风险提示：原材料价格波动，国际及经济环境变化，汽车行业需求承压。 投资建议：看好公司业务稳定增长，维持"优于大市"评级。看好蓝黛科技主业如新能源齿轮以及触控业 务的放量带来的盈利弹性，以及后续公司在人形机器人板块的潜在成长动力，维持公司盈利预测，预计 公司25/26/27 年归母净利润2.2/3.0/4.0 亿元，对应EPS 为0.33/0.47/0.61元，维持"优于大市"评级。 主业持续放量，新能源业务加速拓展。公司的主营业务中，新能源销售占比持续提升；在传统燃油车平 衡箱总成、变速器总成等方面，公司深耕优质客户，着力稳定市场份额；海外产能方面：基于未来业务 发展和海外市场拓展的需要，公司已设立泰国子公司，加速海外市场拓展，迈出了海外产能布局的关键 一步。 参股无锡泉智博叠加自身齿轮业务积累，持续推进机器人业务。公司全资子公司蓝黛自动化投资参股无 锡泉智博，双方围绕机器人一体化关节及其核心零部件的研发、生产、测试及装配开展合作。公司以深 耕汽车传动系统多年的技术沉淀、千万级精密零部件量产能力与泉智博的智能控制相结合，打造"机、 电、软、控"智能一体化关节模组系列产品。将持续提升研发能力，加强与泉智博的业务 ...

Market Performance Review - The Hang Seng Tech Index experienced a "high-low rebound, oscillating consolidation" pattern in October, with a cumulative decline of 8.62% and a trading volume of approximately 1.6789 trillion yuan [9][10]. - The index's PE-TTM as of October 31, 2025, was 22.85 times, positioned at the 28.60% historical percentile since its inception, indicating a relatively low historical valuation [15]. - As of October 31, 2025, the risk level of the Hang Seng Tech Index was at 52.69, indicating a relatively stable market sentiment, while the trend dimension showed a temporary dominance of bearish forces [16]. Event-Driven Analysis Macro Level - The Hang Seng Tech Index's performance in October was influenced by a mix of domestic and international macroeconomic factors, with the PMI data showing marginal improvement at the beginning of the month but a subsequent unexpected decline by the end of October [20][22]. - The U.S. inflation data was lower than expected, leading to market expectations of looser liquidity, although the Fed's hawkish stance tempered this optimism [20][25]. Policy Level - The introduction of various industry support policies in China, particularly in the fields of new energy vehicles and computing infrastructure, provided a medium to long-term confidence anchor for the market [29][30]. - The easing of U.S.-China trade tensions towards the end of October temporarily alleviated external risks, contributing to a more favorable market environment [30][36]. Industry Dynamics - The technology sector showed increasing differentiation, with the ongoing evolution of artificial intelligence providing significant upward catalysts, while the performance of the new energy vehicle sector faced pressure [37][48]. Future Market Outlook - The Hang Seng Tech Index is expected to maintain a wide oscillation pattern in November, influenced by macroeconomic conditions and policy expectations [48][54]. - Key upcoming events include the release of PMI data and quarterly reports from major companies, which could significantly impact market sentiment and performance [56][57]. Related ETF Products - The Huaxia Hang Seng Tech ETF (513180) closely tracks the Hang Seng Tech Index, aiming to minimize tracking deviation and error. As of October 31, 2025, the fund's total market value was 45.443 billion yuan, with a trading volume of 4.761 billion yuan on that day [58][59].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a focus on innovation and expansion in new business areas to counteract challenges in the current market environment [1][2]. Revenue Summary - For the first three quarters of 2025, the company achieved revenue of 12.198 billion yuan, a year-on-year decrease of 3.22% - The net profit attributable to shareholders was 2.979 billion yuan, down 8.72% year-on-year - In Q3 2025, revenue was 4.030 billion yuan, reflecting a smaller decline of 4.44% compared to previous quarters - The net profit for Q3 was 919 million yuan, a decrease of 10.29% - The net cash flow from operating activities for the first three quarters was 3.621 billion yuan, an increase year-on-year [1][2]. Profitability Summary - The gross profit margin for Q3 2025 was 41.68%, down 1.79 percentage points - The period expense ratio was 15.44%, a decrease of 1.04 percentage points, with sales expense ratio at 7.38% (down 1.81 percentage points) and management expense ratio at 4.61% (up 0.30 percentage points) - The net profit margin was 22.81%, a decline of 1.49 percentage points [3]. Investment Outlook - The company is expanding its competitive advantages from the converter sector into new areas such as wall switches, LED lighting, digital accessories, and renewable energy - Revenue forecasts for 2025-2027 have been adjusted to 16.342 billion, 17.503 billion, and 18.693 billion yuan respectively, with EPS estimates of 2.22, 2.41, and 2.49 yuan - The company maintains a "buy" rating with a PE ratio of 19, 18, and 17 times for the respective years [4].

