Investment Rating - The report maintains an "Accumulate" rating for Wangfujing [1] Core Views - Q3 revenue decline has narrowed, and the company is expected to benefit from the tax-free policy by 2025 [8] - The company has actively laid out its tax-free business, which is anticipated to gain from the release of policy dividends [8] - The financial performance for Q3 shows a revenue of 2.35 billion yuan, down 4.7% year-on-year, and a net profit attributable to shareholders of 40 million yuan, down 68.2% year-on-year [8] Financial Forecasts - Total revenue projections for Wangfujing are as follows: - 2023A: 12,224 million yuan - 2024A: 11,372 million yuan - 2025E: 10,973 million yuan - 2026E: 11,557 million yuan - 2027E: 12,180 million yuan [1] - Net profit attributable to shareholders is forecasted as: - 2023A: 709.38 million yuan - 2024A: 268.58 million yuan - 2025E: 180.20 million yuan - 2026E: 428.22 million yuan - 2027E: 602.98 million yuan [1] - The report indicates a significant decrease in net profit margins, with a forecasted net profit margin of 1.8% for Q3, down 3.6 percentage points year-on-year [8] Market Data - The closing price of Wangfujing is 14.10 yuan, with a market capitalization of approximately 15.85 billion yuan [6] - The price-to-book ratio is reported at 0.81, indicating the stock is trading below its book value [6] Strategic Developments - The company has received approval for its tax-free operations and has launched several tax-free projects, including the Wangfujing International Tax-Free Port [8] - Recent policy changes have led to a 28.52% year-on-year increase in tax-free sales, indicating a positive trend in consumer spending [8]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is currently facing a high base effect in Q4 2024, which may challenge year-on-year comparisons. However, there are signs of potential alpha opportunities in the consumer segment and export industries if the sector can navigate this high base successfully [3][4] - The report highlights a mixed performance in the cement market, with prices showing slight fluctuations and regional disparities. The average price of high-standard cement is reported at 350.8 CNY/ton, down 1.5 CNY/ton from the previous week and down 77.7 CNY/ton year-on-year [3][11] - The glass market is experiencing downward pressure on prices due to high inventory levels and weak demand, with the average price of float glass at 1168.4 CNY/ton, down 27.0 CNY/ton from the previous week and down 289.7 CNY/ton year-on-year [3][42] - The report suggests focusing on renovation consumption and the export industry, recommending companies such as Arrow Home, SanKe Tree, and China Giant for potential investment opportunities [3][4] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average cement price is 350.8 CNY/ton, with regional price changes varying significantly. The average cement inventory ratio is 69.2%, and the average shipment rate is 45.7% [3][11][18] - **Glass**: The float glass market is under pressure with prices declining and high inventory levels. The average price is reported at 1168.4 CNY/ton, with inventory increasing to 6005 million heavy boxes [3][42][45] - **Fiberglass**: The market is stable with slight price increases in high-end products. The average price for non-alkali fiberglass is around 3250-3700 CNY/ton [3][5] 2. Industry Dynamics Tracking - The report notes that the construction materials sector has seen a decline of 5.68% in the past week, underperforming compared to the broader market indices [3] - The report emphasizes the importance of supply-side reforms and the potential for recovery in profitability as demand stabilizes [3][4] 3. Weekly Market Review and Sector Valuation Table - The report provides a detailed analysis of price changes, inventory levels, and shipment rates across various regions, indicating a mixed outlook for the sector [3][21][38]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights that as temperatures drop, US gas prices are rising while European gas prices are declining due to inventory withdrawals [5][10] - It emphasizes that the overall supply remains sufficient, leading to a slight decrease in domestic gas prices [19] - The report suggests that the price mechanism is being streamlined, and demand is expected to increase [47] Price Tracking - As of November 21, 2025, US HH gas prices increased by 18.9% week-on-week, while European TTF prices decreased by 1.7% [10][15] - The report notes that domestic LNG prices remained stable with a slight decrease of 0.1% [5][19] Supply and Demand Analysis - The report indicates that US gas storage levels decreased by 14 billion cubic feet to 39,460 billion cubic feet, a year-on-year decline of 0.6% [15] - European gas consumption from January to August 2025 was 288.4 billion cubic meters, an increase of 4.6% year-on-year [16] - Domestic gas apparent consumption from January to October 2025 increased by 0.7% to 354.1 billion cubic meters [24] Pricing Progress - The report states that 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [31] - It mentions that there is still a 10% room for price adjustment in city gas companies [31] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing price adjustments, such as Xin'ao Energy and China Gas [47][48] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, like Jiufeng Energy and Xin'ao Shares [48] - The report highlights the importance of energy independence and suggests关注 companies with gas production capabilities, such as New Natural Gas and Blue Flame Holdings [48]

