Group 1 - The core viewpoint emphasizes the investment opportunities in the paper industry from a micro and macro perspective, highlighting the importance of understanding both industry dynamics and broader economic factors [3][7]. - The report titled "Investment Opportunities in Paper Industry Leaders from the Perspective of Anti-Overwork" was authored by Liu Jiakun and published on July 9, 2025, indicating a focus on strategic insights for investors [7]. Group 2 - The research highlights the value proposition derived from the industry, suggesting that investment insights are rooted in and transcend the industry itself, which is crucial for both investment and real economy considerations [3][7]. - The annual representative work of the analyst includes a report titled "Under the Consumption Fluctuation, Viewing Home Companies from the Shell Perspective," showcasing the analyst's expertise in consumer-related sectors [3].

Group 1 - The core viewpoint emphasizes the dual opportunities of macro and micro drivers, focusing on both beta and alpha in investment strategies [4][7]. - The report titled "Decoding Corporate Life Cycle: Exploring a New Paradigm for Stock Investment" was authored by Zheng Yabin and published on June 9, 2025 [7]. - The research framework aims to provide insights into value creation and future collaboration [6]. Group 2 - The analysis is based on quantifying corporate life cycle stages using data such as cash flow and listing time, which serves as a reference for investment decisions [7]. - The quantitative model is constructed from historical data, acknowledging potential risks related to the failure of historical statistical patterns and model mis-specification [7].

Group 1 - The core viewpoint is that the Chinese stock market is expected to continue its upward trend and reach new highs [3][6]. - The report emphasizes the importance of understanding the key drivers behind the rise of the Chinese stock market, particularly focusing on the risk-free interest rate [3][6]. - The analysis is presented by Fang Yi, the Chief Strategy Analyst at Guotai Junan Securities, indicating a strong confidence in the market's future performance [3][6]. Group 2 - The report is titled "Looking Forward to the Chinese Stock Market" and was published on May 18, 2025 [6]. - It highlights potential risks such as an unexpected overseas economic recession and uncertainties in global geopolitical situations [6].

国泰海通证券 | 研究所 刘欣琦 金融组长、非银行金融首席分析师 行业核心洞察 重视配置的力量, 非银估值修复年 价值主张 我们希望能找到的好公司不仅具备确定性增 长的盈利预期,而且希望这种盈利预期是建 立在其客户好的价值体验基础上的,这样的 盈利才更具有持续性。 = (1) 2 : 11 2 21 1 年度代表作 1 . 点击下方图片 查看电话会回放详细议程 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 报告来源 观点来自国泰海通证券已发布的研究报告。 报告名称：重视配置的力量，看好低估值非银股机会；报 告日期：20250727；报告作者：刘欣琦S0880515050001；风险提示：权益市场大幅波动;政策落地 不及预期。 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联 ...

Core Insights - Huawei is set to launch the new Ascend 950PR chip in Q1 2026 and the Ascend 970 chip in Q4 2028, indicating a strong commitment to advancing its AI chip technology [2] - The global strongest super node, Atlas 950 SuperPoD, is expected to be released in Q4 2025, showcasing Huawei's leadership in AI computing infrastructure [3] - Huawei emphasizes an open hardware and software ecosystem, allowing industry partners to develop products based on its technology [4] Group 1: AI Chip Roadmap - Huawei's roadmap includes the release of the Ascend 910C in Q1 2025, followed by the Ascend 950PR in Q1 2026 and the Ascend 950DT later in 2026 [2] - The Ascend 970 chip will feature a computing power of 4 PFLOPS (FP8) and 8 PFLOPS (FP4), with a memory capacity of 288GB and bandwidth of 14.4TB/s [2] - In comparison, NVIDIA's Blackwell Ultra GB300 offers 15 PFLOPS (FP4) with 288GB HBM3e and 8TB/s bandwidth, highlighting Huawei's competitive positioning [2] Group 2: Super Node Development - As of September 18, 2025, over 300 CloudMatrix 384 super nodes have been deployed, serving more than 20 customers [3] - The Atlas 950 SuperPoD will support up to 8192 Ascend cards, while the Atlas 960 SuperPoD, expected in Q4 2027, will support 15488 cards, establishing a new benchmark in computing power [3] - Huawei's super node clusters, Atlas 950 SuperCluster and Atlas 960 SuperCluster, will exceed 500,000 and reach one million cards respectively, solidifying their status as the world's strongest computing clusters [3] Group 3: Open Ecosystem Strategy - Huawei is fully opening its super node technology, including the Lingqu protocol and reference architecture, to enable industry self-development [4] - The company will also open source its operating system components, allowing users to integrate and maintain versions based on their needs [4] - This strategy aims to foster a collaborative environment for innovation and development within the AI computing sector [4]

