Core Insights - The report emphasizes the synergy between AI innovation and capital expenditure (CAPEX), highlighting that model innovation is the core driver of AI development, with CAPEX serving as the foundation for the AI cycle [12][14] - The AI industry chain includes AI hardware, CAPEX, and AI models and applications, which collectively support the computational needs for large model training and inference [12][14] - The report suggests that the AI storage cycle is driven by rising prices and simultaneous expansion and upgrades in production capacity, particularly in cloud and edge storage [4][34] Group 1: AI Innovation and CAPEX - Model innovation is identified as the key driver of AI development, with significant capital expenditures from cloud service providers and leading enterprises providing a stable cash flow to support upstream hardware sectors [14][24] - The report notes that major companies like Google and OpenAI are making substantial advancements in multi-modal models, which are expected to enhance user engagement and monetization opportunities [19][25] - The integration of AI capabilities into various applications is projected to create a closed loop of high computational demand leading to high-value content and increased user willingness to pay [24][25] Group 2: Storage Cycle - The report indicates that storage prices are on the rise, significantly boosting the gross margins of original manufacturers, with capital expenditures in the storage sector entering an upward phase [4][34] - It highlights that traditional DRAM and NAND production is being approached cautiously, while HBM production is prioritized, indicating a shift in focus within the storage industry [4][34] - The report discusses the emergence of new opportunities in the storage foundry model, driven by the evolving demands of AI applications [4][34] Group 3: Investment Recommendations - The report recommends focusing on companies within the AI ecosystem, particularly those involved in AI storage, PCB, and power supply sectors, as they are expected to experience sustained growth [4][34] - It suggests that the ongoing upgrades in DRAM and NAND architectures will create new equipment demand, presenting investment opportunities in related companies [4][34] - The report encourages attention to the storage industry chain, particularly in light of the anticipated price increases and margin improvements for original manufacturers [4][34]

[Table_Page] 投资策略|专题报告 2025 年 12 月 10 日 证券研究报告 [Table_Title] 港股市场下跌点评 ——市场点评 报告摘要： ⚫ 结论：周一晚间，市场预期的下任美联储主席哈赛特，发表鹰派降息表 述，而港股 12 月面临限售股解禁高峰、分子端基本面承压，所以受到 流动性的冲击更大。潜在反弹时间点关注 12 月中下旬、明年 1 月初。 技术面，在牛市情况下，恒科跌破 120 日均线，说明下跌动能释放已 经比较充足，在 120~250 日均线之间随时有反弹可能性，截至 12 月 9 日，距离 250 日均线只差 2.7%。 ⚫ 昨天港股大幅下跌的原因 因为川普不满鲍威尔降息表述，市场预期下任联储主席偏鸽派，目前最 有可能担任主席的哈赛特，在周一晚间表述：认同鲍威尔的工作，不能 提前公布未来六个月利率政策；应该"紧盯经济数据，适度、谨慎的下 调利率"。这和市场的鸽派预期出现差异，所以外资净流出新兴市场， 作为一个验证，可以看到印尼、印度、新兴市场等跌的较多，而南向是 净流入港股的。 ⚫ 为什么港股跌最大，并且 11 月中旬以来加速下跌？ 港股基本面看中国内地，流动性看海外。A ...

[Table_Page] 投资策略|点评报告 2025 年 12 月 5 日 证券研究报告 [Table_Title] 晨会精选 ——观点全追踪（12 月第 3 期） [Table_Summary] 报告摘要： [分析师： Table_Author]蒲明琪 ⚫ 机械：重视氮化镓方案在人形机器人电驱的应用。GaN（氮化镓）通过 材料物理特性的代际跨越,同时实现了人形机器人伺服系统对高精度、 小体积、低功耗的极致要求。根据英诺赛科公众号、NE 时代公众号， 相比硅基 MOSFET，GaN 器件拥有一系列优势：（1）高频高精度， GaN 可以显著提高开关频率至 100kHz-MHz 级,电流纹波大幅降低, 扭矩控制更精准。（2）小型化设计，据 Innoscience 的测试，采用 GaN 后关节驱动板体积缩减约 50%；（3）温升控制更好，由于导通电阻降 低、零反向恢复损耗，氮化镓方案可以让电机温升降低 20-30°C，18A 以下相电流可免散热器。散热目前是人形机器人量产的瓶颈之一，氮化 镓发热更低，对散热要求更低。（4）低功耗，最大输出电流有效值高， 可以实现更高功率密度。氮化镓方案对比传统方案优势显著，满足目 ...

