[Table_StockNameRptType] 诺思格（301333） 公司点评 行业需求回暖，业绩稳健向上 | 投资评级：增持（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-07 | | [Table_BaseData] 收盘价（元） | 64.59 | | --- | --- | | 近 12 个月最高/最低（元） | 73.08/40.99 | | 总股本（百万股） | 97 | | 流通股本（百万股） | 57 | | 流通股比例（%） | 59.19 | | 总市值（亿元） | 62 | | 流通市值（亿元） | 37 | [公司价格与沪深 Table_Chart] 300 走势比较 -46% -28% -11% 7% 25% 11/24 2/25 5/25 8/25 诺思格 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：杨馥瑗 执业证书号：S0010524080001 邮箱：yangfuyuan@hazq.com 主要观点： ➢[Table_Summary] ...

永新光学（ [Table_StockNameRptType] 603297） 公司点评 永新光学：Q3 业绩符合预期，高端显微镜持续放量 ⚫ 高端显微镜：国产替代进程加速 | [Table_Rank] | 投资评级：增持（维持） | | | --- | --- | --- | | 报告日期： | 2025-11-07 | | | [Table_BaseData] 收盘价（元） | | 99.26 | | 近 12 个月最高/最低（元） 130.92/66.88 | | | --- | --- | | 总股本（百万股） | 111 | | 流通股本（百万股） | 111 | | 流通股比例（%） | 99.81 | | 总市值（亿元） | 110 | | 流通市值（亿元） | 110 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -21% -1% 19% 38% 11/24 2/25 5/25 8/25 永新光学 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 联系人：闫春旭 执业证书号 ...

[Table_StockNameRptType] 金融工程 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com 主要观点： [Table_Summary] 本篇是"学海拾珠"系列第二百五十四篇，文献通过分析 2008 年 至 2020 年间美国主动管理股票型基金的自我声明基准数据以及基准变 更情况，探讨了基金基准选择行为及其背后的经济动机。 专题报告 海外主动基金业绩基准的设置与纠偏 ——"学海拾珠"系列之二百五十四 [Table_RptDate] 报告日期：2025-11-06 [Table_Author] 分析师：严佳炜 基准错配定义：沿用 Sensoy（2009）的方法，将基金自我声明的 基准与其 Morningstar 投资类别不一致的情况定义为"基准错配"。 投资策略广度（IS Breadth）定义：构建新指标衡量基金投资组合 的广度，即基金持仓中不属于其核心投资类别的比例，用以区分"专业 化基金"和"广泛策略基金"。 ⚫ 主要结论 1、基准错配普遍但呈下降趋势：2008 年美国 ...

-32% -9% 15% 38% 61% 11/24 2/25 5/25 8/25 腾远钴业 沪深300 腾远钴业（ [Table_StockNameRptType] 301219） 公司深度 业绩符合预期，一体化持续推进 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-11-06 [Table_BaseData] 收盘价（元） 64.30 近 12 个月最高/最低（元） 82.00/39.73 | 总股本（百万股） | 295 | | --- | --- | | 流通股本（百万股） | 289 | | 流通股比例（%） | 98.05 | | 总市值（亿元） | 190 | | 流通市值（亿元） | 186 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuyq@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj@hazq.com 1、《腾远钴业 24 年年报点评：业绩 提升明显 ， 打 造 产 业 一 体 化 》 2025-4- ...

金力永磁（ [Table_StockNameRptType] 300748） 公司点评 业绩同比高增，积极布局新兴领域 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-11-06 | | [Table_BaseData] 收盘价（元） | 36.07 | | --- | --- | | 近 12 个月最高/最低（元） | 47.77/16.92 | | 总股本（百万股） | 1,376 | | 流通股本（百万股） | 1,131 | | 流通股比例（%） | 82.20 | | 总市值（亿元） | 496 | | 流通市值（亿元） | 408 | [公司价格与沪深 Table_Chart] 300 走势比较 -36% 1% 39% 76% 113% 11/24 2/25 5/25 8/25 金力永磁 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuyq@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj@hazq.com [相关报告 T ...

中航沈飞（ [Table_StockNameRptType] 600760） 公司点评 第三季度经营稳健，军贸或成未来关注方向 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-06 | | [Table_BaseData] 收盘价（元） | 60.38 | | --- | --- | | 近 12 个月最高/最低（元） | 73.66/39.06 | | 总股本（百万股） | 2,835 | | 流通股本（百万股） | 2,748 | | 流通股比例（%） | 96.93 | | 总市值（亿元） | 1,712 | | 流通市值（亿元） | 1,659 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -22% -4% 15% 33% 11/24 2/25 5/25 8/25 中航沈飞 沪深300 [Table_Author] 分析师：邓承佯 执业证书号：S0010523030002 邮箱：dengcy@hazq.com 主要观点： ⚫[Table_Summary] 事件描述 10 月 30 日，公司发布 2025 年三季度报 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q3 2025, achieving a record high in revenue and profit, driven by traditional mobile business growth and rapid expansion in emerging markets such as automotive electronics and data centers [5][6] - The mobile business showed steady growth, with signal processing revenue increasing by 9.5% year-on-year, while power management revenue grew by 24.4% [5] - The automotive electronics segment experienced significant growth, with revenue rising by 36.1% year-on-year, indicating a strong market position and expanding product lines [5] - The data center market is emerging as a key growth area, with increasing orders and new product breakthroughs expected [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 5.03 billion yuan, a year-on-year increase of 19.9%, and a net profit attributable to shareholders of 770 million yuan, up 23.2% [5] - In Q3 2025 alone, revenue reached 1.81 billion yuan, representing a 20.2% year-on-year growth and a 2.5% quarter-on-quarter increase, marking a historical high [5] - The company's gross margin for Q3 2025 was 36.8%, showing a slight decline of 1.1 percentage points year-on-year, but remained stable quarter-on-quarter [5] Revenue and Profit Forecast - The company is expected to achieve revenues of 7.18 billion yuan, 8.80 billion yuan, and 10.44 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.07 billion yuan, 1.33 billion yuan, and 1.65 billion yuan [7][10] - The projected EPS for the same years is 1.33 yuan, 1.65 yuan, and 2.04 yuan, with P/E ratios of 23.90, 19.18, and 15.51 respectively [7][10]

