Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][6][12]. Core Views - The AI computing and storage sectors are experiencing unexpected high growth, with a continued tight supply-demand situation. The electronic sector has faced challenges due to storage shortages, tariff wars, and reduced consumer subsidies, leading to a decline in performance, particularly in the upstream IC design segment [2][3]. - Despite recent market fluctuations, the narrative of a new technological revolution driven by AI remains intact, with expectations for product structure upgrades and innovations in AI applications, such as AI glasses, approaching large-scale deployment [2]. - The report suggests maintaining an optimistic outlook and patience in investment strategies, particularly in domestic controllable (foundry + equipment) and local computing + storage supply chains [2]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 0.11%, while the electronic sector fell by 1.65%. Within sub-sectors, consumer electronics increased by 1.19%, and semiconductors decreased by 3.69% [2][13]. - The report highlights that the semiconductor industry is still facing high expectations, but recent performance has been affected by various external factors [2]. Storage Sector Insights - SK Hynix reported a 119% year-on-year increase in net profit for Q3 2025, with NAND ASP rising by 10%-15% and DRAM ASP by 4%-6% [3]. - Samsung's operating profit for Q3 2025 increased by 1650% quarter-on-quarter, indicating a strong outlook for the storage sector driven by AI demand [3]. - The report recommends focusing on domestic storage companies such as Jiangbolong, Demingli, Baiwei Storage, and Zhaoyi Innovation, which are expected to benefit from rising prices and demand [3]. AI Chip Development - Qualcomm plans to launch AI chips for data centers, with the AI200 and AI250 models expected to be commercially available in 2026 and 2027, respectively [4]. - The report emphasizes the growing interest in AI computing chips and suggests monitoring domestic companies like Cambricon, Aojie Technology, and others [4]. Company Performance and Recommendations - MPS exceeded revenue guidance for Q3 2025, with a 33% quarter-on-quarter increase in enterprise data revenue, driven by AI server power module shipments [5]. - The report highlights NVIDIA's increased GPU shipment guidance and suggests continued attention to high-end PCB manufacturers like Huadian, Shengyi Technology, and others [5][8]. - The report identifies AI as a key growth driver and recommends companies such as Industrial Fulian, Huizhong Technology, and others for investment [9]. Key Investment Portfolio - The report lists key companies for investment across various sectors, including consumer electronics, semiconductors, and equipment/materials, with a focus on companies showing strong growth potential [11][12].

Group 1 - The semiconductor industry has shown a significant performance improvement, with a 46.59% increase in the semiconductor index from the beginning of 2025 to October 31, outperforming the CSI 300 index by 28.65 percentage points [3][22]. - In Q3 2025, the semiconductor revenue grew by 11.0% year-on-year, with notable growth in digital chip design (+35.0%) and semiconductor equipment (+32.4%) [5][48]. - The net profit attributable to the parent company in Q3 2025 increased by 80.4% year-on-year, with integrated circuit manufacturing showing an extraordinary growth of 6819% [5][58]. Group 2 - The gross margin for the semiconductor sector in Q3 2025 was 30.0%, reflecting a 2.8 percentage point increase from the previous quarter, while the net margin was 11.3% [5][67]. - The global semiconductor sales reached $208.4 billion in Q3 2025, marking a 25.1% year-on-year increase and a 15.8% quarter-on-quarter increase [7]. - The report highlights a positive outlook for the storage sector, with expected price increases for DRAM and NAND Flash in Q4 2025, suggesting a favorable environment for domestic storage manufacturers [10]. Group 3 - The report indicates that over half of the 146 A-share semiconductor companies have achieved new quarterly revenue highs in 2025, driven by AI and domestic supply chain improvements [10][41]. - The analysis of fund holdings shows that the proportion of semiconductor stocks in active funds increased to 12.56% in Q3 2025, indicating a growing interest in the sector [3][36]. - The report recommends focusing on companies benefiting from the rise of domestic chip design and high-end chip trends, such as SMIC and Hua Hong Semiconductor [10][11].

- The report predicts adjustments to the constituent stocks of six major indices: CSI 300, SSE 180, SSE 50, STAR 50, ChiNext Index, and CSI 500, based on the index compilation rules[2][19][20] - For the CSI 300 Index, 11 stocks including Huadian New Energy, Shenghong Technology, and Rockchip Micro will be added, while 11 stocks including Xingyu Co., Trina Solar, and Foster will be removed[3][21] - For the SSE 180 Index, 7 stocks including Huadian New Energy, Rockchip Micro, and Shengmei Shanghai will be added, while 7 stocks including COSCO Shipping Energy, Lu'an Environmental Energy, and Trina Solar will be removed[4][24] - For the SSE 50 Index, 4 stocks including SAIC Motor, Huadian New Energy, and Northern Rare Earth will be added, while 4 stocks including China Mobile, Aluminum Corporation of China, and Poly Developments will be removed[5][26] - For the STAR 50 Index, 2 stocks including Aojie Technology and Shengke Communication will be added, while 2 stocks including Huaxi Bio and Hangcai Co. will be removed[6][28] - For the ChiNext Index, 8 stocks including Changsheng Bearing, Wancheng Group, and Changxin Bochuang will be added, while 8 stocks including Huaxia Eye, Yihualu, and Origin Water will be removed[7][31] - For the CSI 500 Index, 50 stocks including Electric Power Investment Energy, Trina Solar, and Supor will be added, while 50 stocks including Tuojing Technology, China Great Wall, and Jinghe Integration will be removed[8][35]

