证券研究报告 2025年12月02日 光学光电子 丘钛科技（1478.HK）公司深度报告： 摄像头与指纹识别模组结构优化，可持续发展能力向好 评级：买入(首次覆盖) 陈梦竹(证券分析师) 陈重伊(证券分析师) S0350521090003 S0350525010002 chenmz@ghzq.com.cn chency@ghzq.com.cn 最近一年走势 -32% 13% 57% 102% 147% 191% 2024/12/02 2025/02/022025/04/02 2025/06/02 2025/08/02 2025/10/02 丘钛科技 恒生指数 | 市场数据 | 2025/12/01 | | --- | --- | | 当前价格（港元） | 9.55 | | 52周价格区间（港元） | 5.21-16.99 | | 总市值（百万港元） | 11,360.03 | | 流通市值（百万港元） | 11,360.03 | | 总股本（万股） | 118,953.15 | | 流通股本（万股） | 118,953.15 | | 日均成交额（百万港元） | 75.28 | | 近一月换手（%） | 0.7 ...

2025 年 12 月 02 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 204 期 观点精粹: 最新报告摘要 我们的观点: 整体业绩表现：2025Q3 公司营收低于彭博一致预期，归母净利润和 Non-GAAP 归母净利润均大幅低于彭博 一致预期，主因外卖行业竞争加剧导致核心本地商业经营利润同比大幅下降，同时海外业务持续扩张导致新业 务亏损同比扩大。2025Q3 研发和一般行政费率控费好于彭博一致预期，但销售费用因激烈竞争下的推广、广 告以及用户激励开支增加而大幅增长。 核心本地商业：2025Q3 核心本地商业营收同比下降 3%至 674 亿元，其中佣金和在线营销服务收入增长受竞 争加剧而放缓，配送服务收入同比小幅下降（主要由于配送服务收入中扣除的补贴大幅增加）。2025Q3 核心 本地商业经营利润同比下降 196%至-141 亿元，低于彭博一致预期的-126 亿元，主要由于市场竞争白热化影 响下的毛利率下降以及交易用户激励和推广及广告开支增加。公司表示 2025Q4 竞争持续白热化，预 ...

2025 年 12 月 01 日 债券研究周报 研究所： 证券分析师： 颜子琦 S0350525090002 yanzq@ghzq.com.cn 联系人 ： 郭溪源 S0350125090019 guoxy@ghzq.com.cn [Table_Title] 固收买方开始看多债市 债券研究周报 最近一年走势 相关报告 《债券研究周报：债市情绪处于分歧之中*颜子琦》 ——2025-11-24 《债券研究周报：债市卖方情绪回归谨慎*颜子琦》 ——2025-11-17 子琦》——2025-11-10 《债券研究周报：多少机构看好本轮债市做多？* 颜子琦》——2025-11-03 《债券研究周报：固收买方开始看空债市*颜子琦》 ——2025-10-28 本篇报告解决了以下核心问题：最新一周债市卖方与买方的观点情绪变 化； 从我们统计的债市情绪指数来看，11 月 25 日-12 月 1 日（后同），债市 卖方情绪小幅回落，分歧度有所降低，买方情绪转为乐观，本周买方卖 方偏空观点均转无。债市年末抢跑行情渐近，叠加利率上行至央行合意 区间顶部，配置价值有所显现。但卖方机构更关注机构配置意愿迟滞， 对抢跑行情的判断更偏谨慎。 ...

2025 年 12 月 1 日 行业研究 评级：推荐(维持) 研究所： ——汽车行业周报 最近一年走势 | 行业相对表现 | | | | 2025/11/28 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 汽车 | | -4.8% | -2.6% | 21.4% | | 沪深 | 300 | -3.5% | 1.4% | 16.9% | 相关报告 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 阿维塔递交港股 [Table_Title] IPO 申请，"蔚小理"相继披露三 季度财报 《汽车行业周报：广州车展开幕，小鹏 X9 增程版/ 享界 S9 新款上市，华为举办乾崑大会（推荐）* 汽车*戴畅》——2025-11-24 《汽车行业周报：10 月乘用车批发同比增 7.5%， 上汽智己 LS9 上市（推荐）*汽车*戴畅》—— 2025-11-18 《汽车行业专题研究：2025Q3 板块业绩分化，客 车及零部件业绩亮眼（推荐）*汽车*戴畅》—— 2025-11-11 《汽车行业周报：特斯拉 2025 股东 ...

