Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company is experiencing a growth phase with significant revenue and profit increases, driven by new product launches and market expansion [4][11] - The company has successfully developed a range of refrigerant leak detection sensors, which are expected to become a continuous growth driver [6] - The semiconductor gas instruments sector presents substantial potential for domestic substitution, with the company already securing orders from major domestic semiconductor equipment manufacturers [7] - The international market expansion is showing initial success, with overseas revenue increasing significantly [10] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 722 million yuan, a year-on-year increase of 33.56%, and a net profit of 107 million yuan, up 74.20% [4] - In Q3 2025, the company reported revenue of 214 million yuan, a year-on-year increase of 6.75%, and a net profit of 23 million yuan, up 14.39% [5] - The gross margin for Q3 2025 was 42.30%, with a net profit margin of 11.02% [5] Future Projections - Revenue projections for 2025-2027 are 1.098 billion yuan, 1.428 billion yuan, and 1.880 billion yuan, representing year-on-year growth rates of 25.8%, 30.0%, and 31.7% respectively [11] - Net profit projections for the same period are 157 million yuan, 221 million yuan, and 325 million yuan, with corresponding year-on-year growth rates of 39.2%, 41.0%, and 46.8% [11] Market Position and Strategy - The company is enhancing its global footprint by establishing subsidiaries in the US and South Korea, contributing to nearly 30% of revenue from overseas markets [10] - The company is focusing on cost control and has seen improvements in expense management, which is expected to stabilize as sales scale up [5]

2025 年 12 月 2 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： 知世界触手可及-电子皮肤行业深度报告 2025.11.21 锂电材料价格持续上涨-新材料周报 （251110-1114） 2025.11.19 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 邮箱：wangrui1@sxzq.com 新材料 新材料周报（251124-1128） 领先大市-B(维持) 宇树科技 IPO 辅导收官，有望推动人形机器人产业发展加速 摘要 二级市场表现 市场与板块表现：本周新材料板块上涨。新材料指数涨幅为 3.23%，跑输创 业板指 1.31%。近五个交易日，合成生物指数下跌 1.80%，半导体材料下跌 0.71%， 电子化学品上涨 0.45%，可降解塑料下跌 1.26%，工业气体上涨 0.86%，电池化 学品下跌 4.43%。 产业链周度价格跟踪（括号为周环比变化） 氨基酸：缬氨酸(12500 元/吨，-0.40%)、精氨酸(21400 元/吨，不变)、色氨 酸(30500 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The power equipment and new energy industry has shown significant market performance over the past year, with a focus on enhancing the utilization of renewable energy through new pricing mechanisms [1][4] - The report highlights the recent order of 143 million yuan received by UBTECH for humanoid robots, indicating strong demand in the robotics sector [3] - The National Development and Reform Commission (NDRC) is actively addressing issues of price disorder in certain industries, which may impact market dynamics [3] Summary by Relevant Sections Market Performance - The power equipment and new energy industry has experienced notable developments, including the introduction of new pricing methods aimed at promoting renewable energy consumption [4] Company Orders - UBTECH's total order amount for humanoid robots in 2025 has reached 1.3 billion yuan, showcasing robust growth in this segment [3] Pricing Trends - The report provides insights into the pricing of polysilicon, silicon wafers, battery cells, and modules, indicating stability in polysilicon prices and a downward trend in silicon wafer and battery cell prices due to high inventory levels [5][7][8] Investment Recommendations - The report recommends several companies for investment based on their strategic positioning in the industry, including Aikang Co., Longi Green Energy, and Daqo New Energy, among others [6][9]

市场走势 资料来源：最闻 国内市场主要指数 研究早观点 2025 年 12 月 2 日 星期二 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,914.01 | 0.65 | | 深证成指 | | 13,146.72 | 1.25 | | 沪深 | 300 | 4,576.49 | 1.10 | | 中小板指 | | 8,008.75 | 1.40 | | 创业板指 | | 3,092.50 | 1.31 | | 科创 | 50 | 1,336.76 | 0.72 | | 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】 【行业评论】煤炭：煤炭进口数据拆解：25 年 10 月进口环比收缩 【山证纺服】波司登 26 财年中期业绩点评-品牌羽绒服板块引领营收 稳健增长，库存周转速度显著提升 【公司评论】壶化股份(003002.SZ)：深度报告-山西民爆龙头，西部项 目引领发展新征程 2019 年 2 月 21 日 星期四 请务必阅读最后股 ...

