松原安全(300893) 公司研究/公司点评 25Q3 业绩快速增长，核心客户持续放量 ——松原股份 25Q3 业绩点评 ◼ 事件描述 公司发布 2025 年三季报。2025 年前三季度公司实现营收约 18.34 亿 元，同比约+39.98%；归母净利润约 2.63 亿元，同比约+37.93%。其中 25Q3 公司实现营收约 6.86 亿元，同比约+35.39%；归母净利润约 1.02 亿元，同比约+50.88%。 ◼ 核心观点 主要客户同环比增长，驱动公司营收向上 从下游客户表现来看,据 Marklines，25Q3，吉利、奇瑞、上汽通用五 菱、长城、宇通合计产量约 261.96 万辆，同比约+32.01%。其中吉利、 奇瑞、长城、宇通产量分别约 100.29 万辆、81.36 万辆、42.64 万辆、 36.19 万辆，同比分别约+30.89%、+21.27%、+77.08%、+24.28%。 25Q3 公司盈利能力提升，期间费用率小幅优化 25Q3 公司毛利率约 29.08%，同比约+0.06pct；净利率约 14.82%，同 比约+1.52pct。25Q3 公司费用率约 11.68%，同比约-0.49 ...

业绩稳健增长，数字能源与具身智能协同发展 ——银轮股份 25Q3 业绩点评 ◼ 事件描述 公司发布 2025 年三季报。2025 年前三季度公司实现营收约 110.57 亿 元，同比约+20.12%；归母净利润约 6.72 亿元，同比约+11.18%。其中 25Q3，公司实现营收约 38.90 亿元，同比约+27.38%，环比约+3.69%； 归母净利润约 2.30 亿元，同比约+14.48%，环比约+0.68%。 ◼ 核心观点 积极开拓海外市场，利润增速有所放缓 银轮股份(002126) 公司研究/公司点评 公司持续发力开拓海外市场，海外营收占比从 2023 年的约 22.42%提 升至约 2025H1 的约 25.94%。25Q3 公司归母净利润约 2.30 亿元，环 比约+0.68%，我们认为公司利润增速有所放缓主要系车企年降及关税 的持续影响。 25Q3 公司费用率小幅上升 25Q3 公司毛利率约 19.39%，同比约+1.65pct；净利率约 6.94%，同比 约-0.88pct。25Q3 期间费用率合计约 11.11%，同比+1.51pct。其中，销 售/管理/研发/财务费用率同比分别约+2.77 ...

◼ 核心观点 事件：10 月 27 日，以"创新、变革、重塑下的全球金融发展"为主题 的 2025 金融街论坛年会 27 日在京开幕。 我们认为在中国资本市场深化改革的关键阶段，证监会主席吴清在 2025 年金融街论坛上的发言，以"三支箭"为核心框架，系统阐述了 资本市场改革的纵深方向与实践路径。这一系列政策部署不仅是对资 本市场"深改 12 条"（全面深化资本市场改革的 12 个方面重点任务） 的持续深化，更紧扣服务实体经济、激活市场活力、筑牢风险底线三 大目标，通过制度创新、生态优化与稳定机制构建，推动资本市场从 "规模扩张"向"质量提升"的战略性转型，为新质生产力发展与中 长期资金入市提供了清晰的政策指引。 一、制度升级：以"精准适配+严监管"夯实市场根基 固定收益/固收点评 资本市场改革"三支箭" ——以制度创新驱动高质量发展新格局 资本市场的核心竞争力源于制度的包容性与规范性，我们认为"市场 制度"或将作为改革首支箭，聚焦板块功能优化与投资者权益保护， 构建适配创新经济与市场规律的制度体系。 （一）深化板块改革：打造适配新产业的融资"快车道"。针对新兴领 域和未来产业创新创业企业的融资需求特征，政策 ...

