price increase in storage products driven by the explosion of AI applications, leading to a surge in demand for high-performance storage chips used in AI servers and data centers. Major companies like Micron and Samsung have raised prices by 20%-30% and 15%-30% respectively [41][25]. Industry News and Company Dynamics - The report notes that the global semiconductor equipment investment reached $33.07 billion in Q2 2025, a 24% year-on-year increase [18]. - The Chinese smartphone market saw a 3% decline in Q3 2025, with Vivo regaining the top position in shipments [22]. - The report mentions that the utilization rate of wafer foundries in the second half of 2025 is better than expected due to low inventory levels among chip design companies and strong AI demand [23]. - The report anticipates a "super cycle" in the storage chip market, with price increases expected to continue until 2026, driven by high demand from data centers and smart devices [25]. Semiconductor Industry Data Updates - Global smartphone shipments reached 323 million units in Q3 2025, a year-on-year increase of 2.09% [34]. - In September 2025, domestic new energy vehicle sales reached 1.604 million units, a year-on-year increase of 24.6% [36]. - Global semiconductor sales in August 2025 amounted to $64.88 billion, a year-on-year increase of 21.7% [38]. Investment Recommendations - The report suggests focusing on segments benefiting from the price increases in storage products, including storage modules, niche storage, and supporting materials [41]. - Specific companies to watch include: - Northern Huachuang (002371) - Zhongwei Company (688012) - Huahai Qingke (688120) - Tuo Jing Technology (688072) [44][45].

2025 年 10 月 24 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2025/10/10-2025/10/23） 行 业 OpenAI 发布 AI 浏览器，iPhone17 系列销售火热 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（10/10-10/23）累计下跌8.33%， 跑输沪深300指数6.14个百分点，在申万行业中排名第31名；板块10月 累计下跌6.33%，跑输沪深300指数5.59个百分点，在申万行业中排名第 31名；板块今年累计上涨43.80%，跑赢沪深300指数26.74个百分点，在 申万行业中排名第3名。估值方面，截至10 ...

Market Overview - The A-share market showed a rebound with all indices closing in the green, with the Shanghai Composite Index recovering above 3900 points [4] - The market experienced a bottoming out trend, with the three major indices all rising, indicating a preference for profit-making [5] Index Performance - The Shanghai Composite Index closed at 3922.41, up by 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [2] - The CSI 300 Index increased by 0.30% to 4606.34, while the ChiNext Index saw a slight increase of 0.09% to 3062.16 [2] Sector Performance - The top-performing sectors included coal (+1.75%), oil and petrochemicals (+1.52%), and social services (+1.07%) [3] - Conversely, the sectors that underperformed included telecommunications (-1.51%), real estate (-0.99%), and construction materials (-0.91%) [3] Concept Index Performance - The Shenzhen State-Owned Enterprise Reform concept led the gains with an increase of 6.62%, followed by the horse racing concept (+2.45%) and MLOps concept (+2.41%) [3] - Underperforming concepts included cultivated diamonds (-2.94%) and co-packaged optics (CPO) (-1.32%) [3] Economic Indicators - In September, the total electricity consumption reached 888.6 billion kWh, reflecting a year-on-year growth of 4.5% [4] - The unemployment rate for urban youth aged 16-24 was reported at 17.7%, while the rate for those aged 25-29 was 7.2% [5] Future Outlook - The market is expected to enter a phase of consolidation, with a potential for a mid-term upward trend [5] - It is recommended to maintain flexible positions and avoid blind chasing of high prices, focusing on optimizing allocation based on economic conditions and valuation [5] - Key sectors to watch include dividend assets, technology growth, new energy, and non-ferrous metals [5]

