Group 1: Investment Ratings - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook on their performance in the online travel industry [1][2][5][6]. Group 2: Core Insights - Ctrip's Q3 2025 revenue increased by 16% year-on-year to 18.4 billion yuan, with non-GAAP operating profit reaching 6.1 billion yuan, exceeding expectations due to lower marketing expenses [1][5]. - Tongcheng Travel reported a 10% year-on-year revenue growth to 5.5 billion yuan in Q3 2025, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [2][6]. - Ctrip's accommodation booking revenue grew by 18%, transportation revenue by 12%, and international OTA platform bookings increased by over 60% year-on-year [1][5]. - Tongcheng Travel's core OTA business revenue grew by 15%, with accommodation booking revenue also up by 15%, benefiting from increased hotel average prices and record daily room nights [2][6]. - Ctrip's international hotel and flight bookings have increased by 140% compared to 2019, while Tongcheng Travel expects outbound travel business to grow rapidly, contributing 10-15% to overall revenue by 2027 [1][2][5][6]. Group 3: Summary by Sections Section 1: Overseas Social Services - Ctrip's Q3 2025 performance shows strong growth across various segments, with significant increases in international bookings and a solid market position in China [1][5]. - Tongcheng Travel's performance reflects a robust growth trajectory, particularly in accommodation and outbound travel, with a strong user base [2][6]. Section 2: Overseas Pharmaceuticals - CSPC Pharmaceutical Group reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling 19.89 billion yuan, but showed a 3.4% revenue growth in Q3 [3][10]. - The company's net profit for Q3 2025 increased by 27.2% to 964 million yuan, aligning with expectations despite a decline in overall revenue for the year [3][10]. Section 3: Overseas Education - The education index saw a 2% increase, with a year-to-date growth of 7.3%, indicating a recovery in the sector [4][16]. - The report suggests a positive outlook for private higher education companies, with expectations of improved profitability and growth potential [4][18].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - As of October 31, 2025, Tianhong Fund has 18 index - enhanced products with a total management scale of 11.947 billion yuan. The product line comprehensively covers broad - based and industry indices, with a leading number of products in the market [2][5]. - Tianhong Fund's index - enhanced products have shown excellent long - term historical performance and outstanding performance this year. The company's unified quantitative system supports a high - consistency performance output ability [18][23]. - Tianhong Fund has a continuously iterative investment framework, a new paradigm of index - enhanced investment with high AI content, and is building a research - investment integrated platform TIRD to improve investment and research efficiency [30][32]. - The fund managers have rich quantitative industry and investment experience, contributing to stable excess returns [33]. 3. Summary According to the Catalog 3.1 Tianhong Fund's Index - Enhanced Product Line: Comprehensive Coverage of Broad - Based and Industry Indices, Leading in the Number of Products in the Market - **Overall Situation**: Tianhong Fund's index - enhanced business started in the second half of 2019. As of October 31, 2025, there are 18 index - enhanced products (only counting main - code funds), with a total management scale of 11.947 billion yuan. Among them, there are 12 broad - based index - enhanced products (including 2 enhanced - strategy ETFs) with a scale of about 10.7 billion yuan, and 6 industry - themed index - enhanced products with a scale of about 1.2 billion yuan [2][5]. - **Broad - Based Index Coverage**: The product line fully covers major broad - based indices in the market, spanning different market - value styles from CSI 300 to SSE 2000, covering large, medium, and small market - value dimensions. It also has multiple broad - based index - enhanced products in the main board, GEM, and STAR Market. In addition to comprehensive index coverage, Tianhong Fund has innovated in product forms, providing both off - exchange ordinary index - enhanced funds and on - exchange index - enhanced ETFs, creating an "on - and off - exchange linked, well - equipped" product ecosystem [7][9]. - **Industry Index - Enhanced Product Layout**: Tianhong Fund actively explores niche industry tracks, building a competitive industry index - enhanced product line, which is different from most peers focusing on broad - based indices. It ranks second in the market for industry index - enhanced funds, showing forward - looking product layout capabilities. It has systematically deployed index - enhanced products in five key areas: technology, consumption, medicine, advanced manufacturing, and new energy, helping investors capture structural opportunities [11][15]. 