华测导航(300627) 公司研究/公司点评 ◼ 事件描述 公司发布 2025 年三季报。截至三季报期末，公司营业总收入 26.18 亿 元，同比上升 15.47%，归母净利润 4.93 亿元，同比上升 26.41%。按 单季度数据看，第三季度营业总收入 7.85 亿元，同比上升 0.19%，第 三季度归母净利润 1.66 亿元，同比上升 20.0%。 ◼ 核心观点 利润增速快于收入增速，毛利率持续提升：根据公司 2025 年三季报， 前三季度公司营收增速约为 15.47%，归母净利润增速约为 26.41%。 净利润增速高于营收增速。前三季度，公司毛利率由 2025H1 的 58.13% 提升到 60.41%，根据投资者交流纪要，毛利率的增长主要是海外业务 保持快速增长，第三季度海外收入占比进一步提升，海外业务整体毛 利率高于国内业务。第三季度国内产品收入结构变化，国内毛利率有 所提升，此外，汇兑收益也为利润带来了积极贡献。 三维智能业务表现亮眼，未来仍有较大成长空间：根据公司交流纪要， 2025 年前三季度地理空间信息板块仍快速增长，三维智能业务系其中 主要构成之一，市场表现亮眼。预计该板块全年增长态势良好 ...

◼ 内容要点：上周（10.16-10.22）A 股市场两融余额减少，换手率普跌。 主要指数 PE 估值分位跌多涨少，其中中证 500 领跌。主要风格 PE 估值分 位跌多涨少，其中成长风格领跌。全行业估值分位数银行领涨，有色金属 领跌。（*本篇报告根据研究需要，"上周"统一为非自然周。） 情绪：两融余额减少，市场换手率普跌，成交额普跌 策略研究/策略周报 市场交易情绪降温，银行 PE 估值分位领涨 ——情绪与估值 10 月第 2 期 估值：指数 PE 估值分位跌多涨少，成长风格领跌，银行领涨 ◼ 风险提示 上市公司业绩不及预期、市场波动超预期、海外经济增速不及预期。 | 日期： | yxzqdatemark 2025年10月27日 | | --- | --- | | 分析师： | 唐文卿 | | E-mail： | tangwenqing@yongxi | | | ngsec.com | | SAC编号： | S1760524050001 | 相关报告： 《国债收益率下行，南向资金 大幅流入银行》 ——2025 年 10 月 22 日 《宽基指数成交额提升，大金 融估值分位回升》 ——2025 年 10 月 ...

宏观研究/宏观点评专题 "十五五"的 20 个关键词 | yxzqdatemark 2025年10月27日 | | --- | | 日期： | ——二十届四中全会公报解读 ◼ 核心观点 2025 年 10 月 20 日至 23 日党的二十届四中全会召开，会议审议 通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的 建议》（以下简称"建议"）。我们总结梳理了其中的 20 个关键词： 一、总体层面的 8 个关键词 二、重点领域的 12 个关键词 ◼ 投资建议 我们提示，"十五五"时期的资本市场投资应持续关注以上 20 个 关键词的含义释放及其落实过程，这将带来战略性的投资机遇。 ◼ 风险提示 | 分析师： | 高明 | | --- | --- | | E-mail： | gaoming@yongxingsec.com | | SAC编号： | S1760524050003 | 相关报告： 《二季度中国经济：内外兼修》 ——2025 年 07 月 16 日 《二季度进出口：韧性犹存》 ——2025 年 07 月 15 日 《加强"超常规逆周期调节"，应对 "外部环境急剧变化"》 ——2025 年 04 月 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Insights - The automotive industry is expected to see stable growth in consumer demand due to supportive policies and increasing sales of new energy vehicles (NEVs) [4][16]. - In September 2025, NEVs accounted for approximately 49.7% of the total market share, indicating a significant shift towards electric vehicles [2][34]. - The report highlights key companies to watch, including SAIC Motor, XPeng Motors, Xiaomi Group, and Leap Motor in the vehicle segment, and focuses on electric intelligence and the AIDC liquid cooling supply chain in the parts segment [4][17]. Summary by Sections Market Review - The automotive sector experienced a decline of 2.53% from October 13 to October 17, 2025, ranking 27th among all primary industries [1][18]. - The motorcycle and other segments saw the highest increase of 0.58%, while automotive parts experienced the largest decline of 4.04% during the same period [1][21]. Industry Data Tracking - In September 2025, total vehicle sales reached approximately 3.226 million units, with a month-on-month increase of 12.9% and a year-on-year increase of 14.9% [2][25]. - Retail sales of passenger vehicles for the first 12 days of October 2025 were about 686,000 units, showing a year-on-year decrease of 8% but a month-on-month increase of 12% [2][36]. - The average price of battery-grade lithium carbonate was approximately 73,350 CNY per ton as of October 17, 2025, with no change from the previous week [2][41]. Industry Dynamics - Key developments include Seres Group's progress in its IPO process and Tesla's expansion plans for its Shanghai Gigafactory [3][45]. - Leap Motor launched its D19 model, which offers a pure electric range of 500 kilometers, expected to be available in Q1 2026 [3][45]. Company Announcements - Bojun Technology anticipates a net profit of approximately 552 million to 662 million CNY for the first three quarters of 2025, reflecting a year-on-year increase of 50% to 80% [3][47]. - Mingxin Xuteng received a notification from a major NEV client to supply interior materials, with a total sales amount projected at approximately 650 million CNY [3][47].

