Investment Rating - The report maintains an "Outperform" rating for the company, projecting significant revenue and profit growth over the next few years [3][7]. Core Insights - The company is expected to achieve revenues of RMB 95.2 billion, RMB 114.7 billion, and RMB 136.2 billion for the years 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of RMB 2.04 billion, RMB 2.71 billion, and RMB 3.36 billion during the same period [3][7]. - The quarterly revenue has shown acceleration, with a 24.96% year-on-year increase in 2025H1, reaching RMB 47.43 billion [3][7]. - The growth in the internet business is significant, with a 37.75% increase in revenue for New H3C in 2025H1, driven by strong demand in the internet sector [3][7]. Financial Summary - The total revenue for 2023 is projected at RMB 77.31 billion, with a growth rate of 4.4%. By 2027, revenue is expected to reach RMB 136.23 billion, reflecting an 18.8% growth rate [2][4]. - Net profit attributable to shareholders is forecasted to decline to RMB 2.10 billion in 2023, but is expected to recover to RMB 3.36 billion by 2027, with corresponding EPS increasing from RMB 0.74 to RMB 1.17 [2][4]. - The gross profit margin for 2025H1 was reported at 15.24%, a decrease of 3.80 percentage points year-on-year [3][7]. Business Segments - The domestic government and enterprise revenue for New H3C reached RMB 31.04 billion in 2025H1, a 53.55% increase, while international revenue grew by 60.25% to RMB 1.92 billion [3][7]. - The ICT infrastructure and services revenue was RMB 36.04 billion in 2025H1, with a gross profit margin of 18.06%, down 6.32 percentage points year-on-year [3][7]. Inventory and Liabilities - As of the end of 2025H1, inventory stood at RMB 43.84 billion, up 19.0% from the beginning of the year, while contractual liabilities increased by 9.7% to RMB 15.91 billion [3][7].

数据中心交换机继续翻倍增长，净利率重回高点 股票研究 / [2025. Table_Date] 10.12 2025-10-11 锐捷网络(301165) 电信运营 [Table_Industry] /信息技术 本报告导读： 25H1 数据中心交换机同比+110%，占收比已超过 50%，带动业绩加速增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 11,542 | 11,699 | 14,659 | 17,857 | 21,274 | | (+/-)% | 1.9% | 1.4% | 25.3% | 21.8% | 19.1% | | 净利润(归母) | 401 | 574 | 1,082 | 1,599 | 2,122 | | (+/-)% | -27.3% | 43.1% | 88.4% | 47.8% | 32.7% | | 每股净收益(元) | 0.50 | 0.72 | 1.36 | 2.01 | ...

研究报告 Research Report 12 Oct 2025 中国必需消费 & 可选消费 China (Overseas) Staples & Discretionary 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliance Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | | 评级 | | 泡泡玛特 | Outperform 现代牧业 | | | Outperform | | 安踏体育 | Outperform 澳优 | | | Outperform | | 百威亚太 | Neutral | 九毛九 | | Outperform | | 华住酒店集团有限 | Outperform | | | | | 公司 | | | | | | 华润啤酒 | Outperform | | | | | 海底捞 | Outperform | | | | | ...

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

[Table_Title] 研究报告 Research Report 12 Oct 2025 香港策略 Hong Kong Strategy 中美摩擦加剧下的阶段震荡：短期波动不改上行趋势 U.S.-China Tensions Fuel Phase Volatility, Uptrend Intact 周林泓 Amber Zhou 李加惠 Jiahui Li, CFA amber.lh.zhou@htisec.com jh.li@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 在中美的西班牙会谈前，本轮中美贸易摩擦已先行升级：美国BIS将23家中国实体纳入清单，中国则宣布对美国产模 拟芯片发起反倾销调查，美国推动扩大对俄罗斯能源制裁。随后举行的中美西班牙会谈总体进展尚可，TikTok谈判持 续推进。我们当时提出，尽管双方表态积极，但在核心议题上并未取得实质性突破，真正的关键进展或仍有待两国 元首会晤。因此，下一阶段的市场催化预计更多依赖于国内 ...

