Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6]. Core Views - The company reported a revenue of 25.834 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.38%, while the net profit attributable to the parent company was 7.570 billion yuan, down 28.83% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 9.091 billion yuan, a year-on-year increase of 1.53%, but the net profit attributable to the parent company decreased by 18.69% [1]. - The company is expected to see a revenue growth acceleration in Q4 2025 compared to Q3 2025 [2]. Revenue and Profitability - The revenue breakdown by product line shows that the in vitro diagnostics line generated 3.634 billion yuan in Q3, a decrease of 2.81% year-on-year, while the life information and support line saw a revenue of 2.952 billion yuan, an increase of 2.60% [2]. - The medical imaging line's revenue remained stable at 1.689 billion yuan in Q3, with international revenue accounting for 61% of this line [2]. - The company has increased its R&D expense ratio to 9.43%, reflecting a focus on high-end market breakthroughs [3]. Market Position and International Expansion - The international market grew by 11.9% in Q3 2025, with Europe experiencing a 29% growth [4]. - The company aims to enhance its global supply chain and local production capabilities, which is expected to improve the profitability of its international business [4]. - The company has installed 180 laboratory automation lines domestically, nearing the total for 2024, and has exceeded its international sales target [4]. Financial Forecast - The company’s projected revenues for 2025-2027 are 33.790 billion yuan, 36.977 billion yuan, and 42.223 billion yuan respectively, with net profits of 9.564 billion yuan, 10.996 billion yuan, and 12.746 billion yuan [4]. - The downward revision in forecasts is attributed to intense domestic competition and ongoing healthcare reforms [4].

| 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 行业报告 | 行业研究周报 2025 年 11 月 03 日 吴立 分析师 SAC 执业证书编号：S1110517010002 wuli1@tfzq.com 周新宇 分析师 SAC 执业证书编号：S1110524070007 zhouxinyu@tfzq.com 行业走势图 -12% -6% 0% 6% 12% 18% 24% 2024-11 2025-03 2025-07 中小市值 沪深300 资料来源：聚源数据 相关报告 1 《新兴产业-行业研究周报:菲莫国际、 思摩尔国际发布 2025 年三季度报告， 财务数据表现良好；宁波、黄埔海关查 获 ZYN 侵权产品》 2025-10-26 2 《新兴产业-行业投资策略:哪些"AI+ 应 用 " 赛道 有望 率 先跑 出 龙头 ？ 》 2025-10-17 新兴产业 证券研究报告 国产机器人亮相十五运会火炬传递，重点关注产业链龙头奥比中光、柯力传感！ 本周，国内机器人产业迎来亮眼突破：在第十五届全国运动会（简称十五运会）深圳站火炬传 ...

Group 1 - The report highlights that the stock-bond allocation value has retreated from historical extremes, with the equity risk premium (ERP) stabilizing below one standard deviation [1] - The overall A-share index PE valuation stands at 22.0, with most broad-based indices around the 60th percentile historically, indicating relatively low valuations [1][29] - Market trading indicators show a decline in trading heat, with turnover rates and transaction volumes decreasing compared to the previous month, suggesting a cooling market sentiment [1][29] Group 2 - The "15th Five-Year Plan" suggestions have been officially released, marking a new phase in China's modernization process, emphasizing the importance of building a modern industrial system and financial strength [2] - The report indicates that local governments are likely to draft their own five-year plans by the end of the year, following the central government's guidelines [2] - The AI infrastructure investment is expected to significantly increase, with companies like Microsoft planning to expand their global AI infrastructure spending to meet growing demand [2] Group 3 - The report identifies green methanol as a key alternative fuel, with a projected demand of approximately 6.79 million tons from new methanol-fueled vessels expected to launch in the coming years [5] - China's green methanol production capacity is anticipated to achieve scale ahead of other regions, with a significant portion of global projects being developed in China [5] - The report recommends focusing on green methanol producers and related equipment manufacturers, highlighting companies like Goldwind Technology and Donghua Technology [5] Group 4 - The report notes that the AI server and cloud computing business is experiencing rapid growth, with a significant increase in revenue and profitability for companies involved in AI infrastructure [4] - The demand for AI computing power continues to rise, with GPU server shipments increasing by over five times year-on-year [4] - The report emphasizes the importance of technological advancements and market demand in driving the performance of companies in the AI sector [4] Group 5 - The report discusses the transition from UPS to HVDC technology, with major companies like Meta and NVIDIA making significant advancements in this area [7] - The domestic market is expected to see sustained demand for HVDC technology driven by initiatives like "East Data West Computing" [7] - Investment recommendations include focusing on domestic leaders in HVDC technology and companies that can benefit from the transition from UPS to HVDC [7]

