Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown significant revenue growth, with a steady transition into a second growth phase. The revenue for Q1-Q3 2025 reached 283.07 billion yuan, a year-on-year increase of 9%, while the net profit attributable to shareholders was 49.03 billion yuan, reflecting a 36% increase [6][7] - The company maintains high shipment levels in energy storage, with a total shipment of nearly 180 GWh in Q3 2025, of which energy storage accounted for approximately 20% [7] - The company is advancing its overseas expansion, with the Hungarian factory construction on track, expected to exceed 30 GWh capacity by the end of 2025 [7] Financial Performance Summary - For Q3 2025, the company achieved revenue of 104.19 billion yuan, a year-on-year increase of 13% and a quarter-on-quarter increase of 11%. The net profit attributable to shareholders for the same period was 18.55 billion yuan, up 41% year-on-year [6][7] - The company forecasts revenues of 460.84 billion yuan, 579.41 billion yuan, and 666.40 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 69.88 billion yuan, 89.33 billion yuan, and 104.74 billion yuan for the same years [9][10] - The company’s P/E ratios are projected to be 25, 20, and 17 for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [7][10]

最近一年走势 | 相对沪深 300 | 表现 | | 2025/10/24 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华峰化学 | -0.9% | 15.8% | 11.4% | | 沪深 300 | 2.1% | 12.3% | 18.6% | | 市场数据 | | | 2025/10/24 | | 当前价格（元） | | | 8.77 | | 周价格区间（元） 52 | | | 6.41-9.79 | | 总市值（百万） | | | 43,521.51 | | 流通市值（百万） | | | 43,399.01 | | 总股本（万股） | | | 496,254.39 | | 流通股本（万股） | | | 494,857.56 | | 日均成交额（百万） | | | 129.10 | | 近一月换手（%） | | | 0.55 | 2025 年 10 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 ...

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned for accelerated growth due to rapid downstream demand, supported by policy backing and technological breakthroughs. It is identified as a foundational industry that underpins other sectors, including electronics, renewable energy, biotechnology, and environmental protection [4]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - The AI IaaS market in China is projected to grow by 122.4% year-on-year in the first half of 2025, reaching a market size of 19.87 billion yuan. The GenAI IaaS market is expected to grow by 219.3%, while OtherAI IaaS is projected to decline by 14.1% [6][23]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [8]. - A new assembly line for Airbus A320 aircraft in Tianjin is set to commence operations in early 2026 [9]. 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [10]. - The domestic market for battery recycling is expected to exceed 100 billion yuan by 2030, with a projected recycling volume of over 300,000 tons in 2024 [10]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [11]. - A development plan aims to enhance the quality of listed companies in Shenzhen, targeting a total market value exceeding 20 trillion yuan by 2027 [12]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorbent resins, membrane materials, and biodegradable plastics [13]. - A plan to establish an ecological environment rights trading platform in Hubei aims for completion by 2027 [14]. 6. Key Companies and Profit Forecasts - Notable companies include Ruihua Tai, Guangwei Composite, and others, with various EPS and PE ratios forecasted for 2024-2026 [15]. - For instance, Guangwei Composite is projected to have an EPS of 0.89 in 2024, with a PE ratio of 32.16 [15]. 7. Industry Dynamics - The new materials industry is expected to enter a prosperous cycle driven by downstream applications [14]. - The report emphasizes the importance of identifying companies with strong R&D capabilities and excellent management within the core supply chain [4].

