Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.66 CNY, based on a projected average PE of 26 times for comparable companies in 2025 [3][7]. Core Insights - The company is establishing a wholly-owned subsidiary, Shanghai Daimei Robot Technology Co., Ltd., with an investment of 100 million CNY to develop its robotics business, indicating a strong commitment to this new growth area [10]. - The company's ceiling business is expected to continue expanding, contributing positively to revenue and profitability. The average price of ceiling products exceeds 1500 CNY, significantly higher than previous products, which is anticipated to enhance the company's per-vehicle value and gross margin [10]. - The company has a high proportion of overseas sales, with 86.4% of its main business revenue expected to come from exports in 2024, suggesting stronger profitability in international markets compared to domestic competition [10]. Financial Forecasts - The projected net profit attributable to the parent company for 2025-2027 is 871 million CNY, 1,039 million CNY, and 1,198 million CNY, respectively, with a year-on-year growth of 8.6%, 19.2%, and 15.3% [5]. - Revenue is forecasted to grow from 5,861 million CNY in 2023 to 8,604 million CNY in 2027, reflecting a compound annual growth rate of approximately 11.2% [5]. - The gross margin is expected to improve from 26.9% in 2023 to 28.1% in 2027, indicating enhanced operational efficiency [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.50 CNY, based on an average P/E ratio of 18 times for comparable companies in 2026 [3][5]. Core Insights - The company's main business is gradually recovering after hitting a low point, leading to a slight downward adjustment in revenue and profit forecasts. The projected net profits for 2025, 2026, and 2027 are 542 million CNY, 631 million CNY, and 716 million CNY respectively [3][4]. - The company achieved a revenue of 4.509 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 5.72%, with a net profit of 392 million CNY, up 24.92% year-on-year [9]. - The company is actively expanding into new business areas, including a partnership with Jima Gene for bioblock products and the acquisition of IPITECH INC. to enter the electronic-grade PI materials market [9]. Financial Performance Summary - Revenue projections for the years 2023 to 2027 are as follows: 5,278 million CNY (2023), 5,687 million CNY (2024), 6,297 million CNY (2025), 6,862 million CNY (2026), and 7,414 million CNY (2027), with respective growth rates of 9.0%, 7.7%, 10.7%, 9.0%, and 8.1% [4][11]. - The company's gross profit margin is expected to improve from 19.8% in 2023 to 24.0% in 2027, while the net profit margin is projected to increase from 6.9% to 9.7% over the same period [4][11]. - The earnings per share (EPS) are forecasted to rise from 1.58 CNY in 2023 to 3.12 CNY in 2027 [4][11].

Market Strategy - The recent market rebound aligns with previous predictions of a "layout window emerging," but the market has not shown a simultaneous increase in volume and price, indicating that the rebound does not change the overall oscillating pattern [6] - The current tension in Sino-Japanese relations is a major factor restraining risk appetite, suggesting a cautious approach to technology growth sectors, which are more sensitive to risk preferences [6] - The real estate market has been in a downward trend since the policy release last September, with recent price increases in the sector driven by changes in policy expectations and capital inflows, but further confirmation of policy effectiveness is needed to sustain this momentum [6] Sector Strategy - In the technology sector, a cautious approach is recommended due to the difficulty in further upward adjustments in expectations amid declining risk appetite [6] - The cyclical consumer manufacturing sector, characterized by medium risk, is expected to gain market consensus as conditions evolve [6] - The real estate sector requires significant fiscal policy measures, such as mortgage interest subsidies, to boost market confidence and reverse negative expectations [6] Defense Industry - Recent U.S. arms sales to Japan, totaling approximately $82 million, may accelerate China's equipment development in response to increasing uncertainties in the Asia-Pacific region [6] - The geopolitical climate, influenced by Japan's military expansion and U.S. support, is likely to drive growth in China's defense capabilities [6]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [1] Core Views - The company achieved a record high adjusted net profit of 11.3 billion yuan in Q3 2025, with a year-on-year growth of 80.9% [8] - The automotive business delivered over 100,000 units in the quarter, marking the first operational profit in a single quarter [8] - The Xiaomi 17 series saw a significant increase in sales, with a 30% year-on-year growth compared to the previous generation [8] - The company is focusing on innovation, with R&D investment reaching 91 billion yuan in Q3 2025, and a total of 235 billion yuan for the first three quarters [8] Financial Performance - Revenue for Q3 2025 reached 113.1 billion yuan, a 22.3% year-on-year increase [8] - The company forecasts earnings per share of 1.69, 1.76, and 2.38 yuan for 2025, 2026, and 2027 respectively [9] - The projected revenue for 2025 is 473.24 billion yuan, with a year-on-year growth of 29% [7] - The gross margin is expected to improve to 22.5% in 2025 [7] Market Position - Xiaomi's smartphone revenue in Q3 2025 was 46 billion yuan, with a shipment of 43.3 million units, marking a 0.5% year-on-year increase [8] - The market share for smartphones priced between 4000-6000 yuan reached 18.9%, an increase of 5.6 percentage points year-on-year [8] - The company has expanded its automotive sales network, with 402 stores opened across 119 cities in mainland China by September 30, 2025 [8] Valuation - The target price for Xiaomi Group is set at 55.86 HKD, based on a 29x PE ratio for 2026 [6][9] - The current market capitalization of H shares is approximately 1,006.835 million HKD [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 45.12 CNY [1][4] Core Views - The company achieved a record high quarterly revenue of 100.6 billion CNY in Q3 2025, with a year-on-year growth of 6% and a net profit of 4.8 billion CNY, reflecting a 5.7% increase year-on-year and an 81% increase quarter-on-quarter [8] - The company is experiencing significant growth in its computing electronics, industrial and medical electronics, and automotive electronics segments, with respective year-on-year revenue increases of 70%, 41%, and 31% [8] - The company is focusing on optimizing its product structure and transitioning to advanced packaging technologies, which is expected to enhance profitability as new capacities come online [8] Financial Summary - The company’s projected net profits for 2025-2027 are 17.2 billion CNY, 22.2 billion CNY, and 27.0 billion CNY respectively, with adjustments made to expense ratios and gross margins [4][9] - Revenue for 2025 is expected to reach 40.846 billion CNY, reflecting a 13.6% year-on-year growth [6] - The gross margin is projected to improve to 14.4% by 2026, indicating a positive trend in profitability [6]

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 107.73 CNY [7][12]. Core Insights - The company's financial stability is supported by diverse business segments driving growth, with a significant increase in revenue projections for PC and data center businesses [3][11]. - The forecasted net profit attributable to the parent company for 2025-2027 is 41 billion, 52 billion, and 63 billion CNY respectively, reflecting an upward revision from previous estimates [3][12]. - The company is expected to maintain growth in its ODM (Original Design Manufacturer) business, particularly in the smartphone and PC sectors, with a notable increase in shipments and revenue [11][12]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: 85,338 million CNY, 109,878 million CNY, 158,374 million CNY, 194,316 million CNY, and 233,809 million CNY, with growth rates of -7.9%, 28.8%, 44.1%, 22.7%, and 20.3% respectively [5][14]. - The operating profit is projected to grow from 2,831 million CNY in 2023A to 6,978 million CNY in 2027E, with corresponding growth rates of 1.0%, 6.7%, 49.7%, 28.0%, and 20.5% [5][14]. - The net profit attributable to the parent company is expected to increase from 2,707 million CNY in 2023A to 6,280 million CNY in 2027E, with growth rates of 5.6%, 8.1%, 39.2%, 28.0%, and 20.5% [5][14]. Business Performance - The company has a strong foothold in the consumer electronics sector, with a solid base that is expected to withstand short-term industry fluctuations [11]. - The PC ODM business is projected to see significant growth, with an expected revenue of over 300 billion CNY in 2025 and a shipment target of 1.8 million units [11]. - The data center business is anticipated to achieve over 40 billion CNY in revenue for 2025, with continued growth expected in AI servers and general servers [11].