Investment Rating - The investment rating for Postal Savings Bank is "Buy" with a 6-month outlook maintained [7]. Core Insights - The bank's revenue and profit have shown steady improvement, with a revenue of approximately 265.08 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.82% [2][5]. - The net profit attributable to shareholders reached 76.562 billion yuan, reflecting a year-on-year increase of 0.98% [2][5]. - The bank's net interest margin recorded at 1.68%, a slight decrease of 2 basis points compared to the first half of 2025 [2]. - Non-interest income has significantly increased, with net fees and commissions rising by 11.48% year-on-year to 23.094 billion yuan, and investment income soaring by 76.70% to 31.651 billion yuan [2][3]. Financial Performance Summary - For the first three quarters of 2025, the bank's total interest-earning assets amounted to 18.35 trillion yuan, a year-on-year growth of 11.15% [3]. - The bank's interest-bearing liabilities stood at 17.30 trillion yuan, reflecting a year-on-year increase of 10.81% [3]. - The non-performing loan ratio was reported at 0.94%, with a loan provision coverage ratio of 240.2% [4][5]. - The bank's projected net profit growth for 2025-2027 is estimated at 0.95%, 2.68%, and 3.98% respectively [5]. Asset and Liability Structure - The composition of interest-earning assets includes loans (51.43%), financial investments (35.28%), interbank lending (6.43%), and deposits with the central bank (6.86%) [3]. - The structure of interest-bearing liabilities is primarily composed of deposits (93.72%), bonds issued (1.82%), interbank liabilities (4.31%), and borrowings from the central bank (0.16%) [3]. Market Position and Valuation - The current price of the bank's stock is 5.75 yuan, with a target price yet to be specified [7]. - The bank's total market capitalization is approximately 576.37 billion yuan [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In October, the main equity indices and the CSI Convertible Bond Index showed a "V" - shaped trend, with the CSI Convertible Bond Index down 0.11% for the month and up 16.99% year - to - date. The performance of convertible bonds varied by type and style, and the valuation of the convertible bond market reached a high level, with only A+ and A - rated convertible bonds having potential for valuation increase. The difference between market price and theoretical call redemption probability widened, and the timing strategy for the CSI Convertible Bond Index turned to a short - term buy signal. Some convertible bonds' credit risk may have increased marginally, and several investment strategies are recommended [1][2][3][4][5]. 3. Summary by Directory 3.1 Convertible Bond Market Tracking 3.1.1 Convertible Bond Index Tracking - As of October 31, the CSI Convertible Bond Index decreased by 0.11% in October, with a maximum drawdown of 3.15%, and its performance in terms of return - drawdown was relatively weak compared to the Shanghai Composite Index. Structurally, in October, the performance of debt - biased convertible bonds was relatively the best, and all three types of convertible bonds had weaker price changes than their corresponding underlying stocks. Historically, in November from 2018 - 2024, convertible bonds tended to rise, and the balanced convertible bonds had the highest median increase. In October, the performance of convertible bond style indices was significantly differentiated, and historically in November, the double - low and high - dividend styles had relatively high winning rates [12][16][20][22]. 3.1.2 Option Valuation Continues to Soar, Currently Above the 99th Percentile of History - The current valuation of the convertible bond market is at a high level, and the number of undervalued convertible bonds is low. Structurally, only A+ and A - rated convertible bonds have an overall valuation lower than the post - 2022 central level, presenting a structural opportunity. The weighted implied volatility spread of convertible bonds is also above the 99th percentile of history [2][26][31]. 3.1.3 The Expected Difference between Market Price and Theoretical Call Redemption Increases - Through the convertible bond pricing model, the expected probabilities of call redemption, debt repayment, and delisting at the initial point are obtained. In October, the expected debt - repayment probability increased, while the call - redemption and delisting probabilities decreased. The proportion of convertible bonds above 125 yuan continued to rise, but the theoretical call - redemption probability decreased, indicating an increase in the market's sentiment towards call - redemption conversion, and attention should be paid to potential market adjustments [3][37][39]. 