Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company showcased its "three-in-one" IWM lithium battery welding solution at the 15th High-tech Lithium Battery Annual Conference, emphasizing a "data-driven welding" innovation concept to enhance the quality of battery manufacturing [6] - The company aims to address industry pain points in lithium battery manufacturing, specifically in laser welding, by implementing a closed-loop system that transitions from "experience-based welding" to "data-driven welding," thereby improving production efficiency and reducing defect rates [8] - The company is continuously optimizing its core technologies and exploring new application directions, with expectations for rapid growth in its precision business due to the expansion of downstream applications in new energy [8] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are estimated at 21.80 billion, 27.24 billion, and 33.77 billion respectively, with year-on-year growth rates of 25.6%, 25.0%, and 24.0% [7] - The net profit attributable to the parent company is forecasted to be 11.13 billion, 14.16 billion, and 17.60 billion for 2025-2027, with corresponding year-on-year growth rates of 26.1%, 27.2%, and 24.3% [8] - The company maintains a gross margin of approximately 79% and a return on equity (ROE) projected to increase from 16.9% in 2025 to 18.0% in 2027 [7][8]

2025 年 11 月 26 日 景顺长城中证沪港深红利成长低波 动指数型基金投资价值分析 ——指数基金产品研究系列报告之二百五十九 相关研究 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 联系人 邓虎 A0230520070003 denghu@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 本研究报告仅通过邮件提供给 中庚基金 使用。1 股 票 基 金 - ⚫ 市场维持低利率环境，稳健资产配置价值提升。红利成长低波策略汇集高分红、盈利成 长与价格稳定三大特点，把握高分红与成长机遇的同时，进一步降低因股价波动来带的 对组合净值的影响，使得策略能够获得良好的长期表现。 ⚫ 对比不同 Smart Beta 策略红利成长低波指数表现优异。资本利得和股息收入是红利类 股票指数的两种获利来源，而从长期投资的视角来看，股息回报在总回报中占据重要地 位。自 2020 年以来，红利成长低波三因子构成的 Smart Beta 策略收益表现显著优于 红利低波与成长低波的两因子 Smart Beta 策略。 ⚫ 股息率位于历史高位，低利率背景下红利配 ...

上 市 公 司 商贸零售 2025 年 11 月 26 日 名创优品 (MNSO) ——各业态同店持续改善，创新店态加速全国布局 报告原因：有业绩公布需要点评 买入（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 13,839 | 16,994 | 21,330 | 24,804 | 28,448 | | 同比增长率（%） | 39.4 | 22.8 | 25.5 | 16.3 | 14.7 | | 非 IFRS 准则净利润（百万元） | 2,357 | 2,721 | 2,832 | 3,378 | 3,984 | | 同比增长率（%） | 109.7 | 15.4 | 4.1 | 19.3 | 17.9 | | 每股收益（元/股） | 7.54 | 8.73 | 9.08 | 10.84 | 12.78 | | 净资产收益率（%） | 27.7 | 27.8 | 23.3 | 20.7 | 18.6 | ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [7]. Core Insights - AI empowerment significantly lowers creative barriers, accelerating the arrival of a universal creation era. The Nano Banana Pro version has improved image quality and resolution, enhancing text rendering capabilities and supporting the fusion of 14 images to generate new visuals, providing flexible and efficient tools for 3D printing players [2]. - Technological breakthroughs in multi-color printing are becoming a core competitive advantage for enterprises, driving demand for consumables. Companies like Snapmaker and拓竹科技 are innovating in smart multi-color printing technology, significantly reducing waiting times and material costs [2]. - Increased funding from various enterprises is enhancing the industry ecosystem. DJI and Meituan are investing in 3D printing companies, which will help accelerate product iteration and market promotion [2]. - The industry is expected to maintain high growth rates, with positive export performance. In the first three quarters of 2025, China exported 3.491 million 3D printers, nearing the total of 3.778 million units for 2024, with projections of reaching around 5 million units in 2025 [2]. Summary by Sections Industry Overview - The report highlights the rapid advancements in AI and 3D printing technologies, which are expected to drive consumer demand and enhance the usability of consumer-grade 3D printers [2]. Market Demand - The demand for 3D printers is projected to grow significantly, with exports expected to reach 10.7 billion yuan in 2025, reflecting a strong market outlook [2]. Key Industry Players - Key players in the industry include: - Components:杰普特, 锐科激光, 金橙子 - 3D Scanners: 思看科技, 奥比中光-UW - Materials: 海正生材, 家联科技 - Complete Machines: 拓竹科技, 创想三维, 安克创新, 汇纳科技 [2][3].

