[Table_IndNameRptType] 基础化工 行业周报 510 亿元央企新兴产业发展基金启航，六氟磷酸锂价格涨势不止 [Table_IndRank] 行业评级：增持 报告日期： 2025-11-04 [Table_Chart] 行业指数与沪深 300 走势比较 -27% -14% 0% 14% 27% 41% 2/24 5/24 8/24 11/24 2/25 5/25 8/25 基础化工 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：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com 主要观点： ⚫[Table_Summary] 行业周观点 本周（2025/10/27-2025/10/31）化工板块整体涨跌幅表现排名 第 4 位，涨跌幅为 2.50% ，走势处于市场整体上游。上证综指涨 跌幅为 0.11%，创业板指涨跌幅为 0.50%，申万化工板块跑赢上证 综指 2.38 个百分点，跑赢创业板指 1.99 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported strong growth in Q3 2025, with a year-on-year revenue increase of 17.94% and a net profit increase of 95.08% [4][5] - The revenue for the first three quarters of 2025 reached 20.116 billion yuan, a 17.77% increase year-on-year, while the net profit attributable to the parent company was 860 million yuan, up 55.74% [4] - The company is benefiting from increased revenue from high-end products and improved management and cost control [5] - A significant partnership with AMD to support AI data center construction is expected to bolster revenue growth [5] Financial Summary - For Q3 2025, the company achieved a single-quarter revenue of 7.078 billion yuan, marking a 17.94% year-on-year increase and a 1.90% quarter-on-quarter increase [4] - The net profit for Q3 2025 was 448 million yuan, reflecting a 95.08% year-on-year increase and a 44.32% quarter-on-quarter increase [4] - The projected net profits for 2025-2027 are 1.271 billion, 1.439 billion, and 1.850 billion yuan respectively, with corresponding EPS of 0.84, 0.95, and 1.22 yuan [6] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 49.9, 44.0, and 34.2 respectively [6] Market Position and Growth Potential - The company is positioned to benefit from the growth of its major client, AMD, particularly in the AI sector, which is expected to drive significant revenue growth [5] - The company’s overall efficiency has improved due to better management and cost control measures [5] - The historical highs in revenue and net profit for Q3 2025 indicate a strong market position and growth potential [5]

谷歌[Table_StockNameRptType] A（GOOGL.O） 公司点评 25Q3 点评：CapEx 指引上修，云业务加速增长 | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-11-03 | | [Table_BaseData] 收盘价（美元） 281.19 | | | 近 12 个月最高/最低（美元）281.5/144.3 | | | 总股本（百万股） | 12,077 | | --- | --- | | 流通股本（百万股） | 11,235 | | 流通股比例（%） | 93.03 | | 总市值（亿美元） | 33,959 | | 流通市值（亿美元） | 31,591 | 执业证书号：S0010525070001 邮箱：zhaoliang@hazq.com [Table_CompanyReport] 相关报告 1.谷歌 25Q1：利润超预期，全年 CapEx 维 持 750 亿美元 2025 -04-30 2.谷歌 24Q4：利润略超预期，云业 务小幅 miss 2025-02-13 主要观点： ⚫[Table_Summ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown continuous growth in performance, benefiting from strong demand in the AI sector [6] - The total revenue for Q3 2025 reached 13.512 billion yuan, a year-on-year increase of 49.96%, while the net profit attributable to the parent company was 2.718 billion yuan, up 47.03% year-on-year [6] - The company is focusing on the next generation of high-speed, high-density products required for emerging computing scenarios, particularly in data communication and AI computing networks [7] - Revenue projections for 2025-2027 are 18.654 billion yuan, 22.743 billion yuan, and 25.608 billion yuan, respectively, with net profits of 4.042 billion yuan, 5.078 billion yuan, and 5.690 billion yuan [7] Financial Summary - Total revenue for 2024 is projected at 13.342 billion yuan, with a year-on-year growth of 49.3% [9] - The net profit attributable to the parent company for 2024 is estimated at 2.587 billion yuan, reflecting a year-on-year increase of 71.1% [9] - The company’s gross margin is expected to be 34.5% in 2024, increasing to 36.7% in 2025 and stabilizing around 36.5% by 2027 [9] - The average return on equity (ROE) is projected to be 21.9% in 2024, peaking at 24.8% in 2025 before declining to 21.0% in 2027 [9]

| [Table_BaseData] 收盘价（元） | 14.85 | | --- | --- | | 近 12 个月最高/最低（元） | 15.74/11.58 | | 总股本（百万股） | 1,255 | | 流通股本（百万股） | 1,143 | | 流通股比例（%） | 91.08 | | 总市值（亿元） | 186 | | 流通市值（亿元） | 170 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_StockNameRptType] 新洋丰（000902） 公司点评 Q3 业绩稳中有进，持续完善产业链布局 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-03 | -23% -10% 4% 17% 30% 11/24 2/25 5/25 8/25 新洋丰 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in performance for Q3 2025, with total revenue reaching 20.394 billion yuan, a year-on-year increase of 13.89%, and net profit attributable to shareholders of 3.248 billion yuan, up 158.29% year-on-year [5][6] - The refrigerant business has been a key driver of the company's high growth, with a notable improvement in operating cash flow [6] - The supply of refrigerants is expected to remain tight due to quota constraints, which should sustain the industry's favorable conditions [7] - The company is projected to achieve net profits of 4.424 billion, 5.737 billion, and 6.666 billion yuan for the years 2025 to 2027, corresponding to P/E ratios of 22, 17, and 14 times respectively [8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 20.394 billion yuan, with a net profit of 3.248 billion yuan, reflecting a year-on-year increase of 158.29% [5] - In Q3 2025 alone, the company reported revenue of 7.062 billion yuan, a 21.22% increase year-on-year, and a net profit of 1.197 billion yuan, up 182.82% year-on-year [5][6] Business Segments - The refrigerant segment generated revenue of 9.352 billion yuan, a year-on-year increase of 48.01%, significantly contributing to the overall performance [6] - Other segments such as petrochemical materials and basic chemicals showed varied performance, with some segments experiencing declines [6] Market Outlook - The 2026 refrigerant quota is set to decrease, which is expected to maintain a tight balance in the refrigerant industry [7] - Demand for refrigerants is anticipated to grow due to increased production and sales of household air conditioners and automobiles [7] Investment Projections - The company is expected to maintain strong profit growth, with projected net profits increasing significantly over the next few years [8]