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Views of the Report - This week, convertible bonds followed the decline of equities, but the decline was much smaller than that of the underlying stocks. Liquidity did not show significant panic, and the valuation continued to rise, with the premium rate of 100 - yuan bonds reaching 29%. The support for the convertible bond valuation comes from the scarcity premium due to supply less than demand and the support from the strong equity market environment. Before these two factors are completely broken, the convertible bond valuation remains firm [6]. - The cost - effectiveness of convertible bonds has declined. Currently, it is at a low level. High valuation and a decrease in high - quality individual bonds make trading more difficult. In December, due to reasons such as institutional assessments, the probability of position reduction is relatively high. In the case of an inevitable short - term correction in equities, convertible bonds are unlikely to have a continuous upward trend and may even have a supplementary decline. It is necessary to appropriately reduce the return expectations of convertible bonds, cash out in time or switch to defensive sectors. The trading opportunities of convertible bonds are greater than the trend opportunities. If a supplementary decline occurs, it may be one of the few layout opportunities at the end of the year [6]. - Affected by overseas stock markets this week, the A - share market had a systematic correction. Banks and food and beverage sectors were relatively resistant to the decline. Market sentiment was relatively pessimistic, and there was a strong demand to preserve returns at the end of the year. The disturbance from the US stock market further amplified the risk - aversion sentiment, and funds flowed to defensive sectors. Mid - cap blue - chip stocks may take over [6]. Group 3: Summary According to the Directory 1. Convertible Bond Views: Significant Decline in Underlying Stocks, Obvious Reluctance to Sell Convertible Bonds - Convertible bonds followed the decline of equities this week, but the decline was much smaller than that of the underlying stocks. The valuation continued to rise, and the premium rate of 100 - yuan bonds reached 29%. The support for the convertible bond valuation comes from the scarcity premium and the strong equity market environment. The cost - effectiveness of convertible bonds has declined, and it is necessary to reduce return expectations, cash out or switch to defensive sectors. Affected by overseas stock markets, the A - share market corrected, and mid - cap blue - chip stocks may take over [6][9]. 2. Convertible Bond Review: Convertible Bonds Followed the Decline of Equities, and Valuation Rose Significantly 2.1 Market Overall Performance: All Indexes Closed Lower, and Trading Volume Declined - Affected by overseas stock markets, all equity indexes closed lower this week. The CSI 2000 fell 6.78%, the CSI Convertible Bond Index fell 1.78%, and other indexes also had different degrees of decline. All industries declined, with banks, media, and food and beverage having smaller declines, and power equipment, comprehensive, basic chemicals, and commercial retail leading the decline. The average daily trading volume decreased by 181.322 billion yuan to 1.86 trillion yuan. The top ten convertible bonds in terms of gains last week were Luokai Convertible Bond, Dazhong Convertible Bond, etc. In terms of trading volume, Dazhong Convertible Bond, Guocheng Convertible Bond, etc. were relatively active [12]. 2.2 Slight Reduction in Trading Volume, Smaller Declines in High - Rating and Low - Price Convertible Bonds - This week, convertible bonds followed the significant decline of the underlying stocks, and the average daily trading volume decreased to 63.607 billion yuan. The CSI Convertible Bond Index fell 1.78%, the parity center decreased by 5.4% to 108.3 yuan, and the conversion premium rate center increased by 4.8% to 23.5%. In terms of style, high - price, small - cap, and low - rating convertible bonds performed poorly this week, while high - rating and low - price convertible bonds had smaller declines [14].

