Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The electronic industry is experiencing a price increase in storage chips, driven by the new storage roadmap announced by SK hynix, which focuses on AI-specific memory solutions [3][6]. - The global DRAM and NAND markets are showing continuous growth, with DRAM holding a dominant position, accounting for 68.32% of the storage chip market as of Q2 2025 [19][21]. - Jiangbolong, a leading domestic storage module company, is well-positioned to benefit from the industry's shift towards AI applications, with a significant revenue increase projected [38][42]. Summary by Sections 1. SK hynix's New Storage Roadmap - SK hynix announced a new vision to become a "full-line AI storage creator" and introduced three new storage lines: Custom HBM, AI-specific DRAM (AI-D), and AI-specific NAND (AI-N) [6][7]. - The company plans to launch HBM series products from 2026 to 2031, including HBM4 and HBM5, with a focus on high bandwidth and low power consumption [8][19]. 2. Global DRAM/NAND Market Dynamics - The global DRAM and NAND markets are characterized by oligopoly, with SK Hynix, Samsung, and Micron controlling over 90% of the DRAM market [21][23]. - The market size for DRAM and NAND is projected to reach $95.863 billion and $65.635 billion, respectively, in 2024 [19][21]. 3. Jiangbolong's Market Position - Jiangbolong reported a revenue of 17.464 billion yuan in 2024, a year-on-year increase of 72.48%, with a compound annual growth rate of 44.79% from 2022 to 2024 [38][42]. - The company focuses on high-performance NAND Flash and DRAM products, particularly in the consumer electronics and data center sectors [42][38]. 4. Recent Industry Events - OpenAI signed a $38 billion cloud computing agreement with AWS, indicating a growing demand for AI infrastructure [47][48]. - NVIDIA and Deutsche Telekom announced a joint investment of €1 billion to build an AI data center in Germany, enhancing AI capabilities in Europe [49][50]. - AMD reported a Q3 revenue of $9.25 billion, reflecting a 36% year-on-year growth, driven by strong demand in the data center and gaming sectors [51][52].

Investment Rating - The industry investment rating is "Outperform the Market" [22] Core Viewpoints - The overall performance of the liquor industry has significantly declined, entering a rapid clearing phase, but demand is expected to show weak recovery as policy pressures ease [3] - The industry is currently at a low valuation level, with pessimistic expectations fully priced in, indicating a clearer direction for future industry clearing [3] - The introduction of new tax policies in the gold sector is expected to benefit companies with brand and channel advantages, leading to a concentration of demand towards leading enterprises [4] Summary by Sections Industry Performance - The food and beverage industry index decreased by 0.56%, underperforming the Shanghai Composite Index, which increased by 1.08% [4][6] - Among the sub-sectors, pre-processed foods led with a gain of 2.26%, while soft drinks saw the largest decline at -1.20% [4][9] Liquor Sector Insights - Guizhou Moutai announced a mid-term dividend of approximately 30 billion yuan and a buyback plan of 15-30 billion yuan, enhancing shareholder returns [4] - Guizhou is promoting a shift in the liquor industry from "selling liquor" to "selling lifestyle," aiming to upgrade the industry from traditional manufacturing to cultural experience [4] Gold Sector Developments - The new tax policy for gold sales, effective from November 1, is expected to increase costs for non-member companies, potentially shifting demand towards leading firms with membership qualifications [4] Consumer Goods Focus - The report suggests focusing on high-growth consumer goods companies, such as Wancheng Group and Dongpeng Beverage, which are expected to receive valuation premiums due to their growth trajectories [5]

