10月10日晚间，伴随着山东金岭矿业（000655）股份有限公司(以下简称"金岭矿业")、广东道氏技术 （300409）股份有限公司(以下简称"道氏技术")2025年第三季度报告发布，A股今年首批三季报正式出 炉。 根据公告，金岭矿业今年前三季度实现营业收入12.47亿元，同比增长12.98%；实现归属于上市公司股 东的净利润2.2亿元，同比增长47.09%。 道氏技术今年前三季度实现营业收入60.01亿元，同比下降1.79%；实现归属于上市公司股东的净利润 4.15亿元，同比增长182.45%。其中，道氏技术第三季度营业收入为23.47亿元，同比增长18.84%；归属 于上市公司股东的净利润为1.85亿元，同比增长408.27%。 金岭矿业所属行业为黑色金属矿采选业，产品为钢铁行业的原料，该公司有关负责人对《证券日报》记 者表示，报告期内，公司主产品铁精粉销量增加、铁精粉单位生产成本同比下降及副产品铜精粉量价齐 升，助力公司营业利润和利润总额实现了大幅增长。 今年以来，面对行业挑战，金岭矿业新一届董事会和管理层确立了"三个转变"新发展定位。一是从单纯 的铁矿石生产加工商向综合的矿产资源生产加工和服务商转型； ...

6 证券研究报告 点评报告 2025 年 10 月 10 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 昨日 A 股上证指数突破 3900 点，再创近 10 年来的新高，成交量也较上一交易日 明显增加。不过中芯国际、佰维存储等半导体龙头公司股价出现明显的高开低走。 虽然盘后传出公司受 PE 超过 300 倍两融折算率均调为零影响，但是港股不受该政 策影响，也先于 A 股调整，且调整幅度更大。我们认为市场有较大的新高后获利 了结的情绪。同时昨日商务部等发布了对稀土、锂电材料、超硬材料等的出口管 制措施，总体可以影响 14nm 及以下的半导体生产，结合最近美国新闻不断报道中 国在今年 5 月以后就停止了每年约 150 亿美元的美国大豆采购，因此也可以看出 近期中美的关税谈判交锋应该是非常激烈。因此我们认为后续市场的走势可能进 入震荡为主的概率较高。 扬杰科技昨日公布了 2025 年第三季度的业绩预告，预计前三季度归属与母公司的 净利润为 93,675.41 万元-100,366.51 万元，比上年同期增长 40%-50%。扣非后 的净利润 86,570.86 万元-93,261.96 ...

Core Insights - The European electric vehicle (EV) market is experiencing significant growth, with sales in August 2025 reaching 176,000 units, a year-on-year increase of 41.2% and a penetration rate of 31.4%, up by 8.3 percentage points [1][2] - The European Parliament has approved amendments to carbon emission assessments, delaying the tightening of emission targets originally planned for 2025, but the overall trend towards stricter regulations remains unchanged [1] Group 1: Market Performance - In August 2025, battery electric vehicle (BEV) sales reached 114,000 units, a year-on-year increase of 32.3%, while plug-in hybrid electric vehicle (PHEV) sales were 62,000 units, up by 61.5% [2] - Germany saw accelerated growth in electric vehicle sales, with BEV sales of 39,000 units, up 45.7%, and PHEV sales of 24,000 units, up 76.7% [3] - The UK has reintroduced BEV subsidies, with approximately 25% of BEV models qualifying for subsidies as of August, leading to BEV sales of 22,000 units, a 14.9% increase, and PHEV sales of 9,800 units, up 69.4% [4] - France's BEV sales were 17,000 units, a 29.6% increase, despite a general decline in the automotive market, with a penetration rate of 19.4% in August, the highest of the year [5] Group 2: Market Drivers - Spain is promoting electric vehicle adoption through new model launches, promotional activities, and the MOVES III subsidy program, alongside a 15% personal income tax reduction for electric vehicle purchases [6] Group 3: Investment Recommendations - Recommended investments in lithium battery companies include CATL, EVE Energy, and Xinwangda, with beneficiaries such as Innovation Navigation and Guoxuan High-Tech [7] - For lithium materials, recommended companies include Hunan Yueneng, with beneficiaries like Fulian Precision and Wanrun New Energy [7] - Recommendations for electric drive systems include Weimaisi and Fute Technology, with beneficiaries such as Xinrui Technology and Huangshan Gujie [7]

