Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown steady expansion in pig production, with a significant increase in the number of pigs sold, reaching 2.9342 million heads in the first three quarters of 2025, a 50.76% increase year-on-year. However, the profitability has been under pressure due to falling pig prices, resulting in a 58.69% decline in net profit to 107 million yuan [1][8] - The company maintains a leading position in cost control within the industry, with a breeding and management strategy that has improved production metrics. The average pig sales price in Q3 2025 was approximately 13.3 yuan/kg, while the total breeding cost was close to 13.6 yuan/kg [2][3] - The gross margin has fluctuated with the pig price cycle, showing a year-on-year decrease of 7.4 percentage points to 10.44% for Q1-Q3 2025. The net profit margin also decreased by 4.72 percentage points to 2.00% [3][13] Financial Performance - For the first three quarters of 2025, the company's revenue increased by 42.57% to 5.639 billion yuan, while the net profit decreased by 58.69% to 107 million yuan. In Q3 2025, revenue was 1.922 billion yuan, up 11.57% year-on-year, but net profit fell by 124.32% to -740,000 yuan [1][8] - The company has a projected revenue growth of 10.3% for 2025, with expected revenues of 6.703 billion yuan. The net profit is forecasted to be 487 million yuan, reflecting a 6.1% decrease compared to the previous year [4][21] - The operating cash flow for Q1-Q3 2025 increased by 65.8% to 970 million yuan, accounting for 17.21% of total revenue, indicating improved asset turnover [18] Cost Management - The company has established a strategic partnership with Pipestone for pig farming consulting services, which includes site design, genetic review, and technical support, further solidifying its cost leadership position [2] - The company has reported a feed-to-meat ratio of approximately 2.58 and a pig survival rate that is above industry standards, indicating effective breeding practices [2] Future Outlook - The company aims to continue improving breeding efficiency and reducing costs while integrating quality production resources to enhance capacity utilization [3][8] - The earnings per share (EPS) forecast for 2025 is 0.95 yuan, with projected PE ratios of 19.2 for 2025, 34.2 for 2026, and 51.8 for 2027 [21][24]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26] Core Insights - The company achieved a record high revenue in Q3 2025, with a year-on-year revenue growth of 57.22% and a net profit margin of 32.58%. The revenue for Q3 2025 reached 1.424 billion yuan, while the net profit was 473 million yuan [2][3] - The company's revenue for the first three quarters of 2025 was 4.058 billion yuan, representing a year-on-year increase of 57.83%, with a net profit margin improving to 38.85% [1][3] - The company has begun large-scale shipments of DDR5 fourth-generation RCD chips and has launched several new products, indicating strong progress in product development [3][4] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 4.058 billion yuan (YoY +57.83%) and a net profit of 1.632 billion yuan (YoY +66.89%) [1] - In Q3 2025, the company recorded a revenue of 1.424 billion yuan (YoY +57.22%, QoQ +0.92%) and a net profit of 473 million yuan (YoY +22.94%, QoQ -25.33%) [2] - The gross margin for Q3 2025 was 63.34%, reflecting a year-on-year increase of 4.6 percentage points [2][3] - The company has slightly adjusted its net profit forecasts for 2025-2027 due to increased share-based payment expenses, projecting net profits of 2.272 billion yuan, 2.809 billion yuan, and 3.381 billion yuan for 2025, 2026, and 2027 respectively [3][4] Product Development and Market Position - The company’s interconnect chip product line saw a revenue increase of 61.21% to 3.832 billion yuan, while the revenue from the Jindai® server platform product line grew by 17.88% to 218 million yuan [1] - The company has initiated the delivery of DDR5 second-generation MRCD/MDB chips, with orders exceeding 140 million yuan expected to be delivered in the next six months [3]

