市公司 E 25 CE 27 2025 年 11 月 17 日 (09969) -上调 2025 年销售指引,自免管线加速推进 报告原因:有业绩公布需要点评 (维持) | 市场数据: | 2025 年 11 月 14 日 | | --- | --- | | 收盘价（港币) | 15.17 | | 恒生中国企业指数 | 9397.96 | | 52 周最高/最低 (港币) | 20.62/5.02 | | H 股市值（亿港币） | 267.70 | | 流通 H 股（百万股） | 1,493.80 | | 汇率（港币/人民币） | 0.9120 | 一年内股价与基准指数对比走势: 275% 175% 资料来源：Bloomberg 相关研究 《InnoCare Pharma Limited(09969):Key products to drive the sales growth 》 2025/05/15 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 申万宏源研究微信服务号 投资要点: 诺诚健 ...

Investment Rating - The report assigns a rating based on the AHP score, with a score of 3.39 indicating a position in the upper-middle tier of the AHP model for the Sci-Tech Innovation Board [8][11]. Core Insights - The company focuses on the research, design, and sales of self-developed full-function GPUs, with a strategic shift towards high-margin, high-performance segments, particularly in AI computing [11][19]. - The company has achieved significant advancements in GPU architecture, enabling breakthroughs in computing power and product performance that meet international standards [19][20]. - The AI chip market in China is projected to reach 1.3368 trillion yuan by 2029, with a compound annual growth rate of 53.7% from 2025 to 2029, indicating substantial growth potential for the company [19][24]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated at 3.39, placing it in the 56.1% percentile of the AHP model, indicating a strong position in the market [8][10]. 2. Highlights and Features of the New Stock 2.1 Core Team and Self-Developed GPU Architecture - The core team comprises professionals with extensive experience from leading international companies, focusing on self-developed full-function GPUs [11][15]. 2.2 Full-Function GPU Achievements - The company has developed a comprehensive product system that includes AI computing, cloud computing, and personal computing applications, with significant revenue growth expected from AI computing products [11][19]. 2.3 Capitalizing on AI and Graphics Opportunities - The company plans to invest in the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen its product performance and technology barriers [24][26]. 3. Comparable Company Financial Metrics 3.1 Revenue and Profit Trends - The company’s revenue is projected to grow significantly, with estimates of 0.46 billion yuan in 2022, increasing to 7.02 billion yuan by the first half of 2025, while net losses are expected to narrow [28][30]. 3.2 R&D Expenditure Trends - R&D expenses have been increasing, with the company spending 11.16 million yuan in 2022 and 5.57 million yuan in the first half of 2025, indicating a strong commitment to innovation [34][36]. 3.3 Profitability and Debt Levels - The company’s gross margin has improved significantly, with a gross margin of 70.71% in 2024, while the debt-to-asset ratio has been relatively high, indicating potential financial risks [39][40]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for the development of new AI training and inference chips, graphics chips, and AI SoC chips, which are expected to enhance its competitive position in the GPU market [42][43].

室 坑车工 2025 年 11 月 17 日 时代小说书 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 册 分歧污 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 A0230124030001 dasw@swsresearch.com 申万宏源研究微信服务号 关注军贸及消耗类武器, 配置周期 国防军工行业周报（2025年第 47 周） 本期投资提示: 上周申万国防军工指数下跌 2.15%，中证军工龙头指数下跌 1.53%，同期上证综指下 ● 跌 0.18%, 沪深 300 下跌 1.08%, 创业板指下跌 3.01%, 申万国防军工指数跑赢创业 板指、跑输沪深 300、跑输上证综指、跑输军工龙头指数。1、从细分板块来看，上周 国防军工板块 2.15%的跌幅在 31 个申万一级行业涨跌幅排名第 27 位。2、从我们构建 的军工集团指数变化来看，上周中证民参 ...