记者丨董鹏 编辑丨巫燕玲 连续下跌三年的六氟磷酸锂，近期异动明显。 Wind数据显示，四季度以来，国内六氟磷酸锂价格迅速拉涨，其现货价格由9月末的6.1万元/吨升至10月末的10.75万元/吨，月度 涨幅达到76%。 截至11月3日，六氟磷酸锂价格继续走高，报10.9万元/吨 产品价格的明显上涨，叠加披露三季报的窗口期，使得天赐材料等头部企业重新获得机构关注。 "主要由下游新能源与储能产业需求爆发、供给端产能集中且扩产谨慎的供需矛盾及原材料价格波动共同推动。"多氟多近期接受 调研时指出。 综合其他头部企业反馈来看，受到行业近几年资本开支低位运行等因素影响，六氟磷酸锂价格仍存上行空间，供应紧平衡状态可 能持续至2026年，同时其他供需关系紧张的添加剂，后续也存在涨价的可能性。 行业景气度提升拉动企业盈利增长预期下，部分卖方大幅上调了相关企业的目标价。 比如天赐材料，11月3日便有机构给出了67.75元的目标价，这较公司当前最新价有接近70%的潜在上涨空间，招商证券等机构更 是将其推为11月金股。 价格仍有可能继续上涨 2022年2月，六氟磷酸锂价格一度达到59万元/吨，但是经过近三年半的持续回落，到今年7月一度 ...

记者丨董鹏 编辑丨巫燕玲 产品价格的明显上涨，叠加披露三季报的窗口期，使得天赐材料等头部企业重新获得机构关 注。 "主要由下游新能源与储能产业需求爆发、供给端产能集中且扩产谨慎的供需矛盾及原材料价 格波动共同推动。"多氟多近期接受调研时指出。 综合其他头部企业反馈来看，受到行业近几年资本开支低位运行等因素影响，六氟磷酸锂 价格仍存上行空间，供应紧平衡状态可能持续至2026年，同时其他供需关系紧张的添加 剂，后续也存在涨价的可能性。 行业景气度提升拉动企业盈利增长预期下，部分卖方大幅上调了相关企业的目标价。 比如天赐材料，11月3日便有机构给出了67.75元的目标价，这较公司当前最新价有接近70%的 潜在上涨空间，招商证券等机构更是将其推为11月金股。 价格仍有可能继续上涨 截至11月3日，六氟磷酸锂价格继续走高，报10.9万元/吨 2022年2月，六氟磷酸锂价格一度达到59万元/吨，但是经过近三年半的持续回落，到今年7月 一度跌破5万元/吨。 此后，随着需求端逐步进入旺季，电池企业排产情况持续好转，带动包括碳酸锂、六氟磷酸锂 等在内的上游材料价格反弹。 进入四季度后，六氟磷酸锂上涨突然提速，并且在短短一个月的 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][20] Core Views - The company has shown a significant increase in net profit, with a year-on-year growth of 69% in the third quarter, driven by the steady advancement of its robotics business [1][8] - The company's revenue for the first three quarters of 2025 reached 2.79 billion yuan, a year-on-year increase of 6.6%, while the net profit attributable to the parent company was 170 million yuan, up 64.4% year-on-year [1][8] - The company is focusing on expanding its new energy business and has established a subsidiary in Thailand to accelerate overseas market expansion [2][10] Financial Performance - In Q3 2025, the company achieved a revenue of 1.04 billion yuan, representing a year-on-year increase of 3.8% and a quarter-on-quarter increase of 10.6% [1][8] - The gross profit margin for Q3 2025 was 17.0%, up 1.9 percentage points year-on-year, while the net profit margin was 5.9%, an increase of 2.3 percentage points year-on-year [2][10] - The company has maintained stable expense control, with sales, management, and R&D expense ratios showing minor fluctuations [2][10] Business Development - The company is actively advancing its robotics business through collaboration with Wuxi Quanzhibo, focusing on the development and production of integrated robotic joints and core components [3][15] - The sales proportion of new energy products is continuously increasing, and the company is deepening its relationships with high-quality customers in traditional fuel vehicle components [2][10] - The company is expected to see significant profit elasticity from the growth of its main businesses, including new energy gears and touch control products [15]

