wo[Table_Title] Research Report 8 Oct 2025 美国电子 US Technology OpenAI DevDay 2025：从"应用"到"平台"的三大战略——平台化、智能体、 与算力模型矩阵 OpenAI DevDay 2025: Three Pillars of the Strategy—Platformization, Production-Grade Agents, and the Compute/Model Stack 姚书桥 Barney Yao 吕小潼 Xiaotong Lyu barney.sq.yao@htisec.com xt.lyu@htisec.com 风险 1）需求疲软 2）供应链风险 3）竞争加剧 [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 2025 年 10 月 6 日，OpenAI 在旧金山 Fort Mason 举办 DevDay，Sam Altman 发表开场主旨演讲，明确了三大战略重 点：首先，推 ...

Core Insights - The Hong Kong stock market has shown strong performance since the beginning of the year, with the Hang Seng Index and Hang Seng Tech Index achieving maximum gains of 33% and 49% respectively [5][6] - Despite a weaker performance from June to August, the market has rebounded since September, driven by optimism in the technology sector, particularly in AI [6][9] - Current valuations of Hong Kong stocks are at historical medians, with the Hang Seng Index trading at a PE of 12.1x and the Hang Seng Tech Index at 24.6x, indicating attractive valuation compared to A-shares [9][10] Market Performance - The Hong Kong stock market outperformed globally in the first half of the year, but faced challenges in mid-June to August, where it lagged behind A-shares by 12.5 percentage points [6][9] - The technology sector in Hong Kong has been particularly affected, with significant underperformance compared to A-shares during this period [6][9] - Since September, the market has rebounded, with the Hang Seng Index rising by 7.1% and the Hang Seng Tech Index by 13.9%, outperforming their A-share counterparts [6][9] Valuation Analysis - The current valuation of Hong Kong stocks is not high, with the Hang Seng Index PE at 12.1x and the Hang Seng Tech PE at 24.6x, both below their historical averages [9][10] - The valuation of Hong Kong technology stocks is particularly attractive, with a lower historical percentile compared to A-shares, indicating potential for upward valuation adjustments [10][12] - If the valuations of technology leaders in Hong Kong recover to their historical averages, the Hang Seng Tech Index could see an increase of approximately 15% [18] Sector Trends - The technology sector is expected to benefit significantly from the ongoing AI narrative and policy support, with major players like Alibaba and Baidu leading the charge [15][16] - The anticipated easing of monetary policy by the Federal Reserve could lead to increased foreign capital inflow into the Hong Kong market, further supporting stock prices [16][18] - The continuous inflow of southbound funds is expected to enhance the performance of Hong Kong stocks, particularly in technology and consumer sectors [16][18] Future Outlook - The Hong Kong stock market is projected to reach new highs in the fourth quarter, with the technology sector being the main driver of this growth [12][18] - The combination of favorable industry trends, improved liquidity conditions, and increased foreign investment could lead to a robust performance in the upcoming quarter [12][18] - The potential for valuation recovery in technology stocks presents a significant opportunity for investors looking to capitalize on the ongoing market dynamics [18]

研究报告 Research Report 8 Oct 2025 Burberry Group (BRBY LN) 首次覆盖：百年英伦奢侈品牌复兴，看新管理团队与 Daniel Lee 如何驱动品牌价值回归 Reviving a Century-Old British Luxury House: How the New Management Team and Daniel Lee Are Driving Burberry's Brand Value Rebound: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 £12.02 目标价 £14.50 市值 4.34bn / US$5.85bn 日交易额 (3 个月均值) US$18.32mn 发行股票数目 360.98mn 自由流通股 (%) 97% 1 年股价最高最低值 13.72-6.28 注：现价£12.02 为 2025 年 10 月 06 日收盘价 资料来源： Fact ...