Core Insights - The report highlights the acceleration of industry rotation in the A-share market, indicating a shift from sustained single-line trends to rapid sector changes, with the industry rotation index showing increased activity since 2023 [13][14] - It emphasizes the scarcity of fundamentally strong investment opportunities, suggesting that while growth investment remains relevant, the range of viable options has significantly narrowed compared to the past two decades [20][19] - The report identifies the importance of "crowding" and "calendar effects" as tools for navigating the current market dynamics, with a focus on how these metrics can guide investment strategies [37][38] Group 1: Industry Rotation Dynamics - The A-share market has experienced a notable increase in industry rotation speed, with the duration of dominant trends decreasing from 6-12 months in previous years to approximately 2 months in 2023 [13][14] - The report outlines that the current market environment is characterized by a blend of "extreme rotation" and "absolute low volatility," where thematic investments and stable fundamental assets coexist [4][5] - The report provides a comparative analysis of industry performance, indicating that sectors such as military, robotics, and software are expected to benefit from low crowding and catalysts in the near term [6] Group 2: Investment Strategies and Sector Focus - For active funds, the report suggests focusing on sectors with strong growth trends and catalysts, particularly in the context of the upcoming quarterly reports [6] - It recommends maintaining positions in sectors like computing power, innovative pharmaceuticals, and non-ferrous metals, while also noting the potential for increased allocations in dividend-paying sectors such as banks and home appliances as the year-end approaches [6] - The report highlights the significance of calendar effects, suggesting that both active and long-term investors may find opportunities for positioning in the market during specific periods [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10][11] Core Views - The company's performance in Q3 2025 showed significant growth in coal and electricity sales, leading to a notable increase in overall performance compared to previous quarters [2][6] - The company is expected to achieve a coal-electricity integration by 2026, enhancing both growth potential and stability in earnings [10][11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 9.01 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 1.477 billion yuan, down 19.06% year-on-year [5][10] - In Q3 2025, the company achieved revenue of 3.199 billion yuan, a slight year-on-year decrease of 0.16%, but a quarter-on-quarter increase of 10.3% [5][10] - The net profit for Q3 2025 was 555 million yuan, down 14.2% year-on-year but up 43.1% quarter-on-quarter [5][10] Coal Business - In the first three quarters of 2025, the company's coal production and sales increased by 5.7% and 5.0% year-on-year, respectively, while the average coal price decreased by 7% to 523 yuan per ton [6][10] - In Q3 2025, coal sales volume and price both increased, with sales volume at 5.035 million tons (up 4.2% quarter-on-quarter) and average price at 513 yuan per ton (up 3.0% quarter-on-quarter) [6][10] Power Generation Business - The company reported a 28.2% year-on-year increase in power generation for the first three quarters of 2025, totaling 11.03 billion kWh, although the average selling price of electricity decreased by 8.45% to 0.37 yuan per kWh [6][10] - In Q3 2025, power generation reached 4.37 billion kWh, a significant quarter-on-quarter increase of 43.4% [6][10] Future Outlook - The company is projected to have revenues of 12.175 billion yuan in 2025, with a year-on-year decrease of 4%, and net profits of 2.041 billion yuan, down 15% [10][11] - The company is expected to achieve a return on equity (ROE) of 12% in 2025, with a price-to-earnings (P/E) ratio of 9.01 [10][11]

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment industry [1] Core Views - The report highlights the continuous addition of new policies supporting novel energy storage and the positive trend in the wind energy sector [1][6] - The electric power equipment sector shows strong relative performance, with a 1-month increase of 1.8%, a 3-month increase of 30.0%, and a 12-month increase of 38.4% [5] - The report emphasizes the ongoing supply-side reforms in the photovoltaic sector, with silicon material prices stabilizing around 50,000 yuan per ton [6][7] - The wind energy sector is expected to benefit from increased demand and favorable policies, with an average bidding price for wind turbines rising to 2,325 yuan/kW [6][10] - The energy storage market is projected to reach a scale of 15GW by 2030 in Henan Province, with supportive measures being implemented [7][10] - Tesla's energy and storage business reported a revenue of $3.415 billion in Q3 2025, marking a 44% year-on-year increase [7] - The report notes advancements in solid-state battery technology and the growing demand for fast-charging LFP batteries [8][9] Summary by Sections Photovoltaic Sector - The report indicates that the supply-side reforms are gaining traction, with significant policy developments expected [6][7] - Companies to watch include GCL-Poly Energy and Tongwei Co., Ltd. for silicon materials, and LONGi Green Energy and Aiko Solar for high-efficiency battery technologies [6] Wind Energy Sector - The Beijing Wind Energy Exhibition has set an annual installation target of no less than 120GW for the 14th Five-Year Plan, with offshore wind expected to contribute significantly [6][10] - Key companies to monitor include Goldwind Technology and Mingyang Smart Energy [6] Energy Storage Sector - The report outlines Henan Province's plans for energy storage development, aiming for a 15GW capacity by 2030 [7] - Tesla's significant growth in energy storage deployment is highlighted, with a record 12.5GWh installed in Q3 2025 [7] Lithium Battery Sector - The report discusses the ongoing advancements in solid-state battery technology and the increasing production of fast-charging LFP batteries [8][9] - Companies such as CATL and A123 Systems are identified as key players in the fast-charging battery market [8]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robotics industry [1] Core Insights - The humanoid robotics industry is expected to open up broader market opportunities beyond automobiles, with significant investment potential as the industry transitions from "0 to 1" [16] - Tesla's Optimus V3 is set to debut in Q1 2026, with expectations of enhancing productivity by over five times [2] - The report highlights the rapid iteration of products and business collaborations within the humanoid robotics sector, indicating a potential "ChatGPT moment" for the industry [16] Industry Dynamics - Tesla's Optimus V3 is anticipated to be highly flexible, akin to "humans in robot suits," with production starting next year [2] - Country Garden Services has begun mass production of its cleaning robots, aiming to produce over 10,000 units next year [3] - The establishment of new companies and local regulations in Hangzhou is expected to provide stable policy support for the humanoid robotics industry [4][7] Market Performance - The report notes the relative performance of the power equipment sector, with a 1-month increase of 1.8%, a 3-month increase of 30.0%, and a 12-month increase of 38.4% [5] Key Companies to Watch - The report suggests focusing on companies with core component expertise and active involvement in humanoid robotics, including Sanhua Intelligent Control, Top Group, and others [16]