2025 年 12 月 01 日 策略周报 | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 赵阳 S0350525100003 | | | | zhaoy05@ghzq.com.cn | | 联系人 | ： | 郭可凡 S0350124070038 | | | | guokf@ghzq.com.cn | [Table_Title] ETF 资金净流出，宏观流动性边际收敛 ——流动性周报 12 月第 1 期 最近一年走势 投资要点: 相关报告 《流动性周报 11 月第 1 期：基金发行端回暖，杠 杆资金有所放缓*赵阳》——2025-11-24 《存款搬家如何演绎——牛市资金面专题研究 (一)*袁稻雨，胡国鹏》——2025-08-10 《全球 ETF 格局演变与中国市场未来机遇—— ETF 系列报告（一）*袁稻雨，胡国鹏》—— 2025-05-30 2025-05-29 《策略周报：近期海外市场关注的三个焦点问题* 赵阳，袁野》——2025-11-29 1. 本周（2025/11/24-2025/11/28）宏观资金面边际收敛，央行通过公开 市场操作开展 7 天逆回购净 ...

2025 年 12 月 01 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 203 期 观点精粹: 最新报告摘要 理财整改倒计时，对债市影响几何？--固定收益点评 装载机+挖掘机比翼双飞，电动化+全球化勇立潮头--柳工/工程机械(000528/216406) 公司深度研究 近期海外市场关注的三个焦点问题--策略周报 智元正式推出灵心平台，优必选连续中标人形机器人数据采集相关项目大单--行业周报 储能需求有望持续超预期，继续看好锂电材料价格修复--行业周报 专精风电齿轮箱，融资扩产续华章--德力佳/风电设备(603092/216306) 公司深度研究 如何看待科创公司债的估值回调？--债券研究周报 辛醇、锦纶切片价格上涨，关注反内卷和铬盐--行业周报 年底债市机构行为格局之变--债券研究周报 六氟磷酸锂价格持续上涨，北京规划建设太空数据中心--行业周报 铝行业周报：库存去化，铝价高位震荡--行业 PPT 报告 电厂日耗继续上行，12 月煤价仍有上涨动能--行业周报 证券研究报告 1、最新报告 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [2] Core Viewpoints - The coal mining industry is expected to see upward price momentum in December due to seasonal demand increases and low inventory levels [6][72] - The production recovery from previously halted coal mines is contributing to a slight increase in supply, while demand from power plants continues to rise [3][13] - The report highlights the investment value of coal companies, particularly those with strong cash flows and high dividend yields [6] Summary by Sections 1. Thermal Coal - As of November 28, the price of thermal coal at northern ports is 816 RMB/ton, a decrease of 18 RMB/ton week-on-week [13][14] - Production capacity utilization in the Sanxi region increased by 1.37 percentage points, reaching 91.3% [19] - Power plant coal inventories are at 136.4 million tons, down 23.3 million tons year-on-year [13][31] 2. Coking Coal - The production capacity utilization for coking coal increased by 0.33 percentage points to 84.6% [38] - The average price of main coking coal at ports is 1670 RMB/ton, down 110 RMB/ton week-on-week [39] - Coking coal inventories at production enterprises increased by 15.71 thousand tons [46] 3. Coke - Coking enterprises are experiencing a recovery in profits, leading to increased production activity [51] - The average profit per ton of coke has risen to approximately 46 RMB/ton, an increase of 27 RMB/ton week-on-week [55] - The price of coke at the port remains stable at 1680 RMB/ton [52] 4. Anthracite - The price of anthracite coal remains stable, with the market supply still tight due to strict environmental regulations [67] - The price of small block anthracite is 930 RMB/ton, unchanged from the previous week [67] 5. Key Companies and Profit Forecasts - Key companies to watch include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8] - The report emphasizes the strong cash flow and high dividend yields of leading coal companies, making them attractive investment options [6]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum price is experiencing high-level fluctuations due to inventory depletion and macroeconomic factors, including expectations of interest rate cuts by the Federal Reserve [6][10] - The demand for aluminum is gradually entering a low season, with the aluminum water conversion rate facing downward pressure [10] - Long-term supply growth in the aluminum industry is limited, while demand still has growth points, indicating sustained high prosperity in the industry [10] Summary by Sections 1. Price - As of November 28, the LME three-month aluminum closing price is $2865.0 per ton, up $57.0 from the previous week, a 2.0% increase week-on-week, and up $263.0 year-on-year, a 10.1% increase [22] - The Shanghai aluminum active contract closing price is 21610.0 yuan per ton, up 270.0 yuan from the previous week, a 1.3% increase week-on-week, and up 1035.0 yuan year-on-year, a 5.0% increase [22] - The average price of A00 aluminum in Changjiang is 21430.0 yuan per ton, up 70.0 yuan from the previous week, a 0.3% increase week-on-week, and up 910.0 yuan year-on-year, a 4.4% increase [22] 2. Production - In November 2025, the aluminum production is 363.7 million tons, a decrease of 10.6 million tons month-on-month, and a decrease of 6.6 million tons year-on-year [51] - The alumina production in November 2025 is 743.9 million