Group 1: Manufacturing Sector Insights - In September 2025, the Manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from the previous month[7] - The production index reached a six-month high at 51.9%, up 1.1 percentage points, indicating active manufacturing activities[13] - New orders index was at 49.7%, showing a slight increase of 0.2 percentage points but still in the contraction zone[13] Group 2: Raw Materials and Pricing - The main raw materials purchasing price index decreased slightly to 53.2%, down 0.1 percentage points, while the factory price index fell to 48.2%, down 0.9 percentage points[19] - The procurement volume index rose to 51.6%, an increase of 1.2 percentage points, indicating accelerated raw material purchases[21] Group 3: Non-Manufacturing Sector Performance - The services business activity index fell to 50.1%, a decrease of 0.4 percentage points, with notable sector differentiation[22] - The construction business activity index was at 49.3%, a marginal increase of 0.2 percentage points, but still below the critical point[26] Group 4: Economic Policy and Risks - The government announced a new policy financial tool worth 500 billion yuan to support project capital, aimed at boosting infrastructure activities[27] - Real estate demand remains weak, posing a risk to overall economic recovery[28]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, and others, indicating a positive outlook for these stocks [1]. Core Insights - The wholesale prices of Baijiu have mostly declined, with notable decreases in prices for Guizhou Moutai and Wuliangye, while prices for most consumer goods remain stable [4][10]. - The report highlights a significant drop in the discount rates for liquid milk products, indicating a shift in consumer purchasing behavior [6][18]. - Overall, the report suggests that the impact of funds is greater, advising attention to low-position stocks and heavyweight stocks in the consumer staples sector [8]. Summary by Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) are 1790 and 1770 yuan, respectively, reflecting a decrease of 55 and 70 yuan from the previous month [4][37]. - Wuliangye's eighth-generation price is 895 yuan, down 25 yuan from last month [4][37]. - Luzhou Laojiao's Guojiao 1573 price increased by 10 yuan to 850 yuan [4][37]. Consumer Goods Pricing - The average discount rate for liquid milk products decreased from 74.8% to 69.4% since the end of August [6][21]. - Discount rates for soft drinks, condiments, instant foods, and beer remained stable, with slight variations in average and median values [19][35]. - The report notes that the discount rate for infant formula products also showed a minor decrease from 89.5% to 88.7% [21][35]. Investment Strategy - The report emphasizes the importance of monitoring low-position stocks and heavyweight stocks due to the greater impact of funds on the market [8].

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The overall cost indices for six categories of consumer goods showed mixed trends, indicating stability in the market. Spot cost indices for soft drinks, beer, instant noodles, dairy products, frozen foods, and seasonings changed by +0.97%, +0.51%, +0.26%, -0.13%, -0.44%, and -0.57% respectively, while futures cost indices changed by -1.08%, +1.06%, -1.06%, -1.67%, -0.78%, and -0.06% respectively [31][32][33][34][35][36][37]. Summary by Category Beer - The spot cost index for beer increased by 0.51% month-on-month, while the futures index rose by 1.06%. Year-to-date, the spot and futures indices have decreased by 3.71% and 4.95% respectively [12][32]. Seasonings - The spot cost index for seasonings decreased by 0.57% month-on-month, while the futures index fell by 0.06%. Year-to-date, the indices have changed by -2.41% and -6.71% respectively [15][33]. Dairy Products - The spot cost index for dairy products decreased by 0.13% month-on-month, while the futures index fell by 1.67%. Year-to-date, the indices have changed by -3.36% and -3.93% respectively [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.26% month-on-month, while the futures index decreased by 1.06%. Year-to-date, the indices have changed by -3.23% and -6.06% respectively [22][35]. Frozen Foods - The spot cost index for frozen foods decreased by 0.44% month-on-month, while the futures index fell by 0.78%. Year-to-date, the indices have changed by -2.3% and -3.37% respectively [25][36]. Soft Drinks - The spot cost index for soft drinks rose by 0.97% month-on-month, while the futures index fell by 1.08%. Year-to-date, the indices have changed by -4.19% and -10.86% respectively [28][37].

