Core Viewpoint - The report from Xingzheng International maintains a "Buy" rating for Longyuan Power (00916), highlighting revenue growth in Q3 2025 but a decline in net profit due to fluctuations in green electricity prices and high base effects from last year's disposal of thermal power assets [1] Performance Summary - In the first three quarters, Longyuan Power achieved operating revenue of 22.221 billion yuan, a year-on-year increase of 17.29%, while net profit attributable to shareholders was 4.393 billion yuan, a year-on-year decrease of 21.02%. Operating cash flow increased significantly by 53.33% to 15.784 billion yuan [1] - In Q3 alone, the company reported operating revenue of 6.564 billion yuan, a year-on-year decrease of 13.98%, and net profit of 1.018 billion yuan, down 38.19%. The gross margin for Q3 was 34.91%, up 2.64 percentage points year-on-year but down 4.09 percentage points quarter-on-quarter [1] - The investment income for Q3 was -11 million yuan, compared to 514 million yuan in the same period last year due to the disposal of thermal power assets [1] Operational Data - In the first three quarters, the wind power utilization hours were 1511 hours, a decrease of 95 hours year-on-year. The newly installed wind and solar capacity was 1.13 million kW and 1.17 million kW, respectively, with a slowdown in growth [2] - The total electricity generation was 56.547 billion kWh, a slight decrease of 0.53% year-on-year. Excluding the impact of thermal power asset disposal, wind power generation increased by 5.30%, and solar power generation surged by 77.98% [2] - For Q3, wind power generation increased by 3.33% year-on-year, while solar power generation saw an impressive increase of 88.61% [2] Profit Forecast - Short-term performance is under pressure due to fluctuations in green electricity prices and high base effects from last year's thermal power asset disposal. However, the company’s offshore wind and large-scale projects are expected to support long-term growth [3] - The forecast for net profit attributable to shareholders for 2025-2027 is 5.690 billion yuan, 6.130 billion yuan, and 6.592 billion yuan, reflecting a year-on-year change of -11.4%, +7.7%, and +7.5%, respectively [3] - The corresponding price-to-earnings ratios for the Hong Kong stock market as of November 18 are projected at 9.5x, 8.8x, and 8.2x for the respective years [3]

华龙证券发布研报称，2025年前三季度建材行业营业收入小幅下滑，但盈利能力改善，尤其水泥及玻纤 行业盈利能力大幅提升。展望四季度，预计水泥行业将通过加强行业自律和错峰生产力度，持续推进价 格上调，以提振盈利水平；关注浮法玻璃旺季供需侧改善积极变化，以及光伏玻璃挺价情况；高端玻纤 需求有望带动玻纤盈利能力大幅改善，地产政策的持续出台也有望带动行业估值修复。 华龙证券主要观点如下： 水泥行业：重点研究的12家水泥上市公司在2025年前三季度实现营收2612.72亿元，同比下滑8.98%，实 现归母净利71.95亿元，同比增长134.64%。展望四季度，虽然水泥行业进入全年需求最高峰，但受市场 资金短缺影响，预计水泥需求环比三季度仅小幅提升。考虑到多数地区水泥企业在三季度的盈利表现普 遍不佳，企业改善利润的意愿较为强烈，预计四季度行业将通过加强行业自律和错峰生产力度，持续推 进价格上调，以提振盈利水平。 中长期来看，水泥行业供给侧改革力度加大，行业供需格局有望改善。个股关注水泥龙头华新水泥 (600801.SH)、上峰水泥（000672）(000672.SZ)、海螺水泥（600585）(600585.SH)。 玻璃 ...

多家券商对未来一年的业务布局及市场机遇进行研判，普遍对2026年证券行业持乐观态度。业务增长极 包括财富管理、投行、国际化和科技赋能。中金公司预计，2026年市场成交额有望保持高位，降佣降费 下费率压力缓解，券商传统经纪业务收入或维持高位。华泰证券表示，大财富业务进入趋势上行期，A 股和两融新开户强劲，融资余额连续创新高。国泰海通认为，零售业务和国际业务将是行业新亮点。板 块估值修复可期，中信证券预测，2026年证券行业净资产收益率有望提升，估值修复空间与结构性机会 并存。（证券日报） ...

