Investment Rating - The report maintains a positive outlook on the computer industry, highlighting key investment opportunities in AI computing, embodied intelligence, and AI applications [3][4]. Core Insights - The computer sector has seen an 18% increase from early 2025 to December 2, 2025, ranking 12th among all industries, driven by fundamentals and thematic investments [3][4]. - The gap between Chinese and American large models is narrowing, with expectations for further convergence and potential surpassing in certain areas by 2026 [3][20]. - The importance of AI infrastructure is increasing, with a focus on software layers that are rapidly expanding in market size and penetration [3][4]. - The report identifies key companies benefiting from AI advancements, including 合合信息, which is positioned as a leader in intelligent text recognition [3][4]. Summary by Sections 2026 Computer Annual Strategy - The strategy emphasizes the aggregation of computing power and the rise of applications, with AI being the main theme for 2026 [3][4]. - The report notes a significant rebound in revenue and net profit for the computer sector in 2025, confirming a fundamental turning point [9][10]. Large Models - The report discusses the acceleration of monetization for large models in 2025, with a focus on AI programming and multi-modal applications [20][23]. - It highlights that domestic models are catching up in performance and cost-effectiveness compared to their international counterparts [20][23]. Computing Power - The trend towards supernodes is clear, with domestic computing power achieving overall performance improvements [3][4]. - Quantum computing is beginning to move towards commercialization, with several breakthroughs expected in the second half of 2025 [3][4]. Applications - The report indicates that industry know-how serves as a competitive moat, with software entering an optimal layout period [3][4]. - It predicts that many companies will see AI revenue exceed 10%, marking a technological revolution in the software industry [3][4]. Key Companies and Investment Targets - The report lists several companies as key investment targets, including 金山办公, 海康威视, and 浪潮信息, among others, across various segments such as AIGC and digital economy leaders [3][4].

研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 2025 年 12 月 06 日 新版行业清单出炉，基础设施 REITs 再扩围！ ——公募 REITs 周度跟踪（2025.12.1-2025.12.5） 相关研究 《里程碑！REITs 即将迈入商业不 动产新时代——公募 REITs 周度跟 踪（2025.11.24-2025.11.28）》 2025/11/29 《市场承压回调，关注超跌品种的 博弈机会——公募 REITs 周度跟踪 （2025.11.17-2025.11.21）》 2025/11/22 《指数修复，发改委支持民间项目 发行 REITs——公募 REITs 周度跟 踪（2025.11.10-2025.11.14）》 2025/11/15 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使 ...

证 券 研 究 报 告 在多元资产的时代乘风破浪 ——公募FOF业务及产品布局2026年展望 证券分析师：邓虎 A0230520070003 2025.12.5 联系人： 邓虎 A0230520070003 denghu@swsresearch.com 主要内容 2 1. 公募FOF行业现状 2. 多元资产的下一步进化方向 3. 高波FOF何去何从？ 4. 风险提示及声明 FOF创22Q4以来新高，公募FOF乘上多元资产的风 图1：公募FOF的数量和规模变化 图2：公募FOF规模变动的原因 资料来源：Wind，申万宏源研究 资料来源：Wind，申万宏源研究 www.swsresearch.com 证券研究报告 3 • 经历了多年的FOF规模整体下降，2024年Q4起公募FOF整体规模开始回升，甚至创出22年Q4以来的新高。产 品的净申购也逆转了多年的持续净赎回情况，连续三个季度出现大幅正的资金流入。 • 公募FOF回暖的背后主要依托招商银行的"长盈计划"，再深层次，则是在利率水平快速下降后，市场对于多元 资产配置实现固收+的认可度上升，需求增长。 2025年首发和规模增长较大的FOF 多元资产配置成为FOF的 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 0.79 [2][6]. Core Insights - The company reported a revenue of RMB 3.96 billion for FY25, representing a year-on-year growth of 6.1%, while net profit decreased by 36.9% to RMB 390 million. Adjusted net profit, excluding certain impairments, increased by 6.5% to RMB 740 million, aligning with expectations [3][4]. - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The average tuition fee increased by 6% to RMB 13,600 per academic year [4][6]. - The company sold eight low-efficiency school assets from FY24 to FY25, aiming to enhance operational efficiency by reducing the number of schools and increasing the proportion of undergraduate students [5][6]. Financial Data and Profit Forecast - For FY25, the company’s revenue is projected at RMB 3.96 billion, with an adjusted net profit of RMB 738 million. The adjusted net profit is expected to grow to RMB 764 million in FY26 and RMB 812 million in FY27 [7][10]. - The gross margin for FY25 is reported at 42.1%, slightly lower than the previous year, but operational efficiency is anticipated to improve moving forward [4][6]. - The company’s student enrollment for FY25 is 291,000, with a stable student structure, where undergraduate students account for 48% and vocational students for 3% [4][5].

