Investment Rating - Maintain "Buy" rating for Alibaba (BABA) [4][15] Core Insights - Alibaba's revenue for FY2Q26 was RMB 247.8 billion, representing a 5% year-over-year growth, with a like-for-like growth of 15% when excluding disposed businesses [9] - The company is shifting its strategic focus from platform economy to a broader consumption ecosystem, enhancing traffic synergies through full-site promotions and instant retail [10] - Cloud business revenue grew by 34% year-over-year, with AI-related product revenue experiencing triple-digit growth for nine consecutive quarters [11] - International Digital Commerce group turned profitable with a revenue increase of 10% year-over-year, achieving an adjusted EBITA of RMB 162 million [13] - The company actively repurchased shares, spending USD 253 million to buy back 17 million common shares [14] Financial Data and Profit Forecast - Revenue projections for Alibaba are as follows: - FY24: RMB 941,168 million - FY25: RMB 996,347 million - FY26E: RMB 1,038,609 million - FY27E: RMB 1,143,436 million - FY28E: RMB 1,250,635 million - Non-GAAP net profit forecasts: - FY26E: RMB 101,943 million - FY27E: RMB 145,452 million - FY28E: RMB 183,640 million [5][18]

- The "CSI Industrial Nonferrous Metals Theme Index" (H11059.CSI) focuses on industrial nonferrous metals, selecting 30 large-cap securities involved in industries such as copper, aluminum, lead-zinc, and rare earth metals to reflect the overall performance of listed companies in this theme. The index uses adjusted free-float market capitalization weighting, with individual sample weights capped at 15%, and the top five samples collectively capped at 60%[24][25][26] - The index is rebalanced semi-annually, with sample adjustments implemented on the next trading day following the second Friday of June and December[25] - The index's top five constituent stocks account for 36.57% of the total weight, while the top ten account for 54.18%, with leading companies like Northern Rare Earth, China Molybdenum, and Aluminum Corporation of China having significant weightage. This concentration enhances the index's sensitivity to price cycles and supply-demand changes in key resources like rare earths, copper, and aluminum[28][29][30] - Compared to other nonferrous metal indices, such as the CSI SW Nonferrous Metals Index, the CSI Industrial Nonferrous Metals Theme Index has lower exposure to energy and precious metals, making it more focused on industrial metals closely tied to macroeconomic cycles. This characteristic provides higher elasticity during manufacturing recovery and economic rebound phases[30][33][34] - Over the backtesting period from January 1, 2021, to November 10, 2025, the index achieved an annualized return of 9.18%, outperforming broad-based indices like CSI 300, CSI 500, and ChiNext Index. However, it also exhibited higher annualized volatility (32.29%) and a maximum drawdown of -61%[35][39][40] - The index's valuation (PE_TTM) has shown a downward trend over the past five years, with a recent recovery driven by market sentiment and sector rebound. As of November 10, 2025, the index's PE ratio stood at 20.41x, at the 68.56th percentile of its five-year valuation range, indicating reasonable investment value amid improving industry fundamentals[41][43][44] - The index's profit scale has grown significantly, with total profits increasing from 46.139 billion yuan in 2020 to 168.052 billion yuan in 2022, representing a compound growth rate of over 90%. After a temporary decline in 2023, profits rebounded in 2024 with a 19.05% year-on-year growth, and further growth is expected in 2025 and 2026[45][47]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company showcased its "three-in-one" IWM lithium battery welding solution at the 15th High-tech Lithium Battery Annual Conference, emphasizing a "data-driven welding" innovation concept that aims to enhance the quality of battery manufacturing [6]. - The company is addressing industry pain points in lithium battery manufacturing, specifically in laser welding, by implementing a closed-loop system that transitions from "experience-based welding" to "data-driven welding," thereby improving production efficiency and reducing defect rates [6]. - The company is expected to experience rapid growth in its precision business due to the expansion of downstream applications in new energy sectors and continuous product integration [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 1,735 million yuan in 2024 to 3,377 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24% [5][7]. - The net profit attributable to the parent company is forecasted to increase from 883 million yuan in 2024 to 1,760 million yuan in 2027, reflecting a CAGR of around 24.3% [5][7]. - The earnings per share (EPS) is expected to rise from 4.30 yuan in 2024 to 6.10 yuan in 2027, indicating a strong growth trajectory [5][7]. - The company maintains a high gross margin, projected at around 79% for the forecast period [5]. Business Development - The company is continuously optimizing its core technologies, including CAD, CAM, and NC, while exploring new application directions to achieve high-precision multi-axis motion control [6]. - The laser cutting business is anticipated to maintain rapid growth driven by increased penetration rates, power upgrades, and overseas exports [6].