Investment Rating - The report rates the industry as "stronger than the market" [2] Core Insights - The semiconductor testing equipment for SoC is entering a structural growth phase, driven by the increasing complexity and testing intensity of SoC architectures due to advancements in smartphone processes [4] - The advanced process (5/4/3/2nm) is expected to account for 51% of smartphone SoC shipments in 2025, an increase of 8 percentage points year-on-year [4] - The report suggests focusing on companies involved in ATE/SoC testing machines and related components such as probe cards and temperature control systems [4] Summary by Sections Industry Performance - During the week of November 3-7, 2025, the Shanghai Composite Index increased by 0.82%, while the mechanical equipment sector decreased by 0.15%, ranking 22 out of 31 in the Shenwan industry classification [8] - The best-performing sub-sector was refrigeration and air conditioning equipment, which rose by 4.47% [10][12] Valuation Trends - The mechanical equipment sector's PE-TTM valuation decreased by 2.12% this week, with the top three sub-sectors showing significant increases: laser equipment (+39.17%), other automation (+35.86%), and industrial control equipment (+14.4%) [16] - The lowest-performing sub-sectors included engineering components (-8.86%) and instruments and meters (-3.83%) [16] Key Developments - The humanoid robot IRON, developed by XPeng Motors, is set for mass production by the end of 2026, featuring advanced capabilities and a high degree of human-like interaction [4] - The low-temperature systems for nuclear fusion are emerging as a new growth area for deep cooling gas and equipment technology, driving demand for related equipment [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a global leader in automotive micro-motors and systems, with a complete global manufacturing system and stable Tier 1 customer resources. Revenue projections for 2026E-2028E are $3.816 billion, $4.100 billion, and $4.634 billion, respectively, with corresponding net profits of $271 million, $297 million, and $339 million. The company’s valuation shows significant attractiveness compared to A-share and global peers [7]. Summary by Sections 1. Global Leading Micro-Motor Manufacturer - The company has evolved through three stages since its establishment in 1959, transitioning from toy micro-motors to automotive electric motors and expanding into various fields through acquisitions [18]. 2. Main Business: APG Growth Amid Electrification - The company’s automotive product group (APG) is expected to see volume and price increases due to the transition from fuel vehicles to electric vehicles. The average number of motors in electric vehicles is approximately 17 times that of fuel vehicles, leading to a significant increase in single-vehicle value [8][51]. 3. Key Assumptions - The company’s APG business is projected to benefit from the growth in electric vehicle production, with global electric vehicle output expected to rise from 24.9 million units in 2024 to 40.2 million units in 2028, reflecting a CAGR of 12.7% [8]. - The humanoid robot business is anticipated to become a core supplier for domestic and international manufacturers, leveraging its global manufacturing layout and system-level motor technology [8]. - The AI data center liquid cooling pump business is expected to benefit from the growing demand for cooling efficiency, with the market projected to grow from $2 billion in 2024 to $72.89 billion by 2030 [8]. 4. Financial Forecast and Valuation - The company’s projected revenues and net profits for 2026E-2028E are $3.816 billion, $4.100 billion, and $4.634 billion, and $271 million, $297 million, and $339 million, respectively. The corresponding P/E ratios are 15.2, 13.9, and 12.2 [10][12]. 5. Market Perception - Contrary to common perceptions that the company’s growth is constrained by the automotive cycle, the report highlights the company’s capabilities in high-precision motors and fluid control systems, which provide a strong foundation for growth in emerging sectors [11]. 6. Revenue Structure and Growth - The company’s revenue structure is increasingly concentrated in the automotive sector, with APG expected to account for 84% of total revenue by 2025. The company’s global customer base includes major automotive manufacturers and high-end brands across various industries [20][33]. 7. Electric Vehicle Market Dynamics - The report indicates that the global automotive industry is transitioning from quantity growth to structural optimization, with electric vehicles becoming the primary source of growth. The penetration rate of electric vehicles is expected to rise significantly, driving revenue growth for the company [55][56]. 8. Single Vehicle Value Enhancement - The average single vehicle value for electric vehicles is projected to be significantly higher than that of fuel vehicles, with estimates of $326.5 for electric vehicles compared to $217.6 for fuel vehicles [56].

