1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In November, credit bonds are expected to show a volatile trend, but there are certain participation opportunities. It is recommended to seize the opportunity to buy medium - and high - grade varieties on dips. The ticket - coupon strategy is the main approach, and attention should be paid to the investment opportunities brought by the centralized position - building of amortized fixed - open bond funds [1][28]. - The supply of credit bonds in November may increase seasonally, but the incremental supply is not expected to be large. The demand side shows that bank wealth management still has increments, and the impact of the new public offering regulations on bond funds is expected to be limited [20]. 3. Summary According to Relevant Catalogs 3.1 Credit Bond Market Review and Outlook 3.1.1 October Credit Bond Market Review - In October, credit bond yields declined across the board, with the decline more than that of the same - term interest - rate bonds. Medium - and long - term bonds performed better than short - term bonds, and general credit bonds outperformed financial bonds [11]. - By week, the performance of credit bonds was affected by factors such as holiday data, tariff frictions, equity markets, risk - aversion sentiment, policy expectations, and the restart of treasury bond trading. The yields and spreads of credit bonds showed different trends in each week [10]. - As of November 2, the full - caliber wealth management scale dropped to 31.5 trillion yuan, a decrease of 6.1 billion yuan from the previous week. The net - breaking rates of all bank wealth management products and wealth management subsidiaries decreased [13]. 3.1.2 November Credit Bond Market Outlook - Supply: Seasonally, credit bond supply usually increases in November, but considering the continuous contraction of urban investment bond supply, the supply increment this year may not be large [20]. - Demand: Bank wealth management is expected to have positive growth in November, but the incremental growth may continue to narrow. If the new public offering regulations are mitigated, the impact on bond funds may be limited [20]. - Overall, credit bonds are expected to fluctuate in November. There are participation opportunities, but it is difficult to have an independent trend. It is recommended to buy medium - and high - grade varieties on dips. Pay attention to the investment opportunities brought by the centralized position - building of amortized fixed - open bond funds [28]. 3.2 Primary Market 3.2.1 Issuance Volume - In October 2025, the credit bond issuance scale was 1492.311 billion yuan, an increase of 161.8 billion yuan year - on - year and a decrease of 270.9 billion yuan month - on - month. The net financing amount was 310.974 billion yuan, a decrease of 132.1 billion yuan year - on - year and an increase of 140.4 billion yuan month - on - month [34]. - By type, the net financing amount of urban investment bonds was - 5.838 billion yuan, while that of industrial bonds and financial bonds was 300.042 billion and 16.77 billion yuan respectively [34]. 3.2.2 Issuance Cost - From October 1 to 31, the average issuance interest rate of credit bonds was 2.22%, a decrease of 8.4bp compared with September. The average issuance interest rates of industrial bonds and urban investment bonds decreased, while that of financial bonds increased [39]. 3.2.3 Issuance Term - From October 1 to 31, the average issuance term of credit bonds was 2.95 years, a decrease of 0.01 year compared with September. The average issuance terms of industrial bonds and financial bonds increased, while that of urban investment bonds decreased [48]. 3.2.4 Cancellation of Issuance - In October, 27 credit bonds were cancelled for issuance, with a cancellation scale of 10.687 billion yuan, a decrease of 26 bonds and 17.993 billion yuan respectively compared with the previous month [49]. 3.3 Secondary Market 3.3.1 Trading Volume - In October, the trading volume of all credit bond varieties except insurance sub - bonds decreased compared with the previous month. The trading volume of bank secondary capital bonds decreased the most, followed by bank perpetual bonds [54]. - By trading term, 1 - 5 - year urban investment bonds were more popular. The trading performance of industrial bonds varied by term, and the trading terms of bank perpetual bonds and some other bonds also showed different trends [54]. - By implied rating, the trading of urban investment bonds shifted from medium - rated to other ratings, while that of industrial bonds shifted to high - rated bonds [55]. 3.3.2 Trading Liquidity - In October, the turnover rates of urban investment bonds, industrial bonds, and financial bonds all decreased. By trading term, the turnover rate of 1 - 3 - year urban investment bonds decreased the most, and that of less than 1 - year industrial and financial bonds decreased the most [57]. 3.3.3 Spread Tracking - In October, the spreads of all urban investment bond varieties narrowed, with medium - and long - term spreads narrowing more significantly. The 5 - year AA - rated variety had the largest narrowing amplitude of 22bp [62]. - By region, most spreads in October narrowed, with the narrowing amplitude of each province not exceeding 5bp [66]. - In October, the spreads of AAA - rated and AA - rated industrial bonds in all industries narrowed, with the AA - rated bonds having a larger average narrowing amplitude [67]. - In October, the spreads of bank secondary and perpetual bonds narrowed, with medium - and long - term spreads narrowing more significantly [70]. - In October, most spreads of securities sub - bonds narrowed, while those of insurance sub - bonds narrowed across the board [72]. 3.4 October Hot Bonds Overview - The report selects the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity scores for investors' reference [74]. 3.5 Credit Rating Adjustment Review - In October, 7 bonds had their debt ratings upgraded, and there were no downgrades [78].

Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Insights - In Q3 2025, the company achieved a revenue of 6.75 billion yuan, representing a year-on-year increase of 125.71%, while the net profit attributable to shareholders was -5.00 billion yuan, a year-on-year increase of 14.80% [2][5]. - The revenue growth in Q3 was attributed to enhanced market analysis, optimized marketing strategies, and increased market expansion efforts, particularly from the subsidiary Longping Development, which saw a revenue increase of 2.89 billion yuan [2]. - For the first three quarters of 2025, the company reported a total revenue of 28.41 billion yuan, a slight decrease of 1.39% year-on-year, and a net profit of -6.64 billion yuan, down 39.62% year-on-year [1][5]. Summary by Sections Financial Performance - The gross profit margin for Q1-Q3 2025 was 31.98%, up 3.74 percentage points year-on-year, while the gross profit margin for Q3 was 18.13%, an increase of 20.07 percentage points year-on-year [3]. - The net cash flow from operating activities for Q1-Q3 2025 was 10.85 billion yuan, a significant increase of 252.78% year-on-year, driven by improved sales policies and inventory management [2]. Profit Forecast - The projected net profit attributable to shareholders for 2025 is 2.27 billion yuan, representing a year-on-year increase of 99.2%, with further projections of 3.65 billion yuan in 2026 and 4.76 billion yuan in 2027 [4]. Valuation Metrics - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 63.2, 39.2, and 30.1, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [6]. Core Insights - The company reported a robust Q3 performance for 2025, with revenue reaching 96.41 billion yuan, a year-on-year increase of 31.03%, and a net profit attributable to shareholders of 4.87 billion yuan, up 32.49% year-on-year [1][6]. - The growth is driven by the AI wave in the consumer electronics sector, alongside balanced development across various business segments, leading to optimistic annual performance forecasts [1][2]. - The company anticipates a full-year net profit for 2025 to be between 16.52 billion yuan and 17.19 billion yuan, representing a year-on-year growth of 23.59% to 28.59% [1]. Business Segment Analysis - **Consumer Electronics**: The demand for high-precision, miniaturized components is surging due to the rapid growth of AI terminals. The company is well-positioned as a supplier of complete AI terminal solutions, particularly benefiting from strong iPhone 17 demand [2]. - **Communication and Data Centers**: The company is advancing in high-speed interconnect technologies, with a focus on 448G copper cables and 1.6T optical modules, and is seeing increased market share among leading cloud service providers [2]. - **Automotive**: The company is enhancing its vertical integration capabilities in key areas such as vehicle framework systems and intelligent cockpit systems, with a growing client base among major automotive manufacturers [2]. Financial Projections - Revenue projections for 2025 to 2027 are estimated at 329.06 billion yuan, 408.06 billion yuan, and 472.18 billion yuan, respectively, with net profits expected to be 17.07 billion yuan, 21.71 billion yuan, and 26.06 billion yuan [3][4]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates projected at 22.4% for 2025 and 24.0% for 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company [5][2]. Core Insights - The company's traditional business faces short-term pressure, while the CDMO (Contract Development and Manufacturing Organization) business shows strong growth certainty [1][2]. - For the first three quarters of 2025, the company reported a revenue of 7.76 billion yuan, down 16.4%, and a net profit of 700 million yuan, down 19.5% [1][5]. - The CDMO segment has seen significant growth, with revenue increasing by nearly 20% year-on-year, and its gross margin rising to 44.5% [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 2.32 billion yuan, a decrease of 18.9%, and a net profit of 140 million yuan, down 44.0% [1][5]. - The gross margin for Q3 was 23.4%, an increase of 0.2 percentage points, while the net margin was 5.9%, a decrease of 2.6 percentage points [1][5]. Business Segments - The raw materials segment generated revenue of 5.19 billion yuan, significantly down due to the contraction of low-margin API trading and weak demand in some categories [1][2]. - The CDMO segment's revenue reached 1.69 billion yuan, becoming the largest gross margin contributor with a gross margin of 44.5% [1][2]. - The formulation segment's revenue was 830 million yuan, down approximately 10% due to price reductions from domestic procurement [1][2]. CDMO Growth - As of Q3 2025, the company had 391 commercial projects (+15%), 853 clinical projects (+41%), and 1,343 quoted projects (+68%) in the CDMO segment [2]. - The total order value for projects to be delivered in the next 2-3 years is expected to reach 5.2 billion yuan, supporting continued high growth in CDMO revenue [2]. Profit Forecast - The company forecasts revenues of 11.06 billion yuan, 11.67 billion yuan, and 12.92 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of -8.0%, 5.5%, and 10.7% [2][9]. - The projected net profits for the same years are 1.00 billion yuan, 1.22 billion yuan, and 1.50 billion yuan, with growth rates of -2.5%, 21.2%, and 23.4% [2][9].