证券研究报告 | 2025年11月18日 中国黄金国际（02099.HK） 优于大市 Q3 业绩表现亮眼，公司兼具高业绩弹性及高成长性 公司发布三季报：前三季度实现营收 9.25 亿美元，同比+99.83%；实现归母 净利润 3.41 亿美元，同比扭亏；其中，Q1/Q2/Q3 分别实现归母净利润 0.85/1.15/1.41 亿美元，Q3 环比+22.43%。公司 Q3 利润环比再次实现明显 提升，主要得益于金铜价格上涨以及甲玛矿销售折价系数提升。 核心产品产销量数据方面：公司前三季度实现黄金产量 4.02 吨，实现黄金 销量 4.21 吨。其中长山壕前三季度黄金产量约 2.12 吨，黄金销量约 2.34 吨；甲玛矿前三季度黄金产量约 1.90 吨，黄金销量约 1.87 吨。公司前三季 度实现铜产量 5.41 万吨，实现铜销量 5.33 万吨。公司 2025 年产量指引： 长山壕黄金产量指引约 2.4-2.6 吨；甲玛矿黄金产量指引约 2.15-2.3 吨， 铜产量指引约 6.3-6.7 万吨。全年的维度来看，公司金、铜产量超过指引的 可能性较高。 核心产品成本数据方面：长山壕前三季度黄金单位生产成本1639 ...

Group 1: Public Utilities and Environmental Protection Industry - The energy transition is ongoing, with clean energy and environmental protection exhibiting both growth and utility attributes [7][8] - The unified electricity market is accelerating, promoting high-quality development of renewable energy [7] - The coal power sector is transitioning to a regulatory power source, with coal prices expected to support long-term contract prices in 2026 [8] - Green electricity pricing uncertainties are diminishing, indicating a potential bottoming out for the green electricity sector [8] - Hydropower is experiencing improved cash flow and performance, supported by low costs and a balanced supply-demand trend [9] - Nuclear power is facing market price pressures but is expected to rebound, with new nuclear projects gaining momentum [10] - The natural gas market remains relatively loose, with domestic supply increasing and global prices potentially declining [10] - Green methanol is emerging as a significant growth area due to policies promoting renewable energy consumption [11] - The environmental protection sector is entering a mature phase, with improved cash flow and investment opportunities in public utility-like projects [11][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The livestock sector is expected to experience a significant turnaround, with beef and milk prices projected to rise [13][16] - The domestic and international markets are likely to see synchronized price increases for beef and milk due to supply adjustments [13] - The pig and poultry farming sectors are shifting focus from cyclical trends to cash flow generation, with leading companies expected to benefit [14] - The pet industry is identified as a high-quality growth sector, with domestic brands gaining traction [15][18] - Agricultural commodity prices are stabilizing, with corn and soybean markets showing signs of support [16][17] Group 3: Machinery Industry - The machinery industry is poised for growth driven by AI infrastructure and humanoid robots, with a focus on engineering machinery and market share-boosting leaders [19][20] - Emerging markets and export growth are key drivers, particularly in AI infrastructure and robotics [19] - Investment opportunities are identified in sectors with significant import substitution potential, such as scientific instruments and semiconductor components [20] - The nuclear power sector is highlighted for its growth potential, with a positive outlook on nuclear energy development [22] Group 4: Food and Beverage Industry - The food and beverage sector is recovering, with a notable increase in consumer demand and improvements in the supply chain [26][27] - The alcoholic beverage segment is in a bottoming phase, with opportunities for quality companies to gain market share [26] - Dairy and beverage sectors are expected to see stable demand recovery, with leading companies positioned for growth [26][27] - The snack food market is highlighted for its growth potential, particularly in niche segments like konjac snacks [26]

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [1][9][24] Core Insights - As of the end of Q3 2025, the total balance of insurance funds reached 37.5 trillion yuan, reflecting a year-on-year growth of 16.5% [2][4] - The insurance industry has increased its allocation to equity investments, particularly in direct stock investments, while reducing bank deposit scales [3][24] - The overall asset conversion rate for the industry stands at 83%, indicating a certain degree of under-allocation [3][24] Summary by Sections Fund Utilization - The insurance fund utilization balance exceeded 37 trillion yuan, with a year-on-year growth rate of 16.5% [4][10] - The balance of stock investments reached 3.6 trillion yuan, a significant increase of 55.1% year-on-year [15][24] Fixed Income - Bank deposit scales have decreased, with personal insurance and property insurance companies reducing their bank deposits by 4.9% and 7.5% respectively [11] - Bond allocation has increased, with personal insurance companies holding 17.2 trillion yuan in bonds, up 20.9% year-on-year [11] Equity Investments - The insurance sector has significantly increased its direct equity investments, with personal insurance stock investments reaching 34,124 billion yuan, an increase of 11,445 billion yuan since the beginning of the year [15] - The total scale of securities investment funds for personal and property insurance reached 17,756 billion yuan and 1,964 billion yuan respectively, with quarter-on-quarter growth rates of 20.2% and 6.9% [15] Market Outlook - The report anticipates that in Q4, insurance funds will continue to seek high-dividend investment opportunities and maintain a focus on long-term bonds to match their asset allocation needs [24]