证券研究报告 行业研究 / 行业点评 2025 年 11 月 06 日 汽车 资料来源：聚源数据，爱建证券研究所 相关研究 《新势力销量持续高增——智能汽车数据销量 跟踪（一）》2025-11-04 《小鹏科技日前瞻：物理 AI 与世界模型或有突 破——智能汽车系列报告（一）》2025-11-03 《汽车行业周报：特斯拉 FSD 大版本更新，高 阶智驾发展加速》2025-10-13 《汽车行业周报：理想 i6 切入主流市场，品牌 焕新助力纯电破局》2025-09-29 《碳陶制动盘：高端标配，自主向上——碳陶 制动盘行业深度报告》2025-09-28 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 行业研究 2025 年 11 月 06 日 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 小鹏发布全新 IRON 机器人，具身智能发展加速 ——智能汽车系列报告（二） 强于大市 投资要点： 事件概要：11 月 5 日，小鹏科技日以"涌现"为主题，发布以"物理 AI"为核心的下 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The policy signal significance of the central bank's restart of treasury bond trading is significantly greater than the actual operation scale. The small - scale purchase in October 2025 is a specific implementation of the policy declaration, aiming to maintain reasonable and sufficient liquidity, strengthen the coordination between monetary and fiscal policies, and guide the market to form stable expectations [4][8]. - The central bank may moderately increase the scale of treasury bond purchases in November 2025. It is expected that the net purchase scale in the fourth quarter of 2025 will reach 2000 - 4000 billion yuan, mainly focusing on short - term treasury bonds [4][9]. - In 2026, the scale of treasury bond trading operations may significantly expand following the rhythm of fiscal stimulus. If the front - loaded fiscal stimulus in 2025 continues, large - scale operations may be carried out in the first quarter of 2026 [4][12]. - Treasury bond trading operations are expected to become a new channel for medium - and long - term liquidity injection, which can optimize the bank's asset structure, replace MLF and repo, and relieve the pressure on traditional liquidity injection tools [4][18][19]. - The bond market is expected to be in a volatile and bullish situation in November. Investors should focus on the asset allocation window of traditional institutions at the end of the year and prioritize investing in medium - and long - term interest - rate bonds [32]. 3. Summary According to the Directory 1.1 Signal Significance Far重于Operation Scale - In October 2025, the central bank restarted treasury bond purchases with a scale of 20 billion yuan, which is significantly lower than the average level in the same period of 2024. The market had an expected gap, and the policy signal is more important than the liquidity injection effect [4][8]. - The small - scale purchase operation indicates that the central bank does not intend to drive interest rates down too quickly and avoid excessive market expectations. The pressure of treasury bond issuance in November 2025 has marginally eased, and the urgency of large - scale purchases is not high [4][8]. - It is expected that the central bank will continue treasury bond trading operations in November, and the net purchase scale in the fourth quarter of 2025 is expected to reach 2000 - 4000 billion yuan, mainly buying short - term treasury bonds [4][9]. 1.2 Restart of Treasury Bond Trading Operations: Considerations Based on Environmental Improvement and Policy Coordination - The restart of treasury bond trading operations is based on the improvement of internal and external environments and policy coordination. The previous suspension was a temporary and prudent measure, and the restart is reasonable and necessary [13]. - Internally, the supply - demand of the bond market is balanced, and the systemic risks have been released. The 10 - year treasury bond yield has returned to a reasonable range of 1.75% - 1.80%, creating favorable conditions for the restart [13]. - Externally, the exchange - rate pressure has significantly eased. The offshore RMB exchange rate has stabilized at around 7.10, which broadens the space for monetary policy operations [14]. - From the perspective of policy coordination, the restart of operations is a cooperation with the Ministry of Finance's bond - issuing work, which is an important manifestation of the coordinated efforts of fiscal and financial policies [16]. 1.3 Treasury Bond Trading Operations are Expected to Become a New Channel for Medium - and Long - Term Liquidity Injection - In the structural liquidity shortage framework, the bank system has a natural gap in medium - and long - term liquidity. Traditional liquidity injection tools face constraints such as limited reserve - requirement ratio reduction space and large - scale rolling renewals [18]. - Treasury bond trading operations can convert commercial banks' bond assets into excess reserves, optimize the asset structure, and replace MLF and repo to a certain extent, which is similar to the effect of "reserve - requirement ratio reduction" [19]. 2.1 Impact of Treasury Bond Trading Operations on the Central Bank's Balance Sheet - Bond borrowing is an off - balance - sheet business, and its scale is not directly reflected in the central bank's balance sheet [23]. - Bond borrowing and selling lead to a structural adjustment of the liability side. When the central bank borrows and sells bonds, the excess deposit reserves on the liability side decrease, and the trading - related financial liabilities increase [23]. - Buying treasury bonds on the balance sheet has a clear expansion effect on the central bank's balance sheet, increasing both the "claims on the government" on the asset side and the "deposits of other depository corporations" on the liability side [25]. - Holding treasury bonds to maturity leads to a contraction of the balance sheet, as the "claims on the government" and "government deposits" decrease [26]. 2.2 Review of Treasury Bond Trading Operations - In August 2024, the central bank started treasury bond trading operations, implementing a "buy - short, sell - long" strategy, with a net purchase of 100 billion yuan [27]. - From September to December 2024, the strategy changed to mainly "buying short", with a cumulative net purchase of about 900 billion yuan [27]. - In January 2025, the central bank suspended treasury bond trading operations, and the "claims on the government" on the balance sheet gradually decreased as the short - term treasury bonds matured [27]. 3. Bond Market Strategy: Prioritize Investing in Medium - and Long - Term Interest - Rate Bonds - The bond market is expected to be volatile and bullish in November. The restart of treasury bond trading in October sent a positive signal, but it may not drive yields down trend - wise. Investors should focus on the asset allocation window of traditional institutions [32]. - Investors should prioritize investing in medium - and long - term interest - rate bonds. The 30Y - 10Y spread is at a near - three - year high, and there is a high probability of narrowing. Configuration - oriented institutions may increase their allocation of medium - and long - term bonds [32].