Group 1: Higher Education Industry - The core idea is that the higher education sector is expected to see a turnaround due to improved quality standards and supportive policies, particularly with the reintroduction of for-profit classification management in Hunan Province, which may serve as a pilot for national implementation [3][4][14] - The report anticipates that after five years of continuous investment, key indicators of educational quality such as student-to-teacher ratios and per-student funding have met the required standards, suggesting that the investment cycle has peaked and operational efficiency in higher education companies is likely to recover [4][14] - Companies to watch in this sector include Yuhua Education, Zhongjiao Holdings, New Higher Education, and others, as they are positioned to benefit from the expected recovery and valuation increase [4][14] Group 2: Vocational Education Industry - There is a significant surge in demand for vocational training driven by the increasing number of university graduates and high school leavers entering the labor market, leading to a projected market size of 80 billion yuan in 2025 with a low penetration rate of 5% [4][14] - The report highlights that the youth unemployment rate is higher than the urban average, indicating a growing need for skill training among the 16 to 24 age group, which is expected to further boost the vocational training market [4][14] - Recommended companies in this space include China Oriental Education and Fenbi, which are well-positioned to capitalize on the growing demand for vocational training [4][14] Group 3: Education Training Industry - The education training sector is undergoing a transformation with a shift towards "franchise operations" after a significant reduction in capacity due to regulatory changes, leading to a supply shortage that has not yet improved [4][14] - The report notes that institutions with strong research capabilities and operational experience are likely to dominate the market, as they are the ones receiving operational licenses [4][14] - Companies such as Good Future, New Oriental, and Excellence Education are expected to expand their capacity and achieve high revenue and profit growth as the industry moves towards a more structured operational model [4][14]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 54.5 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 120%. The gross margin was 17.9%, up by 3.7 percentage points year-on-year. The net profit attributable to shareholders was -1.52 billion RMB, a reduction in losses by 2.94 billion RMB year-on-year [5] - In Q3 2025, the company achieved a revenue of 20.4 billion RMB, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%. The gross margin was 20.1%, up by 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter. The net profit attributable to shareholders was -380 million RMB, a reduction in losses by 1.43 billion RMB year-on-year and 100 million RMB quarter-on-quarter [5] - The company is undergoing a transformation into an AI enterprise, focusing on physical AI, embodied intelligence, and Robotaxi services, which are expected to enhance its monetization potential [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 30.68 billion RMB - 2024: 40.87 billion RMB - 2025E: 76.20 billion RMB - 2026E: 125.67 billion RMB - 2027E: 173.02 billion RMB - The net profit attributable to shareholders is projected to improve from -10.38 billion RMB in 2023 to 6.52 billion RMB in 2027 [6][8] - The company expects to achieve a quarterly delivery guidance of 125,000 to 132,000 vehicles in Q4 2025, which would mark a new high [7] Market Position and Competitive Landscape - The company is expected to benefit from the launch of new models and partnerships, which will enhance its market position and sales volume. The introduction of the G7 model and the expansion of the range of vehicles with extended range capabilities are anticipated to drive sales growth [7] - The report highlights the competitive landscape in the new energy vehicle sector, indicating that while competition is intensifying, the company's strategic initiatives may provide a competitive edge [7]