北京商报讯（记者 刘一博 冯若男）10月30日早盘，沪指4018.86点上涨0.06%.。白酒板块午盘以2260.38点收盘上涨0.39%。 从个股来看，贵州茅台收盘价达1429.61元/股，下跌0.16%；五粮液收盘价达118.95元/股，上涨0.10%；山西汾酒收盘价达190.21元/股，上涨1.95%；泸州老窖收盘价131.06元/股，上 国信证券发布研报称，结合双节动销看行业需求环比修复，市场对业绩和价格预期较为充分，估值将随需求改善而修复，且对政策预期、流动性改善更敏感，由股息率定价。当行业供需关系改善 ...

Core Viewpoint - The construction materials industry is experiencing a continued demand decline, with specific challenges in the cement sector, despite some policy support aimed at stabilizing the market [2][3]. Cement Industry - In September, the national average cement shipment rate showed a slight month-on-month increase but a nearly 4 percentage point year-on-year decline, indicating ongoing demand shrinkage [1][3]. - The average cement price in September 2025 is reported at 346.77 yuan/ton, reflecting a 5.43 yuan/ton increase from June, yet the overall demand remains weak [1][3]. - Factors contributing to the weak demand include investment declines and project funding shortages, which hinder construction progress, alongside frequent rainfall affecting operations [3]. Glass Industry - The float glass market is expected to transition into a fluctuating trend after recent price increases, with some year-end demand but overall supply pressure remaining [4]. - The anticipated daily production is expected to maintain above 160,000 tons, but demand is primarily driven by essential purchases due to funding and payment issues [4]. - Key companies to watch in the glass sector include Qibin Group and Jinjing Technology [4]. Fiberglass Industry - A price adjustment announcement from Shandong Fiberglass indicates a 5%-10% increase in prices for certain fiberglass products, signaling a potential recovery in the industry [5]. - The China Fiberglass Industry Association has initiated a joint effort to establish a fair competitive environment, which may enhance profitability across the sector [5]. - Notable companies in this space include China Jushi and Zhongcai Technology [5]. Consumer Building Materials - Continuous real estate policy implementations are expected to drive industry valuation recovery and fundamental improvements, with recommended companies including Weixing New Materials and Beixin Building Materials [5].

Core Viewpoint - The gaming sector shows resilience, with significant growth opportunities in both PC and mobile games, driven by high-frequency content updates and AI applications [1] Group 1: Gaming Sector Performance - The gaming ETF (516010) rose over 1.3% on October 21, indicating positive market sentiment [1] - Major products like "Honor of Kings" and "Delta Action" are enhancing revenue stability through frequent content updates [1] - The gaming index (930901) tracks companies involved in game development, animation production, and related sales, reflecting the overall performance of the gaming sector [1] Group 2: AI Applications and Innovations - Manus 1.5 version upgrade enhances native AI web app capabilities, indicating advancements in AI technology [1] - The voice model from Volcano Engine has achieved a 90% accuracy rate in educational scenarios, promoting AI integration in e-commerce, marketing, and gaming [1] Group 3: Industry Expansion and Investment - The潮玩 industry is rapidly expanding, with over 5,400 brands and 2,600 global IPs showcased at the CTE exhibition [1] - Yuewen has established a 100 million yuan fund to enter the comic and drama sector, reflecting ongoing investment in innovative content forms [1]