Investment Rating - The report rates the automotive industry as "Outperforming the Market" [29] Core Insights - The new energy vehicle sales continue to grow significantly, with various companies reporting impressive sales figures for October 2025 [3] - The report highlights the acceleration of intelligent driving technology among leading companies, indicating a shift towards enhanced user experience and competitive differentiation [3] - The investment recommendation focuses on companies that are leading in smart technology and user experience, specifically mentioning Xiaomi Group, Xiaopeng Motors, and Li Auto as key players to watch [3] Summary by Sections Sales Performance - Leap Motor reported sales of 70,289 units in October, showing a year-on-year increase of 84.1% and a month-on-month increase of 5.4% [3] - Xiaopeng Motors sold 42,013 units, with a year-on-year increase of 75.7% and a month-on-month increase of 1.0% [3] - NIO's sales reached 40,397 units, marking a year-on-year increase of 92.6% and a month-on-month increase of 16.3% [3] - BYD maintained strong sales with 441,706 units sold, although it experienced a year-on-year decline of 12.1% [3] - Other companies like Geely, Changan, and SAIC also reported significant sales figures, contributing to the overall growth in the sector [3] Technological Advancements - Xiaopeng Motors is enhancing its intelligent driving capabilities, with a notable penetration rate of 86% for its XNGP urban driving feature [3] - Tesla continues to leverage its Full Self-Driving (FSD) technology, achieving a record global delivery of 497,000 units in Q3 2025, a year-on-year increase of 7.4% [3] - The report emphasizes the importance of technological innovation in maintaining competitive advantages within the automotive industry [3] Market Dynamics - The report suggests that the industry is moving towards a concentrated market structure, with leading companies establishing user experience barriers through advanced technology [3] - The competitive landscape is characterized by a focus on smart technology and integrated ecosystems, as seen with Xiaomi's automotive strategy [3]

Investment Rating - The industry investment rating is "Outperform the Market" [1][22]. Core Insights - The report highlights that the liquor industry is experiencing a phase of accelerated clearing, with major companies like Kweichow Moutai showing resilience despite a slowdown in growth [1][4]. - The overall performance of the food and beverage sector has been mixed, with certain sub-sectors like pre-processed foods and snacks performing well, while soft drinks and other alcoholic beverages have seen declines [3][4]. - The report emphasizes the importance of focusing on high-quality companies with stable earnings during the industry's adjustment period, particularly recommending Kweichow Moutai and Shanxi Fenjiu for their strong fundamentals and attractive dividend yields [4]. Summary by Sections Liquor Industry - Kweichow Moutai reported Q3 2025 revenue of 39.064 billion yuan, a year-on-year increase of 0.56%, with net profit of 19.224 billion yuan, up 0.48% [3]. - The revenue from Moutai liquor increased by 7.26% to 34.924 billion yuan, while series liquor revenue fell by 34% [3]. - The company's gross margin improved to 91.44%, reflecting a better product mix, while net profit margin remained stable at 49.21% [3][4]. Dairy Industry - Yili Group's Q3 2025 revenue was 28.564 billion yuan, down 1.63%, with net profit of 3.226 billion yuan, a decrease of 3.35% [3]. - Liquid milk sales were under pressure, declining by 8.83%, while milk powder and dairy products saw a growth of 12.65% [3]. - The gross margin for Yili was 33.92%, down 1.13 percentage points, indicating cost pressures from raw milk prices [3]. Beauty Industry - Marubi Biotech achieved Q3 2025 revenue of 686 million yuan, up 14.28%, with net profit of 69 million yuan, an increase of 11.59% [4]. - The main brand Marubi saw a revenue increase of 33.93%, driven by strong performance of key products [4]. - The gross margin improved to 75.72%, supported by product mix optimization, despite increased marketing expenses [4].