龙迅股份（ [Table_StockNameRptType] 688486） | | | | [Table_BaseData] 收盘价（元） | 69.28 | | --- | --- | | 近 12 个月最高/最低（元） 133.98/55.50 | | | 总股本（百万股） | 133 | | 流通股本（百万股） | 74 | | 流通股比例（%） | 55.79 | | 总市值（亿元） | 92 | | 流通市值（亿元） | 52 | [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 联系人：闫春旭 公司点评 龙迅股份：25Q3 利润高增，持续发力汽车等多下游领域 [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 龙迅股份 沪深300 执业证书号：S0010125060002 邮箱：yanchunxu@hazq.com 主要观点： ⚫ ...

Investment Rating - The investment rating for Amazon (AMZN.O) is "Buy" (maintained) [1] Core Insights - In Q3 2025, Amazon reported revenues of $180.2 billion, a year-over-year increase of 13%, exceeding Bloomberg's expectations by 1.32%. Operating income remained flat at $17.4 billion compared to the same period last year, but was below Bloomberg's expectations by 11.66%. Excluding special expenses, operating income would have been $21.7 billion. GAAP net profit reached $21.2 billion, a 38% increase year-over-year, surpassing Bloomberg's expectations by 25.70% [4][5] - AWS revenue grew by 20% year-over-year to $33 billion, exceeding Bloomberg's forecast of 17.9% growth. The operating profit for AWS was $11.4 billion, with an operating margin of 34.6% [5][6] - The company expects Q4 2025 revenues to be between $206 billion and $213 billion, representing a year-over-year growth of 10% to 13% [7] Summary by Sections Company Performance - Overall, Amazon's Q3 2025 revenue was $180.2 billion, with a year-over-year growth of 13%. Operating income was $17.4 billion, flat compared to last year, but below expectations. GAAP net profit was $21.2 billion, a 38% increase year-over-year [4][5] - Online store revenue was $67.4 billion, up 10% year-over-year. Third-party retail revenue was $42.5 billion, up 12%. Subscription revenue was $12.6 billion, up 11%. Advertising revenue was $17.7 billion, up 24% [5][6] AWS Performance - AWS revenue grew by 20.2% year-over-year to $33 billion, with an annual recurring revenue (ARR) of $132 billion. The operating profit for AWS was $11.4 billion, with a margin of 34.6% [5][6] - AWS backlog increased to $200 billion by the end of Q3, with new orders in October exceeding the total transactions of Q3 [5][6] Capital Expenditure and AI Demand - Amazon anticipates a cash capital expenditure of approximately $125 billion for 2025, with further increases expected in 2026 to support AWS's AI and core service demands [5][6] - The demand for AI is strong, with Amazon's custom AI chip Trainium2 fully booked, contributing to a multi-billion dollar business [5][6] Retail and Advertising Business - The North America segment's operating profit was $4.8 billion, with a margin of 4.5%. Excluding special expenses, the operating profit would have been $7.3 billion, with a margin of 6.9% [5][6] - Advertising revenue accelerated to $17.7 billion, a 24% year-over-year increase, marking three consecutive quarters of growth [5][6] Future Guidance - For Q4 2025, Amazon expects revenues of $206 billion to $213 billion, with an operating income forecast of $21 billion to $26 billion, compared to $21.2 billion in the same quarter last year [7] - Revenue projections for 2025-2027 are $715.5 billion, $796.1 billion, and $884.4 billion, with net profits expected to be $78.3 billion, $85.9 billion, and $104.4 billion respectively [9]

赣锋锂业（ [Table_StockNameRptType] 002460） 公司点评 业绩符合预期，产能建设持续推进 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-11-06 | [Table_BaseData] 收盘价（元） 66.80 近 12 个月最高/最低（元） 75.00/28.00 总股本（百万股） 2,060 流通股本（百万股） 1,208 流通股比例（%） 58.63 总市值（亿元） 1,376 流通市值（亿元） 807 [公司价格与沪深 Table_Chart] 300 走势比较 -28% 7% 42% 77% 112% 11/24 2/25 5/25 8/25 赣锋锂业 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuyq@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj@hazq.com 公司计划至 2030 年前形成年产不低于 60 万吨 LCE 的锂产品供应能力， 涵盖卤水、矿石、黏土及回收提锂等多种路径 ...