行业研究 · 行业投资策略 社会服务 投资评级：优于大市（维持评级） 证券分析师：曾光 证券分析师：张鲁 证券分析师：杨玉莹 联系人：周瑛皓 0755-82150809 010-88005377 zengguang@guosen.com.cn zhanglu5@guosen.com.cn yangyuying@guosen.com.cn zhouyinghao@guosen.com.cn S0980511040003 S0980521120002 S0980524070006 请务必阅读正文之后的免责声明及其项下所有内容 核心观点：基本面与持仓筑底，看好板块布局窗口期 请务必阅读正文之后的免责声明及其项下所有内容 2025年11月5日 证券研究报告 | 社服行业财报总结暨11月投资策略 基本面与持仓筑底，看好板块布局窗口期 ◼ 行情复盘：社服板块年初至今跑输大盘，基金持仓降至历史低位。2025年以来社服板块跑输沪深300，年内涨4.95%（跑输14.75pct），Q3涨 5.87%（跑输13.79pct），10月下旬随资金再平衡开始有所企稳反弹；细分板块以个股行情为主，Q3以来高景气景区、海南封关及部分顺周 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company experienced a slight decline in revenue in Q3 2025, with a total revenue of 13.21 billion yuan, down 4.8% year-on-year, and a net profit attributable to shareholders of 1.83 billion yuan, down 9.8% [1] - The company is facing significant pressure due to ongoing adjustments and transformation challenges in the real estate and home furnishing industries, compounded by the gradual withdrawal of national subsidies [1] - Despite the challenges, the company's transition to a comprehensive home furnishing strategy is showing initial results, with retail performance demonstrating resilience [1][2] Revenue and Profit Analysis - For Q3 2025, the company reported revenue of 4.97 billion yuan, a decrease of 6.1% year-on-year, and a net profit of 0.81 billion yuan, down 21.8% [1] - The revenue from distribution, direct sales, bulk, and overseas channels for Q1-Q3 2025 showed a year-on-year change of -4.4%, +4.1%, -12.0%, and +20.5% respectively [2] - The decline in revenue from the bulk business significantly impacted overall revenue, while overseas business continued to grow steadily [2] Margin and Cost Analysis - The gross margin for Q3 2025 was 38.8%, down 1.6 percentage points year-on-year, with sales expense ratio increasing to 8.6% [3] - The net profit margin for Q3 2025 was 16.4%, down 3.3 percentage points year-on-year, primarily due to increased expense ratios and pressure on revenue [3] Financial Forecasts - The company has revised its profit forecasts downward, projecting net profits of 2.35 billion yuan, 2.63 billion yuan, and 2.86 billion yuan for 2025, 2026, and 2027 respectively [4] - The expected diluted EPS for 2025, 2026, and 2027 is 3.85 yuan, 4.32 yuan, and 4.69 yuan, with corresponding PE ratios of 13.5x, 12.0x, and 11.1x [4][5]

证券研究报告 | 2025年11月05日 食品饮料周报（25 年第 40 周） 优于大市 酒类渠道包袱加速去化，大众品品类表现分化 行情回顾：本周食品饮料（A 股和 H 股）累计下跌 0.40%，其中 A 股食品饮 料（申万食品饮料指数）下跌 0.29%，跑赢沪深 300 约 0.14pct；H 股食品饮 料（恒生港股通食品饮料）下跌 1.97%，跑赢恒生消费指数 1.97pct。本周 食品饮料板块涨幅前五分别为日辰股份(17.79%)、有友食品(10.47%)、盐津 铺子(7.72%)、宝立食品(7.01%)和迎驾贡酒(6.46%)。本周投资组合平均涨 幅-0.21%，跑赢食品饮料（申万）指数 0.08pct。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。三季报业绩降幅扩 大，渠道包袱加速去化。当前板块进入左侧布局阶段，具备价位、区域话语 权的优质公司有望获取更大增长空间，推荐泸州老窖/山西汾酒（稳健释放 包袱，全国化空间较大）、贵州茅台（稳健穿越、长期定价权）、迎驾贡酒 （出清较快、份额提升），也建议关注五粮液/洋河股份/舍得酒业的改革节 奏。啤酒：行业库存良性，静待需求回暖。继续优先推荐大单品快速 ...

