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].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report focuses on Li Yulu, a fund manager at Manulife Fund, who adheres to the principle of absolute return and aims to navigate complex bull - bear markets smoothly. Li Yulu has formed a comprehensive investment framework and achieved good results in the management of representative products such as Manulife Jili and Manulife Juli [3]. 3. Summary According to the Table of Contents 3.1 Macro - view of Manulife Fund Manager Li Yulu - **Personal Background**: Li Yulu holds a master's degree in International Banking and Monetary Studies from the University of Birmingham, UK. She has worked in credit rating, insurance, and pension companies before joining Manulife Fund in April 2021. Currently, she manages mainly fixed - income plus and pure - bond funds, with representative products including Manulife Jili and Manulife Juli [3][9]. - **Investment Framework** - **Systematic Asset Allocation**: The company's fixed - income investment committee sets the annual strategic position, and adjusts the quarterly and monthly tactical positions dynamically. The fund manager and researchers determine specific allocations and select individual stocks and bonds. A multi - department team manages investment concentration, risk, and monitors product net value daily [12]. - **Pure - bond Investment**: Adopt a "core + satellite" strategy. The core position focuses on high - coupon, low - credit - risk financial - like bonds, and the satellite position targets trading opportunities in local government bonds. Avoid credit downgrades and continuously track bond credit changes [13]. - **Stock Investment**: Based on the absolute return target, use dividend - paying stocks as the base position, moderately allocate AI and new - tech stocks, and reserve some positions for excess returns through sector rotation. Adjust stock positions dynamically according to market trends, economic data, and policies [13]. - **Convertible Bond Investment**: In first - tier bond funds, convertible bonds are used to enhance pure - bond returns; in second - tier bond funds, they provide certain returns. The convertible bond portfolio has a "stable base + enhanced flexibility" structure, with a focus on in - depth research and bottom - up stock selection [13][14]. 3.2 Second - tier Bond Fund Representative: Manulife Jili - **Risk - return Characteristics** - **Annual Positive Returns**: Since Li Yulu took office, Manulife Jili has achieved positive returns in every full year, outperforming second - tier bond funds in various risk - return indicators [15]. - **Outperformance Against Peers**: Compared with other medium - position second - tier bond funds, it leads in cumulative returns, maximum drawdown control, Sharpe ratio, and Calmar ratio [18]. - **Asset Allocation Strategy** - **Dynamic Position Adjustment**: The "plus" assets are mainly stocks, with a relatively small convertible bond investment ratio. The fund manager adjusts positions based on the accumulation of safety margins and significantly reduces positions during extreme market conditions [20]. - **Stock Position Timing**: The fund manager is a moderate timer, making large - scale position adjustments only in extreme market conditions and small - scale adjustments in normal times [22]. - **Pure - bond Investment Style** - **High - grade Credit Bonds**: The bond investment uses a coupon - based strategy with some interest - rate bond trading. It prefers high - grade medium - term notes, corporate bonds, and policy - bank bonds [27]. - **Diversified Portfolio**: The bond portfolio is relatively diversified, with the top five heavy - position bonds accounting for no more than 20% of bond assets. The duration center is 3 - 4 years, showing significant duration timing characteristics [30][34]. - **Convertible Bond Investment Style**: The convertible bond portfolio is concise, with a small number of bonds (no more than 20 during the reporting periods). It mainly consists of large - cap bank convertible bonds, with a low equity - like position, focusing on stable returns [36]. - **Stock Investment Style** - **Sector Rotation**: The fund manager mainly allocates to dividend and technology sectors, adjusting the allocation ratio according to market conditions. Since 2024, the weight of the technology sector has increased [44]. - **Style and Concentration**: The fund manager follows market trends in terms of market - value and fundamental styles. The stock portfolio was relatively diversified before 2024 and has become more concentrated since then. The turnover rate is 2 - 3 times, and some technology stocks are held for the long term [48][50]. 3.3 First - tier Bond Fund Representative: Manulife Juli - **Risk - return Characteristics** - **Stable Positive Returns**: Since the strategy reform in 2023/11/20, Manulife Juli has maintained a relatively low position and continuously provided stable positive returns for investors [60]. - **High Quarterly Win - rate**: Since 2024, it has achieved positive returns in 7 consecutive quarters, with a quarterly win - rate of 100% and 85.71% of quarters achieving excess returns over the first - tier bond fund index [60]. - **Time - enhanced Earnings Effect**: The holding - period returns show a "time - enhanced" characteristic, with the average return, median return, and probability of positive returns increasing with the holding time [63]. - **Higher Sharpe Ratio**: Compared with first - tier bond funds with the same position, it has a better Sharpe ratio, indicating a higher risk - return ratio [67]. - **Asset Allocation Strategy** - **Low - risk Convertible Bond Allocation**: The average convertible bond allocation ratio in the recent four periods is about 14.63%, with a low risk exposure, which is in line with the goal of low - volatility and absolute return [68]. - **Contrarian Position Adjustment**: The convertible bond position changes significantly, following a "buy - low, sell - high" strategy and implementing a temporary empty - position strategy in extreme market conditions [68]. - **Pure - bond Investment Strategy** - **Financial Bonds and Local Government Bonds**: Since the end of 2023, the fund has focused on financial bonds as the core position and local government bonds for trading. The position management of local government bonds is flexible, based on the spread between local government bonds and treasury bonds [73]. - **Flexible Duration Strategy**: The duration strategy is flexible, increasing duration when interest rates are expected to fall and reducing it when necessary. The bond portfolio is becoming more diversified, with the top five heavy - position bonds accounting for no more than 30% of bond assets [76]. - **Convertible Bond Investment Strategy** - **Concise Portfolio**: Similar to Manulife Jili, the convertible bond portfolio is concise, with the number of bonds usually between 10 - 40. - **Stronger Return - enhancement**: Compared with Manulife Jili, it has a lower proportion of bank convertible bonds, a higher equity - like position, a lower bond - like position, and more small - and medium - cap convertible bonds, showing a stronger return - enhancement property [82][85].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, particularly focusing on the shopping center industry [4][5]. Core Insights - The report emphasizes that the consumption industry and shopping center sector in China still have significant growth potential, driven by an expected increase in total consumption and a structural recovery [4][5]. - Leading commercial companies have achieved stable same-store growth and expansion through operational alpha, which may lead to a revaluation of IP (Intellectual Property) values [4][5]. - The report draws comparisons with the U.S. commercial real estate market, highlighting that during five interest rate cut cycles, commercial real estate indices consistently yielded positive returns, significantly outperforming other asset classes [4][5]. Summary by Sections Macro Perspective - The domestic consumption sector remains under pressure, with retail sales growth gradually recovering to +4.3% as of October 2025, while CPI remains low at +0.2% [14][21]. - Compared to the U.S. and Japan during their real estate crises, China's consumption resilience is still relatively strong [14][21]. - Long-term growth potential exists in the consumption sector, particularly in shopping centers, as GDP per capita and retail sales per capita are expected to rise [28][31]. Mid-level Perspective - As of Q3 2025, the total area of centralized commercial space in China reached 661 million square meters, with a year-on-year growth of +4.4% [49]. - The number of new openings has decreased, but the proportion of reopened projects after adjustments has increased, indicating a shift in strategy [53]. - The report notes that 57% of existing projects have been open for over five years, highlighting the importance of effective asset management [53]. Micro Perspective - Leading companies in the sector exhibit significant operational efficiency, with top firms showing a concentration of 19% in opening area as of 2024 [4][5]. - Key companies are expected to see a revaluation of their IP, with potential increases of 39% for China Resources Land and 33% for New World Development [4][5]. - The report indicates that the average operating profit margin for IP is between 55% and 84%, with dividend yields for major companies exceeding 5% [4][5]. U.S. Market Review - The report highlights that during five interest rate cut cycles, the NCREIF commercial real estate price index achieved an average return of 31%, second only to gold [4][5]. - The long-term same-store NOI (Net Operating Income) growth in the U.S. has been stable, correlating positively with GDP growth [4][5]. Catalysts for Growth - The report suggests that the high barriers to entry in commercial operations will enhance the competitive advantage of leading firms, especially as the "residential development supports commercial" model weakens [4][5]. - The introduction of C-REITs (Real Estate Investment Trusts) is expected to further support the revaluation of commercial assets [4][5].

