Group 1: BYD Electronics - BYD Electronics reported a revenue of RMB 123.3 billion for the first nine months of 2025, a year-on-year increase of 0.95%[6] - The net profit for the same period was RMB 3.14 billion, reflecting a growth of 2.4% year-on-year[6] - The automotive electronics segment is expected to generate RMB 25 billion in revenue for 2025, with a growth rate of approximately 25%[7] - The target price for BYD Electronics is set at HKD 50.10, indicating a potential upside of 51.2% from the current price[9] Group 2: Bilibili - Bilibili's Q3 revenue reached RMB 7.69 billion, a year-on-year increase of 5.2%[13] - Non-GAAP net profit for Q3 was RMB 790 million, a significant increase of 233.3% compared to the previous year[13] - The target price for Bilibili is set at USD 32.00, representing a potential growth of 22.51% from the current price[18] Group 3: SMIC - SMIC reported Q3 revenue of USD 2.38 billion, a year-on-year increase of 9.7%[23] - The gross margin for Q3 was 22.0%, reflecting a 1.6 percentage point increase from the previous quarter[23] - The target price for SMIC is set at HKD 90.00, indicating a potential upside of 21.63% from the current price[26] Group 4: Tencent - Tencent's Q3 revenue was RMB 193 billion, showing a year-on-year growth of 15%[32] - Non-IFRS net profit for Q3 was RMB 70.6 billion, an 18% increase year-on-year[32] - The target price for Tencent is set at HKD 790.00, suggesting a potential increase of 26.7% from the current price[37]

腾讯控股（700） 更新报告 ➢Q3 长青游戏矩阵稳健扩张，新品表现与核心 IP 驱动力强劲：本季度增值服务 收入 959 亿元，同比增长 16%；其中社交网络收入 323 亿元，同比增长 5%，主要 来自视频号直播、小游戏与音乐订阅增长。国内游戏收入 428 亿元，同比增长 15%，《三角洲行动》《王者荣耀》《和平精英》《无畏契约》均保持强势表 现。《三角洲行动》DAU 突破 3000 万，《王者荣耀》十周年 DAU 创 1.39 亿新 高，《无畏契约》手游上线后 MAU 突破 5000 万。国际游戏收入 208 亿元，同比 增长 43%，Supercell《皇室战争》流水同比增长超 400%、《消逝的光芒：困 兽》一次性买断收入贡献显著，国内外产品矩阵保持高质量增长。 ➢AI 赋能多链路场景营销服务增长，视频号与小程序领跑广告增量：营销服务 25Q3 收入 358 亿元，同比增长 21%，环比增长 1%。视频号广告加载率仍处低单位 数，但用户时长与曝光量显著提升，小程序在短剧、小游戏、电商场景推动下成 为结构性增长亮点；搜一搜因大模型驱动相关性与点击率改善，商业化能力持续 增强。约半数增量来自生态流量扩张 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 90.00, representing a potential upside of 21.63% from the current stock price of HKD 74.00 [3][6]. Core Insights - The semiconductor industry is experiencing strong domestic substitution demand, and the consumer electronics market is showing signs of recovery. The company is expected to benefit from these trends, with projected revenue growth driven by increased capacity utilization and demand from domestic clients [6][7]. - The company’s revenue for the fiscal year ending December 31, 2023, is reported at USD 6.32 billion, with a year-on-year decline of 13.09%. However, a significant recovery is anticipated in the following years, with a projected revenue CAGR of 38.6% over the next three years [5][6]. - The company’s net profit for 2023 is reported at USD 492.75 million, a decrease of 50.35% from the previous year, but is expected to rebound significantly in subsequent years, with a CAGR of 90.6% [5][6]. Financial Summary - For the fiscal year 2023, the company reported total revenue of USD 6.32 billion, with a projected increase to USD 8.03 billion in 2024 and further growth to USD 9.40 billion in 2025 [5][6]. - The gross profit margin for 2023 is reported at 18.0%, with expectations of improvement to 21.0% in 2024 and 24.5% in 2025 [7]. - The company’s capital expenditure for Q3 2025 increased by 27.0% to USD 2.39 billion, driven by the recovery of equipment shipments previously affected by geopolitical issues [6][7]. - The company’s cash flow from operations is projected to improve significantly, with operating cash flow expected to reach USD 4.71 billion by 2025 [8].