tons, a decrease of 34.6 million tons month-on-month, but an increase of 15.2 million tons year-on-year [51] 3. Inventory - As of November 27, the domestic mainstream consumption area aluminum ingot inventory is 596,000 tons, a decrease of 25,000 tons week-on-week, indicating a continued trend of inventory reduction [7] - The aluminum rod inventory is 131,000 tons, down 6500 tons week-on-week, reflecting a steady decline in inventory [7] 4. Key Companies and Earnings Forecast - China Hongqiao (1378.HK) is rated "Buy" with an EPS forecast of 2.25 yuan for 2024, increasing to 2.54 yuan in 2025E and 2.77 yuan in 2026E [5] - Tianshan Aluminum (002532.SZ) is rated "Buy" with an EPS forecast of 0.96 yuan for 2024, increasing to 1.00 yuan in 2025E and 1.27 yuan in 2026E [5] - Shenhuo Co. (000933.SZ) is rated "Buy" with an EPS forecast of 1.91 yuan for 2024, increasing to 2.13 yuan in 2025E and 2.56 yuan in 2026E [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market had a slight correction in the latest week. From November 24th to 28th, the yield of the 10-year Treasury bond rose from 1.82% to 1.84%. There is a potential negative change in the institutional behavior pattern of the bond market at the end of the year, i.e., the willingness of rural commercial banks to buy bonds during corrections has decreased, which may amplify market fluctuations if there is a correction in the future [7][12]. - Rural commercial banks have been net buyers in the secondary market this year, with a cumulative net purchase of over 1 trillion yuan of 10Y Treasury bonds, 30Y Treasury bonds, and 10Y China Development Bank bonds as of November 28th, about twice that of previous years. They may have a lower allocation willingness due to their own duration assessment and other indicators [7][12]. - In the latest week, funds significantly net sold Treasury bonds and policy financial bonds, while the allocation of rural commercial banks to 10-year Treasury bonds was less than that of joint-stock banks. Other institutions may partially replace rural commercial banks in "undertaking" bonds, which may cause the interest rate to rise excessively during corrections. However, the market after the correction may still be a good buying point [7][13]. - The capital market was relatively stable this week. The duration of bond funds decreased overall, and large banks continued to buy medium- and short-term bonds [7][13]. 3. Summary by Relevant Catalogs 3.1 This Week's Bond Market Review - The bond market corrected this week. From November 24th to 28th, the yield of the 10-year Treasury bond rose from 1.82% to 1.84%. Rural commercial banks' willingness to buy bonds during corrections has decreased, which may amplify market fluctuations [7][12]. - Rural commercial banks have bought more and sold less this year. The bond market has mostly been in a state of shock and correction, and interest rate declines have been rapid, so they have had few opportunities to take profits. As of November 28th, their cumulative net purchase this year exceeded 1 trillion yuan, about twice that of previous years [7][12]. - Funds significantly net sold Treasury bonds and policy financial bonds this week, while rural commercial banks' allocation of 10-year Treasury bonds was less than that of joint-stock banks. The market after the correction may still be a good buying point. The capital market was stable, the duration of bond funds decreased, and large banks continued to buy medium- and short-term bonds [7][13]. 3.2 Bond Yield Curve Tracking 3.2.1 Key Maturity Interest Rates and Spread Changes - As of November 28th, compared with November 24th, the 1-year Treasury bond yield decreased by 0.17bp to 1.40%; the 10-year Treasury bond yield rose by 2.02bp to 1.84%; the 30-year Treasury bond yield rose by 2.65bp to 2.19%. - The spread between the 30-year and 10-year Treasury bonds rose by 0.63bp to 34.39bp, and the spread between the 10-year China Development Bank bond and the 10-year Treasury bond rose by 0.94bp to 13.28bp [15]. 3.2.2 Treasury Bond Term Spread Changes - As of November 28th, compared with November 24th, the 3Y - 1Y Treasury bond spread rose by 0.20bp to 3.34bp; the 5Y - 3Y Treasury bond spread rose by 2.36bp to 18.32bp; the 7Y - 5Y Treasury bond spread rose by 1.92bp to 12.49bp; the 10Y - 7Y Treasury bond spread decreased by 2.29bp to 9.80bp; the 20Y - 10Y Treasury bond spread rose by 1.48bp to 35.38bp; the 30Y - 20Y Treasury bond spread decreased by 0.85bp to -0.99bp [16]. 