Investment Rating - The report maintains a "Positive" investment rating for the computer industry in China [8] Core Insights - The release of Google's Gemini 3 Pro model marks a significant advancement in AI capabilities, outperforming previous models like GPT-5.1 and Sonnet4.5 across nearly all evaluation metrics [2][3] - The introduction of new AI applications, such as Alibaba's "Qianwen" app and Ant Group's "Lingguang," indicates a shift towards more practical and task-oriented personal AI assistants [4] - The AI application landscape is evolving from simple chatbot interactions to more integrated solutions that can handle end-to-end tasks, enhancing user engagement and utility [5] Summary by Sections Model Performance and Iteration - The Gemini 3 Pro model's breakthrough performance is expected to boost confidence in AI model capabilities, with significant improvements in solving complex problems and multi-modal understanding [3] - The advancements in AI models suggest that the potential for further enhancements is still present, indicating a new growth phase for AI applications [5] Consumer Applications - The shift towards practical AI applications is exemplified by Alibaba's "Qianwen" app, which aims to facilitate tasks like online shopping and restaurant reservations through conversational interfaces [4] - Ant Group's "Lingguang" has gained rapid popularity, reaching over one million downloads within four days of its launch, showcasing the demand for effective productivity tools [4] Investment Recommendations - Companies in the AI application sector and AI computing power sector are expected to benefit from the ongoing improvements in model performance and increasing demand for reasoning capabilities [6] - Recommended companies in the AI application space include Kingsoft Office, iFlytek, and Tax Friend, while notable AI computing firms include Haiguang Information and Zhongke Shuguang [6]

投顾发展 | 投顾晨报 防守策略生效，布局窗口将现 朝闻道 20251124 市场策略 防守策略生效，布局窗口将现 风格策略 科技成长散而后擒，周期制造消费微澜蓄浪 行业策略 机械：政策与基本面双轮驱动，机械行业中盘蓝筹前景向好 主题策略 AI 应用：Nano2 开启推理式视觉生成 ，AI 应用场景加速渗透 风险提示 全球地缘政治的不确定性、宏观经济波动导致投资不及预期、海外高利率拖累需求、海外贸易摩擦加剧、 原材料价格上涨拖累企业盈利、AI 应用落地不及预期等风险 报告发布日期 2025 年 11 月 23 日 陈寒梅 执业证书编号：S0860525100003 chenhanmei@orientsec.com.cn 021-63326320 震荡依旧，逢低布局：朝闻道 20251121 2025-11-20 震荡整固看风格，中盘蓝筹谋先机：朝闻 道 20251119 2025-11-18 震荡格局未改，防守策略生效：朝闻道 20251117 2025-11-16 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ ...

公用事业行业周报（2025.11.17-2025.11.21） 核心观点 投资建议与投资标的 | 长协电价预期上修，现货市场建设加速： | 2025-11-09 | | --- | --- | | 公 用 事 业 行 业 周 报 （2025.11.03- | | | 2025.11.07） | | | 火电业绩持续高增，行业持仓已至低点： | 2025-11-02 | | 公 用 事 业 行 业 周 报 （2025.10.27- | | | 2025.10.31） | | | 煤价上涨接近尾声，火电 Q3 业绩如期兑 | 2025-10-26 | | 现 ： 公 用 事 业 行 业 周 报 （2025.10.20- | | | 2025.10.24） | | 公用事业行业 行业研究 | 行业周报 用电高增有望延续，火电增速由负转正 国家/地区 中国 行业 公用事业行业 报告发布日期 2025 年 11 月 23 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申 ...

机械中盘蓝筹公司孕育投资机会 ——机械行业跟踪 核心观点 机械设备行业 行业研究 | 动态跟踪 投资建议与投资标的 我们认为行业总需求平稳增长，且科技赋能的重要性继续提升，则稳定与成长更为均衡 的中盘蓝筹公司更为受益。我们看好机械板块的中盘蓝筹公司投资机会，我们认为锂电 设备、工业母机、天然气装备、叉车、气体&装备、运输设备、手工具、注塑机、缝纫 机、智慧煤机、光伏设备、检测、工控等领域龙头公司具备中盘蓝筹属性。部分相关标 的：海天精工(601882，增持)、杰瑞股份(002353，买入)、杭叉集团(603298，买入)、 伊之密(300415，买入)、中创智领(601717，买入)、中集车辆(301039，未评级)。 风险提示 宏观经济波动导致投资不及预期、海外高利率拖累需求、海外贸易摩擦加剧、原材料价 格上涨拖累企业盈利 国家/地区 中国 行业 机械设备行业 报告发布日期 2025 年 11 月 22 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 产业共识正在收敛，量产时刻 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 102.81 HKD per share, based on a PE valuation method [3][4][8]. Core Insights - The company's e-commerce commission revenue showed strong performance in Q3, with a year-on-year growth of 21%, driven by value-added services such as influencer distribution and marketing management [7]. - AI empowerment is expected to enhance advertising efficiency, contributing to stable growth in domestic advertising revenue, projected to grow by 15% in the second half of the year [7]. - The company has adjusted its revenue forecasts for 2025-2027 upwards, reflecting positive trends in e-commerce and controlled sales expenses [3][7]. Financial Forecasts - The adjusted net profit for 2025 is projected to be 182.87 billion CNY, with further increases to 214.57 billion CNY in 2026 and 247.70 billion CNY in 2027 [3][8]. - Revenue is expected to grow from 126.90 billion CNY in 2024 to 142.05 billion CNY in 2025, with a compound annual growth rate of 11.9% [3][8]. - The gross margin is anticipated to improve from 54.6% in 2024 to 56.8% in 2027, indicating better cost management and operational efficiency [3][8]. Valuation Metrics - The company is valued at 4,048 billion CNY based on a PE ratio of 18x for 2026, translating to a market cap of 4,445 billion HKD [3][9]. - The earnings per share (EPS) is projected to increase from 3.56 CNY in 2024 to 5.77 CNY in 2027, reflecting strong profit growth [3][8].