25Q3 收入大幅增长，利润端扭亏。2025 年前三季度公司实现营收 88.59 亿元（+27.39%），归母净利润 11.20 亿元（+66.91%），扣非归母净利 润 10.53 亿元（+126.94%）。其中 25Q3 单季营收 28.43 亿元（+75.41%）， 归母净利润 1.22 亿元（+143.80%），扣非归母净利润 0.88 亿元 （+126.24%）。随着招投标市场回暖，业绩实现同比复苏，三季度收入 增长呈加速态势，利润端实现扭亏为盈。 分产品线看，2025 前三季度设备销售收入 70.71 亿元（+23.7%），其中 CT/MR/MI/XR/RT 产品线收入分别同比+8%/+40%/+22%/+25%/+28%；维修 服务业务快速增长，实现收入 12.43 亿元（+28.4%），收入占比达 14%。 证券研究报告 | 2025年11月05日 联影医疗（688271.SH） 优于大市 25Q3 收入增速亮眼，海外占比持续提升 国内市场稳步复苏，海外市场增速亮眼。分地区看，公司 2025 前三季度 国内市场实现收入 68.66 亿元（+23.7%）， 受益于设备更新政策加速 落地，招投标市 ...

证券研究报告 | 2025年11月05日 联影医疗（688271.SH） 优于大市 25Q3 收入增速亮眼，海外占比持续提升 25Q3 收入大幅增长，利润端扭亏。2025 年前三季度公司实现营收 88.59 亿元（+27.39%），归母净利润 11.20 亿元（+66.91%），扣非归母净利 润 10.53 亿元（+126.94%）。其中 25Q3 单季营收 28.43 亿元（+75.41%）， 归母净利润 1.22 亿元（+143.80%），扣非归母净利润 0.88 亿元 （+126.24%）。随着招投标市场回暖，业绩实现同比复苏，三季度收入 增长呈加速态势，利润端实现扭亏为盈。 分产品线看，2025 前三季度设备销售收入 70.71 亿元（+23.7%），其中 CT/MR/MI/XR/RT 产品线收入分别同比+8%/+40%/+22%/+25%/+28%；维修 服务业务快速增长，实现收入 12.43 亿元（+28.4%），收入占比达 14%。 国内市场稳步复苏，海外市场增速亮眼。分地区看，公司 2025 前三季度 国内市场实现收入 68.66 亿元（+23.7%）， 受益于设备更新政策加速 落地，招投标市 ...

欧派家居（603833.SH） 优于大市 2025 年三季报点评： Q3 收入小幅下降，业绩短期承压 Q3 收入个位数下滑，业绩短期承压。2025Q1-Q3 实现收入 132.1 亿元/-4.8%， 归母净利润18.3亿元/-9.8%，扣非归母净利润17.1亿元/-2.9%；其中2025Q3 收入 49.7 亿元/-6.1%，归母净利润 8.1 亿元/-21.8%，扣非归母净利润 7.7 亿元/-22.0%。地产及家居行业的深度调整与转型挑战依然持续，叠加国补 政策逐步退坡，定制行业面临较大压力，公司坚定大家居转型，在零售端已 初具成效，三季度收入实现个位数降幅；利润下滑幅度大于收入，预计主要 系受收入规模承压以及去年同期利润高基数影响。 证券研究报告 | 2025年11月05日 风险提示：地产销售竣工不及预期；消费复苏不及预期；行业竞争格局恶化； 原材料结构大幅波动；大家居战略推进不及预期。 投资建议：下调盈利预测，维持"优于大市"评级 公司深入推进大家居战略，营销体系组织改革提效、供应链优化降本提升盈 利能力。考虑到地产进入深度调整期，叠加国补政策逐步退坡，下调盈利预 测 ， 预 计 公 司 2025-2 ...

证券研究报告 | 2025年11月05日 今世缘（603369.SH） 优于大市 2025Q3 延续调整，净利润降幅环比扩大 第三季度延续调整，净利润降幅环比扩大。2025Q1-3 公司实现营业总收入 88.82 亿元/同比-10.66%，归母净利润 25.49 亿元/同比-17.39%；其中 2025Q3 营业总 收入 19.31 亿元/同比-26.78%，归母净利润 3.20 亿元/同比-48.69%。 2025Q3 收入延续下滑趋势，预计百元价位产品、苏中区域表现较好。分产品看， 2025Q3 特 A+类收入 11.23 亿元/同比-38.04%，预计大单品四开、对开受政策影 响下滑较大；特 A 类收入 6.39 亿元/同比-1.12%，预计 100 元价位淡雅受益于需 求韧性和渠道推力表现较好，或承担主要增长；其他产品收入 1.15 亿元/同比 -37.66%。分渠道看，2025Q3直销（含团购）渠道0.96亿元/小基数下同比+65.21%， 批发代理渠道 17.91 亿元/同比-30.27%。分区域看，2025Q3 省内收入 17.01 亿 元/同比-29.79%，其中苏中同比+1.06%，预计主要 ...