2025 年 11 月 26 日 长信量化团队立足深度基本面量 化，产品提供差异化配置价值 权 益 量 化 研 究 相关研究 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 联系人 邓虎 A0230520070003 denghu@swsresearch.com 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 长信量化团队梯队建设完备，成员具备深厚的多学科专业背景。团队成立于 2008 年，是 公募行业较早布局量化投资的团队之一，现有成员平均从业年限达 12.8 年，经历了多轮 市场周期考验，成员专业背景覆盖金融工程、数学、计算机等领域。 ⚫ 长信量化构建系统化的投研体系，追求可持续的管理方案。团队立足深度基本面量化，核 心运用多因子 Alpha 模型预测收益，并结合风险模型与交易成本模型进行组合优化。通 过涵盖因子构建、收益预测到绩效归因的完整投研闭环，旨在在严格的风险约束下，实现 可解释、可复制且长期可持续的超额回报。 ⚫ 长信量化产品布局全面，构建了多元产品矩阵。团队产品线涵盖宽基指数增强、行业量化 及主动量化三大类，是业内布局最齐全 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company showcased its "three-in-one" IWM lithium battery welding solution at the 15th High-tech Lithium Battery Annual Conference, emphasizing a "data-driven welding" innovation concept to enhance the quality of battery manufacturing [6] - The company aims to address industry pain points in lithium battery manufacturing, specifically in laser welding, by implementing a closed-loop system that transitions from "experience-based welding" to "data-driven welding," thereby improving production efficiency and reducing defect rates [8] - The company is continuously optimizing its core technologies and exploring new application directions, with expectations for rapid growth in its precision business due to the expansion of downstream applications in new energy [8] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are estimated at 21.80 billion, 27.24 billion, and 33.77 billion respectively, with year-on-year growth rates of 25.6%, 25.0%, and 24.0% [7] - The net profit attributable to the parent company is forecasted to be 11.13 billion, 14.16 billion, and 17.60 billion for 2025-2027, with corresponding year-on-year growth rates of 26.1%, 27.2%, and 24.3% [8] - The company maintains a gross margin of approximately 79% and a return on equity (ROE) projected to increase from 16.9% in 2025 to 18.0% in 2027 [7][8]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The market maintains a low - interest - rate environment, enhancing the allocation value of stable assets. The dividend growth low - volatility strategy combines high dividends, profit growth, and price stability, achieving good long - term performance [3][8]. - The dividend growth low - volatility index outperforms other Smart Beta strategies. Since 2020, the three - factor Smart Beta strategy composed of dividend, growth, and low - volatility has significantly better returns than the two - factor strategies [14]. - The dividend yield is at a historical high, and against the low - interest - rate backdrop, the value of dividend allocation is further increased. The Hong Kong stock market has low valuations, and dual - market diversified allocation is advisable [21][24]. - The CSI SH - HK - SZ Dividend Growth Low Volatility Index selects high - quality low - volatility target enterprises in both the A - share and H - share markets, with stable long - term performance and high investment value [26][42]. - The Invesco Great Wall CSI SH - HK - SZ Dividend Growth Low Volatility Index Fund closely tracks the index, aiming to minimize tracking deviation and error and obtain returns similar to the target index [58][59]. Summary by Directory 1. Market Maintains Low - Interest - Rate Environment, and the Allocation Value of Stable Assets Increases 1.1 Dividend Growth Low - Volatility Strategy: Emphasizing High Dividends, Profit Growth, and Low Volatility, a Stable Investment Strategy under Policy Promotion - The dividend growth low - volatility strategy combines high dividend yields, profit - growth capabilities, and price stability, enabling stable medium - to - long - term returns while controlling risks [8]. - Since the end of 2022, regulatory policies on listed - company cash dividends have intensified, enhancing the attractiveness of high - dividend assets and the effectiveness of the high - dividend strategy [11][12]. 1.2 Long - Term Returns Lead Similar Smart Beta Strategies - The dividend growth low - volatility index outperforms other Smart Beta strategies. Since 2020, the annualized returns of the dividend growth low - volatility and SHS dividend growth low - volatility indices have been 11.83% and 11.18% respectively, significantly better than the two - factor indices [14]. - The three - factor strategy performs well in various market conditions. It has better defense in volatile and downward markets and can achieve high growth in upward markets [17]. 