阳光保险（06963.HK）2025 年前三季度业绩点评 负债端稳健增长，投资端收入显著提升 2025 年 11 月 04 日 ➢ 事件：集团未披露三季报，但公布子公司阳光人寿、阳光财险截至 3Q25 的 偿付能力报告与 1-9 月未经审计的财务数据。 ➢ 人身险：2025 年前三季度阳光人寿实现营业总收入 330.5 亿元，同比 +14.0%；净利润 52.5 亿元，同比+3.4%。其中保险服务收入 129.1 亿元，同比 +4.3%；投资端收入约 182.3 亿元，同比+24.7%。公司单季度实现投资收益率 1.41%。截至 9 月末，公司核心/综合偿付能力充足率 133.5%/194.0%。人身险 负债端整体稳健，投资端表现亮眼。 ➢ 财产险：2025 年前三季度阳光财险实现营业总收入 388.9 亿元，同比 +2.5%；净利润 16.6 亿元，同比+81.9%。其中保险服务收入 360.9 亿元，同比 +0.4%；投资端收入约 25.4 亿元，同比+45.0%。财险公司投资收益显著提升， 同时自然灾害较去年同期减少，综合成本率有所下降，净利润大幅提升。 ➢ 投资端：阳光人寿+财险子公司 2025 年前 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an upward revision of profit forecasts for 2025-2027 [7]. Core Insights - The company's net profit for the first three quarters of 2025 increased by 50.5% year-on-year to 40.268 billion RMB, exceeding the expected growth range of 40%-60% [6]. - The combined loss ratio (COR) improved more than expected, with underwriting profit rising by 183% year-on-year [6]. - The company achieved a total investment income increase of 8.402 billion RMB year-on-year, benefiting from a rising capital market and optimized asset allocation [6]. - The company’s insurance premium income rose by 3.5% year-on-year to 443.182 billion RMB, while insurance service income increased by 5.9% to 385.921 billion RMB [6]. Financial Performance Summary - The company’s financial performance in the first three quarters of 2025 showed strong growth, with a significant increase in both assets and liabilities [7]. - The annualized total investment return for the first three quarters was 5.4%, up by 0.8 percentage points year-on-year [7]. - The company’s financial assets classified as AC/FVOCI/FVTPL reached 1,478.84 billion RMB, 2,756.55 billion RMB, and 1,412.37 billion RMB, respectively [7]. - The company’s combined cost ratio improved to 96.1%, a decrease of 2.1 percentage points year-on-year [6]. Segment Performance - The company’s auto insurance service income increased by 3.7% year-on-year to 227.632 billion RMB, with underwriting profit rising by 64.8% to 11.729 billion RMB [10]. - Non-auto insurance service income grew by 9.3% year-on-year to 158.289 billion RMB, with underwriting profit turning from a loss to a profit of 3.136 billion RMB [10].

浦银国际研究 公司研究 | 医药行业 荣昌生物（9995.HK/688331.CH）：近期 关注两款产品医保谈判结果 公司 3Q25 继续延续此前的减亏趋势，全年净亏损维持此前指引。维 持"持有"评级，上调目标价至港股 75 港元、A 股人民币 96.7 元。 ● 3Q25 年产品收入和归母净亏损略好于我们预期。3Q25 公司实现收入 人民币 6.2 亿元（+33.1% YoY，+8.7% QoQ），主要由产品收入贡献，产 品收入略好于我们预期和 VA（Visible Alpha）一致预期；归母净亏损进 一步缩窄至 1.0 亿元（-65.2% YoY, -48.3% QoQ），略好于我们预期，但不 及 VA 一致预期，主要由于 VA 一致预期包含了许可收入预测，而公司 表示此前两款 BD 交易首付款预计今年四季度确认收入。三季度毛利率 为 84.6% (+3.1 ppts YoY, -1.0 ppts QoQ)，延续同比提升趋势；研发费用 为 2.4 亿元（-29.9% YoY, -23.5% QoQ），同比环比均呈下降态势，主要由 于公司在授权转让 RC18 海外权益后无需再承担海外临床试验费用及今 年以来 ...

