行业报告 | 行业点评 基础化工 证券研究报告 10 月 16 日，龙佰集团公告，下属子公司佰利联欧洲于 2025 年 10 月 15 日 与 Venator UK 签署《资产购买协议》，佰利联欧洲拟以支付现金的方式收购 Venator UK 持有的与钛白粉业务相关的资产，包括土地房屋、机器设备、 备品备件、业务账簿、知识产权、存货等。 Venator 是欧美四大钛白粉生产商之一，2016 年以来产能持续压缩，2023 年收入同比下滑 28% Venator 同 Chemours、Tronox、Kronos 是欧美四大钛白粉生产商，其同时 拥有硫酸法和氯化法两种生产工艺。Venator UK 则是 Venator 旗下唯一一 个生产氯化法钛白粉的工厂，设计年产能 15 万吨/年，拥有良好的产品品质 与客户关系。根据 Venator UK 管理账簿，截至 2025 年 8 月 31 日，标的资 产账面原值约 5.34 亿美元，已计提折旧或准备约 3.39 亿美元，账面净值约 1.95 亿美元。 自 2016 年以来，泛能拓产能持续压缩，多工厂停产或出售。2023 年泛能拓 收入为 15.56 亿美元，同比-28 ...

港股公司报告 | 公司点评 361 度（01361） 证券研究报告 持续推进超品店布局 渠道创新拥抱新零售 公司宣布与美团闪购及团购业务合作，打通线上线下渠道；此外，首家女 子运动概念店落地，旗下户外品牌 ONEWAY 开立新店，全国超品门店数 量达到 93 家，为线下注入新活力。 ONEWAY 焕新 ONEWAY 于 2004 年创立于芬兰，是北欧资深户外运动品牌，自 2013 年起，361 度集团正式开启 ONEWAY 在大中华区的业务经营，并在 2024 年完成品牌全面焕新。9 月 9 日，ONEWAY 大中华区首家线下门店在郑 州开业；同时，ONEWAY 进一步加快线下渠道布局，陆续在北京、济南、 大庆、拉萨、西安落地门店，展现出较强的市场延伸潜力与品牌竞争力。 维持盈利预测，维持"买入"评级 公司发布 2025 三季度营运概要 25Q3 主品牌线下零售额同增约 10%，童装品牌线下零售额同增约 10%， 电商平台流水同增约 20%。 公司战略性携手斯坦德机器人（无锡）股份有限公司，为品牌注入智能基 因，开启品牌智能化进阶新征程。 产品矩阵持续创新 公司在跑步、篮球、户外等多个领域持续推出科技新品。跑 ...

行业报告 | 行业研究周报 新兴产业 证券研究报告 2025 年 10 月 20 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 美国人形机器人初创企业发布新品，助力推动产业技术升级 美国人形机器人初创企业 Figure AI 在官网于 10 月 9 日正式发布其第三代人形机器人产品 Figure03，专为其自主研发的视觉-语言-动作大模型"Helix"量身打造，并瞄准家庭场景及 规模化应用。在硬件系统方面，该机器人手部系统与传感器全面升级：每根指尖可感知仅约 3 克的压力，从而可识别"稳固握持"与"即将滑落"状态，提升抓取复杂、不规则或易碎物体 的能力。视觉系统也大幅强化：通过帧率提升一倍、延迟缩减四分之一、单镜头视野扩大约 60% 并加深景深覆盖，配合每只手掌内置广角低延迟摄像头，能够在主摄被遮挡时仍维持近距离视 觉反馈。在机体设计上，其外层由柔性织物覆盖、可拆卸清洗，与上一代相比整机质量减少约 9%，更适合在家庭环境高效工作。为支撑量产，Figure AI 自建 "BotQ" 专用工厂，首期 年产能达 1.2 万台，并通过 ...