[Table_Page] 金融工程|量化投资专题 2025 年 12 月 4 日 证券研究报告 [Table_Title] 用逐笔订单数据改进分钟频因子 海量 Level 2 数据因子挖掘系列（六） [Table_Summary] 报告摘要： 0 20 40 60 80 100 -0.2 -0.1 0 0.1 0.2 0.3 2020-01-02 2021-12-10 2023-11-20 2025-10-30 RankIC RankIC累计值（右轴） 数据来源：通联数据，Wind，广发证券发展研究中心 | [分析师： Table_Author]安宁宁 | | | --- | --- | | | SAC 执证号：S0260512020003 | | SFC CE No. BNW179 | | | 0755-23948352 | | | anningning@gf.com.cn | | | 分析师： | 陈原文 | | | SAC 执证号：S0260517080003 | | 0755-82797057 | | | | chenyuanwen@gf.com.cn | 请注意，陈原文并非香港证券及期货事务监察委员 ...

[Table_Page] 跟踪分析|通用设备 证券研究报告 [Table_Title] 人形机器人跟踪 识别风险，发现价值 请务必阅读末页的免责声明 1 / 4 重视氮化镓方案在人形机器人电驱的应用 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-12-04 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]代川 SAC 执证号：S0260517080007 SFC CE No. BOS186 021-38003678 daichuan@gf.com.cn 分析师： 孙柏阳 SAC 执证号：S0260520080002 021-38003680 sunboyang@gf.com.cn 分析师： 蒲明琪 SAC 执证号：S0260524080003 SFC CE No. BUP066 021-38003807 pumingqi@gf.com.cn 请注意，孙柏阳并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 - ...

[Table_Page] 公司深度研究|电子 证券研究报告 [Table_Title] 影石创新（688775.SH） 全景无人机破局者—消费级航拍新标杆 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,636 | 5,574 | 8,679 | 15,318 | 24,293 | | 增长率（ % ） | 78.2% | 53.3% | 55.7% | 76.5% | 58.6% | | EBITDA | 985 | 1,098 | 1,395 | 2,404 | 3,479 | | 归母净利润 | 830 | 995 | 1,321 | 2,249 | 3,268 | | 增长率（ % ） | 103.7% | 19.9% | 32.8% | 70.3% | 45.3% | | EPS（元/股） | 2.30 | 2.76 | 3.29 | 5.61 | 8. ...

