Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 18.21 [1][5] Core Views - The company reported a revenue of RMB 739.4 million and a net profit attributable to the parent of RMB 11.1 million for the first three quarters of 2025, reflecting a year-on-year decline of 6.3% and 24.0% respectively. The Q3 figures showed a revenue of RMB 204.7 million and a net profit of RMB 3.1 million, down 15.8% and 38.3% year-on-year. The lower net profit in Q3 was primarily due to reduced revenue from industrial and civil engineering projects [1] - The company is expected to benefit from sustained high demand in nuclear power investment, with an increasing proportion of nuclear engineering projects likely to enhance profitability [1][4] - The gross margin for Q3 2025 improved to 11.9%, up 0.9 percentage points year-on-year and 1.0 percentage points quarter-on-quarter, driven by the increased revenue share from nuclear engineering [2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company experienced a significant decline in operating cash flow, reporting a negative cash flow of RMB 154.5 million, which is a decrease of RMB 121.1 million year-on-year. The Q3 cash flow was negative RMB 19.7 million, down RMB 12.1 million year-on-year, mainly due to increased cash payments for goods and services [3] - The company recorded a credit impairment loss of RMB 2.1 million for the first three quarters, a reduction of 19.6% year-on-year, indicating potential improvement in cash collection as the order revenue structure optimizes [3] Market Outlook - Domestic nuclear power investment reached RMB 858.2 billion from January to August 2025, marking a year-on-year increase of 27.5%. The company, as a key player in nuclear power construction, is well-positioned to benefit from emerging fields such as nuclear fusion, which are expected to drive new growth [4] - The company anticipates continued growth in new contracts, with a total of RMB 1129.6 billion in new contracts signed in the first three quarters of 2025, reflecting a year-on-year increase of 5.8% [2] Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with projected net profits attributable to the parent company of RMB 23.5 billion, RMB 28.2 billion, and RMB 32.4 billion for 2025 to 2027 respectively. The valuation year has been shifted to 2026, with a target market value of RMB 548 billion [5]

证券研究报告 中国人保 (601319 CH/1339 HK) 3Q25：COR 和 NBV 增速均向好 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 保险 中国人保公布三季度业绩：3Q25 归母净利润 202.92 亿元，同比提升 48.7%。 保险服务业绩和投资业绩均有强劲表现。3Q25 保险服务业绩 95.32 亿元， 同比提升 24.6%；投资业绩 269.16 亿元，同比提升 64.7%。前三季度，人 保财险控费效果逐渐显现，财险 COR 同比下降 2.1pcts 至 96.1%；人保寿 险可比口径的 NBV 增速为 76.6%，快于新单保费的增速 24%，显示 NBV 利润率有较大幅度的提升。投资端，前三季度的总投资收率为 5.4%，同比 提升 0.8pcts；实现总投资收益 862.5 亿元，同比增长 35.3%。考虑到财险 业务承保表现向好、寿险业务 NBV 加速增长、投资业绩显著增加，我们维 持"买入"评级。 财产险：承保表现向好 今年以来，在自然灾害影响同比减弱的基础之上，公司持续改善和优化经营 管理，提升核保理赔质效，并且通过加强销售费用精细化管理不断优化费用 ...

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Insights - The company reported a narrowing decline in revenue and profit for Q3 2025, with total revenue of 776.06 billion RMB (down 5.39% year-on-year) and net profit attributable to shareholders of 17.49 billion RMB (down 14.97% year-on-year) [1]. - The company has seen a positive growth in new contracts since Q2, indicating a potential improvement in fundamentals due to the implementation of policy financial tools and accelerated issuance of special bonds [1][4]. - The overall gross margin improved in Q3 2025, with a gross margin of 8.85%, up 0.13 percentage points year-on-year [2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 776.06 billion RMB, with a net profit of 17.49 billion RMB, reflecting a year-on-year decline of 14.97% [1]. - The Q3 2025 revenue was 263.56 billion RMB, down 4.43% year-on-year but up 0.13% quarter-on-quarter, with a net profit of 5.66 billion RMB, down 9.98% year-on-year [1]. - The company’s gross margin for Q3 2025 was 8.85%, showing an improvement compared to previous quarters [2]. Contract and Order Growth - The new contract amount for the first nine months of 2025 was 1,584.9 billion RMB, an increase of 3.7% year-on-year, with Q3 alone contributing 476.2 billion RMB, up 6.0% year-on-year [4]. - The company’s backlog of uncompleted contracts reached 7,544.1 billion RMB, representing a growth of 9.6% compared to the end of the previous year [4]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 23.8 billion RMB, 22.9 billion RMB, and 22.6 billion RMB respectively [5]. - The target price for A shares is set at 7.41 RMB and for H shares at 5.08 HKD, based on a price-to-earnings ratio of 8.0x for A shares and 5.0x for H shares for 2026 [5].

