[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 基金研究报告 缓冲型 ETF 国内实践探索 报告摘要： [Table_Summary] 本报告系统梳理并评估缓冲型 ETF 的产品设计逻辑、工程实现路径、主 要风险来源与治理要点，旨在为基金管理人、渠道方与监管机构提供一 套可审计、可回放的试点建议与实务清单。缓冲型 ETF 通过在每个结果 周期内以四腿期权组合（深度实值买入 Call、平值买入 Put、卖出虚值 Put 与卖出虚值 Call）合成敞口，从而在限定下行（Buffer）的同时对上行收 益设定明确上限（Cap）。与传统被动 ETF 不同，此类产品的关键并非静 态标的配置，而是重置日的市场快照、期权定价与成交执行三要素共同 决定的动态再投资路径。 在定价维度上，缓冲型 ETF 的 Cap 并非发行人任意设计的宣传参数，而 是由当日隐含波动率曲线、Skew 形态、利率与股息预期、期权流动性与 做市商风险偏好等市场变量共同内生生成。实现接近"零成本"或资金平 衡的权利金结构需精确匹配买入保护与卖出融资腿的权利金差额，因此 重置日的定价模型、IV 曲线拟合方法与成交滑点 ...

[Table_Summary] 前三季度业绩稳健增长，Q3 环比修复强劲。2025Q1-Q3 公司实现营业收 入 83.6 亿元，同比+27.0%，实现归母净利润 8.9 亿元，同比+14.6%。前 三季度毛利率 19.3%，同比-2.0pct，归母净利率 10.7%，同比-1.2pct。单 季度看，25Q3 业绩环比大幅改善。公司 Q3 实现营业收入 31.9 亿元，同 环比分别+22.5%/+26.4%；实现归母净利润 3.7 亿元，同环比分别 +15.2%/+46.5%。盈利能力方面，虽然降价压力仍然存在，但是公司凭借 收入规模增长和 WCBS 等高毛利产品占比提升，毛利率环比持续改善， 25Q3 实现毛利率 20.5%，环比+1.4pct，预计 25Q4 毛利率将会持续改善。 [Table_Title] 证券研究报告 / 公司动态报告 智能电控产品在手订单充足，前瞻布局 EMB 和机器人 智能电控产品快速放量，产品结构持续优化。智能电控产品是公司业绩 增长的核心驱动力，前三季度智能电控产品销量 473.3 万套，同比 +41.6%，远超机械制动产品和机械转向产品。2024 年公司机械制动/智能 电控/ ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [3][55]. Core Insights - The company is positioned as a rare comprehensive provider of optical interconnection solutions, benefiting significantly from its long-term stable partnership with Google in the MPO field and its strategic layout in active products like optical modules and AOC [3][55]. - The company's revenue is expected to grow rapidly, with projected revenues of 34.52 billion, 69.92 billion, and 120.22 billion yuan for the years 2025, 2026, and 2027 respectively, alongside net profits of 3.72 billion, 10.94 billion, and 19.05 billion yuan for the same years [3][55]. Summary by Sections Company Overview - The company started with PLC optical splitters and has gradually built a complete optical interconnection system solution, targeting telecommunications, data centers, and industrial interconnection fields [13]. - Its product range includes PLC optical splitters, PON optical transceivers, DWDM, AWG, VMUX for telecommunications, and AOC and copper cable products for data centers, covering speeds from 10G to 800G [13]. Market Opportunities - Google is a key beneficiary of the company's offerings, with a strong emphasis on AI commercialization and the urgent need for capacity expansion, aiming to double its computing power every six months [2][37]. - The company has established a long-term stable supply relationship with Google in the MPO field, which is crucial for high-density optical connections [2][43]. Financial Performance - The company reported a revenue of 1.675 billion yuan in 2023, with a projected increase to 3.452 billion yuan in 2025, reflecting a year-on-year growth of 97.54% [6][55]. - The net profit for 2023 was 81 million yuan, expected to rise to 372 million yuan in 2025, indicating a significant growth trajectory [6][55]. - The overall gross margin improved to 40.19% in the first three quarters of 2025, driven by the growth in data communication and industrial interconnection markets [27]. Future Outlook - The company is expected to become a core beneficiary of Google's computing power expansion, with its data communication business projected to achieve rapid growth [3][55]. - The report highlights the potential for significant market opportunities in the AOC and MPO sectors, with the company already making strides in silicon photonics technology [2][49].