3.2 Convertible Bond Strategies 3.2.1 Timing of the CSI Convertible Bond Index, Strategy Turns to Short - Term Buy Signal - A simple timing model using the RSJ and implied volatility spread indicators was constructed. The combined use of these two indicators has a better timing effect. As of the end of October, the strategy turned to a buy signal, but there may be short - term callback risks for the convertible bond index due to high valuation [4][43][51]. 3.2.2 Update of the Rating Prediction Model - A machine - learning algorithm based on multiple factors of convertible bond ratings was used to predict rating changes. The latest Q3 prediction results show that for some convertible bonds, the predicted downgrade probability has increased, and attention should be paid to potential marginal changes in credit risk [5][53][57]. 3.2.3 Convertible Bond Strategy Portfolio - **Option Low - Valuation Strategy**: Although the overall market valuation is high, undervalued convertible bonds can be selected through pricing models. The willow pricing low - valuation strategy has relatively high and stable excess returns and a small maximum drawdown [59][60]. - **Double - Low + Momentum and Other Strategies**: Combining momentum indicators on the basis of the traditional double - low strategy can increase historical returns and reduce the maximum drawdown. High - dividend convertible bonds are also recommended due to their investment value and defensive properties. Historically in November, the willow pricing low - valuation strategy had a relatively high winning rate [63][66]. 3.3 Details of Some Strategy Portfolios - The report provides the details of the willow pricing undervalued portfolio, double - low + momentum portfolio, and dividend + portfolio as of October 31, 2025 [69][70][71].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [11] Core Views - The agricultural sector is experiencing a mixed performance with significant opportunities in various sub-sectors, particularly in pig farming, cattle, pets, poultry, and planting industries. The report emphasizes the importance of focusing on leading companies with strong profitability and market positioning [3][4][5][6][8][26]. Summary by Relevant Sections 1. Pig Farming Sector - The decline in pig prices has led to a divergence in profitability among companies, highlighting the need to focus on expected differences in the pig farming sector. The average selling price of pigs in Q3 2025 was between 13-14 CNY/kg, down from 14-15 CNY/kg in H1 2025 [3][15]. - Key companies to watch include leading players like Muyuan Foods and Wens Foodstuff, with valuations at historical low levels [3][16]. 2. Cattle Sector - The raw milk price is stabilizing, while the beef cattle sector may be entering a super cycle. The average price for beef cattle in Q3 2025 was 25.88 CNY/kg, up 2.34% from the previous quarter [4][17]. - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [4][18]. 3. Pet Sector - The pet economy is thriving, with domestic brands rapidly rising. Major pet food companies reported revenues of 4.737 billion CNY for Guibao Pet and 3.860 billion CNY for Zhongchong Co., with growth rates of 29% and 21% respectively [5][19]. - Recommended companies include Guibao Pet, Zhongchong Co., and Petty Co. [5][20]. 4. Poultry Sector - The white chicken segment is under pressure, with a focus on the need for improved breeding practices. The average price for white chicken was reported to be 3.5 CNY/kg, with a slight increase [6][21]. - The yellow chicken market is expected to see price recovery due to seasonal demand, with companies like Lihua and Wens showing improved performance [6][23]. 5. Planting Sector - The seed industry is anticipated to recover, with a focus on the commercialization of genetically modified corn. Leading companies in the seed sector include Longping High-Tech and Dabeinong [8][26]. - The report emphasizes the importance of agricultural technology and innovation in enhancing competitiveness [8][27]. 6. Feed and Animal Health Sectors - The feed sector has shown revenue and profit growth among leading companies, with Haida Group reporting a revenue increase of 13.24% [8][28]. - The animal health sector is facing challenges due to competition, but there are opportunities for innovation in vaccine development [8][32].

Investment Rating - The industry rating is maintained at "Outperform the Market" [4] Core Views - The construction sector experienced a decline of 1.35% this week, underperforming the broader market by 1.11 percentage points, with mergers, acquisitions, and technology-related stocks showing stronger performance [1][3] - For the first three quarters of 2025, the construction sector reported a revenue decline of 5.10% and a net profit decline of 9.53%, with the revenue drop remaining consistent compared to the same period in 2024 [1][12] - The third quarter of 2025 saw a revenue decline of 4.24% and a net profit decline of 17.52%, with an increase in expenses impacting profits [1][12] Summary by Sections 1. Construction Sector Performance - The construction sector's revenue for the first three quarters of 2025 was 58,415 billion