Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][20] Core Views - The company reported a revenue of 6.107 billion yuan for Q3 2025, representing a year-on-year growth of 30.36%, with a net profit of 1.386 billion yuan, up 41.91% year-on-year [1][10] - The company continues to experience strong growth in its product categories, particularly in the "Beverage" segment, with significant contributions from "Beverage La" and other drinks [2][11] - The company has slightly adjusted its revenue and profit forecasts for the next three years due to the impact of the second curve and cost structure changes, but remains a strong growth candidate in the food and beverage sector [4][18] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a total revenue of 16.844 billion yuan, a year-on-year increase of 34.13%, and a net profit of 3.761 billion yuan, up 38.91% year-on-year [1][10] - The company's contract liabilities reached 3.56 billion yuan by the end of Q3, an increase of 7.5% year-on-year, indicating a revenue growth rate of 31.5% after adjusting for contract liabilities [10] Product Categories - In Q3 2025, the revenue breakdown by product category was as follows: "Special Drinks" at 4.203 billion yuan (up 15.08%), "Electrolyte Water" at 1.354 billion yuan (up 84.18%), and "Other Beverages" at 547 million yuan (up 94.53%) [2][11] - The "Beverage La" product line maintained high growth through flavor extension and increased market penetration [2][11] Profitability and Cost Structure - The company's gross margin decreased by 0.6 percentage points year-on-year, while the net profit margin improved by 1.83 percentage points to 22.70% [3][12] - The sales, management, and financial expense ratios were 15.26%, 2.54%, and -0.16%, respectively, showing a mixed trend in cost management [3][12] Future Projections - The company expects to achieve total revenues of 20.875 billion yuan, 25.890 billion yuan, and 30.972 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32%, 24%, and 20% [4][18] - The projected net profits for the same years are 4.604 billion yuan, 5.828 billion yuan, and 7.098 billion yuan, with growth rates of 38%, 27%, and 22% [4][18]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24]. Core Insights - The company achieved a significant year-on-year increase in net profit of 162% for the first three quarters of 2025, with revenue reaching 5.373 billion yuan, up 7.16% [1][8]. - The gross margin improved to 19.49%, an increase of 9.46 percentage points year-on-year, while the net margin rose to 9.59%, up 5.76 percentage points [2][9]. - The core business showed robust growth, particularly in the new energy vehicle sector, which generated 2.615 billion yuan in sales, reflecting a 23.46% increase in product sales [3][16]. - The company is expanding its production capacity, aiming for 40,000 tons of high-performance rare earth permanent magnet materials by 2025 and 60,000 tons by 2027 [3][16]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 5.373 billion yuan, a 7.16% increase year-on-year, and a net profit of 515 million yuan, up 161.81% [1][8]. - In Q3 alone, revenue was 1.866 billion yuan, a 12.91% increase year-on-year, with net profit reaching 211 million yuan, up 172.65% [1][8]. Profitability and R&D - The company’s gross margin for the first three quarters of 2025 was 19.49%, with a notable gross margin exceeding 25% in Q3 [2][9]. - R&D expenses reached 316 million yuan, a 37.31% increase year-on-year, with the R&D expense ratio rising from 3.09% to 5.88% [2][9]. Business Growth and Expansion - The core business maintained strong growth, with the new energy vehicle sector achieving sales of 2.615 billion yuan and the energy-efficient variable frequency air conditioning sector generating 1.446 billion yuan [3][16]. - The company has initiated a rubber soft magnetic division to enhance its product offerings and is progressing with capacity expansion plans [3][16]. Future Projections - Revenue projections for 2025-2027 are 10.449 billion yuan, 11.795 billion yuan, and 13.608 billion yuan, with expected growth rates of 54.49%, 12.88%, and 15.37% respectively [4][24]. - The forecasted net profit for the same period is 747 million yuan, 979 million yuan, and 1.274 billion yuan, with growth rates of 156.53%, 31.17%, and 30.17% [4][24].

Investment Rating - The investment rating for Chongqing Bank is "Outperform the Market" [5] Core Views - The bank's revenue and net profit for the first three quarters of 2025 grew by 10.40% and 10.42% year-on-year, respectively, with significant quarterly growth of 17.38% in revenue and 20.54% in net profit [1] - The bank's net interest income increased by 15.2% year-on-year, benefiting from accelerated asset expansion and improved net interest margin [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.14%, down 11 basis points from the beginning of the year [2] - The bank's net profit forecasts for 2025-2027 are 53.9 billion, 57.3 billion, and 62.9 billion yuan, with corresponding year-on-year growth rates of 5.3%, 6.4%, and 9.8% [3] Summary by Sections Financial Performance - For the first three quarters of 2025, Chongqing Bank achieved a total revenue of 117.4 billion yuan and a net profit of 48.8 billion yuan, both showing a year-on-year increase of over 10% [1] - The total assets reached 1.02 trillion yuan, with loans and deposits growing by 19.4% and 16.9% year-to-date, respectively [1] Asset Quality - The non-performing loan ratio decreased to 1.14%, indicating a positive trend in asset quality [2] - The provision coverage ratio stood at 248.1%, remaining stable compared to previous periods [2] Profitability and Valuation - The annualized net interest margin for the first three quarters was 1.32%, showing a slight improvement from the previous half [2] - The bank's price-to-book (PB) ratios for 2025-2027 are projected at 0.53x, 0.49x, and 0.46x, respectively [3]