2025 年 10 月 25 日 固定收益专题研究 研究所： 证券分析师： 颜子琦 S0350525090002 yanzq@ghzq.com.cn 本篇报告解决了以下核心问题：1、非金永续债的发行扩容与融资结构； 2、永续债的条款利差优势；3、永续债行情的滞后性。 投资要点 国海证券研究所 请务必阅读正文后免责条款部分 证券分析师： 杨佩霖 S0350525100004 [Table_Title] 非金永续债，有收益吗？ 非金永续策略（一） 最近一年走势 相关报告 | 1、 | 非金永续债的发行特征 4 | | --- | --- | | | 1.1、 年内非金永续债发行扩容，产业债占主导 4 | | | 1.2、 5 年期发行扩容，中高等级占比较高 7 | | 2、 | 永续债已调整出配置价值 8 | | | 2.1、 条款利差处于高位 8 | | | 2.2、 关注永续债利差修复的滞后性 9 | | 3、 | 风险提示 10 | yangpl@ghzq.com.cn 《固定收益点评：赎回新规与税优政策，如何重塑 债市？*颜子琦，刘畅》——2025-10-24 《债券研究周报：当前债市，买方谨慎，卖方乐观 ...

Group 1: Report Overview - The report focuses on the impact of fund redemption fee reform on institutional behavior and the bond market, and also mentions the potential influence of tax - preferential policies [6][9] Group 2: Report Core View - The adjustment of redemption fees is generally beneficial to medium - and long - term treasury bonds, and money funds and inter - bank certificate of deposit funds will also indirectly benefit. The relatively pressured varieties mainly include 30Y treasury bonds, 10Y CDB bonds, and Tier 2 capital bonds. The final official draft's implementation intensity determines the market volatility. Tax - preferential policies are also potential key policy variables [6][21] Group 3: Several Possible Scenarios of Policy Implementation - Three main scenarios are set for analysis: full implementation according to the solicitation draft; waiving redemption fees after holding for 3 months; waiving redemption fees after holding for 1 month. There may also be more lenient fee requirements for customized products with a high proportion of institutional investors [10][11] Group 4: Impact on Institutional Allocation Behavior 4.1 Bank Self - operation - Redemption fee adjustment reduces the attractiveness of funds as flexible allocation tools and affects the flexibility of bank self - operation in quarterly assessment. Banks may convert some fund outsourcing to direct bond investment, preferring medium - and long - term treasury bonds. The strictness of policy implementation determines the intensity and scope of behavior adjustment [12][13] 4.2 Bank Wealth Management - The core impact is the weakening of the fund's liquidity management function. Wealth management may adjust in two aspects: reallocating assets to more liquid ones and adopting a more cautious bond investment strategy. The adjustment amplitude varies with different scenarios [14][15] 4.3 Insurance - The impact on insurance is relatively small, and its allocation behavior remains relatively stable [16] Group 5: Impact on the Bond Market 5.1 Negative Impact - To cope with redemption pressure, funds may sell some holdings, causing demand for 30Y treasury bonds, 10Y CDB bonds, and Tier 2 capital bonds to decline and interest rate centers to rise [18][20] 5.2 Positive Impact - Bank self - operation's direct investment benefits medium - and long - term treasury bonds. Wealth management's direct investment may focus on short - end credit bonds. Overall, the adjustment benefits medium - and long - term treasury bonds, and money funds and inter - bank certificate of deposit funds also indirectly benefit [21]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a significant increase in net profit for Q3 2025, with a year-on-year growth of 47.05% and a quarter-on-quarter growth of 40.61% [8] - The company's revenue for the first three quarters of 2025 reached 1.457 billion yuan, representing a year-on-year increase of 29.13% [6] - The report highlights the ongoing high-end transformation of PCB tools and the acceleration of production capacity expansion [8] Financial Performance Summary - For Q3 2025, the company reported revenue of 553 million yuan, a year-on-year increase of 32.94% and a quarter-on-quarter increase of 14.98% [8] - The gross profit margin for the first three quarters of 2025 was 40.62%, up 5.04 percentage points year-on-year, while the net profit margin was 19.28%, up 3.99 percentage points year-on-year [8] - The company’s inventory as of Q3 2025 was 508 million yuan, a 30.54% increase from the beginning of the year [8] Growth Projections - The company is projected to achieve revenues of 2.125 billion, 3.080 billion, and 4.047 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 393 million, 637 million, and 861 million yuan [8][10] - The report anticipates a significant increase in earnings per share (EPS) from 0.55 yuan in 2024 to 2.10 yuan in 2027 [10][11] Market Position and Strategy - The company is recognized as a leading supplier of PCB tools in China, with a comprehensive product range and a competitive edge through self-developed coating technology [8] - The establishment of a wholly-owned subsidiary in Germany and the acquisition of a German PCB tool manufacturer are part of the company's strategy to enhance its global presence [8]