3.2 Long - Term Historical Performance is Outstanding, and Product Performance is Comprehensive and Prominent - **High - Consistency Systematized Ability**: As of October 31, 2025, 4 broad - based index - enhanced products of Tianhong Fund have been in operation for more than three years. In the past three years, these four products have shown excellent and highly consistent excess - return capabilities in the same - type benchmark index - enhanced funds, with their excess - return rankings all in the top 40% and an average ranking percentile of 31.89%. They also show a scientific return - risk allocation level, with their information - ratio rankings all in the top 40% and an average ranking percentile of 28.57%. All products' information - ratio rankings are not inferior to their excess - return rankings, indicating reasonable risk control [18][19]. - **Outstanding Long - Term Historical Performance - A Replicable and Expandable Investment Paradigm**: Tianhong Fund's operation mode for long - term stable excess performance can be replicated and expanded in industry index - enhanced products. Five index - enhanced fund products were established between 2020 - 2022, and their excess - return rates compared to the benchmark since their establishment range from 3% to 28%, showing better performance than the benchmark, especially in elastic industries such as advanced manufacturing and technology TMT [21]. - **Excellent Performance This Year**: As of October 31, 2025, Tianhong Fund's index - enhanced products have shown excellent performance in the overall upward market this year. Three products, including the SSE 2000 Index - Enhanced, CSI 1000 Enhanced Strategy ETF, and CSI 1000 Index - Enhanced, have an excess - return rate of more than 10% compared to the benchmark. Except for the SSE STAR Market 100 Index - Enhanced, which slightly underperformed the benchmark, the rest of the products achieved varying degrees of excess returns. Most of the index - enhanced products achieved an excess return of more than 5% compared to the benchmark this year [23][26]. 3.3 Continuously Iterative Investment Framework, a New Paradigm of Index - Enhanced Investment with High AI Content - **Investment Strategy Framework**: Tianhong's index - enhanced product series aims to obtain stable excess returns. It relies on a rich Alpha - factor system, a complete risk - control system, and diversified portfolio - construction strategies. The company has deep - rooted in the traditional fundamental multi - factor system and actively deployed AI technology in recent years, introducing machine - learning methods. It has developed and applied multiple algorithm models in real - time, using diverse feature factors constructed from mixed - frequency data [30]. - **Research - Investment Integrated Platform TIRD**: To address the problems in the traditional public - fund research - investment platform, Tianhong Fund is building the TIRD platform. This platform can ensure the accumulation and clarity of research, quantifiable assessment, iterative strategy accumulation, and interpretable performance evaluation. It transforms from a distributed platform to a collaborative one, achieving complete knowledge retention, timely sharing, smooth strategy generation, and clear team incentives [32]. 3.4 Team Members - Rich Quantitative Industry and Investment Experience - Fund manager Yang Chao has a master's degree in mathematics and financial computing from the University of Wales, Swansea. He has 15 years of securities industry experience and 10 years of index - enhanced and quantitative fund management experience. He has a mature index - enhanced investment strategy and has contributed stable excess returns. He has worked in multiple fund companies and is currently the general manager of the Index and Quantitative Investment Department at Tianhong Fund, managing multiple index - enhanced products [33].

Investment Rating - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook for their performance in the online travel industry [2][3]. Core Insights - Ctrip's 3Q25 revenue increased by 16% year-on-year to 18.4 billion yuan, with a non-GAAP operating profit of 6.1 billion yuan, exceeding expectations due to lower marketing expenses [2][7]. - Tongcheng Travel's 3Q25 revenue grew by 10% year-on-year to 5.5 billion yuan, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [3][8]. - Both companies are expected to benefit from the recovery in outbound tourism, with Ctrip's international OTA platform bookings increasing over 60% year-on-year and inbound tourism bookings more than doubling [2][7]. - The report highlights the stability of the online travel industry and the potential for market share growth for both companies, particularly in international markets [2][3]. Summary by Sections 1. Overseas Social Services: Ctrip and Tongcheng Travel 3Q25 Performance - Ctrip's accommodation booking revenue rose by 18%, transportation revenue by 12%, and business travel management revenue by 15% [2][7]. - Tongcheng Travel's core OTA business revenue increased by 15%, with accommodation booking revenue also up by 15% [3][8]. - Both companies are positioned well for future growth, particularly in outbound travel, with expectations for international flight and hotel contributions to increase significantly by 2027 [3][8]. 2. Overseas Pharmaceuticals: CSPC Pharmaceutical Group - CSPC's revenue for the first three quarters of 2025 decreased by 12.3% to 19.89 billion yuan, but third-quarter revenue grew by 3.4% to 6.62 billion yuan, aligning with expectations [4][13]. - The report notes a decline in gross margin and a decrease in the contribution of the prescription drug segment to total sales [4][13]. 3. Overseas Education: Profitability Management Conditions Mature - The education index rose by 2% this week, with a year-to-date increase of 7.3% [19]. - The report suggests focusing on Hong Kong higher education companies, anticipating a recovery in profitability and expansion potential [21][29].

