Investment Rating - The report maintains an "Outperform" rating for several companies including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The report continues to recommend innovative pharmaceuticals and the industry chain, highlighting the high prosperity in innovative drugs and the potential for value re-evaluation [6][26]. - The A-share pharmaceutical sector underperformed the market in the third week of November 2025, with the SW Pharmaceutical and Biological index falling by 6.9% compared to a 3.9% drop in the SHCOMP [9][19]. - The report identifies top gainers and losers in the A-share market, with Hainan Haiyao (+23.8%) and Remed (+13.9%) being the top gainers, while GDK (-25.5%) and Nanjing Hicin Pharmaceutical (-23.2%) were the biggest losers [16][19]. - The premium level of the pharmaceutical sector relative to all A-shares is currently at a normal level, with a relative premium rate of 71.8% as of November 21, 2025 [18][22]. Summary by Sections 1. Continued Recommendation for Innovative Pharmaceuticals and Industry Chain - The report emphasizes the ongoing recommendation for innovative drugs and the industry chain, maintaining "Outperform" ratings for various companies in the pharmaceutical and biotech sectors [6][26]. 2. A-share Pharmaceutical Sector Performance - In the third week of November 2025, the A-share pharmaceutical sector underperformed the broader market, ranking 23rd among Shenwan primary industries [9][19]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index falling by 7.5%, while the U.S. pharmaceutical sector outperformed, with the S&P Healthcare Select Sector rising by 1.8% [19][26].

首次覆盖: 同建共享，行稳致远 中通快递-W(2057) 中通快递首次覆盖报告 [Table_Industry] 运输 海 外 公 司 ( 中 国 香 港 ) 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 本报告导读： 中通快递的"同建共享"理念为加盟商网络的稳定打下了坚实的基础。稳健的盈利能 力及高效的成本管控水平，将助力公司巩固行业龙头地位。 投资要点： | 财务摘要百万人民币 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 38419 | 44281 | 47107 | 51685 | 57706 | | +/-% | 9% | 15% | 6% | 10% | 12% | | 毛利润 | 11663 | 13717 | 13571 | 14952 | 16692 | | 归母净利润 | 8749 | 8817 | 9565 | 10633 | 11929 | | +/-% | 28% | 1% | 8% | 11% | 12% | | PE | 14.96 | ...