Global Market Overview - The global markets showed mixed performance in the week of October 27 to October 31, 2025, with notable gains in Japan and South Korea, where the Nikkei 225 and KOSPI 50 both rose over 5% [2][9] - Valuations generally contracted slightly, except for the South Korean Composite Index, which saw a significant expansion of 4.38x in PE [2][9] - The rolling one-year valuations for Japan and South Korea are at extremely high levels, while the Indian SENSEX 30 index is relatively low in valuation percentiles [2][9] A-Share Market Analysis - In the A-share market, major indices experienced mixed performance with slight valuation contraction during the same period [31] - The Shanghai Composite Index led the decline with a drop of 1.12%, while the CSI 500, CSI 1000, and National 2000 indices all increased by over 1% [31] - Valuation contraction was prevalent, with the CSI 2000 index rising by 0.95% but experiencing a significant PE contraction of 3.48x, indicating profit revisions [31] Industry Performance - The performance of primary industries was mixed, with upstream resources, downstream consumption, and support services showing overall gains, while large financials and TMT sectors declined [57] - The electric equipment sector had a notable increase of 4.29%, while the communication sector led the decline with a drop of 3.59% [57] - Valuation changes were consistent with stock price movements, with steel, electric equipment, computer, and comprehensive industries seeing PE expansions exceeding 1x, while electronics and communication sectors experienced PE contractions over 1x [57] Valuation Comparisons - The valuation metrics for various sectors indicate that the TMT sector, represented by electronics and communication, is at relatively high valuation levels, with rolling one-year valuation percentiles declining due to stock price corrections [57] - The short to medium-term valuation levels for non-cyclical consumer sectors, such as social services, beauty care, food and beverage, and agriculture, are notably attractive, with valuation percentiles not exceeding 70%, suggesting significant room for valuation recovery [57] Emerging Industries - Emerging industries showed more gains than losses, with AI and new energy being the main themes [57] - New energy, green productivity, and biotechnology sectors saw substantial increases, with power batteries, lithium batteries, and photovoltaics rising over 5% [57] - The digital economy displayed significant divergence, with semiconductors, AI, and 5G sectors declining over 3%, while quantum communication and digital energy showed notable increases [57]

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints - With the release of the third - quarter reports, this week's REITs sector performance was related to earnings. Based on comparable data, affordable housing, ecological and environmental protection, and consumer sectors with strong performance resilience also led in weekly gains. The weekly turnover rate of REITs increased with the listing of new projects. The average weekly price changes of equity - type REITs and franchise - type REITs were +0.3% and +0.5% respectively. In terms of the comparison of weekly price changes of major indices, CSI Convertible Bonds > CSI All - Bond Index > CSI REITs > CSI 300 [1]. - The CSI REITs index had a weekly price change of - 0.1% and a year - to - date price change of 3.2%. As of October 31, 2025, the closing price of the CSI REITs (closing) index was 814.90 points. The total market value of REITs rose to 220.6 billion yuan on October 31, an increase of 2.7 billion yuan from the previous week, and the average daily turnover rate for the whole week was 0.64%, up 0.12 percentage points from the previous week [2][13]. 