Core Viewpoint - The report from Huaxi Securities initiates coverage on Hesai Technology (02525) with a "Buy" rating, highlighting its position as a global leader in the lidar industry, driven by proprietary ASIC technology and a platform-based architecture [1] Group 1: Company Overview - Hesai Technology was established in 2014 and went public in the US in 2023, with plans for a Hong Kong listing in 2025 [1] - The company's products are widely used in advanced driver-assistance systems (ADAS) for passenger and commercial vehicles, as well as in autonomous vehicles and various robotic applications [1] - Hesai has achieved significant partnerships with 22 major OEMs, securing 120 model designations in the ADAS sector, ranking first in production volume [5] Group 2: Market Growth - The global lidar market is projected to grow from $1.6 billion in 2024 to $17.1 billion by 2029, with a CAGR of 61.2% [2] - The ADAS lidar market is expected to expand from $1 billion in 2024 to $12 billion by 2029, with a CAGR of 63.6% [2] - The robotics lidar market is forecasted to grow from $600 million in 2024 to $5.1 billion by 2029, with a CAGR of 53.6% [3] Group 3: Technological and Product Advantages - Hesai is the only lidar company that has independently developed all key components, including lasers, detectors, and signal processors, enhancing product performance and reducing manufacturing complexity [4] - The company's unique lidar architecture allows for high integration of transmission and reception modules, improving product quality while lowering costs [4] - Hesai's product lineup, including AT128, ATX, XT, and Pandar series, meets automotive safety standards and balances performance, quality, and cost effectively [5] Group 4: Customer and Market Position - In the ADAS sector, Hesai ranks first in lidar production volume, having secured 120 model designations from 22 OEMs as of March 31, 2025 [5] - In the robotics sector, Hesai has collaborated with leading companies in delivery and logistics, achieving a monthly shipment of over 20,000 units, making it the first lidar company to reach this milestone [5] - The company holds a market share exceeding 55% in the autonomous taxi sector from 2022 to 2024 [5]

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

华西证券研报指出，君亭酒店通过加盟扩张+国际巨头合作形式打破传统成长框架，公司定位逐步向酒 店管理平台方向转换。聚焦君亭酒店逻辑架构：1）业绩释放/入境引流：君亭直营门店逐步渡过爬坡 期，利润步入释放阶段，且加入精选国际分销体系入境游客流获客能力增强；后续或通过君达城渠道拓 展门店，酒店项目成熟后可通过回购将其纳入直营体系，解决直营扩张表内业绩拖累问题。2）酒店管 理：除君达城管理模式以外，A.现有品牌门店扩张，君澜/景澜通过委托管理模式持续扩张，当前仍有 高数量签约待开业酒店，随酒店开业利润贡献将持续增加。B.新委托管理/特许经营业务展开,打造新增 长曲线。以君亭尚品/君亭/观涧三大品牌为核心的加盟体系逐步展开，截至25Q3末已签约加盟店25家， 其中8家正式开业运营；与精选国际合作获得主特许经营权，合作品牌门店扩张有望为公司塑造新增长 曲线；后续与希尔顿合作洽谈中若有新品牌合作、第三方品牌管理等业务展开，也将为公司带来长期利 润增量。综上，公司后续发展过程中将有多部分收入贡献，新增长曲线有望逐步成型。维持"买入"评 级。 ...

Group 1: TMT Industry Insights - The current market faces multiple uncertainties, leading to a cautious and neutral allocation recommendation for the TMT sector, including telecommunications [1] - The long-term outlook for the TMT industry is positive, driven by trends in 6G, domestic substitution, self-control, and military applications, which are expected to catalyze market opportunities in computing power leasing, satellite communication, and 6G [1] Group 2: Satellite IoT Commercialization - The Ministry of Industry and Information Technology officially launched a two-year commercial trial for satellite IoT services, marking a significant step in China's satellite internet commercial operations [1] - The issuance of satellite internet licenses is anticipated to accelerate the entire industry chain towards large-scale development, with rapid advancements in satellite communication capabilities [1] Group 3: AI Market Dynamics - The AI market is currently experiencing volatility due to uncertainties surrounding application scenarios and geopolitical policies affecting AI chip usage in China [2] - Despite short-term uncertainties, the domestic AI chip localization process is seen as an inevitable trend, with a favorable environment for the development of domestic chips [2] - Companies involved in advanced manufacturing processes and chip architecture upgrades are expected to benefit, including firms like Cambricon and SMIC [2] Group 4: Beneficiary Companies - Beneficiary companies in the AI sector include those involved in computing power expansion, such as ZTE, Unisoc, and various optical device manufacturers [2] - Specific companies mentioned as beneficiaries include: - For switches: ZTE, Unisoc, Shengke Communication, Ruijie Networks - For optical devices: LightSpeed Technology, Huagong Technology, and others [2]

2025年第二届中国国际锂业大会于11月24日至26日在四川举办。 华西证券认为，根据SMM消息，供应方面，锂盐厂整体开工率保持高位运行，其中锂辉石端与盐湖端 为供应主力。预计11月国内碳酸锂产量可以维持10月的生产量级，环比大致持平。需求方面，需求端则 展现出强劲动力，动力电池领域受益于新能源汽车商用与乘用市场的同步快速增长，而储能市场延续供 需两旺格局，供应持续偏紧，共同为碳酸锂消费提供有力支撑。展望后市，下游电芯及正极材料企业在 11月的排产计划持续向好，预计碳酸锂库存将继续呈现较大幅度去化。综合来看，需求支撑下的去库预 期将对价格底部形成稳固支撑，预计短期内碳酸锂价格将保持偏强运行。 （文章来源：证券时报网） 中信证券认为，2025年三季度海外锂矿产量环比持平，反映出在前三季度锂价低迷背景下，海外矿企增 产积极性减弱。尽管锂价在2025年三季度回暖，但海外矿企反馈缓慢。南美盐湖提锂企业2025年三季度 经营显著改善，且对2025年四季度展望保持乐观。预计在储能电池需求持续强劲的拉动下，锂产业链有 望延续去库态势，锂价或超预期上涨，上调锂价预测区间上限至12万元/吨，建议关注在锂价反弹过程 中的低成本标 ...