第 47 周成交震荡，市场稳定有助推进新发展模式 [Table_Industry] 房地产 [Table_Invest] 本报告导读： 上周地产成交涨跌互现。上周政策面继续保持平静，市场成交震荡为主，年底前市 场有望保持稳定，新发展模式有利优质房企。 投资要点： 票 研 究 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 行 业 跟 踪 报 告 证 股票研究 /[Table_Date] 2025.11.24 [table_Authors] 2025-11-24 [Table_Summary] 上周大中城市成交涨跌互现。上周政策面继续保持平静，市场成交 震荡为主，我们判断年底前市场有望继续保持稳定，新发展模式持 续推进有利优质房企。 上周大中城市新房成交环比继续回升：2025 年第 47 周 30 大中城市 新房成交面积为 194 万平，环比前一周 22.5%，同比 2024 年-23.0%。 其中一线城市销售面积 42 万平，环比前一周-4.4%，同比 2024 年- 49%。二线城市销售面积 118 万平，环比前一周 45.7%，同比 2024 年-8%。三线城市销售面积 34 万平，环比前一周 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4]. Core Insights - The company is a leader in the home appliance composite materials sector, maintaining stable operations while strategically expanding into AI chips and servers, capitalizing on the domestic computing power wave, indicating significant future growth potential [4][10]. - Revenue projections for 2025-2027 are estimated at 30.06 billion, 35.22 billion, and 40.87 billion RMB, with corresponding EPS of 0.83, 1.19, and 1.68 RMB [10][14]. Financial Summary - Total revenue for 2023 is projected at 2,340 million RMB, with a year-on-year growth of 9.7%. This is expected to grow to 2,526 million RMB in 2024, 3,006 million RMB in 2025, 3,522 million RMB in 2026, and 4,087 million RMB in 2027, reflecting growth rates of 7.9%, 19.0%, 17.2%, and 16.0% respectively [3][10]. - Net profit attributable to the parent company is forecasted to be 83 million RMB in 2023, increasing to 98 million RMB in 2024, 207 million RMB in 2025, 296 million RMB in 2026, and 417 million RMB in 2027, with growth rates of 25.5%, 18.3%, 111.2%, 43.1%, and 41.0% respectively [3][10]. Business Overview - The company has over 20 years of experience in the home appliance composite materials sector, focusing on PCM (pre-coated metal sheets) and VCM (film-coated metal sheets) used in various home appliances [19][20]. - The company has established a subsidiary, Haixi Technology, to advance its AI transformation, focusing on AI servers and intelligent computing centers, which have already begun to generate significant orders and profits [4][9]. AI Business Expansion - The AI business is expected to see rapid growth, with revenue projections of 300 million RMB in 2025, 600 million RMB in 2026, and 960 million RMB in 2027, reflecting growth rates of 100% and 60% for the latter two years [9][11]. - The company is actively building a diversified product matrix in the AI sector, including hardware, software, and industry-specific solutions, to enhance its market presence [39][44]. Valuation Analysis - The report employs both PE and PS valuation methods, estimating a reasonable valuation of 147.90 billion RMB based on a 50x PE for 2026, corresponding to a target price of 59.61 RMB per share [4][16]. - The average PE of comparable companies is around 43.54x for 2026, indicating a strong growth trajectory for the company [14][15].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 14.56 per share based on a 28x PE for 2026 [4][8]. Core Insights - The company is expected to achieve steady growth due to consumer recovery, increased product volume, and benefits from channel reforms [4][8]. - In the first three quarters of 2025, the company reported a revenue of RMB 4.92 billion, a year-on-year decrease of 14.27%, while the net profit attributable to shareholders was RMB 907 million, showing a year-on-year increase of 4.45% [9][12]. - The third quarter of 2025 saw a revenue of RMB 1.38 billion, a year-on-year increase of 23.45%, and a net profit of RMB 171 million, marking a return to profitability [9][12]. Financial Summary - Total revenue for 2023 was RMB 9,407 million, with projections of RMB 6,838 million for 2024 and RMB 6,291 million for 2025, reflecting a year-on-year decrease of 27.3% [3]. - Net profit attributable to shareholders for 2023 was RMB 1,746 million, with projections of RMB 653 million for 2024 and RMB 785 million for 2025, indicating a significant decline in 2024 [3]. - The gross profit margin for Q3 2025 increased by 3.25 percentage points to 68.56%, attributed to a higher proportion of high-margin products [11]. Product and Operations Optimization - The company has implemented product and operational optimizations, resulting in revenue and profit growth in Q3 2025, partly due to a low base effect [10]. - The main brand's online and offline channels are differentiated, achieving a 70% separation, and approximately 20% of revenue in 2025 is contributed by new products [10]. Profitability Improvement - The company has seen a significant improvement in profitability, with a recurring net profit margin of 9.65% in Q3 2025, an increase of 11.81 percentage points year-on-year [11]. - The expense ratios for sales, management, R&D, and finance have decreased significantly, contributing to improved profitability [11]. Main Brand Growth - In Q3 2025, offline revenue reached RMB 669 million, a year-on-year increase of 39.38%, while online revenue was RMB 704 million, up 11.22% year-on-year [12]. - Revenue from the main brand and other products showed significant growth, with the main brand revenue increasing by 40.97% year-on-year [12].