3. Summary by Relevant Catalogs Secondary Market Trends - **Index Performance Comparison**: The weekly price change ranking of major indices was CSI Convertible Bonds > CSI All - Bond Index > CSI REITs > CSI 300. The CSI REITs index had a weekly price change of - 0.1%, weaker than the CSI All - Bond Index (+0.3%) and CSI Convertible Bonds Index (+0.8%), but stronger than the CSI 300 Index (- 0.4%). The year - to - date price change ranking was CSI 300 (+17.9%) > CSI Convertible Bonds (+17.0%) > CSI REITs (+3.2%) > CSI All - Bond Index (+0.7%). In the past year, the return rate of the CSI REITs index was 5.5% with a volatility of 7.4%. Its return rate was lower than that of the CSI 300 Index and CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index, and its volatility was lower than that of the CSI 300 Index and CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index [1][2][6]. - **REITs Market Value and Turnover**: As of October 31, 2025, the total market value of REITs increased to 220.6 billion yuan, up 2.7 billion yuan from the previous week, and the average daily turnover rate for the whole week was 0.64%, up 0.12 percentage points from the previous week [2][13]. - **Sector and Individual Performance**: Most REITs sectors closed up, with new infrastructure, municipal facilities, and consumer infrastructure leading in gains. From the perspective of different project attributes, the average weekly price changes of equity - type REITs and franchise - type REITs were +0.3% and +0.5% respectively. The top three REITs in weekly gains were CICFH Shounong REIT (+4.22%), Southern万国 Data REIT (+4.09%), and CICC Yinli Consumer Infrastructure REIT (+3.85%) [1][3][18]. - **Trading Activity**: New infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.3%. Consumer infrastructure REITs had the highest trading volume proportion this week, accounting for 21.0% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Huaxia Zhonghai Commercial REIT (103.71 million yuan), Huaxia Fund CR Land Youchao REIT (12.33 million yuan), and Huaxia CR Land Commercial REIT (10.89 million yuan) [3][24][26]. Primary Market Issuance - As of October 31, 2025, there was 1 REIT product in the accepted stage, 1 in the declared stage, 2 in the in - queried stage, 5 in the feedback - received stage, 7 in the passed - and - waiting - for - listing stage, and 12 first - issued and listed products on the exchanges [27]. Valuation Tracking - **Valuation Indicators**: REITs have both bond - like and stock - like characteristics. As of October 31, the average annualized cash distribution rate of public - offering REITs was 6.4%. From the stock - like perspective, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [29]. - **Valuation Comparison by Project Type**: Different project types of REITs have different valuation levels. For example, the relative net value premium rate of affordable housing REITs is 41.8%, with a P/FFO of 45.3 and an IRR of 3.5%. As of October 31, 2025, the dividend yield of equity - type REITs was 100BP higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 210BP [30][32]. Industry News - **New REIT Listing**: On October 31, Huaxia Zhonghai Commercial REIT was successfully listed on the Shenzhen Stock Exchange. As the first consumer REIT implemented through the acquisition and revitalization model, it provided a new model for the transformation of the commercial real estate industry from "heavy development and holding" to "light - asset operation" [4][38]. - **REITs Third - Quarter Report**: The third - quarter reports of REITs were released this week. Based on REIT samples with two - year consecutive data, the total revenue of REITs in the third quarter of 2025 was 3.35 billion yuan, a year - on - year decline of 5%. The year - on - year revenue changes of affordable housing, ecological and environmental protection, consumer, transportation, warehousing and logistics, industrial park, and energy sectors in the third quarter were 15%, 10%, 4%, - 3%, - 4%, - 8%, and - 17% respectively [4][38].

证券研究报告 | 2025年11月02日 牧原股份（002714.SZ） 优于大市 2025 年三季报点评:养殖成本逐步下降，国际化战略稳步推进 2025Q3 养殖成本稳步下降，单头盈利保持行业领先。公司 2025Q1-Q3 营收同 比+15.52%至 1117.9 亿元,归母净利同比+41.01%至 147.79 亿元；2025Q3 营 收同比-11.48%至 353.27 亿元,归母净利同比-55.98%至 42.49 亿元，主要系 2025Q3 猪价同比明显下降。公司 2025Q3 合计销售商品猪 1892.9 万头，仔猪 328.0 万头，经测算，公司 2025Q3 商品猪销售均价约 13.6 元/kg，对应单头 商品猪盈利接近 230-240 元（剔除非经常损益影响后），处于行业领先水平。 据公司公告，2025 年以来各项生产指标持续改善，生猪养殖完全成本逐月下 降，2025 年 7 月已降至约 11.8 元/kg，同时全程成活率达 87%，断奶到上市 的成活率达 92%，肥猪日增重约 860 克，育肥阶段料肉比约 2.7。 资产负债表稳步修复，现金流创造能力表现稳健。伴随盈利能力提升与资 本开支下 ...

