Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The retail industry is experiencing a recovery in consumer spending, with a focus on high-quality brands and innovative products [6][27] - The approval of the first recombinant type I collagen by Juzi Biotech opens new opportunities in the medical beauty sector, enhancing the company's product matrix [22][24] - The report emphasizes the importance of emotional consumption trends driving growth in various segments, particularly in jewelry and cosmetics [27][28] Summary by Sections Retail Market Review - The retail index closed at 2288.31 points, up 0.46% for the week, underperforming the Shanghai Composite Index which rose by 2.88% [5][12] - Year-to-date, the retail index has increased by 2.21%, lagging behind the overall market performance [12][15] - Among retail segments, the professional chain sector saw the highest weekly increase of 1.96%, while the jewelry sector led year-to-date with a 23.33% rise [14][17] Industry Dynamics - Juzi Biotech's recombinant type I collagen product received NMPA approval, marking a significant advancement in the medical beauty market [22][23] - The product is the first of its kind in China, aimed at facial dermal filling and wrinkle correction, indicating strong growth potential in the high-value collagen injection market [22][24] Investment Recommendations - Focus on high-quality companies in the emotional consumption theme, particularly in the jewelry sector, with recommendations for brands like Laopu Gold and Chaohongji [6][27] - Emphasize retail companies that are actively transforming and exploring new strategies, such as Yonghui Supermarket and Aiyingshi [6][27] - Highlight domestic beauty brands with strong performance during promotional events, recommending companies like Juzi Biotech, Pola, and Maogeping [28][30] - Consider differentiated medical beauty product manufacturers and leading medical institutions, recommending companies like Aimeike and Kedi-B [28][30]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The third quarter reports are expected to exceed expectations, indicating a balanced offensive and defensive stance in the non-bank financial sector [5] - The China Securities Regulatory Commission emphasizes the need to deepen comprehensive reforms in investment and financing, enhancing the capital market's inclusiveness and competitiveness [5] - The upcoming financial forum is anticipated to highlight the positive outlook for the third quarter reports of brokerage and insurance companies [5] Summary by Relevant Sections Brokerage Sector - Daily average trading volume for equity funds is 2.33 trillion, down 16.2% week-on-week, but market recovery is driving new fund launches [6] - Major brokerage firms like CITIC Securities and Oriental Fortune reported strong third-quarter results, with CITIC's net profit up 52% year-on-year and Oriental Fortune's up 78% [6] - The outlook for brokerage firms remains positive, with expected improvements in investment banking, derivatives, and public fund businesses, alongside low valuations and significant institutional underweight [6] Insurance Sector - Recent third-quarter earnings forecasts from major insurers indicate substantial growth, with China Life expecting a net profit increase of 50% to 70% year-on-year [7] - The stabilization of long-term interest rates and improved asset yields are expected to enhance insurers' return on equity (ROE) [7] - Recommended stocks include China Life, China Pacific Insurance, and Ping An, with a focus on undervalued companies [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance showed significant improvement on a quarter-on-quarter basis, with a focus on the growth potential of coal-electricity integration [4] - The company achieved a revenue of 9.01 billion yuan in the first three quarters of 2025, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 1.477 billion yuan, down 19.06% year-on-year [4] - Q3 revenue reached 3.199 billion yuan, up 10.25% quarter-on-quarter, with a net profit of 555.6 million yuan, an increase of 43.12% quarter-on-quarter [4] - The company is expected to benefit from rising coal and electricity prices in the second