Core Insights - The event "Industry Towards New · Intelligent Creation Suzhou - 2025 Suzhou Listed Companies Investor Reception Day" was successfully held, focusing on the latest dynamics in the capital market and the high-quality development of listed companies in Suzhou [1] Group 1: Event Overview - The event aimed to build an efficient communication platform between listed companies and investors, enhancing the investment value and development quality of Suzhou listed companies [1] - The event was guided by the Suzhou Municipal Financial Management Bureau and organized by the Suzhou Listed Companies Association, with support from various financial institutions [1] Group 2: Economic Performance - As of the end of Q3, Suzhou had over 270 listed companies, ranking among the top in the country, with A-share companies achieving revenues exceeding 660 billion yuan and a net profit growth of 16.37% year-on-year [2] - Emerging industries such as high-end manufacturing, new energy, and semiconductors are driving regional economic growth [2] Group 3: Future Projections - By 2025, Suzhou is projected to add 9 new domestic A-share listed companies, leading among major cities in China, with a total of 281 listed companies and an A-share market capitalization exceeding 2.5 trillion yuan [3] - The event highlighted the importance of enhancing information disclosure and fostering a transparent and responsible public image among listed companies [3] Group 4: Strategic Insights - The event featured discussions on mergers and acquisitions as a key strategy for companies to overcome development bottlenecks and achieve rapid growth [4] - Strategies for companies aiming to enter the international capital market were shared, providing detailed guidance for potential IPOs [4] Group 5: Investor Engagement - The event facilitated active engagement between investors and company executives, with 435 questions posed by investors and a response rate of 82.53% [5] - The establishment of the "Panorama Jiangsu Capital Reception Hall" aims to provide ongoing services for regional capital and industry integration [5]

格隆汇12月2日｜东吴证券研报指出，佰维存储受益端侧AI趋势，已成功上机多家AI可穿戴终端。AI终 端催生高性能、小体积、低延迟的嵌入式存储需求。与此同时，佰维存储聚焦AI可穿戴设备这一高增 长赛道，推出了ePOP系列产品，将DRAM与NAND堆叠封装于SoC之上，实现更小体积与更高带宽，完 美契合AR眼镜、智能手表等空间极度受限的应用场景。目前，佰维存储的ePOP产品已被Meta、 Google、小米、小天才、Rokid、雷鸟创新等国内外知名企业采用，广泛应用于AI/AR眼镜和智能穿戴 设备。公司作为国内领先的存储厂商，有望持续受益存储周期上行及端侧AI存储放量趋势。但由于当 前存储芯片正处周期下行转上行区间，调整公司25-26年营业收入，新增27年营业收入，调整25-26归母 净利润，新增27年归母净利润，考虑后续端侧AI存储有望持续放量，维持"买入"评级。 ...

Core Viewpoint - Dongwu Securities research report highlights that Yanjinpuzi has consistently demonstrated a keen ability to capture trends and adapt deeply over its more than twenty years of development, positioning itself as a leading platform-type snack enterprise with a successful single-product strategy debut [1] Group 1: Company Strengths - The company has established comprehensive leading advantages in channels, supply chains, organizational management, and product category matrix compared to domestic peers [1] - The company’s capabilities in all-channel layout are particularly outstanding, supported by a proactive corporate culture and a well-structured organizational framework with effective incentive mechanisms [1] - Recent years have seen rapid advancements in product innovation, supply chain upgrades, and brand perception shaping [1] Group 2: Market Positioning - The company is viewed as capable of becoming a platform-type snack enterprise, with its experience in mergers and acquisitions providing valuable insights, while still needing to integrate local flavors [1] - The overall strength of the company is deemed excellent, with a focus on adapting to market trends and enhancing operational efficiencies [1]

Core Viewpoint - Dongtai High-Tech has established itself as a leading player in the global PCB drilling needle market over the past 30 years, with a strong performance driven by the increasing demand for PCB processing due to the growth of AI computing power [1] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.457 billion yuan, representing a year-on-year growth of 29% [1] - The net profit attributable to the parent company reached 282 million yuan, marking a year-on-year increase of 64% [1] Market Demand - The surge in AI computing demand has significantly boosted the usage of high-end PCB drilling and consumables, leading to a full order book for the company [1] - The company is entering a phase of accelerated performance realization due to the robust demand in the market [1] Future Projections - The projected net profits for the company from 2025 to 2027 are estimated to be 400 million yuan, 630 million yuan, and 900 million yuan respectively [1] - The current stock price corresponds to dynamic price-to-earnings ratios of 104x, 66x, and 46x for the years 2025, 2026, and 2027 respectively [1] Investment Rating - The company has been given a "Buy" rating in the initial coverage [1]