Report's Investment Rating for the Industry - No information about the industry investment rating is provided in the report. Core Viewpoints of the Report - The report regularly tracks the latest information on private exchangeable bond (private EB) projects from public channels, including basic elements such as issuance scale, underlying stocks, and main underwriters, while noting that issuance terms may change and advising to consult the final prospectus and relevant lead underwriters for issuance progress [1]. Summary by Related Catalog New Project Information Last Week - The private exchangeable bond project of Yingfeng Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 1 billion yuan (down from the previous scale), underlying stocks being Yingfeng Environment/Baina Qiancheng (000967.SZ/300291.SZ), and main underwriters being Shen港 Securities, CICC, and Huafu Securities (CICC and Huafu were newly added compared to before), updated on October 30, 2025 [1]. - The private exchangeable bond project of Guangdong Guangxin Holdings Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 3 billion yuan, underlying stocks being Shengyi Technology/Xinghu Technology (600183.SH/600866.SH), and the main underwriter being CITIC Securities, updated on October 30, 2025 [1]. - The private exchangeable bond project of Fujian State - owned Assets Management Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 200 million yuan, the underlying stock being Fuguang Co., Ltd. (688010.SH), and the main underwriter being Guoxin Securities, updated on October 29, 2025 [1]. - The private technology - innovation exchangeable bond project of Chongqing Xiaokang Holdings Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 3 billion yuan, the underlying stock being Seres (601127.SH), and the main underwriter being Hongta Securities, updated on October 28, 2025 [1]. - The private technology - innovation exchangeable bond project of New Hope Group Co., Ltd. in 2025 received feedback from the exchange, with a proposed issuance scale of 4.5 billion yuan, the underlying stock being New Hope (000876.SZ), and the main underwriter being CICC, updated on October 31, 2025 [1]. - The private technology - innovation exchangeable bond project of Sichuan Jiuzhou Investment Holdings Group Co., Ltd. in 2025 received feedback from the exchange, with a proposed issuance scale of 1 billion yuan, the underlying stock being Sichuan Jiuzhou (000801.SZ), and the main underwriter being CITIC Securities, updated on October 28, 2025 [1]. - The private exchangeable bond project of Haixia Innovation Internet Co., Ltd. in 2025 was accepted by the exchange, with a proposed issuance scale of 300 million yuan, the underlying stock being Fengzhushou (301382.SZ), and the main underwriter being Dongguan Securities, updated on October 31, 2025 [1]. Overall Project Status (Table 1) - There are multiple private exchangeable bond projects in different statuses (approved, received feedback, accepted), including details such as bond names, main underwriters, issuance scales, underlying stocks, project statuses, and update dates [3].

Report's Investment Rating for the Industry - No information regarding the industry investment rating is provided in the report. Core Views - The bond market sentiment was generally positive last week due to factors such as the central bank's resumption of treasury bond trading, loose cross - month funds, the stock market decline after the Sino - US summit, and weak PMI data. The 10 - year treasury bond yield closed at 1.80% on Friday, down 5.32bp from the previous week [1][7][8]. - The equity market rose first and then fell last week. With positive factors like Sino - US trade negotiations, the release of the "15th Five - Year Plan" draft, and the Fed's interest - rate cut expectation, the A - share market was strong in the first half of the week, with the Shanghai Composite Index hitting a new high above 4000. However, it declined in the second half as positive news materialized and the demand for profit - taking increased. The technology hardware sector, which had a high increase previously, led the decline [1][7]. - Most convertible bond issues rose last week. The CSI Convertible Bond Index increased by 0.79% for the whole week, the median price rose by 0.63%, and the calculated arithmetic average parity increased by 0.64%. The overall conversion premium rate increased by 0.10% compared with the previous week [1][8]. - Convertible bonds are still restricted by high prices, high premiums, and frequent redemptions. The overall opportunity is hard to find as the median convertible bond price remains above 130 yuan. For different types of convertible bonds, there are different challenges, such as limited