Group 1 - The report highlights that the performance forecasts for Q3 2025 in the electronics and basic chemicals sectors are promising, with over 10 companies expected to achieve a profit growth rate exceeding 30% year-on-year [3][29] - In the electronics sector, the AI wave is driving high growth, with AI inference creating new demand, suggesting that the sector is likely to maintain a high prosperity level [3][29] - The basic chemicals sector is experiencing structural improvement due to supply constraints and demand support, with an overall balance of supply and demand expected to improve as capacity adjustments take place [3][29] Group 2 - The report indicates that as of October 15, 2025, 154 companies in the A-share market have disclosed their Q3 2025 performance forecasts or reports, with a disclosure rate of approximately 2.83% and a pre-positive forecast rate of about 83.06% [3][30] - The median net profit growth rate for the sample companies disclosing their performance forecasts is 71.2% under the median method and 65.6% under the overall method [3][30] - The report identifies that the sectors with the highest pre-positive forecast rates include comprehensive, non-bank financial, and social services, all at 100% [3][30] Group 3 - The medical device sector saw a decline in revenue and net profit in H1 2025, with overall revenue down 7.3% and net profit down 27.0% year-on-year [8] - However, the bidding process is recovering, with the total amount of domestic medical device bids in H1 2025 reaching 83.8 billion yuan, a year-on-year increase of 64% [8] - Companies like United Imaging and Mindray are experiencing growth in overseas revenues, indicating a trend towards globalization in the medical device market [8] Group 4 - The report emphasizes the importance of AI hardware and domestic computing power as key investment areas, suggesting that the market may continue to see structural slow growth with technology remaining a core focus [10] - The electronics sector is expected to see significant advancements in AI terminal ecosystems, with hardware innovation and computing power working in synergy, potentially leading to a boom in 2026 [12] - The report also notes that major companies like Apple are enhancing their collaboration in the AI space, which could lead to a reevaluation of industry valuations [12]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [2] Core Viewpoints - The semiconductor industry is experiencing a structural shift driven by AI technology, leading to a significant increase in demand for large-capacity storage in data centers, as well as in smart devices like smartphones and smart cars [4][8] - NAND and DRAM prices are on the rise, with a forecasted increase in prices for various storage products in the fourth quarter, driven by supply constraints and rising production costs [9][10] - Domestic storage manufacturers are expected to benefit from a combination of price recovery and domestic substitution, leading to a robust recovery in demand and production in the fourth quarter [11][12] Summary by Sections Industry Overview - The semiconductor industry is transitioning from a cyclical to a structural growth phase, primarily due to the AI-driven demand for storage solutions [4][8] - The current "super cycle" in storage is characterized by a significant increase in data storage needs, influenced by the proliferation of AI technologies [8] Price Trends - Flash wafer prices have surged, with a 15% increase for 1Tb Flash Wafer and over 20% for 512Gb Flash Wafer in just a month and a half [9] - The prices of server memory modules have also seen substantial increases, with DDR4 RDIMM 16GB 3200 rising by 66.67% to $150.00 [9][10] Domestic Market Dynamics - International giants are shifting focus to high-end products, creating opportunities for domestic storage manufacturers to gain market share [5][11] - Companies like Yangtze Memory Technologies are expanding production capacity significantly, aiming for a 15% share of the global NAND market by 2028 [6][12] Technological Innovations - The "storage as computation" paradigm is emerging, which allows for the migration of AI inference data from expensive DRAM to more cost-effective SSDs, enhancing performance and reducing costs [13] - This innovation is expected to drive SSD demand growth beyond traditional trends [13] Investment Opportunities - Recommended companies to watch include storage module and controller manufacturers like Jiangbolong and Demingli, as well as storage chip companies like Zhaoyi Innovation and Puran [14]

Group 1: Market Insights on US-China Trade Relations - The report discusses the evolving dynamics of the US-China trade relationship, particularly in light of recent trade restrictions imposed by the US and corresponding countermeasures from China. The report highlights that despite tensions, both countries maintain significant economic cooperation, indicating that a complete decoupling is not feasible at this time [1][10][14] - The upcoming events, including the Fourth Plenary Session and the APEC summit, are expected to clarify domestic policies in China and their implications for US relations. The report notes that the market's reaction has been more rational, with diminishing marginal effects from tariff impacts [1][14] Group 2: Domestic Economic Indicators - In September, the Consumer Price Index (CPI) and Producer Price Index (PPI) showed a narrowing decline, with CPI at -0.3% year-on-year and PPI at -2.3%. The PPI-CPI gap has also narrowed from -2.5% in August to -2% in September [2][23][24] - Exports and imports in September rebounded, with exports increasing by 8.3% year-on-year and imports by 7.4%. The trade surplus was reported at $90.45 billion [2][31][32] - The report indicates a slight decline in social financing, with a total increase of 3.53 trillion yuan in September, which is 233.9 billion yuan less than the previous year. The structure of new loans shows a decrease in corporate medium to long-term loans [2][45][46] - Fiscal revenue showed improvement in September, with a year-on-year increase of 2.58%. Tax revenue rose by 8.66%, marking the highest growth rate for the year [2][54][55] Group 3: Industry Configuration Recommendations - The report suggests focusing on three main investment directions: breakthroughs in technology AI, economic recovery leading to a "stronger gets stronger" market trend, and the continued rise of undervalued assets. It emphasizes the importance of the AI industry trend and its impact on investment opportunities [4][14]

