受关税影响收入节奏，期待后续智能化新品 银都股份(603277) 证券研究报告 通用设备 / 公司点评 / 2025.11.03 投资评级:增持(维持) | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 18.20 | | 流通股本(亿股) | 6.10 | | 每股净资产(元) | 4.64 | | 总股本(亿股) | 6.14 | -23% -14% -4% 5% 14% 23% 银都股份 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 相关报告 1. 《业绩受关税影响短期承压，期待后续智 能化新品》 2025-08-28 2. 《渠道持续拓展，海外产能扩建顺利》 2025-04-30 3. 《前三季度收入稳健增长，期待薯条机未 来表现》 2024-10-31 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_F ...

营收创历史新高，汽车、AI 与储能驱动增长 世运电路(603920) 证券研究报告 元件 / 公司点评 / 2025.11.03 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 41.72 | | 流通股本(亿股) | 7.21 | | 每股净资产(元) | 9.26 | | 总股本(亿股) | 7.21 | 最近 12 月市场表现 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,519 | 5,022 | 6,247 | 8,608 | 12,644 | | 收入增长率(%) | 2.0 | 11.1 | 24.4 | 37.8 | 46.9 | | 归母净利润(百万元) | 496 | 675 | 870 | 1,257 | 1,922 | | 净利润增长率(%) | 14.2 | 36.2 | 28.9 ...

证券研究报告 行业投资策略周报 / 2025.11.03 -11% -4% 2% 8% 15% 21% 建筑材料 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 投资评级:看好(维持) 建材行业策略周报 建筑材料 最近 12 月市场表现 请阅读最后一页的重要声明！ 分析师 陈琳云 SAC 证书编号：S0160524120005 chenly03@ctsec.com 1. 《建材行业策略周报》 2025-10-26 2. 《建材行业策略周报》 2025-10-19 3. 《建筑材料 3Q2025 年季报前瞻》 2025-10-13 相关报告 曙光已现，建议关注消费建材板块 核心观点 ❖ Q3 业绩降幅环比改善，三棵树表现亮眼。从 Q3 表现看，大多消费建材 企 业 收 入 有 不 同 程 度 的 改 善 ， 东 方 雨 虹 / 三棵树 / 兔 宝 宝 收 入 同 比 +8.5%/+5.6%/+5.0%，伟星新材/公元股份/坚朗五金收入降幅环比收窄，一 方面系去年下半年竞争加剧基数较低，另一方面我们认为这是竞争触底改善 的前瞻信号。Q3 收入回暖 ...

先导三季报表现亮眼，6F 价格继续上涨 机械设备 证券研究报告 行业投资策略周报/ 2025.11.03 投资评级:看好(维持) 最近 12 月市场表现 -9% 1% 11% 21% 31% 40% 机械设备 沪深300 上证指数 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 郭亚新 SAC 证书编号：S0160524090003 guoyx@ctsec.com 相关报告 1. 《锂电需求回暖推动产业链价格持续上 涨》 2025-10-27 2. 《9 月动力电池出口同增 50%，6F 价格 继续上涨》 2025-10-20 3. 《锂电实施出口管制，战略地位凸显》 2025-10-13 固态电池设备行业周报 核心观点 | 1 | 一周市场回顾 4 | | --- | --- | | 2 | 产业链价格跟踪 5 | | 3 | 重点公司公告 6 | | 3.1 | 长阳科技：2025 年第三季度报告 6 | | 3.2 | 德尔股份：2025 年第三季度报告 6 | | 3.3 | 湘潭电化：2025 年第三季度报告 7 | | 3.4 | 天赐材料： ...

Q3 盈利能力持续提升，订单规模稳健增长 郑中设计(002811) 证券研究报告 装修装饰Ⅱ / 公司点评 / 2025.11.03 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-10-31 | | 收盘价(元) | 12.79 | | 流通股本(亿股) | 2.83 | | 每股净资产(元) | 4.56 | | 总股本(亿股) | 3.08 | 最近 12 月市场表现 -9% 9% 27% 45% 63% 81% 郑中设计 沪深300 分析师 陈悦明 SAC 证书编号：S0160525100002 chenym01@ctsec.com 相关报告 1. 《业务结构调优业绩快速增长，现金充足 保障分红》 2025-08-26 2. 《资产减值拖累 Q1 利润，订单结构持续 优化》 2025-04-29 3. 《订单充裕盈利回归，经营现金流保障分 红》 2025-04-22 核心观点 | 盈利预测 | | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown signs of revenue stabilization and an initial performance turning point, with a year-on-year revenue decline of 15.36% in the first three quarters of 2025, but a slight increase of 0.61% in Q3 2025 [7] - The company is actively expanding overseas opportunities and has acquired Danish SGM's assets to enhance its product offerings and international sales channels [7] - The forecasted net profits for 2025-2027 are expected to be 207 million, 318 million, and 418 million RMB respectively, with corresponding PE ratios of 25.5, 16.6, and 12.6 [7] Financial Performance Summary - For 2023A, the company reported a revenue of 1,304 million RMB, with a projected revenue decline to 1,167 million RMB in 2025E, followed by a recovery to 1,648 million RMB in 2027E [6][8] - The net profit for 2023A was 366 million RMB, expected to drop to 207 million RMB in 2025E, before increasing to 418 million RMB in 2027E [6][8] - The company's gross profit margin for Q3 2025 was 54.77%, showing an increase of 3.29 percentage points year-on-year [7] Market Performance - The company's stock performance over the last 12 months shows a decline of 21%, compared to a 20% increase in the Shanghai Composite Index [4]

