证券研究报告|行业研究周报 [Table_Date] 2025 年 11 月 09 日 [Table_Title] 周专题：25Q3 中国客厅智能设备线上销额同 比增长，品类表现分化 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题：25Q3 中国客厅智能设备线上销额同比增 长，品类表现分化 据洛图科技线上监测数据，25Q3，中国客厅智能设备（含智 能投影、智能电视、移动智慧屏、智能平板等）线上（不含 拼抖快等新兴电商）销额为 225.9 亿元，同比+3.4%，总销 量为 1561.6 万台，同比-0.7%。Q3 在国补资金额度紧缺及前 期政策部分透支需求的影响下，销量同比微降，但国补对产 品中高端升级的拉动继续显现，销额实现同比个位数增长。 其中，智能投影与智能电视销量增长承压但中高端产品渗透 率提升带动均价上行，移动智慧屏仍保持较快销量及销额增 速，智能门锁延续量价双增势头，音频产品中智能音箱的 AI 大模型应用拉动其均价上行，销额实现双位数增长。 1） 智能投影：25Q3，中国智能投影线上市场销额为 10.2 亿元，同比-9.9%，销量同比-14.9%，DLP 技术 ...

Investment Rating - Industry Rating: Recommended [5] Core Views - The humanoid robot industry is expected to accelerate towards mass production due to advancements in AI technology and domestic companies' strong demand for core components [11][12] - The lithium battery supply chain remains in a high prosperity trend, with tight supply of certain materials and significant price increases, indicating a recovery phase for profitability [15][17] - The global energy storage market has entered a high prosperity phase, with substantial growth in both domestic and overseas markets driven by diverse revenue sources and increasing electricity demand [26][27] Humanoid Robots - The humanoid robot sector is seeing increased investment from major tech companies, with a focus on the T chain's production and domestic supply chain improvements [12][14] - Key components such as dexterous hands and lightweight materials are expected to drive innovation and market growth [13] New Energy Vehicles - The lithium battery supply chain is experiencing a recovery with multiple supply agreements signed, leading to price increases in key materials like lithium hexafluorophosphate [15][16] - New technologies such as solid-state batteries and advancements in battery materials are anticipated to enhance performance and reduce costs [18][19] New Energy - The global energy storage market is witnessing explosive growth, with significant increases in battery shipments and project developments across various countries [26][27] - The UK’s AR7 auction rules are expected to boost offshore wind energy investments, benefiting domestic suppliers with new orders [28][29] Power Equipment & AIDC - The demand for power equipment is expected to remain high due to the rapid development of AI in North America, creating opportunities for domestic power equipment companies [4]

证券研究报告|投资策略周报 [Table_Date] 2025 年 11 月 09 日 [Table_Title] 资金宽松，11 月是有利于"中小市值+主题投 资"的月份 [Table_Title2] 投资策略周报 [Table_Summary] ·市场回顾： 本周全球股指走势分化，仅巴西、中国股市上涨，日韩股指和美股纳斯达克指数领跌。A 股主要指数先抑后扬，沪 指在 4000 点附近呈缩量震荡走势，市场风格回到哑铃结构，微盘股指和红利指数领涨。一级行业中，电力设备、 煤炭、石油石化、钢铁、化工领涨；美容护理、计算机、医药领跌。外汇方面，美元指数周三突破 100 关口后回 落，离岸人民币兑美元汇率仍在 7.1 附近震荡。 ·市场展望：资金宽松，11 月是有利于"中小市值+主题投资"的月份。复盘过去十年，11 月小盘风格上涨概率 高于大盘风格，这一日历效应背后是 A 股处于业绩和宏观事件"真空期"，市场基于来年业绩预期和产业趋势进入 到主题投资活跃的阶段。近期两融交易额占 A 股成交额比例持续处于 10%以上，微观交易行为反映市场热度仍维 持，A 股微观流动性相对宽松。此外，外部美元流动性紧张仅是短期扰动且对 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has established a diversified product matrix centered around "AI+" and is actively expanding into the robotics sector, particularly in home care applications [4][5] - The company is a leader in the smart display industry, with a solid market position and continuous enhancement of competitive advantages [4] - The financial outlook has been adjusted, with projected revenues and net profits for 2025-2027 being lower than previous estimates, but the company maintains a "Buy" rating based on its growth potential [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 10.78 billion yuan, a year-on-year decrease of 5.4%, with a net profit of 503 million yuan, down 9.9% [2] - In Q3 2025, revenue was 3.845 billion yuan, a decline of 19.7%, and net profit was 119 million yuan, down 20.6% [2] - The gross profit margin for the first three quarters was 12.95%, a decrease of 0.25 percentage points year-on-year, while the net profit margin was 4.66%, down 0.22 percentage points [3] Business Segment Analysis - The smart interactive display products showed steady growth, with revenue increasing by 3.6% year-on-year and shipment volume up by 6.0% [3] - Innovative display products experienced significant growth, with revenue rising by 37.1% year-on-year and shipment volume increasing by 42.0% [3] - The smart TV segment saw a revenue decline of 17.3% year-on-year, attributed to strategic adjustments focusing on high-margin clients along the "Belt and Road" initiative [3] Future Projections - Revenue projections for 2025-2027 are set at 15 billion, 17.4 billion, and 20 billion yuan respectively, with net profits expected to be 760 million, 1 billion, and 1.2 billion yuan [6][8] - The earnings per share (EPS) forecast for the same period is 1.09, 1.43, and 1.72 yuan, with corresponding price-to-earnings (PE) ratios of 21, 16, and 13 times [6][8]