[Table_Title] 研究报告 Research Report 29 Sep 2025 日本必需消费可选消费 Japan Staples Discretionary 日本消费行业 8 月跟踪报告：消费者信心反弹，饮料板块"旺季不旺" Consumer confidence rebounded, while beverages saw a sluggish peak season amid extreme high temperatures | 芮雯 Raven Rui | 闻宏伟 Hongwei Wen | Qiao Xu | 季屏子 Pingzi Ji | | --- | --- | --- | --- | | raven.w.rui@htisec.com | hongwei.wen@htisec.com | qiao.xu@htisec.com | pz.ji@htisec.com | [Table_summary] (Please see APPENDIX 1 for English summary) 宏观：通胀压力缓解，消费者信心反弹。8 月日本消费者信心指数回升至 34.9，高于 7 月的 3 ...

Investment Rating - The report indicates a focus on the consumer (to-C) model, suggesting a positive outlook for OpenAI's ChatGPT with the introduction of the Pulse feature [17]. Core Insights - The launch of the Pulse feature marks a shift from input-driven to push-driven user engagement, enhancing accessibility for a broader audience [11][12]. - Pulse is expected to significantly increase user engagement metrics, potentially raising the daily active users (DAU) to monthly active users (MAU) ratio from approximately 30-40% towards full utilization [13]. - The feature's ability to provide personalized recommendations based on deep contextual understanding positions OpenAI to compete with major players like Meta and Google in e-commerce and advertising [14][16]. Summary by Sections User Experience - Pulse transforms the user experience by proactively delivering results, thus lowering the barrier for less experienced users [11]. - This evolution signifies ChatGPT's transition from a specialized tool to a mass-market product [12]. User Engagement - The combination of Pulse and Memory features is expected to create a dual flywheel effect, enhancing user stickiness and retention [12]. - As users provide more data, the accuracy of recommendations will improve, reinforcing user loyalty [12]. Commercial Potential - Pulse is anticipated to serve as a new engine for precision recommendations, significantly improving product relevance and conversion rates in e-commerce and advertising [16]. - The integration of Pulse with e-commerce platforms could unlock new monetization pathways for OpenAI [16]. Technological Trends - The report discusses the potential rise of edge AI, with smartphones becoming central to personal data management, which could lead to the development of AI-driven mobile devices [15]. - While cloud solutions remain dominant in the short term, increasing demand for personalization and privacy may lead to a reevaluation of edge AI's strategic value [15].

彩讯股份(300634) 计算机 [Table_Industry] /信息科技 本报告导读： 25H1 归母净利润同比 14.74%，智算业务同比 50.05%实现高增；协同办公等三大产 品线与 AI 融合，公司构建起全栈 AI 服务体系。 投资要点： 风险提示：AI 战略进展不及预期；下游需求不足；行业竞争加剧等。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,496 | 1,652 | 1,949 | 2,321 | 2,807 | | (+/-)% | 25.2% | 10.4% | 18.0% | 19.1% | 20.9% | | 净利润(归母) | 325 | 230 | 274 | 353 | 431 | | (+/-)% | 44.3% | -29.1% | 19.1% | 28.7% | 22.2% | | 每股净收益(元) | 0.72 | 0.51 | 0.61 | 0.78 | 0.96 | | ...

….-9+*88888888888888888888888886 股票研究 /[Table_Date] 2025.09.14 业绩表现超预期，Hyperscale 2.0 框架规划体量大 世纪互联(VNET.O) | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7412.93 | 8259.07 | 9291.35 | 10830.10 | 12668.96 | | (+/-)% | 4.9% | 11.4% | 12.5% | 16.6% | 17.0% | | 毛利润 | 1292.49 | 1832.15 | 2159.98 | 2612.26 | 3164.05 | | 净利润 | -2,643.84 | 183.20 | 175.93 | 218.69 | 304.35 | | (+/-)% | -240.7% | 106.9% | -4.0% | 24.3% | 39.2% | | PE | -11.88 | 305.35 | 87.81 ...