Core Insights - The report highlights the upcoming IPOs of two companies, 纳芯微 and 卓越睿新, scheduled for November 28, 2025 [2] - The report provides an overview of significant economic indicators, including the performance of major stock indices and commodity prices [4] Economic Data - The Baltic Dry Index closed at 2401.00, reflecting a 3.98% increase, while the Nasdaq Index closed at 23214.69, up by 0.82% [4] - The price of ICE Brent crude oil was reported at $63.39, with a slight increase of 0.41%, and the London gold spot price was $4156.88, showing a minor decrease of 0.14% [4] - The exchange rate for USD to RMB (CFETS) was 7.08, with a marginal increase of 0.01% [4] - The Hang Seng Index closed at 25945.93, with a slight increase of 0.07%, while the Hang Seng Technology Index decreased by 0.36% to 5598.05 [4] - The Shanghai Composite Index closed at 3875.26, reflecting a 0.29% increase, while the Shenzhen Composite Index decreased by 0.11% to 2430.54 [4]

Investment Rating - The report suggests a cautious subscription for Tianyu Semiconductor (2658.HK) [4] Core Insights - The company focuses on the manufacturing of self-produced silicon carbide (SiC) wafers, which are essential raw materials for power semiconductor devices. Compared to traditional semiconductor materials like silicon, SiC offers significant performance advantages, making it suitable for high-voltage, high-temperature, and high-frequency environments [2] - According to Frost & Sullivan, the company ranks as the third-largest SiC wafer manufacturer in China, with a market share of 6.7% by revenue and 7.8% by volume as of 2024 [2] - The global market for SiC power semiconductor devices is projected to grow significantly, from USD 600 million in 2020 to USD 3.2 billion in 2024, representing a compound annual growth rate (CAGR) of 49.8%. The market is expected to reach USD 15.8 billion by 2029, with a CAGR of 40.5% from 2025 to 2029 [3] Summary by Sections IPO Details - The IPO price is set at HKD 58 per share, with a total fundraising amount of HKD 1.6711 billion. The total number of shares offered is approximately 3,007,050 shares, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - The company's revenues for 2022, 2023, and 2024 were RMB 436.86 million, RMB 1,171.21 million, and RMB 519.62 million, respectively. The net profits for the same years were RMB 6.95 million, RMB 101.44 million, and RMB -492.45 million, indicating a decline in 2024 primarily due to reduced market prices and overseas sales of SiC wafers [3] Market Position - The company has an annual production capacity of approximately 420,000 6-inch and 8-inch wafers, making it one of the largest producers in China for these sizes [2] - The presence of Huawei's Hubble Technology as an investor is expected to provide significant growth opportunities for the company in the medium to long term [4]

Core Insights - The report highlights the consensus reached between the US and Ukraine on key terms of the Russia-Ukraine peace agreement [4] - It notes a significant call from Federal Reserve Governor Milan for substantial interest rate cuts [4] - The report indicates that the US Producer Price Index (PPI) increased by 2.7% year-on-year in September, slightly up from the previous value of 2.6% [4] - It mentions that the negotiation on drug prices in the US healthcare system has resulted in substantial price reductions for 15 popular medications, including weight loss drugs [4] - The report discusses the competitive challenge faced by Nvidia in the chip market [4] - It states that China's total foreign direct investment grew by 6.2% from January to October [4] - The report notes a 15.6% year-on-year increase in the national electricity market transaction volume in October [4] - It mentions Singapore's national AI plan shifting focus from Meta's model to Alibaba's Qianwen [4] - The report highlights significant layoffs at Tesla, with 90% of the worst-hit department being cut [4] - Alibaba's revenue for the second quarter reached 247.8 billion yuan, with potential plans to increase AI investments [4] Economic Data - The Baltic Dry Index closed at 2295.00, up by 0.88% [5] - The Nasdaq Index closed at 23025.59, increasing by 0.67% [5] - The CME Bitcoin futures price was reported at 87050.00, down by 2.38% [5] - The Dow Jones Industrial Average closed at 47112.45, rising by 1.43% [5] - The ICE Brent crude oil price was at 62.64, decreasing by 1.15% [5] - The London gold spot price was reported at 4131.89, down by 0.07% [5] - The US dollar to RMB exchange rate (CFETS) was 7.09, down by 0.17% [5] - The Hang Seng Index closed at 25894.55, up by 0.69% [5] - The Shanghai Composite Index closed at 3870.02, increasing by 0.87% [5]

【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 2025 年 11 月 21 日星期五 【实时热点】 证 券 研 究 报 告 美国 9 月非农就业人数增加 11.9 万人，大超预期 利率市场仍定价美联储 12 月不降息 特朗普拟推出"创世使命"计划，推进美国 AI 领域发展 欧盟改革泛欧个人养老金计划 应对人口老龄化危机 两部门发布《新能源汽车政府采购需求标准（征求意见 稿）》 磷酸铁锂行业推进反内卷 广东：到 2027 年人工智能核心产业规模超过 4400 亿元 谷歌推出新一代 AI 图像生成器 Nano Banana Pro 小米集团 11 月 20 日斥资超 5 亿港元回购股份 网易第三季度净收入 284 亿元，同比增长 8.2% 2 年期美债收益率跌 5.25 个基点报 3.533% 5 年期美债收益率跌 5.76 个基点报 3.646% 10 年期美债收益率跌 4.83 个基点报 4.085% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | ...

