国泰海通证券 | 研究所 盛 开 推 荐 阅 读 纺织服饰首席分析师 行业核心洞察 挖掘品牌细分赛道, 洞察制造产业变局 价值主张 差异化荐股风格,全球化 研究视野 《进步步》儿 梦 的 生 。 点击下方图片 查看电话会回放详细议程 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听内容 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：挖掘外贸新航道与内需alpha——纺织服装 2025年中期策略；报告日期：20250527；报告作者：盛开 S0880525040044；风险提示：主要经济 体国民经济衰退、零售环境疲软、渠道盈利能力不及预期等。 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 ...

Core Viewpoint - The Hong Kong stock market is identified as the main battleground for the current bull market, emphasizing the importance of practical incremental research [3][8]. Group 1: Market Insights - The report highlights that the Hong Kong stock market is positioned as the primary focus for investors during this bull market phase [3][8]. - The analysis suggests that the ongoing economic recovery and growth policies will significantly influence market performance [8]. Group 2: Research Framework - The company has launched a training video version of its 2025 research framework, aimed at providing insights and fostering future collaboration [7].

全行业_拾倍龙头_方法论系列电话会 岛通址泰 国泰海通建筑韩真成 G SECURITIES | 研究所 9月21日-10月16日 晚21:00,扫码精彩提前锁定 | 日期 路演主题 | 参会密码 | | --- | --- | | 9月21日 综述： 商业模式特质与业绩估值规律 | 299602 | | 9月22日 来源线索:经济产业政策,人类生活需求,技术迭代创新 | 806730 | | 9月23日 产业链:供需关系,竞争格局,技术壁垒,业绩弹性 | 442544 | | 9月24日 商业模式：最快利润加速度，最永续现金流，最好盈利能力 | 749850 | | 9月25日 业绩加速度之需求爆发:政府需求,个人需求,企业需求 | 206316 | | 9月26日 业绩加速度之科技创新：技术革新，产业链卡位，产品生命周期 | 469472 | | 9月28日 业绩持续性之品类扩充：横向拓宽，纵向拓展，产业链延伸 | 046897 | | --- | --- | | 9月29日 业绩持续性之区域拓展：国内区域扩大，出海全球化，多渠道加密 106508 | | | 10月14日 业绩持续性之竞争优势：超额利润， ...

Core Viewpoint - The macro policy framework of "fiscal dominance, monetary coordination" is being established, indicating a shift in economic dynamics [3][8] - The marginal strength of micro entities in "pricing the economy" is limited, suggesting challenges in market pricing mechanisms [3][8] - The logic of long-term interest rates continuing to decline may have been shaken, indicating potential changes in the fixed income landscape [3][8] Summary by Relevant Sections - **Macro Policy Insights** - The current macroeconomic environment is characterized by a fiscal-led approach with supportive monetary policy, which may influence future economic conditions [3] - **Market Dynamics** - There is a noted limitation in the ability of market participants to effectively price economic fundamentals, which could lead to mispricing in the fixed income market [3][8] - **Interest Rate Trends** - The prevailing trend of declining interest rates may face challenges, suggesting a potential shift in the long-term outlook for interest rates [3][8]

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].