国盛证券研报指出，安克创新2025Q3实现归母净利润7.7亿元/同比+27.76%，2025Q1-3实现归母净利润19.3亿元/同比+31.3%。公司为中国出海品牌标杆，既成就了现有产品/品牌/渠道等 ...

国盛证券研报指出，安克创新2025Q3实现归母净利润7.7亿元/同比+27.76%，2025Q1-3实现归母净利润 19.3亿元/同比+31.3%。公司为中国出海品牌标杆，既成就了现有产品/品牌/渠道等多方面的核心竞争 力，亦印证管理层战略眼光；现有基础积淀构建基石，面对广阔市场不断迭代，大有可为。报告期内， 公司持续推新，利润端显著优化。当前股价分别对应24.9/20.7/17.2倍PE，维持"买入"评级。 ...

Core Viewpoint - The report from Guosheng Securities expresses optimism about XPeng Motors' strong product cycle, overseas expansion, advancements in intelligent driving, and emerging business opportunities in robotics and Robotaxi [1] Group 1: Sales and Financial Projections - Guosheng Securities forecasts XPeng's sales to reach approximately 450,000, 680,000, and 1,010,000 units from 2025 to 2027, with total revenues of 80.6 billion, 133.3 billion, and 188.5 billion yuan respectively [1] - The non-GAAP net profit margins are projected to be -1.5%, 3.4%, and 5.2% for the same years [1] - The target price for XPeng is set at 126 HKD and 32.4 USD [1] Group 2: AI Development and Technological Advancements - XPeng's AI team has been developing a physical AI foundational model for over a year, with a significant breakthrough expected to be announced at the upcoming AI Technology Day [1] - The "XPeng World Foundation Model" is being developed with 72 billion parameters, which is approximately 35 times larger than mainstream VLA models [1] - The model's training speed has improved by 5 times due to the development of a proprietary data infrastructure, enhancing data upload scale by 22 times and training data bandwidth by 15 times [1] Group 3: Competitive Edge in Robotics and Intelligent Driving - XPeng's software models for mobility and robotics are interconnected, allowing for rapid deployment of AI capabilities across various platforms, including AI cars and robots [2] - The self-developed Turing chip provides higher effective computing power at a lower cost, with a single chip equivalent to three Orin-X chips, and future models expected to achieve 3000 TOPS of computing power [2] - The company is positioned to lead in the domestic automotive sector with enhanced driving assistance experiences and has full-stack self-research capabilities in robotics [2] Group 4: Comparison with Competitors - Tesla is also advancing in high-performance chip development and has introduced a "world simulator" that enhances its AI capabilities for both vehicles and robots [2] - Tesla's fourth-generation hardware aims to significantly increase AI parameters, while the next-generation AI5 chip is expected to enhance computing power by tenfold at the same cost [2] - Both XPeng and Tesla share similarities in their technological approaches and business strategies, with expectations for breakthroughs in physical AI [2]

智通财经APP获悉，国盛证券发布研报称，看好小鹏汽车-W(09868)强势产品周期、海外扩张、智驾再 向上、机器人/Robotaxi等新兴业务机会。该行预计公司2025-27年销量约45/68/101万辆，总收入达 806/1333/1885亿元、non-GAAP归母净利润率为-1.5%/3.4%/5.2%，目标价126港元、32.4美元。此外，公 司的其他成长曲线有希望随着后续的产品进展，逐步纳入估值体系中，维持"买入"评级。小鹏汽车将于 今年的AI科技日上宣布在物理AI领域取得的"重大突破"，小鹏世界基座模型在对世界进行推演能力上取 得"关键进展"。 物理AI大模型+图灵芯片，构成小鹏在智能车、Robotaxi、机器人等领域的核心竞争力 1)软件侧，小鹏的出行和机器人领域的模型同源，将通过云端蒸馏小模型的方式将基模部署到车端， 给"AI汽车"配备全新的大脑，使小鹏可以快速将图灵AI智驾部署到各个国家，同时也将赋能小鹏的AI 机器人、飞行汽车等。2)硬件侧，小鹏汽车自研的图灵芯片通过定制化设计的方式，以较低的成本实现 了更高的有效算力，单颗图灵芯片的算力等效于3颗Orin-X。当前的新P7、G7 Ultra ...

智通财经APP获悉，国盛证券发布研报称，新东方-S(09901)教育业务基本盘稳固，Q2起管理层对K12教 育业务及利润率指引较为积极，该行调整公司盈利预测，预计FY2026-2028年实现Non-GAAP归母净利 润5.68/6.42/7.07亿美元，同增9.7%/13.2%/10.0%，维持"买入"评级。 报告中称，公司FY2026Q1(2025年6月1日-2025年8月31日)实现净营收15.23亿美元(yoy+6.1%)，超过上 一季度业绩指引(14.64~15.07亿美元);经营利润3.11亿美元(yoy+6.0%);归母净利润2.41亿美元(yoy- 1.9%)，Non-GAAP归母净利润2.58亿美元(yoy-1.6%)。7月29日，公司通过一项为期三年的股东回报计 划，FY26起公司拟将不低于其前一财年股东应占净利润的50%用于回馈股东;为实施该计划，10月28日 公司宣布已批准派发总额约1.9亿美元的现金股息，及一项未来12个月内不超过3亿美元的股份回购计 划。 ...

