Core Viewpoint - The report from Guotai Junan maintains a target price of HKD 109.66 for BOSS Zhipin-W (02076) and keeps a "Buy" rating, highlighting that both revenue and performance exceeded expectations, driven by a clear recovery in demand, while achieving growth targets despite restrained marketing spending [1] Group 1: Performance Overview - For Q3 2025, the company reported operating revenue of CNY 2.163 billion, a year-on-year increase of 13.17%; GAAP net profit attributable to shareholders was CNY 806 million, up 72.22%; adjusted net profit reached CNY 991 million, reflecting a 34.23% increase [1] Group 2: Demand Recovery - The acceleration in revenue and performance growth is primarily attributed to a notable recovery in demand. Key indicators include: 1. A 25% year-on-year increase in the number of new job postings in Q3 2. For the period of July to September 2025, the average daily active users on the employer side increased more than on the job seeker side, marking the first occurrence in three years 3. As of September 30, 2025, the number of paying enterprise clients grew by 13.3% year-on-year, reaching 6.8 million, with an increase in the payment rate for paying users both year-on-year and quarter-on-quarter [2] Group 3: User Growth with Controlled Marketing - The company achieved user growth while maintaining restrained marketing expenditures, with R&D expense ratio decreasing by 5.42 percentage points and sales expense ratio down by 9.13 percentage points year-on-year. The cumulative new users from January to October exceeded 40 million, indicating strong brand recognition and high user stickiness on the platform. The financial report reflects that the recovery in demand has driven profit growth, with future contributions expected from AI in matching efficiency and new product dimensions [3]

Core Viewpoint - The report from Guotai Haitong indicates that with economic recovery and the implementation of the "old-for-new" policy for heavy trucks in 2025, domestic heavy truck sales are expected to gradually rebound, with a projected sales volume of 1.067 million units in 2025, representing an 18% year-on-year increase [1] Summary by Sections Overall Sales Performance - In October, domestic heavy truck sales reached 106,000 units, marking a 60% year-on-year increase and a 1% month-on-month increase. Cumulatively, from January to October, total sales amounted to 928,000 units, reflecting a 24% year-on-year growth. The "old-for-new" policy continues to support strong terminal sales [2] Sales Structure - In October 2025, the sales proportions of semi-trailer tractors, cargo trucks, and incomplete vehicles within the heavy truck segment were 51.4%, 27.2%, and 21.4% respectively. This shows an increase in the share of heavy cargo trucks compared to 2024. In October, semi-trailer tractor sales were 59,000 units, up 83% year-on-year and 4% month-on-month [3] Focus on Natural Gas Heavy Trucks - In October, domestic natural gas heavy truck sales reached 22,000 units, a significant 197% year-on-year increase and a 2% month-on-month increase. Cumulatively, from January to October, natural gas heavy truck sales totaled 158,000 units, up 12% year-on-year. The penetration rate of natural gas in heavy trucks was 20% in October and 17% for the year-to-date [4] Focus on New Energy Heavy Trucks - In October, domestic new energy heavy truck sales were 20,000 units, representing a 176% year-on-year increase and a 7% month-on-month increase. From January to October, cumulative sales of new energy heavy trucks reached 141,000 units, also up 176% year-on-year. The penetration rate for new energy heavy trucks was 19% in October and 15% year-to-date [4]

Group 1 - The 2025 Guangzhou International Auto Show opened on November 21, focusing on the latest achievements in electrification and intelligence, showcasing 1,085 vehicles, including 629 new energy vehicles, which accounted for 58% of the total [1] - The theme of the exhibition is "New Technology, New Life," with 93 new models launched, reflecting the strong momentum of industry transformation [1] Group 2 - Companies like XPeng, Changan, and GAC showcased their latest achievements in embodied intelligence, with XPeng presenting the humanoid robot IRON, featuring a design based on "skeleton-muscle-skin" and an AI chip with 2,250 TOPS computing power, planned for mass production by the end of 2026 [2] - Changan plans to release its first in-car component robot by 2026, focusing on four scenarios: factory, store, home, and special applications [2] - GAC introduced the fourth-generation GoMate Mini humanoid robot, expecting to achieve over 10 billion yuan in industry chain output value by 2030 [2] Group 3 - Leap Motor showcased its ABCD series of models, with the A10 making its debut, designed with a "technology natural aesthetics 2.0" concept, measuring over 4,200 mm in length and 2,600 mm in wheelbase, with a space utilization rate of 88.1% [3] - Changan officially launched the new Q05 model at the auto show, equipped with the Tian Shu intelligent driving system, which achieved zero accidents during a 3,000 km intelligent driving challenge [3] - XPeng's first super-extended range model, the X9, was launched on November 20, with a price range of 309,800 to 329,800 yuan, featuring a 1.5T range extender and a 63.3 kWh battery, achieving a pure electric range of 452 km and a comprehensive range exceeding 1,600 km [3] - The X9 set a historical record for order volume within one hour of its launch, with northern region orders exceeding 50% for the first time [3]