拼多多 PDD.O 公司研究 | 季报点评 外部负向影响减弱，基本面边际向好 ——拼多多 25Q3 季报点评 核心观点 盈利预测与投资建议 ⚫ 我们预计公司 2025-2027 年实现收入 4349/5045/5536 亿元（原 2025-2027 年预测为 4477/4980/5401亿元），预计实现Non-GAAP归母净利润1168/1436/1688亿元（原 2025-2027 年预测为 1220/1469/1612 亿元）。采用 SOTP 估值计算公司合理估值为 2544 亿 USD（18031 亿 CNY），给予拼多多目标价 179.21 美元/ADS，维持"买 入"评级。 风险提示：行业竞争加剧、海外业务政策风险、宏观经济不景气。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 247,639 | 393,836 | 434,885 | 504,513 | 553,555 | | 同比增长 (%) | 90% | 59% | 10% | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $2.29 per ADS, based on an adjusted P/E average of comparable companies [3][6][11]. Core Insights - The new broadcasting policies are expected to positively impact the industry in the long term, leading to a gradual recovery in the company's ROI. The projected GAAP net profits for 2025 to 2027 are -331 million, 541 million, and 1.773 billion CNY respectively [3][5]. - The company reported a Q3 revenue of 6.68 billion CNY, a year-over-year decrease of 8%, but slightly above Bloomberg's expectations. The gross margin was 18%, down 4 percentage points year-over-year [9]. - Membership service revenue for Q3 was 4.2 billion CNY, a 4% decrease year-over-year but a 3% increase quarter-over-quarter, driven by strong performance from key content [9][10]. Financial Summary - The company's revenue projections for 2025 to 2027 are 27.259 billion, 28.410 billion, and 29.356 billion CNY, with corresponding year-over-year growth rates of -6.73%, 4.22%, and 3.33% [5][10]. - The GAAP net profit for 2025 is projected to be -331 million CNY, with a significant recovery expected in 2026 and 2027 [3][5]. - The gross margin is expected to decline from 27.52% in 2023 to 21.02% in 2025, before gradually improving to 22.62% by 2027 [5][12]. Market Performance - The company's stock price as of November 19, 2025, was $2.24, with a 52-week high of $2.84 and a low of $1.50 [6]. - The absolute performance over the past week was +3.7%, while the relative performance was +7.3% compared to the Nasdaq index [7].

Investment Rating - The report maintains a "Positive" outlook for the media industry [5] Core Insights - The official release of Nano banana2 marks a significant breakthrough by introducing a reasoning-based visual generation approach, transitioning from diffusion-based generation to reasoning-driven visual intelligence generation, which is closer to a reasoning engine with image generation capabilities [2] - The report highlights the importance of hardware-research-model-application integration in technology companies, recommending Alibaba-W (09988, Buy) and Google (ALPHABET)-A (GOOGL.O, Not Rated) as key investment targets [3] - The consistency of image generation is beneficial for maintaining video consistency, with AI video applications expected to accelerate penetration, suggesting a focus on Kuaishou-W (01024, Buy) and Meitu (01357, Buy) [3] - The report emphasizes the significance of companies with model capabilities and related industry chains, as well as those benefiting from foundational model iterations and improved downstream application experiences, recommending Tencent Holdings (00700, Buy) and others [3] Summary by Sections - **Technological Advancements**: Nano2's advancements include enhanced world understanding capabilities, improved text rendering, and increased image clarity up to 2K and 4K levels, which are crucial for professional outputs [8] - **Investment Recommendations**: The report suggests focusing on technology giants with a full-stack AI approach and highlights specific companies for investment based on their capabilities and market positioning [3] - **Market Trends**: The report notes that the integration of Gemini 3 Pro and NanoBanana 2 is expected to drive further growth in Google AI applications, indicating a positive trend in multi-modal investment opportunities [8]

京新药业 002020.SZ 公司研究 | 深度报告 | 创新破局，再攀高峰 | | --- | ——京新药业深度报告 核心观点 盈利预测与投资建议 ⚫ 公司核心业务或重要产品未来 1-2 年处于快速进展时期，根据公司三季报，我们调整 成品药收入，下调原料药收入、销售费用和研发费用，上调管理费用预测，调整 25- 27 年 EPS 为 0.91/1.07/1.25 元（原预测为 0.95/1.10/1.25 元）。根据可比公司平均 估值，给予公司 2026 年 22 倍市盈率，对应目标价 23.54 元，维持"买入"评级。 风险提示 公司销售不达预期风险、带量采购影响公司业绩的不确定性风险、新药研发上市进度不 及预期风险和测算假设变动对结果影响的相关风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,999 | 4,159 | 4,279 | 4,714 | 5,363 | | 同比增长 (%) | 5.8% | 4.0% | 2.9% | ...

| | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -3.79 | -9.39 | 10.4 | 9.23 | | 相对表现% | -2.55 | -11.03 | 1.76 | -6.14 | | 沪深 300% | -1.24 | 1.64 | 8.64 | 15.37 | | 薛宏伟 | 执业证书编号：S0860524110001 | | --- | --- | | | xuehongwei@orientsec.com.cn | | | 021-63326320 | | 蒯剑 | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | | kuaijian@orientsec.com.cn | | | 021-63326320 | | 韩潇锐 | 执业证书编号：S0860523080004 | | | hanxiaorui@orientsec.com.cn | | | 021-63326320 | 富创精密 688409.SH 公司研究 | 季报点评 | | 买入（维持） | ...