Group 1 - The core opportunity in the internet and media sectors for 2025 is centered around AI revaluation, particularly in cloud computing, and the globalization and youth-oriented trends in self-consumption, such as trendy toys, music, and concerts [3][4] - AI cloud capital expenditure (capex) is expected to expand in its second year, with a focus on return on investment (ROI) from AI investments, making capex/operating cash flow a key metric for investors [3][4] - Major companies to watch in the AI cloud space include Alibaba, Baidu, and Kingsoft Cloud, which are focusing on domestic production and infrastructure [3][12] Group 2 - The AI application landscape is shifting from conceptual discussions to a focus on commercial viability, with significant developments in AI advertising and video monetization expected in 2026 [3][4] - Tencent, Bilibili, Meitu, Kuaishou, and Focus Technology are highlighted as key players in the AI application ecosystem, with a particular emphasis on the monetization of chatbot applications and the evolution of AI video tools into community platforms [3][4] - The gaming sector is seeing structural opportunities driven by Generation Z and international expansion, with a focus on companies like Giant Network, Century Huatong, and Xindong Company [3][4] Group 3 - The self-consumption trend is expected to continue, with gaming, music, and trendy toys being key areas of growth, particularly as the market adjusts post-2025 [3][4] - The video sector is anticipated to reach a turning point, with policy stabilization and diverse monetization strategies being crucial for growth [3][4] - Companies such as Mango Super Media, Shanghai Film, and Reading Group are positioned to benefit from these trends [3][4] Group 4 - The report indicates a recovery in companies like Focus Media, Vision Source, and educational publishing firms, suggesting a positive outlook for these sectors [3][4] - The report emphasizes the importance of continuous performance and valuation adjustments in the context of evolving market conditions [3][4] Group 5 - The domestic cloud computing market is witnessing increased capital expenditure from major internet companies, with Alibaba and Tencent leading the charge [18][19] - The report highlights the importance of measuring the health of cloud investments through the capex/operating cash flow ratio, with Tencent's ratio being notably lower than its peers [19][29] - AI-driven cloud services are expected to maintain higher profit margins compared to traditional cloud offerings, with a focus on internal workload efficiencies [29][30] Group 6 - The report outlines the competitive landscape of AI applications, noting that Chinese companies are making significant strides in the global market, particularly in productivity tools and content generation [34][35] - The emergence of ChatGPT as a multi-functional platform is reshaping the AI application ecosystem, with significant implications for user engagement and commercial applications [35][39] - Advertising remains a critical area for AI commercialization, with companies like Meta, Tencent, and Bilibili leveraging AI to enhance ad performance and efficiency [43][49]

Investment Rating - The report rates the robotics industry as "Overweight," indicating that the industry is expected to outperform the overall market [8]. Core Insights - Google DeepMind is significantly increasing its investment in robotics, focusing on both hardware and software development. The CEO, Hassabis, aims to create a universal AI system based on Gemini that can be configured into various physical forms, predicting a breakthrough in AI-driven robotics technology in the coming years [2]. - The Gemini Robotics project has been initiated within DeepMind, aiming to directly output action tokens using multimodal large models. The Gemini Robotics series was launched in March 2025, with subsequent releases enhancing the capabilities of robots [2]. - The Gemini Robotics 1.5 system features two collaborative models: a coordinator model for higher-level reasoning and a motion model that translates natural language instructions into robotic actions. This system includes three major technological innovations that enhance the performance and adaptability of robots [2]. - DeepMind's advancements in embodied intelligence, previously focused on research, are now moving towards commercialization, with notable models released in recent years demonstrating significant improvements in multimodal capabilities [2]. - The introduction of a former Boston Dynamics CTO to DeepMind signifies confidence in embodied intelligence models and the anticipated turning point in the industry. Key beneficiaries of this trend include major robotics manufacturers and component suppliers [2]. Summary by Sections Company Valuation - The report provides a valuation table for key companies in the robotics sector, including their earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for the years 2024 to 2027. For instance, the company UBTECH is projected to have an EPS of -2.4 in 2024, with a PE ratio of -41.6 [3]. - Other companies listed include Hengli Hydraulic, Zhejiang Rongtai, and Huichuan Technology, with varying EPS and PE ratios indicating their financial performance and market expectations [3].

