【本期重点】 ★春季躁动风起时：短期不惧扰动，如何布局"打底+轮动"双主线？ ★资产与负债两端改善，保险板块成为春季躁动的另一条清晰主线 ★锂电第二轮行情启动！淡季不淡，铜箔、隔膜或成弹性先锋 ★发射失败难阻"星辰大海"，从卫星到军工，商业航天主题正在扩散 ★商业航天"星辰大海"，但别忽视被错杀的"大地基座"——运营商 ★海外创新高，国内有补涨！半导体设备迎来周期与成长的共振 ★全年承压，短期有光：把握港股明年一季度的流动性"小阳春" ★AH溢价回归均值，港股估值优势减弱，如何挖掘恒生科技的特异性机会？ MACD金叉信号形成，这些股涨势不错！ 第一财经资讯2025-12-30 22:29:03 ...

Core Viewpoint - The report from Zhongyou Securities indicates that Jingjin Equipment's net profit attributable to shareholders for Q1-Q3 2025 reached 435 million yuan, a decrease of 34.53% year-on-year, with Q3 alone showing a net profit of 107 million yuan, down 47.9% year-on-year. Despite the short-term pressure on performance, there is optimism regarding a rebound in demand driven by lithium battery sector recovery. [1] Company Performance - Jingjin Equipment's net profit for Q1-Q3 2025 was 435 million yuan, reflecting a year-on-year decline of 34.53% [1] - In Q3 2025, the company reported a net profit of 107 million yuan, which is a significant decrease of 47.9% compared to the same period last year [1] - Despite the decline in profits, the company's cash flow has shown growth, with net cash flow from operating activities significantly exceeding overall net profit, which is expected to support dividend distribution [1] Industry Outlook - The report highlights that several companies, including Fulim Precision, Longpan Technology, Hunan Youneng, and Fengyuan Co., have announced expansion plans, indicating a new round of capacity expansion in the lithium battery cathode materials sector [1] - There is an expectation for a reversal in demand within the filter press industry, driven by the recovery in the lithium battery market [1] - The overall sentiment remains positive, maintaining a "buy" rating for Jingjin Equipment based on the anticipated demand recovery [1]