yuan, with a year-on-year decline of 5.10% and a net profit of 1,239 billion yuan, down 9.53% [12][15] - The third quarter of 2025 showed a revenue decline of 4.24% and a net profit decline of 17.52%, with a slight improvement in revenue compared to the second quarter [1][12] 2. Central Enterprises - Only China Chemical, China Electric Power, and China Energy Construction reported positive revenue growth in the first three quarters of 2025, with China Chemical also achieving positive net profit growth [2][15] - The current dividend yield for China Construction is at 5.00%, highlighting its strong performance in terms of dividends [2][15] 3. International Engineering - China National Materials achieved a revenue growth of 3.99% in the first three quarters of 2025, with a 4.48% growth in the third quarter [2][19] - Other international engineering companies faced significant revenue and profit pressure, with high dividend yields for China National Materials and China Steel International at 4.76% and 4.67% respectively [2][19] 4. Local State-Owned Enterprises - Local state-owned enterprises such as Sichuan Road and Bridge, Tibet Tianlu, and Xinjiang Communications Construction reported positive revenue and profit growth [2][22] - Xinjiang Communications Construction showed remarkable performance with a revenue growth of 38.58% and a net profit growth of 147.73% in the first three quarters of 2025 [2][22] 5. Professional Engineering - Companies in the semiconductor cleanroom sector, such as Shenghui Integration, reported significant growth, with a revenue increase of 59.40% and a net profit increase of 93.89% in the third quarter of 2025 [2][20] - The overall performance in the professional engineering sector showed a clear divergence, with some companies experiencing strong growth while others faced challenges [2][20] 6. Investment Recommendations - The report suggests focusing on the construction sector's recovery, particularly in infrastructure investments driven by government initiatives [29] - Key recommendations include local state-owned enterprises in high-growth regions such as Sichuan and Zhejiang, as well as central enterprises like China Communications Construction and China Railway Construction [29]

2025 年 11 月 02 日 固定收益 | 固定收益点评 美债收益率大幅上行 证券研究报告 海外跟踪周报 20251102 海外市场复盘（10.27-10.31） 海外权益，美股震荡收涨。周一，外交部长王毅同美国务卿鲁比奥通电话， 以及上周末中美代表团举行经贸磋商，提振市场情绪，美股三大指数均创 新高，高通进军 AI，令芯片股价大涨。周二，英伟达 CEO 黄仁勋在 GTC 2025 上淡化对 AI 泡沫的担忧，美股继续上涨。周三，FOMC 发布会鲍威尔表态 偏鹰，重创风险资产，美股在周三四回调。周五，亚马逊宣布云计算部门 季度营收大增，提振 AI 相关股票，美股三大指数收涨。 本周美元上涨。周三，FOMC 发布会鲍威尔表态偏鹰，强调 12 月降息远非 板上钉钉，支撑美元上行。 美债收益率显著上行。FOMC 虽如期降息，但鲍威尔强调美联储尚未就 12 月会议作出决定，委员会对 12 月如何行动存在严重分歧，越来越多的官员 希望推迟降息。周五，博斯蒂克、洛根、哈玛克、施密德四位美联储官员 表达对过度降息的担忧，令 12 月降息预期进一步下降。 本周黄金延续下跌、原油回落。本周一，菲律宾央行官员表示出售黄金， ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [6]. Core Views - The company's revenue growth is gradually recovering, with a reported revenue of approximately 161.23 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 1.82% but an improvement of 0.47 percentage points compared to the first half of 2025 [2][4]. - The net interest income for the same period was 110.96 billion yuan, down 0.56% year-on-year, accounting for 68.82% of total revenue, while non-interest income was 50.28 billion yuan, down 4.47% year-on-year [2]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.08% as of the third quarter of 2025, unchanged from the previous quarter [3][19]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 63.08 billion yuan, a slight increase of 0.12% year-on-year [1][4]. - The bank's net interest margin recorded at 1.72%, a decrease of 3 basis points from the first half of 2025 [2]. - The bank's total interest-earning assets reached 10.29 trillion yuan, with a year-on-year growth of 3.59% [3]. Asset and Liability Structure - As of the third quarter of 2025, the bank's interest-bearing liabilities amounted to 9.43 trillion yuan, reflecting a year-on-year increase of 3.18% [3]. - The structure of interest-bearing liabilities includes deposits (61.85%), bond issuance (9.80%), interbank liabilities (27.25%), and borrowing from the central bank (1.10%) [3][18]. Profitability Forecast - The company is projected to see a slight increase in net profit attributable to shareholders for 2025-2027, with expected growth rates of +0.09%, +2.51%, and +3.90% respectively [4][20]. - The estimated book value per share (BPS) for 2025, 2026, and 2027 is 37.77 yuan, 39.56 yuan, and 41.21 yuan respectively [4].

证券研究报告 2025年11月02日 分析师 吴开达 SAC执业证书编号：S1110524030001 分析师 林晨 SAC执业证书编号：S1110524040002 联系人 汪书慧 联系人 陈英奇 策略报告：投资策略 请务必阅读正文之后的信息披露和免责申明 11月，稳中求进 A股动静框架之静态指标 1 作者： 摘要 资产联动指标依然处于相对较低位置，交易指标显示市场交投情绪有所降温。我们将4大类指标展开进行分析，最新监测结论如下表所示： 1）资产联动指标中股债相关指标显示目前股票相对债券的配置价值较历史极值出现回撤，ERP稳定在1倍标准差以下；市场配置指标方面，目前全 A指数PE估值为22.0，大部分宽基指数PE估值历史分位数位于60%左右，创业板指PE估值历史分位数35%附近，估值依然相对偏低，而科创50PE估值 分位数则处于较高位置，估值分化程度较上月基本持平。 2）市场交易/情绪指标方面，换手率、成交额占前高比例等较上月有所回落，表明市场交易热度较前期有所降温，同时行业趋势指标较上月持平， 而个股趋势指标表明50周均线上方的个股比例较上月回升。 3）投资者行为方面，回购规模较上月回落，产业资本净减持规 ...