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating expected performance to lead the market [1]. Core Insights - The coal import volume continues to show a contraction trend, with a cumulative decrease of 11.0% from January to October 2025. The import price for coal in October was $71 per ton, reflecting a year-on-year decline but a month-on-month increase of $3.65 [4][5]. - The report highlights that while domestic coal prices have unexpectedly risen in October, the import volume has decreased due to significant reductions in imports from Mongolia and Indonesia, influenced by transportation issues and local production challenges [6][7]. Summary by Sections Import Data Analysis - The cumulative import volume of coal from January to October 2025 shows a decrease of 11.0%, with October's import volume down 9.75% year-on-year and 9.26% month-on-month. All major coal types experienced a month-on-month decline, particularly thermal coal and lignite [4][5]. - The average import price for coal in October was $71 per ton, which is lower than the previous year but increased from the previous month [4]. Market Dynamics - The report discusses the reasons behind the decline in coal imports, particularly from Mongolia and Indonesia, due to political instability and seasonal weather impacts affecting production [6][7]. - The potential for a rebound in Mongolian coal exports is noted, with a target of 100 million tons set for 2026, although challenges remain in achieving this goal [7]. Investment Recommendations - The report suggests that the coal sector presents investment opportunities in the fourth quarter, driven by expected demand increases and a favorable pricing environment. The report anticipates that fourth-quarter performance may exceed that of the third quarter, indicating a positive outlook for the sector [7][8].

民爆用品 壶化股份（003002.SZ） 买入-B(首次) 山西民爆龙头，西部项目引领发展新征程 2025 年 12 月 1 日 公司研究/深度分析 公司近一年市场表现 投资要点： 一体化大型民爆企业，产能位居行业前列。公司是一家集民用爆破器材 研发、生产、销售、进出口、爆破服务于一体的大型民爆企业。拥有从民爆 上游原材料研发生产，到下游专业爆破服务的完整产业链条，已形成"民爆、 出口、爆破、军工"四大产业版块。拥有数码电子雷管产能 5880 万发、工业 炸药产能共计 11.4 万吨、工业雷管产能 2000 万发、起爆具产能 2300 吨。 市场数据：2025 年 11 月 28 日 经营稳中有增，财务持续稳健。2020-2024 年，公司收入从 5.56 亿元增 至 11.01 亿元，CAGR 为 25.58%；归母净利润由 0.97 亿元增至 1.4 亿元，CAGR 为 13.01%。2024 年在国内经济景气度低迷、民爆行业缩量下行的严峻形势下， 收入、利润均保持在健康合理的空间。2025 上半年，公司出口市场和省外市 场拓展增幅较大，主营产品雷管、炸药、起爆具产销量均显著提升。前三季 度公司实现营业收 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [3][9] Core Views - The brand down jacket segment leads to steady revenue growth, with inventory turnover significantly improving [4][9] - For the first half of FY2025/26, the company achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion yuan, up 5.3% year-on-year [3][4] Revenue Breakdown - The brand down jacket business generated revenue of 6.568 billion yuan, up 8.3% year-on-year, with the Bosideng main brand contributing 5.719 billion yuan, also up 8.3% [4][5] - The OEM processing business saw revenue decline to 2.044 billion yuan, down 11.7% year-on-year [4] - Women's clothing revenue decreased by 18.6% to 251 million yuan, while diversified clothing revenue fell by 45.3% to 64 million yuan [4] Channel Performance - Self-operated channels generated revenue of 2.411 billion yuan, up 6.6%, while wholesale channels achieved 3.701 billion yuan, up 7.9% [5] - The company added 88 retail stores, bringing the total to 3,558, with a net increase of 3 self-operated stores [5] Profitability Metrics - The overall gross margin for FY2025/26 H1 slightly increased by 0.1 percentage points to 50.0%, while the brand down jacket business gross margin decreased by 2.0 percentage points to 59.1% [6][8] - The net profit margin increased by 0.5 percentage points to 13.3% due to various factors including reduced financial expenses and stable goodwill impairment in women's clothing [8] Cash Flow and Inventory Management - The average inventory turnover days decreased by 11 days to 178 days, attributed to a slowdown in raw material procurement and inventory reduction efforts [8] - The net cash flow from operating activities improved significantly to -1.084 billion yuan from -3.483 billion yuan in the previous year [8] Financial Forecast - The company is expected to achieve net profits of 3.931 billion yuan, 4.382 billion yuan, and 4.786 billion yuan for the fiscal years 2026, 2027, and 2028 respectively [9][11] - The projected P/E ratios for 2026, 2027, and 2028 are 13.5, 12.1, and 11.1 times respectively [9][11]

