Core Viewpoint - Cathay Securities has raised the EPS forecast for Meitu Inc. for 2025-2027 to 0.21, 0.30, and 0.39 CNY respectively, with a target price of 11.59 HKD, maintaining a "Buy" rating [1] Financial Performance - In the first half of 2025, Meitu's total revenue increased by 12.3% year-on-year to 1.8 billion CNY, with a gross margin of 73.6%, up by 8.7 percentage points [2] - The net profit attributable to shareholders grew by 30.8% to 397 million CNY, while the adjusted net profit increased by 71.3% to 467 million CNY [2] - The overall Monthly Active Users (MAU) reached 280 million, a year-on-year increase of 8.5%, with MAU outside mainland China growing by 15.3% to 98 million [2] Product Development and Market Position - Meitu's image and design product revenue rose by 45.2% to 1.351 billion CNY, accounting for 74.2% of total revenue [2] - The flagship products, Meitu Xiuxiu and Meiyan Camera, maintained the top positions in MAU rankings for mobile image beautification and licensed photography in China [2] - The introduction of AI features has significantly contributed to the company's success, with Meitu Xiuxiu achieving top rankings in multiple countries' App Stores [3] Innovation and AI Integration - The company launched various AI-driven features, such as "AI Flashlight" and "AI Dressing," which have gained significant traction in international markets [3] - The productivity tool, Meitu Design Studio, focuses on AI workflows for e-commerce design, while the video production tool, Kaipai Video, emphasizes AI-driven video creation [3] - In the first half of 2025, MAU for productivity tools outside mainland China saw over 90% year-on-year growth [3]

Core Insights - Quantum computing is currently in the early breakthrough stage, with quantum error correction being a key focus area [1][2] - The development landscape of quantum computing is characterized by diverse and open technological routes, including superconducting, ion trap, neutral atom, photonic, and silicon semiconductor technologies [1] - The industry ecosystem for quantum computing is gradually being established, with ongoing advancements in fundamental research, engineering development, and application exploration across multiple sectors [1] Quantum Security - China holds an absolute leading position in the field of Quantum Key Distribution (QKD) technology, forming a comprehensive quantum secure communication industry chain [3] - Chinese institutions account for approximately 93% of the top 10 patent applicants in the global quantum communication field, indicating a strong competitive edge [3] Quantum Measurement - The quantum precision measurement industry is entering a diversified development phase, leveraging quantum states for enhanced measurement accuracy across various physical quantities [4] - The maturity of quantum sensors varies by physical quantity, contributing to the diversification of the industry [4] Investment Recommendation - GuoDun Quantum (688027.SH) is recommended as a key player in the quantum technology sector, being the only listed quantum technology company in China with a focus on quantum computing, quantum security, and quantum measurement [5]

中国水泥产量自2022年开始逐年下滑，且下滑速度较快，疲软的需求使得供给侧错峰保价难以维持，国 内水泥价格随之跌入谷底，出海已成必选题。公司未雨绸缪，在2020年就开启了出海战略，首条产线落 地莫桑比克，后以每年新进一国的速度扩张，2024年底公司已布局莫桑比克、刚果金、埃塞俄比亚、乌 兹别克斯坦四个国家，该行认为公司出海的决心坚定、时机及时、进展迅速。 出售新疆资产，坚定不移推进海外战略 国泰海通发布研报称，首次覆盖西部水泥(02233)，予"增持"评级，预计公司2025-2027年归母净利润分 别为11.43/14.22/20.15亿元，EPS分别为0.21/0.26/0.37元，鉴于公司是出海翘楚、成长性强，参考可比公 司，该行认可给予公司2026年13倍PE、合理价格3.72港元(人民币兑港元=0.91：1)，给予公司2026年1.3 倍PB估值、合理价格3.74港元，审慎起见选取目标价3.73港元。 国泰海通主要观点如下： 积极出海的陕西水泥龙头 截至2024年底，第一大股东张先生直接、间接合计持股约32.3%，海螺持股29.0%。2024年公司国内销 售水泥1574万吨(其中陕西1320万吨)、实 ...

