[Table_Title] Agnico Eagle 2025Q3 年黄金产量环比增加 0.1%至 26.96 吨，净利润环比减少 1.3%至 10.55 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 产量：2025Q3 黄金产量 86.69 万盎司（26.96 吨），同比增加 0.4%，环比增加 0.1%。2025Q3 黄金产量较上年同期增长，主 要得益于 LaRonde 矿区（品位与处理量提升）、加拿大 Malartic 矿区（品位与处理量提升）及 Macassa 矿区（品位提 升）产量的增加，部分被 Fosterville 矿区（品位与处理量下 降）和 Meliadine 矿区（品位下降）产量减少所抵消。 销量：2025Q2 黄金销量 86.86 万盎司（27.02 吨），同比增加 1.5%，环比增加 2.6%。 证券研究报告|行业研究报告 [Table_Date] 2025 年 11 月 6 日 售价：2025Q3 黄金平均售价为 3476 美元/盎司（804.64 元/ 克），同比上涨 39.5%，环比上涨 5.7%。 单 ...

证券研究报告|行业研究报告 [Table_Title] Alamos Gold 2025Q3 黄金产/销量分别环比增加 3.3%/9.2%至 4.41/4.24 吨，调整后净利润环比增长 7.9%至 1.555 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Date] 2025 年 11 月 6 日 [Table_Summary] 季报重点内容: ► 2025Q3 生产经营情况 产量：2025Q3 黄金产量 14.17 万盎司（4.41 吨），环比增加 3.3%，同比减少 6.8%。反映出 Mulatos 矿区与 Island 金矿区的 强劲表现。本季度产量略低于 145,000 盎司的季度指导区间下 限，主要因 Magino 选矿厂在 9 月下旬发生电气房电容器故 障，导致计划外停产一周。 季度结束后，Island 金矿于 10 月 17 日发生地下地震事件。采 矿活动按预算进度持续推进，但该事件导致某采矿前沿区域延 迟进入高品位采场。因此预计第四季度开采品位将低于预算水 平。结合 Magino 选矿厂九月底的意外停产因素，公司现将 2025 年产量指引调整为 56 万至 58 万 ...

Group 1 - The core view of the report highlights that while global assets are generally weakening, the domestic A-share market is performing relatively well, with the Wande All A index rising by 0.34% on November 5, 2025, despite a decrease in trading volume by 441 billion yuan compared to the previous day [1][2] - The report indicates that the market's rebound is supported by a positive attitude towards accumulated chips around the 6230 level, suggesting that investors view the recent dip as a buying opportunity [2] - The report notes that the micro-cap stocks have shown significant excess returns since October, with the Wande micro-cap index rising by 9.02%, outperforming other major indices during the same period [3] Group 2 - In the Hong Kong market, upcoming earnings reports from major tech companies such as Tencent and JD.com are expected to drive market sentiment, with pre-disclosure dates set for November 13, 2025 [4] - The bond market is experiencing a phase of information vacuum following the central bank's recent operations, with a focus on the potential impact of government bond supply in November [5][6] - The report discusses the weak sentiment in the domestic commodity market, although there has been a slight recovery in fund inflows into industrial products, indicating a potential short-term rebound in market allocation preferences [6][7] Group 3 - The report emphasizes that the "anti-involution" theme continues to face challenges, with related commodities experiencing ongoing corrections, reflecting a cautious market sentiment [8] - The report provides a detailed analysis of the performance of various sectors and commodities, indicating that while some sectors like pork are showing seasonal strength, others are under pressure due to supply-side uncertainties [17][19]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The impact of educational materials reform is gradually being digested, and performance is expected to recover [6] - The company reported a revenue of 1.76 billion yuan for Q3 2025, a year-on-year increase of 10.4%, while the net profit attributable to shareholders was 109 million yuan, a year-on-year decrease of 5.4% [2] - The company achieved a revenue of 5.29 billion yuan in the first three quarters of 2025, a year-on-year decrease of 26.5%, with a net profit of 399 million yuan, down 49.1% [3] - The game subsidiary, Zhixing Tong, is undergoing significant personnel changes, which may reshape its business [4] - The company is actively embracing technological changes and diversifying its business to enhance performance [5] Summary by Sections Financial Performance - The company experienced a significant decline in revenue and net profit due to changes in the educational materials subscription and distribution model in Jiangxi Province [3] - The revenue for 2025-2027 is projected to be 7.3 billion, 12 billion, and 12.5 billion yuan, respectively, with net profits of 732 million, 1.204 billion, and 1.248 billion yuan [6][10] - The earnings per share (EPS) for the same period are expected to be 0.54, 0.88, and 0.91 yuan [6][10] Business Outlook - The core business position is stable, and if the new procurement policies in Jiangxi are streamlined, the main publishing and distribution revenue is expected to stabilize [3] - The game business is currently in a transitional phase, but with personnel restructuring and cost reductions, it is anticipated to stabilize and lay the foundation for future performance recovery [4] - The company is focusing on nurturing digital and emerging businesses as future growth points, including IP development and AI-driven marketing solutions [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a revenue of 530 million yuan for the first three quarters of 2025, representing a year-on-year growth of 13.94%, and a net profit attributable to shareholders of 15.84 million yuan, up 179.91% year-on-year [2] - The significant growth in revenue and profit is attributed to new orders in the film and advertising sectors, alongside improved management leading to a decrease in expense ratios [3][4] - The company has increased its market expansion efforts, resulting in a substantial rise in new orders across various sectors, with total new orders reaching 693 million yuan, a year-on-year increase of 29.94% [4] Summary by Sections Revenue and Profit Growth - The company achieved a revenue growth primarily due to new orders in the film and advertising sectors, with a notable decrease in expense ratios contributing to the increase in net profit [3] - The sales expense ratio decreased by 4.31 percentage points to 14.88%, management expense ratio decreased by 2.58 percentage points to 9.17%, and R&D expense ratio decreased by 2.27 percentage points to 9.26% [3] Order Growth and Market Expansion - The company signed new orders worth 693 million yuan in the first three quarters, with overseas orders growing by 45.53% to 285 million yuan and domestic orders increasing by 20.89% to 408 million yuan [4] - The film industry saw a remarkable increase in new orders of approximately 272 million yuan, up 132.74%, while the advertising sector's new orders reached about 119 million yuan, a growth of 360.66% [4] Investment Recommendations - The report maintains an "Accumulate" rating, with adjusted revenue forecasts for 2025-2027 set at 720 million, 900 million, and 1.04 billion yuan respectively, and net profits projected at 40 million, 80 million, and 100 million yuan [6]

