证券研究报告 纺织服饰 | 饰品 非金融|首次覆盖报告 hyzqdatemark 2025 年 10 月 22 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com | 基本数据 | | | 年 | 10 | | 日 | | | 2025 | 月 | | 21 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 20.12 | | | | | | | | | 一 年 内 | 高 | 低 | | | 30.12/9.61 | | 最 | 最 | | | / | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | 5,272.88 | | | | | | | | | 流通市值（百万元） | | | | | 4,796.62 | | | | | | | | | 总股本（百万股） | | | | | 262.07 | | | | | | | | | 资产负债率 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its strategic positioning and growth potential [5][8]. Core Insights - The company, Jiayou International, is positioned as a leader in cross-border multimodal transport, leveraging its strategic assets and expanding logistics network to drive revenue growth [7][10]. - The company is expected to achieve significant revenue and profit growth, with projected revenues of 9.17 billion RMB in 2025 and net profits of 1.27 billion RMB, reflecting a stable growth trajectory [6][8]. - The report highlights the company's focus on enhancing operational efficiency and expanding its logistics capabilities across Asia and Africa, which are anticipated to contribute to sustained performance improvements [10][57]. Summary by Sections Financial Data - As of October 17, 2025, the company's closing price is 13.39 RMB, with a total market capitalization of 18,317.64 million RMB and a debt-to-asset ratio of 29.17% [3]. - The earnings forecast for 2023 to 2027 shows a steady increase in revenue and net profit, with a projected net profit of 1.64 billion RMB by 2027 [6][8]. Business Overview - Jiayou International, established in 2005, focuses on cross-border multimodal transport and supply chain trade, with significant investments in infrastructure and logistics networks in Mongolia, Central Asia, and Africa [7][15]. - The company has successfully replicated its operational model from Mongolia to Central Asia and Africa, enhancing its logistics capabilities and market reach [10][57]. Revenue Streams - The primary revenue sources include supply chain trade services, which accounted for 65.72% of total revenue in 2024, and cross-border multimodal logistics, contributing 27.96% [25]. - The company is also expanding its land port projects, which are expected to generate additional revenue from operations in Africa [25][27]. Growth Drivers - Key growth drivers include the expansion of logistics networks in Central Asia, increased production from core mining areas, and deepening logistics networks in Africa [57][60]. - The company has established long-term contracts with major mining companies, ensuring stable revenue streams and enhancing operational sustainability [68].

Group 1: Construction and Building Materials Industry - The construction and building materials industry is experiencing accelerated investment in major engineering projects, supported by policies aimed at stabilizing growth and expanding domestic demand. In the first three quarters of 2025, fixed asset investment in railway construction reached 593.7 billion yuan, a year-on-year increase of 5.8%, with 968 kilometers of new railway lines put into operation [6][7]. - The Shenyuan Construction Decoration Index fell by 1.67% this week, with sectors such as decoration, engineering consulting services, and steel structures showing positive growth of +3.40%, +2.68%, and +0.72% respectively [8]. - Investment selection in the construction sector is focused on two main lines: high-dividend, low-valuation stocks that may have allocation value, and companies that are accelerating their layout in new industries such as renewable energy and digital construction [9][10]. Group 2: New Consumption Sector - 361 Degrees - 361 Degrees reported a 10% growth in retail sales for its main brand and children's clothing in offline channels, while e-commerce platforms saw a 20% increase in