2025 年 11 月 10 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘熹 S0350523040001 | | | | liux10@ghzq.com.cn | | 联系人 | ： | 朱谞晟 S0350125070003 | liux10@ghzq.com.cn zhuxs@ghzq.com.cn [Table_Title] AI 赋能+渠道扩张动能增强，前三季度营收同比 增长 32.81% | 市场数据 | 2025/11/07 | | --- | --- | | 当前价格（元） | 97.63 | | 周价格区间（元） 52 | 49.18-116.91 | | 总市值（百万） | 8,927.24 | | 流通市值（百万） | 8,927.24 | | 总股本（万股） | 9,143.95 | | 流通股本（万股） | 9,143.95 | | 日均成交额（百万） | 692.69 | | 近一月换手（%） | 0.00 | 投资要点: 营收稳步增长，核心产品续费率超 90% 2025 年前三季度，公司营收 6 ...

证券分析师： 王春宸 S0350525080002 ——新东方-S（09901）动态研究 2025 年 11 月 10 日 公司研究 评级：买入(维持) 证券分析师： 杨仁文 S0350521120001 [Table_Title] FY2026Q2 预计 K12 业务加速增长， 回购+分红回报股东 最近一年走势 投资要点: FY2026Q1 海外业务承压、收入增速放缓，成本优化下 OPM 提升 1.1pct，公司拟将 4.9 亿美元用户回馈股东 收入端，公司 FY2026Q1 实现营业收入 15.2 亿美元，yoy+6.1%， 超出此前指引上限 1%。分业务来看，出国考试准备和出国咨询业务 yoy+1%/+2%; 成人及大学生国内考试业务 yoy+14.4%；教育新业务 yoy+15.3%，海外业务放缓压力下收入增长降速。 利 润 端 ， 公 司 FY2026Q1 Non-GAAP 经 营 利 润 3.4 亿 美 元 ， yoy+11.8%，Non-GAAP 经营利润率 22%，yoy+1.1pct，受益于成 本优化、运营效率提升。FY2026Q1 实现归母净利润 2.4 亿元， yoy-1.9%，Non- ...

2025 年 11 月 10 日 固定收益专题研究 研究所： 证券分析师： 颜子琦 S0350525090002 yanzq@ghzq.com.cn 证券分析师： 洪子彦 S0350525100001 hongzy@ghzq.com.cn [Table_Title] 基金拉久期的背后 固定收益专题研究 最近一年走势 相关报告 《固定收益点评：美元流动性危机来了吗？*颜子 琦，洪子彦》——2025-11-05 洪子彦》——2025-11-02 《债券研究周报：同业存单已到配置时机*颜子琦， 洪子彦》——2025-10-26 《债券研究周报：近期谁在买 30 年国债？*颜子琦， 洪子彦》——2025-10-19 《债券研究周报：多少固收买卖方看多这波债市行 情？*颜子琦，洪子彦》——2025-10-14 本篇报告解决了以下核心问题：1、近期债券市场行情复盘；2、近期机 构行为变化；3、后续债市行情展望。 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 近期债基久期有所拉升。从我们统计的中长期债基久期来看，11 月 7 日中位数（含杠杆）较 11 月 3 日上升 0.14 年，较此前明显拉升。 《债券研究 ...

2025 年 11 月 10 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 191 期 观点精粹: 最新报告摘要 摊余债基迎来开放潮，哪些信用将受益？--固定收益专题研究 2025Q3 营收达此前指引高端，Non-GAAP 经营利润实现扭亏--华米科技/海外(ZEPP/2180) 点评报告（港股 美股） 2025Q3 收入增速放缓，盈利拐点趋势确立--经纬恒润/软件开发(688326/217104) 科创板公司动态研究 智能终端+汽车双轮驱动，AI 视觉开启增量空间--虹软科技/IT 服务Ⅱ(688088/217103) 科创板公司动态研究 2025Q3 毛利转正，新款享界 S9 即将上市--北汽蓝谷/乘用车(600733/212805) 公司动态研究 铸件盈利能力持续提升，齿轮箱滑轴放量在望--金雷股份/风电设备(300443/216306) 公司动态研究 特斯拉 Optimus V3 版本将于 2026 年量产，小鹏新一代人形机器人 IRON 亮相--行业周报 牛市中岁末还会出现风格切 ...