Key Insights - The report highlights the strong growth potential of companies in the automotive sector, particularly those with established brands and innovative technologies [3][4][5] - The focus on electric vehicles and smart technologies is driving significant changes in the industry, with companies like BYD, Geely, and XPeng being recommended for investment [3][4][5] Company Updates - **Uxin**: The profitability of new stores is increasing faster than expected due to brand establishment, which enhances profit elasticity in a favorable market [3][4] - **SAIC Motor**: Future prospects hinge on Huawei's involvement, with adjustments in new car launches expected to create opportunities [3][4] - **Tuhu**: Anticipated stable earnings in Q4 2025, with potential for growth in the aftermarket sector [4] - **Hengbo Co., Ltd.**: Strong positioning in the robotics sector with high technical added value and a comprehensive supply chain [5] - **Double Ring Transmission**: Direct collaboration with Tesla on reducers, with significant growth expected in traditional and new energy sectors [5] - **Great Wall Motors**: Plans to launch multiple new models and power versions in 2026, with expected sales growth [8] - **XPeng Motors**: Anticipated improvement in sales structure and gross margins, with new technologies aiding in profitability [8][9] - **Leap Motor**: Expected to exceed 1 million units in sales by 2026, with stable gross margins despite industry challenges [9] Industry Trends - The automotive industry is witnessing a shift towards electric and smart vehicles, with companies focusing on innovation and brand strength to capture market share [3][4][5] - The integration of advanced technologies and partnerships with tech firms like Huawei is becoming crucial for automotive companies to enhance their product offerings and market positioning [3][4][5]

Investment Rating - The report maintains a positive outlook on the commercial rocket industry, emphasizing the investment opportunities across the entire industry chain [3][4]. Core Insights - The commercial rocket sector is entering a golden age, driven by reusable technology, which is expected to dominate the international space launch market due to its cost-effectiveness and reliability [3][4]. - China's commercial space industry is accelerating, with significant policy support and technological advancements, particularly in solid and liquid rocket engines [3][5]. - The demand for satellite constellations is expected to drive the rocket market, with projections indicating that China's rocket launch market could reach $63.2 billion by 2030, based on an estimated 900 launches [3][4]. - The report outlines the segmented structure of the rocket industry, highlighting the upstream (raw materials and electronic components), midstream (rocket structure, propulsion, and control systems), and downstream (rocket assembly) components [3][4]. Summary by Sections 1. Commercial Space Industry Development - The commercial space industry is characterized by a market-driven approach, focusing on profitability through the development, manufacturing, launching, and application of space technologies and services [13][14]. - The industry is segmented into upstream (rocket and satellite development), midstream (launch and operation), and downstream (application and services) [13][14]. 2. Global Competition and Technological Advancements - The global commercial rocket market is highly competitive, with the U.S. leading through companies like SpaceX and ULA, which have made significant advancements in reusable rocket technology [3][39]. - China's commercial rocket development is gaining momentum, supported by favorable policies and technological breakthroughs, indicating a substantial growth potential in the sector [3][5]. 3. Market Potential and Growth Projections - The report highlights the rapid deployment of domestic satellite constellations, with over 51,300 low-orbit satellites planned, leading to an expected increase in launch frequency [3][4]. - By 2030, China's rocket launch market is projected to exceed $63.2 billion, with an average launch cost of approximately $6.975 million [3][4]. 4. Industry Chain Analysis - The rocket industry chain is divided into three main segments: upstream (raw materials and electronic components), midstream (rocket structure, propulsion, and control systems), and downstream (rocket assembly) [3][4]. - Key companies in the industry include Baotai Co., Guangwei Composite, and Aerospace Electronics, among others, which are recommended for investment based on their roles in the supply chain [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown improvement in profitability and is expected to benefit from industry differentiation, leading to a positive outlook for future performance [4]. - The report highlights that the company achieved a revenue of 11.1% year-on-year