本周（1013-1017）建筑指数下跌 1.06%，沪深 300 板块下跌 0.32%，建筑 板块跑输大盘 0.74pct。本周建筑转型、并购重组板块涨幅靠前。当前时点， 我们认为财政资金提前下达叠加新型政策性金融工具加速落地，四季度基 建稳增长值得期待，建议关注新疆、西藏等中西部基建景气向上，同时重 视反内卷主线和重点产业投资（水电站、煤化工、核电等）带来的产业链 相关机会，同时关注并购重组及中小市值建筑转型品种。 财政资金提前下达，5000 亿新型政策性金融工具的加速落地 行业报告 | 行业研究周报 建筑装饰 证券研究报告 基建受益增量资金和政策催化，重视低估值及高股息投资机会 核心观点 中国财政部预算司一级巡视员、政府债务研究和评估中心主任李大伟 17 日 在北京介绍，今年将继续提前下达 2026 年新增地方政府债务限额，保障重 点领域重大项目资金需求，巩固拓展经济回升向好势头。国家发展改革委 政策研究室副主任、新闻发言人李超 9 月 29 日在新闻发布会上表示，为贯 彻落实党中央、国务院决策部署，促进金融更好服务实体经济，推动扩大 有效投资，国家发展改革委会同有关方面积极推进新型政策性金融工具有 关工 ...

行业报告 | 行业研究周报 金属与材料 证券研究报告 宏观扰动依旧，贵金属持续突破 基本金属：情绪推涨铜价，基本面支撑有限。1）铜：本周铜价下跌，沪铜收于 84390元/吨。基本面上当 前国内冶炼厂的检修仍在持续，国内产出处于近几个月来的低位，不过好在近期铜价走高，再生铜供应有 所回升，因此供应端的扰动因素也有所减弱，但冶炼厂的产出依然偏低;国内消费受限于价格上涨,市场新增 订单量有限，下游近期提货表现也并不理想，需求端整体呈现一个较弱的状态，并未有明显的旺季特征体 现，从供需来看，对铜价的支撑有明显减弱。近期出口窗口打开，冶炼厂出口较为积极，因此国内库存的 积聚在需求走弱的背景下也并未有明显增长。整体来看，当前市场情绪对铜价的引导更为强烈，基本面对 铜价的支撑有限，且高铜价在产业链的传递上并不理想，市场预计仍将延续近期的高波动状态，市场的风 险依然较大，需要注意近期需求传递上的表现，对市场供需的影响或更为直观，尤其是现货端的表现。建 议关注：紫金矿业、洛阳钼业、金诚信、五矿资源等，同时关注铜矿自给率提升以及具备成本优势的冶炼 标的中国有色矿业（H）、铜陵有色、江西铜业（A+H）2）铝：本周铝价上行，沪铝收于 ...

行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年 10 月 19 日 3、宠物板块：淘天首份宠物板块双 11 战报公布，平台流量前置战开启！ 我国宠物经济蓬勃发展，国产品牌崛起快速，关注国内收入高增长的公司。重点推荐宠物食品【乖 宝宠物】、【中宠股份】、【佩蒂股份】；建议关注：宠物医疗【瑞普生物】、宠物用品【源飞宠物】、 【天元宠物】。 4、牛板块：原奶价格持续磨底，静待新周期；肉牛超级周期或已启动；重视牛产业机会！ 奶牛与肉牛产业经历深度亏损后产能加速出清，奶牛存栏下降达 8%（据中国奶业协会）。由于复 产周期长、效率低，预计本轮上行周期持续时间较长。我们认为，当尽管双节对奶价形成短期支 撑，但行业去产能趋势不改，待节日消费支撑减弱，去化趋势更无需担忧，目前产能去化或已接 近尾声，奶价周期拐点值得期待；牛肉价格或迎拐点，但因资金/信心/环保等多重因素影响补栏 积极性，其后续涨幅与持续性可能超预期。具备母牛资源或采用"奶肉联动"模式的企业，盈利 能力更加突出。建议关注：【优然牧业】、【中国圣牧】、【光明肉业】、【现代牧业】、【澳亚集团】 等。 5、禽板块：白鸡&蛋鸡重视引种缺口；黄鸡重视消费需 ...

金融工程 | 金工定期报告 金融工程 证券研究报告 净利润断层策略本周超额收益 0.54% 戴维斯双击策略 净利润断层策略是基本面与技术面共振双击下的选股模式，其核心有两点： "净利润"，指通常意义上的业绩超预期；"断层"，指盈余公告后的首个交 易日股价出现向上跳空，该跳空通常代表市场对盈余报告的认可程度。 策略在 2010 年至今取得了年化 29.18%的收益，年化超额基准 26.33%。本 年组合累计绝对收益 52.17%，超额基准指数 29.63%，本周超额收益 0.54%。 沪深 300 增强组合 根据对优秀基金的归因，投资者的偏好可以分为：GARP 型，成长型以及 价值型。GARP 型投资者希望以相对低的价格买入盈利能力强、成长潜力 稳定的公司。以 PB 与 ROE 的分位数之差构建 PBROE 因子，寻找估值低并 且盈利能力强的股票；以 PE 与增速的分位数之差构建 PEG 因子，寻找价 值被低估且拥有可靠的成长潜力的公司。 基于投资者偏好因子构建增强沪深 300 组合，历史回测超额收益稳定。本 年组合相对沪深 300 指数超额收益为 16.56%；本周超额收益为-0.41%；本 月超额收益为 0 ...