Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by over 10% [5][48]. Core Insights - Nvidia's FY2026 Q3 revenue reached $57.006 billion, showing a year-on-year growth of 62% and a quarter-on-quarter increase of 22%, driven by strong demand in AI and data center infrastructure [11][24]. - Google's release of the Gemini 3.0 series marks a shift towards deep reasoning and agent capabilities, outperforming previous models in various reasoning tasks [13][16]. - The cable export data for October 2025 shows a 26.14% month-on-month increase, reflecting sustained industry vitality, particularly in regions like Jiangsu and Shanghai [24][25]. Summary by Sections Industry News Tracking - Nvidia's Q3 revenue growth of 22% and strong performance in data centers, with expectations for continued growth into FY2026 [11][24]. - Google's Gemini 3.0 series introduces advanced reasoning capabilities, outperforming competitors in key benchmarks [13][16]. - October 2025 cable exports to the U.S. show significant growth, indicating a robust market environment [24][25]. Market Performance Review - The communication sector index decreased by 2.51%, while the broader market (CSI 300) fell by 3.77%, resulting in a relative outperformance of 1.26% [36][39]. - Specific segments such as optical devices and operators showed varying performance, with optical devices leading in gains [39][42]. Investment Recommendations - Continued focus on AI computing infrastructure is advised, with recommendations for companies involved in optical devices, communication equipment, and liquid cooling technologies [45]. - Long-term investment in major telecom operators is suggested due to their stable operations and increasing dividend payouts [45].

证券研究报告 | 2025年11月23日 港股市场速览 优于大市 全球流动性压力下，各风格与行业承压 股价表现：全风格与行业承压 本周，恒生指数-5.1%，恒生综指-5.4%。风格方面，大盘（恒生大型股-5.2%） ＞中盘（恒生中型股-6.0%）＞小盘（恒生小型股-6.1%）。 主要概念指数均显著回调。下跌幅度较大的是恒生汽车（-9.6%）。 国信海外选股策略均显著回调。下跌幅度较大的是 ROE 策略进攻型（-7.2%）。 全部 30 个行业下跌。下跌幅度较大的主要有：电力设备及新能源（-11.6%）、 钢铁（-10.0%）、有色金属（-8.9%）、汽车（-8.7%）、电子（-8.3%）。 估值水平：多数行业同步回落 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）-4.8%至 11.6x； 恒生综指估值-5.0%至 11.5x。 主要概念指数估值全部回撤。估值下降幅度较大的是恒生汽车（-9.2%至 13.1x）。 国信海外选股策略估值全部下降。估值下降幅度较大的是 ROE 策略进攻型 （-5.0%至 14.8x）。 1 个行业估值上升，29 个行业估值下降。估值上升的主要有：基础化工 （+8.3% ...

Investment Rating - The report maintains a "Weaker than Market" investment rating for the U.S. stock market [4] Core Views - The report indicates that most industries are under pressure, but earnings forecasts are improving [4] - The S&P 500 index experienced a decline of 1.9%, while the Nasdaq fell by 2.7% [1] - There is a notable divergence in performance among sectors, with media and entertainment, pharmaceuticals, and consumer goods showing positive trends, while software and services, semiconductors, and retail sectors faced significant declines [1][2] Summary by Sections 2.1 Investment Returns - The energy sector saw a decline of 3.1% this week, while the healthcare sector increased by 1.9% [14] - The media and entertainment sector outperformed with a return of 3.7% [14] - The overall performance of the S&P 500 components was down by 1.7% [14] 2.2 Fund Flows - The estimated net fund flow for the S&P 500 was -15.403 billion USD this week, indicating significant outflows [16] - The media and entertainment sector had a net inflow of 0.896 billion USD, while the semiconductor sector faced a substantial outflow of -7.798 billion USD [16][2] 2.3 Earnings Forecasts - The earnings per share (EPS) forecast for the S&P 500 components was adjusted upward by 0.9% this week, following a 0.3% increase the previous week [3] - The semiconductor sector saw a notable EPS increase of 6.2%, while the retail sector's forecast was downgraded by 0.4% [3][17] 2.4 Valuation Levels - The report does not provide specific valuation levels but indicates a general trend of improving earnings forecasts across various sectors [19]