比亚迪电子（0285） 更新报告 全年业绩平稳，布局 AI 服务器和机器人产业链 ➢ 2025 业绩预期平稳：比亚迪电子 1-9 月份收入 1233 亿元人民 币，同比增 0.95%；净利润 31.4 亿人民币，同比增长 2.4%。 消费 电子整体与去年同期持平，其中组装业务增长，但零部件业务下 滑。汽车业务同比增长，新型智能产品下滑。三季度盈利能力有所 减弱，展望四季度，预计单季度收入规模与去年同期相当。2025 全 年利润预计同比持平。 ➢ 汽车电子贡献主要增量：公司的智能座舱、智能驾驶、智能悬 架系统、热管理、控制器和传感器产品已实现多产品交付，公司通 过技术创新打破技术壁垒，自主研发核心零部件，具备完善的自主 知识产权，能更好的应对产品降价的压力，维持稳定利润率。但面 对汽车行业日益激烈的竞争，2025 汽车电子的收入规模下调至 250 亿，增速约 25%，低于年初预期。展望 2026 年，单车价值量提升， 高阶智驾、智能悬架等产品渗透率提高，伴随母公司出海带来销量 增量，汽车电子明年有望保持良好增长。 ➢ AI 数据中心、机器人等新业务进展良好：公司拓展了企业级通 用服务器、存储服务器、AI 服务器 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4904 期 2025 年 11 月 17 日 星期一 研究观点 AI 大模型周报 数字货币周报 科技行业周报：光模块、存储、液冷等行业近况更新 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 中国黄金国际 | 2099 | 买入 买入 185.63 | 167.07 | 11% | 1.030 | 0.940 | 10% | 1.340 | 1.140 | 18% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com ...

Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a focus on companies with strong delivery capabilities and market positioning in the light module and storage sectors [3]. Core Insights - The light module industry is transitioning from order expectations to actual deliveries, with significant implications for stock prices and future growth [3]. - The storage cycle is expected to last longer than previous cycles, potentially extending to 2-3 years due to heightened demand and supply constraints [5]. - The AI sector is driving new demand for storage solutions, as data needs to be activated and stored for model training and other applications [8]. Summary by Sections Light Modules - Demand for 800G light modules is projected at 55 million units, while 1.6T demand is estimated at 30 million units, with Nvidia and Google being major contributors [3]. - Supply chain dynamics indicate a normal decline in prices, with profit margins expected to remain strong despite supply shortages [3]. - Key players in the light chip market, such as Lumentum, are raising prices by 10-20%, benefiting upstream suppliers [3]. - Domestic companies like Source Technology and Yunling Optoelectronics are positioned to enter the global supply chain due to upstream shortages [3]. Storage - The storage cycle is anticipated to be longer than usual, with a potential duration of 2-3 years due to increased demand and supply shortages [5]. - Domestic companies like Changxin Storage and Yangtze Memory Technologies are expected to ramp up production, alleviating supply constraints [5]. - The report highlights the impact of rising prices on mid-to-low-end consumer electronics, which may face profitability challenges [5]. AI-Driven New Fields - The AI era necessitates the activation of cold data into hot data for model training, creating new storage demands [8]. - Supply-side constraints are evident as overseas manufacturers are not expanding production, leading to a mismatch in supply and demand [8]. - Recommended companies in the storage module sector include Jiangbolong, Demingli, and Bawei Storage, each with unique strengths [8]. Liquid Cooling - The liquid cooling market is expected to see growth, particularly in overseas markets, with domestic companies yet to capitalize on this trend [10]. - Companies like Vertiv and Honeywell are leading in the overseas liquid cooling space [10]. Domestic Computing Power - The progress of domestic computing power construction is slow due to unclear policies on imported computing cards and compatibility issues [13]. - Companies like H Company, Cambrian, and Alibaba's T-head are highlighted as key players in the domestic computing power landscape [13]. Energy Storage and Photovoltaics - The energy storage sector is experiencing high demand, with certain suppliers already booked through mid-2026 [13]. - The photovoltaic industry is facing general market uncertainty, with speculation around its connection to U.S. energy shortages [13].

Investment Rating - The report maintains a "Buy" rating for Robinhood Markets with a target price of $150.00, representing a 23% upside from the previous closing price [3][48]. Core Insights - Robinhood's financial performance in Q3 2025 showed significant growth, with total revenue reaching $1.274 billion, doubling year-over-year and increasing nearly 30% quarter-over-quarter. Net profit surged 271% to $556 million, with diluted earnings per share (EPS) of $0.61, up 259% year-over-year [2][10][11]. - The trading business emerged as the primary growth driver, with trading revenue of $730 million, including a more than 300% increase in cryptocurrency revenue to $268 million. Interest income also grew by 66% to $456 million [2][11][12]. - The company is expanding its market share in various sectors, including stocks, options, and cryptocurrencies, while also launching new products aimed at professional traders and international clients [3][18]. Financial Performance Summary - Total revenue for Q3 2025 was $1.274 billion, a 100% increase year-over-year and a 29% increase quarter-over-quarter, exceeding market expectations by 5% [10]. - Net profit reached $556 million, reflecting a 271% year-over-year increase and a 44% quarter-over-quarter increase [10]. - Adjusted EBITDA was $742 million, with a profit margin of 58%, marking a 177% year-over-year growth [10]. - The average revenue per user increased to $191, an 82% year-over-year growth, indicating improved user quality [17]. Business Segments and Growth Drivers - Trading revenue totaled $730 million, a 129% year-over-year increase, driven by significant growth in cryptocurrency, options, and stock trading [11][12]. - Cryptocurrency revenue alone reached $268 million, more than tripling year-over-year, supported by increased market activity and the acquisition of Bitstamp [11][12]. - Net interest income grew to $456 million, a 66% increase, primarily due to the expansion of interest-earning assets [11][12]. Strategic Developments - Robinhood is set to launch new products and services, including features for professional traders and banking services for Gold users, while also expanding its international presence [3][18]. - The company completed the acquisition of Bitstamp and plans to acquire WonderFi, enhancing its global footprint in the cryptocurrency sector [3][18]. - The prediction market business is rapidly growing, with an annualized revenue nearing $300 million as of October 2025 [3][7].