[Table_Title] 证券研究报告 / 公司动态报告 L3 级自驾车型获批、智驾标准 2027 年实施 [Table_Summary] 1、首批 L3 级自动驾驶车型已获得工信部批准。首批 L3 级自动驾驶车 型已于 2025 年 12 月 15 日获得工信部批准，包括长安深蓝 SL03 和北汽 极狐阿尔法 S 两款纯电动轿车，分别在北京和重庆指定区域开展试点。 长安深蓝 SL03：获批车型为"长安牌 SC7000AAARBEV 型纯电动轿车"， 功能聚焦交通拥堵场景，可在高速公路和城市快速路单车道内实现最高 50km/h 的自动驾驶。北汽极狐阿尔法 S(L3 版)：获批车型为"极狐牌 BJ7001A61NBEV 型纯电动轿车"，适配高速畅通场景，支持高速公路和 城市快速路单车道内最高 80km/h 的自动驾驶。在此次"智能网联汽车准 入和上路通行试点工作"中，公司充分发挥自身技术优势，在政策法规 研究、测试验证等多个方面积极协助国家部委及部分试点联合体，开展 了多项关键工作，为试点推进提供了有力支持。 2、强制性国家标准《智能网联汽车组合驾驶辅助系统安全要求》（征求 意见稿）,将于 2027 年 1 ...

——房地产 2025 中期策略 [Table_Title] 证券研究报告/行业动态报告 房地产行业有何可预见趋势 降门槛、拓空间，北京打响新轮松绑第一枪 政策复盘&展望：止跌回稳信心坚决，楼市政策窗口期将 ---2025W52 房地产周报 报告摘要： 近 [Table_Summary] 本周观点：降门槛、拓空间，北京打响新轮松绑第一枪 楼市量价止跌回稳进度如何 商业地产：稳地产促消费，消费+地产助力房企穿越周期 2025 展望：二手房市场量升价稳，新房市场各指标磨底 修复 ①当前北京首套商贷利率为 3.05%，五环内二套房商贷利率为 3.45%， 五环外二套房贷为 3.25%，新政后首套二套房贷利率将保持一致；②本 次北京将首付比例降至 25%，仍高于其他一线城市，未来北京的公积金 政策在降低首付比例、扩大公积金使用范围、优化公积金提取次数等方 面仍具备进一步优化空间；③新政后，区级备案预计审批周期会明显缩 短，房企可更快启动规划建设，有效匹配新政释放的需求，房企也将更 有动力推进"好房子"类产品设计开发，契合住房高质量发展的导向。 本周地产：A 股与港股均跑输大盘 投资建议：整体看来，2024 年 924 ...