half of the year, leading to an upward revision of profit forecasts for 2025-2027 [4] Summary by Sections Financial Performance - In Q3, the company experienced a significant improvement in performance, with a notable increase in both revenue and net profit compared to the previous quarter [4] - The company’s coal production slightly decreased due to planned maintenance, but sales performance was strong due to inventory sales, and prices improved due to a recovery in market coal prices [5] - The electricity business saw a significant rebound in generation and sales due to high temperatures in Anhui, with improved market electricity prices contributing to better profitability [5] Coal-Electricity Integration - The company is actively pursuing coal-electricity integration, with a total production capacity of 23.5 million tons per year across five production mines as of September 2025 [6] - Ongoing projects, including the Shangrao Power Plant and Chuzhou Power Plant, are progressing as planned, with expected increases in installed capacity and operational synergies [6] Dividend Outlook - The company plans to increase its cash dividend per share to 0.16 yuan for the 2024 fiscal year, with a dividend payout ratio of 17.3% [6] - Management anticipates improving dividend ratios as capital expenditure peaks and cash flow improves following the commissioning of new power plants [6] Financial Projections - The company is projected to achieve net profits of 2.107 billion yuan, 2.297 billion yuan, and 2.457 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.81 yuan, 0.89 yuan, and 0.95 yuan [7] - The P/E ratios for the upcoming years are estimated at 8.7, 8.0, and 7.5 times, indicating potential valuation improvement [7]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights significant advancements in innovative drugs, particularly in the context of recent clinical trial results presented at the 2025 ESMO conference, showcasing the potential for new treatment options in various cancer types [12][19] - The report emphasizes the emergence of domestic drugs that have achieved notable efficacy in treating conditions such as NSCLC and HER2-positive breast cancer, indicating a shift in the competitive landscape [13][17] Summary by Sections 1. New Drug Developments - **2L EGFR Mutant NSCLC**: The drug Lukanosumab (sac-TMT) is the first to demonstrate both overall survival (OS) and progression-free survival (PFS) benefits in patients with TKI-resistant NSCLC, with mPFS of 8.3 months compared to 4.3 months for chemotherapy [13][14] - **HER2 Positive Breast Cancer**: The drug Ruikang Trastuzumab shows longer mPFS of 30.6 months compared to 8.3 months for the chemotherapy combination, indicating a promising new option for patients [17][18] - **T-Bren for Breast Cancer**: Early data from the T-Bren trial shows a clinical overall response rate (cORR) of 82.2% in HER2-positive patients, with mPFS of 18.0 months [19][20] - **2L HER2 Positive Gastric Cancer**: Anniotuzumab combined with chemotherapy shows significant improvements in mPFS (7.1 months vs 2.7 months) and mOS (19.6 months vs 11.5 months), suggesting a potential shift in treatment paradigms [21][24] 2. Market Performance - The pharmaceutical and biotechnology sector saw a 0.58% increase in October, underperforming the CSI 300 index by 2.67 percentage points, ranking 25th among 31 sub-industries [25][30] - The medical research outsourcing sector experienced the highest growth, up 5.47%, while other bioproduct sectors faced declines [30][34]

北交所策略专题报告 2025 年 10 月 26 日 北交所"十五五"策略蓝图：新质生产力为舵，专精特新为主航道 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 "十五五"规划驱动现代化产业体系，北交所新质生产力成投资新热点 第二十届中央委员会第四次全体会议审议通过了《中共中央关于制定国民经济和 社会发展第十五个五年规划的建议》。从北交所市场来看，12 大重点发展方向中 我们认为需要重点关注：1）建设现代化产业体系，巩固壮大实体经济根基。加 快建设制造强国、质量强国、航天强国、交通强国、网络强国，保持制造业合理 比重，构建以先进制造业为骨干的现代化产业体系。2）加快高水平科技自立自 强，引领发展新质生产力。北交所定位为主要服务创新型中小企业，重点支持先 进制造业和现代服务业等领域的企业，推动传统产业转型升级，培育经济发展新 动能，促进经济高质量发展，作为专精特新"主阵地"，专注服务中小企业创新 发展、促进高水平科技自立自强。