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli, with a current price of 59.34 RMB and a fair value of 72.15 RMB [7]. Core Views - Zhejiang Dingli is considered one of the most elastic stocks in the recovery of industrial products in Europe and the United States. The company has a high overseas revenue proportion, with 71% of its revenue expected to come from overseas in 2024. The report anticipates a significant rebound in North American high machinery sales in 2026, similar to the high growth seen in excavators in 2025. The company has substantial room for market share growth, and its valuation remains low compared to peers, with a PE-TTM percentile of only 37% since 2021 [7][9][10]. Financial Forecast - The projected financials for Zhejiang Dingli are as follows: - Revenue is expected to grow from 6,312 million RMB in 2023 to 10,817 million RMB in 2027, with growth rates of 15.9%, 23.6%, 9.7%, 10.6%, and 14.2% respectively [2]. - EBITDA is forecasted to increase from 2,036 million RMB in 2023 to 3,336 million RMB in 2027 [2]. - Net profit attributable to shareholders is expected to rise from 1,867 million RMB in 2023 to 2,686 million RMB in 2027, with growth rates of 48.5%, -12.8%, 17.0%, 19.8%, and 17.7% [2]. - EPS is projected to grow from 3.69 RMB in 2023 to 5.31 RMB in 2027 [2]. - The report suggests a valuation of 16x PE for 2026, leading to a fair value of 72.15 RMB per share [7][45]. Long-term Perspective - The report indicates that the demand for high machinery in overseas markets has shown signs of recovery after two years of decline. Key indicators, such as North American excavator sales, have improved significantly, with a recovery from a year-on-year decline of 19% in April 2025 to a growth of 42% by September 2025. This suggests a synchronized recovery in the high machinery cycle [10][11]. Short-term Indicators - The report highlights a strong correlation between Zhejiang Dingli's revenue and the export data of electric forklifts and high machinery from Zhejiang Province to North America. The increase in export figures in 2025 compared to 2024 reflects a recovery in industry beta, indicating positive short-term trends for the company [35][36]. Market Performance - Despite the challenging market conditions, Zhejiang Dingli has outperformed its U.S. competitors, with a year-on-year revenue increase of 3% in Q3 2025, while competitors like Terex and Haulotte experienced declines of 30% and 12% respectively [22]. Valuation Comparison - The report notes that while U.S. peers have seen significant stock price recoveries in 2025, Zhejiang Dingli's valuation has remained relatively unchanged, indicating potential for upward valuation adjustments [43][44].

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

社融增速预计 8.5％，M1 增速保持相对高位 [Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 2025 年 11 月社融前瞻 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2025-12-03 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 林虎 SAC 执证号：S0260525040004 SFC CE No. BWK411 021-38003643 gflinhu@gf.com.cn -10% -2% 6% 14% 22% 30% 12/24 02/25 04/25 07/25 09/25 12/25 银行 沪深300 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | --- | | 银行行业:海外银行业如何化 | 2025-12 ...

Core Insights - The report highlights that the home appliance industry is expected to face a slowdown in growth due to high base effects from national subsidies in 2026, but leading companies are projected to maintain stable performance [2] - The small appliance sector is anticipated to see continued improvement in average prices due to ongoing policy support, with significant growth potential in the robotic vacuum cleaner market [2] - The black appliance segment is expected to benefit from product upgrades leading to higher average prices and improved profitability, with overseas market share likely to continue increasing [2] - The two-wheeler market is projected to grow in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to gain market share, particularly in overseas markets [2] 2025 Annual Summary - The home appliance sector underperformed overall, with an 8.1% increase from January 1 to November 28, 2025, ranking 27th among all industries and lagging behind the CSI 300 index by 10.4 percentage points [17] - The appliance components sector outperformed with a 64.7% increase, while white goods and kitchen appliances saw declines of 1.1% and 0.7%, respectively [17] - Domestic retail sales of home appliances showed a cumulative year-on-year increase of 20.1% from January to October 2025, but growth slowed in September and October due to high base effects [35] 2026 Outlook - Domestic sales are expected to slow down due to high base effects from the previous year's subsidy policies, but leading companies are likely to outperform the industry due to their channel and brand advantages [53] - Export performance is anticipated to remain stable despite short-term concerns over tariffs, as many companies have adapted their overseas production strategies since 2018-2019 [56] - The report emphasizes the importance of monitoring policy changes that could impact both domestic and international sales in 2026 [56] Investment Recommendations - The report recommends investing in leading companies in the white goods sector such as Midea Group and Haier Smart Home, which are expected to deliver stable returns and high dividends [7] - For the black appliance segment, companies like Hisense and TCL are highlighted as beneficiaries of global market share growth and product upgrades [7] - The report also suggests considering companies like Ninebot and Roborock, which are positioned for share gains and category expansion [7]