Liquidity Overview - In the first week of November (3-7), the central bank conducted a net withdrawal of CNY 1.57 trillion, maintaining a loose liquidity environment despite a slight tightening on Friday[1] - Overnight rates (R001) stabilized around 1.36%, while 7-day rates (R007) hovered near 1.46% until a marginal increase on Friday[1] Government Debt Issuance - The net payment for government bonds from November 10-14 is projected to be CNY 4,042 billion, significantly higher than the previous week's CNY 368 billion and above the annual median of CNY 2,626 billion[2] - The increase in net payments is attributed to a rise in local bond issuance, which decreased net payments from CNY 119 billion to CNY 1,733 billion, and a deferral of CNY 2,060 billion in national bonds from the previous week[5] Market Trends - The weighted issuance rate for interbank certificates of deposit (CDs) decreased to 1.63%, down 1.0 basis points from the previous week[6] - The total issuance of CDs from November 3-7 was CNY 5,268 billion, with a net financing of CNY 1,627 billion, continuing a trend of positive net financing for five consecutive weeks[6] Future Outlook - The liquidity environment is expected to remain stable in the upcoming week (November 10-14), with a manageable amount of CNY 4,958 billion in reverse repos maturing, which is lower than the median of CNY 9,907 billion for the year[3] - The central bank is anticipated to provide liquidity support to offset the impact of government bond payments, particularly through regular operations of 6-month reverse repos[2] Risks - Potential risks include unexpected changes in liquidity and adjustments in monetary policy due to economic data exceeding expectations or significant shifts in overseas monetary policies[6]

证券研究报告|固收点评报告 周度环比来看，一线城市楼市环比回落，新房回调幅度更大。二手房成交前期修复趋势未能延续，京沪深 三城合计下滑 9%，其中北京和上海降幅显著，分别达到 14%和 7%，深圳微降 1%。新房市场连续两周环比下 滑，本周京沪深广合计环比下降 20%，北京领跌，跌幅达到 35%，广州和深圳分别下跌 26%和 16%，而上海相 对平稳，下滑 4%。对比年内高点，当前二手房周成交处于高点的 66%–76%区间，新房则更低，仅为高点的 29%-44%，显示节后短暂回暖未能延续。 一线楼市同比表现也受到高基数压制，跌幅持续扩大。一线城市二手房已连续四周负增长，本周合计下滑 19%，其中深圳、北京拖累明显，同比跌幅分别为 33%和 24%；新房连续五周同比下滑，本周跌幅深达 41%， 深圳、北京、上海分别下跌 70%、47%和 36%，仅广州跌幅相对较小（跌 19%）。 [Table_Date] 2025 年 11 月 08 日 [Table_Title] 新房成交跌至近七周低位 [Table_Title2] able_Summary] 地产周速达 1）周度： 二手房周成交在节后短暂回升后，已连续两周 ...