Group 1: Report Summary - The report analyzes the settings of domestic and international stock-bond constant indices and their impacts on underlying assets and the asset management product ecosystem. Since 2024, China Securities Index Co., Ltd. has released a series of stock-bond constant indices, with 9 allocation strategies, 5 stock-bond ratio gradients, and a total of 39 stock-bond constant ratio indices [1][2][112]. - Stock indices in the stock-bond constant indices focus on 2 smart beta indices (dividend and cash flow) and the A500 index representing industry-balanced mid- and large-cap stocks. Bond indices correspond to a combination of medium- to high-grade credit and treasury and policy financial bond indices [1][2][112]. - From a 3-year perspective, stock-bond constant indices are in a low-drawdown, medium-elasticity range. The stock-bond ratio determines cost-effectiveness, the bond style determines the return bottom, and the equity index determines return elasticity. Historically, the 20:80 stock-bond constant index has a better risk-return ratio than many secondary bond funds [2][100][113]. Group 2: Background of Stock-Bond Constant Indices - In 1952, Harry M. Markowitz proposed the modern portfolio theory, providing a mathematical basis for asset allocation. Diversified asset allocation has become an important direction in wealth management, and multi-asset funds are key tools for implementing this strategy [15]. - The constant ratio strategy, especially the stock-bond constant ratio, is a common strategy in multi-asset index compilation. In the US market, the correlation between stocks and bonds varies with inflation and monetary policy. In the domestic market, stocks and bonds are mainly negatively correlated, and the correlation among stock indices has been decreasing [16][17][20]. Group 3: Basic Information and Risk-Return Characteristics of Stock-Bond Constant Indices 3.1 Basic Information of Stock-Bond Constant Series Indices - As of the end of November 2025, China Securities Index Co., Ltd. has released 100 multi-asset indices, covering strategies such as constant ratio, risk parity, volatility control, target date, and target risk [28]. - The newly released stock-bond constant series indices have 9 allocation strategies and 5 stock-bond ratio gradients, with a total of 39 indices. Stock indices focus on dividend and cash flow smart beta indices and the A500 index, while bond indices are a combination of medium- to high-grade credit and treasury and policy financial bond indices [32]. 3.2 Components and Industry Characteristics of Stock-Bond Constant Indices - The report focuses on the component stocks and sample adjustment of stock indices in stock-bond constant indices. For example, the CSI Dividend Index adjusts its samples once a year, and the CSI 800 Cash Flow Index adjusts quarterly [43][50]. - There are differences in the component stocks among the CSI Dividend Index, CSI 800 Cash Flow Index, and CSI A500 Index. The A500 Index emphasizes industry balance, while the Dividend Index is more concentrated in the financial and energy sectors [58]. 3.3 Return, Volatility, and Drawdown Performance of Stock-Bond Constant Indices - In the past 3 years, the CSI 800 Cash Flow Index has a higher annualized return, followed by dividend-related indices, and the A500 Index has the lowest return among the three. Among bond indices, medium- to high-grade credit bonds have a higher return-volatility ratio [61]. - In the past year, the performance of these indices has changed. The growth style represented by innovation has outperformed the dividend style, and the A500 Index has exceeded the CSI 800 Cash Flow and dividend-related indices in terms of return [74]. Group 4: Comparison between Stock-Bond Constant Indices and Active Fixed-Income Plus Products - Stock-bond constant indices have strong defensive capabilities. Based on the long-term weak negative correlation between stocks and bonds, the 10/90 and 20/80 stock-bond constant indices can reduce volatility and enhance portfolio defense [93]. - In the past three years, the overall return of stock-bond constant indices has been better than that of the WIND Secondary Bond Fund Equal-Weighted Index, and their volatility is lower. The 20:80 stock-bond constant index performs better than most secondary bond funds in the same maximum drawdown range [96][100]. - If stock-bond constant ETFs are launched, due to their low fees and high liquidity, some funds may switch from secondary bond funds to stock-bond constant ETFs, which may cause passive selling of secondary capital bonds and local structural frictions [106][108].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, consistent with the previous rating [5]. Core Insights - Marvell Technology, Inc. has launched the "Golden Cable" initiative to accelerate and expand the Active Electrical Cable (AEC) ecosystem, facilitating faster time-to-market for large-scale AI deployments. This initiative provides leading software, validated reference designs, and comprehensive support in an open model [2][24]. - LightCounting forecasts that the CPO market will reach $10 billion by 2030, with significant contributions from companies like Broadcom and NVIDIA, who are expected to launch integrated CPO products by 2026. Marvell will also leverage its acquisition of Celestial AI technology to introduce similar products, with shipments starting in 2027 [2][31]. - USI plans to establish a production capacity of over 1 million units of 800G and 1.6T silicon photonic modules in Vietnam, focusing