Core Viewpoint - Dongwu Securities initiates coverage on Meili Tianyuan Healthcare (02373) with a "Buy" rating, highlighting its unique "Double Beauty + Double Health" ecological model, proven acquisition integration capabilities, and excellent operational efficiency, which are expected to drive sustained industry leadership and significant growth [1] Group 1: Company Overview - Established in 1993, the company has developed a comprehensive beauty and health management service system covering traditional beauty, medical beauty, and sub-health assessment and intervention [2] - The company owns four major brands: Meili Tianyuan, Beili Shi, Xiuker, and Yanyuan, and has strengthened its industry position through acquisitions of Nairui'er and Siyuanli, forming a synergistic ecological closed loop [2] Group 2: Financial Performance - The company demonstrates strong growth resilience, with revenue increasing from 1.503 billion in 2020 to 2.572 billion in 2024, representing a compound annual growth rate (CAGR) of 11.3% [3] - In the first half of 2025, revenue accelerated to 1.459 billion, a year-on-year increase of 28.2% [3] - Net profit attributable to shareholders rose from 151 million in 2020 to 228 million in 2024, with a year-on-year growth of 34.9% in the first half of 2025, reaching 156 million [3] - Gross margin improved to 49.33% in the first half of 2025, while net margin optimized to 10.67%, reflecting effective cost control and a higher proportion of high-margin business [3] - The company commits to a dividend payout ratio of no less than 50% of net profit attributable to shareholders over the next three years, indicating strong dividend levels [3] Group 3: Industry Outlook - The traditional beauty, light medical beauty, and sub-health sectors are expected to see long-term growth, with market sizes projected to reach 640.2 billion, 415.7 billion, and 29 billion respectively by 2030 [4] - As young consumers increasingly prioritize standardized services and stable experiences, the competitive landscape is expected to consolidate further, benefiting leading companies [4] Group 4: Business Synergy and Growth Strategy - The company's core business model exhibits significant synergy, utilizing its extensive and trusted beauty services as a front-end traffic source to efficiently convert to higher-priced medical beauty and sub-health services, with cross-business conversion rate reaching 28.7% in 2024 [5] - The company employs a strategy of "directly operated stores as benchmarks, franchising for coverage," leading to rapid expansion of its store network, totaling 554 by the end of 2024 [5] - The company has a mature target selection system and post-acquisition digital integration capabilities, as evidenced by the significant improvement in net profit margin following the acquisition of Nairui'er, validating its strong integration and empowerment capabilities [5]

国联民生证券股份有限公司（以下简称"国联民生证券"）凭借并购重组实现跨越式发展。作为新"国九 条"后首个券商并购重组案例，其资产和业绩指标较"十四五"开局跃升超20个位次，整合后的投行、研 究业务跻身全国前列，IPO申报数量稳居行业前四。 此外，南京证券股份有限公司50亿元定增落地，聚焦投行、财富管理等核心业务加大投入；东海证券股 份有限公司则深化战略转型，强化常州本土服务与资源倾斜，业绩实现大幅增长，形成了多元协同的发 展格局。 "十四五"时期，资本市场改革持续深化，服务实体经济能力稳步提升。作为经济大省的江苏，证券行业 在此期间实现跨越式发展，不仅整体实力迈上新台阶，更累计助力企业实现直接融资超7万亿元，服务 客户规模超3200万户，以特色行业文化践行金融向善理念，为全省经济"走在前、做示范"注入强 劲"证"能量，交出了一份分量十足的发展答卷。 多元协同发展 行业综合实力稳步跃升 《证券日报》记者从江苏证监局获悉，"十四五"期间，江苏法人证券公司总资产逼近1.6万亿元，较"十 三五"末增长62%，净资产增幅较全国平均水平高出20个百分点，累计实现净利润868亿元，服务客户规 模超3200万户。机构布局方面 ...