证券研究报告|行业点评报告 [Table_Date] 2025 年 11 月 08 日 [Table_Title] 商业航天进入井喷式发展新时代 [Table_Title2] 国防军工 行业评级:推荐 [Table_Summary] 事件 1：国务院办公厅印发《关于加快场景培育和开放推动新场景大规模应用的实施意见》提出，推 动海陆空全空间无人体系应用和标准建设，鼓励打造涵盖全空间的文旅、政务、物流、卫星服务等应用场 景，探索创新空天、深海、频谱轨道等新型要素市场化配置方式。 事件 2：据网易、新浪网，11 月 4 日马斯克表示扩大星链 V3 卫星规模建设太空数据中心；11 月 5 日 谷歌宣布启动"捕日者计划"，拟在 2027 年初发射两颗搭载 Trillium 代 TPU 的原型卫星，将 AI 算力直接 部署到太空。谷歌高管称："未来太空或许将是实现人工智能计算规模化的最佳场所。"谷歌选择的合作方 Planet 公司在遥感卫星领域处于领先地位，拥有大量成熟的卫星平台和发射渠道。 事件 3：据封面新闻，在 2025 年世界互联网大会"互联网之光"博览会上，国星宇航自主研发的"零 碳太空计算中心"获评本年度十大 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [5]. Core Insights - AMG Lithium's sales volume of lithium concentrate increased by 16% quarter-on-quarter to 15,409 tons in Q3 2025, although it decreased by 32% year-on-year. The average selling price for lithium concentrate was $530 per ton, down 15% quarter-on-quarter and 39% year-on-year. The average cost of lithium concentrate fell by 14% to $420 per ton [1][7]. - AMG Technologies reported a significant revenue increase of 59% year-on-year, reaching $250 million, driven by higher antimony sales prices and strong performance in turbine blade coating furnace projects [12]. - AMG Vanadium's revenue grew by 2% year-on-year to $154 million, primarily due to rising sales prices of ferrovanadium and chromium metals, despite a decline in sales volume due to production issues [11]. Summary by Sections 1. AMG Lithium - Q3 2025 revenue was $32.7 million, a 33% year-on-year decline, attributed to an 8% drop in lithium market prices and a 32% decrease in sales volume. The average sales price for tantalum increased, partially offsetting the negative impact [9][10]. - The adjusted EBITDA for AMG Lithium was $2.916 million, down 72% year-on-year due to decreased sales volume and lower lithium prices [10]. 2. AMG Vanadium - Revenue for Q3 2025 was $154 million, a 2% increase year-on-year, driven by higher sales prices despite a decline in sales volume due to supplier production issues [11]. - Adjusted EBITDA increased by 81% year-on-year to $19.471 million, benefiting from price increases and reduced inventory costs [11]. 3. AMG Technologies - Revenue reached $250 million in Q3 2025, a 59% increase year-on-year, mainly due to higher antimony prices and strong sales in engineering projects [12]. - Adjusted EBITDA was $41.235 million, more than double the previous year's figure, reflecting improved profitability in key business segments [12]. 4. Financial Performance Overview - Total revenue for Q3 2025 was $435 million, a 22% increase year-on-year. Adjusted gross profit rose by 38% to $88 million, with a gross margin of 20.2% [7][15]. - Net income attributable to shareholders was $13.074 million, marking the highest level since Q2 2023, compared to a loss of $13.353 million in the same quarter last year [7][15].

二是分地区来看，出口主要受对非洲、欧盟、拉美出口放缓的拖累。10月美元计价出口同比-1.1%，较9月 放缓 9.2 个百分点。其中对非洲、拉丁美洲和欧盟出口同比增速明显下降，对整体出口的拉动效果分别降低 2.2、1.0、1.7 个百分点。对非洲出口同比从 56.4%降至 10.5%，仍维持两位数增速，而对拉美和欧盟出口增速 降至 1-2%的偏低水平。 证券研究报告|宏观点评报告 [Table_Date] 2025 年 11 月 8 日 [Table_Title] 外需转弱，货币加力必要性上升 据海关总署，2025 年 10 月出口总值 3054 亿美元，同比-1.1%，低于市场预期的 3.15%，前值 8.3%；进口 总值为 2381 亿美元，同比 1.0%，同样低于预期的 4.14%，前值 7.4%。如何看待进出口放缓？ 对美出口同比-25.2%，增速相对平稳（前月的-26.8%），拖累出口同比 3.8 个百分点，港口费或压制对美出 口。美国自今年 4 月发布相关 301 调查报告，对中国公司拥有、运营或建造的船舶加收港口服务费，于 10 月 14 日起正式生效。高频数据指向对美发船受到明显冲击，从中国发往 ...

证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（1103-1107） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年11月8日 请仔细阅读在本报告尾部的重要法律声明 全球主要指数估值总览 资料来源： wind ，华西证券研究所 2 图表1：全球主要指数PE(TTM) 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 注：自2010年1月起，截至2025年11月7日 4 图表2、3：A股整体PE(TTM)、A股剔除金融和石油石化PE(TTM，剔除负值) 资料来源： wind ，华西证券研究所 4 17.51 5 10 15 20 25 30 35 2010-01 2011-01 2012-01 2013-01 2014-01 2015-01 2016-01 2017-01 2018-01 2019-01 2020-01 2021-01 2022-01 202 ...