Investment Rating - The report maintains an "Overweight" rating for the AI industry, particularly focusing on the PCB supply chain benefiting from AI infrastructure growth [1]. Core Insights - The AI infrastructure market is expected to maintain high growth, driven by increased model performance and accelerated applications in both B-end and C-end markets, leading to a significant rise in token consumption [6][14]. - The PCB and CCL sectors are experiencing simultaneous increases in both volume and price, with new technologies opening up further opportunities for growth [44]. - The demand for drilling consumables is expected to rise, enhancing the value of products such as micro drills and coated drills due to the increasing complexity of PCB manufacturing driven by AI applications [6][44]. Summary by Sections AI Infrastructure - The AI infrastructure market is projected to grow rapidly, with global data center capital expenditures expected to reach $1 trillion by 2028, reflecting a CAGR of approximately 20% from 2025 to 2028 [6][41]. - Major tech companies are accelerating their capital expenditures, with a combined increase of 67% year-on-year in Q2, focusing on cloud computing and AI [22][24]. PCB/CCL - The introduction of new technologies such as the Rubin series from NVIDIA is anticipated to significantly enhance the value of PCB and CCL materials, with expectations of higher-grade materials being utilized [44][48]. - The demand for high-end PCBs is increasing, with several listed companies actively expanding their production capacities to meet the growing needs of AI applications [61][63]. Drilling Consumables - The rise in AI-related products is expected to increase the number of drill holes and the complexity of PCB designs, leading to a higher demand for specialized drilling tools [6][44]. - The value of drilling consumables is projected to increase as AI applications impose stricter quality and technical requirements on drilling processes [6][44].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Viewpoints - The life insurance sector is expected to continue its growth momentum, driven by effective cost control and product optimization, which will enhance the new business value margin (NBVM) and new business value (NBV) [3][5] - Non-auto insurance is emerging as a new growth driver, with increasing premium contributions and regulatory support expected to improve underwriting performance [3][5] - Investment strategies will be crucial for valuation recovery, with a focus on long-term interest rates and equity market performance [3][5] Summary by Sections 1. Policy and Market Overview - The insurance sector has seen a significant increase in stock prices, with the Shenwan Insurance Index rising by 18.79% year-to-date, outperforming the CSI 300 Index [11] - Regulatory policies are encouraging long-term capital inflows into the market, with insurance companies' investment in stocks and equity funds exceeding 4.4 trillion yuan, accounting for 12% of their total investments [12][15] 2. Asset Side: Stability in Fixed Income, Growth in Equity - The net investment yield for major insurance companies has faced pressure, with varying total investment returns across firms [27][28] - The insurance industry is expected to increase its allocation to equity assets, with an average investment weight of 13.75% in stocks and funds as of mid-2025, reflecting a 1.07 percentage point increase from 2024 [34][38] 3. Liability Side: Easing Cost Pressures and Expanding Spread - Life insurance companies have reported positive growth in new premium income, particularly in the bancassurance channel, while the individual insurance channel has faced challenges [44][46] - The shift towards participating insurance products is evident, with significant increases in their share of new premiums, indicating a strategic response to lower interest rates [51]

Market Overview - The A-share market experienced weak fluctuations, with all three major indices showing a decline after briefly turning positive during the day [2][4] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index fell 0.62% to 12996.61 [2] - The total trading volume in the Shanghai and Shenzhen markets was 1.67 trillion, marking a decrease of 224.8 billion from the previous trading day [6] Sector Performance - The top-performing sectors included Petroleum and Petrochemicals (+1.58%), Banks (+0.97%), and Household Appliances (+0.82%) [3] - Conversely, sectors such as Non-ferrous Metals (-1.36%), Electric Power Equipment (-1.29%), and Agriculture, Forestry, Animal Husbandry, and Fishery (-1.19%) showed significant declines [3] - Concept indices like Combustible Ice and Shale Gas performed well, while sectors like Hainan Free Trade Zone and Graphite Electrode faced losses [4] Future Outlook - The market is expected to see a potential increase in risk appetite due to upcoming events such as the Fourth Plenary Session and the verification of third-quarter earnings [6] - Focus is recommended on sectors such as dividends, TMT (Technology, Media, and Telecommunications), Non-ferrous Metals, and New Energy for potential investment opportunities [6] - The report indicates that the market is currently in a "high-cut-low" structural phase, with a tightening risk preference [6]