Group 1: Company Overview - The report focuses on Hengxuan Technology (688608.SH), a leader in low-power Bluetooth SoC, primarily targeting the mid-to-high-end brand market. The company has been dedicated to wireless ultra-low-power SoC chip design for 10 years, specializing in applications for TWS headphones, smartwatches, and AI glasses [4][10][13] - Hengxuan's products are widely used in devices from major brands such as Samsung, OPPO, Huawei, Xiaomi, Honor, and Xiaotiancai, showcasing its strong market presence and technological capabilities [10][13] Group 2: Financial Projections - The report provides a buy rating for Hengxuan Technology, forecasting revenue for 2025-2027 to be 42.53 billion, 54.41 billion, and 67.11 billion respectively, with growth rates of 30%, 28%, and 23% [4][11] - Projected net profit for the same period is estimated at 7.98 billion, 10.57 billion, and 13.00 billion, with corresponding PE ratios of 45 and 34 for 2025 and 2026, indicating a 29% upside potential compared to comparable companies [4][11] Group 3: Product and Market Position - Hengxuan's TWS headphone SoC has a market share of approximately 10%, with an average selling price (ASP) close to 10 yuan per unit, positioning it as a leader among domestic manufacturers [10][11] - The company is also expanding its capabilities in smartwatch chips, with expected revenue of 10.45 billion in 2024, representing a 116% year-on-year growth and an output of over 40 million units [11][12] Group 4: Technological Advancements - Hengxuan has developed a unified software and algorithm framework that enhances customer stickiness by allowing multiple products to share a development environment [10][13] - The BES2800 chip, built on a 6nm process, integrates advanced features such as dual-core Cortex-M55 and self-developed NPU, balancing energy efficiency with local AI inference capabilities [10][13]