Core Insights - The retail demand during the Golden Week in 2025 exceeded expectations, with Chow Tai Fook, Lao Feng Xiang, and China Gold showing steady growth, while CHJ led with approximately 30% year-on-year growth, attributed to its innovative designs and marketing strategies [3][9] - The fixed-price product strategy is increasingly adopted across brands to enhance profitability amidst fluctuating gold prices, with CHJ having around 60-70% of its products at fixed prices, while Chow Tai Fook is gradually increasing its fixed-price offerings to 30-40% [4][10] - The industry is expected to see structural divergence, with CHJ focusing on expansion and market penetration, while Chow Tai Fook aims for profitability recovery and structural optimization [5][12] Group 1: Sales Performance - The sales performance during the Golden Week was particularly strong in economically developed regions such as the Yangtze River Delta, leading to an overall positive year-on-year growth in sales [3][9] - The average transaction value increased, which was a significant driver of the overall sales growth, while the volume of sales remained stable [3][9] Group 2: Brand Strategies - The adoption of fixed-price products is a key strategy to balance gross margin pressures, with varying acceptance levels among traditional weight-based customers [4][10] - Chow Tai Fook is transitioning from a weight-based product focus to a profit-driven approach, planning to close around 10 low-efficiency stores while enhancing its fixed-price product portfolio [4][10] - CHJ plans to continue its expansion with an expected addition of 10-20 new stores, targeting shopping centers and younger consumers [4][10] Group 3: Store Performance and Inventory Management - Lao Feng Xiang leads in single-store sales with approximately RMB 18 million, while Chow Tai Fook's stores average above RMB 15 million, with plans to close underperforming stores [5][11] - CHJ employs a refined inventory management system that enhances inventory turnover efficiency, while Chow Tai Fook uses a consignment model, giving it greater control over inventory [5][11] Group 4: Future Outlook - The sales fluctuations in the first three quarters of 2025 were approximately +10% / -5% / +15%, with expectations for traditional brands to maintain stable to slightly higher sales in Q4 [5][12] - The competition in the industry is anticipated to increasingly focus on product innovation, brand rejuvenation, and improving channel efficiency as brands adapt to changing market dynamics [5][12]

[Table_Title] 研究报告 Research Report 9 Oct 2025 中国香港美国可选消费 China (A-share) Hong Kong US Discretionary 大消费渠道脉搏：2025 双 11 美妆行业前瞻，抖音与淘天平台策略分化 Consumer Channel Pulse: 2025 Double 11 Beauty Industry Outlook, Divergent Strategies of Douyin and Taobao/Tmall yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2025 年 10 月 8 日，海通国际举办专家系列会，邀请美妆品牌操盘专家分享行业看法和趋势。 此次双 11 活动时间延长，核心时间段集中在 10.31 日之前，抖音和淘系平台目标积极。从此次双 11 活动的时间段 来看，抖音平台从 9.16 开 ...

[Table_Title] 研究报告 Research Report 9 Oct 2025 中国零售 China (A-share) Retail 大消费渠道脉搏：华南购物中心专家交流，黄金周线下零售表现承压，品牌表现分化 Consumer Channel Pulse: South Shopping Mall Experts Meeting, Offline Retail Sale was Under Pressure, with Brand Performance Showing Divergence during Golden Week 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo yy.kou@htisec.com yl.luo@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 10 月 8 日，海通国际海外消费组邀请华南地区购物中心专家分享 25Q3 及黄金周线下零售情况。 25Q3 及黄金周前 3 天华南地 ...

宏观研究 /[Table_Date] 2025.10.08 2025-10-09 假期期间：海外大事件与全球大类资产 [Table_Authors] ——海外经济政策跟踪 本报告导读： 中国国庆中秋假期期间，海外政经领域波动加剧，美国两党围绕临时拨款法案和医 保补贴争执不下，政府陷入停摆，日本自民党新总裁上任，法国新总理辞职，显示 海外政治波动加大，其本质均是财政等经济问题，巴以谈判举步维艰。国际环境进 入新一轮动荡期，假期期间黄金价格得到持续支撑，再创新高，原油价格震荡下跌。 投资要点： [Table_Summary] 假期海外大事件梳理： 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 周 报 证 [Table_Report] | 1. | 假期期间：海外大事件梳理 3 | | --- | --- | | 2. | 全球大类资产：大宗商品涨跌分化，股票市场多数上涨 4 | | 3. | 美国：经济仍在边际放缓 5 | | 4. | 欧洲：经济和通胀均相对企稳，财政拖累法国等部分国家 6 | 宏观周报 1. 假期期间：海外大事件梳理 事件一：美国两党围绕临时拨款法案和医保补贴博 ...

假期消费：表现如何 [Table_Authors] 国内高频指标跟踪（2025 年第 40 期） 本报告导读： 国庆中秋假期经济稳中有升，"性价比"和"心价比"的两条消费主线凸显。 投资要点： 证 券 研 究 报 告 研 究 宏观研究 /[Table_Date] 2025.10.08 2025-10-09 请务必阅读正文之后的免责条款部分 宏 观 宏 观 周 报 [Table_Report] [Table_Summary] 假期经济表现稳中有升，出行方面，国庆中秋假期前五天，跨区域 人员流动日均值 1.54 亿人次（同比 5.4%），出境、出国游航班执行 数增幅超 12%，返乡与旅游出行需求旺盛。服务消费量增价稳，不 同省市接待游客和旅游收入均有增长，但涨幅分化较大，且人次增 长快于金额增长；电影消费受影片质量影响表现平淡，票价继续回 落。商品消费方面分化明显，汽车受补贴临近到期、新品上市影响 表现较好，家电消费受高基数扰动，但智能、绿色品类表现亮眼。 地产销售假期回落，同比因基数扰动分化，土地市场偏冷。 假期消费注重"性价比"和"心价比"。一方面，当前消费者更关注性 价比，对价格敏感度增加。另一方面，情绪价 ...