2025 年 11 月 08 日 策略周报 研究所： 证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn [Table_Title] 牛市中岁末还会出现风格切换吗 最近一年走势 相关报告 《策略周报：《"十五五"规划建议》落地后市场 如何演绎？*赵阳》——2025-11-02 《策略研究框架的时代底色：极致的轮动与绝对的 低波*赵阳》——2025-10-25 《AH 溢价跌破位，港股在交易什么？——策略专 题报告*胡国鹏，袁野，袁稻雨》——2025-10-12 《投资黄金如何增强收益——策略周报*陈艺鑫， 胡国鹏》——2025-09-28 《更进一步——2025 年四季度策略*袁稻雨，胡国 鹏》——2025-09-17 本篇报告主要内容：1、回顾历史，哪些情况下"11 月偏主题、12 月基 金重仓股回暖"日历效应会逆转；2、前期的主线风格在岁末年初是否会 切换；3、回到当下，我们可以关注哪些方向和行业。 核心要点: 风险提示：全球经济波动超预期；美国关税和货币等政策的不确定 国海证券研究所 请务必阅读正文后免责条款部分 1、我们在报告《极致的轮动与绝对的低波——策略研究框 ...

Investment Rating - The report maintains a "Recommended" rating for the humanoid robotics industry [1][13]. Core Insights - The humanoid robotics industry is expected to open up broader market opportunities beyond the automotive sector, driven by the trends of electrification and intelligence [13]. - The Tesla Optimus V3 version is set to be mass-produced in 2026, and Xiaopeng's new humanoid robot IRON has been unveiled, indicating ongoing product iterations and business collaborations in the sector [3][4][13]. - The industry is poised for significant investment opportunities as it transitions from "0 to 1" in the development of the humanoid robotics supply chain [13]. Summary by Sections Industry Dynamics - Elon Musk's $1 trillion compensation package was approved, with over 75% of shareholders voting in favor, highlighting investor confidence in Tesla's future, particularly in AI-driven robotics [3]. - Xiaopeng's IRON robot features a unique bionic design with 22 degrees of freedom, capable of performing complex tasks [4]. - ByteDance is actively recruiting for robotics algorithm experts, indicating a strong commitment to the humanoid robotics field [4]. Market Performance - The humanoid robotics sector is experiencing significant order growth, with UBTECH securing a contract worth 159 million yuan for its Walker S2 robot, contributing to over 800 million yuan in total orders for the year [5][8]. - The report notes that the electric equipment sector has outperformed the CSI 300 index over various time frames, indicating a robust market environment [6]. Strategic Collaborations - Lens Technology and Yujian Robotics have entered a strategic partnership, with Lens planning to purchase 1,000 collaborative robots from Yujian, enhancing production efficiency through automation [8]. - The release of the Rover X1 by Yujian marks a significant advancement in household intelligent robots, combining deep AI with practical functionalities [9]. Investment Focus - The report suggests focusing on companies with core component expertise and active involvement in humanoid robotics, including Sanhua Intelligent Controls, Top Group, and others [13].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The report highlights the emergence of AI embodied intelligence as a key development for the company, indicating that its valuation is expected to be reshaped [1][4] - The company has launched its second-generation VLA model, which can be applied across various vehicle types, enhancing its capabilities significantly [4][5] - The company is entering a new cycle with its "one car, dual energy" strategy and plans to expand internationally with new models [4][5] Financial Performance - The company is projected to achieve revenues of 770.24 billion, 1068.77 billion, and 1296.31 billion for the years 2025 to 2027, with year-on-year growth rates of 88.5%, 38.8%, and 21.3% respectively [6][8] - Non-GAAP net profits are expected to be -7.64 billion, 19.62 billion, and 45.15 billion for the same period [6][8] - The target price is set at 111 HKD, with a projected market capitalization of 211.1 billion HKD based on a 1.8x price-to-sales ratio for 2026 [6] Market Position and Developments - The company has made significant advancements in its technology partnerships, particularly with Volkswagen, which is expected to enhance revenue growth and profitability [5] - The company plans to introduce three Robotaxi models by 2026, utilizing a pure vision solution for autonomous driving [5][6] - The introduction of the new IRON humanoid robot is anticipated to capture a significant market share in the robotics sector by leveraging the company's automotive experience [6]