Group 1: Market Overview - The Shanghai Composite Index closed at 3876 points, with a slight decrease of 0.06% for the day and a 2.13% decline over the past five days [1] - The Shenzhen Composite Index closed at 2439 points, down 0.1% for the day and 1.94% over the past five days [1] - Large-cap indices showed a 0.39% increase yesterday but a 1.43% decline over the past month, while mid-cap and small-cap indices also experienced declines [1] Group 2: Industry Performance - Aerospace equipment II sector saw a significant increase of 7% yesterday, with a 9.41% rise over the past month and a 39.23% increase over the past six months [1] - The home appliance components sector increased by 3.83% yesterday but declined by 3.3% over the past month, with a notable 45.83% increase over the past six months [1] - The coal sector, particularly coking coal II, experienced a decline of 4.38% yesterday and a 2.65% decline over the past month, despite a 27.2% increase over the past six months [1] Group 3: Company Analysis - Hengxuan Technology - Hengxuan Technology specializes in low-power Bluetooth SoC chip design, focusing on high-end brand markets and applications in TWS headphones, smartwatches, and AI glasses [10][11] - The company has a market share of approximately 10% in TWS SoC shipments, with a high average selling price (ASP) of nearly 10 yuan per unit, leading the domestic market in revenue [10][11] - Projected revenues for Hengxuan Technology from 2025 to 2027 are estimated at 42.53 billion, 54.41 billion, and 67.11 billion yuan, with corresponding growth rates of 30%, 28%, and 23% [10][11]

股 票 基 金 证 券 研 究 报 告 证券分析师 ——基于国泰股票 ETF 行业轮动投资策略研究 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 权 益 量 化 研 究 方思齐 A0230525090002 fangsq@swsresearch.com 联系人 方思齐 A0230525090002 fangsq@swsresearch.com 2025 年 12 月 04 日 2025 年 12 月 ETF 行业轮动组合构 建 相关研究 - | 1. 国泰基金 | 管理规模大，布局完整 3 | | | ETF | | --- | --- | --- | --- | --- | | 1.1 | 3 | 国内 ETF | | 市场发展概况 | | 1.2 | 4 | 国泰基金 | | ETF 布局完整 | | 2. 12 | 组合：家电 ETF、上证综指 ETF、现金流 ETF、 | 月 | ETF | | | 2000ETF | 等 5 | | | | | 2.1 ETF | 行业轮动策略构建简介 5 | | | | | | 2.2 组合历史表现 6 | | | | ...

上 市 公 司 计算机 2025 年 12 月 04 日 柏楚电子 (688188) ——获船级社船体智能制造系统设计方案 AiP 认证，有 望开启成长新周期 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 12 月 03 日 | | --- | --- | | 收盘价（元） | 130.35 | | 一年内最高/最低（元） | 224.58/126.32 | | 市净率 | 6.3 | | 股息率%（分红/股价） | 2.17 | | 流通 A 股市值（百万元） | 37,636 | | 上证指数/深证成指 | 3,878.00/12,955.25 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 20.83 | | 资产负债率% | 4.94 | | 总股本/流通 A 股（百万） | 289/289 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 20% 30% 12-03 01-03 02- ...