开源证券近日发布电力设备行业点评报告：8月欧洲9国新能源车维持高增长，且渗透率 持续提升。2025年8月欧洲9国新能源车销量17.6万辆，同比+41.2%，新能源渗透率31.4%， 同比+8.3pcts。其中，BEV销量11.4万辆，同比+32.3%；PHEV销量6.2万辆，同比+61.5%。 欧盟议会投票通过碳排放考核修正案，原计划于2025年收紧碳排放考核目标，改为考核 2025-2027年三年的平均值，时间线上有所延缓但总体趋势不变。 以下为研究报告摘要： 2025年8月欧洲9国新能源车销量17.6万辆，同比+41% 投资建议 欧盟议会投票通过碳排放考核修正案，原计划于2025年收紧碳排放考核目标，改为考核 2025-2027年三年的平均值，时间线上有所延缓但总体趋势不变。且各车企此前为应对即将 收紧的考核要求，陆续推出新一代纯电平台，新车型有望带动欧洲电车市场放量。投资建 议：（1）锂电池：推荐宁德时代、亿纬锂能、欣旺达；受益标的中创新航、国轩高科； （2）锂电材料：推荐湖南裕能；受益标的富临精工、万润新能；容百科技、当升科技、中 伟股份、厦钨新能、华友钴业；星源材质、恩捷股份；天赐材料、新宙邦；天奈 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The European electric vehicle market continues to grow, with August 2025 sales reaching 176,000 units, a year-on-year increase of 41.2%, and a penetration rate of 31.4%, up 8.3 percentage points [5][14] - The EU Parliament has approved amendments to carbon emission assessments, delaying the tightening of targets but maintaining the overall trend [7][39] Summary by Sections Electric Vehicle Sales in Europe - In August 2025, Germany's BEV sales reached 39,000 units, up 45.7% year-on-year, with a penetration rate of 19.0% [16] - The UK has restarted BEV subsidies, with approximately 25% of BEV models qualifying for subsidies, leading to a 14.9% year-on-year increase in BEV sales to 22,000 units [20][23] - France's BEV sales in August were 17,000 units, a 29.6% increase year-on-year, with a penetration rate of 19.4% [24] - Sweden's BEV sales were 7,000 units, with a penetration rate of 33.6% [28] - Norway's BEV penetration rate reached 96.9%, with sales of 13,000 units, up 28.6% year-on-year [30] - Italy's BEV sales were 3,000 units, up 29.3%, with a new subsidy plan expected to launch [33] - Spain's BEV sales surged by 160.8% year-on-year to 7,000 units, driven by new models and promotional activities [35] Investment Recommendations - Recommended lithium battery companies include CATL, Yiwei Lithium Energy, and Xinwangda, with beneficiaries including Zhongxin Innovation and Guoxuan High-Tech [7][39] - Recommended lithium battery materials include Hunan Youneng, with beneficiaries such as Fulian Precision and Wanrun New Energy [7][39] - Recommended lithium battery structural components include Minglida, with beneficiaries like Keda Li and Minshi Group [7][39] - Recommended power/electric drive systems include Weimaisi and Futec Technology, with beneficiaries like Xinrui Technology [7][39] - Recommended charging stations and modules include Tonghe Technology, with beneficiaries such as Shenghong Shares and Youyou Green Energy [7][39]

Group 1 - Company Kolyuan announced that as of the disclosure date, the total external guarantees provided by the company and its subsidiaries amount to approximately 4.917 billion yuan, with guarantees to subsidiaries totaling about 4.26 billion yuan, representing 178.97% and 155.05% of the company's latest audited net assets respectively [1][1][1] - For the first half of 2025, Kolyuan's revenue composition is as follows: power batteries account for 30.14%, consumer batteries 29.76%, nickel products 13.66%, trading business 9.26%, lithium battery materials 7.0%, and energy storage revenue 6.31% [1][1][1] - As of the report, Kolyuan's market capitalization is 10.6 billion yuan [1][1][1]

Group 1 - The core viewpoint of the article is that Kolyuan (SH 600478) announced a board meeting to discuss the proposal for the registration and issuance of medium-term notes [1] - For the first half of 2025, Kolyuan's revenue composition is as follows: 30.14% from power batteries, 29.76% from consumer batteries, 13.66% from nickel products, 9.26% from trading business, 7.0% from lithium battery materials, and 6.31% from energy storage [1] - As of the report, Kolyuan's market capitalization is 10.8 billion yuan [1]

