国盛证券公告，股东南昌金融控股有限公司于2025年12月8日至12月18日期间通过集中竞价方式减持公 司股份1935.08万股，占公司总股本的1%。本次减持后，南昌金控持有公司股份比例从6.90%降至 5.90%。此次减持计划已实施完成，南昌金控承诺在本次减持期间不再减持剩余股份。 ...

Core Viewpoint - The ordinary optical cable business is showing signs of recovery after a four-year bottoming period, while the special optical fiber business is experiencing explosive growth driven by AI computing demands, creating long-term growth opportunities for leading companies in the industry [1][2]. Group 1: Ordinary Optical Cable Market - The ordinary optical cable market has confirmed its bottom, with significant signs of supply-demand rebalancing and recovery [2]. - In the first half of 2025, China's optical cable production reached 12,532.3 million core kilometers, showing a reduced year-on-year decline, indicating a stabilization trend [2]. - Major optical fiber manufacturers report a price increase of approximately 15% for ordinary optical cables, signaling positive market dynamics and potential recovery in operator procurement prices [2]. Group 2: Special Optical Fiber Market - The demand for special optical fibers is experiencing rapid growth, driven by the requirements of AI computing clusters for lower latency, higher bandwidth, and greater density [3]. - Technologies such as hollow-core fibers are gaining traction due to their advantages in low latency and high bandwidth potential, with production technology breakthroughs accelerating commercialization [3]. - Domestic leaders in hollow-core and multi-core fiber technologies have reached internationally advanced levels, positioning them to seize new market opportunities [3]. Group 3: Valuation and Investment Appeal - The optical fiber and cable sector is attracting attention due to its low valuation and the clear market position of leading companies, which have stable revenue and profitability [4]. - The recovery trend in the industry, combined with the surge in demand for high-end products, enhances the investment value of leading companies in the sector [4].

Group 1 - The traditional optical fiber and cable market is showing clear signs of recovery after a four-year cyclical bottoming period, with the overseas specialty fiber market entering a high-growth phase driven by breakthroughs in AI computing power and the explosion of application scenarios [1] - The ordinary optical cable market has confirmed its bottom, with significant signs of supply-demand rebalancing and recovery. In the first half of 2025, China's optical cable production is expected to reach 12,532.3 million core kilometers, showing a narrowed decline compared to previous periods, indicating a stabilization trend [1] - Major optical fiber manufacturers have reported a price increase of approximately 15% for ordinary optical cables, with positive signals in volume and price indicators, suggesting that operator procurement prices are likely to stabilize and recover, gradually restoring industry profitability [1] Group 2 - The demand for specialty fibers is experiencing explosive growth, driven by the requirements of AI computing clusters for lower latency, higher bandwidth, and greater density in data transmission [2] - Hollow-core fibers, with advantages in low latency and high bandwidth potential, are expected to see increased penetration as mass production technology breakthroughs accelerate [2] - Domestic leaders in hollow-core and multi-core fiber technologies have reached internationally advanced levels and are poised to seize new market opportunities in response to rapid demand [2] Group 3 - The optical fiber and cable sector is currently at a low valuation, attracting increased attention due to the clear leadership structure and stable revenue and profitability of leading companies [3] - The recovery trend in the ordinary optical cable business provides a solid safety margin and profit recovery elasticity, while the specialty fiber business is expected to experience explosive growth under the AI computing wave, opening up long-term growth potential [3] - Companies such as Yangtze Optical Fibre and Cable Joint Stock Limited Company (601869), Hengtong Optic-electric (600487), and Zhongtian Technology (600522) are recommended for investment [3]

Group 1 - The 2025 Securities Times Analyst Annual Conference and Best Analyst Award Ceremony was held in Suzhou, gathering nearly 2000 guests from over 60 securities firms and nearly 100 listed companies [2][3] - The conference theme was "Going Far by Starting Small, Continuing to Enhance," focusing on enhancing financial service quality and supporting the development of the real economy [2][3] - The event featured keynote speeches from prominent figures, including the Chief Economist of Changjiang Securities and the Chairman of Jiemai Technology, emphasizing the importance of research in identifying market trends [2][3] Group 2 - The 2025 Best Analyst Award winners were announced, with notable firms like Changjiang Securities, GF Securities, and Huachuang Securities recognized for their research excellence [3][4] - The award for the best research team, SSR, was highly anticipated, with top firms showcasing their influence in the industry [3] - In the macroeconomic research category, GF Securities' research team won first place, followed by teams from Huachuang Securities and Zheshang Securities [3] Group 3 - The conference also awarded the "Visionary Investment Institution" prize based on the accuracy of institutions' voting results across 30 research areas, with several prominent funds recognized [4] - Nearly 50 securities firms participated in the awards, with over 1300 institutions applying for voting qualifications, managing assets exceeding 100 trillion yuan [4] Group 4 - From December 18 to 19, top analysts discussed investment strategies for 2026, focusing on macroeconomic trends and market directions [5][6] - Key insights included the characteristics of global narratives and the differentiation of domestic economic drivers, with expectations for a narrowing temperature difference in the economy [6] - Analysts highlighted that stock market valuations remain neutral, with corporate earnings providing some support, while bond markets face limited downward interest rate space [6]

