美容护理/化妆品 丸美生物（603983.SH） 2025Q3 业绩亮眼，多赛道布局有望驱动业绩增长 相关研究报告 《2025H1 品牌经营稳健，主品牌持续 驱动业绩增长—公司信息更新报告》 -2025.8.24 《2025Q1 扣非归母净利润+28.6%，丸 美势能持续向上—公司信息更新报 告》-2025.4.29 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 34.53 | | 一年最高最低(元) | 56.98/27.29 | | 总市值(亿元) | 138.47 | | 流通市值(亿元) | 138.47 | | 总股本(亿股) | 4.01 | | 流通股本(亿股) | 4.01 | | 近 3 个月换手率(%) | 45.82 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-10 2025-02 2025-06 2025-10 丸美生物 沪深300 黄泽鹏（分析师） 李昕恬（联系人） huangzepeng@kysec.cn 证书编号：S079051911000 ...

非银金融/证券Ⅱ 华泰证券（601688.SH） 业绩超预期，综合实力行业领先 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 21.72 | | 一年最高最低(元) | 23.65/14.60 | | 总市值(亿元) | 1,960.63 | | 流通市值(亿元) | 1,587.03 | | 总股本(亿股) | 90.27 | | 流通股本(亿股) | 73.07 | | 近 3 个月换手率(%) | 100.78 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-10 2025-02 2025-06 2025-10 华泰证券 沪深300 相关研究报告 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn （3）2025Q1-3资管业务净收入为13.5亿元，同比-64%，主要受AssetMark高基数 影响，单Q3资管净收入为4.6亿，环比-2%。 自营投资收益率改善，旗下基金公司 AUM 高增，资金成本下降 （1）2025Q1-3公司自营投 ...

非银金融/证券Ⅱ 广发证券（000776.SZ） 业绩超预期，H 股小额增发对股价影响有限 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 22.57 | | 一年最高最低(元) | 24.65/14.40 | | 总市值(亿元) | 1,716.64 | | 流通市值(亿元) | 1,332.54 | | 总股本(亿股) | 76.06 | | 流通股本(亿股) | 59.04 | | 近 3 个月换手率(%) | 90.68 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-10 2025-02 2025-06 2025-10 广发证券 沪深300 相关研究报告 ——广发证券 2025 三季报点评 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S079052404 ...

房地产/房地产开发 招商蛇口（001979.SZ） 毛利率水平明显提升，拿地积极聚焦一线城市 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/30 | | --- | --- | | 当前股价(元) | 9.30 | | 一年最高最低(元) | 13.00/8.43 | | 总市值(亿元) | 842.66 | | 流通市值(亿元) | 786.63 | | 总股本(亿股) | 90.61 | | 流通股本(亿股) | 84.58 | | 近 3 个月换手率(%) | 47.8 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-10 2025-02 2025-06 招商蛇口 沪深300 相关研究报告 《收入利润稳中有增，拿地强度同比 提升—公司信息更新报告》-2025.8.29 《销售均价显著提升，拿地强度较高 —公司信息更新报告》-2025.7.14 《销售仍降，拿地积极，回购股份进 程加快 — 公 司 信 息 更 新 报 告 》 -2025.4.10 | ——公司信息更新报告 | | --- | | 齐东（分析师） | 胡耀文（分析 ...

Investment Rating - The investment rating for Shanghai Film is "Buy" (maintained) [1] Core Views - The report highlights a significant increase in Q3 performance, driven by the success of the film "Wang Wang Mountain Little Monster" and the company's focus on IP commercialization and AI technology, which are expected to drive long-term growth [4][5][6] - Revenue for Q1-Q3 reached 720 million yuan, a year-on-year increase of 29.1%, with net profit attributable to shareholders at 140 million yuan, up 29.8% year-on-year. Q3 alone saw revenue of 360 million yuan, a remarkable 101.6% increase year-on-year [4][5] - The report anticipates revenue projections for 2025-2027 to be 1.04 billion, 1.26 billion, and 1.47 billion yuan respectively, with net profits of 220 million, 270 million, and 320 million yuan [4][5] Financial Summary - The total market capitalization of Shanghai Film is 13.468 billion yuan, with a current stock price of 30.05 yuan. The stock has seen a 170.97% turnover rate over the past three months [1] - The gross profit margin for Q3 was 48.16%, reflecting a 29.06 percentage point increase year-on-year, while the sales expense ratio decreased by 1.78 percentage points to 3.34% [4] - The report provides a detailed financial forecast, indicating a projected EPS of 0.50, 0.60, and 0.71 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 57.2, 47.2, and 40.0 [4][9]

