Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's Q3 performance saw a significant year-on-year increase, driven by the recovery in the oil and bulk shipping markets [5][8] - The optimistic outlook for the oil and bulk shipping markets, along with the company's leading position, supports the maintained "Buy" rating [6] Financial Performance Summary - The company achieved a revenue of 19.31 billion yuan in the first three quarters of 2025, a slight increase of 0.07% year-on-year, with Q3 revenue reaching 6.725 billion yuan, up 10.95% [8] - The net profit attributable to shareholders for the first three quarters of 2025 was 3.3 billion yuan, a decrease of 2.06% year-on-year, while Q3 net profit was 1.175 billion yuan, an increase of 34.75% [8] - The net profit from the oil tanker segment in Q3 2025 was 597 million yuan, up 55.06% year-on-year, while the bulk carrier segment saw a net profit of 292 million yuan, down 21.08% [8] Profit Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 5.543 billion yuan, 8.153 billion yuan, and 8.714 billion yuan, with corresponding year-on-year growth rates of 8.53%, 47.09%, and 6.88% respectively [6] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 13.43, 9.13, and 8.54 times respectively [6] Market Dynamics - The oil shipping market is expected to benefit from OPEC+ production increases, which may lead to higher shipping volumes and a tightening supply-demand balance for VLCCs [8] - The dry bulk shipping market is anticipated to improve due to increased demand from the recovery of commodity prices and new mining projects in Guinea [8]

证券研究报告 非银金融 | 保险Ⅱ 金融|公司点评报告 市场表现： | 基本数据 | | | | 10 月 31 日 | | | 2025 | 年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 57.83 | | | | | 一 年 内 最 | 最 | 高 | / | 61.49/47.00 | | 低 | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | 1,047,164.94 | | | | | | 流通市值（百万元） | | | | 1,047,164.94 | | | | | | 总股本（百万股） | | | | | 18,107.64 | | | | | 资产负债率（%） | | | | | 89.94 | | | | | 每股净资产（元/股） | | | | | 54.47 | | | | | 资料来源：聚源数据 | | | | | | | | | 中国平安(601318.SH) 投资评级： 买入（维持） ———利润数据大幅增长，寿险 NBV 持 ...

证券研究报告 交通运输 | 铁路公路 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 03 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 市场表现： | 收盘价（元） | 5.71 | | --- | --- | | 一 年 内 最 高 / 最 低 | 6.56/4.74 | | （元） | | | 总市值（百万元） | 17,461.52 | | 流通市值（百万元） | 17,461.52 | | 总股本（百万股） | 3,058.06 | | 资产负债率（%） | 66.28 | | 每股净资产（元/股） | 5. ...

证券研究报告 交通运输 | 航运港口 非金融|公司点评报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com hyzqdatemark 2025 年 11 月 03 日 | 基本数据 | | | 2025 | 年 | 10 | 月 30 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 20.81 | | | 一 年 内 / 最 | 最 | 高 | 低 | | | 22.59/17.93 | | | （元） | | | | | | | | | 总市值（百万元） | | | | | | 51,645.17 | | | 流通市值（百万元） | | | | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The report highlights a significant recovery in performance for Q3 2025, with strong port business results [4] - The company is facing pressure on shipping prices due to supply-demand imbalances, but its operational advantages have mitigated the impact [6] - The report maintains a positive outlook based on the company's solid market position and expected profit recovery in the coming years [6] Financial Summary - For 2025, the company is projected to achieve a revenue of 229.72 billion yuan, with a year-on-year decrease of 1.77% [5] - The net profit attributable to shareholders is expected to be 32.34 billion yuan in 2025, reflecting a year-on-year decline of 34.13% [5] - Earnings per share (EPS) is forecasted at 2.09 yuan for 2025, down from 3.17 yuan in 2024 [5] - The company’s return on equity (ROE) is projected to be 12.89% in 2025 [5] Market Performance - The company reported a Q3 2025 revenue of 58.50 billion yuan, a year-on-year decline of 20.42%, but a quarter-on-quarter increase of 63.18% [6] - The average shipping price for the company was 7,501.09 yuan/TEU, down 26.73% year-on-year [6] - The total throughput for the company's port business in Q3 2025 was 38.98 million TEU, showing a year-on-year increase of 4.20% [6] Profitability Forecast - The company’s net profit for 2025-2027 is projected to be 32.34 billion, 24.74 billion, and 21.65 billion yuan respectively [6] - The price-to-earnings (P/E) ratios for the same period are expected to be 7.19, 9.40, and 10.74 [6]

孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 市场表现： 基本数据 2025 年 10 月 30 日 收盘价（元） 6.43 一 年 内 最 高 / 最 低 （元） 总市值（百万元） 13,744.90 流通市值（百万元） 13,709.78 总股本（百万股） 2,137.62 资产负债率（%） 67.90 每股净资产（元/股） 9.12 资料来源：聚源数据 厦门国贸(600755.SH) 证券研究报告 交通运输 | 物流 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 03 日 证券分析师 投资评级： 买入（维持） ——收入环比回升 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - The 2026 purchase tax subsidy for new energy vehicles (NEVs) is set to be halved, yet it is expected that electric vehicle (EV) sales can still maintain a mid-to-high single-digit growth rate [3][9] - The impact of the subsidy reduction will be significant, affecting approximately 90% of NEV consumers, particularly in the low-price segment [6][17] - The overall market for NEVs is influenced by multiple factors beyond subsidies, including the introduction of quality supply and the gradual penetration of NEVs into various channels [7][9] Summary by Sections 1. Analysis of the Impact of the 2026 New Energy Vehicle Purchase Tax Policy - The purchase tax subsidy for NEVs will be halved from 2026 to 2027, with the maximum subsidy per vehicle reduced to 15,000 yuan [5][13] - The technical requirements for subsidies will also increase, with the pure electric range requirement for plug-in hybrid and extended-range vehicles rising from 43 km to 100 km [5][13][24] - The subsidy reduction will have broad implications, with 90% of low-price segment consumers feeling the impact significantly [6][17] 2. Overall Forecast - The expected growth rates for NEV insurance registrations are 19% for 2025 and 9% for 2026, with potential upward adjustments depending on advancements in autonomous driving technology [8][33] - Despite the subsidy reduction, the NEV penetration rate is anticipated to maintain a slight increase due to factors such as quality supply and market dynamics [7][9][41] - The total volume of NEVs is projected to grow moderately, with the potential for unexpected demand driven by technological innovations [8][40] 3. Investment Opportunities - Focus on high-end automakers less affected by the subsidy reduction, such as Jianghuai Automobile [9] - Attention to automakers with strong new product cycles that can offset the impact of subsidy reductions, including Geely Automobile and SAIC Group [9] - Consider companies that may create additional demand through technological innovations, such as Li Auto and Xpeng Motors [9]

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 11 月 03 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 板块表现： 快递反内卷初见成效，油运旺季值得期待 投资评级： 看好（维持） —交通运输行业周报（2025 年 10 月 27 日-2025 年 11 月 2 日） 1）VLCC TD3c TCE 周三大涨至 12.5 万美元/日，达 10 年新高：随着货盘逐步释放 和运力收紧，VLCC 运价逐渐上行，并在周三达到 12.5 万美元/日，创 2020Q2 以来 新高。后续，租家询盘放缓，运价保持平稳，但仍有 ...

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 03 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 联系人 梁裕 liangyu@huayuanstock.com | 基本数据 | | | | 2025 | 年 | 10 | 月 | 31 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 43.71 | | | | 一 年 / 最 低 | 最 | 高 | 内 | | | | | | | | | （元） | | | | | | | | | | 47.49/28.10 | | 总市值（百万元） | | | | | | | | | | 9,130.89 | | 流通市值（百万元） | | | | | | | | | | 8,490.54 | | 总股本（百万股） | | | | | | | | | | 208.90 | | 资产负债率（% ...

证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 证券研究报告 建筑装饰 | 房屋建设Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 03 日 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 10 | 日 | 2025 | 31 | 月 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | 5.43 | | 一 年 内 | 最 | 高 | / | | | | | 6.63/4.96 | | 最 | 低 | | ...