Group 1: Defense and Military Trade Industry - The military trade industry is experiencing rapid growth in military spending, driven by geopolitical conflicts, leading to a reshaping of global supply and demand dynamics [6][7] - The U.S. remains the largest military spender, followed by China, with significant increases in military imports from the Asia-Pacific region and Europe [6][7] - China's military trade advantages include a comprehensive product range, fewer political conditions, and flexible transaction methods, positioning it well for international market opportunities [8][9] Group 2: Automotive Industry - Leap Motor - Leap Motor's revenue for Q3 2025 reached 19.45 billion yuan, a year-on-year increase of 97.3%, with a net profit of 150 million yuan and a gross margin of 14.5%, reflecting improvements in operational efficiency [11][12] - The company is expected to achieve revenues of 64 billion, 102.4 billion, and 131.1 billion yuan from 2025 to 2027, with growth rates of 99%, 60%, and 28% respectively [13] - Leap Motor's global expansion is evident with a significant increase in overseas terminal orders, and the company has established over 700 sales and service outlets internationally [12][13] Group 3: Electric Equipment Industry - Liangxin Co. - Liangxin Co. reported a revenue of 3.507 billion yuan for the first three quarters of 2025, a year-on-year increase of 12.23%, but faced a decline in net profit due to changes in sales structure and pricing pressures [15][16] - The company is focusing on AIDC (Artificial Intelligence Data Center) and overseas markets, with expectations of net profits growing to 409 million, 526 million, and 663 million yuan from 2025 to 2027 [16][19] - Liangxin Co. is actively developing products for data centers, aiming to enhance its market presence and brand influence in this sector [16] Group 4: Electric Equipment Industry - Hongfa Co. - Hongfa Co. achieved a revenue of 12.914 billion yuan in the first three quarters of 2025, with a net profit of 1.470 billion yuan, reflecting stable performance and capacity utilization [18][19] - The company is transitioning from single components to modular solutions in the automotive sector, which is expected to enhance its market share and product value [18] - Future growth opportunities are anticipated in the AIDC sector, with a focus on high-voltage direct current relays and modular solutions for data centers [19] Group 5: Electric Equipment Industry - Trina Solar - Trina Solar reported a revenue of 49.97 billion yuan for the first three quarters of 2025, with a net loss of 4.201 billion yuan, although showing signs of improvement in its component business [21][22] - The company aims to significantly increase its storage business output, targeting 8 GWh for 2025 and doubling it in 2026, supported by strong overseas orders [22] - Trina Solar's operational scale in maintenance services is expected to contribute to stable profit growth as its installed capacity increases [22] Group 6: Automotive Industry - XPeng Motors - XPeng Motors reported a revenue of 20.38 billion yuan in Q3 2025, a year-on-year increase of 101.8%, with a gross margin of 20.1% [24][25] - The company is advancing its global strategy with local production projects in Indonesia and Austria, and has launched its second-generation VLA model for smart driving [25] - XPeng Motors forecasts Q4 2025 deliveries between 125,000 and 132,000 units, with total revenue expected to reach 21.5 to 23 billion yuan [25]

证券研究报告 军费增长释放需求，格局重塑催生机遇 -军贸行业深度研究报告 西部证券研发中心 2025年11月27日 分析师 |张恒晅 S0800525020001 zhanghengxuan@research.xbmail.com.cn 分析师 | 刘砚菲 S0800525040001 liuyanfei@research.xbmail.com.cn 摘要 军费快速增长，地缘冲突下军贸供需格局演进 军贸产品结构：飞机为主，导弹需求增加，无人装备前景广阔 中国军贸：体系化输出，积极把握出海机遇 投资建议 • 建议关注：洪都航空，中航成飞，中航西飞，内蒙一机（已覆盖），中兵红箭，国博电子，国睿科技，高 德红外。 行业评级 超配 前次评级 超配 评级变动 维持 | 相对表现 | 1个月 | 3个月 | 12个月 | | --- | --- | --- | --- | | 国防军工 | -4.17 | -8.82 | 10.99 | | 沪深300 | -4.21 | 3.00 | 15.63 | 请务必仔细阅读报告尾部的投资评级说明和声明 2 近一年行业走势 -13% -7% -1% 5% 11% 17% 23% ...