格隆汇10月29日｜国盛证券研报指出，周大生2025Q3营收下降17%，归母净利润同比增长14%，Q3推 进渠道以及产品优化，盈利能力稳步提升，表现符合预期。展望2025年，该行预计公司将以门店结构优 化以及产品结构优化为业务重点，短期由于消费环境波动以及公司加盟业务结算模式的调整，2025年预 计公司营收下降31.2%至95.59亿元，随着毛利率的提升以及费用效率的优化，归母净利润增长5.7%至 10.68亿元。公司作为国内珠宝行业头部公司，持续推动产品以及渠道结构优化，维持"增持"评级。 ...

国盛证券研报指出，甘源食品前三季度实现归母净利润1.6亿元，同比-43.7%；25Q3单季度归母净利润 0.8亿元，同比-26.3%。25Q3公司营收同比+4.4%至5.9亿元，逐季改善趋势显著，预计主要来自于量贩 及电商等新兴渠道扩张支撑，同时公司持续调整传统渠道、拓展海外市场，预计陆续兑现阶段性成果。 当前收入改善趋势清晰，后续收入成长提速及费用控制有望释放利润弹性。另外，公司渠道改革效果逐 步印证，关注商超及海外拓展。公司25Q3收入及利润均向好改善，公司主动调整渠道策略，正陆续验 证成果，后续伴随渠道运营模式理顺，将进一步提升收入成长韧性及利润改善效果。根据公司前三季度 业绩，调整此前预期。 ...

东吴证券 哈投股份 中信证券 东方财富 国盛证券 中信证券 分时图 日K线 周K线 月K线 9.95 0.27 2.79% 2.89% 1.96% 0.93% 0.00% 0.93% 1.96% 2.89% 9.40 9.49 9.59 9.68 9.77 9.87 9.96 09:30 10:30 11:30/13:00 14:00 15:00 6万 97万 189万 281万 经纪业务成核心增长引擎 10月26日，国盛金控（002670）晒出更名"国盛证券"后的首份成绩单。前三季度，国盛证券实现营业收 入18.56亿元，同比增46.84%；归母净利润2.42亿元，同比增191.21%。其中，手续费及佣金收入为12.07 亿元，同比增长60.39%。对于营业收入和手续费及佣金收入增长的原因，公司表示，主要系本期证券 经纪业务收入同比增加所致。 国盛证券的亮眼表现并非个例。近日，中信证券和东方财富也披露了2025年三季报。2025年前三季度， 中信证券营业收入为558.15亿元，同比增32.7%；归母净利润为231.59亿元，同比增37.86%。与此同 时，其资产规模再度突破，成为国内首家资产规模破2万亿元的 ...

Core Insights - Yidian Tianxia achieved a net profit attributable to shareholders of 204 million yuan in Q1-Q3 2025, representing a year-on-year growth of 4.41% [1] - In Q3, the net profit attributable to shareholders was 60.06 million yuan, showing a year-on-year decline of 4.80% [1] - Excluding foreign exchange gains and share-based payments, the net profit attributable to shareholders was 89.72 million yuan, reflecting a year-on-year increase of 16.95% [1] Financial Performance - The company is expected to achieve net profits of 253 million, 293 million, and 321 million yuan in 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 54.4, 46.9, and 42.9 times [1] Business Development - The programmatic advertising platform is experiencing high growth, and the Agentic AI marketing ecosystem is rapidly taking shape [1] - The company is set to pre-release the AIDrive 2.0 smart marketing solution, utilizing cutting-edge multimodal models such as Sora2 and GPT-5 [1] - The product matrix including AdsGo.ai, SEOPage.ai, CyberGrow, and Sectionly.ai is accelerating its implementation [1] - The company is actively expanding its client base in new business areas and diversifying media resources [1]

Core Viewpoint - The report from Guosheng Securities indicates strong revenue and net profit growth for the company in 2025, driven by effective management in consumer goods and medical supplies sectors [1] Group 1: Financial Performance - For Q1 to Q3 of 2025, the company expects a revenue increase of 30% year-on-year and a net profit increase of 32% [1] - In Q3 alone, the company reported a revenue growth of 28% year-on-year and a net profit growth of 42% [1] Group 2: Business Segments - The consumer goods segment is focusing on new product selection, discount control, and cost reduction, leading to improved gross and operating profit margins [1] - The medical supplies segment is projected to generate revenue of 3.83 billion yuan for Q1 to Q3 of 2025, reflecting a year-on-year increase of 44% [1] - In Q3, the medical supplies revenue reached 1.32 billion yuan, showing a year-on-year growth of 40.4%, primarily attributed to the consolidation of GRI [1] Group 3: Operational Efficiency - Inventory turnover and cash flow performance are reported to be generally normal [1] - The company is expected to achieve net profits of 1.05 billion yuan, 1.22 billion yuan, and 1.42 billion yuan for the years 2025, 2026, and 2027 respectively [1] Group 4: Valuation - The projected price-to-earnings (PE) ratio for 2025 is 21 times, maintaining a "buy" rating for the stock [1]