证券分析师 曾朵红 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 储能锂电需求旺盛、明年盈利修复可期 2025 年 11 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 相关研究 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 41% 2024-11-25 2025-3-25 2025-7-23 2025-11-20 电力设备 沪深300 《锂电需求旺盛涨价诉求强、AIDC 潜 力可观》 2025-10-19 《动储产销两旺，量利双升，继续强 推》 2025-10-12 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 9617 下跌 10.54%，表现弱于大盘。核电跌 7.06%，新能源汽车跌 7.34%，风电跌 7.41%，发电设 备跌 8.09%，电 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly highlighting the potential of AI smart vehicles and the recent launch of the Xiaopeng X9 range-extended model [1][3]. Core Insights - The automotive industry is at a crossroads, transitioning from the electric vehicle boom to the dawn of automotive intelligence, with significant investment opportunities in AI smart vehicles and robotics [5][60]. - Xiaopeng's X9 model was officially launched, with prices starting at 309,800 CNY for the Max version and 329,800 CNY for the Ultra version [2][4]. - Geely's Q3 2025 revenue reached 89.19 billion CNY, showing a quarter-on-quarter increase of 26.5% and a year-on-year increase of 14.7%, with a net profit of 3.82 billion CNY [2][4]. - Leap Motor reported Q3 2025 revenue of 19.45 billion CNY, with a quarter-on-quarter increase of 97.3% and a year-on-year increase of 36.7%, achieving a net profit attributable to shareholders of 150 million CNY [2][4]. Summary by Sections Industry Performance - The automotive sector showed mixed performance, with commercial freight vehicles performing the best, while passenger vehicles experienced a decline of 5.9% [2][4][17]. - The report indicates that the automotive sector is currently ranked 17th in A-shares and 22nd in Hong Kong stocks [9][11]. Investment Opportunities - The report identifies three main investment themes: AI smart vehicles, robotics, and traditional vehicle segments [5][60]. - Key investment targets include Robotaxi and Robovan applications, with companies like Tesla, Xiaopeng, and Horizon Robotics highlighted as potential leaders in the AI vehicle space [5][60]. Market Trends - The report anticipates a significant increase in the penetration of L3 and L2+ intelligent driving technologies by 2025, with expectations of 20% penetration for L3 and 34% for L2+ in the new energy vehicle segment [55][56]. - The domestic retail sales forecast for 2025 is projected at 23.62 million units, reflecting a year-on-year growth of 3.8% [52][60].

Macro Strategy - The core viewpoint of the report indicates that the main theme of China's economy in 2025 is to respond to changes, influenced by external factors such as fluctuating tariffs and internal factors like asset revaluation and investment growth turning negative [1][4] - For 2026, the focus will shift to maintaining continuity, with reduced uncertainty in macro changes and increased visibility in economic policies. Five key areas of focus include policy continuity, AI-driven supply, consumption upgrades, asset-liability repair, and anti-involution price strategies [1][4] - The expected economic growth rate for 2026 is around 4.9%, with consumption and export growth slightly declining while investment growth is anticipated to improve [1][4] Company Analysis - The report highlights the company "联德股份" as a leading player in the precision casting industry, benefiting from AI-driven demand in cooling and power supply sectors. The company has established long-term partnerships with major global clients [7][8] - The projected compound annual growth rate (CAGR) for the company's revenue and net profit from 2016 to 2024 is 12.7% and 13.3%, respectively, indicating a strong growth trend [7][8] - The company is expected to achieve net profits of 2.2 billion, 3.0 billion, and 4.1 billion yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings ratios of 38, 28, and 20 times [7][8] Industry Insights - The report emphasizes the high growth in demand for cooling and backup power driven by AIDC (Artificial Intelligence Data Center) needs, with the U.S. AIDC cooling component market expected to exceed 10 billion yuan by 2028 [8] - The engineering machinery sector is also projected to recover, with the company positioned to benefit from increased demand starting in 2025 [8] - The company's integrated casting and machining capabilities provide a competitive edge, allowing it to participate deeply