证券研究报告 SiC深度（一） 先进封装：英伟达、台积电未来的材料之选 1 摘要 根据行家说三代半，9月2日，据中国台湾媒体报道，英伟达正计划在新一代GPU芯片的先进封装环节中采用12英寸碳化硅衬底，最晚将在2027年导入。 • 解决CoWoS封装散热问题成为AI算力芯片发展重要课题 根据《高算力Chiplet的热管理技术研究进展》，集成电路发展受到"功耗墙"的严重制约。英伟达和AMD在追求算力大幅提升的情况下，不得不继续提高 芯片功率。主流算力芯片基本标配CoWoS封装，尤其英伟达算力芯片全部使用CoWoS封装。因此我们认为AI算力芯片的发展亟需解决CoWoS封装散热的难题。 • SiC有望成为未来CoWoS发展中Interposer最优解 戚舒扬(SAC NO:S1120523110001) 卜灿华(SAC NO:S1120524120006) 2025年11月5日 请仔细阅读在本报告尾部的重要法律声明 目录 一、英伟达、台积电考虑使用SiC作为未来先进封装中介层 CoWoS核心价值在于interposer（中介层）的连通作用，Interposer当前与未来面临热管理、结构刚性等难题。根据北京大学、Nat ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 11 月 5 日 [Table_Title] LG Energy Solution 2025Q3 营业利润同比增长 34.2%至 6013 亿韩元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q3 财务业绩情况 2025Q3，公司营收为 5.7 万亿韩元，环比增长 2.4%，同比 减少 17.1%。尽管美国电动汽车补贴到期后，电动汽车软包电 池的需求有所减弱，但第三季度收入与上一季度相比略有增 长，这主要得益于密歇根州工厂储能系统电池产量的增加，以 及电动汽车（圆柱形电池）和 IT（软包电池）客户推出的新型 号产品。 2025Q3，公司营业利润达到 6013 亿韩元，环比增长 22.2%，同比增长 34.2%。营业利润率为 10.5%。营业利润中包 含北美生产激励，预计金额为 3655 亿韩元。就营业利润而 言，尽管北美生产激励有所下降，但由于美国储能系统电池产 量增加、新型圆柱形电池开始大规模生产以及持续的成本削减 努力，该公司仍然取得了显著的业绩提升。 2025Q3，公司净利 ...

►2025Q3 财务业绩情况 证券研究报告|行业研究报告 [Table_Date] 2025 年 11 月 5 日 [Table_Title] 三星 SDI 2025Q3 电池业务收入同比下降 23.2%至 2.82 万亿韩元，电池业务营业亏损 6301 亿韩元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 2025Q3，公司营业收入为 3.05 万亿韩元（21.3 亿美 元），环比下降 4%，同比下降 22.5%。 2025Q3，公司营业亏损为 5913 亿韩元（4.16 亿美元）， 环比亏损扩大，同比由盈转亏。 2025Q3，由于停止偏光膜业务带来的收益，第三季度净利 润扭亏为盈，达到 57 亿韩元。 2025Q3 末，公司持有的现金及现金等价物为 2.15 万亿韩 元，2025Q2 为 2.15 万亿韩元。 2025Q3 末，公司总债务为 11.44 万亿韩元，2025Q2 为 11.42 万亿韩元。 ►2025Q3 分业务业绩情况 电池业务营收为 2.82 万亿韩元，环比下降 4.8%，同比下 降 23.2%。该业务录得营业亏损 6301 亿韩元，亏 ...