overall sales in Q3 2025, maintaining a rapid growth trend despite industry pressures [12][13]. - The company is enhancing its competitiveness through technological innovation and event sponsorship, with the launch of new products and the revival of the ONEWAY brand, which has opened stores in multiple cities [13][14]. - The company is expected to achieve net profits of 1.315 billion yuan, 1.493 billion yuan, and 1.688 billion yuan from 2025 to 2027, with year-on-year growth rates of 14.50%, 13.49%, and 13.10% respectively [14]. Group 3: Electronics Sector - Sitoway - Sitoway anticipates a revenue of 6.1 to 6.5 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45% to 54%, with net profit expected to reach 656 to 736 million yuan, a growth of 140% to 169% [16][17]. - The company is leading in mobile business iteration efficiency and has significantly increased the output of automotive electronics, which is expected to become a long-term growth driver [17][18]. - Sitoway's traditional security market share remains strong, while it is also expanding into machine vision applications, maintaining close cooperation with leading clients in the field [18][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance continues to reach new highs, and in the context of interest rate cuts, both gold and copper prices are expected to rise [5] - The company has shown strong revenue growth and profitability, with significant increases in both copper and gold production and prices [6][5] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, a year-on-year increase of 55.45% [6] - The average copper price for Q1-Q3 2025 was 62,600 yuan/ton, up 7% year-on-year, while the average gold price was 716 yuan/gram, up 43% year-on-year [6] - The company expects to continue expanding its resource base through both internal growth and acquisitions, with projected net profits of 51.1 billion yuan, 62.1 billion yuan, and 72.9 billion yuan for 2025, 2026, and 2027 respectively [5][6] Production and Cost Analysis - Copper production for Q1-Q3 2025 was 830,000 tons, a 5% increase year-on-year, while gold production was 65 tons, a 20% increase year-on-year [6] - The unit cost of copper was 24,600 yuan/ton, a 9% increase year-on-year, while the unit cost of gold was 267 yuan/gram, a 17% increase year-on-year [6] - The company is also advancing its lithium carbonate projects, with production expected to contribute to future earnings growth [6]

行业评级：看好（维持） 证券研究报告|行业专题报告 医药生物 2025年10月21日 波士顿科学专题报告系列二之电生理&左心耳封堵篇： --电生理弯道超车，左心耳封堵引领市场 证券分析师 姓名：刘闯 资格编号：S1350524030002 邮箱：liuchuang@huayuanstock.com 联系人 姓名：梁裕 邮箱：liangyu@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 报告要点 2 ◼ 波士顿科学：快速增长的头部平台型器械公司。波士顿科学为全球头部的医疗器械平台公司，历经40余年发展，形成如今的电生理、左心耳封 堵、心脏介入、外周介入、心律管理、内窥镜、泌尿及神经调节八大板块，2025年各赛道合计市场规模预计达700亿美元。公司在多个板块均 处于领先地位，其中在左心耳封堵、内窥镜、泌尿/女性健康等领域均保有较多份额。同时，由于电生理业务2024年开始快速增长，市场份额 有望实现较大提升。 ◼ 当前最大增长引擎来自电生理及左心耳封堵业务 ◼ 电生理：凭借颠覆式技术迅速弯道超车，收入增速大幅高于公司整体。脉冲电场消融（PFA）凭借优异的临床数据、更优的术者体验以及 ...

证券研究报告 医药生物 | 生物制品 北交所|新股申购 hyzqdatemark 2025 年 10 月 21 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 丹娜生物(920009.BJ) ——侵袭性真菌病诊断试剂单项冠军，拓展新产品管线以多元化布局 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 19页 源引金融活水 润泽中华大地 图表目录 请务必仔细阅读正文之后的评级说明和重要声明 联系人 发行价格 17.1 元/股，发行市盈率 10.86X，申购日为 2025 年 10 月 22 日。丹娜生物本次发 行价格 17.1 元/股，发行市盈率 10.86X，申购日为 2025 年 10 月 22 日。初始发行股份数量 800.00 万股，发行后总股本为 5,539.00 万股，本次发行数量占发行后总股本的 14.44%。不 采用超额配售选择权。经我们测算，公司发行后预计可流通股本比例为 14.44%，老股占可流 通股本比例 ...

行业定期报告 证券研究报告 房地产 hyzqdatemark 2025 年 10 月 21 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 住建部再提房屋保险制度，自然资源部推城市存量空间盘活指南 投资评级： 看好（维持） ——房地产行业周报（25/10/11-25/10/17） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 1.5%、深证成指下跌 5.0%、创业板指下跌 5.7%、沪 深 300 下跌 2.2%、房地产（申万）下跌 2.3%。个股方面，涨跌幅前五的分别为： 合肥城建(+41.0%)、上实发展(+25.3%)、*ST 南置(+19.3%)、沙河股份(+15.9%)、 大名城(+11.8%)，涨跌幅后五的分别为：首开股份(-19.5%)、张江高科(-11.6%)、 华联控股(-9. ...

