Investment Rating - The report maintains a "Buy" rating for Alibaba Group [6][9]. Core Views - The report emphasizes that Alibaba Cloud has emerged from its low point, with a positive outlook on its fundamentals and a consensus in the market regarding its revaluation [4][37]. - The growth of AI cloud services is expected to continue, driven by improvements in domestic AI penetration and the alleviation of upstream chip supply pressures [8][21]. - Alibaba's comprehensive self-research technology stack, which includes chips, servers, cloud computing operating systems, and large models, positions it favorably in the competitive landscape [12][32]. Financial Data and Earnings Forecast - Revenue projections for Alibaba Group are as follows: - FY2024: 941.2 billion CNY - FY2025: 996.3 billion CNY - FY2026E: 1,038.6 billion CNY - FY2027E: 1,143.4 billion CNY - FY2028E: 1,250.6 billion CNY - Year-on-year growth rates are projected at 8% for FY2024, 6% for FY2025, 4% for FY2026, 10% for FY2027, and 9% for FY2028 [5]. - Adjusted net profit forecasts are: - FY2024: 158.4 billion CNY - FY2025: 157.9 billion CNY - FY2026E: 101.9 billion CNY - FY2027E: 145.5 billion CNY - FY2028E: 183.6 billion CNY - The diluted earnings per share are expected to be 7.8 CNY for FY2024, 8.2 CNY for FY2025, 5.3 CNY for FY2026, 7.6 CNY for FY2027, and 9.6 CNY for FY2028 [5]. Market Position and Competitive Landscape - Alibaba Cloud is recognized as a leading domestic cloud provider, with revenue scale, growth rate, and profit margins in the top tier of the industry [32][37]. - The report highlights that despite competition from new entrants like ByteDance's Volcano Engine, Alibaba Cloud's advantages in full-stack solutions and ecosystem integrity are difficult to replicate in the short term [11][12]. - The domestic AI cloud market is expected to benefit from the increasing penetration of AI applications, with a significant user base projected to reach 515 million by June 2025, reflecting a penetration rate of 36.5% [22]. Valuation and Price Target - Using the SOTP valuation method, the target valuation for Alibaba Group is set at 34,124 billion CNY, corresponding to a target price of 203 USD per ADS and 197 HKD per share, indicating an upside potential of 34% [9][10].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The "Y share" of personal pension funds is a significant initiative in the context of the national strategy for personal pension system construction, with cost advantages and tax shield effects. It can guide the transformation from "short - term funds" to "long - term funds" [3][7]. - The CSI 300 index has relatively stable dividend returns, its current valuation has a safety margin, and its future profit expectations are optimistic, making it suitable for long - term allocation [3]. - The Cathay CSI 300 Index Securities Investment Fund has outperformed the CSI 300 index in the long - term, with excellent control over tracking errors, and is a high - quality passive index fund [33]. 3. Summary by Relevant Catalogs 3.1 Personal Pension Fund "Y Share" Introduction 3.1.1 "Y Share" Policy Background: The "Cornerstone" of the Third Pillar - In the context of population aging and fiscal pressure, the construction of the personal pension system is a national strategy. The "Y share" is a standardized interface for the public fund industry to connect with the national pension strategy [7]. - It has cost advantages, with fee structures that significantly reduce long - term holding frictional costs, and tax shield effects, providing direct tax subsidies for middle - and high - income groups [7][8]. 3.1.2 "Y Share" Market Significance: Mechanism Guidance from "Short - Term Funds" to "Long - Term Funds" - For individual investors, the closed - operation mechanism of the "Y share" can lock in long - term liquidity and obtain high - equity volatility premiums. The annual contribution limit forms an annual fixed - investment rhythm, which matches the characteristics of equity - type assets [11][12]. - For the market ecosystem, personal pension account funds are long - term and stable, which can improve the A - share investor structure, reduce market volatility, and support the real economy [12]. 3.2 CSI 300 Index Introduction 3.2.1 Dividend Yield Analysis: Relatively Stable Dividend Returns - The dividend yield of the CSI 300 mostly ranges from 2.0% to 3.5%, higher than that of the CSI 500 and 1000 but lower than that of the SSE 50. It combines growth and value components, suitable for investors who prefer stable cash flows [22]. 3.2.2 Valuation Level: The Overall Valuation Level Returns to the Historical Median - Since 2021, the valuation has shown a significant downward trend. Currently, the overall valuation level of the CSI 300 is in the middle range, with a certain safety margin and medium - to long - term attractiveness [25]. 3.2.3 Profit Level: Optimistic Future Profit Expectations for the Index - The net profit has shown a steady upward trend, increasing from about 3.8 trillion in 2020 to an expected about 5.9 trillion in 2027E, with a cumulative growth of over 55%. The ROE will continue to grow in the next three years, and the index has medium - to long - term allocation value [29]. 3.3 Cathay CSI 300 Index Securities Investment Fund Analysis 3.3.1 Cathay CSI 300 Has Outperformed the CSI 300 Index in the Long - Term - Since 2020, as of December 12, 2025, the cumulative net value of Cathay CSI 300 has increased to about 1.38 times, higher than about 1.12 times of the CSI 300 index. It has achieved stable excess returns, controlled volatility and drawdowns, and has the characteristics of "high return + low volatility + strong defense" [33]. 3.3.2 Excellent Tracking Error Control of Cathay CSI 300 - The average value of the absolute value of the daily tracking deviation since 2020 is 0.05%, and the maximum value is 1.28%. The annualized tracking error has been kept within 2% since 2020 and within 1% in the past three years [40]. 3.3.3 Asset Allocation of Cathay CSI 300 - The fund has returned from active exploration to pure passive replication. The stock market value accounts for 94% - 95% of the net value, higher than the benchmark requirement. The industry weight deviation is well - controlled, making it a high - purity and tool - oriented CSI 300 index allocation vehicle [46][49]. 3.3.4 Introduction of the Current Fund Manager - Wu Zhonghao, with 3.88 years of investment experience, currently manages 18 funds with a total managed fund scale of 253.91 billion yuan as of September 30, 2025 [52].

