Investment Rating - The investment rating for the industry is "Positive" and is maintained [6] Core Insights - The successful launch of the Zhuque-3 rocket is expected to accelerate the development of commercial aerospace in China, with 2027-2028 projected as a pivotal year for the industry [2][10] - The Zhuque-3 rocket, designed for large constellation networking tasks, demonstrates significant capabilities including a reusable design and a payload capacity of no less than 18 tons for near-Earth orbit [10] - The report emphasizes the importance of monitoring capital expenditure changes among downstream operators, as well as focusing on the related industrial chains of Shanghai Yuanxin and Zhuque-3 [2][10] Summary by Sections Event Description - On December 3, 2025, the Zhuque-3 rocket successfully completed its flight mission, marking a significant milestone in China's commercial aerospace efforts [4] Event Commentary - The Zhuque-3 rocket is a new generation of low-cost, high-capacity, and reusable launch vehicle, which is expected to support major national aerospace projects and satellite internet deployment [10] - The report highlights the stable and reliable performance of the rocket during its flight, although there was an issue with the vertical recovery attempt of the first stage [10] - The rapid development of commercial aerospace in China is anticipated, with a focus on the advancements in large thrust reusable rockets by private enterprises and research institutions [10]

Market Performance - The overall market rebounded with a notable performance in technology growth sectors, with the Jiangsu Growth Momentum Index rising over 9% weekly[2] - The Jiangsu Momentum Index saw a weekly increase of nearly 10%, indicating a return of growth hotspots in Q3 2025[2] Trading Activity - Weekly trading volume for the entire A-share market has decreased compared to Q3 2025, despite the recovery in growth sectors[2] - The small and micro-cap stocks outperformed the broader market, showing a synchronized increase in trading activity[2] Sector Analysis - The telecommunications and information technology sectors led the weekly gains, with significant rebounds observed in these areas[5] - The performance of the Jiangsu specialized and innovative index was notably strong, reflecting positive market sentiment[5] Investor Sentiment - The trading heat of the small and micro-cap indices has continued to recover, indicating improved market sentiment[5] - Institutional investors experienced a rebound in their holdings, with all major fund indices showing positive weekly returns[5] Style Tracking - The momentum index demonstrated impressive weekly performance, with the Jiangsu Growth Momentum Index showing a rebound of 9.11%[36] - The growth style indices, particularly in small and micro-cap categories, exhibited strong weekly increases, highlighting a shift in investor preference towards growth stocks[36]

Report Industry Investment Rating - Not provided in the report Core Viewpoint - From November 24 - 28, 2025, the central bank had a net 7 - day reverse repurchase fund withdrawal, a treasury cash fixed - deposit injection of 12 billion yuan, and an MLF operation of 100 billion yuan. From November 24 - 30, 2025, the net government bond payment scale decreased compared to the previous week, most inter - bank certificate of deposit (NCD) maturity yields rose slightly, and the average leverage ratio of the inter - bank bond market increased. On November 28, 2025, the median durations of medium - long - term and short - term interest - style pure bond funds decreased week - on - week by 0.55 years and 0.08 years respectively [2]. Summary by Directory 1. Funds - In November 2025, the net MLF injection was 10 billion yuan. From November 24 - 28, the central bank's 7 - day reverse repurchase had a net withdrawal of 16.42 billion yuan, treasury cash fixed - deposit injection was 12 billion yuan, and MLF had a net injection of 10 billion yuan. From December 1 - 5, 2025, 151.18 billion yuan of 7 - day reverse repurchases will mature. In total, the net injection