Investment Rating - Maintain "Outperform" rating with a target price of 74.78 RMB, reflecting a 10% upside from the current price [4][11]. Core Insights - The innovative drug industry is rebounding, leading to strong company performance with a revenue increase of 32.26% year-on-year in the first three quarters of 2025, reaching 613 million RMB, and a net profit attributable to shareholders of 132 million RMB, up 58.61% [4][11]. - The company has seen rapid quarterly revenue growth, with Q3 2025 revenue at 226 million RMB, representing a year-on-year increase of 37.50% and a quarter-on-quarter increase of 12.32% [12]. - Increased R&D investment has diversified the product range, with nearly 60 GMP-grade products developed for CGT drug CMC, commercialization, and clinical research [13]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 544 million RMB (2023A), 645 million RMB (2024A), 840 million RMB (2025E), 1,074 million RMB (2026E), and 1,366 million RMB (2027E), with growth rates of 14.6%, 18.6%, 30.2%, 27.8%, and 27.2% respectively [3]. - Net profit attributable to shareholders is projected to grow from 154 million RMB in 2023A to 354 million RMB in 2027E, with a significant increase of 53.9% in 2025E [3]. - The company’s EPS is forecasted to be 0.92 RMB (2023A), 0.74 RMB (2024A), 1.14 RMB (2025E), 1.53 RMB (2026E), and 2.11 RMB (2027E) [3][4]. R&D and Product Development - The company has developed a series of recombinant proteins and antibodies for CAR-T product development, enhancing its capabilities in the CGT field [12][13]. - In the ADC field, the company offers a range of high-quality products, including target proteins and enzymes for linker cleavage, which are essential for ADC PK research [13].

Investment Rating - The report maintains an "Outperform" rating for Eastroc Beverage with a target price of Rmb 333.00, indicating an expected upside from the current price of Rmb 276.89 [2][6]. Core Insights - Eastroc Beverage is experiencing rapid growth in its second curve, continuously progressing towards becoming a platform-based company. The company achieved a revenue of Rmb 16.844 billion in the first three quarters of 2025, representing a year-on-year increase of 34.1%, with a net profit of Rmb 3.761 billion, up 38.9% year-on-year [3][11]. - The core category of energy drinks is facing pressure, with revenue growth slowing to 15.1% year-on-year in Q3 2025. However, new product categories such as electrolyte drinks and low-sugar tea are driving significant growth, contributing to a more balanced revenue structure [4][12]. - The company has successfully expanded its product matrix, reducing reliance on a single core product. New products accounted for 16.9% of total revenue in Q1-Q3 2025, indicating a shift towards a more diversified portfolio [4][12]. Financial Performance - The company's gross profit margin was 45.2% in Q3 2025, a slight decrease of 0.6 percentage points year-on-year. However, effective expense control and improved operational leverage have led to a net profit margin increase to 22.7%, up 1.8 percentage points year-on-year [5][13]. - Revenue projections for 2025 to 2027 are Rmb 20.88 billion, Rmb 25.39 billion, and Rmb 30.03 billion, respectively, with net profit forecasts of Rmb 4.57 billion, Rmb 5.77 billion, and Rmb 6.89 billion, reflecting strong growth rates [6][15]. Market Strategy - Eastroc Beverage is focused on multi-category, national, and global strategies, with emerging markets such as North China, East China, and Southwest China showing over 30% year-on-year revenue growth. The company aims to consolidate its leading position in the beverage market and move towards becoming a comprehensive beverage group [5][14].

Investment Rating - The report maintains an "Outperform" rating for BeiGene with a target price of HKD 213.10, reflecting a positive outlook on the company's performance [2][17]. Core Insights - In Q3 2025, BeiGene reported revenue of USD 1.41 billion, representing a year-on-year increase of 41% and a quarter-on-quarter increase of 7.7%. The gross profit margin was 86.1%, up by 3.1 percentage points year-on-year. The company achieved a net profit of USD 120 million for the quarter [3][13]. - Management has raised the full-year 2025 revenue guidance to USD 5.1–5.3 billion, slightly lowering the operating expenses guidance to USD 4.1–4.3 billion [3][13]. Revenue and Profit Forecasts - Revenue projections for FY25, FY26, and FY27 have been increased to USD 5.3 billion, USD 6.4 billion, and USD 7.1 billion, respectively, indicating a three-year compound annual growth rate (CAGR) of 23% [16][17]. - Net profit attributable to shareholders is forecasted to be USD 360 million, USD 660 million, and USD 1.05 billion for FY25, FY26, and FY27, respectively [16][17]. Product Performance - Zanubrutinib (BRUKINSA) generated global revenue of USD 1.04 billion in Q3 2025, with significant contributions from the U.S. (USD 740 million), Europe (USD 160 million), and China (USD 90 million). The global revenue for Zanubrutinib is expected to exceed USD 3.9 billion in 2025 [4][15]. - Tislelizumab (PD-1) reported global revenue of USD 190 million, reflecting a year-on-year increase of 16.7% [15]. Clinical Development Focus - The report highlights the importance of clinical progress in the hematologic oncology portfolio, particularly the BCL-2 inhibitor and BTK CDAC. Management plans to submit a new drug application for the R/R MCL indication and initiate a head-to-head trial in treatment-naïve chronic lymphocytic leukemia patients [14][15]. - In the solid tumor space, the focus is on the CDK4 inhibitor and B7-H4 ADC, with ongoing clinical trials and dose optimization efforts [15][16]. Valuation Methodology - The company is valued using a Discounted Cash Flow (DCF) model, with a WACC of 9% and a perpetual growth rate of 4%. The target price of HKD 213.10 reflects the company's growth potential and market position [17].