Core Viewpoint - The report from Guotai Junan initiates coverage on Western Cement (02233) with a "Buy" rating, projecting net profits for 2025-2027 to be 1.143 billion, 1.422 billion, and 2.015 billion yuan respectively, with EPS of 0.21, 0.26, and 0.37 yuan [1] Group 1: Company Overview - Western Cement is recognized as a leader in the cement industry in Shaanxi, actively expanding overseas [2] - The largest shareholder, Mr. Zhang, holds approximately 32.3% of shares, while Conch Cement holds 29.0% [1] - By the end of 2024, the company is expected to sell 15.74 million tons of cement domestically, generating approximately 5.2 billion yuan in revenue, and 4.03 million tons overseas, generating about 3.2 billion yuan in revenue [1] Group 2: Market Conditions - Domestic cement production in China has been declining since 2022, with a rapid decrease in demand leading to falling prices [2] - The company began its overseas expansion strategy in 2020, establishing its first production line in Mozambique and expanding to four countries by the end of 2024 [2] Group 3: Strategic Moves - The company reported a high gross profit of 288 yuan per ton overseas, significantly higher than the domestic gross profit of 42 yuan per ton [3] - In June 2025, the company plans to sell its Xinjiang cement assets for 1.65 billion yuan, which is expected to alleviate debt pressure and support overseas expansion projects [3]

智通财经APP获悉，国泰海通发布研报称，考虑大行科工(02543)处于景气度较高的折叠自行车赛道，在 二轮出行赛道中属于成长性较为突出的细分赛道，叠加公司产品矩阵完善、渠道开拓，予"增持"评级， 对应目标价76.57港元。该行预测公司2025-2027年营收分别为6.76、8.86、11.11亿元，对应归母净利润 分别为0.79、1.05、1.32亿元，同比分别增长50.7%、32.9%、25.8%，EPS分别为2.49、3.31、4.16元。 公司核心竞争力体现在三方面：一是多元化渠道布局，国内-线下经销为主(24年收入占比68.2%，同比 +45.2%)，其中经销商渠道覆盖广泛&建立基本盘;国内-线上直销增速更快，24年收入同比增长72.5%至 1.00亿元;24年国内-线下直销/海外销售收入占比分别为3.0%/6.6%。二是全方位的产品矩阵，覆盖城市 通勤/户外探索/时尚个性/超卓竞速/实用内涵五大品类及全价格带。高端/中端/大众价位分别为每辆 ≥5000元/2500-5000元/<2500元。其中中端车型为主导，2024年中端车型收入占比近70%，均价2130元， 销量超14万辆。三是突出的研发实力， ...

公司核心竞争力体现在三方面：一是多元化渠道布局，国内-线下经销为主(24年收入占比68.2%，同比 +45.2%)，其中经销商渠道覆盖广泛&建立基本盘;国内-线上直销增速更快，24年收入同比增长72.5%至 1.00亿元;24年国内-线下直销/海外销售收入占比分别为3.0%/6.6%。二是全方位的产品矩阵，覆盖城市 通勤/户外探索/时尚个性/超卓竞速/实用内涵五大品类及全价格带。高端/中端/大众价位分别为每辆 ≥5000元/2500-5000元/<2500元。其中中端车型为主导，2024年中端车型收入占比近70%，均价2130元， 销量超14万辆。三是突出的研发实力，截至2025年4月拥有国内外135项专利，并且受邀参与制定《中国 自行车安全国家标准》(GB/T3565.4–2022)。 国泰海通发布研报称，考虑大行科工(02543)处于景气度较高的折叠自行车赛道，在二轮出行赛道中属 于成长性较为突出的细分赛道，叠加公司产品矩阵完善、渠道开拓，予"增持"评级，对应目标价76.57 港元。该行预测公司2025-2027年营收分别为6.76、8.86、11.11亿元，对应归母净利润分别为0.79、 1.05、1. ...

