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]

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 services. The company is projected to achieve sales of approximately 450,000, 680,000, and 1,010,000 vehicles from 2025 to 2027, with total revenues reaching 80.6 billion, 133.3 billion, and 188.5 billion yuan respectively, and a non-GAAP net profit margin of -1.5%, 3.4%, and 5.2% for the same years. The target price is set at 126 HKD or 32.4 USD, maintaining a "buy" rating [1]. Group 1: AI Development and Model Training - XPeng's AI team has been developing a physical AI foundational model for over a year, with significant advancements reported in a recent AI technology sharing event [1]. - The company is working on a large-scale autonomous driving model with 72 billion parameters, which is approximately 35 times larger than mainstream VLA models. The training data volume is expected to reach 200 million clips [1]. - The model's training speed has improved fivefold 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 2: Competitive Edge in Hardware and Software - XPeng's software and robotics models are interconnected, allowing for rapid deployment of AI capabilities across various platforms, including AI cars and robots [2]. - The self-developed Turing chip offers higher effective computing power at a lower cost, with a single chip equivalent to three Orin-X chips. The new P7 and G7 Ultra models are equipped with three Turing chips, and the L4 model planned for 2026 will feature 3000 TOPS of computing power [2]. - The combination of high computing power and larger models is expected to significantly enhance the driving experience and position XPeng as a leader among domestic automakers [2]. Group 3: Industry Comparisons - Tesla is also advancing in high-performance chip development and has introduced a "world simulator" that demonstrates the versatility of its AI systems for both vehicles and robots [3]. - Tesla's fourth-generation hardware aims to increase AI parameters significantly, with future hardware expected to enhance computing power by tenfold at the same cost [3]. - The similarities in technological approaches and business strategies between XPeng and Tesla suggest a competitive landscape where both companies are likely to achieve breakthroughs in physical AI [3].

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。 ...

Core Viewpoint - The securities industry is experiencing a significant performance boost in Q3, driven primarily by increased brokerage business revenues and a favorable market environment, indicating a potential continuation of this trend into Q4 and beyond [2][5][7]. Company Performance - Guosheng Securities reported a 46.84% increase in revenue to 1.856 billion yuan and a 191.21% rise in net profit to 242 million yuan, primarily due to increased brokerage income [3]. - CITIC Securities achieved a revenue of 55.815 billion yuan, up 32.7%, and a net profit of 23.159 billion yuan, up 37.86%, with brokerage fees contributing significantly to this growth [3]. - East Money's total revenue reached 4.733 billion yuan in Q3, a 100.65% increase, and a net profit of 3.53 billion yuan, up 77.74%, driven by a substantial rise in brokerage fees [4]. - Hato Securities reported a revenue of 811 million yuan, a 28.13% increase, and a net profit of 488 million yuan, up 140.71% [5]. Industry Trends - The overall performance of the securities industry is closely linked to market conditions, trading volumes, and IPO activity, with the current bull market in A-shares contributing to the positive results [5][6]. - The brokerage business has emerged as the core growth engine for multiple firms, with increased trading activity supporting revenue growth [5][6]. - Analysts predict that the favorable market conditions and policy support will continue to benefit the securities sector, with expectations of increased capital inflows [7]. Future Outlook - The securities industry is expected to maintain a high level of activity in Q4, supported by an expanding market and increased trading volumes [6][7]. - The ability of firms to sustain their competitive edge will depend on their capacity to innovate and penetrate higher-value client segments [6].

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]