Company Overview - Zhuozheng Medical has passed the main board listing hearing at the Hong Kong Stock Exchange, with Haitong International and Puyin International as joint sponsors [1] - As of 2024, Zhuozheng Medical is the third largest private mid-to-high-end comprehensive medical service provider in China, holding a market share of 2.0% [1] Industry Growth - The private mid-to-high-end medical service market in China is experiencing rapid growth, with total revenue increasing from RMB 193 billion in 2020 to RMB 426.3 billion in 2024, and is projected to reach RMB 831.4 billion by 2029 [1] Company Operations - As of October 28, 2025, Zhuozheng Medical operates 19 medical service institutions in 10 economically developed cities in China, including 17 clinics and 2 hospitals, and has 5 general clinics in Singapore and Malaysia [1] - The company employs a family medical model that integrates online and offline services, offering specialized services in pediatrics, dentistry, ophthalmology, and dermatology [1] - As of August 31, 2025, the company has 387 full-time doctors with an average of 15 years of practice experience, of which approximately 79% have worked in top-tier hospitals [1]

Group 1 - The core viewpoint is that domestic coal prices have shifted from an upward trend to a rational decline since November, with future price stability dependent on winter demand, particularly if temperatures drop unexpectedly in December and January, potentially increasing residential electricity demand and coal consumption by power plants [1] - The report suggests that the global energy landscape indicates that coal's role as a stabilizing force is unlikely to change in the short term, recommending a focus on long-term opportunities in the power sector [1] - The challenges facing the U.S. electricity system include high demand driven by AI and extreme weather, which complicates the goals of decarbonization, reliability, and cost efficiency, creating a "trilemma" that may require a shift away from decarbonization to meet reliability and cost demands [1] Group 2 - As of December 12, 2025, the price of Q5500 coal at Huanghua Port is 763 RMB/ton, down 38 RMB/ton (-4.7%) from the previous week, with domestic supply stable and imports continuing to decline [2] - The price of main coking coal at Jingtang Port remains stable at 1650 RMB/ton, with expectations for improved demand despite the seasonal downturn [3] - The total inventory of coking coal across three ports is 3.01 million tons, with a utilization rate of 73.16% for coking enterprises with inventories over 200,000 tons [4] Group 3 - The report recommends focusing on key companies in the sector, including China Shenhua Energy (601088.SH, 01088), Shaanxi Coal and Chemical Industry (601225.SH), and China Coal Energy (601898.SH, 01898), while also keeping an eye on Yanzhou Coal Mining (600188.SH, 01171) and Jinneng Holding [5]

海通国际发表研报指，首次覆盖蜜雪集团，给予"优于大市"评级，考虑到公司在全球现制饮品行业的领 先地位，给予2026年25倍市盈率估值，对应目标价482港元。 该行指，2025年外卖平台补贴给蜜雪同店带来一定增量，但由于产品价格带较低，公司并未过多主动参 与补贴活动，在补贴力度逐渐退坡的情况下，2026年同店增长压力在行业内相对更小，且近期开始试点 的早餐产品有望为单店店销带来一定增量。此外，近期落地的社保和税费相关政策预计将推动行业发展 更规范化、可持续化，龙头品牌有望获取更高市场份额。该行预计，蜜雪集团2025至2027年收入分别为 330亿、384亿、422亿元，净利润分别为58亿、67.4亿、75亿元。 ...