Group 1: Report Industry Investment Rating - No information provided regarding the industry investment rating Group 2: Core Viewpoints of the Report - In the recent week, most A - share ETFs declined, while gold ETFs led the gains with a 3.26% increase, and the technology sector mostly fell. Funds were deployed in the science - innovation sector against the trend, and the ETFs targeting SGE Gold 9999 had the largest net inflow of funds [2][9] Group 3: Summary by Directory 1. Index Product Establishment, Raising, and Application - **Product Establishment and Listing**: Five products were listed, with a concentration on Hong Kong Stock Connect products. Eight products were established, including index - enhanced products such as Zhongjia Beizheng 50 Component Index Enhanced A and Huatai Baorui Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A [1][4] - **Product Issuance Information**: Two index products ended their fundraising in the coming week, and no index products were set to start fundraising [6] - **Product Application Information**: A total of 28 index products were applied for in the recent week, maintaining the diversified characteristics of industry themes, including 18 theme funds and 6 linked funds [7] 2. ETF Market Review - **Overall ETF Performance**: Most A - share ETFs declined, with the declines of Kechuang 50ETF, ChiNext 50ETF, and CSI 500ETF being - 3.83%, - 3.67%, and - 1.24% respectively. Among Hong Kong - stock ETFs, only the Hang Seng ETF rose by 1.30%, and among US - stock ETFs, the S&P 500ETF rose by 2.68%. In commodity ETFs, the non - ferrous ETF rose by 1.26%, and gold rebounded strongly by 3.26% [2][9] - **Industry - based A - share ETF Performance**: The medical category rose significantly, with the Chinese medicine ETF having the highest increase of 3.61%. The chemical ETF also had a relatively high increase of 3.38%. The technology category declined significantly, with the communication ETF, electronic ETF, and chip ETF having declines of - 6.99%, - 5.62%, and - 4.81% respectively [2][13] - **Cross - border ETF Performance**: In the recent week, the major broad - based indices of cross - border markets had mixed performance. The France CAC40 had the highest increase of 2.77%. Among corresponding ETFs, Boshi Hang Seng Healthcare ETF and Hua'an France CAC40ETF rose significantly, while Huatai Baorui CSI Korea Exchange Sino - Korean Semiconductor ETF declined by 4.20% [16] 3. ETF Fund Flow - **Overall ETF Scale**: As of November 14, 2025, there were 1304 ETFs in the entire market, with a total scale of 563.3719 billion yuan, a decrease of 3.914 billion yuan from the previous week. A - share and cross - border ETFs ranked first and second in scale [22] - **Non - monetary ETF Fund Inflow and Outflow**: Among non - monetary ETFs, the ETFs targeting SGE Gold 9999 had the largest net inflow of 5.567 billion yuan, while the ETFs of CSI A500 had the largest net outflow of 4.04 billion yuan [24] - **High - Inflow and High - Liquidity ETFs**: Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50ETF and Southern ChiNext Artificial Intelligence ETF had high fund inflows of 2.495 billion yuan and 2.028 billion yuan respectively. Haifutong CSI Short - term Financing ETF and E Fund CSI Hong Kong Securities Investment Theme ETF had high liquidity [26]

2025 年 11 月 17 日 诺诚健华 (09969) ——上调 2025 年销售指引，自免管线加速推进 报告原因：有业绩公布需要点评 上 市 公 司 医药生物 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 买入（维持） | 市场数据： | 2025 年 11 月 14 日 | | --- | --- | | 收盘价（港币） | 15.17 | | 恒生中国企业指数 | 9397.96 | | 52 周最高/最低（港币） | 20.62/5.02 | | H 股市值（亿港币） | 267.70 | | 流通 H 股（百万股） | 1,493.80 | | 汇率（港币/人民币） | 0.9120 | 一年内股价与基准指数对比走势： -25% 75% 175% 275% HSCEI 诺诚健华 资料来源：Bloomberg 相关研究 《InnoCare Pharma Limited(09969):Key products to drive the sales growth》 2025/05/15 证券分析师 胡梦婷 A0230524060004 humt@swsr ...

研 究 专 题 2025 年 11 月 17 日 上市节奏放缓，收益创近期新低 ——定增市场双周报 2025.11.03-2025.11.16 本期投资提示： 证 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 定增双周报 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 新 股 发 行 券 研 究 报 告 相关研究 - ⚫ 新增节奏放缓，过会项目数增加。截至 2025 年 11 月 17 日，上两周（11 月 3 日至 11 月 16 日）新增 12 宗定增项目（其中竞价 5 宗），环比减少 10 宗；终止 8 宗（其中竞价 4 宗）， 环比减少 8 宗；发审委通过 12 宗（其中竞价 6 宗），环比增加 5 宗；证监会通过 2 宗（均 为竞价项目），环比减少 13 ...

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting a "Buy" rating for specific stocks based on their performance relative to the market [3][29]. Core Insights - The report highlights that the coal prices are expected to rise due to supply constraints and seasonal demand, particularly in the context of winter heating needs [3][4]. - It emphasizes the impact of environmental regulations and safety inspections on coal production, which are likely to tighten supply further [3][7]. - The report identifies several companies as potential investment opportunities, including Jin控煤业, 华阳股份, and 山煤国际, based on their price elasticity and valuation [3][4]. Summary by Sections 1. Recent Industry Policies and Dynamics - The report discusses the initiation of the third round of central ecological environment protection inspections, which will affect major coal-producing regions and companies [7]. - It mentions the State Energy Administration's guidance on integrating coal with renewable energy, focusing on low-carbon transitions and new energy developments in mining areas [7]. 2. Price Trends of Coal - The report notes fluctuations in domestic coal prices, with specific increases in certain regions, such as a rise of 10 CNY/ton in Dazhou and Ordos [8]. - The overall coal price index in the Bohai Rim region has increased by 4 CNY/ton, indicating a general upward trend in coal prices [8]. 3. International Oil Prices - Brent crude oil prices have risen by 1.19% to 64.39 USD/barrel, which may influence coal prices due to the relationship between oil and coal markets [14]. 4. Port Inventory Trends - The report indicates an increase in coal inventory at the Bohai Rim ports, with a total of 24.3 million tons, reflecting a 2.56% rise week-on-week [18]. 5. Domestic and International Freight Rates - Domestic coastal shipping rates have increased slightly, with an average of 51.52 CNY/ton, while international shipping rates from Australia to China have also seen a rise [23]. 6. Key Company Valuation Table - The report provides a detailed valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings projections [28].