汽车 行业研究/行业周报 吉利汽车拟实施最高 23 亿港元股份回购计划，问界 M8 于 9 月 29 日交付突破 10 万台 ——汽车行业周报（2025/09/29~2025/10/10） 4）原材料： 据 iFind 数据，截至 2025 年 10 月 10 日，国内电池级碳 酸锂价格约为 73550 元/吨，较 2025 年 9 月 29 日变化 0%。据 iFind 数据，截至 2025 年 10 月 10 日，国内铜价格约为 86780 元/吨，较 2025 年 9 月 29 日变化 5%。 ◼ 行业新闻及公司公告 行业新闻：吉利汽车拟实施最高 23 亿港元股份回购计划。9 月 29 日，问界 M8 交付突破 10 万台 过去一周(2025/09/29~2025/10/10），申万汽车行业下跌 1.26%，表现 弱于同花顺全 A，所有一级行业中涨跌幅排名第 26。细分板块涨跌 幅：过去一周(2025/09/29~2025/10/10），汽车服务涨幅最大，汽车零 部件跌幅最大。汽车服务上涨 1.70%，商用车上涨 0.79%，摩托车及 其他下跌 0.95%，乘用车下跌 0.98%，汽车零部件下跌 1.7 ...

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Viewpoints - NAND Flash prices are expected to rise by 5-10% in Q4 2025 due to the spillover effect from QLC products, with an average price fluctuation of 1.12% observed in the previous week [1] - DRAM prices have shown a significant increase, with an average fluctuation of 7.83% in the last week, driven by strong demand in the data center sector, particularly for AI servers [2] - HBM chips are in high demand and are projected to be a core growth driver in the storage sector by 2026, as supply-demand imbalances are expected to worsen [2] Summary by Sections NAND Market - TrendForce predicts a 5-10% price increase for NAND Flash in Q4 2025, influenced by the demand for QLC products [1] - The previous week saw price fluctuations for 22 NAND categories ranging from -1.64% to 2.74%, with 19 categories experiencing price increases [1] DRAM Market - Micron has raised its forecast for server shipment growth in 2025 to approximately 10%, driven by traditional and AI server demand [2] - The last week recorded DRAM price fluctuations between 3.22% and 11.07%, with all 18 categories showing an upward trend [2] HBM Market - Micron's CEO indicated that HBM chip supply will be insufficient, with significant demand growth expected in 2026, outpacing overall DRAM growth [2] Market Dynamics - The embedded NAND and LPDDR4X products have seen widespread price increases due to rising upstream costs and strong market demand [3] - The market sentiment for LPDDR4X has turned bullish, with expectations of significant price hikes following a period of price stability [3] Investment Recommendations - The report maintains a positive outlook on the HBM industry chain and the semiconductor cycle recovery, recommending stocks such as Saiteng Co., Yishitong, and others [4] - For storage chips, the report suggests focusing on companies like Dongxin Co. and others, as the industry is expected to rebound due to supply-driven price increases and rising AI-related demand [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From September 12 to September 19, 2025, most treasury bond yields rose, and the term spread widened. The central bank conducted a total of 22,068.00 billion yuan in reverse repurchase operations, with a net injection of 6,340.00 billion yuan. Inter - bank capital prices increased. The primary issuance of interest - rate bonds was 6,645.39 billion yuan, and the net financing was 4,664.25 billion yuan [1]. - From September 15 to September 21, 2025, the credit bond issuance volume increased month - on - month. The primary market issued 1,231 new credit bonds, with a total issuance scale of 16,911.73 billion yuan. The net financing was 3,938.10 billion yuan. The credit bond yields mostly rose [2]. - From September 12 to September 19, 2025, the three major US stock indexes rose, European stock indexes were divided, most US Treasury yields increased, the US dollar index strengthened, most non - US currencies weakened, crude oil prices fell, and gold prices rose [3]. Summary by Directory 1. Interest - rate Bonds: Most Treasury Bond Yields Rose, and the Term Spread Widened 1.1 Liquidity Observation: Net Liquidity Injection, Rising Capital Prices - From September 12 to September 19, 2025, the central bank conducted 22,068.00 billion yuan in reverse repurchase operations, with a net injection of 6,340.00 billion yuan. Inter - bank and exchange capital prices increased. For example, DR001 rose 9.98BP to 1.4644%, and GC001 rose 5.90BP to 1.4110% [15]. 