3.3 Bond Market Leverage and Capital Market 3.3.1 Balance of Interbank Pledged Repurchase - As of November 28th, compared with November 24th, the balance of interbank pledged repurchase decreased by 0.31 trillion yuan to 11.05 trillion yuan [19]. 3.3.2 Changes in Interbank Bond Market Leverage Ratio - As of November 28th, compared with November 24th, the interbank bond market leverage ratio decreased by 0.20pct to 106.58% [20]. 3.3.3 Pledged Repurchase Turnover - From November 24th to November 28th, the average daily turnover of pledged repurchase was 7.09 trillion yuan. The average daily overnight turnover was about 6.13 trillion yuan, and the average overnight turnover ratio was 86.66% [22][23]. 3.3.4 Operation of the Interbank Capital Market - From November 24th to November 28th, bank capital lending first increased and then decreased. As of November 28th, the net capital lending of large banks and policy banks was 4.40 trillion yuan, the net capital borrowing of joint-stock banks and urban and rural commercial banks was 0.63 trillion yuan, and the net capital lending of the banking system was 3.77 trillion yuan [28]. - Bank single-day capital lending first increased and then decreased. As of November 28th, the single-day capital lending of large banks and policy banks was 3.38 trillion yuan, and that of small and medium-sized banks was -0.67 trillion yuan [28]. - As of November 28th, DR001 was 1.3033%, DR007 was 1.4668%, R001 was 1.4252%, and R007 was 1.5222% [28]. 3.4 Duration of Medium- and Long-Term Bond Funds 3.4.1 Median Duration of Bond Funds - As of November 28th, the median duration of medium- and long-term bond funds (deleveraged) was 2.75 years, a decrease of 0.01 years compared with November 24th; the median duration (including leverage) was 2.93 years, a decrease of 0.03 years compared with November 24th [37]. 3.4.2 Median Duration of Interest Rate Bond Funds - As of November 28th, the median duration of interest rate bond funds (including leverage) was 3.89 years, a decrease of 0.02 years compared with November 24th; the median duration of credit bond funds (including leverage) was 2.72 years, a decrease of 0.01 years compared with November 24th. The median duration of interest rate bond funds (deleveraged) was 3.38 years, unchanged from November 24th; the median duration of credit bond funds (including leverage) was 2.51 years, unchanged from November 24th [41]. 3.5 Changes in Bond Lending Balance - As of November 28th, compared with November 24th, the borrowing volume of 10-year China Development Bank bonds showed fluctuations [45].

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate into a long-term growth phase. The report emphasizes that "one generation of materials supports one generation of industry," highlighting the foundational nature of the new materials industry as the material basis for other industries [4]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - A significant development is the plan to construct a large-scale data center system in Beijing, aimed at moving large-scale AI computing power to space, with operations expected to exceed 1 GW [6][22]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. 3. New Energy Sector - The report highlights the focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - As of October 2025, over 800 integrated projects for wind and solar hydrogen production have been planned in China, with a total green hydrogen capacity nearing 9 million tons per year [10]. 4. Biotechnology Sector - The focus is on synthetic biology and scientific services [11]. - A notable breakthrough in India involves the launch of a pilot plant for CO2 to DME conversion, marking a significant milestone in carbon recycling technology [12]. 5. Energy Conservation and Environmental Protection Sector - Key materials include adsorption resins, membrane materials, and biodegradable plastics [13]. - The Ministry of Ecology and Environment has released a carbon emissions trading market allocation plan, which aims to incentivize companies based on their carbon emissions performance [14]. 6. Key Companies and Earnings Forecast - The report lists several key companies with their stock prices and earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many companies in the new materials sector [16].