行 业 研 究 相关研究报告 《海外 AI 财报点评：谷歌、Meta 再 次上调资本开支，谷歌云增速亮眼， 微软资本开支超预期—行业点评报 告》-2025.10.31 《AI 全面加速：Celestica 上调指引， 微软与 OpenAI 深入合作，GTC 大会 亮眼—行业点评报告》-2025.10.29 《"光、液冷、国产算力"全面提速— 行业周报》-2025.10.26 海外 AI 财报点评：亚马逊 AWS 收入增速亮眼，资 本开支超预期，海外 AI 正循环效应显著 ——行业点评报告 蒋颖（分析师） 2025 年 10 月 31 日 投资评级：看好（维持） 行业走势图 -22% 0% 22% 43% 65% 86% 2024-10 2025-02 2025-06 2025-10 通信 沪深300 数据来源：聚源 jiangying@kysec.cn 证书编号：S0790523120003 亚马逊 AWS 营收增速亮眼，资本开支超预期 2025 年 10 月 30 日，亚马逊公布发布 2025 财年第三季度财报，亚马逊 2025Q3 实现营收 1802 亿美元，同比增长 13%；净利润为 212 亿美元，同 ...

Core Insights - The food and beverage sector has underperformed the market, with a decline of 1.6% from January to October 2025, lagging behind the CSI 300 by approximately 37.2 percentage points, ranking last among primary sub-industries [4][11][25] - The snack segment has shown better performance with a growth of 32.5%, while beer, seasoning, and liquor have experienced declines of 9.7%, 6.5%, and 4.8% respectively [4][11][25] - The sector's price-to-earnings (PE) ratio has decreased by 10.4% compared to the end of 2024, with an expected net profit growth of 5.4% for 2025, leading to a 5.6% decline in market capitalization [4][17][20] Market Performance - The food and beverage sector has underperformed the market, with a decline of 1.6% from January to October 2025, ranking last among primary sub-industries [4][11] - The snack segment has shown better performance with a growth of 32.5%, while beer, seasoning, and liquor have experienced declines of 9.7%, 6.5%, and 4.8% respectively [4][11] - The sector's PE ratio has decreased by 10.4% compared to the end of 2024, with an expected net profit growth of 5.4% for 2025, leading to a 5.6% decline in market capitalization [4][17] Fund Holdings - In Q3 2025, the allocation of food and beverage in the overall market funds dropped to a new low of 6.4%, down from 8.0% in Q2 2025, marking the lowest level since 2020 [5][37] - The allocation in active equity funds also decreased from 5.6% in Q2 2025 to 4.1% in Q3 2025, indicating a significant reduction in food and beverage exposure [5][37] - The white liquor segment has seen a reduction in fund allocation, with companies like Luzhou Laojiao and Shede Liquor gaining more market favor due to their performance [5][42] Industry Judgment - The macroeconomic environment shows a weak recovery, with China's GDP growth at 4.8% in Q3 2025, slightly down from Q2 2025 [6][46] - Retail sales of consumer goods grew by 3.5% year-on-year in Q3 2025, reflecting a slower recovery pace, primarily due to the impact of the alcohol ban on dining consumption [6][46] - The food manufacturing sector has faced pressure, with revenue growth of only 1.5% and profit growth of 2.1% from January to September 2025, indicating a downward trend [6][52] Investment Opportunities - The food and beverage industry is expected to see a recovery from its bottom, with a focus on resilient consumer spending and improved economic activity [7][65] - The white liquor sector is nearing a left-side layout zone, suggesting gradual investment opportunities in companies like Kweichow Moutai and Luzhou Laojiao [7][68] - The snack segment is recommended for investment due to its growth potential, with companies like Wei Long and Ximai Foods highlighted for their market opportunities [7][69][62]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company demonstrated strong revenue resilience in Q3, with revenue growth of 18.9% year-on-year, reaching 5.5 billion yuan, and net profit growth of 21.0%, amounting to 0.5 billion yuan. The performance exceeded expectations, leading to a maintained profit forecast for 2025-2027 [3][4] - The company is focusing on product structure upgrades and multi-channel expansion, with significant growth in online sales, particularly on platforms like Douyin, which is expected to exceed 50% growth [4][5] - Cost reductions and effective expense management have contributed to an increase in net profit margin, which rose to 9.31% in Q3, up 0.14 percentage points year-on-year [6] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.7 billion yuan, a year-on-year increase of 18.3%, and a net profit of 0.5 billion yuan, up 21.9% year-on-year. The forecast for net profit for 2025-2027 is 1.7 billion yuan, 2.3 billion yuan, and 2.8 billion yuan, representing year-on-year growth rates of 30.3%, 31.7%, and 23.6% respectively [3][7] - The gross margin for Q3 was 43.75%, an increase of 0.92 percentage points year-on-year, driven by cost reductions [6][11] - The company’s earnings per share (EPS) for 2025 is projected to be 0.78 yuan, with corresponding price-to-earnings (P/E) ratios of 26.9, 20.4, and 16.5 for 2025, 2026, and 2027 respectively [3][7] Business Development - The company is actively advancing its health product line, with new products expected to launch soon, which could provide a new growth curve [5] - The company has successfully launched a series of health food products, receiving positive sales feedback, indicating strong market acceptance [5]