Investment Rating - Maintain Outperform rating [4][13] Core Views - Revenue for the first three quarters of 2025 was RMB 336 million, with net profit attributable to shareholders at RMB 42 million and recurring NPAtS at RMB 24 million. Q3 revenue was RMB 113 million, net profit attributable to shareholders was RMB 9 million, and recurring NPAtS was RMB 3 million [4][13] - Given stable performance and successful overseas expansion, EPS forecasts for 2025-2027 remain at RMB 0.16/0.25/0.37. With sector valuation rising, 2025 target PS is 28X, target price is RMB 29.22, maintaining Outperform rating [4][13] - R&D layout improves, self-developed PFA expected to be approved in 2025. The PFA product of the associate company Shangyang Medical was approved in April 2025, with nationwide listing nearly complete by October 2025. Commercial surgeries are progressing well [4][13] - The company's self-developed pressure pulse PFA product has applied for registration with the National Medical Products Administration, expected approval in 2025 [4][13] - Overseas market grows rapidly, with expansion in Europe, Middle East and Africa, Latin America, and Asia-Pacific. In the first three quarters of 2025, the top three regions had similar market shares, with the highest growth in Latin America, Europe, and Middle East and Africa [4][13] Financial Summary - Total revenue for 2023A is RMB 329 million, with a projected increase to RMB 491 million in 2025E, reflecting a growth rate of 26.5% in 2023A and 18.9% in 2025E [3][4] - Net profit attributable to shareholders is projected to grow from RMB 6 million in 2023A to RMB 76 million in 2025E, with an impressive growth rate of 815.4% in 2024A [3][4] - Gross profit margin (GPM) stable at 59.09% with a slight increase of 0.30 percentage points, while net profit margin (NPM) at 12.46% shows a decrease of 1.88 percentage points [4][13]

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - The company experienced rapid growth in Q3 2025, with revenue reaching RMB 448 million and net profit attributable to shareholders at RMB 136 million. The endoscope and light source module businesses are growing quickly, with a forecasted EPS of RMB 1.51, 1.86, and 2.30 for 2025-2027, respectively. The target price is set at RMB 57.33, with a PE of 38X for 2025 [4][9]. - Overseas order demand is steadily recovering, particularly from U.S. clients, with significant growth in the endoscope business, which saw a 100% year-on-year increase in Q3 2025. The company has unexecuted orders from U.S. clients totaling RMB 300 million [4][9]. - The company is expanding its collaboration with U.S. clients across multiple product categories, including hysteroscopes and cystoscopes, with production expected to ramp up in 2024. The development of next-generation endoscope systems is progressing well [4][9]. Financial Summary - For the fiscal years 2023A to 2027E, the company’s total revenue is projected to grow from RMB 471 million in 2023 to RMB 847 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.3%. Net profit attributable to shareholders is expected to increase from RMB 146 million in 2023 to RMB 276 million in 2027 [3][4]. - The company’s net profit margin is projected to remain stable, with a net profit margin of approximately 30.2% in 2025, and the return on equity (ROE) is expected to improve from 11.3% in 2023 to 17.5% in 2027 [3][4]. Production and Capacity Expansion - The company is actively reducing tariff risks by relocating production to Thailand, with most products sold to the U.S. now being produced there. The second phase of the Thailand factory is set to expand production capabilities and is expected to be completed in the first half of 2026 [4][9]. - The U.S. factory has established an endoscope assembly line and is expanding its production area to accommodate repair services, which is currently under construction [4][9].