Report Industry Investment Rating No industry investment rating is provided in the report. Report Core Viewpoints - In October, the escalation of Sino-US trade frictions led to increased volatility in global risk assets. The market is waiting for the implementation of tariffs, but the impact may be controllable. After the Sino-US high - level video call on October 18th to restart consultations and the expected APEC summit at the end of October, the short - term emotional pressure on policy gaming may ease, but potential risks such as the results of Sino - US economic and trade consultations and the pressure on China's economic data need attention. The Fed may cut interest rates by 25BP in October, significantly alleviating the inverted Sino - US interest rate spread and opening up room for further loosening of China's monetary policy [2][10][85]. - The domestic economic recovery momentum is weak. Consumption and exports may face pressure. The National Day holiday consumption data shows "volume increase but price slowdown", indicating weak consumer willingness, and the export growth rate in Q4 this year may face pressure [10]. - The current bond market has prominent allocation value, and bond yields may fluctuate downward. The report is bullish on the bond market in October. Considering the domestic fundamentals and external environment, the domestic policy interest rate may be cut by 10 - 20BP in Q4. The preferred bonds for attack are 10Y China Development Bank bonds, 30Y treasury bonds, and 5Y capital bonds. It is predicted that the yield of 10Y treasury bonds will return to around 1.65%, 30Y treasury bonds to 1.9%, and 5Y large - bank secondary capital bonds to 1.9% [4][11][85]. Summary by Directory 1. Macro News - In the first three quarters of 2025, the cumulative increase in social financing scale was 30.09 trillion yuan, 4.42 trillion yuan more than the same period last year. At the end of September, the stock of social financing scale was 437.08 trillion yuan, a year - on - year increase of 8.7%. The net cash injection in the first three quarters was 761.9 billion yuan. At the end of September, the M2 balance was 335.38 trillion yuan, a year - on - year increase of 8.4%, M1 was 113.15 trillion yuan, a year - on - year increase of 7.2%, and M0 was 13.58 trillion yuan, a year - on - year increase of 11.5%. The increase in RMB deposits in the first three quarters was 22.71 trillion yuan, and the balance at the end of September was 324.94 trillion yuan, a year - on - year increase of 8%. The increase in RMB loans in the first three quarters was 14.75 trillion yuan, and the balance at the end of the month was 270.39 trillion yuan, a year - on - year increase of 6.6% [12]. - In September, the CPI was - 0.3% year - on - year, an increase of 0.1 pct from the previous month, mainly dragged down by food and energy prices, and 0.1% month - on - month, an increase of 0.1 pct from the previous month. The year - on - year increase in core CPI expanded to 1.0% in September. The year - on - year decline in PPI narrowed to 2.3% in September, an increase of 0.6 pct from the previous month, and remained flat month - on - month [16]. - In the first three quarters of this year, China's total goods trade imports and exports were 33.61 trillion yuan, a year - on - year increase of 4%. Exports were 19.95 trillion yuan, a year - on - year increase of 7.1%, and imports were 13.66 trillion yuan, a year - on - year decrease of 0.2%. The imports and exports to countries along the "Belt and Road" were 17.37 trillion yuan, a year - on - year increase of 6.2%, accounting for 51.7% of the total imports and exports [21]. - On October 18th, Sino - US economic and trade leaders held a video call and agreed to hold a new round of Sino - US economic and trade consultations as soon as possible [23]. 2. Medium - term High - frequency Data 2.1 Consumption - As of October 12th, the daily average retail volume of passenger car manufacturers increased by 6.7% year - on - year, and the daily average wholesale volume decreased by 0.5% year - on - year. As of October 17th, the total box office revenue of national movies in the past 7 days decreased by 27.3% year - on - year. As of October 10th, the total retail volume of three major household appliances increased by 44.2% year - on - year, and the total retail sales increased by 36.4% year - on - year [24][26]. 2.2 Transportation - As of October 12th, the container throughput of ports increased by 3.4% year - on - year. As of October 17th, the average subway passenger volume in first - tier cities in the past 7 days increased by 2.3% year - on - year. As of October 12th, the postal express pick - up volume decreased by 0.7% year - on - year, and the delivery volume decreased by 5.1% year - on - year. The railway freight volume decreased by 0.2% year - on - year, and the highway truck traffic volume decreased by 15.9% year - on - year [28][35][37]. 2.3 Industrial Operating Rates - As of October 15th, the blast furnace operating rate of major steel enterprises was 78.1%, a year - on - year increase of 2.2 pct. As of October 16th, the average asphalt operating rate remained the same year - on - year, the soda ash operating rate was 84.9%, a year - on - year decrease of 2.5 pct, and the PVC operating rate was 75.6%, a year - on - year decrease of 1.8 pct. As of October 17th, the average PX operating rate was 88.5%, and the average PTA operating rate was 75.5% [42][46]. 