Core Insights - The release of DeepSeek R1 in 2025 is expected to significantly enhance general model reasoning capabilities and reduce costs, marking a turning point for AI deployment in financial institutions [1] - AI applications are accelerating penetration into core business and back-office scenarios within financial institutions, potentially restructuring business processes and organizational frameworks, thus opening a new era for financial digitization [1] Group 1: AI Application in Finance - AI applications in finance are progressing from shallow to deep integration, with most institutions still in the exploration and accumulation phase, lacking large-scale deep applications, especially in complex business scenarios [1] - The demand for digital transformation in the financial sector aligns well with the characteristics of large model technologies, providing a favorable environment for AI application exploration [1] Group 2: Cost Reduction and Value Enhancement - AI is focused on optimizing internal operations, improving core business processes, and empowering employees, while also enhancing marketing, customer service, and increasing sales conversion and customer value [2] Group 3: Differentiated Development Paths - Large financial institutions leverage strong computational resources and self-research capabilities to achieve deep penetration of AI applications through private deployment of large models [3] - Smaller institutions tend to rely on lightweight models and integrated large model solutions for agile development and flexible application of AI technologies [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【国泰海通：多重因素支持中国权益表现 维持对A/H股战术性超配观点】智通财经11月25日电，国泰海 通证券发布研报称，多重因素支持中国权益表现，维持对A/H股的战术性超配观点。全球风险偏好大幅 承压导致的资产波动叠加恐慌抛售使得微观交易风险大幅释放。随着十五五开年经济增速的重要性，政 策窗口期临近，市场后续有望建立新预期。短期监管层对于稳定资本市场具备较强决心与行动部署。过 去造成股市估值折价的因素已有所消解，随着尾部风险下降以及人民币资产逐步企稳，中国资本市场处 于估值回升和大发展的周期，后续或仍有较大上行空间。中国权益相较于其他主要大类资产的风险回报 比较高。 转自：智通财经 MACD金叉信号形成，这些股涨势不错！ ...

智通财经APP获悉，国泰海通证券发布研报称，多重因素支持中国权益表现，维持对A/H股的战术性超 配观点。全球风险偏好大幅承压导致的资产波动叠加恐慌抛售使得微观交易风险大幅释放。随着十五五 开年经济增速的重要性，政策窗口期临近，市场后续有望建立新预期。短期监管层对于稳定资本市场具 备较强决心与行动部署。过去造成股市估值折价的因素已有所消解，随着尾部风险下降以及人民币资产 逐步企稳，中国资本市场处于估值回升和大发展的周期，后续或仍有较大上行空间。中国权益相较于其 他主要大类资产的风险回报比较高。 国泰海通主要观点如下： 风险偏好尚未企稳，市场后续或仍博弈AI产业趋势，维持对美股的战术性标配观点。 美国劳动力市场持续降温，能源价格走弱与薪资增速偏缓有利于内生性通胀粘性下降，为美联储调整货 币政策拓宽空间。由于美国政府阶段性闭关，美联储的货币政策指引方向相对谨慎。该行认为美联储的 货币政策仍将紧密跟随美国经济状况，再次趋于紧缩的概率较低。美债利率后续或将温和下行，相较于 其他主要大类资产的风险回报比适中。 全球资本市场波动与交易资金博弈或放大黄金波动，维持对黄金的战术性标配观点。 中国经济运行稳中向好，相较于其他主要 ...

Core Insights - The report from Guotai Junan Securities highlights positive trends in AI advancements both domestically and internationally, particularly focusing on Google's Gemini 3 Pro and Nano Banana Pro, as well as Alibaba's "Qianwen" and Ant Group's "Lingguang" applications, which may initiate a new wave of AI application development [1][2] Group 1: AI Developments - Google's Gemini 3 Pro has achieved significant improvements in multiple benchmark tests, being positioned as the "most intelligent model" with advanced reasoning capabilities and leading multi-modal understanding [2] - Gemini 3 Pro scored 1501 points on the LMArena leaderboard, surpassing its predecessor in almost all major AI benchmark tests [2] Group 2: Nano Banana Pro Features - Nano Banana Pro, based on Gemini 3, enhances image generation accuracy by incorporating cognitive abilities [3] - Key features of Nano Banana Pro include: 1) Support for up to 4K resolution images 2) Multi-turn editing capabilities for conversational workflows 3) Ability to combine up to 14 input images into one output image 4) Enhanced search integration for more precise and up-to-date knowledge support [3] Group 3: Alibaba and Ant Group AI Applications - Alibaba's "Qianwen" app has seen a surge in downloads, aiming to become a comprehensive AI life assistant by integrating various daily life scenarios such as maps, food delivery, ticket booking, and more [4] - As of November 22, "Qianwen" app ranked in the top 5 of the iOS free chart [4] - Ant Group's AI assistant "Lingguang" supports natural language generation of small applications in 30 seconds and is the first multi-modal content AI assistant capable of generating 3D models, audio, icons, animations, and maps [4] - "Lingguang" achieved over 1 million downloads within 4 days of launch, ranking sixth in the App Store's free chart in China [4]