capacity and return space for low - price strategies in debt - biased convertible bonds, over - anticipation of underlying stock price increases in balanced convertible bonds, and the risk of double - killing of valuation and parity in high - quality "core stocks" of non - redeemable equity - biased convertible bonds during market fluctuations [2][17]. - Given the strong bullish atmosphere in the equity market, it is difficult to make decisions on increasing or decreasing positions. The overall assets should be treated with a trading - band mindset. When selecting bonds, it is advisable to allocate evenly across industries. For balanced convertible bonds, choose those with high - volatility underlying stocks that can quickly digest the high convertible bond premiums, and for equity - biased convertible bonds, focus on low - premium targets [2][17]. Summary by Relevant Catalogs Market Trends (2025/10/27 - 2025/10/31) Stock Market - The equity market showed a volatile trend. The Shanghai Composite Index had different daily changes: up 1.18% on Monday, down 0.22% on Tuesday, up 0.7% on Wednesday, down 0.73% on Thursday, and down 0.81% on Friday. Different sectors had varying performances each day [7]. - Most Shenwan primary industries rose last week. The top - performing industries were power equipment (4.29%), non - ferrous metals (2.56%), steel (2.55%), basic chemicals (2.50%), and comprehensive (2.26%), while communication (-3.59%), beauty care (-2.21%), banking (-2.16%), and electronics (-1.65%) performed poorly [8]. Bond Market - The bond market sentiment was good. The 10 - year treasury bond yield closed at 1.80% on Friday, down 5.32bp from the previous week, influenced by factors such as the central bank's actions, fund conditions, stock market movements, and PMI data [1][7][8]. Convertible Bond Market - Most convertible bond issues rose. The CSI Convertible Bond Index increased by 0.79% for the whole week, the median price rose by 0.63%, and the arithmetic average parity increased by 0.64%. The overall conversion premium rate increased by 0.10% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds in different parity ranges also changed [1][8]. - In terms of industries, most convertible bond industries rose. The top - performing industries were steel (+3.04%), machinery and equipment (+2.15%), national defense and military industry (+1.75%), and automobile (+1.16%), while communication (-3.18%), beauty care (-3.17%), building materials (-0.75%), and media (-0.48%) performed poorly [11]. - At the individual bond level, Titan (solid - state battery concept), Dazhong (lithium mine), Zhenhua (chromium salt), Zhonghuan Zhuan 2 (innovative drugs), and Yunji (belt conveyor) convertible bonds led the increase, while Tongguang (optical fiber cable), Shuiyang (skin care products), Jingda (controllable nuclear fusion), Huayi (semiconductor clean room), and Wujin (stainless steel) convertible bonds led the decline [1][12]. - The total trading volume of the convertible bond market last week was 310.731 billion yuan, with an average daily trading volume of 62.146 billion yuan, which was higher than the previous week [15]. Valuation Overview - As of October 31, 2025, for equity - biased convertible bonds, the average conversion premium rates in different parity intervals were at different percentile levels since 2010 and 2021. For debt - biased convertible bonds, the average YTM of those with a parity below 70 yuan was -5.3%, at the 0%/1% percentile levels since 2010/2021. The average implied volatility of all convertible bonds was 40.84%, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stocks was -1.34%, both at certain percentile levels [18]. Primary Market Tracking Last Week (2025/10/27 - 2025/10/31) - Qizhong Convertible Bond announced its issuance, and Jin 25 and Funeng Convertible Bonds were listed. Qizhong Convertible Bond has a scale of 850 million yuan, Jin 25 Convertible Bond has a scale of 2 billion yuan, and Funeng Convertible Bond has a scale of 3.802 billion yuan. Each bond's underlying company has its own business characteristics, financial performance, and planned use of funds after deducting issuance fees [26][27][29]. - One company (Ruikeda) got new approval for registration, one company (Shuangle Co., Ltd.) passed the listing committee review, 13 companies' applications were accepted by the exchange, one company (Mankun Technology) passed the shareholders' meeting, and 4 companies announced board proposals [31]. Future Week (2025/11/3 - 2025/11/7) - As of the announcement on October 31, there is no convertible bond announced for issuance, and Jinlang Zhuan 02 is expected to be listed. It has a scale of 1.677 billion yuan, and its underlying company has specific business operations, financial data, and planned use of funds [30]. - Currently, there are 94 convertible bonds waiting to be issued, with a total scale of 143.51 billion yuan. Among them, 5 have been approved for registration with a total scale of 4.15 billion yuan, and 6 have passed the listing committee review with a total scale of 3.38 billion yuan [31].