截至 2025 年 10 月 24 日，北交所专精特新小 巨人企业 252 家，占比达 90.32% ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices have reached a significant threshold of 750 CNY per ton and are currently experiencing an upward trend, with expectations to reach a target price range of 800-860 CNY per ton [5][6] - The increase in thermal coal prices is attributed to a combination of supply contraction due to strict production checks and a surge in demand driven by heating needs during the northern cold wave [5] - Coking coal prices have also rebounded significantly, with the price at Jing Tang Port reaching 1760 CNY per ton, up from 1230 CNY per ton in early July, marking a cumulative increase of 73.5% [5][6] Summary by Sections Investment Logic - Thermal coal is categorized as a policy-driven commodity, and its price recovery is expected to follow a four-step process: restoring central and local long-term contracts, achieving the coal-electricity profit-sharing line, and moving towards the breakeven point for power plants [6][15] - The ideal target for coal price recovery is around 750 CNY per ton, with an anticipated upward movement towards the breakeven line of 860 CNY [6][15] - Coking coal prices are more influenced by market supply and demand dynamics, with target prices based on the ratio of coking coal to thermal coal prices [6][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. The cyclical logic is supported by the current low prices of thermal and coking coal, which have room for rebound [7][16] - Four main lines for stock selection are proposed: 1. Cyclical logic: Jin Kong Coal Industry, Yanzhou Coal Mining 2. Dividend logic: China Shenhua, China Coal Energy 3. Diversified aluminum elasticity: Shenhua Holdings, Electric Power Investment 4. Growth logic: Xinji Energy, Guanghui Energy [7][16] Key Market Indicators - As of October 24, 2025, the price of Qin Port Q5500 thermal coal is 770 CNY per ton, reflecting a week-on-week increase of 2.94% [19] - The average PE ratio for the coal sector is 14.82, and the PB ratio is 1.38, indicating the sector's valuation relative to the broader market [25][28]

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Insights - The quarterly performance continues to show differentiation, with a recommendation to strengthen positions during the bottom cycle. The food and beverage index declined by 0.9% from October 20 to October 24, ranking 27th among primary sub-industries, underperforming the CSI 300 by approximately 4.2 percentage points. Sub-industries such as processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5%) performed relatively well. The traditional consumption sector continues to face significant performance pressure, particularly in the liquor segment, where business demand remains under pressure. Although there has been a slight improvement in terminal consumption demand, the overall market demand remains weak. It is anticipated that the liquor sector will experience a further slowdown in performance growth for the third quarter [3][12][14]. Summary by Sections Market Performance - The food and beverage index experienced a decline of 0.9%, ranking 27th out of 28 sectors, and underperformed the CSI 300 by about 4.2 percentage points. Leading sub-industries included processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5) [12][14]. Upstream Data - Some upstream raw material prices have decreased. For instance, the price of fresh milk was 3.0 yuan per kilogram, down 2.9% year-on-year. The price of pork was 17.7 yuan per kilogram, down 28.4% year-on-year [21][26]. Policy Insights - The 20th Central Committee's Fourth Plenary Session emphasized expanding domestic demand and building a strong domestic market, which is expected to inject clear policy dividends into the food and beverage industry. The core driver for long-term industry growth is the boost in domestic demand, which will directly stimulate market consumption and upgrade potential [4][13]. Recommended Stocks - The report recommends focusing on two types of stocks: first, leading companies with low valuations and national layout capabilities; second, growth companies that align with new consumption trends. Specific recommendations include Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Weilong, and Bairun [5][56].