[Table_Title] 11 月债市有哪些机会？ 债券研究周报 最近一年走势 2025 年 11 月 02 日 债券研究周报 研究所： 证券分析师： 颜子琦 S0350525090002 yanzq@ghzq.com.cn 证券分析师： 洪子彦 S0350525100001 hongzy@ghzq.com.cn 相关报告 《债券研究周报：同业存单已到配置时机*颜子琦， 洪子彦》——2025-10-26 《债券研究周报：近期谁在买 30 年国债？*颜子琦， 洪子彦》——2025-10-19 《债券研究周报：多少固收买卖方看多这波债市行 情？*颜子琦，洪子彦》——2025-10-14 《债券研究周报：贸易摩擦与利率机会*颜子琦， 洪子彦》——2025-10-13 《固定收益点评：股债恒定 ETF 将至，债市迎来 新变量？*颜子琦，刘畅》——2025-10-29 本篇报告解决了以下核心问题：1、近期债券市场行情复盘；2、近期机 构行为变化；3、后续债市行情展望。 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 最新一周债市整体表现震荡，10 月 31 日 10Y 国债活跃券到期收益 率降至 1.79% ...

证券研究报告 2025年11月02日 有色金属 铝行业周报：关税压力缓和，美联储延续降息 评级：推荐(维持) 陈晨(证券分析师) 王璇(证券分析师) S0350522110007 S0350523080001 chenc09@ghzq.com.cn wangx15@ghzq.com.cn 最近一年走势 相关报告 -16% 1% 18% 36% 53% 71% 2024/11 2025/02 2025/05 2025/08 2025/10 有色金属 沪深300 《铝行业周报：宏观利好，去库延续，铝价突破21000元/吨（推荐）*有色金 属*王璇，陈晨》——2025-10-26 《铝行业周报：去库趋势延续，价格高位震荡（推荐）*有色金属*王璇，陈 晨》——2025-10-19 《铝行业周报：需求提升带动库存去化，有色金属行业稳增长工作方案出台 （推荐）*有色金属*王璇，陈晨》——2025-09-28 沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属 | 5.0% | 40.8% | 65.5% | | 沪深300 | -0.0% | 1 ...

| | 2025 | 年 月 11 | 日 02 | 公司研究 评级：增持(维持) | | --- | --- | --- | --- | --- | | 研究所： | | | | [Table_Title] 泰国基地销售业务规模增加， | | 证券分析师： | | 李永磊 | S0350521080004 | | | | | liyl03@ghzq.com.cn | | | | 证券分析师： | | 董伯骏 | S0350521080009 | 前三季度公司业绩同比高增 | | | | dongbj@ghzq.com.cn | | | | 联系人 ： | | 曾子华 | S0350124080006 | | | | | zengzh@ghzq.com.cn | | ——亚香股份（301220）2025 年三季报点评 | 最近一年走势 | 相对沪深 | 300 | | 2025/10/31 | | | | | 表现 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 表现 | | 1M | | 3M | 12M | | | | | 亚香股份 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to experience a recovery in demand, driven by government policies aimed at stabilizing growth and transforming the industry [4][5] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected supply gap by 2028 [8] - The report highlights the potential for high dividend yields and improved cash flow for leading companies in the chemical sector as capacity expansion slows down globally [4] Summary by Sections Industry Performance - The basic chemical sector has shown a performance increase of 23.0% over the past 12 months, outperforming the CSI 300 index [2] Government Initiatives - A joint announcement from seven government departments outlines a plan for stable growth in the petrochemical industry, targeting an average annual growth of over 5% in value-added output from 2025 to 2026 [5] Market Dynamics - The price of chromium salts is on the rise, with significant increases noted in the prices of chromium metal and chromium oxide in October 2025 [8][18] - The report indicates that the chemical industry is transitioning from a "cash-consuming" phase to a "cash-generating" phase, with a focus on high-quality development and innovation [4][5] Investment Opportunities - Key investment opportunities identified include low-cost expansion in leading companies, improving market conditions for chromium salts, and high dividend yields from state-owned enterprises [9][10][11]

2025 年 11 月 02 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 程泽惠 S0350124070002 | | | | chengzh@ghzq.com.cn | [Table_Title] 业绩增长强健，海外市场商业化加速 ——合合信息（688615）2025Q3 财报点评 最近一年走势 | 相对沪深 300 | 表现 | 2025/10/31 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 合合信息 | 35.8% | 15.7% | 42.4% | | 沪深 300 | -0.0% | 13.9% | 19.3% | | 市场数据 | | 2025/10/31 | | | 当前价格（元） | | | 216.85 | ...