Core Insights - The 2025 Securities Times Best Analyst results were announced, highlighting the top-performing teams and analysts in various categories [1] - The event saw participation from nearly 50 securities firms and over 1300 domestic and international institutions, with more than 800 institutions qualifying to vote [1] Group 1: Top Analysts and Teams - The macroeconomic first place was awarded to the team led by Guo Lei from GF Securities [1] - The top strategy research team was also from GF Securities, led by Liu Chenming [1] - The top analyst in the gold category was Sun Yuanyuan from Industrial Securities [1] Group 2: Participation and Voting - The voting institutions included over 160 public fund institutions, 30 insurance asset management companies, and 100 insurance companies, among others [1] - The total assets managed by the participating institutions exceeded 100 trillion yuan [1] Group 3: Performance Rankings - The rankings for various research teams in different categories were detailed, with GF Securities consistently performing well across multiple sectors [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32]

Core Viewpoint - Guosheng Securities expresses optimism about SUTENG JUCHUANG's (02498) laser radar product order demand and commercialization potential, projecting total revenue of 2.3/3.5/4.4 billion from 2025 to 2027, with year-on-year growth rates of 37%/56%/24% [1] Group 1: Financial Performance - SUTENG JUCHUANG reported Q3 2025 shipment of 186,000 laser radars, a year-on-year increase of 34.0%, with ADAS laser radar shipments at approximately 150,000 units, up 14.3%, and robot laser radar shipments at about 36,000 units, up 393.1% [1] - The company's Q3 2025 revenue reached 410 million, with product/solution/service and other revenues at 390/10/8 million respectively, and a gross margin of approximately 23.9% [1] Group 2: ADAS Laser Radar Developments - In the domestic market, the EM platform set to launch in 2025 has secured orders from 13 automakers for a total of 56 models, with EMX receiving orders for 49 models expected to enter mass production in 2026 [2] - The EM4 model has been integrated into several vehicles from leading new energy automakers and is becoming a core component for L3 autonomous driving, with new model orders from major clients enhancing the customer and model diversity [2] Group 3: Robotics and Other Laser Radar Products - In the robotic lawnmower sector, the company introduced E1R and Airy products to address complex boundary recognition needs [3] - In urban delivery, the company has established partnerships with 90% of leading global clients using core products EMX, E1R, and Fairy, while also collaborating with Didi on a new generation of Robotaxi models [3] Group 4: Long-term Growth Potential - The company unveiled the Active Camera2 at the IROS conference, which is the industry's first integrated sensor system combining dTOF, RGB stereo, and IMU for enhanced 3D spatial perception and motion information, recognized by Yole Group as a representative case for humanoid robot perception solutions [4]

Core Viewpoint - Guosheng Securities is optimistic about the order demand and commercialization potential of SUTENG JUCHUANG's (02498) LiDAR products, forecasting total revenue of 2.3 billion, 3.5 billion, and 4.4 billion RMB for 2025-2027, representing year-on-year growth of 37%, 56%, and 24% respectively, with a non-GAAP net profit of -172 million, 163 million, and 366 million RMB [1] Group 1: Financial Performance - In Q3 2025, SUTENG JUCHUANG shipped 186,000 LiDAR units, a year-on-year increase of 34% [2] - The revenue for Q3 2025 reached 410 million RMB, with product, solution, and service revenues contributing 390 million, 10 million, and 8 million RMB respectively [2] - The gross margin for the company's products was approximately 23.9%, with automotive and robotics sectors having gross margins of about 18.1% and 37.2% respectively [2] Group 2: ADAS LiDAR Developments - In the domestic market, the EM platform set to launch in 2025 has secured orders from 13 automakers for a total of 56 models, with EMX receiving orders for 49 models expected to enter mass production in 2026 [3] - The EM4 model has been adopted in several vehicles from leading new energy car manufacturers and is becoming a core component for L3 autonomous driving [3] - Internationally, collaborations with automakers in Asia-Pacific, Europe, and North America are progressing, with revenue expected to be confirmed in the next 1-3 years, enhancing the overseas revenue share [3] Group 3: Robotics and Other LiDAR Products - The company has launched two new products, E1R and Airy, in the lawn mowing robot sector to address complex boundary recognition needs [4] - In urban delivery, the company has established partnerships with 90% of leading global clients using core products EMX, E1R, and Fairy [4] - For Robotaxi, SUTENG JUCHUANG has partnered with Didi for a new generation of Robotaxi models, utilizing a solution with 10 digital LiDAR units per vehicle [4] Group 4: Long-term Growth Potential - At the IROS conference in October, the company introduced Active Camera2, the industry's first integrated sensor system combining dTOF, RGB stereo, and IMU, recognized by Yole Group as a representative case for humanoid robot perception solutions [5]