技术路线以MoE架构为核心，早于多数同行布局多模态并行研发 公司全栈自研，研发效率高，截至2025年9月累计投入研发约5亿美元。2025年迭代多个模型：Speech系 列在语音生成领域领先，Hailuo系列视频模型在全球基准测试中位居前列，开源模型MiniMax-M1和M2 在Artificial Analysis榜单表现突出。竞争优势主要体现在三个方面。第一，全球化执行力强。Talkie在海 外AI伴侣赛道领先，海螺AI视频生成用量大，海外市场付费意愿高，避免价格战。第二，双轮模式均 衡。消费者业务提供规模和数据，企业业务保障高毛利和稳定性，抗风险能力较好。第三，研发效率领 先。团队年轻化、扁平化管理，结合MoE和自研基础设施，单位算力产出高。 东吴证券发布研报称，MINIMAX-WP(00100)成立于2021年12月，专注通用人工智能基础技术研发，目 标是构建国际竞争力的多模态大模型，并面向全球市场提供产品和服务。从成立之初，公司就选择全球 化定位，同时布局消费者产品和海外渠道。2025/12/21通过港交所聆讯，12月31日启动港股IPO，股票 代码0100，发行估值461-504亿港元，计划募资超过 ...

公司商业模式采取ToC和ToB双轮驱动 消费者业务主要包括Talkie/星野（角色互动娱乐）和海螺AI（文生视频），贡献收入主体，提供现金流 和海量交互数据。开发者企业业务通过API调用、专属资源服务和模型授权实现，高毛利特性明显。两 者形成协同：消费者端数据反哺模型迭代，企业端需求引导技术优先级，增长飞轮已初步显现。截至 2025/9/30，公司产品覆盖个人用户超过2.12亿，覆盖200多个国家和地区；企业和开发者客户超过10 万，分布在100多个国家。收入快速增长，规模效应显现。2023年收入346万美元，2024年增长至3052万 美元，同比增幅超过7倍；2025年前九个月收入5344万美元，同比增长174%。 技术路线以MoE架构为核心，早于多数同行布局多模态并行研发 公司全栈自研，研发效率高，截至2025年9月累计投入研发约5亿美元。2025年迭代多个模型：Speech系 列在语音生成领域领先，Hailuo系列视频模型在全球基准测试中位居前列，开源模型MiniMax-M1和M2 在Artificial Analysis榜单表现突出。竞争优势主要体现在三个方面。第一，全球化执行力强。Talkie在海 ...

Core Viewpoint - Dongwu Securities expresses optimism about Zhipu AI's strengths in local model technology, open-source ecosystem, and local implementation capabilities, anticipating stable growth in local business and cloud services as the main growth driver, suggesting to pay attention to the company [1] Company Overview - Zhipu AI, established in 2019, is a leading independent general large model developer in China, originating from Tsinghua University's Knowledge Engineering Group (KEG) [1] - The company has developed its own GLM (General Language Model) pre-training framework, which differs from mainstream GPT architectures, offering unique advantages in long text understanding, logical reasoning, and low hallucination rates [1] - Zhipu AI follows a dual strategy of open-source and commercialization, creating a comprehensive model matrix covering language, multimodal, code, and intelligent agent fields, with flagship products GLM-4.5 and GLM-4.7 ranking high in international benchmark tests [1] Market Position - According to Frost & Sullivan data, Zhipu AI ranks first among independent general large model developers in China and second overall, with a market share of 6.6% as of 2024 [2] - By mid-2025, the company has served over 8,000 institutional clients, with 9 out of the top 10 internet companies in China using GLM models [2] - The global download volume of open-source models exceeds 45 million, with over 2.7 million registered developers on the MaaS platform, and daily token consumption reaching 4.2 trillion by November 2025 [2] Business Model - The business model centers around the MaaS (Model as a Service) platform, driven by both localized and cloud deployments [3] - Localized deployment targets government and enterprise clients, providing private operation and customization services, accounting for 84.8% of revenue in the first half of 2025 with a gross margin of 59% [3] - Cloud deployment, through API calls and subscription services, is rapidly growing, making up 15.2% of revenue in the first half of 2025, with a focus on increasing API revenue share in the long term [3] Financial Performance - Historical financial performance shows high revenue growth, with revenues of 0.57 million, 1.25 million, and 3.12 million yuan from 2022 to 2024, reflecting a compound annual growth rate of over 130% [3] - In the first half of 2025, revenue reached 1.91 billion yuan, a year-on-year increase of 325%, surpassing the total revenue for 2023 [3] IPO Details - The IPO price is set at 116.20 HKD per share, with a global offering of 37.42 million H shares, raising approximately 4.3 billion HKD, leading to a market capitalization of about 51.1 billion HKD post-funding [4] - The raised funds will primarily enhance general large model research (about 70%), optimize the MaaS platform infrastructure (about 10%), expand ecosystem cooperation and strategic investments (about 10%), and supplement working capital [4] - Key investors include prominent institutions such as Shanghai Gao Yi, GF Fund, and Taikang Life, with the founding team controlling about 33% of shares through a concerted action agreement [4] Competitive Advantages - The company's core competitive advantages lie in its full-stack self-research technology system, leading model performance, open-source ecosystem, and deep adaptation to domestic computing power [4] - The R&D personnel account for 74%, with a core team from Tsinghua KEG, possessing deep academic accumulation in natural language processing [4] - The rapid iteration of the GLM series, particularly GLM-4.7, shows strong performance in programming scenarios, while AutoGLM enables AI to autonomously operate smartphones and computer GUIs, marking a new paradigm for agents [4] Revenue Forecast - Revenue projections for 2025-2027 are estimated at 790 million (up 151%), 1.55 billion (up 97%), and 3.22 billion (up 108%), with a gradual shift from localized to cloud-dominated revenue structure [5] - The overall gross margin is expected to reach 50% in 2025, stabilizing around 51% in 2026-2027, with cloud gross margins improving from low levels to 40% [5] - The valuation for Zhipu AI in 2026 is projected at a PS ratio of 30 times, higher than comparable companies, but with significant room for compression as revenue grows rapidly [5]