1.3 Dividend Yield at a Historical High, and the Value of Dividend Allocation Further Increases under Low - Interest - Rate Conditions - As of November 21, 2025, the difference between the dividend yield of the SH - HK - SZ Dividend Growth Low Volatility Index (in the past 12 months) and the 10 - year Treasury bond yield is at a historical high, with the index's dividend yield at 4.6075% and the 10 - year Treasury bond yield at 1.8207%, and the spread at 2.7868% [21]. - In the context of falling long - term interest rates, dividend - type assets have the property of bonds, helping to hedge against interest - rate risks and having increased allocation value [21]. 1.4 Hong Kong Stocks Have Low Valuations, Are Attractive, and Allow for Dual - Market Diversified Allocation - The Hong Kong stock market has been under pressure in recent years, with valuations in a low range globally. Against the backdrop of improving macro - environment, policy support, and the restoration of Chinese enterprises' profitability, the long - term allocation value of Hong Kong stocks is emerging [24]. 2. CSI SH - HK - SZ Dividend Growth Low Volatility Index: A Multi - Layered Selection of High - Quality Enterprises Combining Dividends and Growth in the A - share and H - share Markets 2.1 Considering Both Markets and Selecting High - Quality Low - Volatility Target Enterprises with Dividends and Profit Growth - Issued by CSI Index Co., Ltd., the index selects 100 securities with continuous cash dividends, stable profit growth, and low - volatility characteristics from the mainland and Hong Kong markets to reflect the overall performance of such listed - company securities [26]. - The index conducts six - layer screening on the sample space from multiple perspectives such as liquidity, dividends, profit growth, and low - volatility, and uses expected dividend - yield weighting, with sample adjustments made semi - annually [28]. 2.2 Concentrated Industry and Market - Value Distribution, Demonstrating Professionalism and Focus Value of Industry Selection - The index's A - share holdings are mainly concentrated in the banking sector, and other sectors with relatively high holdings include pharmaceutical biology, machinery and equipment, and transportation. The H - share holdings also have a high proportion of banks. The total weight of bank stocks in the current holdings is as high as 40.66% [35]. - The index's performance is not dependent on specific industries or periods. It can adjust in a timely manner according to market data, making it a long - term effective and stable investment method [37]. 2.3 Stable Long - Term Performance and Outperforming Similar Dividend Indices This Year - From the base period on November 14, 2019, to November 21, 2025, the cumulative return of the SH - HK - SZ Dividend Growth Low Volatility Index was 289.42%, with an annualized return of 13.12%. Since 2019, the index has shown a long - term stable upward trend [42]. - In the past three years, the index has outperformed similar dividend - themed indices, especially since the "924" market. As of 2022, the average annual return of 15.66% ranks among the top of similar indices, with an annualized volatility of 14.43% and a maximum drawdown of only 14.17%, and a Sharpe ratio as high as 0.96, indicating high investment value [47][50]. 2.4 Low Valuation + High Dividend, with Dividend Yield Significantly Exceeding Mainstream Dividend Indices - As of July 28, 2025, the index's PE (TTM) is 8.31 times, and PB is 0.87 times, which are around the historical average since the base date of 2019. The current valuation is relatively reasonable, and there is room for the index to rise [52]. - As of September 30, 2025, the dividend yield of the SHS Dividend Growth Low Volatility Index is 4.86%, leading the dividend yields of the Shanghai Dividend Index, CSI Dividend Index, Dividend Low - Volatility Index, and Hang Seng Index, showing investment value in the field of dividend investment [55]. 