Core Insights - The solar energy sector is experiencing a significant decline in new installations, with September 2025 seeing a 53.8% year-on-year decrease in new photovoltaic installations, totaling 9.7GW, although there was a 31.2% increase compared to the previous month [6][7] - Despite the decline in new installations, the export of solar components and inverters has shown resilience, with inverter exports in September 2025 increasing by 5.0% year-on-year, although they decreased by 19.2% month-on-month [6][7] - The report highlights a strong growth trajectory in the wind energy sector, with the company achieving a 45.6% year-on-year revenue increase in the wind power segment, driven by a significant rise in blade production [12][13] Market Trends - The domestic photovoltaic market is facing challenges, with a cumulative new installation of 240.27GW from January to September 2025, reflecting a 49.3% year-on-year increase [6][7] - The overall power generation from solar energy in September 2025 increased by 21.1% year-on-year, contributing to 5.63% of the total industrial power generation in China [6][7] - The new materials sector has shown positive performance, with the new materials index rising by 3.19%, outperforming the ChiNext index by 2.69% [8] Company Performance - The report on Yonghui Supermarket indicates a 22.21% year-on-year decline in revenue for the first three quarters of 2025, with a net loss of 7.10 billion yuan [9] - In contrast, the report on Times New Material shows a 14.42% year-on-year increase in revenue for the first three quarters of 2025, with a net profit growth of 40.52% [12][13] - Financial performance for Caitong Securities indicates a 13.99% year-on-year revenue increase for the first three quarters of 2025, driven by strong growth in brokerage and investment businesses [15][16] Investment Recommendations - The report suggests focusing on companies involved in new technologies in the solar sector, such as Aiko Solar and Longi Green Energy, as well as those in the supply chain like Daqo New Energy and Flat Glass [6][7] - For the wind energy sector, the report emphasizes the importance of companies like Times New Material, which are well-positioned to benefit from the growing demand for wind turbine blades [12][13] - In the new materials sector, the report recommends monitoring developments related to AI materials, particularly in light of Nvidia's recent advancements in superchip technology [8]

2025 年 11 月 5 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2025 年三季报。2025 年前三季度营业收入 149.49 亿元，同比 增长 14.42%；实现归母净利润 4.28 亿元，同比增长 40.52%。第三季度公司 实现营收 56.93 亿元，同比增长 29.25%，环比增长 11.69%；实现归母净利 润 1.25 亿元，同比增长 50.87%，环比降低 17.65%。 事件点评 新材料 时代新材（600458.SH） 买入-A(维持) 风电叶片收入高增，新材料布局持续完善 市场数据：2025 年 11 月 4 日 收盘价（元）： 14.09 年内最高/最低（元）： 16.98/10.88 流通A股/总股本（亿）： 8.10/9.31 流通 A 股市值（亿）： 114.09 总市值（亿）： 131.20 风电市场高景气，叶片销量、营收快速增长。公司 2025 年前三季度风 电领域实现营收 67.41 亿元，同比增长 45.60%，风电叶片产值 22.63GW，同 比增长 81.62%；第三季度营收为 28.65 亿元，同比增长 57.06%，风电叶片 产值 9.59 ...

超市及便利店 永辉超市（601933.SH） 增持-A(维持) 2025Q3 调改店开店速度加快，关注自有品牌产品持续上新 2025 年 11 月 5 日 公司研究/公司快报 公司近一年市场表现 事件描述 10 月 31 日，公司披露 2025 年 3 季报，2025 年前三季度，公司实现营业收入 424.34 亿元，同比下降 22.21%；录得归母净亏损 7.10 亿元，录得扣非后净亏损 15.02 亿元。 事件点评 资料来源：最闻，山西证券研究所 90.75/90.75 2025Q3 公司营收延续下降，扣非后亏损环比收窄。营收端，2025 年前三季度，公 司实现营收 424.34 亿元，同比下降 22.21%；营收下降主因：（1）行业竞争激烈导致公 司客流、客单均出现下滑；（2）公司对门店进行优化调改的同时，关闭尾部门店。线上 渠道方面，2025 年前三季度，线上业务营收 77.8 亿元，占公司营收比重 18.33%。其中， 自营到家业务营收 44.3 亿元，第三方平台到家业务营收 33.5 亿元。业绩端，2025 年前 三季度，录得归母净亏损 7.10 亿元，录得扣非后净亏损 15.02 亿元，非经常性 ...