of outright reverse repurchases in November was 50 billion yuan, and the net MLF injection was 10 billion yuan, with the combined net injection scale remaining stable month - on - month. In December, the maturity scales of 3M and 6M outright reverse repurchases are 100 billion yuan and 40 billion yuan respectively, and 30 billion yuan of MLF will mature [6]. - The overall funds situation was loose. From November 24 - 28, 2025, the average values of DR001 and R001 were 1.31% and 1.39% respectively, down 11.7 and 10.1 basis points compared to November 17 - 21; the average values of DR007 and R007 were 1.46% and 1.53% respectively, down 3.5 basis points and up 1.0 basis point compared to November 17 - 21. On the 28th, the weighted average rate of DR001 was closer to 1.30% and broke through 1.30% intraday [7]. - The net government bond financing scale decreased. From November 24 - 30, 2025, the net government bond payment scale was about 32.89 billion yuan, about 8.17 billion yuan less than November 17 - 23, including about 3.91 billion yuan of net treasury bond financing and about 28.98 billion yuan of net local government bond financing. From December 1 - 7, 2025, the expected net government bond payment scale is 8.66 billion yuan, including about - 5 billion yuan of net treasury bond financing and about 13.66 billion yuan of net local government bond financing [7]. 2. Inter - bank Certificates of Deposit (NCDs) - Most NCD maturity yields rose slightly. As of November 28, 2025, the 1M and 3M NCD maturity yields were 1.4450% and 1.5750% respectively, down 4.5 basis points and up 0.2 basis points compared to November 21; the 1Y NCD maturity yield was 1.6400%, up 0.5 basis points compared to November 21 [8]. - The net NCD financing amount remained negative. From November 24 - 30, 2025, the net NCD financing amount was about - 24.25 billion yuan, compared to about - 37.4 billion yuan from November 17 - 23. From December 1 - 7, 2025, the expected NCD maturity repayment amount is 44.88 billion yuan, with a significantly reduced roll - over pressure compared to the previous week. The NCD maturity scale in December is about 3.7 trillion yuan, which is relatively high [8]. 3. Institutional Behavior - The average leverage ratio of the inter - bank bond market increased. From November 24 - 28, 2025, the average calculated leverage ratio of the inter - bank bond market was 107.32%, compared to 107.15% from November 17 - 21. On November 28 and 21, the calculated leverage ratios were about 107.02% and 107.31% respectively [9]. - Based on the calculation results, the durations of medium - long - term and short - term interest - style pure bond funds decreased marginally. On November 28, 2025, the median duration (MA5) of medium - long - term interest - style pure bond funds was 3.68 years, down 0.55 years week - on - week, at the 60.3% quantile since early 2022; the median duration (MA5) of short - term interest - style pure bond funds was 1.56 years, down 0.08 years week - on - week, at the 23.2% quantile since early 2022 [9].

[Table_Author] 丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AI 产业跟踪：DeepSeek-V3.2 正式版发布，关 注大模型商业化落地进展 报告要点 [Table_Summary] 12 月 1 日，DeepSeek-V3.2 和 DeepSeek-V3.2-Speciale 正式发布。官方网页端、App 和 API 均已更新为 V3.2 版本。Speciale 版本目前仅以临时 API 服务形式开放，以供社区评测与研 究。相比 Exp 版本， V3.2 实现了高计算效率与卓越推理、Agent 性能的统一，同时支持在思 考和非思考模式下使用工具。2025 年 DeepSeek 已发布 7 款模型，开源阵营持续扩大。后续 展望来看，关注 AI 产品发布超预期情况与 AI Agent 落地进展。继续看好国产 AI 链、国产算力 链以及国内 AI 出海，持续重点推荐铲子股和卡位优势显著的巨头本身。 分析师及联系人 %% %% %% %% research.95579.com 1 宗建树 刘思缘 SAC：S0490520030004 SFC：BUX668 请阅读最后 ...

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] AI 系列跟踪（83）：DeepSeek-V3.2 正式发 布，可灵 AI 视频 O1 模型全量上新 报告要点 [Table_Summary] 12 月 1 日，DeepSeek-V3.2 正式版和 DeepSeek-V3.2-Speciale 发布，DeepSeek-V3.2 大幅 强化 Agent 能力，DeepSeek-V3.2-Speciale 主打极致推理性能。同日，可灵 AI 视频 O1 模型 正式上线，其核心亮点在于统一底座、全能指令和强大一致性。在 AI 细分赛道中，我们看好： 1）优质 IP 或受益于 AI 技术演进带来的创作效率和变现价值提升，看好受益于多模态加速的 AI 漫剧赛道；2）具备流量&模型&数据优势的互联网大厂；3）海外已跑通商业模式，国内有望 复制（广告、电商、教育等）的垂直赛道；4）AI+游戏厂商。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 12 月 1 日，DeepSeek-V3.2 正式版和 ...