Group 1 - The core point of the news is the decline in the stock price of Dao Shi Technology, which fell by 5.16% to 24.82 CNY per share, with a trading volume of 1.563 billion CNY and a turnover rate of 8.98%, resulting in a total market capitalization of 19.415 billion CNY [1] - Dao Shi Technology, established on September 21, 2007, and listed on December 3, 2014, is based in Foshan, Guangdong Province. The company specializes in the production and sales of building ceramic glaze materials, along with providing related technical services and product design, commercial factoring, and new energy materials [1] - The revenue composition of Dao Shi Technology includes: Other 47.44%, Lithium battery materials 34.70%, Carbon materials 9.00%, and Ceramic materials 8.85% [1] Group 2 - From the perspective of major holdings, one fund under Zhongyou Fund has a significant position in Dao Shi Technology. The Zhongyou Absolute Return Strategy Regular Open Mixed Fund (002224) held 50,000 shares in the second quarter, accounting for 1.88% of the fund's net value, making it the largest holding [2] - The estimated floating loss for the fund today is approximately 67,500 CNY [2] - The Zhongyou Absolute Return Strategy Regular Open Mixed Fund (002224) was established on December 30, 2015, with a latest scale of 45.0702 million CNY. Year-to-date return is 15.09%, ranking 5056 out of 8255 in its category; the one-year return is 11.41%, ranking 6823 out of 8060; and the return since inception is 4.5% [2]

Core Viewpoint - Dao's Technology has experienced a significant stock price increase of 89.01% year-to-date, despite a recent decline of 2.01% in its stock price on September 17, 2023, indicating volatility in the market [1]. Financial Performance - For the first half of 2025, Dao's Technology reported a revenue of 3.654 billion yuan, a year-on-year decrease of 11.64%, while the net profit attributable to shareholders increased by 108.16% to 230 million yuan [2]. - The company has distributed a total of 678 million yuan in dividends since its A-share listing, with 385 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Dao's Technology had 74,100 shareholders, a decrease of 0.52% from the previous period, with an average of 9,273 circulating shares per shareholder, an increase of 3.51% [2]. - The top ten circulating shareholders include various ETFs, with notable increases in holdings from Southern CSI 1000 ETF and others [3]. Market Activity - On September 17, 2023, Dao's Technology's stock price was 25.39 yuan per share, with a trading volume of 618 million yuan and a turnover rate of 3.52%, leading to a total market capitalization of 19.861 billion yuan [1]. - The net outflow of main funds was 33.6386 million yuan, with significant buying and selling activity from large orders [1]. Business Overview - Dao's Technology, established in September 2007 and listed in December 2014, specializes in the production and sale of building ceramic glaze materials, along with providing related technical services and product design [1]. - The company's revenue composition includes 47.44% from other businesses, 34.70% from lithium battery materials, 9.00% from carbon materials, and 8.85% from ceramic materials [1].

Core Viewpoint - Tianhua New Energy plans to acquire 75% of Suzhou Tianhua Times from its controlling shareholder Pei Zhenhua for 1.254 billion yuan, aiming to consolidate lithium resource investments and eliminate potential competition risks [1][2] Company Overview - Suzhou Tianhua Times, established in August 2021, focuses on lithium resource investment and development, which aligns with Tianhua New Energy's lithium battery material business [1] - The largest shareholder of Suzhou Tianhua Times is Pei Zhenhua, holding 75% of the shares, while CATL owns the remaining 25% [1] Historical Context - This is not the first attempt by Tianhua New Energy to acquire Suzhou Tianhua Times; a previous attempt to acquire 60% of the company was halted in April 2024 due to project progress issues [1] Financial Performance - As of June 30, 2023, Suzhou Tianhua Times reported total assets of 1.816 billion yuan and net assets of 1.671 billion yuan, with a net profit of 86.437 million yuan primarily from bad debt recovery and idle fund management [2] - Tianhua New Energy's revenue has significantly declined from 17.03 billion yuan in 2022 to 6.608 billion yuan in 2024, with net profit dropping from 6.586 billion yuan to 848 million yuan during the same period [2] - In the first half of 2023, Tianhua New Energy reported a revenue of approximately 3.458 billion yuan, a year-on-year decrease of 6.88%, and a net loss of 156 million yuan compared to a profit of 835 million yuan in the previous year [2] - The decline in performance is attributed to falling lithium prices, with lithium material products generating about 3.046 billion yuan in revenue, down 8.14% year-on-year, and a gross margin of 2.49%, a decrease of 15.42% from the previous year [2] Shareholding Structure - Pei Zhenhua, the controlling shareholder of Tianhua New Energy, also holds 6.46% of CATL through his company Ningbo Lianchuang, making him the fourth largest shareholder of CATL [2] - CATL is not only a shareholder in Suzhou Tianhua Times but also the seventh largest shareholder of Tianhua New Energy, holding 491,590 shares, which is 0.59% of the total share capital [1]