growth in Q3 2025, with an adjusted net profit increase of 5% [4]. - The report anticipates continued improvement in Q4 performance due to the positive effects of industry-wide price increases and a focus on reducing competition [4]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 38,419 million - 2024: 44,281 million - 2025E: 48,669 million - 2026E: 54,593 million - 2027E: 61,181 million - Year-on-year growth rates for revenue are projected at 9% for 2023, 15% for 2024, 10% for 2025, 12% for 2026, and 12% for 2027 [4]. - Adjusted net profit forecasts are as follows: - 2025E: 95.40 billion - 2026E: 101.49 billion - 2027E: 113.99 billion - The adjusted net profit growth rates are projected at -6% for 2025, 6% for 2026, and 12% for 2027 [4]. - The report notes a significant increase in business volume, with Q3 2025 achieving 95.73 billion items, a 9.8% year-on-year growth [4]. Market Position and Competitive Landscape - The report indicates that the express delivery industry is experiencing a decline in growth rates, with varying performance among competitors [4]. - The company is expected to regain market share and profitability as the industry landscape evolves, supported by its strong asset base and scale advantages [4]. - The report emphasizes the company's ability to maintain a competitive edge through continuous investment and operational efficiency improvements [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The market is experiencing a downward trend with most major broad - based indices and industry ETFs showing declines. Index product applications are active, especially in the science - tech chip direction [1][2][10]. 3. Summary by Directory 3.1 Index Product Establishment, Fund - raising, and Application - **Product Establishment and Listing**: In the recent week, 4 ETF products such as Southern Hang Seng Tech ETF were listed, and 19 products including Penghua Hang Seng Tech ETF were established [1][4]. - **Product Issuance Information**: In the coming week, 14 index products like Xingyin Guozheng New Energy Vehicle Battery ETF Connect A will end their fund - raising, and 8 index products such as Dacheng CSI 800 Index Enhancement A will start their fund - raising [1][6]. - **Product Application Information**: A total of 29 index products were applied for in the recent week. Multiple fund companies concentrated on applying for 7 ETFs in the science - tech chip direction [1][8]. 3.2 ETF Market Review - **Broad - based ETFs**: In the recent week (2025/11/17 - 2025/11/21), most major A - share broad - based ETFs declined, with high - drop ones including STAR 50 ETF, CSI 500 ETF, and ChiNext 50 ETF. Major broad - based ETFs in Hong Kong and the US also had significant drops. Gold ETF fell by 2.50% [2][10]. - **Industry ETFs**: Most major A - share industry ETFs declined. The advanced manufacturing category had a high drop this week, with the Photovoltaic ETF dropping the most at - 11.19%, followed by the New Energy Vehicle ETF (- 8.28%) and Battery ETF (- 9.56%). Among other category ETFs, the Steel ETF dropped by - 7.13% [2][12]. - **Cross - border ETFs**: The global market generally declined, with Hong Kong, European, and US stocks performing weakly. Huatai - Peregrine CSI KRX Korea Semiconductor ETF dropped by 10.06% [14]. - **Non - monetary ETFs**: Among non - monetary ETFs, Harvest S&P Biotech Select Industry ETF led with a 1.35% return in the recent week, while Penghua Shanghai STAR Market New Energy ETF lagged with a - 13.40% return [17]. 3.3 ETF Fund Flow - **Overall Scale**: As of November 21, 2025, there were 1304 ETFs in the whole market, with a total scale of 55004.93 billion yuan, a decrease of 1318.36 billion yuan from the previous week. A - share ETFs and cross - border ETFs ranked first and second in scale, with A - share ETFs' scale decreasing by 1175.02 billion yuan in the recent week [21]. - **Fund Inflow and Outflow**: Among non - monetary ETFs, ETFs targeting Hang Seng Tech had the largest net fund inflow of 92.52 billion yuan, while ETFs targeting CSI Banks had the largest net fund outflow of 16.76 billion yuan. Southern CSI 500 ETF and E Fund ChiNext ETF had high fund inflows of 57.32 billion yuan and 46.35 billion yuan respectively [24][26]. - **Liquidity**: Haifutong CSI Short - Term Financing ETF led in liquidity in the recent week, with an average daily trading volume of 194.00 billion yuan. Huaxia Shanghai Benchmark Market - Making Treasury Bond ETF had high liquidity, with an average daily trading volume of 111.58 billion yuan [26].