上 市 公 司 一年内股价与大盘对比走势： -50% 0% 50% 12-24 01-24 02-24 03-24 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 壹网壹创 沪深300指数 (收益率) 相关研究 公 司 研 究 / 公 司 深 度 报告原因：首次覆盖 增持（首次评级） | 市场数据： 2025 年 12 月 24 日 | | | --- | --- | | 收盘价（元） | 26.87 | | 一年内最高/最低（元） | 37.60/18.65 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 0.37 | | 流通 A 股市值（百万元） | 5,711 | | 上证指数/深证成指 3,940.95/13,486.42 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 12.36 | | 资产负债率% | 6.13 | | 总股本/流通 A 股（百万） | 237/213 | | 流通 B 股/H 股 ...

上 市 公 司 公 司 研 究 / 公 司 深 证 券 研 究 报 告 度 | 市场数据： | 2025 年 12 月 23 日 | | --- | --- | | 收盘价（港币） | 147.20 | | 恒生中国企业指数 | 8913.83 | | 52 周最高/最低（港币） | 186.20/77.35 | | H 股市值（亿港币） | 28,098.95 | | 流通 H 股（百万股） | 19,088.96 | | 汇率（港币/人民币） | 0.9070 | 一年内股价与基准指数对比走势： 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 赵令伊 A0230518100003 zhaoly2@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 李秀琳 A0230525070005 lixl2@swsresearch.com 联系人 夏嘉励 A0230522090001 xiajl@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中 ...

2025 年 12 月 24 日 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 REITs 分红拆解，配置价值如何? 低利率环境下的 REITs 价值再审视系列二 相关研究 《 见微知著，把握 REITs 产品脉络 -公募 REITs 投资指南系列一：从 发行到上市》 2025/10/22 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 分红是 REITs 的核心收益来源,但高分红≠高收益 -- 因分红中包含大比例本金返还,表 ○ 观分红率既不可跨类型比较,也无法与其他大类资产进行有效比价。本文对两类主流的分 红拆解方法进行测算,并进一步提出一种基于等额本息假设的简化拆分方法,为投资者评 估 REITs 实际分红率提供一种简洁、直观的新思路。 REITs 分红的制度基础：分配金额以合并净利润为基础 ...

2025 年 12 月 24 日 REITs 分红拆解，配置价值如何？ ——低利率环境下的 REITs 价值再审视系列二 相关研究 《 见微知著，把握 REITs 产品脉络 ——公募 REITs 投资指南系列一：从 发行到上市》 2025/10/22 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 债 券 研 究 | 1．REITs 分红的制度基础 5 | | | --- | --- | | 1.1 可供分配金额如何计算？ 5 | | | 1.2 分红税制对比：REITs vs 股票 vs 其他公募基金 7 | | | 2．已上市 REITs 分红全景 9 | | | 2.1 季节性节奏清晰 | 10 | | 2.2 分红率筑底企稳 | 12 | | 3．REITs 分红拆解的三条思路 14 | ...