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 335.09 billion yuan for the first three quarters of 2025, a year-on-year decrease of 18.79%, and a net profit attributable to shareholders of 3.97 billion yuan, down 41.88% year-on-year [1][6] - The decline in revenue has narrowed in Q3, with year-on-year changes of -18.46% in Q1, -22.59% in Q2, and -14.25% in Q3. However, net profit showed a significant drop of 67.52% in Q3 [1][2] - The company is facing pressure from external factors such as declining demand in the steel industry, sluggish growth in the construction sector, and deep adjustments in the real estate industry, along with internal challenges related to business restructuring [1] Summary by Sections Financial Performance - The gross profit margin for the first three quarters of 2025 increased by 0.95 percentage points to 10.00%, while the expense ratio rose by 0.57 percentage points to 6.18% [2] - The net profit margin decreased by 0.26 percentage points to 1.61% due to significant reductions in asset disposal income, which fell by 80.85% year-on-year [2] Cash Flow - The net operating cash flow for the first three quarters was -19.39 billion yuan, a year-on-year improvement of 36.91%. The cash collection ratio increased by 20.48 percentage points to 91.39% [3] - In Q3, the company recorded a net cash inflow from operating activities, a significant improvement compared to the previous year [3] Contracting and Future Projections - The company signed new contracts worth 760.67 billion yuan from January to September 2025, a decrease of 14.7% year-on-year, with domestic contracts down 16.5% and overseas contracts up 10.1% [3] - Future projections estimate net profits attributable to shareholders for 2025, 2026, and 2027 to be 6.75 billion, 7.05 billion, and 7.36 billion yuan respectively, with EPS expected to be 0.33, 0.34, and 0.36 yuan [3][4]

Group 1: Market Strategy and Economic Outlook - The current market is transitioning from a "technology bull" to a "wealth bull," indicating a favorable time to invest in cyclical sectors [6][10] - The third quarter of 2025 shows a recovery in profitability, with A-share cumulative profit growth expected to reach 11% in 2026, marking a shift to an earnings-driven bull market [14] - The "15th Five-Year Plan" suggests a need for GDP growth of at least 4.1% annually, indicating a supportive environment for cyclical industries [7] Group 2: Industry Performance Insights - The computer industry experienced a revenue increase of 10.5% year-on-year in the first three quarters of 2025, with net profit rising by 47.77% [19] - The materials and manufacturing sectors showed a significant improvement in free cash flow, with a year-on-year increase of 1,100 million yuan in the third quarter [16] - The TMT sector's capital expenditure (CAPEX) expansion is impacting cash flow, with a notable decrease in free cash flow by 928 million yuan in the third quarter [15] Group 3: Company-Specific Analysis - Huada Jiutian reported a revenue of 8.05 billion yuan in the first three quarters of 2025, with a significant decline in net profit due to reduced government subsidies [46][47] - Jiuzhou Pharmaceutical achieved a revenue of 41.60 billion yuan, with a net profit increase of 18.51%, driven by a stable CDMO business [50][51] - New Dairy's revenue for the first three quarters reached 84.34 billion yuan, with a net profit increase of 31.48%, indicating strong operational performance [53][54]

Investment Rating - The report indicates a positive outlook for the insurance sector, suggesting it is the most growth-oriented direction in the financial industry during structural transformation [1][15] - The securities industry is viewed as relatively undervalued with high year-on-year growth in performance, making it a favorable investment opportunity [2][18] - The banking sector is recommended for selective investment in high-quality banks with strong fundamentals and improving performance [3][21] Core Views - The non-bank financial index decreased by 0.46%, underperforming the CSI 300 index by 0.03 percentage points, while the banking sector saw a decline of 2.16%, underperforming the CSI 300 by 1.74 percentage points [1][9] - The insurance sector experienced a notable increase in new business value (NBV) growth, with significant contributions from improved agent productivity and bancassurance efforts [12][13] - The securities sector's performance is driven by strong growth in brokerage and proprietary trading businesses, with overall earnings exceeding expectations [2][16] - The banking sector's earnings showed steady growth, with a slight improvement in net interest margins and a stable asset quality outlook [19][21] Summary by Sections Insurance Sector - The insurance sector's NBV growth for the first three quarters of 2025 showed significant increases, with notable performances from major companies [12][13] - The sector is expected to benefit from a supportive policy environment and increasing allocations to equity investments [15] - Recommended stocks include Xinhua Insurance A+H, China Ping An A+H, and China Life H [3][15] Securities Sector - The