证券研究报告 | 2025年10月26日 宏观经济宏观周报 三季度经济的两大惊喜 第一个意料之外的惊喜：增速水平达到 4.8%。 4.8%这个数字，与我们模型的测算结果出现了显著偏差。三季度国内基建投 资增速较二季度回落 13.3 个百分点，房地产开发投资增速回落 7.2 个百分 点。根据历史数据模型测算，基建和地产投资如此大幅度的下滑，本该拖累 经济增长 0.7 个百分点，由此我们内部测算的三季度 GDP 增速仅为 4.1%。 这个差距揭示了一个重大变化：传统上被认为是经济命脉的房地产和基建， 在国民经济统计中的重要性正在显著下降。换句话说，中国经济肌体正在发 生结构性变化——旧肌肉虽然在萎缩，但新肌肉的生长速度超出了所有人的 想象。这个意外让人欣喜，因为它意味着政府可以更从容地推进新旧动能转 换，未来的政策重心或将更多"投资于人"而非"投资于钢筋水泥"。 第二个意料之外的惊喜：出口的超级韧性。 另一个意外来自外部需求。在二季度经历强劲的"抢出口"后，市场普遍预期 三季度出口将明显回落。然而现实是，三季度出口增速达到 6.6%，甚至比二 季度的 6.2%还要高。 如何理解这种韧性？常见的解释是新兴市场需求崛 ...

证券研究报告 | 2025年10月26日 平安银行（000001.SZ）2025 年三季报点评 中性 息差环比回升，资产质量平稳 收入利润降幅略收窄。2025 年前三季度实现营业收入 1007 亿元，同比下降 9.8%，降幅较上半年收窄 0.2 个百分点；前三季度实现归母净利润 383 亿元， 同比下降 3.5%，降幅较上半年收窄 0.4 个百分点。前三季度年化加权平均 ROE11.6%，同比下降 1.1 个百分点。 资产规模较年初基本持平。2025 年三季末总资产同比增长 0.4%至 5.77 万亿 元，较年初基本持平。三季度末存款本金较年初增长 0.6%至 3.55 万亿元， 贷款总额较年初增长 1.3%至 3.42 万亿元。其中一般企业贷款增长较好，较 年初增长 10.0%，个人贷款规模较年初下降 2.1%。三季度末核心一级资本充 足率 9.52%，较年初略有回升。表外方面，三季度末零售 AUM 为 4.21 万亿元， 较年初增长 0.5%。 得益于负债成本改善，净息差环比回升。前三季度日均净息差 1.79%，同比 降低 14bps，主要受市场利率下行、贷款结构调整等因素影响。环比来看， 三季度日均净息 ...

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Insights - The overall market has rebounded, with the technology sector leading the gains, as evidenced by the Hang Seng Index rising by 3.6% and the Hang Seng Composite Index also increasing by 3.6% [1] - The valuation levels have returned to a relatively high level, with the Hang Seng Index's forward P/E ratio increasing by 3.4% to 12.1x [2] - Earnings expectations have been rapidly revised upwards, with the Hang Seng Index's EPS increasing by 0.5% [3] Summary by Sections Market Performance - The Hang Seng Index increased by 3.6%, with large-cap stocks outperforming mid and small-cap stocks [1] - The Hang Seng Internet Index rose by 5.9%, while the Hang Seng Biotechnology Index fell by 0.9% [1] Valuation Levels - The forward P/E ratio for the Hang Seng Index is now at 12.1x, reflecting a 3.4% increase [2] - The Hang Seng Internet Index saw a significant valuation increase of 5.9%, reaching 19.0x [2] Earnings Expectations - The EPS for the Hang Seng Index has been revised upwards by 0.5% [3] - The largest upward revision in EPS was seen in the Hang Seng Consumer Index, which increased by 1.8% [3]

证券研究报告 | 2025年10月26日 重庆银行（601963.SH）2025 年三季报点评 优于大市 扩表提速，业绩实现高增 业绩增速提升，营收和归母净利润增速均略超 10%。2025 年前三季度实现营 收 117.4 亿元，同比增长 10.40%，实现归母净利润 48.8 亿元，同比增长 10.42%。其中营收和归母净利润单季度同比分别增长了 17.38%和 20.54%， 业绩增速明显提升。 2025 年公司规模扩张提速，净息差企稳改善。2025 年前三季度净利息收入 同比增长 15.2%%，较上半年增速提升了 3.0 个百分点，同时受益于规模扩表 提速和净息差企稳改善。2025 年 9 月末，资产总额 1.02 万亿元，贷款总额 （不含应计利息）5.18 万亿元，存款总额 5.54 万亿元，较年初分别增长了 19.4%、18.3%和 16.9%。其中，对公贷款和零售贷款较年初分别增长了 23.0% 和 1.7%，近几年公司新增信贷主要投向了征信类相关领域。 负债端成本降幅明显，净息差企稳改善。按照期初期末平均余额测算的前三 季度年化净息差为 1.32%，较上半年提升 3bps，同比下降 4bps，同 ...