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company reported a year-on-year growth of 8% in net profit attributable to shareholders for the first three quarters of 2025, and announced a special dividend plan of 3 billion yuan [1][7] - The company's revenue for the first three quarters of 2025 reached 26.325 billion yuan, an increase of 8.66% year-on-year, while the net profit attributable to shareholders was 3.772 billion yuan, up 8.09% year-on-year [1][7] - The company experienced a significant increase in operating cash flow, with a net cash flow from operating activities of 6.221 billion yuan, a year-on-year increase of 32.09% [3][14] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 9.051 billion yuan, a year-on-year increase of 5.75% and a quarter-on-quarter increase of 9.14% [1][7] - The net profit for Q3 2025 was 1.147 billion yuan, down 11.85% year-on-year but up 24.46% quarter-on-quarter [1][7] - The gross margin for the first three quarters of 2025 was 26.63%, an increase of 1.29 percentage points year-on-year [3][14] Market Conditions - The company's performance is significantly influenced by commodity prices, with alumina prices declining year-on-year, while aluminum prices remained high [2][7] - In Q3 2025, the average domestic alumina price was approximately 3,124 yuan/ton, down about 20% year-on-year, while the average overseas alumina price was approximately 357 USD/ton, down about 29% year-on-year [2][7] Future Outlook - The company has raised its profit forecast, expecting revenues of 31.511 billion yuan, 35.362 billion yuan, and 38.636 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 5.059 billion yuan, 5.268 billion yuan, and 5.554 billion yuan for the same years [4][17] - The diluted EPS is projected to be 0.44 yuan, 0.45 yuan, and 0.48 yuan for 2025, 2026, and 2027 respectively, with the current stock price corresponding to P/E ratios of 10.6, 10.2, and 9.6 [4][17]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][30]. Core Views - The company reported a revenue of 27.129 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 12.55%. The net profit attributable to shareholders was 12.733 billion yuan, up 1.69% year-on-year, while the net profit excluding non-recurring items surged by 100.04% to 12.639 billion yuan [1][3]. - The increase in performance is attributed to the sustained activity in the capital markets, with significant growth in brokerage, investment banking, and credit business revenues [1]. - The company's brokerage business revenue reached 6.588 billion yuan, a remarkable increase of 66.14% year-on-year, driven by heightened market activity [2][3]. - The investment banking segment also showed recovery, with revenues of 1.948 billion yuan, up 43.51% year-on-year, and a significant increase in equity underwriting amounts [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 12.733 billion yuan, with a year-on-year growth of 1.69%. The adjusted net profit was 12.639 billion yuan, reflecting a 100.04% increase [1][3]. - The company's total revenue for 2025 is projected to reach 50.124 billion yuan, with a growth rate of 20.9% [4][31]. Business Segments - The brokerage business saw a revenue increase to 6.588 billion yuan, up 66.14% year-on-year, while interest income rose significantly to 3.27 billion yuan, a 151% increase [1][2]. - The investment banking revenue was reported at 1.948 billion yuan, a 43.51% increase, with equity underwriting amounts reaching 52.46 billion yuan, a 151% increase [2][3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 18.143 billion yuan, 20.206 billion yuan, and 22.021 billion yuan, respectively, with year-on-year growth rates of 18.2%, 11.4%, and 9.0% [3][30]. - The current price-to-earnings (PE) ratios are projected at 13.8, 12.5, and 11.3 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation [3][30].

证券研究报告 | 2025年11月02日 固收+系列报告之三：固收+基金季报分析 三季度业绩向好，规模大幅增长 杠杆率：杠杆率方面，三季度末整体法口径下固收+基金平均杠杆率为 1.16，较上季度末增加了 0.03。平均法口径下固收+基金平均杠杆率为 1.16，较上季度末增加了 0.03。 基金净值增长率：净增长率方面，2025 年三季度固收+基金单季平均净值 增长率为 3.27%，增长率较上季度增加。按基金类型分，本季度表现最 好的"固收+"基金为可转换债券基金，净值增长率为 15.3%，其次为平 衡混合型基金，净值增长率为 11.5%。 大类资产配置：资产配置方面，截至三季度末，债券资产占比最高，达 85.4%，较上季度回落 2.7%，其中可转债占 8.5%（较二季度减少 0.9%）， 不含可转债的其他债券资产占 77.0%（较二季度减少 1.8%）；股票资产 占比次之，为 10.3%，较上季度增加 2.3%；买入返售资产占 1.9%，较上 季度回升 0.5%；银行存款和其他资产分别占总资产的 1.4%和 0.9%，占 比较上季度均有所下降，分别减少 0.2%和 0.1%；基金资产占比最低， 为 0.1%， ...