证券研究报告 点评报告 2025 年 11 月 14 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 10 月银行信贷增量为 2200 亿元，Wind 预期为 4600 亿元，前值为 1.29 万亿。与 去年同期相比，同比减 2800 亿元，其中居民减 5204 亿元：中长期减 1800 亿元， 短期减 3356 亿元；企业增 2200 亿元：中长期减 1400 亿元，短期持平，票据增 3312 亿元，非银减 164 亿元。 10 月银行存款增量为 6100 亿元，前值为 2.21 万亿元。与去年同期相比，同比增 加 100 亿元，其中居民减 7700 亿元，企业减 3553 亿元，非银增 7700 亿元，财政 存款增 1248 亿元。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变 化，而不如预期的可能。 分析师：刘笑瑜 事件： 11 月 14 日 17 点中国人民银行公布 10 月中国金融数据。 评论： 从存量上看， 10 月 M2 同比为 8.2%，Wind 预期为 8.0%，前值（9 月）为 8.4%； M1 同比为 6 ...

Core Insights - The report highlights significant growth in the domestic power battery installation volume, reaching 84.1 GWh in October, representing a month-on-month increase of 10.7% and a year-on-year increase of 42.1% [6] - The report indicates a surge in sulfuric acid prices driven by cost pressures and supply-demand imbalances, impacting related stocks such as Huateng (001217) and Hengguang (301118) [8] - Tencent's third-quarter report is expected to show accelerated growth in cloud services, with related stocks including Century Hengtong (301428) and Dataport (603881) [8] - The green alcohol industry is experiencing favorable policy support, which is expected to drive growth for core companies like Fuzhi Environmental Protection (688335) and Jiazhe New Energy (601619) [8] Industry Dynamics - The report notes that the domestic power battery industry is entering a new phase of systematic interconnectivity with the launch of a data infrastructure system by the China Academy of Information and Communications Technology [6] - The report emphasizes the importance of the battery sector, particularly lithium batteries and fluorine chemicals, which have seen significant capital inflows and price increases [12][13] Company Focus - ChipLink Integration (688469) has achieved mass production of its 8-inch SiC MOSFET production line, with a current capacity of 2,000 pieces per month [10] - Longyang Electronics (301389) has developed HVLP5 high-frequency and high-speed copper foil using proprietary technology, suitable for applications requiring low loss [10] - Yiling Pharmaceutical (002603) has received approval for its hydrochloride memantine raw material drug, aimed at treating moderate to severe Alzheimer's disease [10]

Group 1: Public Fund Holdings - The top ten heavy stocks in public funds for Q3 have been revealed, with Ningde Times surpassing Tencent Holdings to become the largest heavy stock [1] - New entrants to the top ten include Zhongji Xuchuang and Industrial Fulian, while Midea Group and Xiaomi Group have exited [1] - Key sectors with increased fund holdings include new energy vehicles, AI, internet, non-ferrous metals, and biomedicine, indicating a clear investment trend [1] Group 2: Copper Foil Industry Performance - The copper foil industry has seen significant improvement in Q3 performance, with companies like Tongguan Copper Foil and Defu Technology turning losses into profits [3] - The overall recovery in the copper foil sector is attributed to the rapid development of AI and solid-state batteries, leading to increased demand and price recovery [3] Group 3: Automotive Industry Developments - Traditional automakers like GAC Group and SAIC Group are actively transforming to focus on self-owned brands, showing signs of reduced losses and increased sales [5] - The performance of companies in the new energy vehicle supply chain, such as Ningde Times and Xiamen Tungsten, has been notably strong in Q3 [5] Group 4: Insurance Capital Involvement - Insurance capital has reached a new high in shareholding activities, with 31 instances recorded this year, surpassing previous highs [3] - The majority of targeted stocks are in the financial and public utility sectors, with low valuations and high dividends being key investment drivers [3] Group 5: Market Trends and Fund Strategies - Public funds have significantly increased their stock positions, with average stock holdings exceeding 90% for open-end equity funds by the end of Q3 [11] - The market sentiment has become cautious, with signs of institutional funds eager to exit, indicating a need for careful entry strategies [11]

