机构：中信建投证券 研究员：崔世峰/于伯韬 收入端略超预期。三季度携程实现营收183.67 亿（vsguidance181 亿），同比增长15.52%，其中交通票 务收入63.06 亿（vs guidance62 亿），同比增长11.61%，酒店收入80.47 亿（vsguidance79 亿），同比增 长18.30%，旅游度假收入16.06 亿（vsguidance17 亿），同比增长3.08%，商旅收入7.56 亿（vs guidance7.2亿）。三季度携程国内业务收入占比达65%左右，增速接近10%左右；出境业务收入占比接 近mid-teens，增速接近mid-teens；纯海外业务收入占比20%以上，增速在40%左右，其中Trip.com收入 占比13%左右，增速在60-65%左右。三季度国际业务保持强劲增长势头，国际OTA 平台总预订同比增 长超过60%，入境旅游预订同比增长超过100%，出境酒店和机票预订已全面超越2019 年疫情前同期的 140%水平。 受益于处置MMYT 部分股权影响，利润端大幅增长。携程三季度实现毛利润149.79 亿元，同比增长 14.58%，毛利率达到81.68%，同比 ...

Astral Foods Limited delivered a significant improvement in financial results for the year ended 30 September 2025 (FY2025), reporting substantial growth in earnings and a major increase in dividend payments, supported by volume recovery and sound cost management.The Good: Financial and operational recoveryThe integrated poultry producer achieved a 10.4% increase in Group revenue, rising to R22.6 billion from R20.5 billion in the prior year. This growth was attributed mainly to increased broiler slaughter v ...

Group 1 - The total box office revenue for the national film industry exceeded 40 billion in the first three quarters [1][2] - The gaming industry saw an acceleration in the issuance of game licenses, contributing to a revenue increase of 24.40% [1][2] - The revenue growth for the film industry, gaming, and transportation sectors was 9.31%, 24.40%, and 0.25% respectively [1][2] Group 2 - The express delivery business volume reached a new high, with five listed companies reporting a revenue increase of 9.11% [1][2] - The precious metals industry experienced a revenue increase of 22.36% and a net profit increase of 55.96%, driven by rising gold prices due to risk aversion [1][2] - Small and medium-sized banks lowered deposit interest rates, leading to an influx of funds into the equity market, resulting in a net profit increase of over 30% for brokerage and insurance industries [1][2]

Financial Performance - Novartis reported a 7% increase in net sales and core operating income for Q3 2025, with a core margin of 39.3% [5][27] - Core EPS rose by 10% to $2.25, and free cash flow totaled $6.2 billion for the quarter [28][27] - For the first nine months, net sales grew by 11%, core operating income by 18%, and core EPS increased by 21% to $6.94 [28][29] Business Line Performance - Key brands showed strong growth: Kisqali grew 68%, Pluvicto 45%, Leqvio 54%, and Scemblix 95% in constant currency [6][10][14][16] - Kisqali's U.S. growth was particularly strong at 91%, with a market-leading position in both metastatic and early breast cancer [7][9] - Pluvicto's growth was driven by new patient starts, with U.S. sales up 53% [11][12] - Leqvio is on track for over $1 billion in sales, with significant growth in both the U.S. and international markets [14][15] - Scemblix is expected to become the most prescribed TKI in the U.S. [16] Market Performance - The U.S. experienced negative growth due to net true-ups related to Medicare Part D redesign, but underlying growth would have been 9% without these adjustments [27][28] - Outside the U.S., Kisqali saw 37% growth in constant currency, and Pluvicto is expanding in Europe, Canada, and Brazil [7][12] - The renal portfolio, particularly IGAN, grew 98% in the U.S., significantly outpacing market growth [20][21] Company Strategy and Industry Competition - Novartis is focused on driving growth through its priority brands and pipeline advancements, despite facing generic erosion from products like Entresto [5][28] - The company is pursuing strategic acquisitions, including Avidity Biosciences, to enhance its growth trajectory [35][36] - Novartis aims to maintain a core margin of around 40% despite expected short-term dilution from new product launches [35][36] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in mid to long-term growth, reaffirming guidance for high single-digit growth in net sales and low teens growth in core operating income for the full year [31][38] - The company anticipates challenges in the first half of 2026 due to generic competition but expects a stronger second half [33][34] - Management highlighted the importance of addressing pricing and reimbursement issues with the administration to support innovation [41][42] Other Important Information - Novartis is preparing for regulatory submissions for several products, including remibrutinib and ianalumab, with expectations for rapid uptake in the market [22][24] - The company is focused on enhancing its R&D capabilities and expanding its manufacturing base in the U.S. [43] Q&A Session Summary Question: Impact of Medicaid and tariffs on the industry - Management indicated that while some companies have reached agreements with the administration, Novartis is in ongoing discussions to find suitable solutions [41][42] Question: CapEx and cash flow modeling - Management clarified that the majority of the $23 billion commitment over five years is for R&D OpEx, with CapEx expected to remain stable at 2.5%-3% of sales [42][43] Question: Market reaction to ATR abstract - Management expressed confidence that detailed data presentation would improve market perception and emphasized the importance of patient benefits over statistical measures [46][47] Question: Pluvicto launch curve and peak sales ambition - Management stated that Pluvicto is on a strong growth trajectory, expecting to reach peak sales of $5 billion with ongoing efforts to tackle commercialization challenges [55][56][58] Question: Remibrutinib ramp-up and European adoption - Management highlighted the focus on payer negotiations and the potential for rapid uptake in the U.S. and Europe, emphasizing the innovative profile of remibrutinib [62][64] Question: Ianalumab study results and secondary endpoints - Management explained the statistical significance achieved in primary endpoints and the importance of patient-relevant outcomes for future discussions with physicians [68][71] Question: Cosentyx market share and new formulation - Management noted that there has been no significant impact from competitor launches and emphasized ongoing efforts to maintain market share in a growing market [74]