智谱AI是中国领先的独立通用大模型开发商，成立于2019年，由清华大学知识工程实验室（KEG）技 术成果转化而来。公司自研GLM（GeneralLanguage Model）预训练框架，与主流GPT架构不同，采用 自回归填空设计，在长文本理解、逻辑推理和低幻觉率方面具备独特优势。公司坚持开源与商业化并行 策略，已构建覆盖语言、多模态、代码和智能体领域的完整模型矩阵，旗舰产品GLM-4.5和GLM-4.7在 多项国际基准测试中位居开源模型前列，并在全球开发者社区获得广泛认可。 根据弗若斯特沙利文数据，按2024年收入计算，公司在中国独立通用大模型开发商中排名第一，在整体 通用大模型开发商中排名第二，市场份额6.6%。截至2025年上半年，公司已服务超过8000家机构客 户，中国前十大互联网公司中有9家使用GLM模型。开源模型全球下载量超过4500万次，MaaS平台注 册开发者超过270万，日均token消耗量快速增长，2025年11月已达4.2万亿，付费API收入超过所有国产 模型总和。公司于2025年底通过港交所聆讯，并将于2026年1月8日在香港主板上市，股票代码 02513.HK，成为全球首家上市的基座大 ...

智通财经APP获悉，东吴证券发布研报称，相比传统地面数据中心，太空算力具备部署效率高、能源效 率佳、冷却成本低等颠覆性优势。硅基HJT电池凭借低温工艺、柔性兼容性和减重优势，最适配新一代 卷展式光伏系统，海外厂商已加速布局。同时，HJT亦为钙钛矿叠层的最优底电池，具备长期演进潜 力。重点推荐迈为股份(300751.SZ)、高测股份(688556.SH)。 东吴证券主要观点如下： 太空算力：AI时代算力供需失衡催生"轨道数据中心"新范式 在全球AI大模型推动下，数据中心电力缺口日益凸显，催生将高算力卫星部署于低/中轨的"太空算 力"新形态。相比传统地面数据中心，太空算力具备部署效率高、能源效率佳、冷却成本低等颠覆性优 势。以"之江实验室+国星宇航"推出的"三体计算星座"为例，首批已入轨12星，远期规划1000POPS算力 规模;海外SpaceX、谷歌、英伟达投资的初创企业Starcloud加速推进百GW级太空算力集群建设。 行业受政策波动影响风险，新技术研发不及预期风险，太空算力发展不及预期风险。 能源系统重量决定卫星综合成本，卷展式光伏阵列搭配柔性电池成发展关键 太空算力系统能源系统成本占比高达22%，决定卫 ...