Group 1: New Listings - Two autonomous driving companies, Pony.ai and WeRide, are set to list on the Hong Kong stock market on November 6, marking them as the second and third Chinese concept stocks to achieve dual listings in Hong Kong and the U.S. this year after Hesai's return on September 16 [1] Group 2: Guizhou Moutai Announcements - Guizhou Moutai announced a share buyback plan with a total fund of no less than 15 billion yuan and up to 30 billion yuan, with a maximum buyback price of 1887.63 yuan per share [2] - The company also plans to distribute a cash dividend of 23.957 yuan per share, totaling approximately 300.01 billion yuan, subject to shareholder approval [2] Group 3: Macro News - The Central Financial Office emphasized the need to accelerate the construction of a financial power to support high-quality development, focusing on strategic tasks and financial support for key areas [4] Group 4: Tariff Adjustments - The State Council Tariff Commission announced a suspension of the 24% additional tariff on U.S. imports for one year while retaining a 10% tariff [5] Group 5: AI and Industry Integration - The Ministry of Industry and Information Technology is promoting the deep integration of artificial intelligence with industry, focusing on key areas such as AI+ manufacturing and technological innovation [6] Group 6: Gold Industry Development - Anhui Province is seeking to implement a high-quality development plan for the gold industry, aiming for a 5% increase in gold resources and production capacity by 2027 [6] Group 7: New Energy Storage - As of September, China's new energy storage capacity exceeded 100 million kilowatts, marking a more than 30-fold increase since the end of the 13th Five-Year Plan and accounting for over 40% of the global total [10] Group 8: Company Updates - Xintian Technology's stock price surged by 28.95% over two days, with the company stating no significant changes in its operations or external environment [13] - Muyuan Foods reported a revenue of 10.3 billion yuan from the sale of 707.6 million pigs in October, reflecting a 22.28% year-on-year decline [17] - Hengyuan Coal Power plans to acquire 100% equity of two companies for approximately 4.4 billion yuan and assume 11.37 billion yuan in debt [19] - Bertley announced a joint investment of 100 million yuan with Jinrun Electric to establish Bertley Drive, focusing on key components for humanoid robots [23] - Jiayuan Technology signed a cooperation framework agreement with CATL to expand their business relationship in the supply and production of copper foil products [24]

Core Insights - The article highlights the rapid development and innovation in the new materials industry in Henan, China, showcasing various advanced materials and their applications in different sectors [1][6]. Group 1: Diamond Industry - The first synthetic diamond in China was created in Zhengzhou in 1963, marking the beginning of the synthetic diamond industry in the country [1]. - Henan's diamond industry has seen significant growth, with the production of a 156.47-carat diamond, the largest known single crystal synthetic diamond globally, by Henan Power Diamond Co., Ltd. [3]. - Official data indicates that China's synthetic diamond production accounts for 95% of the global total, with Henan contributing approximately 80% of the national output [5]. Group 2: New Materials Development - The multi-fluorine new materials company in Jiaozuo leads in the inorganic fluorine materials sector, having established over 100 national and industry standards [6]. - The copper foil industry in Lingbao has achieved a production capacity of 78,000 tons, contributing to a total output value exceeding 20 billion yuan [6]. - Lingbao Huaxin Copper Foil Co., Ltd. has successfully produced ultra-thin lithium battery copper foil, with thicknesses reaching 4 micrometers, setting new industry records [9]. Group 3: Government Support and Industry Ecosystem - Local governments in Henan have actively supported enterprises by providing assistance in funding, technology, and talent, facilitating the growth of the new materials sector [5]. - The collaboration between various local governments and enterprises has led to the establishment of a comprehensive diamond industry ecosystem, integrating upstream and downstream processes [5].

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The recovery in the lithium battery industry has significantly boosted the company's profits, with a year-on-year revenue increase of 50.71% for the first three quarters of 2025, primarily driven by higher sales volume of copper foil products [2][4] - The company is actively expanding its product offerings in the PCB copper foil sector, focusing on high-end applications to meet the demands of emerging fields such as AI and 5G [3] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 2.577 billion RMB, representing a year-on-year increase of 34.48% and a quarter-on-quarter increase of 30.02%. The net profit attributable to shareholders was 4.1219 million RMB, up 110.62% year-on-year but down 66.48% quarter-on-quarter [1][2] - For the first three quarters of 2025, the company reported total revenue of 6.540 billion RMB and a net profit of 40.876 million RMB, reflecting a year-on-year increase of 128.39% in net profit [1][2] Strategic Initiatives - The company is focusing on high-end, differentiated products in the PCB copper foil market, including high-frequency and high-density interconnect copper foils, to cater to the needs of AI and 5G applications [3] - The company has a planned total production capacity of 35,000 tons for its electrolytic copper foil production line in Jiangxi, with over 10,000 tons currently in production [3] Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with projected net profits of 115.26 million RMB, 258.52 million RMB, and 407.41 million RMB for 2025, 2026, and 2027 respectively [4] - The target price has been adjusted to 46.74 RMB, based on a price-to-book ratio of 2.75 for 2026 [4]