行业日报 | 北交所 成交低迷，弱势盘整，关注基本面及中长线逻辑 证券研究报告 2025 年 11 月 27 日 北交所市场点评——20251126 核心结论 行情回顾：1）指数层面：11 月 26 日北证 A 股成交金额达 140.09 亿元，较 上一交易日减少 1.64 亿元，北证 50 指数收盘价为 1391.00，下跌 0.42%， PE_TTM 为 65.76 倍。北证专精特新指数收盘价为 2329.91，下跌 0.27%。 2）个股层面：当日北交所 284 家公司中 61 家上涨，5 家平盘，218 家下跌。 其中涨幅前五的个股分别为：朱老六（13.2%）、泓禧科技（10.8%）、凯 德石英（5.3%）、新赣江（5.2%）、大鹏工业（4.1%）；跌幅前五的个股 分别为：迪尔化工（-7.3%）、荣亿精密（-6.5%）、博迅生物（-6.0%）、 *ST 云创（-5.8%）、路桥信息（-5.5%）。 新闻汇总：1）事关促消费，六部门印发重磅文件：六部门印发《关于增强 消费品供需适配性进一步促进消费的实施方案》，方案提出到 2027 年，形 成 3 个万亿级消费领域和 10 个千亿级消费热点，打造一批富有 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.76 [4][9]. Core Views - The company achieved a revenue of 12.914 billion yuan in the first three quarters of 2025, representing an increase of 18.82%, and a net profit attributable to shareholders of 1.470 billion yuan, up 15.78% [1][4]. - In Q3 alone, the revenue reached 4.567 billion yuan, a year-on-year increase of 25.54%, with a net profit of 506 million yuan, up 18.95% [1][4]. - The company is transitioning from single components to modular solutions in the automotive sector, which is expected to enhance the value per vehicle [1]. - The demand for high-voltage direct current relays in data centers is anticipated to grow, driven by the trend towards higher power and direct current applications [2]. Financial Summary - Revenue projections for 2025-2027 are 17.058 billion yuan, 19.570 billion yuan, and 21.813 billion yuan, with growth rates of 21.0%, 14.7%, and 11.5% respectively [2][8]. - Net profit forecasts for the same period are 1.939 billion yuan, 2.245 billion yuan, and 2.579 billion yuan, with growth rates of 18.9%, 15.8%, and 14.9% respectively [2][8]. - Earnings per share (EPS) are projected to be 1.30 yuan, 1.50 yuan, and 1.73 yuan for 2025, 2026, and 2027 respectively [2][8]. - The company maintains a stable gross margin, with projections of 36.8% in 2025, 37.1% in 2026, and 37.2% in 2027 [8].

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Insights - The company achieved a revenue of 3.507 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 12.23%. However, the net profit attributable to the parent company was 275 million yuan, a year-on-year increase of only 2.23%. In Q3 alone, revenue was 1.173 billion yuan, up 5.22% year-on-year, but the net profit attributable to the parent company dropped to 51 million yuan, down 27.09% year-on-year, indicating a significant short-term decline in profitability [1][4] - The decline in gross margin in Q3 was primarily due to changes in sales structure and fluctuations in product prices. The rapid growth of emerging businesses such as smart distribution and DC contactors, along with an increased share of the new energy sector in the main business, has affected the overall gross margin. Additionally, market competition and annual pricing negotiations with customers have impacted product price differences, leading to a decrease in net margin as a result of the decline in gross margin [1][2] Financial Performance Summary - For 2025, the company is expected to achieve a net profit of 409 million yuan, 526 million yuan, and 663 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30.9%, 28.7%, and 26.0%. The earnings per share (EPS) are projected to be 0.36 yuan, 0.47 yuan, and 0.59 yuan for the same years [2][3] - The company’s revenue is forecasted to be 4.696 billion yuan in 2025, with a growth rate of 10.8%, and is expected to reach 5.770 billion yuan and 7.357 billion yuan in 2026 and 2027, with growth rates of 22.9% and 27.5% respectively [3][8]