业绩逐季回暖，机器人业务进展顺利 永创智能(603901) 证券研究报告 专用设备 / 公司点评 / 2025.11.03 投资评级:增持(维持) | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 12.89 | | 流通股本(亿股) | 4.80 | | 每股净资产(元) | 5.02 | | 总股本(亿股) | 4.88 | 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 分析师 何兵 SAC 证书编号：S0160525080007 hebing@ctsec.com 相关报告 1. 《业绩触底回升，静待常温乳品和机器人 业务突破》 2025-09-01 2. 《2024 年业绩承压明显，静待包装设备 进口替代》 2025-04-29 3. 《包装设备龙头，成立子公司切入人形机 器人赛道》 2025-04-13 核心观点 盈利预测 最近 12 月市场表现 -9% 10% 30% 49% 68% 88% 永创智能 沪深3 ...

砥砺深耕，进无止境 贝壳-W(02423) 投资评级:买入(维持) | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 44.04 | | 流通股本(亿股) | 34.03 | | 每股净资产(元) | 19.01 | | 总股本(亿股) | 35.44 | 最近 12 月市场表现 -26% -14% -3% 9% 21% 33% 贝壳-W 恒生指数 分析师 房诚琦 SAC 证书编号：S0160525090002 fangcq@ctsec.com 分析师 陈思宇 SAC 证书编号：S0160525090008 chensy04@ctsec.com 分析师 何裕佳 SAC 证书编号：S0160525090001 heyj@ctsec.com 分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com 相关报告 1. 《房产交易和服务平台龙头，深化一体三 翼战略》 2025-09-10 证券研究报告 房地产服务 / 公司深度研究报告 / 2025.11.02 核心观点 | 盈利预测 | | --- | | [币种Table_Finchi ...

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in pig farming, despite ongoing losses in the industry [1][3] - The report highlights a potential acceleration in capacity reduction due to supply pressures and policy guidance [6][19] Group 1: Pig Farming - The number of breeding sows decreased by 0.20% month-on-month in September, with a total of 40.35 million sows reported [20][21] - Pig prices have been on the rise, with the average price for market pigs reaching 12.22 CNY/kg on October 30, reflecting a week-on-week increase of 7.10% [29][30] - The profitability of pig farming remains negative, with losses of 89.33 CNY per head for self-bred pigs and 179.72 CNY per head for purchased piglets as of October 31 [35][37] Group 2: Poultry Farming - The average price for white feather broilers increased to 7.09 CNY/kg on October 31, marking a week-on-week rise of 3.05% [39][42] - The report notes a significant increase in the number of breeding stock, with a 143.18% month-on-month rise in the number of grandparent stock updated in October [39][40] Group 3: Animal Health - The demand for animal health products is expected to rebound, driven by a recovery in breeding cycles and an increase in livestock numbers [48] - The report mentions that several companies are actively developing new products, which may enhance growth prospects for the sector [48] Group 4: Seed Industry - The average prices for wheat, soybean meal, and corn have increased, with wheat and soybean meal rising by 0.9% and 1.3% respectively as of October 31 [52][53] - The report emphasizes the importance of food security and the promotion of biotechnology in the seed industry [52][56] Group 5: Pet Industry - Pet food exports amounted to 823 million CNY in September, showing a year-on-year decline of 6.8% [57][60] - Domestic sales of pet food have continued to grow, with a combined growth rate of 3% across major e-commerce platforms in September [60]

11 月，预期在变，利率变不变？ 往后看，基金销售新规落地后即是利空全面出尽，债市利多因素依旧在累积， 机构预期也在跟随市场转变，货币宽松的呼声逐渐提高，叠加跨年配置不会 缺席，10 年国债利率可以向下突破 1.75%（250016），年底前可以创新低 （250011 向下突破 1.6%）。 分析师 孙彬彬 SAC 证书编号：S0160525020001 sunbb@ctsec.com 分析师 隋修平 SAC 证书编号：S0160525020003 suixp@ctsec.com 联系人 许帆 xufan@ctsec.com 相关报告 证券研究报告 固收定期报告 / 2025.11.02 核心观点 ❖ 10 年国债或即将触及潘行长口中的合意区间下限（1.75%），还能继续乐观 吗？想搞清楚这个问题，可以先反过来思考，如果没有国债买卖重启，利率 能不能下行？我们认为趋势不会改变。 债市利率自 9 月 24 日见顶，10 月以来中美关系反反复复、两国元首如期见 面，叠加监管小作文不断，但债市表现始终震荡偏强，直观原因是 9 月债市 对利空发酵比较完全，根本原因是基本面孱弱、货币宽松是大势所趋，此外 伴随社融逐渐转 ...