Core Viewpoint - Haitong International projects that Mixue Group's revenue will reach 33 billion, 38.4 billion, and 42.2 billion CNY in 2025, 2026, and 2027 respectively, with net profits of 5.8 billion, 6.74 billion, and 7.5 billion CNY for the same years, reflecting the company's leading position in the global ready-to-drink beverage industry [1] Group 1: Company Overview - Mixue Group is the largest ready-to-drink beverage chain in China and a global leader, with 53,014 stores worldwide as of the first half of 2025, including 48,281 in China and 4,733 overseas [2] - According to data from ZhiShi Consulting, Mixue Group ranks as the fourth largest ready-to-drink beverage company globally, holding a market share of 2.2% based on 2023 GMV [2] Group 2: Market Trends - The ready-to-drink beverage segment is experiencing growth driven by economic expansion and rising disposable incomes, leading to a shift in consumer preferences from traditional beverages [3] - There are significant growth opportunities for ready-to-drink tea in lower-tier markets, with predictions indicating that most new store openings will occur in third-tier cities and below, benefiting Mixue's market share [3] Group 3: Competitive Strategy - Mixue Group aims to enhance its competitive edge through a "supply chain + brand IP + store operations" model, striving for a "trinity total cost leadership" [4] - The company has established a digital end-to-end supply chain and a procurement network across six continents and 38 countries, along with five production bases [4] - Mixue's unique brand IP, "Xue Wang," attracts a large consumer base, distinguishing it within the industry [4] - The company has maintained a net increase of approximately 8,000 stores annually since 2020, with over 48,000 stores established in China by the first half of 2025 [4] Group 4: Future Growth Opportunities - Mixue Group plans to continue expanding in domestic markets while capitalizing on the rapid development of lower-tier markets, leveraging its strong supply chain and store management capabilities [5] - The company is also focusing on international markets, with steady development in Southeast Asia and plans to gradually enter new markets in Central Asia and the Americas [5] - The establishment of sub-brands, such as the recently acquired "Xian Pi Fu Lu Jia," is expected to enhance Mixue's positioning in the ready-to-drink beverage sector [5]

Core Viewpoint - Haitong International projects that Mixue Group's revenue will reach 33 billion, 38.4 billion, and 42.2 billion CNY in 2025, 2026, and 2027 respectively, with net profits of 5.8 billion, 6.74 billion, and 7.5 billion CNY for the same years, reflecting the company's leading position in the global ready-to-drink beverage industry [1] Group 1: Company Overview - Mixue Group is the largest ready-to-drink beverage chain in China and a global leader, with 53,014 stores worldwide as of the first half of 2025, including 48,281 in China and 4,733 overseas [2] - According to data from Zhaoshang Consulting, Mixue Group ranks as the fourth largest ready-to-drink beverage company globally, holding a market share of 2.2% based on GMV in 2023 [2] Group 2: Market Trends - The ready-to-drink beverage segment is experiencing growth driven by economic expansion and rising disposable incomes, leading to a shift in consumer preferences from instant beverages [3] - There are significant growth opportunities for ready-to-drink tea in lower-tier cities, with predictions indicating that most new stores will open in third-tier cities and below, benefiting Mixue's market share [3] Group 3: Competitive Strategy - Mixue Group aims to enhance its competitive edge through a "supply chain + brand IP + store operations" model, striving for a "trinity total cost leadership" [4] - The company has established a digital end-to-end supply chain and a procurement network across six continents and 38 countries, along with five production bases [4] - Mixue's unique brand IP, "Xue Wang," attracts a large consumer base, distinguishing it within the industry [4] - The company has maintained a net increase of approximately 8,000 stores annually since 2020, establishing a vast network of over 48,000 stores in China by the first half of 2025 [4] Group 4: Future Growth Opportunities - Mixue Group plans to penetrate untapped domestic markets while capitalizing on the rapid development of lower-tier cities, leveraging its strong supply chain and store management capabilities [5] - In the overseas market, the company aims for steady growth in Southeast Asia while gradually expanding into Central Asia and the Americas [5] - The establishment of the "Lucky Coffee" brand and the recent acquisition of the "Fresh Beer Fu Lu Jia" brand are expected to enhance Mixue's positioning in the ready-to-drink beverage sector [5]

Group 1 - Hefei Kuahaitong International Trade Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Cai Wentao [1] - The business scope includes domestic trade agency, internet sales (excluding licensed goods), import and export of goods, technology import and export, and supply chain management services [1] Group 2 - The company is involved in various retail sectors including electronics, home appliances, clothing, and personal hygiene products [1] - Additional services offered by the company include information consulting (excluding licensed information consulting), data processing and storage support, and marketing planning [1] - The company is permitted to operate domestic cargo transportation agency services, excluding licensed businesses [1]