Group 1: Meinian Health / Medical Services - The company achieved a revenue of 6.925 billion yuan in the first three quarters of 2025, a decrease of 3% year-on-year, while the net profit attributable to shareholders was 52 million yuan, an increase of 111% [3] - In Q3 2025, the company reported a revenue of 2.816 billion yuan, down 4% year-on-year, with a net profit of 273 million yuan, up 14% [3] - The revenue generated from AI technology amounted to 250 million yuan, reflecting a growth of 71% [3] - The company has implemented cost reduction and efficiency improvement measures, as evidenced by a 0.63 percentage point increase in gross margin to 46.06% in Q3 2025 [4] Group 2: BYD / Passenger Vehicles - In Q3 2025, BYD reported a revenue of 194.985 billion yuan, a decrease of 3.05% year-on-year, while the net profit attributable to shareholders was 7.823 billion yuan, down 32.60% [6][7] - The automotive business gross margin was 20.6%, reflecting a 1.9 percentage point increase quarter-on-quarter [7] - The company sold 1.1142 million vehicles in Q3 2025, a decrease of 1.8% year-on-year, but showed improvements in single-vehicle profitability [7][8] - BYD is accelerating its global expansion, entering new markets such as Argentina and Cambodia, and has launched its high-level intelligent driving system [8] Group 3: SAIC Motor Corporation / Passenger Vehicles - SAIC Motor reported a total revenue of 169.4 billion yuan in Q3 2025, an increase of 16.2% year-on-year, with a net profit of 2.08 billion yuan, up 644.9% [10][11] - The company sold 1.141 million vehicles in Q3 2025, with a gross margin of 9.0%, reflecting a 0.5 percentage point increase quarter-on-quarter [11][12] - The company has been adjusting its product structure to meet market demand, which has led to significant improvements in operational efficiency [12]

研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 胡惠民 S0350525030004 [Table_Title] 2025Q3 毛利率环比向上，扣非利润同比改善 最近一年走势 | 相对沪深 300 | 表现 | | 2025/11/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 上汽集团 | -7.1% | -11.3% | 20.4% | | 沪深 300 | -0.3% | 12.8% | 14.4% | | 市场数据 | | | 2025/11/05 | | 当前价格（元） | | | 15.90 | | 52 周价格区间（元） | | | 13.15-21.30 | | 总市值（百万） | | | 182,774.91 | | 流通市值（百万） | | | 182,774.91 | | 总股本（万股） | | | 1,149,527.75 | | 流通股本（万股） | | | 1,149,527.75 | 相关报告 事件: 2025 年 11 月 06 日 公司研究 评级：买入( ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown improvement in profitability, with a revenue growth of 71% attributed to the integration of AI technology [2][6] - In the first three quarters of 2025, the company achieved a revenue of 6.925 billion yuan (down 3% year-on-year) and a net profit attributable to shareholders of 52 million yuan (up 111%) [6] - The third quarter of 2025 saw a revenue of 2.816 billion yuan (down 4% year-on-year) and a net profit of 273 million yuan (up 14%), with a gross margin of 46.06% (up 0.63 percentage points) [6] - The company is committed to an "All-in AI" strategy, focusing on cost reduction and efficiency improvements, with the "Smart Main Inspection System" launched in 217 health examination centers [6][8] - The company has introduced innovative business lines, including weight loss clinics and AI health management services, which are becoming new growth points [6] Financial Projections - Revenue projections for 2025-2027 are 10.4 billion yuan, 11.4 billion yuan, and 12.6 billion yuan, with year-on-year changes of -3%, +9%, and +11% respectively [6][8] - Net profit projections for the same period are 400 million yuan, 820 million yuan, and 1.25 billion yuan, with year-on-year growth rates of 42%, 105%, and 52% respectively [6][8] - The price-to-earnings (P/E) ratios are projected to be 54 times, 27 times, and 17 times for 2025, 2026, and 2027 respectively [6][8]