大众品成长优先，白酒预期先行 [Table_Industry] 食品饮料 ——食品饮料行业周报 股票研究 /[Table_Date] 2025.11.24 2025-11-24 行 业 双 周 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 本报告导读： 成长优先，并重视低估值及长期成长确定性较强的传统消费龙头价值修复。伊利股 份发布股东回报规划，传递稳健信号。 投资要点： 股 票 研 究 [table_Authors] [Table_Summary] 投资建议：近期 CPI 数据催化板块预期回暖，成长为主线、重视供 需出清下的拐点机会。1）白酒关注成长及先出清标的：山西汾酒、 古井贡酒、迎驾贡酒、今世缘、珍酒李渡、舍得酒业、金徽酒以及 稳健标的：贵州茅台、五粮液、泸州老窖；2）饮料结构性高增，重 点关注东鹏饮料、农夫山泉（港股），重视低估值高股息，重点关注 中国食品（港股）、康师傅控股（港股）、统一企业中国（港股）、中 国旺旺（港股）；3）零食及食品原料成长标的：重点关注百龙创园、 盐津铺子、卫龙美味（港股）、三只松鼠、西麦食品；4）啤酒重点 关注燕京啤酒、青岛啤酒、珠江啤酒、百润股份，华润啤 ...

Investment Rating - The report indicates a positive investment outlook for the retail industry, particularly highlighting strong performance in jewelry and instant retail sectors [4][8]. Core Insights - The "Double 11" e-commerce sales showed steady growth, with instant retail experiencing significant increases. Categories such as clothing, cosmetics, and jewelry performed well, with jewelry retail sales increasing by 37.6% year-on-year [4][8]. - Instant retail sales reached RMB 67 billion, marking a 138.4% increase year-on-year, driven by platforms like Meituan and Taobao [4][8]. - The report emphasizes the importance of consumption combined with technology as a key industry trend, with specific companies identified for potential investment [4][8]. Summary by Sections Overall Performance - According to the National Bureau of Statistics, online retail sales of physical goods in October increased by 4.9% year-on-year, with a slowdown of 2.4 percentage points from September [4][8]. - The total e-commerce sales during the 2025 "Double 11" promotion are projected to reach RMB 1,695 billion, a 14.2% increase year-on-year [4][8]. Category Performance - Retail sales for clothing, cosmetics, and jewelry in October showed year-on-year increases of 6.3%, 9.6%, and 37.6% respectively, indicating a strong recovery in these categories [4][8]. - Household appliances and furniture saw a decline in retail sales, with figures of -14.6% and +9.6% respectively, attributed to high base effects and timing fluctuations from national subsidies [4][8]. Key Investment Targets - The report highlights several companies as key investment targets, including jewelry leaders like Chow Tai Fook and Lao Pu Gold, as well as companies benefiting from the new consumption trend such as Gu Ming and Mixue Bingcheng [4][8].

Investment Rating - The report maintains an "Overweight" rating for the computer sector, recommending specific stocks such as Wuxi Unicomp Technology, Kingsoft Office, Hand Enterprise, Hikvision, Newland Digital Technology, Autel Robotics, Hygon, and related target Dawning Information Industry [3][12]. Core Insights - Google has launched Gemini 3 and Nano Banana Pro, establishing a leading position in multimodal technology, while Tencent and Alibaba are promoting AI application accessibility through their respective platforms [3][12]. - The Chinese hard tech sector is witnessing significant capitalization with Moore Threads and Unitree Robotics advancing their IPO processes, marking an acceleration in AI computing power and robotics industrialization [3][12][15]. Summary by Sections Google’s Product Launches - Google released the Gemini 3 model on November 18, achieving top scores in math, reasoning, and multimodal understanding, surpassing competitors like GPT-5.1 and Claude Sonnet 4.5 [13]. - The Nano Banana Pro model enhances text rendering accuracy in images and supports generating professional-grade images up to 4K resolution, integrating with major creative software [13]. Chinese AI Application Ecosystem - The AI application ecosystem in China is advancing with significant developments in multimodal generation and general assistants, particularly from companies in Hangzhou [14]. - Alibaba launched the "Qianwen" App, expanding its AI strategy from B2B to B2C, while Ant Group introduced the "Lingguang" AI assistant for mobile applications [14]. Hard Tech Capitalization - Moore Threads is set to launch an IPO at RMB 114.28 per share, aiming to raise RMB 8 billion for AI training and inference chip development [15]. - Unitree Robotics is also progressing towards a domestic stock issue, with a product line that includes quadruped and humanoid robots [15].