Investment Rating - The report suggests a positive outlook for the agricultural sector, indicating an "Overweight" rating for the industry, as it is expected to outperform the overall market [46]. Core Insights - The agricultural sector index rose by 2.7% while the Shanghai and Shenzhen 300 index fell by 1.1%, highlighting a divergence in performance [2][3]. - The report emphasizes the ongoing decline in pig prices, leading to increased losses and a potential acceleration in capacity reduction within the industry [2][3]. - The "Double Eleven" sales event showed strong performance for pet food brands, indicating growth potential for leading companies in this segment [2][3]. Summary by Sections Pig Farming - Pig prices have continued to decline, with the average selling price for external three yuan pigs at 11.56 yuan/kg, down 2.9% year-on-year [2]. - Losses for self-breeding sows are significant, with a reported loss of 71.95 yuan per head, a week-on-week increase of 30.89 yuan [2]. - The report anticipates that the fourth quarter will see a lackluster peak season for pig prices, with proactive capacity reduction expected to accelerate [2][3]. Pet Food - Major e-commerce platforms reported strong sales during the "Double Eleven" event, with leading brands achieving high rankings in sales [2]. - The report highlights that domestic pet food brands are experiencing a growth trajectory, despite short-term export challenges due to trade tensions [2]. - Companies such as Guai Bao Pet, Zhong Chong Co., and Pei Di Co. are recommended for their strong market positions and growth potential [2][3]. Poultry Farming - The price of white feather broiler chicks has slightly decreased to an average of 3.35 yuan per chick, while chicken prices remain stable at 3.45 yuan/kg [2]. - The report notes that the supply of white chickens is expected to remain abundant, which may impact pricing dynamics in 2025 [2]. - Recommendations include focusing on leading companies like Sheng Nong Development for long-term value [2]. Beef Cattle - Prices for beef cattle and calves have seen a slight decline, with the average price for fattened bulls at 25.6 yuan/kg, down 0.16% week-on-week [2]. - The wholesale price of beef has increased slightly to 66.73 yuan/kg, reflecting a potential upward trend in beef pricing [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][8]. Core Insights - The company reported Q3 revenue of $2.382 billion, a year-over-year increase of 9.7% and a quarter-over-quarter increase of 7.8%, exceeding guidance [4][7]. - The net profit attributable to shareholders for Q3 was $192 million, reflecting a year-over-year growth of 28.9% and a quarter-over-quarter growth of 44.7% [4][7]. - The gross margin for Q3 was 22%, which is above the guidance range of 18%-20% [4][7]. - For the first three quarters of 2025, total revenue reached $6.838 billion, a year-over-year increase of 17.4%, with a gross margin of 21.6%, up 5.3 percentage points year-over-year [4][7]. Financial Data and Profit Forecast - The company expects total revenue for 2025 to be $6.6755 billion, with a year-over-year growth rate of 15.5% [6]. - The net profit attributable to shareholders is projected to be $512.3 million in 2025, representing a year-over-year growth of 38.5% [6]. - The earnings per share (EPS) is forecasted to be $0.64 for 2025, with a gross margin of 21.9% [6]. - The company’s return on equity (ROE) is expected to improve to 3.4% in 2025 [6]. Operational Performance - The overall utilization rate for Q3 was 95.8%, with a quarter-over-quarter increase of 3.3 percentage points [7]. - The average selling price (ASP) for wafers increased by 3.1% quarter-over-quarter to $953 per wafer [7]. - The company’s 12-inch wafer production capacity increased, contributing significantly to revenue [7]. - The revenue contribution from the industrial and automotive sectors rose, with a quarter-over-quarter increase of 21% [7]. Capital Expenditure and Guidance - The company’s capital expenditure for Q3 was $2.394 billion, reflecting a quarter-over-quarter increase [7]. - For Q4, the company expects revenue to remain stable with a quarter-over-quarter growth of 0% to 2% and a gross margin between 18% and 20% [7].

证 券 研 究 报 告 从百舸争流到自成畦径 ——2026年中国AI投资策略 证券分析师：黄忠煌 A0230519110001 杨海晏 A0230518070003 洪依真 A0230519060003 刘洋 A0230513050006 林起贤 A0230519060002 李国盛 A0230521080003 研究支持：袁航 A0230521100002 崔航 A0230524080005 杨紫璇 A0230524070005 曹峥 A0230525040002 陈晴华 A0230525100001 徐平平 A0230525080002 罗宇琦 A0230124070004 陈俊兆 A0230124100001 联系人：王开元 A0230125030001 2025.11.17 结论：从百舸争流到自成畦径 • 供给侧：国产算力放量，国产AI芯片从可用到好用，超节点展现国产工程能力。 • 需求侧：互联网、运营商智算中心需求旺盛。 • 国产创新：芯片、超节点、IDC多维度工程创新，提升整体计算性能，独树一帜。 ◼ 模型：中美大模型差距缩小，从单纯的性能提升迈向商业化落地 • 模型：2025年，全球大模型迭代速 ...