in client R&D and design, leading to higher product value and profitability [8]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Insights - Lenovo Group's FY2026H1 performance shows revenue growth driven by AI, with total revenue reaching $39.282 billion, a year-on-year increase of 18.0%, and net profit attributable to shareholders at $850 million, up 40.5% year-on-year [8] - The company benefits from strong performance across its three main business segments, with AI driving revenue and profit growth, enhancing overall competitiveness [8] Financial Performance Summary - **Revenue Forecasts**: - FY2024A: $56.864 billion - FY2025A: $69.077 billion - FY2026E: $76.417 billion - FY2027E: $83.943 billion - FY2028E: $90.407 billion - Year-on-year growth rates: FY2025A +21.48%, FY2026E +10.63%, FY2027E +9.85%, FY2028E +7.70% [1][9] - **Net Profit Forecasts**: - FY2024A: $1.011 billion - FY2025A: $1.384 billion - FY2026E: $1.868 billion - FY2027E: $2.089 billion - FY2028E: $2.332 billion - Year-on-year growth rates: FY2025A +37.01%, FY2026E +34.93%, FY2027E +11.84%, FY2028E +11.64% [1][9] - **Earnings Per Share (EPS)**: - FY2024A: $0.08 - FY2025A: $0.11 - FY2026E: $0.15 - FY2027E: $0.17 - FY2028E: $0.19 [1] - **Price-to-Earnings (P/E) Ratios**: - FY2026E: 9.04 - FY2027E: 8.08 - FY2028E: 7.24 [1] Business Segment Performance - **IDG (Intelligent Devices Group)**: - Revenue of $28.57 billion in FY2026H1, up 14.6% year-on-year, with a strong operating profit margin of 7.2% [8] - **ISG (Infrastructure Solutions Group)**: - Revenue of $8.38 billion in FY2026H1, up 29.6% year-on-year, driven by demand for AI infrastructure [8] - **SSG (Solutions and Services Group)**: - Revenue reached $4.81 billion in FY2026H1, up 18.9% year-on-year, with a high operating profit margin of 22% [8]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, specifically recommending stocks such as Yifeng Pharmacy and Dazhenglin [1]. Core Insights - The report highlights that the cash flow of pharmacies is stable and valuations are low, indicating potential investment opportunities in leading pharmacy chains [1]. - The A-share pharmaceutical index has shown a year-to-date increase of 13.7%, while the Hang Seng Biotechnology Index has surged by 74.2% [4]. - The report identifies a turning point in the pharmacy industry, with a net decrease of 4,000 pharmacies in Q4 2024, suggesting a shift to a stock competition phase [4][24]. - The report emphasizes the importance of cost reduction and efficiency improvements among leading pharmacy chains, which have resulted in improved profit margins [27]. Summary by Sections Industry Trends - The A-share pharmaceutical index has decreased by 6.9% this week, with significant declines across various sub-sectors, including medical devices and traditional Chinese medicine [4][9]. - Leading pharmacy chains are focusing on store adjustments and have shown marginal performance improvements, with revenue growth of 0.6% and net profit growth of 12.4% in the first three quarters of 2025 [20]. Valuation and Performance - As of November 23, 2025, the SW pharmacy sector's PE-TTM is approximately 21.5 times, indicating a valuation at the 37th percentile for the year [22]. - Major pharmacy chains like Yifeng Pharmacy and Dazhenglin have PEs below 20 times, highlighting their attractive valuation [22]. Research and Development Progress - The report details recent approvals and clinical advancements in innovative drugs, including the approval of Pfizer's long-acting hemophilia treatment [4]. - Specific recommendations for innovative drugs include companies such as Baidu Tianheng and BeiGene, with a focus on PD1/VEGF dual antibodies and GLP1 drugs [9][11][12]. Market Dynamics - The report notes that the number of retail pharmacies has begun to decline, marking a significant shift in the market landscape [24]. - Leading pharmacy chains are expected to enhance their market share through refined management and compliance capabilities [24].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the short - term, the technology mainline in the fourth quarter may face pressure, and overseas pressure will be transmitted to the domestic market. In 2026, since the Fed is likely to maintain relative looseness and the diffusion direction of AI themes has not converged, the structural opportunities in 2026 will still revolve around the technology mainline [2][35]. - For convertible bonds, it is recommended to defend in the short - term. The low - price style ended eight consecutive weeks of positive gains last week. The medium - and low - price style may experience a phase of waiting for performance at the meso - level and the Fed's interest - rate cut rhythm may slow down at the macro - level in the fourth quarter, which will trigger a phased correction of US technology stocks and suppress the domestic technology mainline. Therefore, consider diversification and diffusion in industry styles [2][36]. Summary by Relevant