2.4 Real Estate - As of October 17th, the total commercial housing transaction area in 30 large and medium - sized cities in the past 7 days decreased by 10.9% year - on - year. As of October 10th, the second - hand housing transaction area in 9 sample cities decreased by 43.6% year - on - year [50][51]. 2.5 Prices - As of October 17th, the average wholesale price of pork decreased by 26.9% year - on - year and 8.3% compared with four weeks ago. The average wholesale price of vegetables decreased by 14.9% year - on - year and 1.4% compared with four weeks ago. The average wholesale price of 6 key fruits decreased by 3.5% year - on - year and increased by 3.1% compared with four weeks ago. The average price of thermal coal at northern ports decreased by 18.3% year - on - year and increased by 3.4% compared with four weeks ago. The average spot price of WTI crude oil decreased by 19.1% year - on - year and 7.7% compared with four weeks ago. The average spot price of rebar decreased by 12.0% year - on - year and 0.6% compared with four weeks ago. The average spot price of iron ore remained flat year - on - year and decreased by 0.8% compared with four weeks ago [53][57][62]. 3. Bond and Foreign Exchange Markets - On October 17th, overnight Shibor and some short - term interest rates showed small fluctuations. Most treasury bond yields increased. The yields of 1 - year, 5 - year, 10 - year, and 30 - year treasury bonds were 1.47%, 1.59%, 1.83%, and 2.20% respectively, with increases of 10.1BP, 0.7BP, 0.4BP, and - 3.2BP compared with October 11th. The yields of 1 - year, 5 - year, 10 - year, and 30 - year China Development Bank bonds were 1.62%, 1.78%, 1.99%, and 2.35% respectively, with changes of + 1.1BP, + 1.0BP, - 0.9BP, and - 0.6BP compared with October 11th. The yields of 1 - year, 5 - year, and 10 - year local government bonds were 1.49%, 1.81%, and 2.02% respectively, with decreases of 4.1BP, 1.8BP, and 3.5BP compared with October 10th. The yields of AAA 1 - month and 1 - year, AA + 1 - month and 1 - year inter - bank certificates of deposit increased compared with October 11th. The yields of 10 - year treasury bonds in the US, Japan, the UK, and Germany decreased compared with October 10th. The central parity rate and spot exchange rate of the US dollar against the RMB changed compared with October 10th [65][69][73]. 4. Institutional Behavior - The duration of medium - and long - term pure bond funds for interest - rate bonds and credit bonds showed a slight upward trend this week. On October 17th, the estimated average duration of interest - rate bond funds was around 5.0 years, and the median was around 4.6 years, an increase of about 0.1 year compared with October 10th. The estimated average duration of credit bond funds was around 2.7 years, and the median was around 2.7 years, an increase of about 0.1 year compared with October 10th [82][83]. 5. Investment Recommendations - The report is bullish on the bond market. The preferred bonds for attack are 10Y China Development Bank bonds, 30Y treasury bonds, and 5Y capital bonds. It is predicted that the yield of 10Y treasury bonds will return to around 1.65%, 30Y treasury bonds to 1.9%, and 5Y large - bank secondary capital bonds to 1.9% [4][11][85].

证券研究报告 汽车 行业定期报告 板块表现： 投资评级： 看好（维持） 26 年汽车总量思考（1）：纯电和混 动价差缩小，并非一定导致混动销量 承压 证券分析师 ——汽车行业双周报（20251006-20251019） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2026-2027 年享受购置税减免的插电+增程乘用车的纯电续航里程要求提升超 100%，静态看预计有约 40%的插混+增程乘用车无法再享受补贴，尤其或将对 7~20 万元紧凑型、中型插混车型（以比亚迪等经济型插混车型为代表）造成影响。2025 年 10 月 9 日，工信部等三部门发布《关于 2026-2027 年减免车辆购置税新能源汽 车产品技术要求的公告》，并指出 2026-2027 年减免车辆购置税的插电式（含增程 式）混合动力乘用车纯电动续驶里程应满足有条件的等效全电里程不低于 100 公里， 较此前的不低于 43 公里有明显提升。2025H1 插混+增程乘用车上险量约 203 万辆， 我们筛选了市占率前 95%的插混+增程乘用车并测算发现，其中 WLTC 续航在 43~100km（含 43，不含 100）、100km 以 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is experiencing a quarterly performance recovery, with a notable increase in revenue and net profit in the first three quarters of 2025 [5][6] - The paint business shows positive sales trends, while the waterproofing segment continues to decline, leading to an overall improvement in gross margin due to lower costs [6] - The company is expected to benefit from a gradual recovery in the home decoration industry as the real estate sector stabilizes [6] Financial Summary - For 2025, the company is projected to achieve a revenue of 13,016 million yuan, with a year-on-year growth rate of 7.52% [6][7] - The net profit attributable to shareholders is forecasted to be 802 million yuan in 2025, reflecting a significant year-on-year growth of 141.60% [6][7] - The earnings per share (EPS) for 2025 is estimated at 1.09 yuan, with a price-to-earnings (P/E) ratio of 43.37 [6][7] Market Performance - The company reported a revenue of 9.392 billion yuan in the first three quarters of 2025, marking a 2.69% increase year-on-year, with a net profit of 744 million yuan, up 81.22% [6] - The gross margin for the first three quarters of 2025 improved to 32.8%, attributed to a significant decrease in average procurement prices of key raw materials [6] - The operating cash flow for the first three quarters of 2025 was 1.088 billion yuan, an increase of 18.73% compared to the previous year [6]