Company Insights - Haibo Sichuang (688411.SH) is the leading player in the domestic energy storage market, with significant breakthroughs in overseas markets [6] - The company signed an agreement with LEAG Clean Energy to develop a large-scale energy storage project in Germany, with a capacity of 1.6GWh, positioning itself among Europe's major battery storage facilities [6] - According to S&P Global, Haibo Sichuang ranks among the top three global battery storage system integrators in 2023, with second place in power scale and third in energy scale [6] - The company aims to match its domestic market scale in overseas markets within 3-5 years through a dual strategy of "technology output + localized operations" [6] - Haibo Sichuang has secured a battery supply of no less than 200GWh through a strategic cooperation agreement with CATL for the years 2026-2035 [6] Industry Insights - The global energy storage capacity is expected to exceed 270GW by 2030, with an annual compound growth rate of over 40%, driven by the increasing generation of renewable energy [6] - In China, the new energy storage installation scale is projected to surpass 130GW by 2025 under ideal scenarios, with a compound growth rate of 20.2%-24.5% from 2024 to 2030 [6] - The HR+/HER2- breast cancer segment, which accounts for 70% of all breast cancer cases, is seeing advancements in post-line treatments, with TROP2 ADC and HER3 ADC showing promising efficacy [7][8] - Recent clinical trials indicate that TROP2 ADC has superior progression-free survival (PFS) compared to traditional chemotherapy in HR+/HER2- breast cancer patients [7] - The HER3 ADC and KAT6 inhibitors are also demonstrating significant efficacy in clinical trials for HR+/HER2- breast cancer, indicating a broadening of treatment options in this area [7][8]

2025 年 11 月 28 日 公司研究/公司快报 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 杜羽枢 执业登记编码：S0760523110002 邮箱：duyushu@sxzq.com 储能 海博思创（688411.SH） 买入-A(首次) 国内储能稳居龙头，海外市场正在突破 事件描述 公司上市以来股价表现 | 年 月 市场数据：2025 | 11 | 日 25 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 299.46 | | 年内最高/最低（元）： | | | 426.01/57.00 | | 流通A股/总股本（亿）： | | | 0.38/1.80 | | 流通 A 股市值（亿）： | | | 113.60 | | 总市值（亿）： | | | 539.30 | | 年 基础数据：2025 | 月 9 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 3.58 | | 摊薄每股收益(元)： | | | 3.58 | | 每股净资产(元)： ...

Core Insights - The report highlights the strong performance of Nvidia in Q3 2025, with revenue reaching $57 billion, a quarter-over-quarter increase of 22% and a year-over-year increase of 62%, driven by robust demand in data center computing products [4][5] - The launch of Google's AI model, Nano Banana Pro, has generated significant market excitement, indicating a competitive landscape in AI capabilities and the necessity for continuous advancements in computational power [4][5] - The domestic computing power market is expected to see substantial growth, with various catalysts such as potential changes in U.S. GPU export policies and the upcoming IPO of domestic companies like Moore Threads [4][7] Industry Overview - The communication sector has experienced a decline, with the overall market indices showing a downward trend, particularly in the Shenzhen Component Index, which fell by 5.13% [2][5] - The report notes that the domestic computing power chain presents numerous opportunities, both from a capital expenditure perspective and in terms of domestic substitution and technological innovation [4][5] - The introduction of Huawei's AI container technology, Flex: AI, is expected to enhance the utilization of domestic computing clusters by 30%, showcasing advancements in AI infrastructure optimization [7] Company Insights - The report discusses the performance of Kema Technology, which achieved a revenue of 794 million yuan in Q3 2025, reflecting a year-over-year growth of 28.86% [8] - Kema Technology is positioned as a leader in advanced ceramic materials, with significant growth expected in its ceramic heater segment due to increased demand from domestic semiconductor manufacturers [8][9] - The company is actively pursuing domestic substitution opportunities, with a focus on high-purity aluminum oxide and high thermal conductivity aluminum nitride products, aiming to enhance its competitive edge in the semiconductor equipment market [8][9]