Group 1 - The overall outlook for the Hong Kong stock market remains cautious but optimistic, with a focus on sectors benefiting from policy support such as new energy, innovative pharmaceuticals, and AI technology [3][6] - The market experienced significant fluctuations in October, with the Hang Seng Index reaching a peak on October 2 before declining due to concerns over US-China trade tensions, ultimately closing below 26,000 points [4][13] - The macroeconomic environment shows a weakening fundamental backdrop, with domestic economic data indicating a continued bottoming phase, while policy focus is on technological innovation and expanding domestic demand [5][31] Group 2 - In October, the valuation levels of the Hong Kong stock market decreased, with the Hang Seng Index's PE ratio dropping from 13.18 to 12.76, indicating a market valuation above the five-year average [19][20] - Southbound capital inflows showed a significant decrease in October, with net purchases amounting to 92.5 billion HKD, although the overall trend remains positive, providing liquidity support to the market [25][30] - The performance of various sectors in October was mixed, with defensive sectors like energy and utilities rebounding while previously strong sectors like technology and pharmaceuticals faced corrections [14][19] Group 3 - The domestic economic outlook is closely tied to the performance of the Hong Kong stock market, with the majority of earnings coming from Chinese companies, highlighting the importance of monitoring China's economic indicators [31] - Key economic data for September showed a GDP growth of 4.8%, with retail sales growth slowing to 3.0%, indicating weakening consumer demand [32][33] - Investment in fixed assets continued to decline, with a year-on-year drop of 7.1% in September, primarily driven by a significant decrease in real estate investment [36][44] Group 4 - The "14th Five-Year Plan" emphasizes technological innovation and industrial upgrading, aiming to enhance domestic demand and improve the consumption environment [64] - The Federal Reserve's recent interest rate cut and cautious stance on future rate adjustments are critical factors influencing the Hong Kong market, as external economic conditions remain uncertain [65][66] - The overall economic environment in the US shows moderate expansion, but uncertainties persist, particularly regarding inflation and employment data, which could impact market sentiment [67][68]

Core Viewpoint - The "China Asset Management Forum 2025 (Hong Kong)" highlighted the significant opportunities in China's asset management industry, emphasizing the transition from savings to investments among residents and the expected high-quality development of the sector during the 14th Five-Year Plan period [2][4][5]. Group 1: Market Position and Growth - China has become the world's second-largest asset management market, with a substantial annual release of wealth amounting to trillions of yuan, creating immense demand for wealth management [2][5]. - As of mid-2025, China has established itself as the second-largest public fund market globally, and by July 2023, its ETF market surpassed Japan, becoming the largest in the Asia-Pacific region [5][6]. Group 2: International Engagement and Opportunities - The forum showcased the opening of China's capital markets and the unique advantages of Hong Kong, aiming to enhance the global influence of China's asset management industry [2][4]. - Since the removal of foreign ownership limits in public fund management companies in early 2020, nine institutions have been approved to establish wholly-owned public fund companies in China, and over 300 foreign private equity managers are now operating in the country [4][5]. Group 3: Future Trends in Asset Management - The Chinese asset management industry is transitioning towards high-quality development, focusing on value creation rather than just scale [16][18]. - Key trends identified include fee reform, internationalization, technological innovation, the rise of index-based investments, and the integration of ESG principles into investment strategies [18][19][21]. Group 4: Economic Context and Structural Opportunities - China's economic structure is undergoing a transformation, with emerging industries such as renewable energy, electric vehicles, artificial intelligence, and biotechnology presenting high-growth investment opportunities [8][22]. - The forum emphasized the importance of understanding local managers for international investors looking to enter the Chinese market, as well as the need for Chinese asset managers to comprehend overseas institutional investors [10][12].