securities sector's PB valuation stands at 1.43x, indicating a favorable entry point for investors [2][18] - The report highlights the recovery in brokerage and proprietary trading as key drivers of performance, with a positive outlook for the sector [16][18] - Recommended stocks include Guotai Junan A+H, Huatai Securities A+H, and Oriental Securities A+H [3][18] Banking Sector - The banking sector's PB valuation is at 0.54x, with earnings growth expected to continue into the fourth quarter [19][21] - The report suggests focusing on banks with strong fundamentals and improving performance metrics, particularly those with low non-performing loan ratios [22][21] - Recommended stocks include Hangzhou Bank and a focus on other quality banks such as China Merchants Bank and Bank of Communications [3][22]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expected return over the next 6-12 months [5][10]. Core Insights - The company reported a revenue of 48.44 billion yuan for the first three quarters of 2025, a year-on-year increase of 31.9%, with a net profit attributable to shareholders of 2.95 billion yuan, up 7.8% year-on-year [1][5]. - In Q3 2025, the company achieved a revenue of 16.82 billion yuan, reflecting a year-on-year growth of 43.2% and a quarter-on-quarter increase of 11.6%, while the net profit was 1.08 billion yuan, down 3.2% year-on-year but up 1.4% quarter-on-quarter [1][5]. - The company has successfully acquired the exploration rights for the Chating Copper Polymetallic Mine for 8.61 billion yuan, significantly increasing its copper and gold resource reserves [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company’s copper production was 138,000 tons, a 1.3% increase year-on-year, while zinc production rose by 19.9% to 95,000 tons, and lead production increased by 21% to 50,000 tons [2]. - The smelting segment saw a copper output of 263,000 tons, a 43.4% increase year-on-year, with Q3 production at 80,000 tons, up 30% year-on-year [2]. Resource Acquisition - The acquisition of the Chating Copper Polymetallic Mine is expected to enhance the company's resource base significantly, with confirmed industrial-grade copper ore amounting to 121.8 million tons and a total metal content of approximately 1.748 million tons [3]. Earnings Forecast - The report projects earnings per share (EPS) of 1.65 yuan, 1.93 yuan, and 2.05 yuan for 2025, 2026, and 2027 respectively, with price-to-earnings (P/E) ratios of 15, 12, and 12 times [3][4].

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the North China 50 Index having the highest increase of 7.52%, while the Hong Kong market saw a decline with the Hang Seng Index dropping by 0.97%. The leading ETFs were primarily tracking the new energy sector indices [1][10][13]. ETF New Issuance Statistics - A total of 9 stock ETFs were reported in the A-share market last week, and 16 new stock ETFs were established. In the US market, 6 equity ETFs were newly established, all of which were actively managed [1][15][21]. Fund Flow in A-share Market - The top 10 stock ETFs by net inflow were mainly broad-based ETFs, with the ETF tracking the CSI 300 Index leading in net inflow. Conversely, the top 10 ETFs by net outflow were predominantly from the new energy sector [2][22][24]. - In the industry sector, the TMT sector ETFs saw the highest net inflow, while the financial technology ETFs experienced the most significant net outflow [2][30]. Fund Flow in US Stock ETF Market - In the US market, AI and big data-themed ETFs had the highest net inflow, while logistics and transportation-themed ETFs saw the most significant net outflow. The Capital Group Dividend Value ETF, benchmarked against the S&P 500 Index, led in net inflow among actively managed ETFs [3][22]. ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of -1.49%, with excess returns relative to the CSI Equal Weight Index and the CSI 300 Index being -2.08% and -1.06%, respectively. The 50% base + intraday momentum strategy showed varying returns across different ETFs, with the CSI 500 ETF achieving a return of 0.84% [4][29].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [6][11]. Core Insights - The company reported a revenue of 12.762 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.66%. The net profit attributable to shareholders was 654 million yuan, up 201.81% year-on-year, while the net profit after deducting non-recurring items reached 642 million yuan, marking a 373.83% increase [1][6]. - In Q3 alone, the company achieved a revenue of 4.456 billion yuan, a 29.38% increase year-on-year. However, the net profit attributable to shareholders decreased by 29.47% to 131 million yuan, while the net profit after deducting non-recurring items surged by 419.16% to 120 million yuan [2]. - The company plans to establish a joint venture with Huayang Group to build a 200kt/a high current density energy-saving carbon material and waste heat power generation project in Shanxi Province, with an estimated total investment not exceeding 900 million yuan, where the company will hold an 85% stake [2][6]. Financial Forecast - The company is projected to have earnings per share (EPS) of 1.92, 2.58, and 3.21 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 13, 10, and 8 [3].