证券研究报告 Q3 新签订单增长提速 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 建筑施工 中国交建发布三季报：2025 年 Q1-Q3 实现营收 5139.15 亿元（yoy-4.23%）， 归母净利 136.47 亿元（yoy-16.14%），扣非净利 117.01 亿元（yoy-13.45%）。 25Q3 实现营收 1768.61 亿元（yoy-1.30%，qoq-3.04%），归母净利 40.79 亿元（yoy-16.34%，qoq-0.56%），略低于我们的预期（43.25 亿元），主 要是投资收益同比减少较多所致。9M25 公司新签订单同比+4.65%，稳健 度和完成度均较好，Q4 随着政策性金融工具投放使用，经营有望迎来改善。 A/H 均维持"买入"评级。 中国交建 (601800 CH/1800 HK) 港股通 25Q3 投资收益减少拖累归母净利率，扣非归母净利率同环比提升 9M25 公司综合毛利率 11.04%，同比-0.50pct，其中 25Q3 为 11.80%，同 比+0.50pct，环比+1.92pct。25Q3 公司期间费用率 6.82%，同比-0.2 ...

证券研究报告 中国人寿 (601628 CH/2628 HK) 港股通 3Q25：NBV 强劲增长 公司公布 3Q25 业绩：第三季度归母净利润 1268.73 亿元，同比提升 92%， 符合公司此前业绩预告。保险服务业绩和投资业绩均实现高速增长。投资端， 前三季度年化总投资收益率为 6.42%，同比上升 1.04ppts。前三季度寿险 新业务价值（NBV）同比提升 41.8%（可比口径），较 1H25 的增速 20.3% 有所提升，估计第三季度实现翻番增长。第三季度新单保费同比增长 52%， NBV 利润率或亦有所提升。利润高增的推动下，3Q25 末净资产较 2Q25 末 高增 19%。考虑到未来 NBV 有望保持增长，维持"买入"评级。 NBV 强劲增长 前三季度 NBV 同比增长 41.8%（可比口径，下同），较 1H25 的增速 20.3% 有所提升，我们估计第三季度 NBV 或实现翻番增长。考虑到公司银保渠道 占比较低（1H25 低于 15%），我们估计除了银保渠道保持高增长外，代理 人渠道 NBV 亦快速增长。第三季度公司新单保费同比增长 52%，NBV 利润 率或有所提升，主要因为产品结构变化、 ...

Investment Rating - The investment rating for the company is "Buy" [6][6]. Core Views - The company reported a revenue of 1064.14 billion RMB for 9M25, a year-on-year increase of 3.7%, and a net profit of 21.03 billion RMB, compared to a net loss of 1.38 million RMB in 9M24. In Q3, the company achieved a revenue of 395.92 billion RMB, up 3.1%, with a net profit of 35.34 billion RMB, an increase of 34.4% year-on-year [1][2][3]. - The company’s passenger load factor (PLF) improved to 86.9%, the highest among the three major airlines, supported by a 6.0% increase in capacity and an 8.9% increase in demand. However, unit revenue per passenger kilometer is estimated to have decreased by about 9% [2][4]. - The company is expected to benefit from lower oil prices, which will ease cost pressures, and the industry supply growth is anticipated to remain low, supporting an improvement in industry conditions [1][4]. Summary by Sections Financial Performance - For Q3 25, the company’s operating costs were 341.51 billion RMB, a 1.5% increase, while the unit ASK cost decreased by 4.3%. The gross profit margin improved by 1.4 percentage points to 13.7%, with gross profit increasing by 14.7% to 54.41 billion RMB [3][4]. - The company’s net profit for Q3 25 was 35.34 billion RMB, up 34.4% year-on-year, driven by lower costs and increased investment income [3][4]. Market Outlook - The company is expected to enter a profit cycle, with a strong passenger load factor and a favorable market share of 42% in Shanghai, supported by robust travel demand in the Yangtze River Delta [4][5]. - The forecast for net profit for 2025-2027 has been raised to 7.69 billion RMB, 5.93 billion RMB, and 8.02 billion RMB, respectively, reflecting a significant improvement in profitability due to lower oil price expectations [5][9]. Valuation - The target price for the company's A/H shares is set at 6.35 RMB and 5.10 HKD, respectively, with an upward adjustment in the price-to-book (PB) ratio to 3.0x for A shares and 2.2x for H shares, indicating a premium due to expected improvements in return on equity (ROE) [5][6].