市公司 公開雪V 2025 年 11 月 04 日 新天绿色能源 Q3 风电电量稳健增长 LNG 销售回暖 报告原因:有业绩公布需要点评 (维持) | 市场数据: | 2025 年 11 月 03 日 | | --- | --- | | 收盘价（港币） | 4.43 | | 恒生中国企业指数 | 9258.73 | | 52 周最高/最低 (港币) | 4.60/3.29 | | H 股市值（亿港币） | 186.31 | | 流通 H 股 (百万股) | 1,839.00 | | 汇率（人民币/港币） | 0.9123 | 资料来源：Bloomberg 证券分析师 干璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱亦 (8621)23297818× zhuhe@swsresearch.com 一年内股价与基准指数对比走势： 33% 13% 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | | 2023A | 2024A | 2025E | 2026E | 2027E | | - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Insights - The company's net profit for the first three quarters of 2025 increased by 50.5% year-on-year to 40.268 billion yuan, exceeding the expected growth range of 40%-60% [7] - The combined loss ratio (COR) improved significantly, with underwriting profit increasing by 183% year-on-year [7] - The company has effectively optimized its asset allocation, benefiting from the capital market's rise, leading to a substantial increase in total investment income [7][8] Financial Performance Summary - For the first three quarters of 2025, the company's original insurance premium income rose by 3.5% year-on-year to 443.182 billion yuan, while insurance service income increased by 5.9% year-on-year to 385.921 billion yuan [7] - The comprehensive cost ratio improved by 2.1 percentage points year-on-year to 96.1%, outperforming expectations [7] - The company’s annualized total investment return for the first three quarters increased by 0.8 percentage points year-on-year to 5.4% [8] Profit Forecast Adjustments - The profit forecasts for 2025-2027 have been raised to 48.116 billion, 49.883 billion, and 57.217 billion yuan respectively, from previous estimates of 36.852 billion, 40.899 billion, and 47.124 billion yuan [8] - The company’s price-to-book ratio (PB) for 2025 is projected at 1.31x, maintaining the "Buy" rating [8] Segment Performance - The company’s auto insurance service income for the first three quarters increased by 3.7% year-on-year to 227.632 billion yuan, with underwriting profit rising by 64.8% year-on-year to 11.729 billion yuan [11] - Non-auto insurance service income grew by 9.3% year-on-year to 158.289 billion yuan, with underwriting profit turning from a loss to a profit of 3.136 billion yuan [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to benefit from improved coal quality at the TSE mining area, a reversal in coal prices, and significant growth potential [1] - The company has established a solid foundation as a resource value operator in Indonesia, with plans to optimize capital efficiency and maximize shareholder returns through innovative strategies [2] - The domestic coal price is anticipated to recover in the second half of the year due to supply constraints and low inventory levels, with expectations of price increases towards the end of the year [3] Summary by Sections Company Overview - The company has five major mining areas in South Kalimantan, Indonesia, and aims to enhance its capital efficiency through strategic partnerships and innovative development paths [2] - The TSE coal mine is expected to have a higher calorific value compared to existing mines, with estimated coal reserves of 378.79 million tons [9] Financial Projections - The company is projected to achieve net profits of 160 million RMB, 690 million RMB, and 1.19 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 44.8X, 10.7X, and 6.2X [4][10] - Revenue is expected to decline in 2024 but recover significantly in 2026 and 2027, with a projected growth rate of 39.8% and 66.7% respectively [10] Market Conditions - Domestic coal production is expected to continue facing constraints due to safety inspections, leading to a likely decrease in production in the second half of the year [3] - The coal price is projected to rise due to low inventory levels and seasonal demand increases, with potential for significant price elasticity if demand exceeds expectations [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][7][17] Core