证 券 研 究 报 告 业绩高增速组合构建全攻略 证券分析师：杨俊文 A0230522070001 邓虎 A0230520070003 研究支持： 杨俊文 A0230522070001 2025.12.05 主要内容 2 1. 业绩高增速组合的构建 2. 业绩高增速组合是否实现了业绩的高增？ 3. 哪些因子对股票当年利润增速有预测效果？ 4. 因子递进选股与并列选股的差异 5. 附录：分析师因子的改进 1. 业绩高增速组合的构建 ◼ 预期当年利润高增股票池的筛选：在中证全指样本空间内，站在每年的4、8、10月底，筛选出总市值和过去一年日均成 交金额排名前 80%的样本，然后剔除去年归母净利润为负的样本，根据分析师一致预期业绩增速筛选出前50%的样本。 www.swsresearch.com 证券研究报告 3 1. 业绩高增速组合的构建 ◼ 预期当年利润高增股票池的筛选：在 2011/8/31~2025/10/31回测期间，预期当年利润高增股票池内的股票数量平均 为571只。 www.swsresearch.com 证券研究报告 4 1. 业绩高增速组合的构建 ◼ 预期当年利润高增股票池的筛选：我们将股票池内的 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Huayou Cobalt Co., Ltd. [2][7] Core Views - The company has established an integrated layout across the entire new energy industry chain, enhancing the flexibility of its cobalt and lithium businesses [6][7] - The report forecasts significant profit growth driven by the company's nickel, cobalt, and lithium projects, with expected net profits of 57.91 billion, 101.08 billion, and 156.3 billion yuan for 2025-2027, respectively [5][7] Summary by Sections 1. Integrated Layout Progress - Huayou Cobalt has developed a comprehensive industry chain from resource development to recycling, evolving from primary product processing to upstream resource expansion and integrated layout [17][18] 2. Nickel: Continuous Expansion of Wet Process Capacity - The company has established a significant presence in the Indonesian nickel industry, with a current capacity of 245,000 tons and plans for further expansion [60][67] - The wet process nickel production has a cost advantage over traditional methods, allowing the company to maintain profitability even during price downturns [62][66] 3. Cobalt: Supply Control and Price Increase - The report highlights the impact of the Democratic Republic of Congo's (DRC) export control policies on cobalt prices, which are expected to rise due to reduced supply [6][7] - The company benefits from diversified cobalt sources, mitigating supply chain risks [6][7] 4. Lithium: Improving Supply and Cost Optimization - Huayou Cobalt is developing a lithium sulfate project in Zimbabwe, which is expected to significantly increase lithium recovery rates and reduce costs [6][7] - The anticipated rise in lithium prices due to growing demand in energy storage applications is expected to enhance profitability [6][7] 5. Financial Data and Profit Forecast - The company reported total revenue of 60.95 billion yuan in 2024, with a projected increase to 106.3 billion yuan by 2027, reflecting a compound annual growth rate [5][6] - The report indicates a significant increase in net profit margins, driven by strategic product focus and cost management [31][33]

Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Views - The company reported a revenue of 3.96 billion RMB for the fiscal year 2025, representing a year-on-year growth of 6.1%. However, net profit decreased by 36.9% to 390 million RMB. Adjusted net profit, excluding goodwill impairment and convertible bond disposal costs, was 740 million RMB, reflecting a growth of 6.5% [5] - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The number of enrolled students remained stable at 291,000, with a slight increase of 0.1% compared to the previous fiscal year [5][6] - The average tuition fee increased by 6% to 13,600 RMB per academic year. The company effectively controlled cost growth, with main operating costs rising by 6.2% to 2.29 billion RMB, slightly above the revenue growth rate [5][6] Financial Data and Profit Forecast - The company expects adjusted profits for fiscal year 2026 to be 760 million RMB, down from an earlier forecast of 1.27 billion RMB. Adjusted profits for fiscal years 2027 and 2028 are projected to be 810 million RMB and 880 million RMB, respectively [7][8] - The financial data shows a steady increase in revenue and adjusted net profit over the forecast period, with revenue expected to reach 4.55 billion RMB by fiscal year 2028 [8][11]