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and market demand [1]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 8.072 billion yuan, a year-on-year increase of 12.87% [1]. - The net profit attributable to shareholders reached 760 million yuan, reflecting a year-on-year growth of 30.81% [1]. - In Q3 2025, revenue was 2.722 billion yuan, up 7.75% year-on-year but down 5.89% quarter-on-quarter [1]. - The net profit for Q3 was 259 million yuan, showing a year-on-year increase of 3.73% but a quarter-on-quarter decrease of 12.10% [1]. Product Sales and Market Expansion - Sales of synthetic resin showed steady growth, with a total volume of 588,700 tons in the first three quarters, up 13.90% year-on-year, and sales revenue of 4.096 billion yuan, an increase of 4.64% [2]. - The company is expanding its product range, developing new applications in phenolic resin and casting materials, which enhances its market position and brand influence [2]. Capacity and Future Growth - The demand for advanced electronic materials and battery materials is expected to maintain high growth, with sales volume reaching 61,100 tons and revenue of 1.237 billion yuan, marking increases of 19.01% and 32.23% year-on-year, respectively [3]. - The company is enhancing its capacity with several expansion projects, including a 2,000 tons/year PPO/OPE resin project and a 25 billion yuan convertible bond issuance aimed at funding green energy battery material projects [3]. - The anticipated annual sales revenue from the battery material project is 3.610 billion yuan, with an average net profit of 757 million yuan [3]. Biomass Sector Development - Biomass product sales reached 171,800 tons in the first three quarters, a year-on-year increase of 30.17%, with sales revenue of 660 million yuan, up 25.22% [4]. - The Daqing production base's biomass refining project is operating steadily, with expansion projects for xylose and xylitol expected to enhance the company's competitiveness in the biomass sector [4]. Investment Outlook - Revenue projections for 2025 to 2027 are 11.786 billion yuan, 13.049 billion yuan, and 14.216 billion yuan, with year-on-year growth rates of 17.6%, 10.7%, and 8.9% respectively [5]. - Net profit forecasts for the same period are 1.181 billion yuan, 1.449 billion yuan, and 1.681 billion yuan, with corresponding growth rates of 36.1%, 22.7%, and 16.0% [5]. - The expected earnings per share (EPS) are 1.40 yuan, 1.71 yuan, and 1.99 yuan, with price-to-earnings (PE) ratios of 20.1, 16.4, and 14.1 [5].

Core Insights - The renewable energy sector experienced a collective surge in the afternoon, with the China Securities Photovoltaic Industry Index rising by 3.4%, the National Securities New Energy Battery Index increasing by 1.3%, and the China Securities New Energy Index up by 1.1% [1] - A significant breakthrough in photovoltaic technology was reported, with a team from Nanjing University and related research institutes achieving a record light-to-electricity conversion efficiency of 30.1% for all-perovskite tandem solar cells, marking a milestone for the next generation of efficient photovoltaic technology [1] Market Performance - The China Securities Photovoltaic Industry Index rose by 3.4% [5] - The National Securities New Energy Battery Index increased by 1.3% [1] - The China Securities New Energy Index saw a rise of 1.1% [1] - The China Securities Shanghai Carbon Neutrality Index experienced a slight increase of 0.1% [1] - The Energy Storage Battery ETF (159566) recorded nearly 10 million net subscriptions throughout the day [1] Technological Advancements - The research published in the prestigious journal "Nature" signifies a foundational advancement for the industrialization of high-efficiency photovoltaic technology [1] - The breakthrough is expected to accelerate the technological iteration and cost reduction in the photovoltaic industry [1]