Group 1 - The core viewpoint of the article emphasizes the blooming of AI and the self-reliance of technology, indicating a significant recovery in the computer industry’s prosperity [6]. - The report titled "AI Blossoms, Technological Self-Reliance, Industry Prosperity Begins to Recover" outlines the mid-term strategy for the computer industry in 2025 [6]. - The author of the report is Yang Lin, who serves as the Chief Analyst for Computers at Guotai Junan Securities [6]. Group 2 - The article highlights the importance of reliable foresight in navigating the technological wave and identifying sharp investment opportunities within the computer sector [3]. - It suggests that the development of embodied intelligence (EAI) is a driving force behind general artificial intelligence and machine learning advancements [3].

报告导读： 根据工信部网站，《智能网联汽车 组合驾驶辅助系统安全要求》进入公开征 求意见阶段。 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： L2强标开启征求意见，智驾商业化更进一步；报告日期：2025.09.18 报告作者： 刘一鸣（分析师），登记编号：S0880525040050 石佳艺（分析师），登记编号：S0880525070001 张予名（研究助理），登记编号：S0880125042241 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 事件：根据工信部网站，《智能网联汽车 组合驾驶辅助系统安全要求》（以下简称"要求"）开启公开征求意见。 "要求"将组合驾驶辅助系统分为基础单车道组合驾驶辅助系统、基础多车道组合驾驶辅助系统、领航组合驾驶辅助系统，以及泊车组合驾驶 ...

Core Insights - The article emphasizes a strong optimism towards the AI era, particularly focusing on opportunities in optical communication and computing power [3][6]. Industry Trends - The report highlights the acceleration of network innovation driven by AI, suggesting a transformative impact on the optical communication sector [6]. - It indicates a proactive approach in tracking industry development trends to uncover investment opportunities within the communication sector [3]. Research Framework - The article mentions the launch of a training video on the 2025 research framework by Guotai Junan Securities, aimed at sharing insights and fostering future collaboration [5].

Core Insights - The overall retail sales in August 2025 showed a year-on-year increase of 3.4% but a month-on-month decrease of 0.3 percentage points, indicating a slowdown in growth [1] - The data reveals a divergence in consumption patterns, with rural and dining services experiencing an uptick, while urban and goods consumption slowed down [2] Group 1: Retail Sales Performance - In August 2025, total retail sales in urban areas grew by 3.2% year-on-year but decreased by 0.4 percentage points month-on-month, while rural areas saw a year-on-year increase of 4.6% and a month-on-month increase of 0.7% [2] - The retail sales of goods increased by 3.6% year-on-year but decreased by 0.4 percentage points month-on-month, with specific categories like furniture and sports/entertainment items leading in growth [2] Group 2: Online Retail Trends - Cumulative online retail sales of physical goods showed a month-on-month acceleration, with total online retail sales reaching 99.828 billion yuan, a year-on-year increase of 9.6% [3] - The penetration rate of e-commerce slightly increased, with online physical retail sales accounting for 25.0% of total social retail sales [3]

国泰海通证券 | 研究所 余文心 重要提醒 年药行业国别竞争力研究:从中 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 报告来源 观点来自国泰海通证券已发布的研究报告。 报告名称：医药行业国别竞争力研究：从中、美、欧、 日、印财报看2025年中国医药供需及投资机会；报告日期：20241122；报告作者：余文心 S0880525040111 风险提示：医疗器械国内招标时间不确定、放量不及预期的风险；创新药谈判价格 降价较多的风险；并购整合不及预期的风险。 研究所副所长、科技组长、生物医药首席分析师 行业核心洞察 大药的诞生,才是医药 的未来 价值主张 立足中国,做全球视野的 有历史观的研究 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 ...