Core Viewpoint - Huadian Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion and accelerate internationalization [1] Group 1: Company Developments - The IPO marks a significant step in the maturity of the company's global supply chain delivery system [1] - The Thailand facility has entered mass production in Q2 2025 and has received customer recognition [1] - The company is focusing on high-end capacity expansion and cutting-edge technology research and development, such as CoWoP [1] Group 2: Market Position and Demand - Huadian is a global leader in the PCB field for data centers and switches [1] - There is strong demand for PCBs related to high-speed network switches, AI servers, and HPC [1] - The company has integrated multiple North American major clients into its supply chain [1] Group 3: Investment Outlook - The ongoing progress in domestic and overseas capacity expansion is promising [1] - The company maintains a "buy" rating based on its growth prospects and market position [1]

Core Insights - Lenovo Group's three major business units are collaborating effectively, driven by AI, leading to revenue and profit growth as well as enhanced overall competitiveness [1] Business Line Summaries IDG (Intelligent Devices Group) - For FY2026H1, IDG's revenue reached $28.57 billion, a year-on-year increase of 14.6%, with operating profit growing by 13% and an operating profit margin of 7.2% [2] - The global market share increased by 1.8 percentage points to 25.6%, achieving a historical high, and Lenovo holds the top position in the global Windows AI PC market [2] - In China, AI-enabled laptops with five key features accounted for 30% of total shipments, with higher average selling prices and profit margins for high-end products [2] - High-end smartphone models like edge and razr performed strongly, with new device activations reaching record highs [2] ISG (Infrastructure Solutions Group) - For FY2026H1, ISG's revenue was $8.38 billion, reflecting a 29.6% year-on-year growth, driven by both cloud and enterprise infrastructure businesses [3] - AI server business benefited from global demand for AI training and inference, achieving high double-digit year-on-year revenue growth [3] - Neptune liquid cooling technology showed impressive performance, with revenue growth in the first quarter reaching double digits and further triple-digit growth in the second quarter, supported by over 100 patents [3] SSG (Solutions and Services Group) - For FY2026H1, SSG's revenue reached a record high of $4.81 billion, up 18.9%, with an operating profit margin of 22% [3] - Revenue from operational services and project solutions increased to 58.9% of SSG's total, marking a historical high [3] - TruScale platform orders saw triple-digit year-on-year growth, driven by the success of Device as a Service (DaaS) and Infrastructure as a Service (IaaS) initiatives [3]

具体分业务线来看， IDG：AI PC持续渗透，手机表现亮眼。FY2026H1，公司IDG业务营业收入达285.7亿美元，同比增长 14.6%，经营利润同比增长13%，经营利润率达7.2%，盈利能力强劲，AI设备渗透与产品高端化驱动收 入增长。第二财季公司全球市场份额同比+1.8pct至25.6%，创历史新高，并且位居全球Windows AI PC 市场第一，中国市场具备五大功能的AI 笔记本占总出货量的30%，平均售价与游戏本等高端产品利润 率进一步提升。智能手机方面，edge及razr等高端机型表现强劲，新机激活量创下新高。公司持续推 进"一体多端"与AI生态整合战略，打造多种形态的智能体原生终端设备和丰富的应用生态，有望在个人 智能时代持续提升市场竞争力。 智通财经APP获悉，东吴证券发布业绩点评报告，分析称联想集团(00992)三大业务集团协同发力，AI 驱动营收利润增长与整体竞争力提升。 考虑联想集团各项业务持续受益于AI浪潮，AIDC、AIPC、个人及企业智能体驱动业绩稳健增长，维 持"买入"评级。 SSG：高利润业务再创新高，"即服务"模式有望放量。FY2026H1，公司SSG业务营业收入创历史 ...