翱捷科技-U（688220.SH） 优于大市 合同负债环比大幅增长，云端 ASIC 项目储备多种方案 2025 前三季度营收同比增长 13.42%，单三季度归母净利润环比减亏。公司 发布 2025Q3 季报，前三季度实现营收 28.8 亿元(YoY +13.42%)，归母净利 润-3.27 亿元。其中，单三季度实现营收 9.82 亿元(YoY +11.1%，QoQ -0.59%)， 归母净利润-0.82 亿元(环比减亏 0.4 亿元)，综合毛利率为 26.65%，较 2Q25 毛利率 23.21%环比提升 3.44 个百分点。 合同负债环比大幅增长，蜂窝基带毛利率显著改善。公司三季度合同负债 1.99 亿元，较 1H25 合同负债 0.89 亿元环比大幅增长 123.6%。芯片定制及 IP 授权业务方面，公司前三季度订单总金额较 2024 年同期有倍数级增长， 下游主要来自于穿戴/眼镜类芯片、云端推理 AI 芯片和 RISC-V 芯片。公司 当前正在执行项目较多，由于项目复杂度高，周期较长，前三季度确收绝对 值较低，较上年同期下降超过 60%，第三季度环比下降 50%左右。但预计伴 随项目验收交付，明年收入有 ...

证券研究报告 | 2025年11月17日 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | 执证编码：S0980525080001 | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | 可交换私募债跟踪 私募 EB 每周跟踪（20251110-20251114） 固定收益快评 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 上周新增项目信息如下：（部分项目因合规原因未予列示） 1. 海峡创新互联网股份有限公司 2025 年面向专业投资者非公开发行可交换公司债券项目获交易所反馈， 拟 ...

证券研究报告 | 2025年11月17日 金融工程日报 沪指震荡下跌，锂矿题材逆势爆发 核心观点 金融工程日报 市场表现：今日(20251117) 规模指数中中证 2000 指数表现较好，板块指数 中北证 50 指数表现较好，风格指数中中证 500 价值指数表现较好。计算机、 国防军工、煤炭、基础化工、房地产行业表现较好，医药、银行、非银、建 材、电新行业表现较差。锂矿、两岸融合、盐湖提锂、操作系统、水产等概 念表现较好，CRO、创新药、CAR-T 疗法、猴痘、疫苗等概念表现较差。 市场情绪：今日市场情绪较为高涨，收盘时有 100 只股票涨停，有 13 只股 票跌停。昨日涨停股票今日收盘收益为 2.47%，昨日跌停股票今日收盘收益 为-2.56%。今日封板率 76%，较前日提升 10%，连板率 36%，较前日提升 6%。 市场资金流向：截至 20251114 两融余额为 24927 亿元，其中融资余额 24747 亿元，融券余额 180 亿元。两融余额占流通市值比重为 2.5%，两融交易占市 场成交额比重为 10.0%。 折溢价：20251114 当日 ETF 溢价较多的是创科技 ETF，ETF 折价较多的是 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][68]. Core Views - The food and beverage sector is expected to benefit from a gradual recovery in consumer scenarios and improvements in the restaurant supply chain [1][3]. - The report highlights a differentiated performance across categories, with beverages outperforming food and alcoholic beverages [2][3]. - The outlook for 2026 is optimistic, with expectations of continued demand recovery and valuation expansion [3][16]. Summary by Relevant Sections Market Performance - The food and beverage sector saw a cumulative increase of 2.93% this week, with A-shares rising by 2.83% and H-shares by 4.33% [1]. - The top five performers in the sector included companies like Huanlejia and Sanyuan [1]. Alcoholic Beverages - The report suggests a focus on high-quality companies in the liquor sector, particularly as the industry enters a bottoming phase [2][11]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with an emphasis on the upcoming December liquor distributor conference [2][11]. Beverages - The beverage sector is experiencing a positive trend, with stable demand recovery in dairy products and strong performance from leading companies like Nongfu Spring and Dongpeng Beverage [2][15]. - The report recommends focusing on companies with strong growth potential and ongoing internal reforms [2][15]. Snacks - The report emphasizes the importance of selecting alpha-type stocks in the snack category, particularly those benefiting from the growth of konjac snacks [2][12]. - Leading companies in this space, such as Weilong and Yanjinpuzi, are highlighted for their competitive advantages [2][12]. Restaurant Supply Chain - The report indicates that the restaurant supply chain is showing signs of stabilization, with major companies optimizing their expense management [13]. - Recommendations include Yihai International and Haitian Flavoring, which are expected to perform well as the industry recovers [13]. Dairy Products - The dairy sector is projected to see a gradual recovery in demand, with leading companies like Yili expected to benefit from improved margins [14][15]. - The report suggests a focus on companies with a safety margin in valuations [14][15]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Baba Foods, Dongpeng Beverage, Weilong, and Luzhou Laojiao, with an average increase of 4.24% [16]. - The report anticipates continued growth in the beverage sector, particularly for energy drinks and tea products [15][16].