Market Performance - The S&P 500 index increased by 2.4% this week, while the Nasdaq rose by 3.9%[1] - Large-cap growth stocks (Russell 1000 Growth) outperformed with a gain of 3.2%, compared to small-cap value (Russell 2000 Value) at +2.5%[1] - The technology hardware and equipment sector led the gains with an increase of 3.9%[1] Fund Flows - Estimated fund flow for S&P 500 components was +$65.6 billion this week, down from +$91.7 billion last week[2] - Semiconductor products and equipment saw the highest inflow at +$22.9 billion, while media and entertainment experienced the largest outflow at -$13.2 billion[2] Earnings Forecast - The forward 12-month EPS estimate for S&P 500 components was revised up by 0.4% this week, consistent with the previous week[3] - The automotive sector saw a significant upward revision of 9.0% in earnings expectations, while durable goods and apparel experienced a downward revision of -0.5%[3] Risk Factors - Key risks include uncertainties in economic fundamentals, international political situations, U.S. fiscal policies, and Federal Reserve monetary policies[3]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][27] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 11.589 billion yuan, up 58.7% year-on-year, and net profit of 9.097 billion yuan, up 50.6% year-on-year [1][4] - The company's strong performance is attributed to the recovery in the capital market and increased trading activity, particularly in securities brokerage and margin financing [1][2] - The company has a leading position in fund distribution, with a focus on equity funds, and has seen growth in its fund distribution scale [3][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 115.89 billion yuan and a net profit of 90.97 billion yuan, with a return on equity (ROE) of 10.74%, an increase of 2.60 percentage points year-on-year [1] - The average daily trading volume in the A-share market has continued to grow, contributing to the company's sustained high revenue growth [1][4] Market Position - The company maintained an increasing market share in brokerage and margin financing, with a brokerage trading volume of 16.03 trillion yuan and a market share of 4.14% in the first half of 2025 [2] - The company's net commission income reached 6.640 billion yuan, up 86.8% year-on-year, and net interest income was 2.405 billion yuan, up 59.7% year-on-year [2] Fund Distribution - The company has a leading position in fund distribution, with an equity fund holding scale of 383.8 billion yuan, accounting for 56.8% of non-monetary funds [3] - The total fund distribution for the first half of 2025 was 1.0572 trillion yuan, with non-monetary funds accounting for 626 billion yuan [3] Future Outlook - The company is expected to maintain strong growth in the coming years, with revenue projections of 15.224 billion yuan for 2025, reflecting a year-on-year growth of 31.2% [5][24] - The company's current price-to-earnings (PE) ratio is 36.80x, which is near the 59.2% percentile over the past five years, indicating a strong valuation relative to historical performance [4][6]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33][38] Core Views - The company achieved a revenue of 48.15 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 34%. The net profit attributable to shareholders was 2.58 billion yuan, up 44% year-on-year [8][33] - The company has a strong order backlog, with external orders reaching 49.9 GW, a 21% increase year-on-year, indicating robust demand for its wind turbines [2][19] - The international business is expanding, with operations in 47 countries across six continents and a total installed capacity of 11.2 GW outside of China [2][27] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 19.61 billion yuan, a 25% increase year-on-year, and a net profit of 1.1 billion yuan, which is a significant increase of 171% year-on-year [8][9] - The gross profit margin for the first three quarters was 14.4%, down 2.0 percentage points year-on-year, while the net profit margin was 5.9%, up 0.7 percentage points year-on-year [8][9] Sales and Orders - The company sold 7.8 GW of wind turbines in Q3 2025, a 71% increase year-on-year, with a total sales volume of 18.4 GW for the first three quarters, up 90% year-on-year [2][17] - The company added 23.2 GW of new external orders in the first three quarters, a 9% increase year-on-year, with a total backlog of 52.5 GW, including internal orders [19][27] International Expansion - The company is actively pursuing an internationalization strategy, with a 91% year-on-year increase in new installation capacity in international markets, totaling 2.4 GW in the first three quarters [2][27] - The installed capacity in Asia (excluding China) surpassed 3 GW, while South America and Oceania each exceeded 2 GW [2][27] Profitability Forecast - The profit forecast for 2025-2027 has been revised upwards to 2.98 billion yuan, 3.68 billion yuan, and 4.96 billion yuan, respectively, reflecting a year-on-year growth of 60.4%, 23.4%, and 34.8% [33][34] - The current stock price corresponds to dynamic P/E ratios of 22.4, 18.2, and 13.5 for the years 2025, 2026, and 2027, respectively [33][34]