Core Viewpoint - China Nonferrous Mining (01258) has seen a stock price increase of 2.91%, reaching HKD 14.50, with a trading volume of HKD 143 million, following the announcement of a projected profit increase for the upcoming financial period [1] Financial Performance - For the nine months ending September 30, 2025, the company estimates a profit attributable to shareholders of approximately USD 356 million, representing a year-on-year growth of about 13% [1] - The primary drivers for this growth are attributed to the rise in international copper prices and an increase in the production and sales volume of cathode copper compared to the previous year [1]

国家统计局解读：1—9月份，在41个工业大类行业中，有23个行业利润同比增长，增长面超过五成；其中，9月份有30个行业利润增长，增长面达73.2%。9月份高技术制造业利润两位数增长，增速达26.8%，拉动当月全部规模以上工业企业利润增长6.1个百分点，成为工业企业高质量发展的重要动力。 ...

Core Insights - Ninebot Limited reported significant growth in both revenue and net profit for Q3 2025, indicating strong business performance [1] Financial Performance - For the first three quarters of 2025, Ninebot Limited achieved a revenue of 18.39 billion yuan, representing a year-on-year increase of 68.6% [1] - The net profit attributable to shareholders reached 1.787 billion yuan, marking an 84.3% year-on-year growth [1] - The gross margin for the company was 29.9%, an increase of 1.7 percentage points compared to the previous year [1] - The net cash flow from operating activities was 4.84 billion yuan, reflecting a year-on-year growth of approximately 45% [1] Business Segments - The smart electric two-wheeler segment generated revenue of 11.3 billion yuan, with a year-on-year increase of 88.7% [1] - The self-branded retail scooter segment achieved revenue of 2.28 billion yuan, growing by 32.3% year-on-year [1]

Group 1 - The core viewpoint of the article highlights that Zijin Mining's net profit attributable to shareholders increased by 55.5% year-on-year for the first three quarters of 2025, with a 57.1% increase in Q3 alone, driven by rising gold prices and production [1] - The gold segment has become the largest profit contributor, with Q3 gold gross profit accounting for 45.7%, surpassing the copper segment's 36.2% [1] - Zijin Mining's gold production reached 65 tons in the first three quarters of 2025, a 20% increase year-on-year, while copper production was 830,000 tons, up 5% year-on-year [1] Group 2 - The company is focusing on exploration and mergers & acquisitions as dual growth drivers, alongside plans to list Zijin Gold International and reassess overseas gold assets [1] - Due to the growth in copper and gold production and rising prices, the profit forecasts for 2025 to 2027 have been revised upwards to 51.9 billion, 66.3 billion, and 70.8 billion yuan, respectively, with corresponding PE ratios of 15x, 12x, and 11x based on the closing price on October 17 [1] - The article maintains a "recommended" rating for Zijin Mining [1]

Core Insights - BNY reported a 21% increase in third-quarter profit, driven by rising equity markets that enhanced the value of client assets, leading to higher fee income [1] Financial Performance - The profit jump of 21% indicates strong financial performance for the quarter, reflecting the positive impact of equity market trends on the bank's earnings [1] - The increase in client asset values contributed significantly to the bank's fee revenue, showcasing the relationship between market performance and custodial banking income [1]

Core Insights - The Chinese electrolytic aluminum industry is expected to experience a trend of "cost reduction and profit growth" by September 2025 [1] Cost Analysis - The weighted average total cost of electrolytic aluminum (including tax) in September was 16,262 yuan/ton, a decrease of 103 yuan/ton or 0.6% month-on-month, and a decrease of 1,080 yuan/ton or 6.2% year-on-year [1] - Despite increases in electricity and anode costs, the decline in alumina prices had a more significant impact, leading to an overall reduction in costs [1] - The average spot price of alumina during the procurement period in September was 3,138 yuan/ton, down 134 yuan/ton or 4.1% month-on-month [1] Electricity and Anode Pricing - The comprehensive tax-inclusive electricity price for the electrolytic aluminum industry was 0.388 yuan/kWh, an increase of 0.006 yuan/kWh month-on-month due to rising coal prices [1] - The average price of prebaked anodes rose above 5,000 yuan/ton in September, driven by increased raw material costs and strong export demand [1] Profitability - The average price of electrolytic aluminum in September reached 20,789 yuan/ton, an increase of 99 yuan/ton month-on-month [1] - The estimated average profit for the month was 4,527 yuan/ton, an increase of 202 yuan/ton month-on-month, with a sales profit margin of 21.8%, indicating sustained profitability across the industry [1]