2025 年 11 月 5 日 公司研究/公司快报 资料来源：最闻 彭皓辰 执业登记编码：S0760525060001 公司近一年市场表现 市场数据：2025 年 11 月 4 日 | 收盘价（元）： | | 8.50 | | --- | --- | --- | | 年内最高/最低（元）： | | 9.56/6.96 | | 流通 A | 股/总股本（亿股）： | 46.44/46.44 | | 流通 A | 股市值（亿元）： | 394.72 | | 总市值（亿元）： | | 394.72 | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元)： | 0.44 | | --- | --- | | 摊薄每股收益(元)： | 0.44 | | 每股净资产(元)： | 8.06 | | 净资产收益率(%)： | 5.44 | 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 证券Ⅲ 财通证券（601 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the solar industry, with specific ratings of "Buy-A" and "Buy-B" assigned to various stocks [1]. Core Insights - In September 2025, domestic photovoltaic (PV) installations decreased by 53.8% year-on-year, totaling 9.7GW, while cumulative installations from January to September reached 240.27GW, reflecting a 49.3% increase year-on-year [2][12]. - The export value of PV components in September was 199.8 billion yuan, marking a 39.0% year-on-year increase, despite a 4.7% decrease from the previous month. Cumulative exports for the first nine months were 1,521.8 billion yuan, down 13.3% year-on-year [2][15]. - Inverter exports also showed growth, with a September export value of 50.8 billion yuan, up 5.0% year-on-year, but down 19.2% month-on-month. Cumulative inverter exports for January to September reached 484.9 billion yuan, a 7.7% increase year-on-year [3][25]. - Solar power generation in September increased by 21.1% year-on-year, contributing to 5.63% of the total national power generation, which was 8,262 billion kilowatt-hours, a 1.5% increase year-on-year [4][39]. Summary by Sections Installation - In September 2025, domestic PV installations were 9.7GW, down 53.8% year-on-year, but up 31.2% month-on-month. Cumulative installations for the first nine months were 240.27GW, up 49.3% year-on-year [2][12]. Exports - PV component exports in September were valued at 199.8 billion yuan, a 39.0% increase year-on-year, but a 4.7% decrease month-on-month. Cumulative exports for January to September were 1,521.8 billion yuan, down 13.3% year-on-year [2][15]. - Inverter exports in September totaled 50.8 billion yuan, up 5.0% year-on-year, but down 19.2% month-on-month. Cumulative exports for the first nine months reached 484.9 billion yuan, a 7.7% increase year-on-year [3][25]. Power Generation - Solar power generation in September was 464.8 billion kilowatt-hours, reflecting a 21.1% year-on-year increase and accounting for 5.63% of the total national power generation [4][39]. Investment Recommendations - The report recommends focusing on companies in various sectors: new technology (Aixu Co., Longi Green Energy), supply side (Daqo New Energy, Flat Glass Group), energy storage (Sungrow Power Supply, DeYuan Co.), electricity market (Langxin Group), domestic substitution (Quartz Co.), and overseas expansion (Hengdian East Magnetic, Bowei Alloy) [4][43].