毛利率持续改善，在手资金充裕。2025Q3，公司毛利率为 14.5%，环比和 同比都有所改善，主要得益于规模效应、成本管控和产品组合优化以及其他 业务产生的收益等。Q3 经营活动产生的现金净额 48.8 亿元，自由现金流38.4 亿元，账面资金及等价物合计 339.2 亿元，公司在手资金充裕。 交付量突破新高，多款车型销量表现亮眼。公司 Q3 单季交付 173852 台， 同比增长 101.77%，环比增长 29.63%。10 月销量 70289 台，同比 84.11%， 月销量首次突破 7 万台，核心车型 C10 单月突破 2 万台，B01、B10、C11、 C16 等多车型实现月销破万。 公司点评 | 零跑汽车 Q3 毛利率持续改善，海外终端订单大幅增长 零跑汽车（09863.HK）跟踪点评 事件：2025Q3，零跑汽车收入 194.5 亿元，同比 97.3%；净利润 1.5 亿元； 毛利率为 14.5%，同比提升 6.4pct，环比提升 0.9pct。当季整车交付 173852 台，同比增长 101.77%。 Q3 研发投入增加，10 月发布全新旗舰 D 平台。Q3 研发费用 12.1 亿元，同 比增长 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a projected investment return exceeding 20% over the next 6-12 months [5][11]. Core Insights - In Q3 2025, the company reported revenue of 20.38 billion, a year-on-year increase of 101.8%, with a gross margin of 20.1%, up 4.8 percentage points year-on-year, and a net loss of 380 million [1][5]. - The automotive revenue for Q3 reached 18.05 billion, reflecting a year-on-year growth of 105%, with a gross margin of 13.1% [1][5]. - The company launched its second-generation VLA model on November 5, which is designed for multiple applications including cars and robots, with a full rollout planned for Q1 2026 [1][2]. - The company aims to achieve mass production of its new humanoid robot, IRON, by the end of 2026, targeting commercial applications [2]. - The company has initiated local production projects in Europe, with overseas deliveries exceeding 29,000 units in the first nine months of 2025, a 125% increase year-on-year [2]. - For Q4, the company projects delivery volumes between 125,000 and 132,000 units, representing a year-on-year growth of 37% to 44%, with total revenue expected to be between 21.5 billion and 23 billion [2]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 79 billion, 133.6 billion, and 159.8 billion respectively, with year-on-year growth rates of 93%, 69%, and 20% [3][5]. - The net profit for 2025 is projected at -1.36 billion, improving to 2.91 billion in 2026 and 6.54 billion in 2027, with significant growth rates of 76.49% and 314.31% respectively [3][5]. - The earnings per share (EPS) are expected to improve from -5.43 in 2023 to 3.42 in 2027 [3][5].

核心结论 分析师 【医药生物】固生堂（2273.HK）动态点评：出海加速，回购加码 投资建议：预计 2025-2027 年公司收入 34.31、43.14、51.80 亿元，同比 增长 13.52%、25.75%、20.07%；归母净利润 3.90、5.15、6.30 亿元，同 比增长 27.28%、31.77%、22.40%；维持"增持"评级。 【基础化工】阿拉丁（688179.SH）跟踪点评：收购佑科仪器丰富产品矩阵， 外延赋能公司成长 我们预计公司 2025/2026/2027 年 EPS 为 0.31/0.47/0.60 元。公司主业经营 稳健，持续推进外延并购丰富产品矩阵，维持"买入"评级。 | 周颖 S0800520080003 | | --- | 晨会纪要 证券研究报告 2025 年 11 月 27 日 zhouying@research.xbmail.com.cn 国内市场主要指数 | 指数名称 | 收盘 | 涨跌(%) | | --- | --- | --- | | 上证指数 | 3,864.18 | -0.15 | | 深证成指 | 12,907.83 | 1.02 | | 沪深 300 ...