Core Viewpoint - The company reported excellent performance in the first half of 2025, exceeding market expectations with a revenue of 4.428 billion yuan, a year-on-year increase of 33.63%, and a net profit attributable to shareholders of 1.932 billion yuan, up 65.76% year-on-year [1] Group 1: Business Performance - The company's wealth management and self-operated businesses performed well, with investment banking showing signs of recovery. The proportion of heavy asset business rose to 62.1% in the first half of 2025 [2] - Wealth management strengthened its advisory layout and transformation, with brokerage business net income reaching 1.004 billion yuan, a year-on-year increase of 34%. The company opened 309,100 new accounts, up 148% year-on-year [2] - The investment banking business demonstrated resilience, with net income of 419 million yuan, a year-on-year increase of 15%. The company ranked eighth in the industry for IPO applications and second for projects submitted to the Beijing Stock Exchange [2] - The self-operated business remained stable, with total investment income of 2.634 billion yuan, a year-on-year increase of 61%. Alternative investments showed improvement, although some areas experienced losses [2] - Asset management business saw revenue growth driven by optimized scale structure, with net income of 171 million yuan, a year-on-year increase of 19% [2] Group 2: Profit Forecast and Investment Recommendations - The influx of incremental funds into the market suggests potential for industry valuation recovery. The company's brokerage and self-operated investments contribute significantly to profit elasticity, supported by a favorable regional advantage and strong growth potential [3] - The company is expected to have a net asset value per share of 9.67 yuan and 10.64 yuan for 2025 and 2026, respectively. Given the market recovery, the company is projected to have strong performance elasticity [3] - A valuation of 1.3 times the price-to-book ratio is suggested for 2025, corresponding to a reasonable value of 12.57 yuan per share, with a "buy" rating recommended for the company [3]

Group 1 - The A-share market showed mixed performance on August 29, with the China Securities Petrochemical Industry Index rising over 1.6%, led by stocks such as Bluestar Technology, Juhua Co., and New Fengming [1] - The Petrochemical ETF (159731) followed the index's upward trend, increasing by more than 1.8%, outperforming similar products [1] - China Galaxy Securities noted that while capital expenditure and the growth rate of new capacity in the chemical industry have slowed in recent years, existing and under-construction capacity will still require time to digest [1] Group 2 - Demand is expected to strengthen in the second half of the year as the effects of policy stimulus gradually become apparent and the recovery momentum in terminal industries improves, indicating potential for domestic demand to be fully released [1] - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Securities Petrochemical Industry Index, which is primarily composed of refining and trading (28.79%), chemical products (22.8%), and agricultural chemicals (19.45%) [1] - The industry is expected to benefit from policies aimed at reducing competition, restructuring, and eliminating outdated capacity [1]

Core Viewpoint - The chemical industry is experiencing a slowdown in capital expenditure and construction capacity growth, but existing and under-construction capacities will take time to digest. Demand is expected to strengthen in the second half of the year due to policy stimulus and recovery in terminal industries, indicating potential for domestic demand to be fully released [1] Group 1: Supply Side - Capital expenditure and construction capacity growth in the chemical industry have been slowing down in recent years [1] - Existing and under-construction capacities will require time for digestion [1] Group 2: Demand Side - The second half of the year is anticipated to show improved demand as the effects of policy stimulus become evident [1] - Recovery momentum in terminal industries is expected to gradually strengthen [1] - There is potential for domestic demand to be fully released [1] Group 3: Investment Opportunities - The report highlights three investment themes for the second half of the year: 1. Focus on domestic demand to capture growth certainty opportunities [1] 2. Pay attention to supply-side constraints to explore cyclical elasticity opportunities [1] 3. Empower new productive forces, with an acceleration in domestic substitution of new materials [1]

Core Viewpoint - The current valuation of the basic chemical industry is at a low level since 2014, indicating medium to long-term investment value [1] Supply Side - In recent years, capital expenditure and the growth rate of new capacity in the chemical industry have slowed down, but existing and under-construction capacity will still require time to digest [1] Demand Side - In the second half of the year, as the effects of policy stimulus gradually become apparent and the recovery momentum of terminal industries strengthens, the potential of domestic demand is expected to be fully released [1] Investment Opportunities - The company is optimistic about structural opportunities in chemical products and the potential for industry valuation recovery in the second half of the year [1]