2025 年 11 月 5 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： 布，建议关注风电材料发展机遇-新材料 周报（251020-1024） 2025.10.28 透，建议关注 AI 新材料机遇-新材料周 报（251013-1017） 2025.10.21 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（251027-1031） 领先大市-B(维持) 英伟达发布 Vera Rubin 超级芯片，建议关注 AI 材料发展机遇 摘要 二级市场表现 氨基酸：缬氨酸(12400 元/吨，不变)、精16氨50酸元(2/吨，不变)、色氨酸 (32500 元/吨，-2.99%)、蛋氨酸(20800 元/吨，-0.95%) 【山证新材料】《风能北京宣言 2.0》发 【山证新材料】生成式人工智能快速渗 可降解材料：PLA(FY201 注塑级)(17800 元/吨，不变)、PLA(RE ...

| 年 月 市场数据：2025 11 | 日 4 | | | --- | --- | --- | | 收盘价（元）： | | 11.30 | | 年内最高/最低（元）： | | 14.09/8.49 | | 流通A股/总股本（亿）： | | 19.82/19.82 | | 流通 A 股市值（亿）： | | 224.02 | | 总市值（亿）： | | 224.02 | | 资料来源：最闻 | | | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元)： | 0.53 | | --- | --- | | 摊薄每股收益(元)： | 0.53 | | 每股净资产(元)： | 10.32 | | 净资产收益率(%)： | 7.78 | | 资料来源：最闻 | | 分析师： 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 动力煤 山煤国际（600546.SH） 增持-A(维持) 产销比修复，未来业绩仍有改善空间 风险提示 1）宏观经济增速不及预期风险； 2）煤炭产销比修复不及预期；3）煤炭价 格超预期下行风险；4）安全生产风险等。 2025 年 11 月 5 日 公司 ...

国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,960.19 | -0.41 | | 深证成指 | | 13,175.22 | -1.71 | | 沪深 | 300 | 4,618.70 | -0.75 | | 中小板指 | | 8,090.70 | -1.67 | | 创业板指 | | 3,134.09 | -1.96 | | 科创 | 50 | 1,387.24 | -0.97 | 资料来源：最闻 分析师： 彭皓辰 研究早观点 2025 年 11 月 5 日 星期三 市场走势 资料来源：最闻 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证食品】贵州茅台（600519.SH）三季报点评：经销贡献收入，期 待需求逐步改善 【山证食品】泸州老窖（000568.SZ）三季报点评：Q3 业绩环比下滑， Q4 预计将继续释放压力 【山证食品】山西汾酒（600809.SH）三季报点评：经营韧性凸显，Q3 省外市场发力 2019 年 2 月 21 日 星期四 请务必阅 ...

公司近一年市场表现 执业登记编码：S0760525080002 邮箱：xiongpeng@sxzq.com 和芳芳 执业登记编码：S0760519110004 邮箱：hefangfang@sxzq.com | 基础数据：2025 年 | 9 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 51.53 | | 摊薄每股收益(元)： | | | 51.53 | | 每股净资产(元)： | | | 212.18 | | 净资产收益率(%)： | | | 25.18 | | 资料来源：最闻 | | | | 分析师： 熊鹏 白酒 贵州茅台（600519.SH） 买入-A(维持) | 年 市场数据：2025 | 月 11 | 日 4 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 1,429.00 | | 年内最高/最低（元）： | | | 1,667.11/1,400. | | | | | 00 | | 流通A股/总股本（亿）： | | | 12.52/12.52 | | 流通 股市值（亿）： A | | | ...

2025 年 11 月 4 日 公司研究/公司快报 公司近一年市场表现 | 市场数据：2025 年 11 月 | 4 日 | | | --- | --- | --- | | 收盘价（元）： | | 133.10 | | 年内最高/最低（元）： | | 156.00/106.75 | | 流通A股/总股本（亿）： | | 14.69/14.72 | | 流通 A 股市值（亿）： | | 1,955.83 | | 总市值（亿）： | | 1,959.17 | | 基础数据：2025 年 | 9 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 7.31 | | 摊薄每股收益(元)： | | | 7.31 | | 每股净资产(元)： | | | 33.85 | | 净资产收益率(%)： | | | 21.67 | 资料来源：最闻 分析师： 熊鹏 执业登记编码：S0760525080002 邮箱：xiongpeng@sxzq.com 和芳芳 执业登记编码：S0760519110004 邮箱：hefangfang@sxzq.com 白酒 泸州老窖（000 ...