Economic Outlook - The goal for GDP per capita by 2035 is set at $29,000, necessitating a shift in China's economic logic from solely pursuing GDP growth to a new paradigm focusing on productivity enhancement, moderate inflation, and currency appreciation[1] - The new growth paradigm emphasizes the importance of nominal GDP growth and inflation levels, which directly impacts corporate profitability and capital returns[1] Market Dynamics - The equity market is positioned for a systematic revaluation, supported by three main factors: profit foundation, valuation environment, and relative returns[1] - The expectation of RMB appreciation is a significant driver for valuation improvements, enhancing the attractiveness of RMB assets and drawing global capital to Chinese assets[2] Asset Allocation Trends - There is a notable shift in asset preference from real estate and bonds to equities, driven by the changing yield characteristics of various asset classes in a moderate inflation environment[2] - Bonds, while still a stabilizing component, are expected to see diminishing capital gains potential, while real estate is facing downward pressure due to income and price expectations[2] Consumption and Production Insights - Recent data indicates a recovery in consumption, with metro passenger flow increasing by 5.9% year-on-year and logistics delivery volume rising by 5.8%[12] - Production shows structural improvement, particularly in real estate-related sectors, with a narrowing decline in rebar production and a continued decrease in inventory levels[14] Trade and External Factors - Port cargo throughput has decreased to 266 million tons, reflecting a structural adjustment in external demand, while the export container freight index has risen to 1094.03 points[25] - Geopolitical tensions, particularly with Japan, have introduced new uncertainties into the external trade environment, impacting market sentiment[25] Fiscal and Monetary Policy - The broad deficit for the week ending November 23 reached 204.3 billion, with a cumulative total of 11.2 trillion, indicating a slower pace compared to the previous year[35] - The monetary market remains in a loose state, with indicators suggesting continued low interest rates and a high willingness to leverage in the bond market[44]

Investment Rating - The report assigns an "Outperform" rating for the company [2][7]. Core Insights - The company is a leading enterprise in the wind power main gearbox sector, benefiting from industry prosperity and high growth in performance [4][6]. - The company has established strong partnerships with major wind turbine manufacturers, ensuring stable sales and operational stability [14][16]. - The wind power industry is expected to continue its growth, which will drive stable growth in the gearbox sector, with a projected global market size of $11.563 billion by 2030, growing at a CAGR of 5.10% from 2024 to 2030 [4][42]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of high-speed heavy-duty precision gear transmission products, particularly wind power main gearboxes [3][6]. - The company was founded in 2017 and has rapidly grown to become one of the top three global suppliers of wind power main gearboxes [6][49]. Market Position - The company maintains a leading market share in the wind power main gearbox sector, with a global market share of 10.36% and a domestic market share of 16.22% as of 2024 [51]. - The company has established a diverse customer base, including major players like Goldwind Technology and Envision Energy, which helps mitigate risks associated with reliance on a few clients [5][16]. Financial Performance - The company expects significant growth in net profit from 2025 to 2027, with projected figures of 8.27 billion, 10.66 billion, and 13.28 billion yuan, representing year-on-year growth rates of 55.0%, 28.9%, and 24.5% respectively [5][76]. - The company has a robust order backlog, with nearly 2,800 units on hand by May 2025, valued at approximately 30.37 billion yuan, indicating strong future revenue potential [16][17]. Production Capacity and Expansion - The company is expanding its production capacity with projects aimed at producing 1,000 units of 8MW and above land-based wind power gearboxes and 800 units of offshore wind power gearboxes [3][18]. - The company’s production capacity reached 3,096 units by the end of 2024, with a utilization rate of 86% [17][18]. Product Range and Technology - The company offers a full range of wind power gearbox products, catering to both direct-drive and doubly-fed wind turbine technologies, with power ratings from 1.5MW to 22MW [18][19]. - The company’s gearboxes are designed with high safety factors and operational efficiency, exceeding industry standards [49][50]. Industry Outlook - The wind power industry is expected to experience robust growth driven by global carbon neutrality goals, with significant increases in installed capacity anticipated in both onshore and offshore segments [28][34]. - The domestic wind power gearbox market is projected to grow at a CAGR of 7.46% from 2024 to 2030, reaching a market size of 32.4 billion yuan by 2030 [42].