Group 1: Market Overview - The market experienced fluctuations with the ChiNext Index dropping over 1%, and the total trading volume in the Shanghai and Shenzhen markets reaching 1.71 trillion, a decrease of 17.7 billion from the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index fell by 0.4%, the Shenzhen Component Index decreased by 0.76%, and the ChiNext Index declined by 1.12% [1] Group 2: Agricultural Sector Insights - Galaxy Securities highlighted that the focus for the agricultural sector in 2026 will be on waiting for and capturing industry turning points, emphasizing the importance of tracking core indicators and finding entry points within a relatively reasonable valuation range [1] - The livestock sector is expected to balance offense and defense, with a shift from a defensive stance in 2025 to a greater emphasis on potential future elasticity in 2026 [1] - The pet sector is anticipated to experience a recovery in performance growth after a period of valuation correction, presenting new investment opportunities [1] Group 3: Lithium Battery Industry Outlook - Huaxi Securities expressed a positive outlook on the lithium battery industry, driven by rapid development in domestic and international energy storage and demand for dynamic storage, which is expected to lead to continued expansion in the lithium battery supply chain [1] - Certain segments, such as lithium hexafluorophosphate and VC, are experiencing significant price increases due to supply tightness, confirming the industry's high prosperity [1] - As prices rise, segments that previously faced low profitability or losses are expected to enter a phase of simultaneous volume and profit growth, with a continued focus on energy storage cells, lithium hexafluorophosphate/VC & electrolytes, copper foil, anode and cathode materials, and separators [1] Group 4: Securities Industry Prospects - CITIC Securities projected that the securities industry is likely to enter a new upward cycle, contributing to the construction of a strong financial nation [2] - The core drivers for this cycle are three major policy opportunities: 1. Policy guidance for capital markets to serve new productive forces, enhancing the value creation capability of investment banks through reforms in the Sci-Tech Innovation Board and ChiNext [2] 2. Improvement of the long-term investment ecosystem, facilitating the entry of long-term funds like social security and insurance into the market, which will activate brokerage asset management and institutional business growth [2] 3. Policies promoting the cultivation of top-tier investment banks and internationalization, allowing Chinese brokers to leverage the Hong Kong market and cross-border policies for international business expansion [2]

Core Insights - The rapid development of energy storage both domestically and internationally is driving demand for dynamic storage, which is expected to lead to an expansion in the lithium battery supply chain [1] - Certain segments are experiencing supply tightness, resulting in significant price increases for products such as lithium hexafluorophosphate and VC, confirming the industry's high prosperity [1] - It is anticipated that the price increase trend will spread to other segments, with suppliers previously facing low profitability or losses expected to see a recovery as prices rise, leading to a phase of simultaneous volume and profit growth [1] Industry Outlook - The outlook remains positive for energy storage cells, lithium hexafluorophosphate, VC & electrolytes, copper foil, anode and cathode materials, and separators [1]

Group 1 - The company announced the resignation of its supervisors due to the cancellation of the supervisory board, with responsibilities now taken over by the audit committee of the board of directors [1] - Supervisors Xu Hai, He Jiang, and Liu Xiangrong have had their positions naturally terminated, with Xu Hai and Liu Xiangrong remaining in the company, while He Jiang will no longer hold any position [1] - The resignation is part of an optimization of the company's governance structure, which remains complete and operationally normal [1] Group 2 - The company expresses gratitude for the contributions made by the resigning supervisors during their tenure [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：002926 证券简称：华西证券 公告编号：2025-048 华西证券股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 二、监事离任对上市公司的影响 本次监事离任系公司治理结构优化调整所致，公司董事会审计委员会已正式承接原监事会相关职责，公 司治理结构完整，运作正常。 截至本公告披露日，徐海先生、何江先生、刘向荣先生未持有公司股 份，不存在应当履行而未履行的承诺事项。公司对徐海先生、何江先生、刘向荣先生在监事任职期间所 做的贡献表示衷心感谢！ 三、备查文件：公司2025年第一次临时股东大会决议。 特此公告。 华西证券股份有限公司董事会 关于监事离任的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、监事离任情况 根据《公司法》《上市公司章程指引》及公司2025年第一次临时股东大会审议通过的《关于修订〈公司 章程〉及其附件并取消公司监事会的议案》，公司取消监事会，监事会职责由董事会审计委员会承接。 因此，监事会主席徐海先生、监事何江先生、职工监事刘向荣先生的 ...

Core Points - Huaxi Securities announced the cancellation of its supervisory board, with the responsibilities being transferred to the audit committee of the board of directors [2] - The supervisory board chairman Xu Hai, supervisor He Jiang, and employee supervisor Liu Xiangrong will have their supervisory positions naturally terminated [2] - Xu Hai and Liu Xiangrong will continue to hold positions within the company, while He Jiang will no longer hold any position in the company after his departure [2]