2025 年 11 月 19 日星期三 【实时热点】 【美国债市】 1 证 券 研 究 报 告 请务必阅读免责条款 特朗普暗示确定下一任美联储主席人选 截至 11 月 1 日的四周，美国私营部门就业人数平均每周减 少 2500 人 工信部办公厅印发《高标准数字园区建设指南》，加快打造 一批高标准数字园区 中国 10 月不含在校生的 16-24 岁青年失业率回落至 17.3% 重庆：到 2030 年 人工智能终端产业规模达 3000 亿元以上 澳门明年继续向合资格永久性居民发 1 万澳门元 谷歌终极杀器 Gemini 3 重磅来袭 小米集团：Q3 经调整净利 113 亿元，同比增 80.9%，超预 期 百度 Q3 总营收 312 亿元：首次披露 AI 业务收入，增速 50%超预期 拼多多最新财报："千亿扶持"连续投入两个季度，Q3 净利润 环比下滑 2 年期美债收益率跌 2.93 个基点报 3.572% 5 年期美债收益率跌 4.02 个基点报 3.686% 10 年期美债收益率跌 2.52 个基点报 4.113% 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 【新 ...

周报 市场信心修复中，结构表现分化显著 互联网行业 2025-11-18 星期二 【行情回顾】 研究部 姓名：李承儒 SFC：BLN914 电话：0755-21519182 Email：licr@gyzq.com.hk 请务必阅读免责条款 上周（2025 年 11 月 10 日-2025 年 11 月 14 日），恒生指数周涨跌幅为 +1.62%，恒生科技指数周涨跌幅为-0.42%。美股方面，上周道指、标普 500、纳指周涨跌幅分别为+0.34%、+0.08%、-0.45%，纳斯达克互联网指 数周涨跌幅-0.99%，纳斯达克中国金龙指数周涨跌幅为-2.51%， 截至 2025 年 11 月 14 日，软件与服务板块 PE-TTM 为 26.4x；软件与服 务板块 PS-TTM 为 5.2x。 上周 WIND 一级行业中，资讯科技行业周涨跌幅为+0.21%。而二级行业 中，软件板块涨跌幅为+0.27%，媒体板块涨跌幅为-5.04 %。 中概股板块中，互联网电商、互联网金融、互联网云计算表现为下跌。 目前纳斯达克 100 指数动态 PE 估值约 35.8x 商汤空间智能大模型系列 SenseNova-SI 正式开 ...

Core Insights - The report highlights the recent trends in the U.S. bond market, indicating a slight increase in the 2-year Treasury yield by 0.63 basis points to 3.608% while the 10-year yield decreased by 0.78 basis points to 4.137% [5] - The report notes a 0.8% year-on-year increase in China's general public budget revenue from January to October, alongside a significant 88.1% increase in securities transaction stamp duty during the same period [4] - The automotive industry in China experienced a notable growth in exports, with October exports reaching 666,000 vehicles, marking a 22.9% year-on-year increase [4] Economic Data Summary - The Baltic Dry Index closed at 2125.00, reflecting a 2.31% increase, while major U.S. indices such as the Nasdaq and Dow Jones saw declines of 0.84% and 1.18% respectively [6] - The ICE Brent crude oil price was reported at $64.03, down by 0.56%, and the London gold spot price was $4044.51, decreasing by 0.92% [6] - The exchange rate for the U.S. dollar against the Chinese yuan (CFETS) was 7.10, showing a slight increase of 0.06% [6] Market Performance - The Hang Seng Index closed at 26384.28, down by 0.71%, while the Hang Seng Tech Index fell by 0.96% [6] - The Shanghai Composite Index ended at 3972.03, reflecting a decrease of 0.46%, and the Shenzhen Composite Index remained relatively stable with a slight increase of 0.01% [6]

