2025 年 11 月 19 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：最闻 相关报告： 行动》白皮书发布，六氟磷酸锂价格强 势反弹-新材料周报（251027-1031） 2025.11.12 【山证新材料】英伟达发布 Vera Rubin 超级芯片，建议关注 AI 材料发展机遇- 新材料周报（251027-1031） 2025.11.5 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 市场与板块表现：本周新材料板块上涨。新材料指数涨幅为 0.32%，跑赢创 业板指 3.33%。近五个交易日，合成生物指数上涨 5.04%，半导体材料下跌 1.82%， 电子化学品下跌 2.23%，可降解塑料上涨 1.10%，工业气体下跌 0.24%，电池化 学品上涨 13.83%。 申向阳 产业链周度价格跟踪（括号为周环比变化） 邮箱：shenxiangyang@sxzq.com 氨基酸：缬氨酸(12550 元/吨，不变)、精氨酸(21400 元/吨，-0.47%)、色氨 酸(32500 元/吨，不变)、 ...

电力设备及新能源 行业周报（20251110-20251116） 同步大市-A(维持) 宇树科技完成 IPO 辅导，两部委下发新能源消纳和调控指导意见 2025 年 11 月 19 日 行业研究/行业周报 电力设备及新能源行业近一年市场表现 投资要点 特斯拉拟扩建得州超级工厂：11 月 11 日，据特斯拉垂直媒体 Teslarati 报道，特斯拉计划对其得克萨斯州超级工厂进行新一轮扩建，拟新建专用于 Optimus 人形机器人的生产基地。该生产基地规划年产能达 1000 万台，预计 于 2027 宇树科技完成 IPO 辅导：11 月 15 日，中国证券监督管理委员会网上办 事服务平台，披露了关于宇树科技股份有限公司首次公开发行股票并上市辅 导工作完成报告。该报告由浙江证监局派出。目前宇树科技处于辅导验收阶 段。 国家能源局：下发促进新能源集成融合发展的指导意见： 11 月 12 日， 国家能源局发布关于促进新能源集成融合发展的指导意见。文件提出，到 2030 年，集成融合发展成为新能源发展的重要方式，新能源可靠替代水平明 显增强，市场竞争力显著提升，有力支撑经济社会发展全面绿色转型，为加 快中国式现代化建设提 ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [3][6] Core Views - The company's profitability is continuously recovering, and it is actively expanding production capacity [3][5] - The company achieved a revenue of 930 million yuan in the first three quarters of 2025, representing a year-on-year growth of 10.56% [3] - The net profit attributable to the parent company for the same period was 37.34 million yuan, showing a significant year-on-year increase of 74.83% [3] Financial Performance Summary - In Q3 2025, the company reported a revenue of 316 million yuan, with a year-on-year increase of 15.98% [4] - The gross profit margin for Q3 was 15.45%, up by 1.03 percentage points year-on-year [4] - The net profit margin for Q3 was 3.75%, an increase of 0.73 percentage points year-on-year [4] Market Expansion and Capacity Growth - The company is deepening its global market layout, successfully entering multiple international markets including Europe, America, and Asia [5] - The "High-speed Forging Intelligent Manufacturing Project" was completed and put into production in April 2025, while the "Bearing Ring Heat Treatment Production Line" is expected to be completed by December 2025 [5] - The company plans to raise no more than 721 million yuan through a private placement to support new production capacity and working capital [5] Emerging Business Development - The company is focusing on new product lines, particularly screw components and insulated bearing rings, with significant progress in production capacity and R&D [5] - The company has established a complete R&D system and has passed multiple quality management system certifications, enhancing product competitiveness [5] Future Earnings Forecast - The company is expected to achieve revenues of 1.33 billion yuan, 1.66 billion yuan, and 2.10 billion yuan from 2025 to 2027, with year-on-year growth rates of 15.7%, 25.3%, and 26.3% respectively [6] - The net profit attributable to the parent company is projected to reach 51 million yuan, 93 million yuan, and 172 million yuan during the same period, with year-on-year growth rates of 95.4%, 82.4%, and 85.0% respectively [6]

