Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

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 ...

Investment Rating - The investment rating for Xun'an Technology (920950.BJ) is "Outperform" (maintained) [1][3] Core Views - The company has officially launched its smart factory and is undergoing a brand renewal, aiming to deepen its development in personal protective equipment [1][4] - In the first three quarters of 2025, the company reported a revenue of 141 million yuan, a year-on-year decline of 16.7%, and a net profit attributable to shareholders of 31.03 million yuan, down 29.4% year-on-year [3] - The company is optimistic about the performance contributions from its fundraising projects and has adjusted its profit forecasts for 2025-2027 [3] Financial Performance - For the first three quarters of 2025, the company invested 8.1652 million yuan in R&D, accounting for 5.79% of revenue [4] - The sales expenses for the same period were 4.7917 million yuan, representing 3.40% of revenue [4] - Management expenses increased by 31.52% year-on-year to 11.7584 million yuan, accounting for 8.34% of revenue due to depreciation and amortization costs from the new factory [4] Industry Insights - The personal protective equipment industry in China is growing at an annual rate of approximately 15%, supported by new national standards and increasing safety awareness among workers [5] - The implementation of mandatory national standards for personal protective equipment is expected to further support and regulate the development of the labor protection equipment industry [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a sustained increase in demand for biodiesel driven by terminal demand growth and regulatory changes, particularly the implementation of the EU RED III directive starting in 2026, which is expected to significantly boost biodiesel demand [5][7] - The successful completion of China's first domestic B5 biodiesel injection for inland trade marks a significant step in increasing domestic biodiesel consumption, with projections indicating a substantial increase in demand for biodiesel in both domestic and international markets [6][7] Summary by Sections Industry Trends - The report indicates a positive outlook for the biodiesel industry, with prices for first and second-generation biodiesel increasing by 11% and 24% respectively since the beginning of 2025 [5] - The global context of carbon reduction is expected to further enhance the demand for biodiesel, particularly in light of the EU's stricter carbon reduction targets [7] Regulatory Developments - The EU's RED III directive aims to increase the renewable energy consumption target from 32% to at least 42.5% by 2030, which will likely double the demand for biodiesel and its raw materials [7] - The cancellation of the double carbon reduction policy for used cooking oil (UCO) as a biodiesel feedstock is expected to further increase demand [7] Market Opportunities - The report identifies potential beneficiaries of the biodiesel demand surge, including companies like卓越新能, 海新能科, 嘉澳环保, and 山高环能 [7] - The anticipated increase in biodiesel demand is supported by both domestic initiatives and international regulatory frameworks, indicating a robust growth trajectory for the industry [6][7]

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]

Group 1 - The core view of the report emphasizes the need for a cautious yet progressive approach in the convertible bond market, suggesting that the market may experience increased volatility and pressure on valuations in 2026 compared to 2025 [1][2] - The report indicates that the A-share index rose by 25% and the convertible bond index increased by 18% as of November 17, 2025, driven by a stable domestic economy and favorable external liquidity conditions [4][13] - It is projected that the market in 2026 may face fluctuations, and the favorable conditions seen in 2025 may not be replicated, with limited new positive factors expected [5][31] Group 2 - The report outlines that the convertible bond market is under valuation pressure, with the median price of convertible bonds at 132.98 yuan and a median conversion premium of 28%, both indicating high valuation levels [6][36] - The analysis of investor behavior shows that while funds have increased their holdings in convertible bonds, insurance companies have reduced their positions, leading to a temporary balance in the market [6][40] - Six potential investment themes for convertible bonds in 2026 are identified, including opportunities in AI hardware infrastructure, the transition of AI from hardware to applications, and structural inflation in the chemical industry [7][44][45] Group 3 - The report highlights that the economic indicators suggest a potential decline in economic growth for 2026, with social financing growth rates decreasing from 9.0% in July to 8.5% in October 2025 [19][20] - Market valuations are noted to be at a neutral to high level, with the PE ratio at 22.13 and the PB ratio at 1.82 as of November 18, 2025, indicating a historical high valuation context [22][29] - The report suggests that the convertible bond market may experience amplified volatility due to the current high valuations and changing investor dynamics [32][36]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company has achieved a revenue of 135 million yuan in Q1-Q3 2025, representing a year-on-year growth of 16.86%. However, the net profit attributable to the parent company decreased by 5.27% to 40.72 million yuan [2][3] - The company is focusing on enhancing its research and development capabilities, with R&D expenses increasing by 168.46% to approximately 18.93 million yuan in the first three quarters of 2025. The company holds over 325 patents [3] - The integration of security and AIoT is expanding application scenarios, with the global smartphone shipment volume showing a year-on-year increase of 2.6% in Q3 2025, indicating a recovery in the high-end smartphone market [4] Financial Summary - For 2025, the company is projected to have revenues of 177 million yuan, with a year-on-year growth of 11.0%. The net profit is expected to be 60 million yuan, reflecting a growth of 2.9% [5][7] - The gross margin is forecasted to be 56.1% in 2025, while the net margin is expected to be 33.8% [9] - The earnings per share (EPS) for 2025 is estimated at 0.39 yuan, with a price-to-earnings (P/E) ratio of 32.2 times [5][9]

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]