中海油服 (601808 CH/2883 HK) 证券研究报告 港股通 钻井平台业务效益显著提升 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 工程机械 公司发布三季报：25Q1-Q3 实现营业收入 348.54 亿元，同比+3.54%。归 母净利润为 32.09 亿元，同比+31.28%。扣非归母净利润为 31.69 亿元，同 比+27.98%。25Q3 单季度公司实现营业收入 115.33 亿元，同比+3.60%， 环比-7.90%。归母净利润 12.46 亿元，同比+46.13%，环比+15.69%。扣非 归母净利润 12.30 亿元，同比+40.92%，环比+25.56%。25Q3 公司营收利 润同比均实现增长，主要受益于公司钻井平台出租率及日费率的提升。展望 未来，受益于海上油气开发的持续复苏，钻井平台、船舶服务及物探采集等 业务需求增加，有望驱动未来业绩持续增长。A/H 股均维持"增持"评级。 Q3 毛利率水平显著上升，期间费用管控效果良好 25Q3 公司毛利率为 19.53%，同比+1.46pp,环比+2.07pp。我们认为公司毛 利率上升主要由于公司大型装备出租率的 ...

证券研究报告 永兴材料 (002756 CH) 锂价上涨带动公司 Q3 毛利率提升 2025 年 10 月 31 日│中国内地 特钢 | 永兴材料发布三季报：Q3 | 实现营收 18.53 亿元（yoy+6.61%，qoq-2.70%）， | | --- | --- | | 归母净利 | 年 1.31 亿元（yoy-35.40%，qoq-37.55%）。2025 Q1-Q3 实现营 | | 收 55.47 亿元（yoy-10.98%），归母净利 | 5.32 亿元（yoy-45.25%），扣非 | | 净利 | 4.66 亿元（yoy-39.79%）。维持"增持"评级。 | 锂价上涨带动 25Q3 公司毛利率环比抬升 据公司三季报，盈利方面，公司 25Q3 毛利率 16.55%，同比-0.20pct，环 比+1.78pct，三季度毛利率环比上升主要系碳酸锂价格上涨，根据 SMM 数 据，第三季度碳酸锂均价为 7.30 万元/吨，环比上涨 11.91%。毛利率环比 上行但公司营收利润均有所下降，我们推测公司三季度碳酸锂产品销量或有 下降。费用方面，公司三季度合计期间费用率为 6.58%，同比+2.16pct，环 ...

中国财险 (2328 HK) 港股通 3Q25：承保向好，投资业绩高增 证券研究报告 前三季度，在资本市场强劲表现的推动下，公司实现总投资收益 359.0 亿元， 同比提升 33.0%；未年化的总投资收益率为 5.4%，同比提升 0.8pcts。3Q25 投资业绩 150.41 亿元，同比提升 60.2%。公司在注重风险和收益平衡的前 提下，适度增配了具有长期价值的优质权益类资产。截至 1H25，公司权益 类资产占比为 13.8%，高于 2024 年末的 12.2%，其中 FVTPL 股票/FVOCI 股票/基金配置比例分别为 2.4%/6.8%/4.6%。盈利改善推动公司净资产环比 提升 3.1%。考虑到承保表现向好和投资业绩快速增长，我们预计中国财险 2025 年 ROE 为 16.6%。 中国财险公布 3Q25 业绩：3Q25 公司实现净利润 158.13 亿元，同比增长 91.5%，符合此前业绩预增公告中对利润增速的指引（我们估算同比增长 57%-122%）。承保表现改善以及投资收益显著提升是驱动业绩改善的两个 核心因素。3Q25 保险服务业绩为 52.97 亿元，同比提升 328%；投资业绩 达到 ...

中南传媒 (601098 CH) Q3 业绩承压，持续优化业务结构 2025 年 10 月 31 日│中国内地 出版与广播 | Q3 单季度实现营收 21.53 亿元（yoy-12.94%，qoq-37.79%），归母净利 | | --- | | 润 1.53 亿元（yoy-16.33%，qoq-76.35%），扣非后归母净利 1.54 亿元 | | 年前三季度实现总营业收入 （yoy-16.56%，qoq-75.09%）。25 84.88 亿元 | | （yoy-9.37%）；归母净利润 11.70 亿元（yoy+22.32%）；扣非后净利润 | | 11.49 亿元（yoy+24.35%）。我们认为 Q3 营收下滑主因公司物资贸易板块 | | 业务缩减和一般图书业务调整、发行端结算节奏影响。扣除所得税影响后， | | Q3 利润率下滑较多，主因当期资产减值损失较去年同期增加 2600 万元， | | 及去年冲回信用减值损失较多导致高基数。维持"买入"评级。 | 证券研究报告 Q3 毛利率有同比增长，管理率提升幅度较大 Q3 毛利率 46.96%，同增 4.13pct，环比+0.66pct。费用率方面，公司 ...