智通财经APP获悉，东吴证券发布研报称，博泰车联(02889)是国内智能座舱域控行业领先者，看好公司 高端域控产品占比稳定上升，盈利能力持续提升，增速优于行业。首次覆盖，给予"买入"评级。 东吴证券主要观点如下： 公司是业内领先的智能座舱解决方案供应商，软硬云一体化革新核心竞争力 公司建立于2009年的汽车智能产业的早期阶段，最初专注于车联网系统的研发，2018年公司将重心转移 至集成软件、硬件和云端服务的智能座舱解决方案，并逐渐巩固行业内的领先地位。公司目前设立有6 个研发中心及3个制造基地，是业内领先的综合型智能座舱和智能网联全栈解决方案供应商。公司客户 众多，累计超50个品牌，其中理想作为公司的核心客户，2024年以来其业务带动公司营收快速增长。 高通华为双生态深度绑定，"擎"系列全栈技术筑牢壁垒，高端域控放量引领增长 公司与高通技术公司的合作进一步扩展，将共同打造搭载骁龙座舱平台至尊版（QAM8397P）的新一代 智能座舱解决方案。同时，公司与高通的合作不断双向加深，为长期稳定合作夯实基础。公司自2018年 起与华为合作不断深入，2025年华为智能汽车解决方案BU与公司达成了智能车控模组合作意向，进一 ...

Core Viewpoint - Dongwu Securities has initiated coverage on Botai Carlink (02889), recognizing it as a leading player in the domestic intelligent cockpit domain control industry, with a positive outlook on the company's increasing share of high-end domain control products and continuous improvement in profitability, thus assigning a "Buy" rating [1] Group 1: Company Overview - Botai Carlink is a leading supplier of intelligent cockpit solutions, leveraging integrated software, hardware, and cloud services as its core competitive advantage [2] - Established in 2009, the company initially focused on vehicle networking systems but shifted its focus in 2018 to intelligent cockpit solutions, solidifying its leading position in the industry [2] - The company operates six R&D centers and three manufacturing bases, serving over 50 brands, with Li Auto being a key customer driving rapid revenue growth since 2024 [2] Group 2: Market Trends - The penetration rate of intelligent cockpits in domestic and global passenger vehicles is steadily increasing, with China's market penetration expected to rise from 35.3% in 2019 to 75.9% by 2025, and the global rate from 38.4% to 59.4% in the same period [3] - The market size for intelligent cockpit solutions in China's passenger vehicle sector is projected to grow from 129 billion RMB in 2024 to 299.5 billion RMB by 2029 [3] Group 3: Strategic Partnerships - The collaboration with Qualcomm has expanded, focusing on developing a new generation of intelligent cockpit solutions based on the Snapdragon cockpit platform [4] - The partnership with Huawei has deepened since 2018, with intentions for collaboration on intelligent vehicle control modules by 2025, enhancing the relationship further [4] - The company's core technology stack, including Qiang OS, Qiang Core, and Qiang Cloud, supports the scalability, rapid customization, and continuous evolution of Botai's intelligent cockpit solutions [4] Group 4: Financial Projections - Revenue growth is expected to be driven by the increasing orders for high-end domain control products, with projected total revenues of 5.452 billion RMB and 7.839 billion RMB for 2026 and 2027, respectively [4]

Group 1 - The core viewpoint of the article is that Guangfa Securities plans to issue H-shares and convertible bonds to raise funds for expanding its international business, taking advantage of the improving capital market and macroeconomic recovery [1] - The ongoing reform in the capital market is expected to enhance the policy environment for the securities industry, providing a favorable backdrop for future development [1] - The company has slightly adjusted its previous profit forecasts, expecting net profits attributable to shareholders to reach 14.8 billion, 17.2 billion, and 19.6 billion yuan for the years 2025-2027, with growth rates of 53%, 16%, and 15% respectively [1] Group 2 - The current market capitalization corresponds to price-to-book ratios of 1.37, 1.25, and 1.14 for the years 2025-2027 [1] - The investment rating for the company is maintained at "Buy" [1]