Group 1: IPO Details - The IPO is scheduled for November 24, 2025, with a suggested subscription date of November 14, 2025[1] - The offering price ranges from HKD 10.18 to HKD 10.99, with a midpoint of HKD 10.58[1] - The total fundraising amount is estimated at HKD 51.13 billion, net of underwriting fees and estimated global offering expenses[1] - The total number of shares offered is 500 million, subject to adjustments based on the exercise of the over-allotment option[1] Group 2: Company Overview - The company focuses on the electrolytic aluminum business, specifically alumina refining and electrolytic aluminum smelting[2] - It ranks as the 12th largest electrolytic aluminum producer in China, with a significant production base in Inner Mongolia[2] Group 3: Market Trends - The domestic electrolytic aluminum market is in a tight supply-demand balance, with prices expected to rise gradually until 2029[3] - Key growth drivers include energy transition, vehicle electrification, and lightweighting, particularly in China[3] Group 4: Cost Efficiency - The company has achieved a high self-sufficiency rate in electricity supply, with rates of approximately 81%, 81%, 88%, 84%, and 87% from 2022 to May 2025, exceeding the market average of 57% in 2024[4] - The average electricity cost for producing one ton of electrolytic aluminum is significantly lower than the industry average, with costs of RMB 5,439, RMB 5,266, and RMB 4,786 for 2022, 2023, and 2024 respectively[6] Group 5: Financial Performance - The company has shown rapid net profit growth, with net profits of RMB 912.9 million, RMB 1,080.6 million, and RMB 2,629.5 million from 2022 to 2024, reflecting a compound annual growth rate of 69.7%[7] - The projected earnings per share (EPS) for 2024 is estimated at HKD 1.44, leading to a price-to-earnings (PE) ratio of approximately 7.35X, indicating a valuation advantage compared to peers[8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.91 per share, indicating a potential upside of 22.8% from the current price of HKD 2.37 [6][22]. Core Insights - The company's main business showed steady growth in H1 2025, with a revenue increase of 9.2% year-on-year, reaching approximately RMB 4,658.1 million. The gross profit rose by 10.4% to RMB 799.8 million, and the profit attributable to shareholders surged by 53.8% to RMB 416.0 million [3][9]. - The clean energy equipment segment experienced significant growth, with revenues of RMB 3,738.2 million, accounting for 80.3% of total revenue, and a remarkable profit increase of 241.1% [3][12]. - The company has been included in the MSCI Global Small Cap Index, which is expected to enhance liquidity and attract more institutional investment [5][19]. Summary by Sections Financial Performance - In H1 2025, the clean energy equipment segment's revenue was RMB 3,738.2 million, up 11.3% year-on-year, with a profit of RMB 152.8 million, reflecting a 241.1% increase [3][12]. - The high-end intelligent manufacturing segment reported revenues of RMB 880.9 million, a slight increase of 1.1%, but faced a loss of RMB 37.7 million due to challenges in the PTG business and trade frictions [12][13]. - The industrial services segment saw a revenue decline of 8.3%, with a profit drop of 52.0% [12]. Business Growth Drivers - The demand for large-capacity engines remains strong, supported by AIDC initiatives, with sales increasing by 8% in H1 2025 [4][14]. - The company’s investment in Chongqing Hitachi Energy, which is a major transformer manufacturing base, yielded a profit of RMB 47.2 million, up 156.6% year-on-year, driven by infrastructure investments in emerging markets and AI-related projects [17][18]. - The company is expected to benefit from the ongoing Yajiang Hydropower Station project, which will create demand for its hydropower, large-capacity engines, and transmission equipment [18][19]. Future Projections - Revenue forecasts for FY2025 to FY2027 have been adjusted upwards to RMB 9,849.7 million (+10.43%), RMB 10,830.3 million (+9.95%), and RMB 11,912.6 million (+9.99%) respectively. Net profit projections are RMB 892 million (+106.8%), RMB 991.5 million (+11.16%), and RMB 1,135.4 million (+14.51%) [6][22]. - The report suggests a reasonable valuation based on an 11x PE ratio for 2025, supporting the target price of HKD 2.91 per share [6][22].

Core Insights - The report highlights a significant decrease in the U.S. private sector employment, with a reduction of 45,000 jobs in October [4] - The NFIB Small Business Optimism Index fell to 98.2, which is below expectations, indicating a decline in small business confidence [4] - The report notes that in October, sales of new energy vehicles in China surpassed 50% of total vehicle sales for the first time [4] - The third quarter saw a 17.8% year-on-year increase in shipments of foldable smartphones in China [4] - Hong Kong's IPO fundraising total exceeded HKD 240 billion this year, making it the leading global exchange for IPOs [4] - Tether, a major stablecoin issuer, is accelerating its entry into the physical gold market [4] - SoftBank has liquidated its holdings in Nvidia to increase investments in OpenAI [4] - Tesla is preparing to expand its Texas Gigafactory with plans to produce 10 million units of the Optimus humanoid robot annually [4] - During the Double Eleven shopping festival, JD.com achieved record sales, while Xiaomi's sales exceeded CNY 29 billion [4] Economic Data - The Baltic Dry Index closed at 2084.00, down 0.95% [5] - The Nasdaq Composite Index closed at 23468.30, down 0.25% [5] - The Dow Jones Industrial Average closed at 47927.96, up 1.18% [5] - The ICE Brent Crude Oil price was at 65.09, up 1.61% [5] - The London Gold Spot price was at 4125.48, up 0.24% [5] - The USD/CNY exchange rate (CFETS) was 7.12, up 0.04% [5] - The Hang Seng Index closed at 26696.41, up 0.18% [5] - The Shanghai Composite Index closed at 4002.76, down 0.39% [5]