Core Insights - The report emphasizes that the improvement in PPI (Producer Price Index) will drive corporate profit recovery, which is a key factor for foreign capital returning to Chinese assets. The market may perceive cyclical goods as superior to technology during the PPI recovery phase, but the report argues that foreign capital is fundamentally buying assets with improved fundamentals, focusing on ROE (Return on Equity) recovery [3][10][4] - Historical analysis shows a strong positive correlation between the RMB exchange rate and PPI growth, indicating that a recovering Chinese economy leads to foreign capital inflows. During previous appreciation phases, both A-shares and Hong Kong stocks saw price increases, suggesting that the RMB is likely to appreciate in 2026, prompting foreign capital to reassess Chinese assets [3][10][4] - The report forecasts that during past PPI recovery phases, both A-share and Hong Kong stock ROE have shown significant improvement, with a clear positive correlation between PPI growth and corporate profitability. It is expected that ROE for both markets will continue to improve in 2026 as PPI rises [4][10] - From the perspective of foreign capital's historical investment preferences, profitability is a crucial consideration. The report notes that changes in ROE are highly correlated with foreign ownership in various sectors, indicating that sectors with strong competitive advantages are likely to attract more foreign investment [10] - The report highlights that foreign capital has been reassessing Chinese assets in 2025, with a notable increase in foreign participation in Hong Kong IPOs. The A-H premium is expected to continue narrowing, reflecting heightened foreign interest in core assets listed in Hong Kong [10] - The report identifies several sectors in Hong Kong that are expected to see ROE improvements in 2026, including power equipment, internet (AI industry core assets), and cyclical sectors, which are anticipated to benefit from demand recovery and pricing power [10] - The report also notes that domestic capital has room to increase its holdings in Hong Kong stocks, with significant portions of public funds allocated to Hong Kong equities, indicating potential for further investment [10] Industry Analysis - The report discusses the knife industry, highlighting that rising costs and demand are driving price increases, with major manufacturers announcing price hikes due to surging tungsten prices. This trend is expected to lead to sustained performance improvements for knife companies [12][15][16] - The report indicates that the knife industry has experienced multiple rounds of price adjustments in response to raw material cost pressures, with the latest round occurring in November. The demand from the electric vehicle supply chain is providing strong support for the knife market [15][16] - The report notes that the profitability of knife manufacturers has improved significantly in Q3 2025, with companies reporting substantial year-on-year revenue and profit growth, driven by earlier price increases and low-cost inventory [15][16] - The report suggests that the current market dynamics may lead to a consolidation of the industry, as smaller manufacturers face challenges due to rising raw material costs, potentially benefiting larger firms with stronger financial positions [15][16]

市公司 日研发 公司书 市场数据· | 市场数据: | 2025 年 11 月 27 日 | | --- | --- | | 收盘价（元） | 51.30 | | 一年内最高/最低（元） | 58.00/27.54 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 1.64 | | 流通 A 股市值 (百万元) | 35,563 | | 上证指数/深证成指 | 3,875.26/12,875.19 | | 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） | 21.63 | | 资产负债率% | 39.51 | | 总股本/流通 A 股 (百万) | 1.024/693 | | 流通 B 股/H 股 (百万) | -/- | -年内股价与大盘对比走势： 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 胡书捷 A0230524070007 husi@swsresearch.com 联系人 胡书捷 A0230524070007 husj@swsresearch ...

