点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 流量入口的重定向，推动高频医疗健康交互 "阿福"通过AI降低了健康咨询门槛，过去互联网医疗的痛点是"低频"，而"AI陪伴"将医疗拉向了高频健康管 理，成为链接患者与药品、服务的入口。我们认为阿福AI 陪伴模式有望显著提升用户活跃度（DAU）与留存 率。AI 能够在用户需求产生的早期阶段完成精准识别与分流，为后端的高毛利药品销售及专业医疗服务实现 高效导流。 赋能"医+药+险"全链路闭环。蚂蚁依托支付生态（医保电子凭证）、保险（好医保）与阿福的AI能力结合， 实现了从"产生症状"到"AI咨询"再到"在线购药/挂号"的无缝对接。我们认为这种全链路的无缝对接，显著降低 了跨环节的交易摩擦成本。对于用户而言，实现了"医+药+险"的一站 ...

Core Viewpoint - The article discusses the stock incentive plan proposed by Yanjinpuzi for 2025, which aims to enhance employee motivation and align their interests with the company's performance through a structured profit-based assessment system [4][5]. Group 1: Stock Incentive Plan Details - The stock incentive plan involves granting 3 million shares, representing 1.10% of the company's total share capital, to 157 individuals, including key executives and core technical personnel [4]. - The grant price is set at 35.18 yuan per share, which is 50% of the average trading price on December 16 [4]. Group 2: Performance Assessment Criteria - The performance assessment for the incentive plan spans from 2026 to 2028, with specific profit targets set for each year [5]. - Company-level targets include a net profit of no less than 8.5 billion yuan in 2026, a cumulative net profit of at least 18.5 billion yuan for 2026-2027, and a total of 31 billion yuan for 2026-2028, with a compound annual growth rate of 21% [5]. - Individual performance will be evaluated annually, with a scoring system that determines the percentage of shares that can be unlocked based on performance scores [5]. Group 3: Growth Drivers and Market Position - The current incentive plan places a higher emphasis on profit targets rather than revenue, reflecting the company's growth stage and operational focus [6]. - The company is experiencing rapid expansion in its distribution channels, particularly driven by its flagship product, and has successfully entered new retail systems, indicating potential for further growth [6]. - The e-commerce channel has shown continuous improvement in profitability following prior adjustments, suggesting a solid foundation for revenue and profit growth [6].

Company Research - Microelectrophysiology (688351.SH) is a leading domestic company in cardiac electrophysiology, providing a comprehensive three-dimensional solution with strong technical barriers. The acceleration of domestic substitution and favorable policies are expected to drive significant performance growth. Additionally, the company's layout in pulse ablation and other sectors is anticipated to contribute to future growth potential [4]. - Taihe Co., Ltd. (301665.SZ) possesses global leading technology and production capacity in core products such as Bacillus thuringiensis and 2,4-D. In the first three quarters of 2025, the company's core product prices rebounded, leading to significant performance improvement. The newly registered pesticide, cyhalofop-butyl, is expected to contribute to additional performance. The company is also enhancing its product matrix by leveraging core processes to develop functional chemicals like tetrachloroethylene and m-phenylenediamine [5]. - Geekplus Technology (2590.HK) is recognized as a global leader in AMR warehousing, with expectations for a value reassessment driven by a "data-algorithm flywheel." The company has a solid position in the global market, with continuous commercialization capabilities. Its full-stack technology creates core barriers, leading to industry-leading efficiency. The effectiveness of its global layout is notable, with a profitability inflection point approaching, and it is entering the embodied intelligence sector, opening up long-term growth opportunities [6].

Core Viewpoint - Xiaomi Group is focusing on breakthroughs in large model technology, deepening ecosystem collaboration, and expanding an open ecosystem as highlighted in their 2025 "Human-Vehicle-Home Ecosystem" partner conference [4]. Group 1: Large Model Technology - Xiaomi has launched the new base large model Mimo-V2-Flash, which features a lightweight design with "309 billion total parameters + 15 billion activation parameters," ranking in the top 2 globally in code capability and agent capability evaluations [5]. - The Mimo-V2-Flash model employs a Hybrid SWA architecture with a 5:1 ratio, achieving a 2.0 to 2.6 times inference speedup, with single-machine throughput of 5000-15000 tokens per second and single-request throughput of 115-150 tokens per second [5]. - The model's inference speed is three times that of DeepSeek V3.2, while its inference cost is 1/20 of Gemini 2.5 Pro, addressing efficiency and cost challenges in large model deployment [5]. Group 2: Hardware Ecosystem - Xiaomi has established the world's largest consumer hardware platform, with 1.8 billion connected devices globally, including 740 million monthly active mobile users, over 1 billion IoT devices, and more than 500,000 cars delivered [7]. - The integration of personal, travel, and home devices creates a comprehensive hardware coverage that provides ample scenarios and data sources for AI technology deployment [7]. Group 3: Software Ecosystem - The upcoming release of the Surge OS 3 in August 2025 will enhance ecosystem collaboration with upgrades in application integration, interconnectivity, smart experience, and security [8]. - Xiaomi's ecosystem supports over 60 applications and 70 scenarios, with 1.28 billion application installations, and a daily active interconnect ecosystem of 410 million users [8]. - The Vela lightweight system has empowered 160 million smart devices, and the MINT platform integrates 3.9 terabytes of data and over 20 mature algorithms to facilitate complex AI deployments [8].