Group 1: Market Overview - The Hong Kong high dividend index has a dividend yield of 5.63%, significantly higher than the average yield of 2.96% from 10-year Chinese and U.S. government bonds, indicating strong investment value[11] - The Hong Kong dividend sector is approximately 5-6% cheaper than the overall A-share market after considering a 20% dividend tax[12] - From October 2 to December 1, the high dividend index outperformed the market, with the Hang Seng Hong Kong Stock Connect China Central Enterprise Dividend Index rising by 7.62%[3] Group 2: Sector Analysis - The banking sector is expected to enter a stable profit cycle, with a potential reversal of the downward trend in interest margins by 2026[4] - In the transportation sector, the road freight volume growth improved quarter-on-quarter in Q3 2025, with key companies like Sichuan Chengyu H, Zhejiang Hu-Hangzhou-Ningbo, and Ninghu Expressway showing promise[3] - Coal companies like China Shenhua and China Coal Energy are projected to have dividend yields of 4.7% and 4.44%, respectively, with Yancoal Australia potentially improving its yield to 7.65%[4] Group 3: Investment Recommendations - The utility sector is benefiting from cost reductions and expected capacity price increases in 2026, with Huaneng International Power and China Resources Power forecasted to have dividend yields of 6.65% and 5.73%[4] - Real estate companies such as Hang Lung Properties, Swire Properties, and Kerry Properties are projected to yield 7.20%, 5.99%, and 6.53%, respectively, due to the recovery of the Hong Kong economy[4] - Environmental companies like China Everbright Water are expected to have a dividend yield of 8.14%, highlighting opportunities in the sector[4]

Group 1 - The report rates the company as a leading player in the minoxidil market, maintaining a dominant market share in the hair growth sector [5][17][70] - The core viewpoint emphasizes the company's strong revenue and profit growth, driven by its flagship products, particularly the Mandi series [5][26][79] - The company has consistently held the top position in the Chinese hair loss medication market for over a decade, with a market share of approximately 57% in 2024 [5][70] Group 2 - The company's revenue is projected to grow from 982 million yuan in 2022 to approximately 1.455 billion yuan in 2024, with a CAGR of 21.7% [5][26] - The Mandi product series accounted for 92.4% of total revenue in the first half of 2025, showcasing its dominance [5][26] - The gross profit margin has steadily increased, reaching 81.1% in the first half of 2025, benefiting from higher online sales contributions [35][36] Group 3 - The consumer healthcare market in China is expected to grow from 931.3 billion yuan in 2018 to 1.642 trillion yuan in 2024, with a CAGR of 9.9% [5][48] - The hair health management market is projected to grow at a CAGR of 17.7% from 2018 to 2024, indicating strong growth potential [51][54] - The minoxidil market alone is expected to expand from 2 billion yuan in 2018 to 2.8 billion yuan in 2024, with a CAGR of 50.9% [54] Group 4 - The company leverages a multi-channel strategy, with online sales contributing significantly to revenue, accounting for 74% of total sales in the first half of 2025 [31][71] - The company has established a comprehensive distribution network, covering over 90% of the top 100 pharmacy chains in China [31][71] - The product matrix includes various formulations for hair health, skin health, and weight management, enhancing its market presence [79][80]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company is a leader in intelligent text recognition and commercial big data, benefiting from the AI boom. It has a dual-driven product strategy targeting both B2C and B2B markets, leveraging proprietary OCR and data mining technologies [5][18]. - The company has demonstrated steady revenue and profit growth, with its core business in intelligent text recognition. For 2024, the expected revenue from intelligent text recognition is 1.09 billion yuan, with a year-on-year growth of 20.5% [5][24]. - The company plans to issue H shares to enhance its global strategy, with a target market capitalization of 43.4 billion yuan based on a 69x PE ratio for 2026 [5][6]. Financial Data and Profit Forecast - The company forecasts total revenue of 1.8 billion yuan for 2025, with a year-on-year growth rate of 25.1%. The expected net profit attributable to the parent company is 495 million yuan, reflecting a growth rate of 23.7% [4][6]. - Revenue and profit projections for 2026 and 2027 are 2.25 billion yuan and 2.83 billion yuan, with corresponding net profits of 627 million yuan and 783 million yuan, maintaining growth rates of 26.5% and 25.0% respectively [4][6]. Business Model and Product Strategy - The company has established a robust product matrix, including key consumer applications like "Scan All-in-One" and "Business Card All-in-One," which have shown significant user engagement and revenue contributions [5][18]. - The B2B segment is transitioning from project-based services to standardized solutions, capitalizing on the demand for AI-driven applications [5][6]. Market Position and Competitive Advantage - The company's OCR technology is a significant barrier to entry, with 18 years of R&D experience leading to industry-leading recognition rates. The integration of AI capabilities enhances its competitive edge [5][40]. - The report argues that the emergence of large models in AI does not threaten the company's OCR technology but rather complements it, allowing for broader application scenarios [5][64]. User Engagement and Growth Potential - The "Scan All-in-One" app has reached 1.3 billion monthly active users, with a paid penetration rate of 5.28% and a VIP renewal rate of 51.62%, indicating strong user retention and growth potential [5][33]. - The company is expanding its overseas market presence, with significant opportunities for user acquisition and revenue growth in international markets [5][6].