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report indicates that the pig price has bottomed out and is rebounding, but the overall trend of breeding stock reduction remains unchanged. The short-term increase in breeding stock does not alter the long-term reduction trend [3][12] - The beef price continues to rise, but there is cautious replenishment in the industry due to differing expectations. The cattle inventory decreased in Q3 2025 [4][28] - The report highlights the acceleration of pig farming losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and feed sectors [5][31][34] Summary by Sections Weekly Observation - The proportion of breeding stock in actual sales increased to 2.09%, with a significant rise in breeding barn utilization rate to 44.8% [17][12] - As of October 24, 2025, the average price of pigs in China was 11.81 CNY/kg, with a week-on-week increase of 0.63 CNY/kg, but a year-on-year decrease of 5.74% [12][3] Weekly Perspective - The report notes that pig and piglet prices are in a loss situation, leading to an accelerated reduction in breeding stock. The report recommends companies such as Muyuan Foods, Wens Foodstuff, and others [5][31] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices. Recommended companies include Haida Group and New Hope [31] Market Performance (October 20-24) - The agriculture sector underperformed the market by 4.24 percentage points, with the Shanghai Composite Index rising by 2.88% while the agriculture index fell by 1.36% [35][37] - The report highlights that the fishery sector led the gains among sub-sectors [35] Price Tracking (October 20-24) - The average price of pigs was 11.82 CNY/kg, with a week-on-week increase of 0.65 CNY/kg. The average price of piglets was 17.66 CNY/kg, down by 0.33 CNY/kg [43][44] - The average wholesale price of beef was 66.21 CNY/kg, with a slight increase of 0.21 CNY/kg [48]

Group 1 - The report highlights the emphasis on building a strong aerospace nation as proposed in the recent Central Committee meeting, with a focus on scarce aerospace targets listed on the Beijing Stock Exchange [1][12][17] - As of October 24, 2025, there are 20 companies in the aerospace and military sectors on the Beijing Stock Exchange, with a total market capitalization of 76.032 billion yuan [1][17] - Key companies to watch include Xingtum Control (920116.BJ), Fujida (835640.BJ), and Chuangyuan Xinke, which have shown significant growth and technological advancements in their respective fields [1][22][24] Group 2 - The five major industries on the Beijing Stock Exchange reported average weekly gains, with high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology showing increases of +4.29%, +4.36%, +3.85%, +2.43%, and +3.28% respectively [2][29] - The median P/E ratios for these industries have also risen, with high-end equipment at 41.9X, information technology at 71.0X, and chemical new materials at 41.5X [2][30][36] Group 3 - In the technology new industries, 143 out of 156 companies saw an increase, with a median growth of +4.42% during the reporting period [3][45] - The median P/E ratio for technology new industries increased from 45.8X to 46.9X, and total market capitalization rose from 471.131 billion yuan to 492.000 billion yuan [3][46][47] Group 4 - The report emphasizes the acceleration of quarterly report disclosures, highlighting companies with high growth and scarce quality targets [4][67] - Notable companies include Guangxin Technology, which reported a 41.35% increase in total revenue and a 91.95% increase in net profit for the first three quarters of 2025 [4][68] - Other companies like Changhong Energy and Kexin New Materials also reported significant revenue and profit growth during the same period [4][69]

投资策略周报 2025 年 10 月 26 日 策略研究团队 三季报当前的亮点，集中在科技和反内卷 ——投资策略周报 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 证书编号：S0790524030002 jianyuhan@kysec.cn 证书编号：S0790525050005 坚定牛市信心，双轮驱动下，科技为先，PPI 交易为辅 市场回调后，我们对于指数的长期突破仍维持乐观判断: ①要坚定牛市信心，降 低斜率预期。前期市场已快速完成估值修复，接下来盈利才是胜负手。②市场结 构呈现【双轮驱动】，科技为先，PPI 交易为辅。③坚守科技，短期和长期，目 前尚不具备高低切条件。四中全会进一步肯定"产业"与"科技"的重要性，意 味着"十五五规划"或将会把科技和产业维度放在较为靠前的规划位置上。④虽 然市场进行全面高低切的窗口尚未到来，但我们认为科技内部需要关注高低切， 关注：电池、电网、消费电子、游戏、军工、互联网。 政策再次加码科技：推动科技创新向产业落地靠拢 四中全会系统谋划布局"十五五"经济社会发展，具有里程碑意义。对比三中全 会，四中全会的公报里，"产业"和"科技"提及频次大幅上 ...