ISG：AI基建需求爆发，技术壁垒筑牢优势。FY2026H1，公司ISG业务营业收入达83.8亿美元，同比增 长29.6%，受云基础设施业务/企业基础设施业务双重拉动。AI服务器业务受益于全球AI训练与推理需 求，上半财年收入实现高双位数同比增长。海神液冷表现亮眼，第一财季收入实现双位数同比增长，第 二财季收入进一步实现三位数同比增长，凭借超100项专利形成竞争壁垒，巩固集团在基础设施和高性 能计算领域的领导地位。 SSG：高利润业务再创新高，"即服务"模式有望放量。FY2026H1，公司SSG业务营业收入创历史新 高，达48.1亿美元，同比增长18.9%，经营利润率达22%。运营服务与项目解决方案收入占SSG业务比提 升至58.9%，创历史新高。TruScale平台订单量实现三位数同比增长，得益于设备即服务（DaaS）和基 础设施即服务（IaaS）的成功推进，公司有望持续升级垂直行业解决方案，提升客户粘性，巩固SSG利 润引擎。 考虑联想集团各项业务持续受益于AI浪潮，AIDC、AIPC、个人及企业智能体驱动业绩稳健增长，维 持"买入"评级。 东吴证券发布业绩点评报告，分析称联想集团三大业务集团协同发力，A ...

FY26H1供水量同增5%，8个项目完成水价调整 FY26H1，公司1)供水运营：营收18.01亿港元，同比+4.5%(人民币口径同比+5.6%)。①售水量7.6亿吨， 同比+5.0%。根据项目明细统计，截至2025/9/30，自来水和原水项目投运规模合计928万吨/日(同比 +7.8%)，在建85万吨/日，拟建403万吨/日。②水价平均2.37港元/吨，FY26H1公司8个项目实现调价， 超过20个项目已启动调价程序，调价机制常态化将进一步推动利润率回升。2)供水安装及维护：营收 5.56亿港元；3)供水建设：营收11.64亿港元。 直饮水板块优化拓展策略，推动轻资产高质量发展 FY26H1，1)直饮水运营：营收1.85亿港元；2)直饮水安装及维护：营收0.07亿港元，3)直饮水建设：营 收0.53亿港元；4)设备销售：营收0.19亿港元，同比+34.1%；5)桶装水/瓶装水：营收0.04亿港元，同比 +145.4%。 东吴证券发布研报称，维持中国水务(00855)"买入"评级，核心供水运营业务稳健增长，且无应收风 险，资本开支向下，自由现金流持续增厚，现金流价值凸显，分红能力提升。 东吴证券主要观点如下： ...

Core Viewpoint - Dongwu Securities maintains a "buy" rating for China Water Affairs (00855), highlighting the robust growth of its core water supply operations, absence of receivable risks, decreasing capital expenditures, and increasing free cash flow, which enhances its dividend capacity [1] Financial Performance - For the first half of FY26, the company reported total revenue of HKD 5.183 billion and a net profit attributable to shareholders of HKD 571 million, with a reduction in sales and administrative expenses by 9.0% to HKD 437 million and financial expenses down by 17.6% to HKD 352 million [2] - The debt-to-asset ratio showed a downward trend, decreasing by 2.5 percentage points to 64.3% at the end of FY26H1 compared to the beginning of the period [2] Segment Performance - In FY26H1, revenue from urban water supply reached HKD 3.271 billion with a segment profit of HKD 941 million, influenced by a reduction in installation, maintenance, and construction projects [2] - The pipeline drinking water segment generated revenue of HKD 263 million with a segment profit of HKD 75 million [2] - The environmental segment saw revenue of HKD 832 million, up 8.7% year-on-year, with a segment profit of HKD 367 million, a 29.7% increase, primarily due to revenue growth from the Huizhou Daya Bay Mobil project [2] - Total construction contracting revenue was HKD 398 million with a segment profit of HKD 158 million, while the property segment generated revenue of HKD 170 million with a segment profit of HKD 500,000 [2] Water Supply Operations - The company achieved a 5% year-on-year increase in water supply volume, with revenue from water supply operations at HKD 1.801 billion, a 4.5% increase year-on-year [3] - The total water sales volume was 76 million tons, with an average water price of HKD 2.37 per ton; 8 projects completed price adjustments, and over 20 projects have initiated adjustment procedures [3] Direct Drinking Water Strategy - The direct drinking water segment reported revenue of HKD 185 million, with equipment sales increasing by 34.1% to HKD 19 million and bottled water sales soaring by 145.4% to HKD 4 million [4] - Capital expenditures decreased by 31.8% to HKD 1.243 billion, while the total dividend remained stable at HKD 0.13 per share, resulting in a dividend yield of 4.8% [4]