Core Conclusions - Since October, the Hong Kong stock market has entered a phase of adjustment, primarily due to significant prior gains, tight USD liquidity, and a decline in expectations for Federal Reserve rate cuts [2][5] - Market adjustments during a bull market are normal; historically, small pullbacks average a decline of 7%, while larger pullbacks average a decline of 17% [2][9] - USD liquidity is a short-term disturbance, and the ongoing AI wave suggests that the influx of new capital and the gathering of quality assets may continue to support the bull market in Hong Kong stocks [2][5] Investment Highlights - From a mid-term perspective, the influx of new capital and the gathering of quality assets in the Hong Kong stock market is expected to continue, especially if short-term factors suppressing the market are resolved [4][20] - Hong Kong stocks possess scarcity value, particularly in sectors aligned with the current industrial development trends, such as AI applications [4][20] - There is potential for continued inflow of southbound capital, driven by institutional forces, which may further propel the Hong Kong market upward [4][20] - The technology sector, driven by AI, remains a key focus for market performance, with Hong Kong stocks benefiting from favorable policies regarding dividends and low interest rates [4][21] Market Performance Overview - The Hong Kong stock market has shown strong performance this year, with the Hang Seng Index and Hang Seng Tech Index reaching new highs in early October, with maximum gains of 47% and 61% respectively [5][7] - However, since mid-October, the market has experienced adjustments, with the Hang Seng Index declining by a maximum of 5.1% and the Hang Seng Tech Index by 8.1% [6][7] - The adjustments are attributed to tight USD liquidity and concerns over AI sector bubbles, as well as significant prior gains in the market [7][8] Historical Context of Market Adjustments - In bull markets, adjustments can be categorized into two types: small pullbacks averaging a maximum decline of 7% and larger pullbacks averaging a maximum decline of 17% [9][13] - Historical data shows that small pullbacks typically do not exceed 30 trading days, while larger pullbacks average around 53 trading days [9][13] - The current market adjustment aligns with historical patterns, suggesting that the overall upward trend may remain intact despite short-term fluctuations [9][13]

Domestic Macro - On November 14, Premier Li Qiang chaired a State Council executive meeting to discuss the implementation of the "two重" construction and measures to enhance the adaptability of supply and demand for consumer goods [5][8] - On November 17, Vice Premier He Lifeng co-hosted the fourth high-level financial dialogue between China and Germany, welcoming qualified companies listed on the Shanghai and Shenzhen stock exchanges to issue Global Depositary Receipts (GDRs) in Frankfurt [5][19] - On November 18, Premier Li Qiang emphasized at the SCO meeting that increasing tariffs and trade barriers severely impact international trade order, calling for embracing free trade and reducing barriers [5][19] Industry Policy - On November 14, the People's Bank of China released the "Interbank Market Brokerage Business Management Measures," effective from January 1, 2026, clarifying the scope of brokerage services [9][21] - On November 15, the State Administration for Market Regulation published a draft for public consultation on "Antitrust Compliance Guidelines for Internet Platforms," aiming to prevent abuse of market dominance [9][21] - On November 17, the Ministry of Commerce initiated a final review investigation of anti-dumping and countervailing measures on imported isopropanol from the U.S., continuing to impose anti-dumping duties of 254.4%-267.4% and countervailing duties of 34.2%-37.7% during the investigation [9][21] Local Policy - On November 15, Jiangsu Province raised the subsidy standard for automobile consumption renewal, with a maximum subsidy of 10,000 yuan [10][23] - On November 18, Beijing introduced a financial support plan to boost and expand consumption, particularly in the new energy vehicle sector [10][23] - On November 20, the Guangdong Provincial Government issued a plan for the construction of a national digital economy innovation development pilot zone, aiming for the digital economy's core industry value-added to exceed 16% of GDP by 2027 [10][23] Overseas Dynamics - On November 14, China and Switzerland held the third round of negotiations to upgrade their free trade agreement, making progress on various trade-related topics [11][25] - On November 18, U.S. President Trump signed an executive order adjusting the application scope of "reciprocal tariffs," excluding certain agricultural products from additional tariffs [11][25] - On November 19, the U.S. and Saudi Arabia signed a strategic partnership agreement on artificial intelligence, with investments amounting to $270 billion [11][25]