电子/元件 三环集团（300408.SZ） 前三季度利润稳健增长，SOFC 业务打造新增长曲线 zhangweizhen@kysec.cn 证书编号：S0790525020002 前三季度稳健增长，SOFC 受益海外 AI 数据中心需求，维持"买入"评级 公司发布 2025 年三季度报告。（1）前三季度，公司实现营收 65.08 亿元，同比 +20.96%；归母净利润 19.59 亿元，同比+22.16%；扣非归母净利润 17.06 亿元， 同比+18.74%；销售毛利率 42.49%，同比-0.28pcts；销售净利率 30.08%，同比 +0.28pcts。（2）第三季度，公司实现营收 23.60 亿元，同比+20.79%，环比+1.90%； 归母净利润 7.21 亿元，同比+24.86%，环比+2.40%；扣非归母净利润 6.40 亿元， 同比+22.23%，环比+3.60%；毛利率 43.39%，同比-0.90pcts，环比+0.66pcts；净 利率 30.55%，同比+1.00pcts，环比+0.14pcts。（3）我们认为随着 AI 数据中心对 SOFC需求增加，公司有望将SOFC业务打造成新的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is positioned as a leader in domestic AI infrastructure, with a strong focus on enhancing operational efficiency and maintaining resilience in its business model [4][7] - The forecasted net profits for 2025-2027 are projected to be 2.376 billion, 2.872 billion, and 3.460 billion yuan respectively, with corresponding EPS of 1.62, 1.96, and 2.36 yuan per share [4] - The current stock price corresponds to a PE ratio of 68.2, 56.4, and 46.8 for the years 2025-2027, indicating a favorable valuation given the company's leadership in AI infrastructure [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 8.820 billion yuan, a year-on-year increase of 9.68%, and a net profit attributable to shareholders of 966 million yuan, up 25.55% year-on-year [5] - The third quarter alone saw operating revenue of 2.970 billion yuan, a 27.51% increase year-on-year, and a net profit of 237 million yuan, reflecting a 15.07% growth [5] - The company's non-recurring net profit for Q3 was 189 million yuan, showing a significant year-on-year increase of 139.85% [5] Margin and Cost Control - The gross margin for Q3 was reported at 20.13%, a decrease of 8.07 percentage points year-on-year, attributed to the increased revenue share from AI servers [6] - The company effectively controlled its operating expenses, with sales, management, and R&D expense ratios decreasing by 2.16, 0.87, and 3.77 percentage points respectively [6] Strategic Initiatives - The company is actively promoting the construction of a domestic computing power ecosystem by enhancing self-sufficiency and deepening industry collaboration [7] - It focuses on developing both hardware and software independently to reduce reliance on external supply chains, while also forming strategic partnerships with AI, storage, and cybersecurity firms to create integrated solutions [7]