Financial Performance - Robinhood Markets reported total revenue of $1.274 billion for Q3 2025, doubling year-over-year and increasing nearly 30% quarter-over-quarter[5] - Net profit reached $556 million, a significant increase of 271% year-over-year and 44% quarter-over-quarter[5] - Adjusted EBITDA was $742 million, up 177% year-over-year, with a profit margin of 58%[5] Revenue Breakdown - Trading revenue amounted to $730 million, with cryptocurrency revenue tripling year-over-year to $268 million; options and stock revenues increased by 50% and 132%, respectively[6] - Net interest income grew by 66% to $456 million, while securities lending income surged by 193%[6] User Metrics - Average revenue per user increased to $191, an 82% year-over-year rise[6] - Retirement account assets grew by 144% to $24.2 billion, with adoption rates 2.5 times higher than regular accounts[6] Market Expansion and Product Development - The company is on track for annualized revenue of nearly $300 million by October 2025, a significant acceleration from $115 million in Q3[7] - New features targeting professional traders and international clients are being rolled out, with nearly 700,000 international customers[7] Financial Guidance and Valuation - The adjusted operating expense guidance for 2025 is raised to approximately $2.28 billion, reflecting ongoing investments in products and technology[8] - The target price for Robinhood is set at $150.00, representing a 23% upside from the previous closing price, with a PE ratio of 65x[9] Risks - Potential decline in retail user engagement and regulatory changes affecting payment for order flow (PFOF) could impact future performance[10]

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 60.00 / USD 22.80, representing a potential upside of 36.2% / 36.8% from the current price [2][4]. Core Insights - The company has demonstrated significant cost reduction and efficiency improvements, leading to profitability in its "two wings" business segments [4]. - The adjusted net profit for Q3 2025 was CNY 1.29 billion, a year-on-year decrease of 27.8%, while total transaction volume remained stable at CNY 736.7 billion [4]. - The company is focusing on enhancing quality, scale, and efficiency, with a solid cash reserve of approximately CNY 70 billion, which supports its stock buyback initiatives [4]. Financial Summary - Revenue projections for 2023 to 2027 show a growth trajectory, with expected revenues of CNY 77.78 billion in 2023, increasing to CNY 113.32 billion by 2027, reflecting a compound annual growth rate (CAGR) of 16.4% [3][5]. - The net profit is projected to decline from CNY 5.89 billion in 2023 to CNY 3.60 billion in 2025, before rebounding to CNY 8.88 billion in 2027, indicating a recovery phase [3][5]. - The adjusted net profit is expected to follow a similar trend, with estimates of CNY 9.80 billion in 2023, dropping to CNY 5.76 billion in 2025, and then rising to CNY 9.67 billion in 2027 [3][5]. Business Performance - The company's existing home transaction volume reached CNY 5,056 billion in Q3 2025, a year-on-year increase of 5.8%, while new home transaction volume was CNY 1,963 billion, down 13.7% [4]. - Non-property transaction services have increased their revenue contribution to 45%, with a profit contribution of 39.7%, indicating a diversification in revenue streams [4]. - The home decoration and rental businesses achieved profitability at the city level, contributing positively to the overall financial performance [4].

Group 1: Circle Internet Group, Inc (CRCL) - Circle is transitioning from a single product provider to a comprehensive platform service provider, leveraging its compliance advantages and strong ecosystem partnerships[8] - The target price for Circle is set at $125.00, indicating a potential upside of 27.2% from the current price of $98.30[3] - The company expects total revenue to grow from $1.45 billion in 2023 to $4.30 billion by 2027, reflecting a compound annual growth rate (CAGR) of 38.54%[12] Group 2: HIMS & HERS HEALTH (HIMS) - HIMS reported a 49% year-over-year revenue increase in Q3 2025, reaching $600 million[14] - The target price for HIMS is set at $56.80, representing a 43% upside from the current price of $39.75[16] - The company aims to achieve $1 billion in revenue for its HERS segment by 2026, with a long-term goal of $6.5 billion by 2030[16] Group 3: 贝壳 (BEKE) - 贝壳's total transaction volume for Q3 2025 was approximately 736.7 billion RMB, showing a stable year-over-year performance[22] - The target price for 贝壳 is set at 60.00 HKD, indicating a potential upside of 38.3% from the current price of 43.54 HKD[27] - The company has successfully reduced operational costs, with a 1.8% decrease in overall operating expenses in Q3 2025[22]