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The demand for tantalum capacitors is increasing due to the rise in AI server applications, leading to price hikes of 20%-30% by major manufacturers [3][6] - The global tantalum capacitor market is expected to grow from $432 million in 2024 to $3.612 billion by 2031, with a significant concentration of market share among the top four manufacturers [3][13] - Domestic companies like Hongda Electronics and Shunluo Electronics are ramping up R&D in tantalum capacitors to capture market opportunities [19][28] Summary by Sections Tantalum Capacitor Market - Tantalum capacitors are essential for high-density circuits and are widely used in military, aerospace, consumer electronics, and automotive applications [7][11] - The global tantalum capacitor market is projected to grow steadily, with a market size of $2.432 billion in 2024 and an expected increase to $2.561 billion in 2025 [12][15] - The top four manufacturers (KEMET, AVX, Panasonic, and Vishay) hold a combined market share of 96% [13] Company Analysis - **Hongda Electronics**: Focuses on high-end electronic components, with a revenue of 1.586 billion yuan in 2024 and a gross margin of 57.63%. The company is experiencing a recovery with a revenue increase of 18.81% in the first three quarters of 2025 [20][24] - **Shunluo Electronics**: Achieved a revenue of 5.897 billion yuan in 2024, with a compound annual growth rate of 17.96% from 2022 to 2024. The company is expanding its R&D in tantalum capacitors and has a gross margin of 36.50% [28][29] Market Performance - The SW electronic industry index decreased by 1.65%, ranking 28th out of 31 sectors, while the Shanghai and Shenzhen 300 index fell by 0.43% [3][47] - The top-performing sub-sectors within the electronic industry include consumer electronic components and assembly, which increased by 1.32% [51]

Investment Rating - The report assigns an "Outperform" rating for the automotive industry, indicating a positive outlook compared to the broader market [2][4]. Core Insights - Xiaopeng Motors is set to unveil its first mass-produced Robotaxi on November 5, showcasing breakthroughs in "Physical AI" and "World Model" technologies that support L4 autonomous driving [2]. - Xiaopeng's Q3 2025 delivery volume reached 116,007 units, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%, with October sales hitting a record high of 42,013 units, up 76% year-on-year [2]. - The company is developing a 72 billion parameter "World Model" and has established a computing cluster capable of processing 200 million kilometers of real-world data daily, enhancing model evolution [2]. - Xiaopeng's self-developed Turing chip achieves over 2200 TOPS of computing power, contributing to improved engineering efficiency and cost control [2]. - The humanoid robot, positioned as a third growth curve, is expected to enter mass production in 2026, featuring advanced capabilities and a shared technology framework with the automotive division [2]. - The Robotaxi model is designed for commercial deployment, with plans for L4 level vehicles to be mass-produced by 2026, potentially capturing a significant share of the projected $39 billion market by 2030 [2]. - Xiaopeng is also expanding into the flying car market, with 600 units ordered in the Middle East and plans for mass production in 2026 [2]. Summary by Sections Delivery and Sales Performance - Xiaopeng Motors reported Q3 2025 deliveries of 116,007 units, marking a 149.3% increase year-on-year and a 12.4% increase quarter-on-quarter [2]. - October sales reached 42,013 units, a record high and a 76% increase year-on-year [2]. Technological Advancements - The company is developing a "World Model" with 72 billion parameters and a computing cluster that processes 200 million kilometers of data daily [2]. - The Turing chip, developed in-house, provides over 2200 TOPS of computing power, enhancing overall efficiency [2]. Future Growth Prospects - Xiaopeng's humanoid robot is set for mass production in 2026, aiming to leverage shared technology with its automotive products [2]. - The Robotaxi initiative is on track for L4 level mass production by 2026, with significant market potential projected for 2030 [2]. - The flying car segment is also being developed, with substantial orders already placed [2].