Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The report indicates that despite a decline in the gaming business, the dual-driven trend of WPS BC is becoming increasingly evident, with expectations for revenue recovery following optimizations [5][6] - The company's Q3 2025 revenue was 2.419 billion yuan, a year-on-year decline of 17.0%, with a net profit of 213 million yuan, down 48.5% year-on-year, primarily due to underperformance in the gaming sector and increased marketing expenses [6][7] - WPS revenue reached 1.52 billion yuan, growing 26.1% year-on-year, with significant growth in both personal and enterprise segments, indicating a potential for becoming a key player in the B-end market [6][7] Financial Summary and Valuation Metrics - Revenue projections for 2025 are estimated at 9.909 billion yuan, with a year-on-year change of -4.0% [9] - Net profit for 2025 is forecasted at 1.4 billion yuan, reflecting a year-on-year decrease of 9.8% [9] - The company's gross margin is expected to be 80.9% in 2025, with a net margin of 14.1% [9] - The P/E ratio for 2025 is projected at 28.0 times, with a gradual decrease to 16.1 times by 2027 [9]

传媒/数字媒体 快手-W（01024.HK） 2025 年 11 月 21 日 投资评级：买入（维持） | 日期 | 2025/11/20 | | --- | --- | | 当前股价(港元) | 64.950 | | 一年最高最低(港元) | 92.600/38.150 | | 总市值(亿港元) | 2,808.05 | | 流通市值(亿港元) | 2,808.05 | | 总股本(亿股) | 43.23 | | 流通港股(亿股) | 43.23 | | 近 3 个月换手率(%) | 57.74 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-11 2025-03 2025-07 快手-W 恒生指数 相关研究报告 《Q2 经调整净利润大增，可灵 AI 商 业价值加速释放—港股公司信息更新 报告》-2025.8.22 《AI 赋能成效显著，可灵 AI 商业化 变现加速—港股公司信息更新报告》 -2025.5.30 ——港股公司信息更新报告 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 业绩稳步增长，看好 AI 赋能主 ...

北交所信息更新 迅安科技（920950.BJ） 智慧工厂正式启动迅安品牌焕新，向个体防护装备纵深发展 公司高度重视研发投入，不断提升产品性能和竞争力，2025 年前三季度，公司 投入研发费用 816.52 万元，占营收比例 5.79%。此公司优化市场布局，加强国内 外市场的拓展，提升市场占有率；加强品牌建设，提升公司品牌知名度和美誉度。 2025 年前三季度，公司销售费用投入 479.17 万元，占营收比例 3.40%。管理费 用方面，由于公司园东路新厂区在投产前发生的折旧摊销费用，计入了管理费用， 2025 年 Q1-Q3 管理费用 1175.84 万元，同比增长 31.52%，占比达到 8.34%。2025 年 8 月，公司创新智慧工厂正式启动，标志着迅安的品牌焕新与战略全面升级。 2025 年 11 月 21 日 投资评级：增持（维持） | 日期 | 2025/11/20 | | --- | --- | | 当前股价(元) | 18.55 | | 一年最高最低(元) | 31.98/15.15 | | 总市值(亿元) | 13.60 | | 流通市值(亿元) | 6.63 | | 总股本(亿股) | 0 ...

数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-11 2025-03 2025-07 2025-11 基础化工 沪深300 相关研究报告 《生物柴油供需持续偏紧,坚定看好产 业景气上行趋势—行业点评报告》 -2025.11.20 《"反内卷"为盾，需求为矛，化工有 望迎来新一轮景气周期—行业投资策 略》-2025.11.18 《有机硅、聚酯、己内酰胺反内卷持 续推进，硫磷、电新材料产业链价格 延续上涨—行业周报》-2025.11.16 基础化工 2025 年 11 月 21 日 投资评级：看好（维持） 行业走势图 国内首单内贸 B5 生柴加注，生物船燃需求前景可期 ——行业点评报告 | 金益腾（分析师） | 宋梓荣（分析师） | 李思佳（分析师） | | --- | --- | --- | | jinyiteng@kysec.cn | songzirong@kysec.cn | lisijia@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790525070002 | 证书编号：S0790525070006 | 生物船燃加注增加及欧盟 RED ...