Overall Performance of "Double Eleven" - The overall e-commerce sales during the "Double Eleven" event showed stable growth, with a total online retail sales of 1.695 trillion yuan, representing a year-on-year increase of 14.2% [1] - The comprehensive e-commerce sales reached 1.619 trillion yuan, up 12.3% year-on-year, with Tmall, JD.com, and Douyin being the top three platforms [1] - Instant retail sales amounted to 67 billion yuan, marking a significant increase of 138.4% year-on-year, while community group buying sales fell by 35.3% [1] Category Performance - Categories such as clothing, cosmetics, and gold and silver jewelry performed well, with retail values increasing by 6.3%, 9.6%, and 37.6% respectively in October [3] - The sales of home appliances and audio-visual equipment saw a decline of 14.6%, while furniture sales increased by 9.6%, attributed to high base effects and fluctuations in the market [3] Discounts and Subsidies - The rules for the 2025 "Double Eleven" event have been simplified, with overall discounts remaining stable, and platforms like Tmall, JD.com, and Meituan increasing subsidies for instant retail, leading to substantial growth in this sector [4] Investment Insights - Strong gold prices have led jewelry companies to raise prices, with recommended stocks including Laopuhuang, Caibai, Chaohongji, Chow Tai Fook, and Luk Fook [5] - The changing market style favors new consumption with low valuations and high prosperity, with recommended stocks including Guming and benefiting stocks like Mixue Ice City [5] - Attention is drawn to supermarket adjustments, with recommended stocks including Bubugao, Huijia Times, Chongqing Department Store, Yonghui Supermarket, and Jiajia Yue [5] - The combination of consumption and technology remains a significant industry trend, with recommended stocks including Small Commodity City, Kante Optical, and Tianli International Holdings, along with benefiting stocks like Kevin Education [5]

Core Insights - In 2024, Guotai Junan Risk Management successfully addressed cross-regional supply chain challenges for Weiteou New Materials through an "invisible transfer" strategy, ensuring production continuity and mutual benefits for both parties [1] Group 1: Company Operations - Weiteou New Materials, a leading enterprise in the electronic chemicals industry in Shenzhen, specializes in the R&D, production, and sales of microelectronic soldering materials [1] - The company required the disposal of 22 tons of warehouse receipts located in East China, prompting Guotai Junan Risk Management to form a specialized team to design a warehouse receipt exchange solution [1] - The warehouse receipt exchange mechanism aims to optimize resource allocation, enhance supply chain efficiency, reduce costs, and manage risks for enterprises [1] Group 2: Transaction Details - After analyzing Weiteou New Materials' needs, Guotai Junan Risk Management identified 200 tons of "Yunheng" brand tin ingots from Yunnan as a suitable match, leading to the signing of two purchase and sales contracts [2] - The exchange allowed 22 tons of tin ingots to be "moved" from East China to Shenzhen without actual logistics, optimizing inventory at a low cost and high efficiency for Weiteou New Materials [2] - Guotai Junan Risk Management was able to exchange the "Yunheng" tin ingots, which had a premium of 300 yuan/ton, for "YT" brand tin ingots with a premium of 800 yuan/ton, achieving a win-win outcome [2] Group 3: Market Context and Future Implications - The increasing participation of industrial clients in futures delivery has led to some mismatches in warehouse receipt resources, highlighting the ongoing demand for resource optimization in the market [3] - Guotai Junan Risk Management's expertise in futures and spot business enables effective assistance for terminal enterprises in optimizing warehouse receipts [3] - The successful implementation of this project serves as a strong support for promoting the warehouse receipt exchange model and aligns with the newly released rules by the China Futures Association, which recognize exchange trade as a solution for managing price volatility risks and stabilizing operations [3]

Core Insights - The forum titled "Tide Rising in the East, Intelligent Allocation Globally" was successfully held by Guotai Junan (Chongqing) on November 22, 2023, with participation from over ten financial institutions [1] Group 1: Market Trends and Strategies - Zhang Qian, General Manager of the Asset Allocation Department at Guotai Junan Securities, emphasized the need for upgrading traditional "fixed income +" models in the context of a "low interest rate era" and highlighted the consensus on diversified asset allocation to address market uncertainties and pursue long-term stable returns [4] - Fang Yi, Chief Analyst at Guotai Junan Securities, noted that the underlying logic of the Chinese stock market is undergoing a transformation, characterized by the "transformation bull" where capital market reforms and economic structural transitions mutually reinforce each other, driven by enhanced certainty in China's transformation, deepening capital market reforms, and declining risk-free returns [4] - Zuo Xiuhai, Deputy General Manager, suggested that the "fixed income +" strategy should focus more on investment win rates rather than odds, serving as a stable income base in portfolios, while the equity portion should target areas with medium to long-term logic such as AI and anti-involution, utilizing quantitative strategies to seek excess returns [4] Group 2: Forum Structure and Discussions - The forum featured a main venue and three sub-forums focused on asset allocation, private equity allocation, and wealth allocation, inviting industry experts and leading financial institutions to discuss hot topics such as A-share equity investment strategies, overseas investments, and asset allocation strategies in a low interest rate environment [5]