Group 1: Commercial Aerospace - Focus on core targets in manufacturing and launch sectors that may maintain stable or improving value amid cost reduction trends[3] - Key targets in satellite manufacturing include Shanghai Hanzhou, Zhenlei Technology, and Aerospace Electronics[3] - Anticipate strong merger and acquisition expectations for Aerospace Science and Technology Group due to its substantial off-balance-sheet assets[3] Group 2: Household Robotics - iRobot's bankruptcy and the acquisition of Jiamei by Chasing Technology are optimizing the landscape of the robotic vacuum industry[3] - iRobot's revenue in Q3 2025 was $146 million, with a loss of $22 million, indicating ongoing challenges[40] Group 3: Liquid Cooling Technology - Key recommended companies include Invid, which has a clear positioning advantage and has secured orders ahead of competitors[3] - The liquid cooling market is expected to grow significantly as cloud providers adopt self-developed ASIC chips, increasing demand for cooling solutions[47] Group 4: Tungsten Materials - Tungsten ore prices have surged, with 65% black tungsten ore increasing by 200.7% to 430,000 CNY per ton by December 19, 2025[65] - Recommended companies benefiting from rising tungsten prices include Zhongtung High-tech and Xiamen Tungsten[64] Group 5: Battery Technology - Zhongchuang Innovation is transitioning to a global battery leader, focusing on high-end products like 5C ultra-fast charging and high energy density batteries[3] - The company has established a comprehensive product system covering both power and energy storage applications[3]

上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 | 市场数据： | 2025 年 12 月 23 日 | | --- | --- | | 收盘价（元） | 259.90 | | 一年内最高/最低（元） | 426.01/57.00 | | 市净率 | 10.4 | | 股息率%（分红/股价） | 0.42 | | 流通 A 股市值（百万元） | 9,859 | | 上证指数/深证成指 | 3,919.98/13,368.99 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 24.88 | | 资产负债率% | 68.17 | | 总股本/流通 A 股（百万） | 180/38 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -500% 0% 500% 1000% 01-27 02-27 03-27 04-27 05-27 06-27 07-27 08-27 09-27 10-27 11-27 海博思创 沪深300指数 (收益率) ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Insights - The company is a core manufacturer of electric tool components, expanding into new energy and other growth areas [6]. - The company is expected to achieve significant revenue growth driven by its electric tool components and new energy vehicle sectors [9]. - The company has established a global production and sales network, enhancing its operational efficiency and market reach [64]. Financial Data and Profit Forecast - Total revenue is projected to reach 1,230 million yuan in 2024, with a year-on-year growth rate of 31.3% [7]. - Net profit attributable to shareholders is forecasted at 154 million yuan for 2024, reflecting a growth of 26.4% [7]. - The company anticipates achieving net profits of 172 million yuan, 208 million yuan, and 261 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.8%, 21.5%, and 25.0% [9][71]. Business Overview - The company focuses on electric tool components and consumer electronics, with a comprehensive product matrix including smart switches, controllers, and brushless motors [18][23]. - The company has a strong customer base, with major clients contributing significantly to its revenue, including leading global companies in the electric tool industry [46][48]. - The company has established production bases in Vietnam and Mexico, which contribute to its revenue and mitigate risks associated with tariff changes [64]. Market Position and Growth Potential - The company is well-positioned to benefit from the recovery of the North American real estate market, which is expected to drive demand for electric tools [11][58]. - The electric tool industry is projected to see a recovery in 2024, with a year-on-year shipment growth of 24.8% [58]. - The company is expanding into new fields such as new energy vehicles and energy storage, which are expected to contribute to its growth starting in 2026 [66].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company has signed an acquisition agreement to purchase a multi-element injection asset group from Future Pharmaceutical for a total price of 356 million yuan, which includes both marketed and in-development products [4][6]. - The acquisition is expected to enhance the company's product structure and expand its treatment areas, contributing to a comprehensive health product and service chain covering all age groups [6]. - The market for multi-element injections is projected to reach approximately 1.8 billion yuan in 2024, with the acquired products being recommended in various clinical guidelines, enhancing their market potential [6]. Financial Data and Profit Forecast - Total revenue is forecasted to grow from 2,578 million yuan in 2024 to 4,330 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 17.9% [5][8]. - The net profit attributable to the parent company is expected to increase from 508 million yuan in 2024 to 1,013 million yuan in 2027, reflecting a CAGR of about 23% [5][8]. - Earnings per share (EPS) are projected to rise from 0.73 yuan in 2024 to 1.44 yuan in 2027 [5][8].