Investment Rating - The report does not explicitly state an investment rating for the hydrogen energy industry, but it highlights significant growth and opportunities in the sector, suggesting a positive outlook for investment [5][10]. Core Insights - The hydrogen equipment market in China is experiencing explosive growth, with domestic orders exceeding 4.1 GW from January to September 2025, driven by government policies and technological advancements [5][10]. - The competitive landscape is evolving, with an increase in the number of suppliers for alkaline and PEM electrolyzers, indicating intensified competition [10]. - The average bid prices for electrolyzers are declining, reflecting both technological cost reductions and aggressive pricing strategies among competitors [10][11]. Summary by Sections Current Situation - The report focuses on hydrogen production equipment, particularly the results of the centralized procurement by China Energy Construction for 2025, which includes 125 electrolyzers [9]. - The procurement results show a significant increase in the number of suppliers and a downward trend in average prices for both alkaline and PEM electrolyzers [10]. Market Dynamics - The total order volume for hydrogen production equipment has surged, with notable large-scale contracts emerging, marking a shift from megawatt to gigawatt projects [10]. - Alkaline electrolyzers dominate the market with over 98% of the total order volume, indicating their maturity and reliability in commercial applications [10]. Industry Initiatives - The Hydrogen Industry Association has issued a development initiative to promote quality over price competition, aiming to enhance technological innovation and service quality in the sector [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.7 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 26%. The net profit attributable to shareholders was approximately 220 million yuan, up 45% year-on-year. In Q3 alone, the revenue was 1.4 billion yuan, with a year-on-year increase of 9%, and the net profit reached about 100 million yuan, showing a significant growth of 395% year-on-year [2][4]. Summary by Sections Revenue Performance - In Q3, the company's revenue showed a slight year-on-year increase, primarily benefiting from an increase in shipment volume [11]. Profitability - The gross margin for Q3 was approximately 13.4%, reflecting an improvement year-on-year, attributed to a low base from the previous year and an increase in order delivery prices. The expense ratio for Q3 was about 6.3%, down 2.2 percentage points year-on-year, mainly due to the dilution effect from increased revenue [11]. Order Backlog - As of the end of Q3 2025, the company had inventory and contract liabilities of approximately 2.3 billion yuan and 600 million yuan, respectively, both at historical highs. The total executing and pending orders amounted to about 4.77 billion yuan, with land-based wind power equipment orders at approximately 3.56 billion yuan and offshore wind power orders at about 1.19 billion yuan [11]. Future Outlook - The company is actively developing its offshore wind base in Yangzhou, which is expected to capitalize on domestic and international offshore wind opportunities, enhancing performance growth potential. Additionally, the company is advancing into new business areas such as commercial aerospace, which may open up a second growth curve [11]. Financial Projections - The projected net profits for 2025 and 2026 are approximately 330 million yuan and 450 million yuan, respectively, corresponding to price-to-earnings ratios of about 21 times and 16 times [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - The company reported a revenue of 2.013 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 42.52%. The net profit attributable to the parent company was 48 million yuan, up 28.05% year-on-year. However, the non-recurring net profit decreased by 31.40% year-on-year to -17 million yuan [2][4]. - In Q3 2025, the company achieved a revenue of 863 million yuan, a year-on-year increase of 56.13% and a quarter-on-quarter increase of 14.01%. The net profit attributable to the parent company was 34 million yuan, showing a year-on-year growth of 94.01% but a quarter-on-quarter decline of 34.84%. The non-recurring net profit turned positive at 9 million yuan, but decreased by 71.1% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company’s total revenue was 2.013 billion yuan, with a year-on-year growth of 42.52%. The net profit attributable to the parent company was 48 million yuan, reflecting a year-on-year increase of 28.05%. The non-recurring net profit was -17 million yuan, down 31.40% year-on-year [2][4]. - In Q3 2025, the company’s revenue reached 863 million yuan, marking a year-on-year increase of 56.13% and a quarter-on-quarter increase of 14.01%. The net profit attributable to the parent company was 34 million yuan, up 94.01% year-on-year but down 34.84% quarter-on-quarter. The non-recurring net profit was 9 million yuan, indicating a turnaround from losses but a decline of 71.1% from the previous quarter [2][4]. Market and Operational Insights - The company’s sales volume for energy storage and power business in Q3 was 1.078 GWh, showing a year-on-year increase of 156.06% and a quarter-on-quarter increase of 16.29%. The energy storage segment is expected to benefit from recovering demand in the European market and expansion into emerging markets in Southeast Asia and South America [12]. - The company’s sodium-ion battery sales exceeded 100 MWh, and shared battery swap sales surpassed 400 MWh in the first three quarters. The improvement in capacity utilization has led to a continuous increase in gross margin, which was 21.09% in Q3, up 0.48 percentage points quarter-on-quarter [12]. Future Outlook - The company is expected to achieve net profits of 120 million yuan and 380 million yuan in 2025 and 2026, respectively. The fundamental turning point for the company has been established, with expectations for overseas commercial storage and emerging market household storage to gradually contribute to growth [6][12].