Investment Rating - Maintain Outperform rating with a target price of RMB 122.06, reflecting a target PE of 25X for 2025 [4][12]. Core Insights - The company faced short-term pressure on performance due to aortic stent price adjustments, but its competitive edge in the aortic field remains strong, with ongoing expansion in peripheral and tumor intervention sectors [1][4]. - Revenue for the first three quarters of 2025 reached RMB 1.02 billion, with a net profit attributable to shareholders of RMB 429 million, marking a 60% year-over-year increase in net profit after excluding government subsidies and other investment income [4][12]. - The company has established a significant domestic market presence, with products entering nearly 2900 hospitals across 31 provinces and regions, maintaining a leading market share in aortic intervention products [4][12]. Financial Summary - Total revenue projections show a growth trajectory from RMB 1,187 million in 2023 to RMB 2,257 million by 2027, with a compound annual growth rate (CAGR) of approximately 22.3% [3][5]. - Net profit attributable to shareholders is expected to increase from RMB 492 million in 2023 to RMB 915 million in 2027, reflecting a CAGR of about 21.4% [3][5]. - The gross profit margin (GPM) is projected to recover, with Q3 2025 GPM at 73.28% and net profit margin (NPM) at 37.44%, driven by improved production efficiency and reduced material costs [4][12].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 25 RMB per share, reflecting a 15% upside potential based on a 50x PE for 2025 [4][8]. Core Insights - The company experienced a positive revenue turnaround in Q3 2025, with a revenue of 1.04 billion RMB, up 1.75% year-on-year, despite a significant decline in net profit [9]. - The gross profit margin (GPM) faced pressure, decreasing by 5.61 percentage points to 22.92%, primarily due to rising costs of imported beef [10]. - The company is focusing on expanding its store network, with a current total of 5,260 stores, targeting university towns and large factory canteens for new openings [12]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 3,550 million RMB, 3,363 million RMB, 3,207 million RMB, 3,428 million RMB, and 3,760 million RMB, respectively, indicating a decline in the short term but potential growth in the long term [3]. - Net profit attributable to shareholders is projected to decrease significantly in 2025E to 205 million RMB, down 40.7% from 2024A [3]. - The earnings per share (EPS) forecast for 2025-2027 is 0.50 RMB, 0.62 RMB, and 0.73 RMB, respectively [4][8]. Product and Regional Performance - Fresh goods revenue showed a slight increase of 0.1% year-on-year to 874 million RMB in Q3 2025, with notable growth in other fresh goods, which increased by 27.4% [11]. - Regional performance varied, with East China revenue down 1.9%, while South China and overseas markets saw significant growth of 73.1% and 57.7%, respectively [11].

Group 1 - The report indicates that northbound capital may experience a slight net outflow in the recent week, with an estimated net outflow of 2.6 billion yuan, compared to a net outflow of 7.1 billion yuan in the previous week [3][7]. - The report highlights that the top active stocks in the northbound trading include Yangguang Electric (total transaction amount of 18.8 billion yuan, accounting for 9% of the total trading amount), Zhongji Xuchuang (17 billion yuan, 11%), and Ningde Times (14.5 billion yuan, 15%) [7][10]. - In the Hong Kong stock market, there is an increasing divergence between long-term and short-term foreign capital regarding internet stocks, with a total inflow of 11.6 billion HKD in the recent week, where stable foreign capital outflow was 9.2 billion HKD and flexible foreign capital outflow was 19.2 billion HKD [11][13]. Group 2 - In the Asia-Pacific market, foreign capital inflow into Japan was 371.7 billion yen in the latest week, down from 650.2 billion yen in the previous week, with a cumulative net inflow of 10.1 trillion yen since the beginning of 2023 [19][20]. - In October, foreign institutional investors injected 1.66 billion USD into the Indian stock market, reversing a previous outflow of 2.7 billion USD in the prior month, with a cumulative net inflow of 15.1 billion USD since 2020 [19][20]. - In the US and European markets, global mutual funds saw a net inflow of 25.5 billion USD into the US equity market in September, compared to a net inflow of 3.6 billion USD in the previous month, with a cumulative net inflow of 67.85 billion USD since 2020 [22][23].

