西南证券给予安琪酵母“买入”评级，2025Q3海外市场表现出色，成本红利持续释放

Group 1 - The core viewpoint of the article is that Southwest Securities has given Angel Yeast (600298.SH) a "buy" rating based on several positive factors [1] - The main reasons for the "buy" rating include steady growth in the yeast main business and excellent performance in overseas markets during Q3 [1] - Cost advantages combined with reduced shipping pressures have led to improved profitability in Q3 [1] - There is an expectation for continued improvement in domestic demand, along with a favorable expansion trend in overseas markets [1] Group 2 - The article also highlights potential risks, including significant fluctuations in raw material prices, exchange rates, and delays in capacity construction [1]