Group 1 - The company's domestic business is progressing steadily, while its international subsidiary Lombard is expected to turn profitable this year. The improvement in profitability is attributed to enhanced production efficiency and a domestic raw material utilization rate exceeding 85%, leading to an anticipated overall gross margin recovery to over 70% for the year [4]. - In Q3 2025, the company's revenue grew by 64.68% year-on-year, primarily due to a low base effect from the previous year when major products were impacted by price governance. However, profit declined year-on-year mainly due to product price adjustments. The overseas business has become a significant growth engine, with revenue growth exceeding 65% in the first three quarters, now accounting for 18% of total revenue, and the overall gross margin for overseas operations has improved to 50% [4]. Group 2 - The company is continuously optimizing its R&D investment structure to enhance the R&D output ratio. Significant progress has been made across various product pipelines, providing momentum for medium to long-term development. The Hector thoracic aortic multi-branch stent system successfully completed the first pre-market clinical implantation in November. Other products, such as the Aegis II abdominal aortic stent system and IBD iliac branch stent, are progressing as planned. Key peripheral products are expected to receive approval for market launch within the next year [5].

Group 1 - The company is a standardized joint-stock enterprise established by integrating the core assets of Taihe Group, focusing on the development of crop protection and new materials, with plans to be listed on the Shenzhen Stock Exchange's ChiNext in April 2025 [4] - The company has developed a product matrix centered around core pesticide products such as Bacillus thuringiensis, 2,4-D, and others, and has established four production bases in Jiangsu and Jiangxi provinces, adhering to high QHSE standards [4] - The company has established overseas institutions in key agricultural markets such as North America, Europe, and South America, and has formed long-term strategic partnerships with multinational giants like Syngenta and Dow [4] Group 2 - The global pesticide industry is expected to recover, with core product prices rising, leading to significant improvements in the company's profitability [5] - By the third quarter of 2025, pesticide channel inventories in most regions have returned to pre-2020 levels, marking a turning point for industry recovery [5] - The company plans to build a pesticide and functional chemicals project in Egypt to enhance its international competitiveness and expand its global market share [5] Group 3 - The company has successfully launched a new insecticide, Cyhalofop-butyl, which has received approval from the Ministry of Agriculture and Rural Affairs, showcasing its capability in innovative compound research and development [6] - The company has a planned production capacity of 500 tons per year for Cyhalofop-butyl and has signed exclusive strategic cooperation agreements with Syngenta for the Chinese rice market [6] - The successful launch of this product is expected to open up new high-value growth opportunities for the company [6] Group 4 - The company has extended its functional chemicals layout, leveraging its core technologies in ammonia oxidation, hydrogenation, and chlorination to develop products like tetrachloroethylene and MXDA [7] - The company has established a production capacity of 7,000 tons per year for tetrachloroethylene and has formed a supply relationship with Honeywell [8] - MXDA, an important fine chemical intermediate, has a production capacity of 20,000 tons per year, while benzophenone, another key intermediate, has a capacity of 10,000 tons per year [8]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025年12月16日，美国劳工部公布2025年11月非农数据：新增非农就业6.4万人，预期5.0万人，10月 为-10.5万人；失业率4.6%，预期4.4%；平均时薪同比升3.5%，预期升3.6%。 核心观点： 11月美国失业率超预期上行至4.6%，但对美国经济仍需保持"淡定" 从降息角度看，尽管失业率超预期抬升，但可能是政府停摆下的"技术性"扰动，美联储短期内或维持谨慎 降息的节奏不变 我们维持此前的观点，认为2026年一季度美联储或暂缓降息，待二季度新任美联储主席上台后，自6月起 至11月美国中期选举前的4次议息会议上择机降息2-3次。 新增非农就业高于预期，商品生产、专业和商业服务业、教育和保健业表现较好 （一 ...