行 业 及 产 业 机械设备 行 业 研 究 / 行 业 点 评 证 券 研 究 报 王珂 A0230521120002 wangke@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 胡书捷 A0230524070007 husj@swsresearch.com 告 - 证券分析师 ⚫ Google DeepMind 加大机器人布局，软硬件同步发力。DeepMind CEO Hassabis 在 采访中谈到，希望构建一个以 Gemini 为基础的通用 AI 系统，能配置各种物理形态，包 括人形、四足、轮式等；即把 Gemini 做成机器人界的安卓，他预测，AI 驱动的机器人 技术将在未来几年内迎来突破性时刻。当前机器人软硬件技术尚未解耦，软件的开发脱 离不了硬件，为此，Google DeepMind 聘请波士顿动力前 CTO Aaron Saunders 担 任硬件工程副总裁。Saunders 表示，他将致力于解决在物理世界中实现 AGI 全部潜力 的基础硬件问题。 ⚫ DeepMind 内部已启动 Gemini Robotics 项目， ...

上 市 公 司 公 司 研 究 / 公 司 点 证 券 研 究 报 告 评 | 市场数据： | 2025 年 11 月 27 日 | | --- | --- | | 收盘价（元） | 51.30 | | 一年内最高/最低（元） | 58.00/27.54 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 1.64 | | 流通 A 股市值（百万元） | 35,563 | | 上证指数/深证成指 | 3,875.26/12,875.19 | | 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） | 21.63 | | 资产负债率% | 39.51 | | 总股本/流通 A 股（百万） | 1,024/693 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -40% -20% 0% 20% 40% 60% 11-27 12-27 01-27 02-27 03-27 04-27 05-27 06-27 07-27 08-27 09-27 10-27 11-27 杰 ...

Core Insights - The report emphasizes that the improvement in PPI (Producer Price Index) will drive corporate profit recovery, which is a key factor for foreign capital returning to Chinese assets. The market may expect cyclical goods to outperform technology during the PPI recovery phase, but the report argues that foreign capital is fundamentally buying assets with improved fundamentals, focusing on ROE (Return on Equity) recovery [3][10] - Historical data shows a strong positive correlation between the RMB exchange rate and PPI growth, indicating that a recovering Chinese economy will attract foreign capital. During previous appreciation phases, both A-shares and Hong Kong stocks saw significant gains [3][10] - The report forecasts that both A-shares and Hong Kong stocks' ROE will continue to improve alongside the recovery of PPI growth, with A-share ROE stabilizing in Q3 2025 and Hong Kong stock ROE expected to stabilize by the end of 2024 [4][10] Industry Analysis - The report identifies key sectors in Hong Kong stocks that are likely to benefit from improved ROE in 2026, including power equipment, internet (AI industry chain core assets), and cyclical sectors. It highlights that Hong Kong stocks are becoming increasingly attractive compared to A-shares due to better fundamentals and valuation discounts [10] - In 2025, foreign capital has been actively reassessing Chinese assets, with a notable increase in foreign participation in Hong Kong IPOs. The report notes that the premium of A-shares over H-shares is expected to continue narrowing, reflecting heightened foreign interest in core assets listed in Hong Kong [10] - The report also mentions that domestic capital has room to increase its holdings in Hong Kong stocks, with public funds showing a growing presence in the market [10] Market Trends - The report indicates that certain sectors, such as consumer staples, have underperformed for three consecutive years and may present investment opportunities in 2026. It also notes a recent increase in short-selling activity in the new consumption sector, suggesting potential volatility [10] - The report highlights the ongoing price adjustments in the tool manufacturing industry due to rising raw material costs, with significant price increases observed in hard alloy tools. This trend is expected to continue as demand from the electric vehicle supply chain remains strong [15][16] - The report concludes that the tool manufacturing sector is likely to see sustained performance improvements, driven by price adjustments and recovering profit margins as companies adapt to rising costs [15][16]