Catalogs 1. Week - on - Week Market Review 1.1 Equity Market Declined Overall - From November 17th to November 21st, the equity market declined overall, with all indices closing down. The average daily trading volume of the two markets decreased by about 1759.86 billion yuan to 18487.98 billion yuan compared with last week, a week - on - week decline of 8.69%. Among them, the Shanghai Composite Index fell 3.90% to 3834.89 points, the Shenzhen Component Index fell 5.13% to 12538.07 points, the ChiNext Index fell 6.15% to 2920.08 points, and the CSI 300 fell 3.77% to 4453.61 points. All 31 Shenwan primary industries closed down, with power equipment, basic chemicals, commercial retail, steel, and pharmaceutical biology leading the decline, with declines of 10.54%, 7.47%, 7.24%, 6.98%, and 6.88% respectively [7][9][11]. 1.2 Convertible Bond Market Declined Overall - From November 17th to November 21st, the CSI Convertible Bond Index fell 1.78% to 482.94 points. Among the 29 Shenwan primary industries, 1 industry closed up, and no industry had a gain of more than 2%. The social services industry led the gains with a 0.31% increase, while non - ferrous metals, coal, basic chemicals, commercial retail, and steel led the declines, with declines of 1.93%, 1.72%, 1.63%, 1.57%, and 1.35% respectively. The average daily trading volume of the convertible bond market was 656.75 billion yuan, a significant decrease of 56.65 billion yuan, a week - on - week change of - 7.94%. About 6.70% of individual convertible bonds rose, about 4.47% had a gain in the range of 0 - 1%, and 0.74% had a gain of more than 2% [7][14]. - In terms of conversion premium rate, the overall market conversion premium rate rebounded this week, with an average daily conversion premium rate of 39.86%, an increase of 2.05 pcts compared with last week. In terms of price intervals, except for the price interval above 120 yuan which widened by 2.27 pcts, the average daily conversion premium rates of convertible bonds in other price intervals narrowed, with the 100 - 110 yuan price interval narrowing the most, by 25.23 pcts. In terms of parity intervals, except for the parity intervals below 90 yuan and 110 - 120 yuan where the average daily conversion premium rates of convertible bonds narrowed, the average daily conversion premium rates of convertible bonds in other parity intervals widened, with the 90 - 100 yuan parity interval widening the most, by 2.70 pcts [19]. - In terms of conversion parity, the parity of 7 industries increased this week, with 2 industries having a widening amplitude of more than 2%. The social services, steel, environmental protection, petroleum and petrochemical, and beauty care industries led the gains, with increases of 32.81%, 5.17%, 1.28%, 0.42%, and 0.40% respectively; the electronics, power equipment, food and beverage, non - bank finance, and building materials industries led the declines, with decreases of 4.93%, 4.14%, 4.00%, 3.80%, and 3.71% respectively [29]. 1.3 Comparison of Stock and Bond Market Sentiments - From November 17th to November 21st, the week - on - week weighted average and median of the convertible bond and underlying stock markets were negative, and the convertible bond market had a smaller weekly decline than the underlying stock market. In terms of trading volume, the trading volume of the convertible bond market decreased by 7.94% week - on - week and was at the 57.20% quantile level since 2022; the trading volume of the underlying stock market decreased by 17.87% week - on - week and was at the 84.00% quantile level since 2022. The trading volume of both the underlying stock and convertible bond markets decreased significantly, and the underlying stock market had a larger decline in trading volume and a higher quantile level. In terms of the proportion of rising and falling stocks and bonds, about 11.33% of convertible bonds closed up, and about 5.80% of underlying stocks closed up; about 91.99% of convertible bonds had a larger increase or decrease than underlying stocks. In general, the trading sentiment in the convertible bond market was better this week [30]. 2. Future Outlook and Investment Strategy - In the short - term, it is still recommended to defend rather than attack in the convertible bond market. Consider diversification and diffusion in industry styles. Diversify by choosing some chemical targets such as Xingfa Convertible Bond, Hebang Convertible Bond, etc.; focus on the diffusion direction of the technology mainline, such as AI edge - side consumer electronics, and recommend targets like Weil Convertible Bond, Luxshare Convertible Bond, etc. Also, small - cap stocks may perform well during the diffusion period, and recommend targets such as Huachen Convertible Bond, Guoli Convertible Bond, etc [2][36]. - The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion parity premium rate repair next week are Hengbang Convertible Bond, Chutian Convertible Bond, etc [2][37].