证 券 研 究 报 告 单月过会10家优质项目，积极关注战配投资机遇 ——2025年北交所新股申购11月报 研究支持： 吕靖华 A0230124070002 证券分析师：刘靖 A0230512070005 王雨晴 A0230522010003 2025.12.04 主要内容 ◼ 融资&审核 ◼ 申购&发行 ◼ 上市&收益 (1) 11月5只新股上市，首日涨幅中值+337.15%，丹娜生物/大鹏工业/北矿检测/南特科技/中诚咨询首日涨幅为 +473.10%/+388.68%/+337.15%/+206.81%/+181.74%，1-11月无新股首日破发。 (2) 对于单只新股理论申购收益率，新 股丹娜生物/北矿检测/大鹏工业/南特科技/中诚咨询分别为+0.095%/+0.077%/+0.073%/+0.069%/+0.048%。 (3) 2024年 北交所新股申购累计收益率+4.01%（发行新股23只），25年1-11月新股申购理论收益率累计增厚+2.33%（发行上市新股 22只）（注：按首日均价计算涨幅，仅考虑中签率和涨幅，不考虑产品现金冗余）。 ◼ 2026年新股申购收益及收益率预测 www.swsrese ...

Investment Rating - The report maintains a positive outlook on the midstream and upstream PPI price increase chain [1] Core Viewpoints - The report highlights that the industrial sectors such as automotive manufacturing, oil and coal extraction and processing, black metal mining, and electricity and heat supply are showing improved performance in terms of revenue, industrial added value, and profit growth [2][3] - It emphasizes the potential for recovery in sectors like pharmaceuticals, food and beverage, textiles, and non-metallic materials, which are currently facing challenges but may present opportunities for supply clearing [2][3] Summary by Relevant Sections Industrial Sector Monthly Tracking - As of October 2025, revenue and profit growth rates are improving in midstream manufacturing and upstream resource sectors, while sectors like pharmaceuticals and consumer goods are still in a low growth phase [2][3] - Inventory and fixed asset growth rates are low, indicating ongoing supply chain adjustments in industries such as pharmaceuticals and non-metallic materials [2][3] Economic Climate - The manufacturing PMI for November 2025 shows a slight recovery at 49.2%, with improved order and export order conditions, although service sector activities have returned to contraction [2][3] High-Frequency Indicators - In the automotive sector, retail sales of passenger vehicles decreased by 0.8% year-on-year in October 2025, while new energy vehicle sales grew by 7.3% [2][3] - The home appliance sector is facing high base pressure, with negative growth expected in domestic production due to previous demand surges and high base effects from 2024 [2][3] - The food and beverage sector is experiencing price stabilization, with white liquor and pork prices bottoming out, while dairy and meat prices are recovering [2][3] Advanced Manufacturing - The report notes that prices for new energy products remain high, with significant demand for lithium batteries and engineering machinery [3] - The price of lithium hexafluorophosphate has surged over 200% in the past year, indicating a tight supply-demand balance that may persist into 2026 [3] Financial Sector - The banking sector shows a slight increase in non-performing loan rates, but overall risk remains manageable, with net interest margins stabilizing [3] - Insurance premium income growth has slowed, reflecting a shift towards more flexible insurance products [3] Real Estate Chain - The real estate market is experiencing a decline in both sales and prices, with significant weakness in investment and construction activities [3] - Cement prices are fluctuating at low levels, while prices for glass and other building materials are stabilizing [3] Commodity Prices - Oil prices are fluctuating around $60 per barrel, while coal prices have rebounded above 800 yuan due to supply constraints and winter storage needs [3] - The report indicates a general upward trend in metal prices, driven by macroeconomic factors and expectations of interest rate cuts [3]

策 略 研 究 证 券 研 究 报 告 2025 年 12 月 04 日 笃定前行，增持再贷款与预案金额 均大幅增长 ——上市公司回购增持月度跟踪（2025 年 11 月） 相关研究 《满怀信心，增持实施与预案金额 均大幅增长——上市公司回购增持 月度跟踪（2025 年 10 月）》 2025/11/04 证券分析师 牟瑾瑾 A0230524100002 mujj@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 牟瑾瑾 A0230524100002 mujj@swsresearch.com 联系人 牟瑾瑾 A0230524100002 mujj@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 1 7 | 1.互换便利+回购增持再贷款，使用情况如何？ . | | --- | | 2.11 月回购、增持情况概览……………………………………… ...