Investment Rating - The report maintains an "Outperform" rating for the computer sector, recommending specific stocks such as Wuxi Unicomp Technology Co., Ltd., Kingdee International Software Group, Iflytek, Newland Digital Technology, Hand Enterprise, ArcSoft Corporation, Hygon, with Dawning Information Industry as a related target [3][10]. Core Insights - Recent signals from the government and industry regarding AI are positive, with the State Council promoting scenario cultivation to complete the tech-industrialization loop and the Ministry of Industry and Information Technology emphasizing deep integration of AI and manufacturing [3][10]. - Alibaba Group has proposed a three-stage theory of AI development, focusing on advancing super AI cloud and an open-source ecosystem [3][10]. Summary by Sections Government Initiatives - The State Council's executive meeting on October 31, 2025, highlighted leveraging China's large market and rich scenarios, prioritizing new fields and high-value niches, particularly in digital economy, AI, and unmanned systems [11]. - The aim is to create a complete loop from technological breakthroughs to industrial applications, supported by infrastructure and policy measures [11]. AI and Manufacturing Integration - The Ministry of Industry and Information Technology has outlined the importance of AI in leading technological and industrial revolutions, with a focus on deep integration with manufacturing [12]. - China's AI industry is solid, with over 35,000 high-quality datasets, and AI has shown significant results in sectors like energy and steel [12]. Alibaba's AI Strategy - At the World Internet Conference, Alibaba's CEO presented a three-stage AI theory, transitioning from "learning human" to "assisting human" AGI, and eventually to "surpassing human" ASI [13]. - Alibaba is accelerating its AI initiatives through its super AI cloud and has developed influential open-source models, with over 600 million downloads [13].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report recommends an equilibrium and growth - oriented style allocation, emphasizing technology and considering cyclical, consumer, and financial sectors. The "transformation bull" in the Chinese stock market is far from over, and the market is in a period of valuation repair and expansion. In the bond market, it is advisable to "emphasize the allocation rhythm and de - emphasize chasing information" [3][15]. Summary by Directory 1. Last Week's Market Review - **A - share Market**: In the week of 20251103 - 20251107, A - shares rose due to positive news from Sino - US negotiations and improved export data. The power equipment, coal, and petroleum and petrochemical industries performed well. The Shanghai Composite Index rose 1.08%, and the Shenzhen Component Index rose 0.19%. Among the 31 Shenwan primary industries, 19 rose and 12 fell [3][7]. - **Bond Market**: The bond market declined due to weak import and export data and tight capital sentiment. The yields of 1 - year and 10 - year treasury bonds and national development bonds increased, and the main bond indexes fell, while the CSI Convertible Bond Index rose 0.86% [3][8]. - **Overseas Market**: US stocks fell as private employment data showed a weak labor market. European markets generally declined, and Asian - Pacific markets showed mixed performance. The US dollar index fell 0.18%. Oil prices dropped as US EIA crude inventory increased more than expected, and gold prices fluctuated [3][9]. 2. Last Week's Fund Market Review - **Stock - type Funds**: Stock - type funds rose 0.25% overall, with index stock - type funds rising 0.31% and active stock - open funds falling 0.05%. Funds heavily invested in power equipment and some in basic chemicals performed well [3][10]. - **Hybrid Funds**: Active hybrid - open funds rose 0.12% [10]. - **Bond Funds**: Bond funds rose 0.2% overall, with index bond funds falling 0.05% and active bond - open funds rising 0.03%. Some partial - debt bond funds and convertible - bond funds with equity assets in power equipment and aviation performed well [3][11]. - **QDII Funds**: Equity - type QDII funds fell 0.73%, with Hong Kong stock dividend and Hong Kong state - owned enterprise theme funds performing well. QDII bond funds fell 0.02% [12]. - **Other Funds**: Gold ETFs and their linked funds fell 0.36%, and commodity - type funds fell 0.19% [13]. 3. Future Investment Strategy - **Macro - situation**: Consumption showed mixed trends, investment in infrastructure had sufficient funds but limited physical work progress, exports improved, production mostly recovered, prices rose slightly, and liquidity was generally loose [14]. - **Stock Market**: The "transformation bull" in the Chinese stock market will continue, and the underlying logic of the market is changing. The three core factors that previously led to market valuation discounts are being broken and reshaped [15]. - **Investment in Funds**: For stock - mixed funds, maintain an equilibrium and growth - oriented style allocation, focus on technology - themed funds, and consider structural opportunities in financial, cyclical, and consumer sectors. For bond funds, participate in the long - position market before mid - November and set profit - taking points in late November. For currency funds, there are no trend - based investment opportunities. For commodity funds, appropriately allocate gold ETFs [17]. 4. Latest Fund Market Developments - **Public Offering Benchmark Reform**: The public offering benchmark reform is accelerating. The benchmark library has been issued, including 69 indexes in the first - class library and 72 in the second - class library, applicable to active - management public - offering funds investing in A - shares and Hong Kong stocks [18]. - **Brazil ETFs**: Two Brazil ETFs were over - subscribed by more than 7 times, due to market recovery and some investors' arbitrage intentions [21]. - **Newly - issued Products**: 41 new funds were established last week, with an average subscription period of about 24 days and an average raised share of 6.46 billion, totaling 265 billion shares [22]. - **Fund Dividends**: 72 funds will conduct equity registration in the coming week, with E Fund Shenzhen 100 ETF being the most notable, distributing a dividend of 0.85 yuan per 10 shares [23].