3. Invesco Great Wall SH - HK - SZ Dividend Growth Low Volatility Index (007751) - The Invesco Great Wall CSI SH - HK - SZ Dividend Growth Low Volatility Index Fund, established on September 6, 2019, is currently managed by Mr. Zeng Li. The management fee is 0.50%, and the custody fee is 0.15% [58][59]. - The fund closely tracks the CSI SH - HK - SZ Dividend Growth Low Volatility Index, aiming to minimize tracking deviation and error. It is the only ETF product in the market that tracks this index [59]. - Since its establishment, the fund has maintained positive returns except in 2020. The tracking error has been continuously decreasing, with the tracking error in 2025 relative to the benchmark date being only 0.0893%, indicating the strengthening of the product's tracking ability for the benchmark index [61]. 4. Fund Manager Information - Invesco Great Wall Fund Management Co., Ltd. was established on June 12, 2003, and is the first Sino - US joint - venture fund management company in China approved by the China Securities Regulatory Commission. As of November 24, 2025, it manages 22 passive index - type ETFs, with a total scale of approximately 7.1068 billion yuan [63].

Investment Rating - The report maintains a "Buy" rating for MINISO (MNSO) [1][10] Core Insights - MINISO reported strong revenue growth in 3Q25, achieving Rmb5.80 billion, which is above consensus estimates of Rmb5.64 billion, reflecting a year-on-year increase of 28.2% [4][10] - The company's gross margin remained stable at 44.7%, with an adjusted EBITDA of Rmb1.35 billion, up 18.8% year-on-year, and an adjusted net profit of Rmb770 million, which was below consensus expectations [4][7] - Domestic same-store sales (SSS) growth is accelerating, with the MINISO brand generating Rmb5.22 billion in revenue, a 22.9% increase year-on-year, driven by accelerated store openings and improved sales performance [5][10] - The company is expanding its overseas presence, with 3,424 overseas stores by the end of 3Q25, marking a net increase of 117 stores quarter-on-quarter [6][10] - MINISO is innovating its store formats, launching MINISO LAND and MINISO FRIENDS concepts, which are expected to attract a broader customer base and enhance sales [9][10] Financial Data and Profit Forecast - Revenue projections for MINISO are as follows: - 2023: Rmb13,839 million - 2024: Rmb16,994 million - 2025E: Rmb21,330 million - 2026E: Rmb24,804 million - 2027E: Rmb28,448 million - The expected growth rates are 39.4% for 2023, 22.8% for 2024, and 25.5% for 2025 [2][3] - Adjusted net profit forecasts have been slightly lowered to Rmb2.83 billion for FY25E, Rmb3.38 billion for FY26E, and Rmb3.98 billion for FY27E [10]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [7]. Core Insights - AI empowerment significantly lowers creative barriers, accelerating the arrival of a universal creation era. The Nano Banana Pro version has improved image quality and resolution, enhancing text rendering capabilities and supporting the fusion of 14 images to generate new visuals, providing flexible and efficient tools for 3D printing players [2]. - Technological breakthroughs in multi-color printing are becoming a core competitive advantage for enterprises, driving demand for consumables. Companies like Snapmaker and拓竹科技 are innovating in smart multi-color printing technology, significantly reducing waiting times and material costs [2]. - Increased funding from various enterprises is enhancing the industry ecosystem. DJI and Meituan are investing in 3D printing companies, which will help accelerate product iteration and market promotion [2]. - The industry is expected to maintain high growth rates, with positive export performance. In the first three quarters of 2025, China exported 3.491 million 3D printers, nearing the total of 3.778 million units for 2024, with projections of reaching around 5 million units in 2025 [2]. Summary by Sections Industry Overview - The report highlights the rapid advancements in AI and 3D printing technologies, which are expected to drive consumer demand and enhance the usability of consumer-grade 3D printers [2]. Market Demand - The demand for 3D printers is projected to grow significantly, with exports expected to reach 10.7 billion yuan in 2025, reflecting a strong market outlook [2]. Key Industry Players - Key players in the industry include: - Components:杰普特, 锐科激光, 金橙子 - 3D Scanners: 思看科技, 奥比中光-UW - Materials: 海正生材, 家联科技 - Complete Machines: 拓竹科技, 创想三维, 安克创新, 汇纳科技 [2][3].