2025 年 11 月 02 日 公司研究 评级：买入(维持) | 相对沪深 300 | 表现 | | 2025/10/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 易普力 | -0.1% | -1.1% | 14.0% | | 沪深 300 | -0.0% | 13.9% | 19.3% | | 市场数据 | | | 2025/10/31 | | 当前价格（元） | | | 13.83 | | 52 周价格区间（元） | | | 10.01-17.06 | | 总市值（百万） | | | 17,155.30 | | 流通市值（百万） | | | 9,694.05 | | 总股本（万股） | | | 124,044.08 | | 流通股本（万股） | | | 70,094.38 | | 日均成交额（百万） | | | 217.09 | | 近一月换手（%） | | | 0.99 | 相关报告 《易普力（002096）公司动态研究：业绩稳健增长， 高质量发展成效显著（买入）*化学制品*李永磊， 董伯骏》——2025-09-04 《易普力（0020 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The new materials sector is 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 their long-term growth. The report emphasizes that "one generation of materials supports one generation of industry," highlighting the foundational nature of the new materials industry for other sectors [4]. Summary by Relevant Sections 1. Electronic Information Sector - Focus on semiconductor materials, display materials, and 5G materials [5] - As of October 31, 2025, global AI server shipments are projected to grow by over 20% annually, with AI applications driving demand [6][20]. 2. Aerospace Sector - Key areas of interest include PI films, precision ceramics, and carbon fibers [7]. 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [8]. - In 2025, China's new energy heavy trucks have seen sales exceed 10,000 units for seven consecutive months, with September sales surpassing 20,000 units, marking a record high [9]. 4. Biotechnology Sector - Emphasis on synthetic biology and scientific services [10]. - A strategic cooperation agreement was signed between Zhejiang University and Shanghai Chemical Industry Park Development Co., focusing on project applications and technology exchanges [11]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorption resins, membrane materials, and biodegradable plastics [12]. - The Henan provincial government has issued an action plan for upgrading the steel industry, aiming for significant improvements in energy efficiency and environmental performance by 2025 [13]. Industry Rating and Investment Strategy - The new materials sector is expected to enter a prosperous cycle driven by downstream application sectors, maintaining a "Recommended" rating [14]. Key Companies and Earnings Forecast - A list of key companies with their stock prices and earnings per share (EPS) forecasts for 2024-2026 is provided, indicating various investment ratings such as "Buy" and "Increase Holdings" [14].

| | | 2025 年 11 月 02 日 行业研究 评级：推荐(维持) | 研究所： | | --- | | 证券分析师： | | 陈晨 S0350522110007 | | --- | --- | --- | | | | chenc09@ghzq.com.cn | | 联系人 | ： | 张益 S0350124100016 | | | | zhangy33@ghzq.com.cn | | 联系人 | ： | 徐萌 S0350125070001 | | | | xum02@ghzq.com.cn | [Table_Title] 煤矿生产低位运行，持续看好冬季旺季行情 ——煤炭开采行业周报 最近一年走势 | 行业相对表现 | | 2025/10/31 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 煤炭开采 | 9.6% | 12.1% | 0.7% | | 沪深 300 | -0.0% | 13.9% | 19.3% | 相关报告 《煤炭开采行业动态研究：2025Q3 煤炭基金重仓 股持仓占比 0.30%，煤价回暖、板块价值愈发凸显 （推荐）* ...

2025 年 11 月 02 日 公司研究 评级：增持(维持) | 研究所： | | | | | --- | --- | --- | --- | | 证券分析师： | | 戴畅 | S0350523120004 | | | | | daic@ghzq.com.cn | | 联系人 | ： | 徐鸣爽 | S0350124100008 | | | | xums@ghzq.com.cn | | [Table_Title] 2025Q3 公司营收同比高增，静待放量带来的利 润弹性 ——中国重汽（000951）2025 年三季报点评 最近一年走势 事件: 中国重汽 A 于 10 月 30 日公布 2025 年三季报，2025 年前三季度公 司实现营业收入 405 亿元，同比增长 21%，实现归母净利润 10.5 亿元，同比增长 12%。其中 2025 年 Q3 收入 143.3 亿元，同比增长 56%，归母净利润 3.82 亿元，同比增长 21%。 投资要点: | 相对沪深 | 300 表现 | | 2025/10/31 | | | --- | --- | --- | --- | --- | | 表现 | | 1M ...

2025 年 11 月 02 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 李昂 S0350525030002 | | | lia@ghzq.com.cn | [Table_Title] Q3 经营业绩稳健，数据中心提振新增长 ——盛弘股份（300693）公司动态研究 最近一年走势 | 相对沪深 300 表现 | | | 2025/10/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 盛弘股份 | 1.1% | 30.0% | 68.6% | | 沪深 300 | -0.0% | 13.9% | 19.3% | | 市场数据 | | | 2025/10/31 | | 当前价格（元） | | | 41.83 | | 52 周价格区间（元） | | | 23.09-45.80 ...