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,939.81, down 0.81% [2] - During the period from November 10 to November 14, major indices experienced a downturn, with the Shanghai Composite Index down 0.18% and the ChiNext Index down 3.01% [6] Industry Insights - The report highlights the improvement in the fundamentals of the brokerage sector, with significant performance recovery in the first three quarters of 2025, driven by enhanced investment policies and ongoing reforms in the STAR Market and ChiNext [4][6] - The coal industry saw a mixed performance in October, with a year-on-year increase in coal production of 1.5% for the first ten months, but a decline in October production by 2.3% [8] - The demand for thermal power showed an unexpected increase in October, with a growth rate of 7.3%, contrasting with the overall decline in fixed asset investment [8] Company Analysis - The report on Yilian Network (300628.SZ) indicates a positive trend in its third-quarter performance, with a sequential improvement in revenue and a strong growth momentum in cloud office terminals [7] - Five Continents Spring (603667.SH) reported stable performance in Q3 2025, with revenue reaching 7.67 billion yuan, reflecting a year-on-year increase of 6.33% [13] - The company is focusing on upgrading its high-end bearing and screw products, with significant growth in the new energy vehicle bearing sector and ongoing expansion into high-value markets [13] Investment Recommendations - The report suggests a favorable outlook for the coal sector in Q4, with expectations of price support due to limited supply and increased demand during the winter peak [8] - For Yilian Network, the introduction of AI capabilities and a focus on high-end markets are expected to enhance its competitive position and market share [10] - Five Continents Spring is projected to continue its growth trajectory, with an emphasis on high-value product upgrades and market expansion in the aerospace and gas turbine sectors [13]

非银行金融 行业周报（20251110-20251114） 领先大市-A(维持)) 提升资本市场内在稳定性，券商基本面持续向好 2025 年 11 月 18 日 行业研究/行业周报 | 彭皓辰 | | --- | | 执业登记编码：S0760525060001 | | 邮箱：penghaochen@sxzq.com | | 刘丽 | | 执业登记编码：S0760511050001 | | 电话：0351--8686985 | | 邮箱：liuli2@sxzq.com | | 孙田田 | | 执业登记编码：S0760518030001 | | 电话：0351-8686900 | | 邮箱：suntiantian@sxzq.com | 资料来源：最闻 提升资本市场内在稳定性。上海证券交易所国际投资者大会 11 月 12 日正式启幕，开幕式上证监会副主席表示，资本市场平稳健 康运行，具备良好的基础条件，证监会将深化投融资综合改革，着 力提升资本市场制度的包容性、适应性。融资端，纵深推进两创板 改革，加快落实科创板"1+6"政策举措，推动科创成长层平稳运 行。抓紧启动实施深化创业板改革，积极发展多元股权融资。投资 端 ...

2025 年 11 月 18 日 行业研究/行业快报 煤炭行业近一年市场表现 煤炭 煤炭月度供需数据点评 领先大市-A(维持) 10 月：火电增速逆势向上，煤价上涨超预期 资料来源：最闻 相关报告： 【山证煤炭】煤炭进口数据拆解-25 年 9 月 国 内 煤 价 上 涨 带 动 进 口 量 提 升 2025.10.23 【山证煤炭】2025 年三季度煤炭债复盘- 平均期限继续创新高，平煤神马重组利 好存量债项 2025.10.22 分析师： 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 10 月： 供给：1-10 月原煤供给边际递减。2025 年 1-10 月，原煤累计产量实现 39.73 亿吨，同比增 1.5%，同比增速边际下滑。10 月当月实现 4.07 亿吨，同 比降 2.3%，环比降 1.16%。 首选股票 评级 需求：1-10 月终端需求维持回落趋势，火电需求逆势向上。25 年 1-10 月固定资产投资同比降 1.7%，其中制造业投资增 2.7%、基建投资降 0.1%、 房地产投资降 14.7%。25 年 1-10 月火电累计增速实现-0.4%；焦炭累计增速 ...