2025年11月17日 证券研究报告 | 迎接"十五五"：科创时代的银行新范式 行业研究 · 行业专题 金融 · 银行 投资评级：优于大市（维持） 证券分析师：王剑 证券分析师：陈俊良 证券分析师：田维韦 证券分析师：刘睿玲 证券分析师：张绪政 021-60875165 021-60933163 021-60875161 021-60375484 021-60875166 S0980518070002 S0980519010001 S0980520030002 S0980525040002 S0980525040003 wangjian@guosen.com.cn chenjunliang@guosen.com.cn tianweiwei@guosen.com.cn liuruiling@guosen.com.cn zhangxuzheng@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 04 从部门银行到流程银行 05 风险提示 请务必阅读正文之后的免责声明及其项下所有内容 产业梯度转移：实体需求影响银行业务 目录 01 产业转型升级：实体需求生变 02 金融范式转变：逻辑与案例 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][68]. Core Views - The food and beverage sector is expected to benefit from a gradual recovery in consumer scenarios and improvements in the restaurant supply chain [1][3]. - The report highlights a differentiated performance among categories, with beverages outperforming food and alcoholic beverages [2][3]. - The investment outlook for 2026 is optimistic, with expectations of valuation recovery and a focus on health innovation and digital supply chains [3][16]. Summary by Sections Market Overview - The food and beverage sector saw a cumulative increase of 2.93% this week, with A-shares rising by 2.83% and H-shares by 4.33% [1]. - The top five performers in the food and beverage sector this week included companies like Huanlejia and Sanyuan [1]. Alcoholic Beverages - The report indicates that the liquor sector is in a bottoming phase, with a focus on identifying quality companies ahead of the December liquor distributor conference [2][11]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with a focus on companies with pricing power and regional influence [2][11]. Beverages - The beverage sector is experiencing a favorable environment, with stable demand recovery and leading companies outperforming [2][15]. - Key recommendations include Nongfu Spring and Dongpeng Beverage, which are expanding their national presence and platform capabilities [2][15]. Food - The snack segment is advised to focus on strong alpha stocks, particularly in the konjac snack category, where companies like Weilong and Yanjinpuzi are highlighted for their competitive advantages [2][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [2][13]. Key Companies and Earnings Forecasts - Guizhou Moutai is projected to have revenues of CNY 183.52 billion in 2025, with a net profit of CNY 90.59 billion, maintaining an "Outperform the Market" rating [4][16]. - Dongpeng Beverage is expected to achieve revenues of CNY 20.9 billion in 2026, with a net profit of CNY 5.8 billion, also rated as "Outperform the Market" [4][16]. - WeLong is forecasted to have revenues of CNY 7.53 billion in 2025, with a net profit of CNY 1.47 billion, maintaining an "Outperform the Market" rating [4][16].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5]. Core Insights - The company achieved a revenue of 990 million yuan in Q3 2025, representing a year-on-year growth of 69.4% and a quarter-on-quarter increase of 20.2%. The net profit attributable to shareholders reached 110 million yuan, up 580.6% year-on-year and 322.7% quarter-on-quarter [1][9]. - The company has established long-term partnerships with major automotive manufacturers in the new energy vehicle sector, including GAC Honda, Dongfeng Nissan, and Geely, among others [29]. - The company is actively expanding its presence in the low-altitude economy, collaborating with EHang and other firms to develop eVTOL aircraft and related technologies [2][44]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 16.5%, showing a year-on-year decrease of 0.9 percentage points but a quarter-on-quarter increase of 1.5 percentage points. The net profit margin for the same quarter was 11.3%, up 8.5 percentage points year-on-year and 8.1 percentage points quarter-on-quarter [13]. - For the first three quarters of 2025, the company reported a total revenue of 2.36 billion yuan, a year-on-year increase of 46.7%, and a net profit of 150 million yuan, up 191.2% year-on-year [9]. Market Position and Strategy - The company is one of the few domestic leaders with independent R&D and production capabilities in both electric drive systems and power systems for the new energy sector [1][24]. - The company has successfully penetrated various segments, including passenger vehicles, commercial vehicles, and non-road vehicles, with significant partnerships established across these sectors [29][42]. Product Development and Innovation - The company has developed a comprehensive product matrix for new energy vehicles, including powertrains and electric drive systems, with a focus on high efficiency and lightweight designs [33][39]. - The "integrated chip" technology has been highlighted as a key innovation, enhancing the performance and competitiveness of the company's products in the market [38][44]. Future Outlook - The revenue forecast for 2025-2027 has been revised upwards to 3.21 billion, 4.03 billion, and 4.89 billion yuan, respectively, reflecting the expected increase in sales from key automotive clients and expansion into overseas markets [3][53]. - The company aims to become a leading provider of integrated solutions in the new energy power domain, leveraging its advanced manufacturing capabilities and strong R&D team [30][53].