Content: --------- <doc id='1'>金融工程日报 A 股单边下行，AI 应用逆势走强、锂电池产业链全线下挫</doc> <doc id='2'>核心观点 金融工程日报 市场表现：20251121 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中上证综指表现较好，风格指数中沪深 300 价值指数表现较好。行业 指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好，综 合、有色金属、基础化工、通信、电子行业表现较差。中船系、水产、小红 书平台、拼多多合作商、短剧游戏等概念表现较好，锂矿、锂电正极、锂电 隔膜、盐湖提锂、锂电电解液等概念表现较差。 市场情绪：20251121 收盘时有 33 只股票涨停，有 107 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-0.55%，昨日 跌停股票今日收盘收益为-5.58%。今日封板率 61%，较前日提升 10%，连板 率 24%，较前日下降 0%。 市场资金流向：截至 20251120 两融余额为 24917 亿元，其中融资余额 24744 亿元，融券余额 173 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.1%。</doc> <doc id='3'>折溢价：20251120 当日 ETF 溢价较多的是创科技 ETF，ETF 折价较多的是芯 片 ETF 景顺。近半年以来大宗交易日均成交金额达到 20 亿元，20251120 当 日大宗交易成交金额为 19 亿元，近半年以来平均折价率 6.36%，当日折价率 为 7.71%。近一年以来上证 50、沪深 300、中证 500、中证 1000 股指期货主 力合约的年化贴水率中位数分别为 0.48%、3.39%、10.86%、13.39%，当日上 证 50 股指期货主力合约年化贴水率为 4.00%，处于近一年来 29%分位点，当 日沪深 300 股指期货主力合约年化贴水率为 7.08%，处于近一年来 25%分位 点；当日中证 500 股指期货主力合约年化贴水率为 8.69%，处于近一年来 69% 分位点；当日中证 1000 股指期货主力合约年化贴水率为 8.76%，处于近一年 来 80%分位点。</doc> <doc id='4'>机构关注与龙虎榜：近一周内调研机构较多的股票是九号公司-WD、蓝思科 技、泰恩康、中航重机、沃尔德、超颖电子、宏昌科技、斯菱股份等，九号 公司-WD 被 179 家机构调研。20251121 披露龙虎榜数据中，机构专用席位净 流入前十的股票是天华新能、易点天下、安妮股份、久其软件、榕基软件、 古麒绒材、江龙船艇、荃银高科、华瓷股份、神农种业等，机构专用席位净 流出前十的股票是西藏城投、视觉中国、浪潮软件、德力佳、禾信仪器、中 水渔业、梦天家居、亚通精工、南侨食品、北方长龙等。陆股通净流入前十 的股票是天华新能、江龙船艇、英利汽车、国风新材、久其软件、久之洋、 荃银高科、西藏城投、南侨食品等，陆股通净流出前十的股票是华胜天成、 视觉中国、方大炭素、诺德股份、浪潮软件、易点天下、禾信仪器等。 风险提示：市场环境变动风险；本报告基于历史客观数据统计，不构成投资 建议。</doc> <doc id='5'> | 金融工程·数量化投资 | | | --- | --- | | 证券分析师：张欣慰 | 联系人：李子靖 | | 021-60933159 | 021-60875177 | 021-60933159 021-60875177 zhangxinwei1@guosen.com.cn lizijing1@guosen.com.cn S0980520060001 相关研究报告 《金融工程日报-A 股高开低走，封板率创近一个月新低》 —— 2025-11-20 《金融工程日报-沪指震荡收红，水产股集体大涨、黄金股午后 拉升》 ——2025-11-19 《金融工程日报-沪指震荡走低，锂电产业链回调、互联网电商 概念逆势走强》 ——2025-11-18 《金融工程日报-沪指震荡下跌，锂矿题材逆势爆发》 —— 2025-11-17 《金融工程日报-沪指冲高回落，算力、半导体产业链领跌》 — —2025-11-14</doc> <doc id='6'>市场表现 宽基与风格指数表现 今日(20251121，下同) 市场全线下跌，规模指数中，上证 50 指数表现较好，上 证 50 指数下跌 1.74%，沪深 300 指数下跌 2.44%，中证 500 指数下跌 3.46%，中 证 1000 指数下跌 3.72%，中证 2000 指数下跌 3.99%。 板块指数中，上证综指表现较好，上证综指下跌 2.45%，深证综指下跌 3.43%，中 小 100 指数下跌 3.25%，创业板指下跌 4.02%，科创 50 指数下跌 3.19%，科创 100 指数下跌 4.04%，北证 50 指数下跌 4.71%。 风格指数中，沪深 300 价值指数表现较好，沪深 300 价值指数下跌 1.70%，沪深 300 成长指数下跌 2.47%，中证 500 价值指数下跌 3.30%，中证 500 成长指数下跌 3.16%。主要宽基、板块及风格指数今日表现如下图所示。</doc> <doc id='7'>图1：今日宽基、板块与风格指数表现 行业指数表现 今日行业指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好， 收益分别为-0.27%、-0.50%、-0.89%、-1.00%、-1.58%，综合、有色金属、基础 化工、通信、电子行业表现较差，收益分别为-5.41%、-5.30%、-5.26%、-4.59%、 -4.41%，中信一级行业指数今日表现如下图所示。</doc> <doc id='8'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='9'>图2：今日中信一级行业指数表现 概念主题表现 今日中船系、水产、小红书平台、拼多多合作商、短剧游戏等概念表现较好，收 益分别为 3.51%、0.65%、0.47%、0.42%、0.22%，锂矿、锂电正极、锂电隔膜、 盐湖提锂、锂电电解液等概念表现较差，收益分别为-9.67%、-8.66%、-8.18%、 -8.08%、-7.99%，今日收益较高与较低的前十个概念指数表现如下图所示。</doc> <doc id='10'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='11'>图3：今日收益较高与较低的前十个概念指数 资料来源：Wind，国信证券经济研究所整理</doc> <doc id='12'>市场情绪 日内涨跌停家数 我们统计上市满 3 个月以上的股票在今日盘中的实时涨跌停家数情况。今日盘中 最高有 33 只股票