消费级3D打印机：中国"四小龙"腾飞，行业加速崛起 相比于工业级3D打印，消费级3D打印强调易用性、低成本、个性化，为个人消费者及创客社区而设 计。过去消费打印机普遍存在"速度慢、易故障、难上手"的问题，目前技术升级带来打印效率、精度提 升;同时主流品牌入门级型号降价至1000元内，大大降低了购买门槛，而例如Gemini Nano Banana等多模 态AI大模型的出现可通过2D图片生成3D模型，进而降低消费者使用门槛。2024年全球消费级3D打印机 市场规模41亿美元，预计2029年提升至169亿美元。2024年全球消费类3D打印机出货量约410万台，中 国厂商占据全球94%市场，"四小龙"中拓竹科技、创想三维、纵维立方、智能派分别出货120、72、 55、55万台，行业景气持续加速。 商业航天：工业级3D打印的主线β 航空航天是工业级3D打印机最核心下游，2024年铂力特、华曙高科营收中航空航天占比分别为61%、 50%。目前全球商业航天步入奇点时刻，2024年SpaceX实现138次火箭发射，迎来指数级增长。国内方 面，2025年火箭发射持续迎来突破，朱雀三号运载火箭成功首飞标志着我国可回收商业航天进入 ...

Core Viewpoint - Lens Technology is acquiring a server business company to enhance its core layout in AI computing power, aiming to provide a more complete AI hardware solution and significantly strengthen its competitive edge [1] Group 1: Acquisition Details - The acquisition will allow Lens Technology to quickly obtain mature technology and customer certifications for specific server cabinet businesses, including components such as racks, slides, trays, and Busbars [1] - The integration of advanced liquid cooling systems will complement the company's existing capabilities in precision structural components and vertical integration from materials to modules to complete machines [1] Group 2: Strategic Implications - This move is expected to open new avenues in AI computing infrastructure, accelerating the company's transformation into a global AI hardware innovation platform [1] - As a one-stop precision manufacturing solution provider for the entire smart terminal industry chain, the company is well-positioned to benefit from the development of AI technology, with all business lines anticipated to experience comprehensive growth [1] Group 3: Investment Rating - The company maintains a "buy" rating, reflecting confidence in its future growth prospects following the acquisition [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued guidelines to enhance the protection of small and medium investors in the capital market, focusing on key concerns and proposing 23 specific measures to strengthen investor protection [1] Group 1: Regulatory Framework - The guidelines emphasize the importance of protecting small and medium investors during the issuance and listing process, creating a fair trading environment, and holding operating institutions accountable for investor protection [1] - The measures include severe penalties for violations against investor rights and the establishment of a diversified dispute resolution mechanism in securities and futures [1] Group 2: Company Initiatives - Guosheng Securities, as a provincial state-owned comprehensive listed brokerage, integrates investor education and protection into its core operations, emphasizing the importance of financial services for the public [3][4] - The company aims to enhance its investor education efforts by leveraging local red culture resources and promoting a "Party Building + Investor Education" model [3][4] Group 3: Targeted Investor Education - Guosheng Securities focuses on key demographic groups, such as the elderly and youth, to provide tailored investor education services, addressing their specific needs and concerns [5][6] - The company has developed specialized educational content to help elderly investors recognize common financial scams, using accessible formats like comics and interactive sessions [6] Group 4: Innovative Practices - The company has adopted a dual approach of online and offline investor education, utilizing digital platforms to reach a wider audience while also establishing physical educational bases [7][8] - During significant financial education events, Guosheng Securities launched over 200 educational products, achieving more than 30 million views, and organized numerous outreach activities to engage with the community [7][8] Group 5: Future Outlook - As 2025 marks a pivotal year for Guosheng Securities, the company plans to deepen its integration of Party Building and investor education, innovate educational products, and expand service scenarios to enhance investor satisfaction [9]