on data center-related businesses and accelerating product and capacity development [3][36]. Summary by Sections Market Overview - The communication index rose by 4.07% during the week of December 22-28, 2025, outperforming other major indices [14]. - Among the communication sub-sectors, communication cables and accessories saw the highest increase at 6.52%, followed by other communication equipment (5.90%) and communication terminals and accessories (5.38%) [17]. Industry Dynamics - Marvell's "Golden Cable" initiative aims to support the growing demand for AEC in AI data centers, with market size projected to grow from $644 million in 2025 to $1.4 billion by 2029 [24][25]. - LightCounting's report indicates that the CPO market is gaining traction, with expected growth driven by advancements in AI and networking technologies [29][30]. - USI's investment in Vietnam is part of a broader strategy to meet the increasing demand for optical modules in North America, with plans to expand production capacity significantly [36][37].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [3]. Core Insights - The company plans to raise up to 299.71 million yuan (approximately 30 million USD) through a private placement to fund the production base project for PSPI materials, which are critical for OLED display manufacturing [1]. - The global PSPI market is projected to grow from approximately 677 million USD in 2024 to 3.181 billion USD by 2031, with a compound annual growth rate (CAGR) of 25.1% from 2025 to 2031 [1]. - The company has achieved key technological breakthroughs in PSPI materials and has begun industrial applications, holding over 400 invention patents and establishing a comprehensive technology barrier in the OLED materials sector [2]. - The company’s evaporation source products are compatible with both 6th and 8.6th generation AMOLED production lines, adapting to the transition in domestic panel manufacturing [2]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 689 million yuan, 1.163 billion yuan, and 1.376 billion yuan, respectively, with net profits expected to be 113 million yuan, 262 million yuan, and 385 million yuan for the same years [3][4]. - The revenue growth rates are forecasted at 29.36% for 2025, 68.76% for 2026, and 18.30% for 2027, while net profit growth rates are expected to be 24.64%, 132.54%, and 46.94% for the same periods [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][4] Core Insights - The company focuses on data center services, with a strong emphasis on the full lifecycle management of data centers. It is a leading third-party data center service provider in China, with its core business being IDC services, which accounted for a significant portion of its revenue. By mid-2025, the company plans to have established 35 data centers across key regions in China, aligning with the "East Data West Computing" policy [1] - The company's revenue model is primarily wholesale, with 98% of its income derived from wholesale business, serving major global internet clients. The revenue from its largest client is expected to remain stable at 98% for 2024, ensuring a reliable cash flow for the next 8 to 10 years through a flexible billing model [1] - The company employs advanced energy-saving technologies, achieving a minimum PUE of 1.09 and an average PUE of 1.21, which positions it competitively in the market [1] - The company is actively exploring the upstream and downstream of the industry chain to enhance its cloud service offerings, driven by increasing customer demands for customized solutions [2] Financial Summary - The company forecasts revenues of CNY 1.89 billion, CNY 2.05 billion, and CNY 2.19 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 181 million, CNY 225 million, and CNY 272 million [3][10] - The projected growth rates for revenue are 10.02%, 8.02%, and 7.02% for the years 2025, 2026, and 2027, respectively, while net profit growth rates are expected to be 37.30%, 24.07%, and 20.58% for the same years [3][10] - The report indicates a PE ratio of 119.38, 96.21, and 79.79 for the years 2025, 2026, and 2027, respectively, reflecting the company's valuation trends [3][10]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company's microelectronics business, primarily focused on the distribution of general-purpose and AI-specific chips, is experiencing rapid growth, with IT distribution and value-added services accounting for 95.54% of revenue in the first half of 2025 [1]. - The company is advancing its "Digital Cloud Integration" strategy, with its AI-driven digital cloud services and software business achieving revenue of 1.64 billion yuan, a year-on-year increase of 14.1% [2]. - The company has established a robust ecosystem with over 1,500 partners through its "Thousand Sails Program," enhancing its channel network and industry coverage [1]. - The proprietary brand business is stable, with the company developing AI computing servers suitable for various applications, and has completed product mutual certification with nearly 300 ISV partners [3]. Financial Summary - Revenue projections for 2025-2027 are 144.87 billion yuan, 156.93 billion yuan, and 168.46 billion yuan, respectively, with corresponding net profits of 1.10 billion yuan, 1.55 billion yuan, and 1.76 billion yuan [3][4]. - The company’s PE ratios are projected to be 24.82, 17.60, and 15.47 for 2025, 2026, and 2027, respectively [3][4]. - The net profit margin is expected to improve, with net profit growth rates of 45.83% in 2025 and 41.05% in 2026 [4][17].