Core Viewpoint - The article highlights the significant growth and diversification of Chiwan Technology, emphasizing its strong performance in social entertainment and innovative business sectors, particularly in the MENA and Southeast Asian markets [4][5]. Group 1: Company Overview - Chiwan Technology is a leading global social entertainment platform focusing on diverse social experiences for users from various cultural backgrounds, primarily in the MENA region [4]. - In the first half of 2025, the company achieved revenue of 3.181 billion yuan, a year-on-year increase of 40%, with SUGO and TopTop revenues growing over 100% [4]. Group 2: Social Business Segments - The core business of Chiwan Technology is its mass social business, projected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy [5]. - The company has established a localized operational team of approximately 800 people across over 20 countries, implementing a collaborative model of "Chinese direction and local execution" [5]. - The acquisition of BlueCity Brothers has strengthened the company's position in the diverse social sector, with BlueCity's MAU reaching approximately 7.45 million and a DAU/MAU ratio of 47% [5]. Group 3: Innovative Business Growth - Chiwan Technology is developing a diversified business ecosystem centered around premium mobile games, social e-commerce, AI, and short dramas [6]. - The flagship mobile game, "Alice's Dream: Merge Games," saw over 60% year-on-year revenue growth in 2024, with nearly 10 million USD in revenue by May 2024 [6]. - The company is exploring AI-driven social entertainment forms through its self-developed AIAgent and has initiated short drama projects targeting Southeast Asia and the Americas [7].

Group 1: Macroeconomic Insights - The unemployment rate in the US rose unexpectedly to 4.6% in November, attributed to a "technical" disturbance from the government shutdown, which forced many federal employees into unpaid leave, temporarily inflating the unemployment figures [5] - Despite the rise in unemployment, the private sector showed resilience, with the goods-producing sector adding 19,000 jobs, the highest since May 2025 [5] - The Federal Reserve is expected to maintain a cautious approach to interest rate cuts in the short term, despite the increase in unemployment [5] Group 2: Automotive Industry Developments - The first batch of L3 autonomous driving vehicles in China has received regulatory approval, marking a potential turning point for the commercialization of advanced driving technologies [6] - The approval includes restrictions on the usage functions, regions, and entities for the L3 vehicles, highlighting significant differences between L3 and L2 level driving assistance [6] - There is optimism regarding the growth opportunities for high-level intelligent driving components, with a focus on strong performance in the Alpha+ intelligent driving and robotics sectors [6] Group 3: Company Performance - Chi Zi Cheng Technology (9911.HK) focuses on social networking services, primarily targeting users from diverse cultural backgrounds in the Middle East and North Africa [7] - The company has made significant progress in the social sector since 2022 through mergers and internal incubation, while also expanding into gaming and other innovative businesses [7] - In the first half of 2025, the company reported revenue of 3.181 billion yuan, a year-on-year increase of 40%, with SUGO and TopTop revenues growing over 100% [7] - The company's net profit for the same period was 489 million yuan, corresponding to a net profit margin of 15.4% [7]

Core Viewpoint - The approval of the first L3-level conditional autonomous driving models in China marks a significant step towards the commercialization of L3 autonomous driving technology [4][5]. Group 1: Approval of L3 Autonomous Driving Models - The Ministry of Industry and Information Technology officially announced the first batch of L3-level conditional autonomous driving models, including the Changan Deep Blue SL03 and the Arcfox Alpha S6, which are set to undergo road trials in designated areas of Chongqing and Beijing [4]. - The approval indicates a transition from testing to commercial application for L3 autonomous driving in China [4]. Group 2: Conditions and Limitations of Approval - The approved models have specific limitations: 1. Changan Deep Blue SL03 is designed for congested traffic environments with a maximum speed of 50 km/h, while Arcfox Alpha S6 can operate at up to 80 km/h [5]. 2. The operational areas are restricted to designated routes in Chongqing and Beijing [5]. 3. The usage is limited to specific companies, with Changan Deep Blue SL03 operated by Chongqing Changan Car Networking Technology Co., Ltd. and Arcfox Alpha S6 by Beijing Travel Automobile Service Co., Ltd. [5]. Group 3: Future Prospects and Market Opportunities - The approval process requires strict safety guarantees, suggesting that L3 autonomous driving may expand to more cities and vehicles in the future [5]. - The current focus on B-end applications is expected to gradually shift towards C-end as national legislation evolves [5]. - There is a significant difference between L3 and L2 driving systems, with L3 capable of handling all dynamic driving tasks under certain conditions, leading to increased demand for advanced components such as hands-free detection systems and driving assistance data recording systems [6].