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 5.706 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.79%. The net profit attributable to shareholders was 344 million yuan, up 44.71% year-on-year, while the net profit excluding non-recurring items was 300 million yuan, an increase of 36.85% year-on-year [2][4]. - In Q3 2025, the company achieved a revenue of 1.973 billion yuan, reflecting an 18.65% year-on-year increase but a 21.59% decrease quarter-on-quarter. The net profit attributable to shareholders reached 101 million yuan, a significant year-on-year increase of 711.41%, although it decreased by 42.17% from the previous quarter. The net profit excluding non-recurring items was 77 million yuan, up 423.44% year-on-year but down 52.86% quarter-on-quarter [2][4]. Financial Performance Summary - The gross margin for Q3 was 25.24%, an increase of 2.70 percentage points quarter-on-quarter, primarily due to the increased contribution from data center and smart energy businesses [11]. - The expense ratio for Q3 was 18.20%, with a notable increase in R&D expenses due to product upgrades and technological innovations aimed at meeting the demands of overseas clients [11]. - The company expects net profits of 500 million yuan and 800 million yuan for 2025 and 2026, respectively [6]. Business Outlook - The company anticipates continued growth in its data center and renewable energy segments, driven by increasing global demand and expansion into overseas markets, particularly in Europe and North America [11]. - The company is actively working on new product launches in liquid cooling, HVDC, and SST technologies, which are expected to benefit from the expanding infrastructure needs in the internet and communication sectors [11]. - The renewable energy business is expected to improve profitability, with limited downside on storage product prices and a reduction in impairment losses anticipated [11].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The report highlights that Chongqing aims to become a strong city for low-altitude economic development, supported by a new policy document that includes 17 measures across three areas to foster innovation and growth in the low-altitude economy [2][4][9] - The low-altitude economy is expected to drive the entire industry chain, with upstream focusing on raw materials and core components, midstream on drones and supporting equipment, and downstream on aviation management and information technology [2][9] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and exceed 2 trillion yuan by 2030, indicating significant growth potential [9] Summary by Sections Policy Measures - The policy measures include four demand-side initiatives to create low-altitude demonstration scenarios, seven supply-side initiatives to support industrial innovation, and six measures to enhance the low-altitude security system [9] - This policy follows previous initiatives aimed at managing low-altitude airspace and identifying application scenarios, indicating a comprehensive approach to developing the low-altitude economy in Chongqing [9] Industry Development - The report notes that multiple regions in China are forming low-altitude industry clusters, with significant progress in areas like Xinjiang, the Guangdong-Hong Kong-Macau Greater Bay Area, and the Yangtze River Delta [9] - The low-altitude economy is transitioning from pilot demonstrations to large-scale implementation, with emerging business models in drone logistics, passenger travel, and low-altitude tourism [9] Market Outlook - The low-altitude economy is recognized as a strategic emerging industry in China, with rapid development and a shift from equipment technology catch-up to leading positions in certain areas [9] - The report suggests focusing on the entire low-altitude economy supply chain, particularly in aviation information technology and air traffic management sectors [9]