Core Viewpoint - Kaishan Group Co., Ltd. has seen a stock price increase of 5.03% to 15.44 CNY per share, with a total market capitalization of 15.342 billion CNY as of October 15 [1] Company Overview - Kaishan Group was established on July 11, 2002, and listed on August 19, 2011. The company is located in the China (Shanghai) Free Trade Pilot Zone [1] - The main business activities include the research, development, manufacturing, and sales of screw air compressors, screw expansion generators, and other screw compressors, as well as the construction and operation of geothermal power stations and the development, manufacturing, and sales of geothermal power generation equipment [1] - The revenue composition is as follows: compressor products account for 63.84%, geothermal power business 22.72%, and other activities 13.45% [1] Fund Holdings - According to data, one fund under Guotai Haitong Asset Management holds a significant position in Kaishan shares. The Guotai Junan CSI 1000 Index Enhanced A fund (015867) held 1.3081 million shares in the second quarter, representing 0.92% of the fund's net value, making it the eighth-largest holding [2] - The fund has generated an estimated floating profit of approximately 968,000 CNY today [2] Fund Performance - The Guotai Junan CSI 1000 Index Enhanced A fund was established on August 16, 2022, with a current scale of 786 million CNY. Year-to-date, it has achieved a return of 35.41%, ranking 1161 out of 4220 in its category. Over the past year, the return is 50.25%, ranking 546 out of 3857 [2] - Since its inception, the fund has delivered a return of 42.72% [2] Fund Management - The fund is managed by Hu Chonghai and Liu Sheng. Hu has a tenure of 3 years and 306 days, with a total asset scale of 8.512 billion CNY, achieving a best return of 77.75% and a worst return of 1.78% during his tenure [3] - Liu has a tenure of 1 year and 56 days, managing assets of 1.536 billion CNY, with a best return of 85.2% and a worst return of -0.06% during his tenure [3]

智通财经APP获悉，国泰海通发布研报称，根据中指数据，截至3Q25，全国各地拟使用专项债收购闲 置土地共4687宗，对应拟收储面积2.5亿平方米，合计拟收储金额约6145亿元，其中，3Q25新增拟收储 金额1318亿元，环比下滑58.4%。据中指数据，截至3Q25，全国共发行土地收储专项债1950亿元，覆盖 拟收储金额的32%，较上半年提升12pct(截至2Q25，覆盖率为20%)。其中，3Q25新增发行989亿元，即 从节奏上看，实际到位资金落地显著提速。考虑4Q进入高基数期，维稳要求及四中背景下，政策逻辑 依旧明显。 从2025年初开始大力推进收储以来，存量土地收购已基本形成了可复制、可推广的操作范式，目前实际 到位资金规模仍落后于拟收储规模。此外，考虑到收储对于城市库存水平存在显著调整效果，随着规模 的扩大，收储结构也将成为区域市场修复的重要参考，目前一二线城市的拟收储金额和专项债发行规模 分别占全国的36%和24%。 从被收购地块的特征上看，与上半年保持一致，即：一方面，"新地块"占比依旧维持高位，拿地时间在 2020~2024年的地块占比为78.5%，其中2021~2023年的占比为61.2%；另一 ...

10月15日，电气风电涨5.16%，截至发稿，报20.57元/股，成交5.04亿元，换手率1.91%，总市值274.27 亿元。 资料显示，上海电气风电集团股份有限公司位于上海市徐汇区漕宝路115号，成立日期2006年9月7日， 上市日期2021年5月19日，公司主营业务涉及风力发电设备设计、研发、制造和销售以及后市场配套服 务。主营业务收入构成为：销售产品92.60%，提供服务5.29%，电力销售1.42%，其他(补充)0.68%。 国泰君安上证科创板综合价格指数增强A（023889）成立日期2025年4月17日，最新规模1.7亿。成立以 来收益39.11%。 国泰君安上证科创板综合价格指数增强A（023889）基金经理为胡崇海。 截至发稿，胡崇海累计任职时间3年306天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 77.75%， 任职期间最差基金回报1.78%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据 ...

转自：上海市市场监管局网站 公示期：2025年10月14日至2025年10月23日 联系邮箱：jyzjz@samr.gov.cn ...