Core Insights - The report highlights the performance tracking of Guosen Securities' active quantitative strategies, indicating a significant adjustment in small-cap growth stocks, with the Growth Steady Portfolio achieving a year-to-date return of 48.45% [1][2][3] Performance Overview - The Excellent Fund Performance Enhancement Portfolio recorded an absolute return of -5.06% this week and 18.71% year-to-date, ranking in the 59.18th percentile among active equity funds [1][24] - The Exceeding Expectations Selected Portfolio had an absolute return of -5.67% this week and 33.39% year-to-date, ranking in the 26.72nd percentile among active equity funds [1][32] - The Broker Golden Stock Performance Enhancement Portfolio achieved an absolute return of -4.15% this week and 27.25% year-to-date, ranking in the 38.69th percentile among active equity funds [1][39] - The Growth Steady Portfolio saw an absolute return of -7.33% this week and 43.06% year-to-date, ranking in the 13.84th percentile among active equity funds [2][44] Strategy Summaries - The Excellent Fund Performance Enhancement Portfolio is constructed by benchmarking against active equity funds rather than broad indices, utilizing quantitative methods to select superior holdings [3][19] - The Exceeding Expectations Selected Portfolio is built by screening stocks based on exceeding expectations and analyst profit upgrades, focusing on both fundamental and technical criteria [4][25] - The Broker Golden Stock Performance Enhancement Portfolio is based on a selection of stocks from the broker's golden stock pool, optimized to minimize deviation from the benchmark [5][61] - The Growth Steady Portfolio employs a two-dimensional evaluation system for growth stocks, prioritizing those closer to earnings report dates and using multi-factor scoring for selection [6][40]

Core Insights - The report tracks the performance of various active quantitative strategies, highlighting the significant adjustments in small-cap growth stocks and the robust performance of the growth steady combination, which has increased by 48.45% year-to-date [1][2][14]. Group 1: Performance Overview - The excellent fund performance enhancement combination recorded an absolute return of -5.06% this week and 18.71% year-to-date, ranking in the 59.18th percentile among active equity funds [1][23]. - The super expectation selection combination had an absolute return of -5.67% this week and 33.39% year-to-date, ranking in the 26.72nd percentile among active equity funds [1][31]. - The broker's golden stock performance enhancement combination achieved an absolute return of -4.15% this week and 27.25% year-to-date, ranking in the 38.69th percentile among active equity funds [1][38]. - The growth steady combination saw an absolute return of -7.33% this week and 43.06% year-to-date, ranking in the 13.84th percentile among active equity funds [2][43]. Group 2: Strategy Descriptions - The excellent fund performance enhancement combination aims to outperform the median return of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [3][19]. - The super expectation selection combination focuses on stocks that have exceeded expectations, selecting based on both fundamental and technical criteria to build a portfolio of stocks with strong support [4][24]. - The broker's golden stock performance enhancement combination is constructed using a selection from the broker's golden stock pool, optimizing the combination to minimize deviation from the benchmark [5][32]. - The growth steady combination employs a two-dimensional evaluation system for growth stocks, prioritizing stocks close to their earnings report dates to capture excess returns effectively [6][39].

核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益-7.53%，相对恒生指数超额收益-2.44%。 本年，港股精选组合绝对收益 56.87%，相对恒生指数超额收益 31.15%。 港股市场创新高热点板块跟踪 证券研究报告 | 2025年11月22日 港股投资周报 医药科技板块大跌，港股精选组合年内上涨 56.87% 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，中国东方航空股份等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为消费、制造、医 药、大金融和科技板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周港股通 50 指数收益最高，累计收益-4.80%；恒生科技 指数收益最低，累计收益-7.18%。 行业指数方面，本周电讯业行业收益最高，累计收益-1.58%；原材料业行业 收益最低，累计收益-8.65%。 概念板块方面，本周安防监控概念板块收益最高，累计收益 1.43%；钢铁概 念板块收益最低，累计收益-14.53%。 南向资金监控 ...

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results