Investment Rating - The report maintains an "Add-B" investment rating for the company [1] Core Views - The company has shown a quarter-on-quarter improvement in performance, with a good growth momentum in cloud office terminals [1] - The company’s revenue for the first three quarters of 2025 reached 4.298 billion yuan, a year-on-year increase of 4.59%, while the net profit attributable to shareholders was 1.958 billion yuan, a year-on-year decrease of 5.16% [4] - The company is in a transitional phase due to changes in U.S. tariff policies, affecting the shipment rhythm of desktop communication terminals [5] - The SIP phone business has significant overseas market potential, and the company is focusing on optimizing product structure and expanding into high-end markets [5] - The company launched AI hearing aids, marking an expansion from B-end to C-end markets [5] Financial Performance - In Q3 2025, the company achieved revenue of 1.648 billion yuan, with a quarter-on-quarter increase of 14.26% and a year-on-year increase of 14.11% [4] - The gross margin for conference products reached 66.41%, contributing to performance growth [6] - The company’s revenue from conference products in H1 2025 was 1.076 billion yuan, a year-on-year increase of 13.17% [6] - The revenue from cloud office terminals in H1 2025 was 262 million yuan, a year-on-year increase of 30.55% [6] Profit Forecast and Valuation Analysis - The company’s projected net profit for 2025-2027 is 2.667 billion, 2.942 billion, and 3.462 billion yuan, respectively, with year-on-year growth rates of 0.7%, 10.3%, and 17.7% [8] - The estimated EPS for 2025-2027 is 2.11, 2.33, and 2.74 yuan, with corresponding P/E ratios of 16.2, 14.7, and 12.5 [8] - The report emphasizes the strong market competitiveness of the company’s products and the potential for AI capabilities to expand market share [8]

市场数据：2025 年 11 月 17 日 收盘价（元）： 43.13 年内最高/最低（元）： 53.20/16.37 流通A股/总股本（亿）： 3.66/3.66 流通 A 股市值（亿）： 157.94 | 基础数据：2025 年 | 9 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.27 | | 摊薄每股收益(元)： | | | 0.27 | | 每股净资产(元)： | | | 8.29 | | 净资产收益率(%)： | | | 3.59 | | 资料来源：最闻 | | | | 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 邮箱：jiaguochen@sxzq.com 基础件 五洲新春（603667.SH） 增持-A(维持) 业绩平稳向好，持续推进高端轴承与丝杠产品升级 2025 年 11 月 18 日 公司研究/公司快报 研究助理： 丝杠业务不断突破，新赛道布局奠定成长基础。丝杠业务作为战略新兴 方向，逐渐实现从样品阶段到小批量订单的关键跨越：在机器人领域，反向 式行星 ...

研究早观点 2025 年 11 月 18 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,972.03 | -0.46 | | 深证成指 | | 13,202.00 | -0.11 | | 沪深 | 300 | 4,598.05 | -0.65 | | 中小板指 | | 7,992.92 | -0.37 | | 创业板指 | | 3,105.20 | -0.20 | | 科创 | 50 | 1,354.04 | -0.53 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证纺服】10 月社零数据点评-10 月国内社零同比增长 2.9%，可选 消费品类增速环比提升 【公司评论】星图测控(920116.BJ)：太空服务管理提供商，测管仿算 全产业链构筑核心壁垒 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【 ...

公司上市以来股价表现 | 市场数据：2025 年 | 11 月 | 14 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 70.50 | | 总股本（亿股）： | | | 1.60 | | 流通股本（亿股）： | | | 0.41 | | 流通市值（亿元）： | | | 28.61 | | 基础数据：2025 年 月 | 9 | 日 30 | | | --- | --- | --- | --- | | 每股净资产（元）： | | | 3.43 | | 每股资本公积（元）： | | | 1.01 | | 每股未分配利润（元）： | | | 1.30 | | 资料来源：最闻 | | | | 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 盖斌赫 执业登记编码：S0760522050003 邮箱：gaibinhe@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 行业应用软件 星图测控（920116.BJ） 买入-B(首次) 事件描述： 公司发布 2025 ...