Investment Rating - The report recommends the industry [7] Core Insights - In Q3 2025, the company achieved revenue of 20.53 trillion KRW, a quarter-on-quarter increase of 1.23 trillion KRW and a year-on-year increase of 2.88 trillion KRW [3][20] - The operating profit reached 573.5 billion KRW, with a quarter-on-quarter increase of 991.1 billion KRW and a year-on-year increase of 996.8 billion KRW, primarily driven by the recovery in refining business and strong LNG power generation performance [3][20] - The battery business reported revenue of 1.81 trillion KRW with an operating loss of 124.8 billion KRW, although SK On achieved an operating profit of 17.9 billion KRW post-merger, marking the second consecutive quarter of profitability [9][20] Summary by Relevant Sections Overall Performance - Q3 2025 revenue was 20.53 trillion KRW, with a significant increase in operating profit to 573.5 billion KRW, attributed to improved refining margins and strong performance in energy and services [3][20] Business Segment Performance 1. **Refining Business** - Revenue of 12.44 trillion KRW and operating profit of 304.2 billion KRW, benefiting from higher refining margins and oil price increases [3][20] 2. **Petrochemical Business** - Revenue of 2.41 trillion KRW with an operating loss of 36.8 billion KRW, impacted by weak benzene and olefin markets [4][20] 3. **Lubricants Business** - Revenue of 980.5 billion KRW and operating profit of 170.6 billion KRW, driven by seasonal demand and inventory gains [5][20] 4. **Oil and Gas Exploration and Production** - Revenue of 320 billion KRW and operating profit of 89.3 billion KRW, affected by natural gas price declines [6][20] 5. **Battery Business** - Revenue of 1.81 trillion KRW with an operating loss of 124.8 billion KRW, but post-merger profitability was noted [9][20] 6. **Materials Division** - Revenue of 23.5 billion KRW with an operating loss of 50.1 billion KRW, showing a reduction in losses due to cost optimization [10][20] 7. **Energy and Services** - Revenue of 2.53 trillion KRW and operating profit of 255.4 billion KRW, benefiting from increased plant utilization [11][20] Outlook for Q4 2025 - The refining business may face downward pressure on oil prices due to OPEC+ production increases, but geopolitical uncertainties may support refining margins [12][20] - The petrochemical sector is expected to face challenges due to reduced supply and slow demand recovery [13][20] - The lubricants business may experience a weak market environment due to seasonal demand decline [14][20] - The battery business faces uncertainties from weak EV demand in the US and high initial costs of new plants [16][20] - The materials business aims to reduce losses through cost control and increased orders [17][20] - The energy and services division plans to maintain stable profitability through new gas field production [18][20]

Market Overview - The equity market experienced a decline with the Wande All A index dropping by 1.03% and a total trading volume of 1.94 trillion yuan, a decrease of 194.5 billion yuan compared to the previous day [1][2] - The Hang Seng Index and Hang Seng Technology Index fell by 0.79% and 1.76% respectively, with southbound capital inflow amounting to 9.832 billion HKD, primarily into China National Offshore Oil Corporation and Xiaomi Group [1][2] Structural Risks and Market Sentiment - Structural risks have accumulated due to a transition from a period of macroeconomic positive signals to a macro vacuum, leading to market declines [2][3] - The market has seen a continuous decrease in trading volume since October 30, with the Wande All A index down by 2.20% and trading volume shrinking from 2.46 trillion yuan to 1.94 trillion yuan [2][3] Trading Volume and Risk Indicators - The current trading volume indicates potential for further decline, with a volume ratio of 50%-70% observed, averaging at 60% [3] - The concentration of trading volume is at 40.64%, below the historical high of 45%, but still above the bottom indicator of 35% [3] Investment Strategy - The report suggests a focus on dividend and technology sectors, with the dividend sector showing strength as the China Securities Dividend Index rose by 0.37% and the SW Bank Index increased by 2.03% [3] - It is recommended to monitor trading concentration and consider increasing positions in technology stocks when concentration returns to the 35%-40% range [3] Hong Kong Market Dynamics - The Hong Kong market remains in a downward trend influenced by expectations of a Federal Reserve interest rate cut [4] - Notably, there has been a significant inflow into innovative drug-related ETFs, indicating a potential area of interest for investors [4] Bond Market Activity - The bond market has shown a pattern of reduced trading volume and fluctuations, with the People's Bank of China announcing a net purchase of 20 billion yuan in government bonds [5][6] - The overall duration level in the market is low, suggesting room for institutions to engage in long-term bond strategies [6] Commodity Market Trends - The commodity market has seen significant outflows, particularly in the new energy and precious metals sectors, reflecting a prevailing risk-averse sentiment [7] - The strong US dollar has pressured precious metal prices, with gold and silver experiencing notable declines [7][8] "Anti-Internal Competition" Sector Performance - The "anti-internal competition" sector has faced downward pressure, particularly in lithium carbonate and polysilicon, due to rising production expectations [8][9] - Despite some basic fundamentals remaining stable, market sentiment has shifted negatively, impacting related products [8][9]