宏观经济点评 滞后的非农数据或增加美联储 12 月降息不确定性 宏观研究团队 ——美国 9 月非农就业数据点评 | 何宁（分析师） | 潘纬桢（分析师） | | --- | --- | | hening@kysec.cn | panweizhen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524040006 | 事件：美国公布 9 月非农就业数据。新增非农就业 11.9 万，失业率为 4.4%，平 均时薪同比增长 3.8%，均高于市场预期。 新增非农就业与失业率同时上行， 8 月数据再度下修为负 1. 新增非农就业超预期上行，但 8 月新增就业再度下修为负 9 月美国新增非农就业 11.9 万人，较 8 月份初值（2.2 万）提升较多，且大幅高 于市场预期的 5.1 万。7-8 月新增非农就业累计下修 3.3 万，且 8 月份新增非农 在修订后转负，与 6 月数据一致，较为罕见。趋势上看，近 3 个月平均新增就 业 6.2 万人，较 7-8 月有一定程度提升。9 月非农就业数据的较大幅上行，与 8 月数据差别较大，显示美国劳动力市场的波动有所放大。考虑到本次数据 ...

Core Insights - The overall market performance in 2025 is driven by a stable domestic economy, improved overseas liquidity, and favorable policies in AI and robotics, with the Wande All A Index rising by 25% and the China Convertible Bond Index increasing by 18% as of November 17, 2025 [3][4][5] - The outlook for 2026 suggests potential market volatility, with limited new positive factors compared to 2025, emphasizing the need to focus on policy changes and industry trends for trading opportunities [4][5] - The convertible bond market faces valuation pressures in 2026, with a median price of 132.98 yuan and a median conversion premium of 28%, indicating high valuations and potential volatility [6] Group 1: Convertible Bonds - The convertible bond market is expected to experience amplified volatility due to high valuations and a supply-demand imbalance, with institutional investors shifting from bond assets to convertible bonds [6][7] - Potential investment themes for 2026 include opportunities in AI hardware infrastructure, application transitions, humanoid robot mass production, and structural inflation in the chemical industry [7][8] Group 2: Biofuels Industry - The biofuel sector is experiencing tight supply and demand, driven by increased EU carbon reduction targets and upcoming SAF (Sustainable Aviation Fuel) regulations, with prices for SAF rising significantly [10][11] - The EU's REDIII legislation will enhance the demand for biodiesel, particularly second-generation biodiesel, as it raises carbon reduction goals and eliminates double carbon credits for certain feedstocks [12] - Key beneficiaries in the biofuel sector include companies like Jiaao Environmental Protection and Shengao Environmental Energy, which are well-positioned to capitalize on the growing demand [13] Group 3: Robotics Industry - The humanoid robot sector is currently facing a downturn in sentiment, with key companies experiencing significant stock price adjustments, indicating a potential bottoming out and upcoming rebound opportunities [15][16] - Major players like Tesla and Xiaopeng are advancing their humanoid robot production capabilities, with Tesla planning to mass-produce its Optimus robot by 2026 and Xiaopeng launching its new humanoid robot, IRON [16][17] - The year 2026 is anticipated to be a pivotal year for domestic humanoid robot mass production, with significant technological advancements and supply chain improvements expected [18][19] Group 4: Non-Banking Financial Sector - CICC is planning a major asset restructuring to acquire Dongxing Securities and Xinda Securities, which is expected to enhance its capital base and competitive positioning in the market [21][22] - The merger will significantly improve CICC's net asset ranking to fourth in the industry, with a projected increase in total assets and net assets post-acquisition [24][25]

2025 年 11 月 20 日 转债去伪存真，宜稳中求进 固定收益研究团队 ——2026 年转债年度策略 | 陈曦（分析师） | 刘伟（分析师） | | --- | --- | | chenxi2@kysec.cn | liuwei1@kysec.cn | | 证书编号：S0790521100002 | 证书编号：S0790524070008 | 2025 年市场行情良好 2025 年市场行情或是国内经济、美元流动性、产业趋势和估值便宜等因素共同 推动形成的指数行情。 对比之下，2026 年利好或相对有限。如果说经济复苏和估值便宜是 2025 年行情 最重要的机会，那么这两点因素或在 2026 年反而不再是机会，除了美元流动性 的宽松趋势之外，2026 年的新增利好或相对有限。 2026 年转债市场估值存压 展望 2026 年转债市场，转债市场利好有限，且周期和估值压力下，转债或同样 呈现为波动率放大，预期回报率或回落。 第一，转债周期，2024 年四季度至今的周期，目前已经上涨 1 年左右，对比之 下，历史的上涨周期普遍为 1-1.5 年左右。 截至 2025 年 11 月 17 日，万得全 A 指数上涨 ...