- The report tracks the recent IPO performance in the A-share market, including the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first trading day, ignoring lock-up restrictions[2][10][39] - For A-class accounts with a scale of 2 billion, the IPO yield since the beginning of 2025 until October 31, 2025, is 2.65%, while for B-class accounts of the same scale, the yield is 2.23%[2][10][39] - For larger accounts with a scale of 10 billion, the IPO yield for A-class accounts is 0.96%, and for B-class accounts, it is 0.73%[2][10][39] - The average first-day increase for Sci-Tech Innovation Board stocks is 219.94%, while for ChiNext stocks, it is 244.28%[2][18][39] - The report calculates the theoretical IPO yield using the formula: $ Class Full Subscription Quantity = Maximum Subscription Limit × Average Class Offline Winning Rate $ $ Full Subscription Yield = (First Opening Price - Initial Offering Price) × Full Subscription Quantity $[38][39][41] - The full subscription yield for individual stocks mostly ranges between 5 to 100 thousand yuan, with the highest yields being C奕材-U (98.18 thousand yuan), C禾元-U (78.03 thousand yuan), and 联合动力 (50.81 thousand yuan)[38][39][41] - The report provides detailed monthly IPO yield calculations for different account scales (1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion) across Sci-Tech Innovation Board, ChiNext, and Main Board, assuming 90% capital utilization efficiency and all quotes successfully included[39][42][46]

景旺电子 (603228) 公司点评 景旺电子:Al 领域和新兴领域持续拓展,助力公司行稳致远 报告日期:2025-11-03 | 收盘价(元) | 77.20 | | --- | --- | | 近 12个月最高/最低（元） 83.33/22.89 | | | 总股本(百万股) | 985 | | 流通股本(百万股) | 976 | | 流通股比例 (%) | 99.1 | | 总市值 (亿元) | 760.3 | | 流通市值 (亿元) | 753.3 | 公司价格与沪深 300 走势比较 220% 170% 120% 70% 20% 5/25 8/25 7/75 - 沪 深 300 景旺电子 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 相关报告 主要观点: 2025 年三季报正式披露，营业总收入 110.83 亿元，同比去年增长 22.08%,归母净利润为 9.48 亿元,同比去年增长 4.83%,基本 EPS 为 1.03 元，平均 ROE 为 7 ...

索通发展（ [Table_StockNameRptType] 603612） 公司点评 阳极价格回升，增量空间明确 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-11-03 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 主要观点： ⚫[Table_Summary] 索通发展发布 2025 年三季报 公司 2025 年前三季度实现营收 127.62 亿元，同比+28.66%；实现归母 净利润 6.54 亿元，同比+201.81%。单 Q3 公司营收 44.56 亿元，同比 +29.38%；归母净利润 1.31 亿元，同比-29.47%。 ⚫ 预焙阳极价格维持高位，公司业绩持续改善 | [Table_BaseData] 收盘价（元） | 24.62 | | --- | --- | | 近 12 个月最高/最低（元） | 29.38/12.89 | | 总股本（百万股） | 498 | | 流通股本（百万股） | 498 ...

Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" (maintained) [2] Core Views - In Q3 2025, Rongsheng Petrochemical reported a revenue of 227.81 billion yuan, a year-on-year decrease of 7.09%, while the net profit attributable to shareholders was 0.888 billion yuan, a year-on-year increase of 1.34%. The net profit excluding non-recurring items reached 1.069 billion yuan, up 55.37% year-on-year. In Q3 alone, the revenue was 79.185 billion yuan, down 5.67% year-on-year but up 7.51% quarter-on-quarter, with a net profit of 0.286 billion yuan, showing a significant year-on-year increase of 1427.94% and a quarter-on-quarter increase of 1992.91% [5][6][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 227.81 billion yuan, with a net profit of 0.888 billion yuan and a net profit excluding non-recurring items of 1.069 billion yuan. The Q3 performance showed a significant recovery in profitability, with net profit growth driven by improved refining margins despite a slight decline in revenue [5][6]. Market Conditions - The average WTI crude oil price in Q3 2025 was 64.97 USD/barrel, reflecting a 2.03% increase quarter-on-quarter. The stabilization of crude oil prices is expected to enhance the company's profitability quality [6]. Project Development - The company is actively promoting project construction, focusing on extending and supplementing the industrial chain, increasing chemical production, and enhancing product value. Key projects include the 500,000-ton differentiated fiber project and the Zhoushan new materials project, which are progressing steadily [7]. Strategic Partnerships - In 2023, Saudi Aramco acquired a strategic stake of 10% plus one share in Rongsheng Petrochemical, establishing a foundation for deep cooperation. Discussions are ongoing regarding the acquisition of a 50% stake in Saudi Aramco's Jubail refinery and potential collaborations on upgrading existing facilities [8][9]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 2.163 billion yuan, 3.895 billion yuan, and 7.707 billion yuan, respectively, with corresponding P/E ratios of 47.70X, 26.49X, and 13.39X. The "Buy" rating is maintained based on these projections [10].