Group 1: Higher Education Industry - The core idea is that the higher education sector is expected to see a turnaround due to improved quality standards and supportive policies, particularly with the reintroduction of for-profit classification management in Hunan Province, which may serve as a pilot for national implementation [3][4][14] - The report anticipates that after five years of continuous investment, key indicators of educational quality such as student-to-teacher ratios and per-student funding have met the required standards, suggesting that the investment cycle has peaked and operational efficiency in higher education companies is likely to recover [4][14] - Companies to watch in this sector include Yuhua Education, Zhongjiao Holdings, New Higher Education, and others, as they are positioned to benefit from the expected recovery and valuation increase [4][14] Group 2: Vocational Education Industry - There is a significant surge in demand for vocational training driven by the increasing number of university graduates and high school leavers entering the labor market, leading to a projected market size of 80 billion yuan in 2025 with a low penetration rate of 5% [4][14] - The report highlights that the youth unemployment rate is higher than the urban average, indicating a growing need for skill training among the 16 to 24 age group, which is expected to further boost the vocational training market [4][14] - Recommended companies in this space include China Oriental Education and Fenbi, which are well-positioned to capitalize on the growing demand for vocational training [4][14] Group 3: Education Training Industry - The education training sector is undergoing a transformation with a shift towards "franchise operations" after a significant reduction in capacity due to regulatory changes, leading to a supply shortage that has not yet improved [4][14] - The report notes that institutions with strong research capabilities and operational experience are likely to dominate the market, as they are the ones receiving operational licenses [4][14] - Companies such as Good Future, New Oriental, and Excellence Education are expected to expand their capacity and achieve high revenue and profit growth as the industry moves towards a more structured operational model [4][14]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 54.5 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 120%. The gross margin was 17.9%, up by 3.7 percentage points year-on-year. The net profit attributable to shareholders was -1.52 billion RMB, a reduction in losses by 2.94 billion RMB year-on-year [5] - In Q3 2025, the company achieved a revenue of 20.4 billion RMB, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%. The gross margin was 20.1%, up by 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter. The net profit attributable to shareholders was -380 million RMB, a reduction in losses by 1.43 billion RMB year-on-year and 100 million RMB quarter-on-quarter [5] - The company is undergoing a transformation into an AI enterprise, focusing on physical AI, embodied intelligence, and Robotaxi services, which are expected to enhance its monetization potential [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 30.68 billion RMB - 2024: 40.87 billion RMB - 2025E: 76.20 billion RMB - 2026E: 125.67 billion RMB - 2027E: 173.02 billion RMB - The net profit attributable to shareholders is projected to improve from -10.38 billion RMB in 2023 to 6.52 billion RMB in 2027 [6][8] - The company expects to achieve a quarterly delivery guidance of 125,000 to 132,000 vehicles in Q4 2025, which would mark a new high [7] Market Position and Competitive Landscape - The company is expected to benefit from the launch of new models and partnerships, which will enhance its market position and sales volume. The introduction of the G7 model and the expansion of the range of vehicles with extended range capabilities are anticipated to drive sales growth [7] - The report highlights the competitive landscape in the new energy vehicle sector, indicating that while competition is intensifying, the company's strategic initiatives may provide a competitive edge [7]