Group 1: Chemical & New Materials Industry Strategy - The chemical industry is expected to reach a turning point due to valuation and profit bottoming out, driven by anti-involution policies and resource supply contraction, with demand gradually recovering [4][5] - As of November 20, 2025, the chemical sector has seen a 37% increase, with the basic chemical sector's net profit for Q1-Q3 2025 reaching 116 billion yuan, a year-on-year increase of 7.45% [4] - The demand side is supported by the Federal Reserve restarting the interest rate cut cycle and stabilizing global political situations, while domestic exports and the automotive sector bolster demand [4][5] Group 2: Resource Supply and Demand Dynamics - Potash prices are expected to rise in 2026, with the industry maintaining a tight supply-demand balance from 2026 to 2028 [5] - The phosphoric chemical sector is facing capacity constraints, with projected demand for phosphoric acid from 2025 to 2027 being 42.33 million tons, 43.26 million tons, and 43.88 million tons respectively [5] - The refrigerant sector is experiencing supply restrictions due to quota limitations, leading to a steady increase in market conditions for second and third-generation refrigerants [5] Group 3: Investment Recommendations - Recommended companies in the potash sector include Dongfang Iron Tower, Yaqi International, and Salt Lake Co [6] - In the phosphoric chemical sector, recommended companies include Chuanheng Co, Yuntu Holdings, and Xingfa Group [6] - The organic silicon industry is expected to see a supply-demand balance improve in 2026, with companies like Dongyue Silicon Material and Xingfa Group being highlighted [6] Group 4: AI and Semiconductor Demand - The demand for high-performance new materials is driven by the explosion in AI and semiconductor needs, with electronic resins and fillers seeing rapid growth [6] - The semiconductor materials sector is focusing on domestic supply chain security, emphasizing the importance of local production [6] - The cooling liquid market is expected to grow due to increasing server power demands, with immersion cooling becoming a significant future direction [6] Group 5: Company Performance - Kuaishou-W - Kuaishou-W reported Q3 2025 revenue of 35.554 billion yuan, a year-on-year increase of 14%, with net profit reaching 4.488 billion yuan, up 37% year-on-year [15][16] - The average daily active users (DAU) for Kuaishou in Q3 2025 was 416 million, reflecting a 2.1% year-on-year growth [15] - The company is actively commercializing its AI business, with AI revenue exceeding 300 million yuan in Q3 2025, contributing to a 4%-5% increase in online marketing revenue [16][17]

海外政策周报 独木难支：为什么英伟达财报暂未打消市场对 AI 的疑虑？ 海外政策周聚焦 核心结论 摘要内容 英伟达财报数据亮眼，市场短暂上涨，随后大跌。有两大原因：美联储降息 预期破灭与 AI 估值泡沫担忧。 英伟达积极财报暂未平息 AI 泡沫担忧。市场质疑 AI 投资回报率与循环融资。 类似于加州淘金热期间，追踪铁锹、鹤嘴锄和筛金盘的销售数据，并不能真 正证明淘金热的繁荣。当前英伟达的销售业绩，或许也不一定能巩固 AI 革 命的合理性。 更深层的，AI 叙事的基本假设也在被质疑。 2022 年 ChatGPT 诞生以来，市场的 AI 叙事有两条基本假设：1）当年智 能手机催生了全新的科技生态，人工智能会复制同样的故事；2）AI 会提升 生产率，最终受益者大概率是那几家美国的科技巨头。但这两条逻辑正在面 临挑战。 AI 创新与智能手机存在两大差异，基建投资规模更大，开源模型竞争导致 赢家盈利水平更低。因而 AI 投资回报率或低于智能手机。 历史上看，索洛悖论表明，技术进步加快不一定表现在全要素生产率提高上。 因为信息技术投资与生产率增速之间存在统计落差。 我们认为，AI 对劳动生产率的提升效果，是类似电力等新 ...