Group 1 - The core point of the article highlights that Tongguan Copper Foil has achieved a record trading volume of 2.874 billion RMB, marking a new high since its listing [2] - The latest stock price of Tongguan Copper Foil has increased by 20.01%, with a turnover rate of 9.04% [2] - The previous trading day saw a total trading volume of 1.805 billion RMB for the stock [2] Group 2 - Anhui Tongguan Copper Foil Group Co., Ltd. was established on October 18, 2010, with a registered capital of 8.29015544 billion RMB [2]

Group 1 - The PET copper foil sector is experiencing a significant upward trend, with Tongguan Copper Foil reaching a new high with a 20cm limit increase [1] - Other companies such as Longyang Electronics, Zhongyi Technology, Dongcai Technology, Jiayuan Technology, and Fangbang Co., Ltd. are also seeing gains in their stock prices [1]

Group 1 - The core focus of the news is the clear direction provided for the development of the capital market in China, emphasizing its role in serving the real economy and promoting high-quality economic development during the 14th Five-Year Plan period [1] - The capital market will undergo deeper reforms to enhance its multi-tiered structure, improving institutional inclusiveness and adaptability [1] - The capital market is expected to play a more significant role in supporting the modernization of the industrial system and advancing high-level technological self-reliance [1] Group 2 - As of October 28, 2025, the top ten holdings of public funds include companies like CATL, Tencent, and Alibaba, with notable changes in the rankings compared to the previous quarter [2] - The A-share market saw a significant increase in trading volume, reaching 2.17 trillion yuan, with over 2,300 stocks rising, indicating a strong market performance [2] - The financing balance of A-shares exceeded 2.46 trillion yuan, marking a historical high, and the total market capitalization surpassed 118 trillion yuan [2] Group 3 - The digital RMB ecosystem has been established with a cumulative transaction amount of 14.2 trillion yuan as of September 2025, covering various sectors and forming replicable application models [3] - Over 1,200 A-share companies reported a year-on-year increase in net profit for the first three quarters, showcasing strong resilience in overall performance [3] - The technology sector, particularly in communications and semiconductors, has shown significant growth driven by innovations such as AI and satellite internet [3] Group 4 - The aerospace industry is experiencing a surge in activity, with several companies reporting positive earnings due to increased satellite internet launches and reusable rocket developments [4] Group 5 - The humanoid robot sector is witnessing large orders primarily from manufacturing companies, indicating a growing interest in industrial applications [5] - However, the current orders are mostly for pilot verification, suggesting that the technology still needs to achieve commercial viability [5] Group 6 - Insurance capital has made 31 significant acquisitions this year, reaching a new high since records began in 2015, with a notable increase in investments in dividend stocks [6] - The trend indicates a shift from aggressive buying to a more selective investment strategy as valuations rise [6] Group 7 - The tungsten market has resumed an upward trend, with prices for various tungsten products more than doubling compared to the beginning of the year, driven by increased demand from industries like construction and automotive [7] Group 8 - Companies in the computing power industry are reporting high growth in earnings, reflecting the increasing importance of computing infrastructure in various sectors [8] - The automotive parts sector is also seeing a recovery, with over 60% of companies reporting year-on-year profit growth, driven by the global automotive market's recovery and the rise of electric vehicles [8] - The copper foil industry is experiencing a significant turnaround, with many companies reporting improved earnings due to rising demand and technological advancements [8]

Core Viewpoint - The company is acquiring a Luxembourg-based copper foil enterprise, which holds the leading market share in the global high-frequency copper foil sector and has established deep collaborations with top high-frequency copper-clad laminate manufacturers [1] Group 1: Acquisition Details - The Luxembourg copper foil company has secured supply qualifications from four of the world's top high-speed copper-clad laminate manufacturers, particularly in the rapidly growing AI server market [1] - Among the high-end product series, one of the four manufacturers is an exclusive supplier, while two are core suppliers, and the remaining one has supply qualifications [1] Group 2: Partnerships and Collaborations - As of the 2025 semi-annual report, the company has established stable partnerships with well-known downstream manufacturers, including Shengyi Technology, Shenchao Technology, Taiko Electronics, Panasonic Electronics, Lianmao Electronics, Huazheng New Materials, Dingxin Electronics, and Shenzhen South Circuit [1] - The company's product line has achieved comprehensive coverage across all categories and application fields [1]