Insights - The company reported a total revenue of 14.445 billion yuan for the first nine months of 2025, a decrease of 8.51% year-on-year, while the net profit attributable to the parent company increased by 4.23% to 1.559 billion yuan [7] - Wind power generation showed steady growth with a total generation of 10.768 billion kWh, a year-on-year increase of 9.47%, despite a slight decline in the average on-grid electricity price [7] - LNG sales showed signs of recovery in Q3, with wholesale and LNG sales volumes increasing by 27.66% and 11.04% respectively, reversing the downward trend seen in the first half of the year [7] - The company has seen a significant reduction in accounts receivable, down to 6.207 billion yuan, primarily due to receiving substantial renewable energy subsidies [7] - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 2.431 billion, 2.686 billion, and 3.037 billion yuan respectively, reflecting changes in gas sales volume and electricity prices [7] Financial Data and Profit Forecast - Revenue projections for 2023A to 2027E are as follows: 20,282 million, 21,372 million, 20,863 million, 23,163 million, and 25,533 million yuan respectively [6][8] - Net profit attributable to the parent company is projected to be 2,207 million, 1,672 million, 2,431 million, 2,686 million, and 3,037 million yuan for the same period [6][8] - The company’s earnings per share are expected to be 0.52, 0.40, 0.58, 0.64, and 0.72 yuan respectively [6]

吉利汽车（0175.HK）系列点评三十五 ➢ 极氪 9X 上市 高端市场加速发力。极氪、领克 10 月分别销量 21,423 辆、 40,213 辆，1-10 月累计销量分别 16.5、28.2 万辆，同比-1.7%、+24.3%。9 月 29 日，极氪旗下全球超豪华 SUV 新旗舰极氪 9X 正式上市，限时置换补贴价 45.59-58.99 万元，新车基于豪华电混专属架构浩瀚-S 打造，全系标配闭式双腔 空气悬架和双阀 CCD 电磁减振器，配备双 8295 座舱芯片，支持超级桌面 2.0， 智能驾驶提供两种方案，其中千里浩瀚 H7 方案将匹配英伟达 Thor-U 芯片；千 里浩瀚 H9 方案配备双 Thor-U 芯片，支撑 L3 级自动辅助驾驶能力，9X 上市后 13 分钟内大定突破 10,000 台，有望加速抢夺高端市场份额，高端车型盈利有望 在下半年逐步体现，增厚公司报表。 ➢ 宣布股份回购计划，展现发展信心。10 月 6 日，公司公告宣布拟实施一项 最高金额达 23 亿港元的股份回购计划，该计划在获得香港联交所批准后，将通 过自动化机制在公开市场分批回购，回购资金来自吉利汽车现有的资本及现金储 备，展 ...

研究报告 Research Report 地平线机器人－W HORIZON ROBOTICS (9660 HK) ZF 合作验证 J6P 系统级竞争力，全球 Tier-1 双锚定加速估值重估 ZF Partnership Validates J6P System-level Competitiveness; Dual Tier-1 Anchors to Drive Re-rating [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$8.72 目标价 HK$12.50 HTI ESG 4.0-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$109.24bn / US$14.06bn 日交易额 (3 个月均值) US$298.15mn 发行股票数目 12,527mn 自由流通股 (%) 69% 1 年股价最高最低值 HK$10.81-HK$3.33 注：现价 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported stable operations in the third quarter and plans to raise funds through a private placement of A-shares for wind power projects [6][8] - The company experienced a revenue decline of 17.29% year-on-year in the first three quarters, primarily due to the divestment of thermal power assets [8] - The company aims to alleviate investment pressure in wind power through a planned A-share issuance, which is expected to improve cash flow [8] Financial Performance Summary - Revenue for 2023 is projected at 37,642 million RMB, with a year-on-year decline of 5.6% [7] - Net profit attributable to shareholders is expected to be 6,249 million RMB in 2023, reflecting a year-on-year growth of 22.24% [7] - The company’s total installed capacity reached 43.42 million kilowatts by the end of September 2025, a year-on-year increase of 17% [8] Operational Highlights - The company generated 565 billion kilowatt-hours of electricity in the first three quarters, a slight decrease of 0.53% year-on-year, but a 13.81% increase when excluding thermal power [8] - Wind power and photovoltaic generation increased by 5.3% and 77.98% respectively in the same period [8] - The company plans to issue 361 million A-shares to raise 5 billion RMB for wind power projects [8] Earnings Forecast - The forecasted net profit for 2025 is 6,208 million RMB, with a corresponding PE ratio of 9 [7][8] - The company expects net profits of 6,338 million RMB in 2026 and 6,875 million RMB in 2027, with PE ratios of 8.7 and 8 respectively [7][8]