下周市场将面临三大关键事件：政治局会议、中央经济工作会议以及美联储议息会议，市场波动可能加 大 周五市场已开始提前交易政治局会议释放宽松货币政策与积极财政政策信号的预期。同时，市场对政策 支持长期资金入市的预期进一步升温，周五金管总局正式下调保险公司业务风险因子；证监会主席吴清 在中国证券业协会第八次会员大会上提出，深化市场改革背景下证券行业将肩负四大使命，并提出适度 拓宽券商资本空间与杠杆上限；公募基金管理征求意见稿提出高管薪酬30%回购基金等制度安排，均有 助于提振市场信心。 智通财经APP获悉，海通国际发布研报称，本周市场缩量震荡，下周在政策预期升温的带动下有望延续 反弹行情，但反弹强度仍取决于政策落地力度以及美联储是否降息，同时若市场提前充分博弈，也需警 惕资金借利好兑现的风险。继续看好科技板块的反弹机会，仍建议重点关注回调较为充分的恒生科技以 及长鑫即将启动招股等带动下的科创板轮动机会。在政策方向上，券商板块已具备超跌反弹基础，在政 策提振下有望迎来补涨；而近期加速回落的房地产行业与持续低迷的内需消费行业，也有望迎来政策端 的进一步发力。 此前海通国际提出，非银金融有望接替银行成为新的市场稳定器。银 ...

Group 1 - Haitong International initiated coverage on Zhihu with an "outperform" rating, highlighting its unique position in the Q&A community and the potential of AI applications [1][2] - Zhihu's total revenue for Q3 2025 is projected to be approximately 659 million yuan, with a 16.3% year-on-year reduction in non-GAAP operating losses, indicating improved operational efficiency and quality [1] - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan, demonstrating a strong cash reserve [1] Group 2 - Haitong International believes Zhihu's high user engagement and trust in the "professional discussion" space will continue to attract high-value users and brand budgets [2] - The firm predicts Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be 640 million yuan and 2.75 billion yuan, respectively, with a target price of 14.8 HKD based on a price-to-sales ratio of 1.2 times for FY 2025 [2] - The integration of generative AI in Q&A expansion, personalized recommendations, and advertising creative generation is expected to enhance content supply and commercial conversion efficiency on the platform [2]

Core Insights - Haitong International initiates coverage on Zhihu with an "outperform" rating, highlighting its unique positioning in the Q&A community and the potential of AI applications [1][2] Financial Performance - In Q3 2025, Zhihu reported total revenue of approximately 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-on-year, indicating improved operational efficiency and quality [1] - Zhihu's cash reserves are robust, totaling 4.58 billion yuan as of the end of Q3, which includes cash and cash equivalents, time deposits, restricted funds, and short-term investments [1] Strategic Initiatives - The company is actively optimizing operations to eliminate inefficiencies, which has resulted in a slight loss as part of its investment in sustainable long-term operations [1] - Zhihu has implemented share buybacks and cost-reduction measures to strengthen its capital and profit flexibility, with positive expectations for profitability and margin improvement in 2025-2026 [1] AI Development - Zhihu's AI application, Zhihu Zhidao, has seen significant growth, with its penetration rate exceeding 15% by the end of Q3, nearly four times the level from the same period last year [1] - Future upgrades for Zhihu Zhidao will enhance AI capabilities across various scenarios, including search, content creation, and consumption, further increasing AI usage within the community [1] Market Outlook - Haitong International anticipates Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be 640 million yuan and 2.75 billion yuan, respectively, with a projected price-to-sales ratio of 1.2 times for FY 2025 [2]

Group 1 - Haitong International initiated coverage on Zhihu (02390) with an "outperform" rating, highlighting its unique positioning in the Q&A community and the potential of AI applications [1][2] - The company forecasts Zhihu's target price at HKD 14.8 for 2025, with projected total revenue of approximately RMB 6.59 billion for Q3 2025 and a non-GAAP operating loss narrowing by 16.3% year-on-year [1][2] - Zhihu's cash reserves are robust, totaling RMB 4.58 billion as of the end of Q3, which supports its capital and profit flexibility [1] Group 2 - The usage and penetration of Zhihu's AI product, Zhihu Zhida, have been steadily increasing, with a penetration rate exceeding 15%, nearly four times that of the same period last year [1] - Haitong International believes that Zhihu's high user engagement and trust in its "professional discussion" space will continue to attract high-value users and brand budgets, benefiting from the generative AI trend [2] - The firm predicts Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be RMB 640 million and RMB 2.75 billion, respectively, with a projected price-to-sales ratio of 1.2 times [2]