北交所信息更新 朗鸿科技（920395.BJ） 安防+AIoT 紧密结合应用场景拓宽，2025Q1-3 营收同比+17% ——北交所信息更新 投资评级：增持（维持） 日期 2025/11/19 当前股价(元) 12.57 一年最高最低(元) 22.30/11.98 总市值(亿元) 19.18 流通市值(亿元) 13.00 总股本(亿股) 1.53 流通股本(亿股) 1.03 息 更 新 北交所研究团队 《消费电子回暖防盗方案需求扩张， 2025Q1 归母净利润同比+70%—北交 所信息更新》-2025.5.29 《消费电子持续向好，2024 年扣非净 利润同比+29%—北交所信息更新》 -2025.3.18 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-Q3：营收 1.35 亿元，同比+17%，归母净利润 4072 万元，同比-5% 公司发布 2025 年三季报，2025Q1-Q3，实现营收 1.35 亿元，同比增长 16.86%； 归母净利润 4072.34 万元，同比下滑 5.27%。考虑到公司股份支付费用投入增加， 我们下调 2025 年并 ...

Investment Rating - The investment rating for Baidu Group is "Buy" (maintained) [1] Core Insights - Baidu's Q3 2025 profits exceeded expectations, with significant revenue contributions from AI [6][7] - The AI search transformation is stabilizing, and new business segments like AI marketing and cloud services are driving revenue growth [6][8] - The company has revised its non-GAAP net profit forecasts for 2025-2027 upwards, reflecting a positive outlook on AI and cloud contributions [6] Financial Summary - For Q3 2025, Baidu reported revenues of 311.7 billion yuan, a year-on-year decline of 7%, but slightly above Bloomberg consensus expectations [7] - Non-GAAP net profit for Q3 2025 was 37.7 billion yuan, down 36% year-on-year, yet better than the expected 26.3 billion yuan [7] - The core online marketing revenue decreased by 18% year-on-year, attributed to macroeconomic impacts and internal search transformation adjustments [7] - AI cloud revenue grew by 33% year-on-year to 42 billion yuan, with AI high-performance computing subscription revenue increasing by 128% [7] - The projected non-GAAP net profits for 2025, 2026, and 2027 are 19.55 billion, 21.91 billion, and 24.82 billion yuan respectively, with corresponding year-on-year growth rates of -27.6%, +12.1%, and +13.3% [9] Valuation Metrics - The current stock price corresponds to a P/E ratio of 15.0 for 2025, 13.4 for 2026, and 11.8 for 2027 [6][9] - The projected diluted EPS for 2025, 2026, and 2027 are 6.8, 7.6, and 8.6 yuan respectively [9]

Investment Rating - The investment rating for the machinery equipment industry is "Positive" (maintained) [1] Core Insights - The humanoid robot sector is currently experiencing a downturn, with overall sentiment at a low point, indicating a phase of adjustment [3][13] - Significant advancements are being made in the industry, with Tesla clarifying its mass production timeline and capacity planning for humanoid robots, while domestic companies like Xiaopeng and Yuzhu are making notable progress [4][5][21] - 2026 is anticipated to be the year of mass production for domestic humanoid robots, characterized by accelerated technological breakthroughs and initial commercialization efforts [6][52] Summary by Sections Industry Dynamics - The humanoid robot sector is under pressure, with the core company index declining by 4.13% recently, while the broader market indices also showed weakness [3][12][13] - Tesla's recent shareholder meeting confirmed its commitment to evolving into an AI and robotics company, with a goal of delivering 1 million humanoid robots as a milestone [21][24] - Xiaopeng's humanoid robot IRON was launched, showcasing advanced humanoid capabilities and innovative hardware, positioning it competitively against Tesla [5][32][41] Key Developments - Tesla's Optimus Gen2.5 robot demonstrated advanced capabilities, including autonomous walking and interaction, with future iterations planned for 2026 and beyond [4][24][25] - Xiaopeng's IRON robot features over 80 degrees of freedom and is designed for high precision tasks, indicating a significant leap in domestic humanoid robot technology [32][35][41] - Yuzhu Technology is on track to become the first humanoid robot company listed on the A-share market, which could invigorate the sector [48][49] Investment Opportunities - The report highlights potential investment opportunities in the supply chain for humanoid robots, including components like joints, motors, and lightweight materials [29][30][52] - Specific companies recommended for investment include Blue Glass Technology, Wuzhou New Spring, and others involved in key components of humanoid robots [7][29][48]