1.2 Primary Market Issuance: Increased Net Financing, Decreased Local Government Bond Issuance - From September 15 to September 21, 2025, the primary market issuance of interest - rate bonds was 6,645.39 billion yuan, and the net financing was 4,664.25 billion yuan. The issuance of local government bonds decreased compared with the previous period [27]. 1.3 Secondary Market Trading: Most Treasury Bond Yields Rose, and the Term Spread Widened - From September 12 to September 19, 2025, most treasury bond yields rose. The 1 - year yield decreased 1.00BP to 1.3900%, while the 3 - year, 5 - year, 7 - year, and 10 - year yields rose 1.51BP, 0.47BP, 4.89BP, and 1.19BP respectively. The 10Y - 1Y term spread widened from 46.70BP to 48.89BP. The yields of China Development Bank bonds were divided, and the 10Y - 1Y term spread narrowed from 45.04BP to 40.04BP [32]. 2. Credit Bonds: Most Credit Bond Yields Rose 2.1 Primary Market Issuance: Issuance Volume Increased Month - on - Month - From September 15 to September 21, 2025, the primary market issued 1,231 new credit bonds, with a total issuance scale of 16,911.73 billion yuan, a month - on - month increase of 4,522.11 billion yuan. The net financing was 3,938.10 billion yuan. Asset - backed securities had the largest number of issuances, and financial bonds had the highest issuance amount. AAA - rated bonds accounted for 71.79% of the total issuance. The issuance was mainly in the 3 - 5 - year term, and the financial industry had the largest number of issuances [45]. 2.2 Secondary Market Trading: Most Credit Bond Yields Rose - From September 12 to September 19, 2025, most urban investment bond yields rose, with the 7 - year AAA and AA - rated bonds having the largest increase of 4.50BP. Most medium - and short - term note yields rose, with the 5 - year AAA - rated note having the largest increase of 5.01BP [55]. 2.3 One - Week Credit Default Event Review - From September 15 to September 21, 2025, one enterprise's credit bonds defaulted [56]. 3. Weekly Observation of Major Asset Classes 3.1 European and American Stock Indexes Rose - From September 12 to September 19, 2025, the three major US stock indexes rose. The Dow Jones Industrial Average rose 1.05%, the S&P 500 Index rose 1.22%, and the Nasdaq Composite Index rose 2.21%. European stock indexes were divided, with the German DAX Index falling 0.25%, the French CAC40 Index rising 0.36%, and the UK FTSE 100 Index falling 0.72%. Asian - Pacific stock indexes rose and fell unevenly [58]. 3.2 Most US Treasury Yields Rose - From September 12 to September 19, 2025, the yields of 3 - year, 5 - year, 7 - year, and 10 - year US Treasury bonds rose 4.00BP, 5.00BP, 7.00BP, and 8.00BP respectively, while the 1 - year yield decreased 6.00BP. The 10Y - 1Y term spread changed by 14.00BP to 54.00BP [60]. 3.3 The US Dollar Index Strengthened, and Most Non - US Currencies Weakened - From September 12 to September 19, 2025, the US dollar index rose 0.30%. Most non - US currencies weakened. For example, the British pound against the US dollar fell 0.64%, and the US dollar against the Japanese yen rose 0.21% [64]. 3.4 Crude Oil Prices Fell, and Gold Prices Rose - From September 12 to September 19, 2025, COMEX gold futures prices rose 1.09%, and London spot gold prices rose 0.33%. Brent crude oil prices fell 0.46%, and WTI crude oil prices fell 0.02% [66]. 4. Investment Recommendations - As the cross - quarter capital demand increases near the end of the quarter, the central bank adjusts the 14 - day reverse repurchase operations to relieve liquidity pressure. In the short term, it may boost the bond market sentiment and push down interest rates. In the medium and long term, it can enhance the stability of the bond market. It is expected that the bond market will remain volatile in the fourth quarter. Interest - rate bonds should mainly be traded in bands, and credit bonds should focus on urban investment bonds and leading industrial bonds [4][70].