[Table_IndNameRptType] 电力设备 行业周报 锂电材料价格上涨，储能需求持续火热 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 [Table_IndRank] 行业评级：增持 报告日期： 2025-11-19 [Table_Chart] 行业指数与沪深 300 走势比较 -28% -11% 6% 23% 40% 57% 11/24 2/25 5/25 8/25 电力设备 沪深300 执业证书号：S0010524050002 邮箱：liuqianlin@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 分析师：王璐 执业证书号：S0010525040001 电话：18301818122 [Table_Report] 相关报告 ⚫ 电网设备：关注"高比例新能源消纳"创新调控方向，烟威特高压登 州升压环评公示 新型电力系统从系统运行端看，需聚焦"高比例新能源消纳"，创新调控 模式。需通过提升惯 ...

三花智控（ [Table_StockNameRptType] 002050） 公司点评 Q3 业绩符合预期，机器人执行器业务进展迅速 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-19 | | | [Table_BaseData] 收盘价（元） | | 42.14 | | 近 12 个月最高/最低（元） | 53.48/21.26 | | | 总股本（百万股） | | 4,208 | | 流通股本（百万股） | | 3,684 | | 流通股比例（%） | | 87.55 | | 总市值（亿元） | | 1,773 | | 流通市值（亿元） | | 1,553 | [公司价格与沪深 Table_Chart] 300 走势比较 -21% 16% 53% 89% 126% 11/24 2/25 5/25 8/25 三花智控 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：邓欣 执业 ...

| [Table_BaseData] 收盘价（元） | 47.59 | | --- | --- | | 近 12 个月最高/最低（元） | 49.78/15.37 | | 总股本（百万股） | 2,001 | | 流通股本（百万股） | 1,472 | | 流通股比例（%） | 73.55 | | 总市值（亿元） | 952 | | 流通市值（亿元） | 701 | [公司价格与沪深 Table_Chart] 300 走势比较 -34% 9% 51% 94% 136% 11/24 2/25 5/25 8/25 天赐材料 沪深300 天赐材料（ [Table_StockNameRptType] 002709） 公司点评 充分受益锂电景气度上升，6F 涨价带动业绩回暖 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-18 | [Table_Author] 分析师：张志邦 | 执业证书号：S0010523120004 | | --- | | 邮箱： zhangzhibang@hazq.com | [Table_CompanyReport] 相关报告 1.25 ...

容百科技（ [Table_StockNameRptType] 688005） 公司点评 盈利短期波动，新业务加速突破 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-18 | | | [Table_BaseData] 收盘价（元） | | 35.40 | | 近 12 个月最高/最低（元） | 40.20/17.34 | | | 总股本（百万股） | 715 | | | 流通股本（百万股） | | 715 | | 流通股比例（%） | | 99.99 | | 总市值（亿元） | | 253 | | 流通市值（亿元） | | 253 | [公司价格与沪深 Table_Chart] 300 走势比较 -37% -14% 10% 34% 57% 11/24 2/25 5/25 8/25 容百科技 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com [Table_CompanyReport] 相关报告 1.新业务多点开花，三元 ...

东方电缆（ [Table_StockNameRptType] 603606） 公司点评 25Q3 高毛利海缆出货增长，带动季度业绩提升 | | | 报告日期： 2025-11-18 | [Table_BaseData] 收盘价（元） | 62.48 | | --- | --- | | 近 12 个月最高/最低（元） | 73.94/45.22 | | 总股本（百万股） | 688 | | 流通股本（百万股） | 688 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 430 | | 流通市值（亿元） | 430 | [公司价格与沪深 Table_Chart] 300 走势比较 -29% -12% 6% 23% 40% 11/24 2/25 5/25 8/25 东方电缆 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：王璐 执业证书号：S0010525040001 邮箱：wanglu1@hazq.com 主要观点： ⚫[Table_Summary] 2025 前三季度实现归母净利 ...

- The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at market average prices on the first listing day, ignoring lock-up restrictions. For 2025, as of November 14, the IPO yield for Class A accounts with a 2 billion scale is 2.70%, while Class B accounts with the same scale yield 2.28%. For accounts with a 10 billion scale, Class A yields 0.98%, and Class B yields 0.75%[2][10][39] - The report calculates theoretical IPO yields using Class A average winning rates. The formula for calculating full subscription yield is: $ Full subscription quantity = Maximum subscription limit × Class A average winning rate $ $ Full subscription yield = (First board price - IPO price) × Full subscription quantity $ The highest full subscription yields are 98.18 million yuan for Xi'an Yicai-U, 78.03 million yuan for Heyuan Bio-U, and 16.37 million yuan for Bibet-U[37][39][40] - The report measures IPO yields for different account scales, assuming Class A accounts participate in all IPOs, with Sci-Tech Innovation Board and ChiNext quotes fully included. For accounts with scales of 1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion, the yields for recent IPOs are calculated based on Class A average winning rates. For example, Xi'an Yicai-U yields 14.24 million yuan for 2 billion accounts and 94.91 million yuan for 10 billion accounts[39][41][42] - Monthly IPO yields for Class A accounts are tracked, assuming all quotes are included and funds are utilized at 90% efficiency. For 2025, the cumulative yield for 2 billion accounts is 2.70%, with monthly yields varying across different scales. For instance, in October 2025, the yield for 2 billion accounts is 61.05 million yuan, while for 10 billion accounts, it is 219.56 million yuan[42][43][44] - Class B accounts are also analyzed for IPO yields under similar assumptions. For 2025, the cumulative yield for 2 billion accounts is 2.28%. Monthly yields are calculated, such as 25.80 million yuan for 2 billion accounts in October 2025 and 60.53 million yuan for 10 billion accounts[46][47][48]

Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company reported significant growth in the first three quarters of 2025, with total revenue reaching 16.642 billion yuan, a year-on-year increase of 5.45%, and net profit attributable to shareholders of 5.321 billion yuan, up 33.37% year-on-year [5][6] - The performance was driven by the production of methionine and the recovery of vitamin prices, despite some pressure from BASF's restored supply [6][7] - The new materials and flavoring segments also showed steady growth, contributing to the overall performance [6][9] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 5.541 billion yuan, a year-on-year decrease of 6.66% and a quarter-on-quarter decrease of 2.11% [5] - The net profit for Q3 was 1.717 billion yuan, down 3.80% year-on-year and up 0.35% quarter-on-quarter [5] Segment Analysis - Nutritional Products: The segment faced price pressure due to increased supply from BASF but saw strong overseas demand, with export volumes for VE and VA increasing by 14.44% and 1.48% year-on-year, respectively [6] - New Materials: The company expects continued growth driven by demand in the new energy, semiconductor, and high-end manufacturing sectors [6][9] - Flavoring and Fragrance: The segment maintained steady growth through product optimization and cost control, resulting in a gross margin of 45.55% for the first three quarters of 2025, an increase of 3.77 percentage points from 2024 [6] Future Outlook - The company anticipates a marginal improvement in Q4 performance due to signs of recovery in vitamin prices and the ramp-up of methionine production [7][8] - The ongoing expansion across multiple segments is expected to open up further growth opportunities [9] Profit Forecast - Projected net profits for 2025, 2026, and 2027 are 6.519 billion yuan, 7.320 billion yuan, and 8.022 billion yuan, respectively, with corresponding P/E ratios of 12, 11, and 10 [10]

[Table_StockNameRptType] 新宙邦（300037） 公司点评 [公司价格与沪深 Table_Chart] 300 走势比较 -41% -13% 16% 45% 73% 11/24 2/25 5/25 8/25 新宙邦 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com Q3 业绩符合预期，六氟有望推动电解液景气上行 [Table_Rank] 投资评级：买入（维持） | 报告日期： | 2025-11-17 | | | --- | --- | --- | | [Table_BaseData] 收盘价（元） | | 64.91 | | 近 12 个月最高/最低（元） | 68.05/26.46 | | | 总股本（百万股） | | 748 | | 流通股本（百万股） | | 540 | | 流通股比例（%） | | 72.25 | | 总市值（亿元） | ...

安科生物（ [Table_StockNameRptType] 300009） 公司点评 25Q3 业绩增长，参股公司博生吉安科捷报频传 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-11-17 | | | [Table_BaseData] 收盘价（元） | 10.57 | | 近 12 个月最高/最低（元） | 13.06/7.38 | | 总股本（百万股） | 1,673 | | 流通股本（百万股） | 1,222 | | 流通股比例（%） | 73.05 | | 总市值（亿元） | 177 | | 流通市值（亿元） | 129 | 1.【华安医药】公司点评安科生物： BD 合作协同共赢，布局创新药管线进 展顺利 2025-08-27 2.【华安医药】公司点评安科生物： 布局长效巩固优势，期待 2025 年恢复 性增长 2025-04-11 主要观点： ⚫[Table_Summary] 事件 [公司价格与沪深 Table_Chart] 300 走势比较 -26% -7% 12% 30% 49% 11/24 2/25 5/25 8/25 安 ...

[Table_IndNameRptType] 轻工纺服 行业周报 需求与技术双重叠加，羽绒服市场前景广阔 行业[Table_IndRank] 评级：增 持 报告日期： 2025-11-16 [行业指数与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 ⚫[Table_Summary] 周专题：需求与技术双重叠加，羽绒服市场前景广阔 中国为全球最大的羽绒服消费市场，市场规模不断扩大。在消费升 级趋势下，中国羽绒服行业呈现稳步增长态势，市场规模持续扩大， 成为服装行业中极具韧性的细分领域。2019-2023 年，中国羽绒服市 场规模由 1209 亿元上升至 1960 亿元，CAGR 为 12.84%，根据中商 产业研究院分析，预计2024年中国羽绒服市场规模将达2270亿元。 中国作为全球最大的羽绒服消费市场，消费潜力仍在不断激发，根据 央视财经预测，到 2028 年市场规模将突 ...