Market Strategy - The recent market rebound does not change the overall oscillating pattern, and it is advised to continue with a low-buying strategy [2] - The current tension in Sino-Japanese relations is a major factor restraining risk appetite, suggesting a cautious approach towards technology growth sectors [2][6] - The real estate market has been underperforming since the policy release last September, and any short-term price increases may not be sustainable without stronger policy support [2][6] Sector Strategy - The technology growth sector is sensitive to risk appetite, and a cautious approach is recommended in the current environment [2] - The cyclical consumer manufacturing sector may gain market consensus as it presents moderate risk characteristics [2] - The real estate sector requires significant fiscal policy support, such as mortgage interest subsidies, to boost market confidence [2][6] Defense and Military Industry - Recent U.S. arms sales to Japan may accelerate China's equipment development, given the increasing uncertainty in the Asia-Pacific region [2] - The report highlights potential investment opportunities in defense and military sectors due to the geopolitical climate [2]

Investment Rating - The report maintains a "Positive" investment rating for the social services industry, indicating an expectation of returns exceeding the market benchmark by over 5% [5]. Core Insights - The social services sector is showing resilience during the off-peak season, supported by fundamental data and a shift in funding styles, creating conditions for relative returns across industries [4]. - Key areas of focus include mid-cap blue-chip characteristics, growth potential, and recovery prospects in performance, particularly in OTA, hotels, human resources, and select dining and scenic spots [4]. Summary by Sections Hotels - The hotel sector demonstrates strong fundamentals with a recovery in performance. Huazhu reported a revenue of 7 billion yuan for Q3 2025, a year-on-year increase of 8.1%, surpassing previous growth guidance [8]. - The national hotel RevPAR turned positive in October 2025, showing a year-on-year increase of 2.2%, indicating a stable volume and rising prices [8]. Scenic Spots - The demand for scenic spots remains robust due to the autumn holiday and the upcoming winter season, with double-digit growth in visitor numbers reported [8]. - For instance, the Jianmen Pass scenic area saw a 30% increase in visitors during the autumn holiday, and hotel bookings in Zhejiang rose by 68% [8]. Duty-Free - The duty-free shopping scene in Hainan is recovering, with sales reaching 506 million yuan from November 1-7, 2025, a year-on-year increase of 34.86% [8]. - This recovery is attributed to low base effects, new policies, and promotional activities, alongside a shift in consumer behavior due to international travel restrictions [8]. OTA (Online Travel Agencies) - Ctrip's Q3 2025 report showed a net operating income of 18.3 billion yuan, reflecting a year-on-year increase of approximately 16% [8]. - The international OTA orders grew by about 60%, with inbound travel orders doubling, indicating a strong recovery in domestic travel demand [8].

Group 1: Research Conclusion and Core View - The report focuses on the opportunities brought by the pricing deviation of perpetual bonds in the credit bond market. In a low - volatility environment, the year - end support for credit bonds mainly comes from the demand of allocation - type institutions, but the intensity of pre - emptive actions should not be over - expected. The report suggests three main directions for exploring urban investment bonds: (1) conduct more credit spreading within 3 years; (2) select bonds with a steep yield curve (>25bp) and certain liquidity between 3 - 5 years; (3) pay attention to the pricing deviation of perpetual and private placement bonds [5][8]. Group 2: Credit Bond Weekly Review 2.1 Negative Information Monitoring - From November 17 to November 23, 2025, the long - term issuer credit rating of Longfor Group Holdings Limited was downgraded from "BB" to "BB -" by S&P, and its senior unsecured notes' long - term rating was downgraded from "BB -" to "B+". Also, several companies had major negative events, such as Xinyuan (China) Real Estate Co., Ltd. with debt overdue and multiple major lawsuits, and Guanghui Automobile Service Co., Ltd. involved in an execution case [13][14]. 2.2 Primary Market Issuance - From November 17 to November 23, the issuance volume of credit bonds exceeded 400 billion yuan again, reaching 403.8 billion yuan, a 49% increase from the previous period. The total repayment amount increased to 262.3 billion yuan, resulting in a net financing of 141.6 billion yuan. The number of cancelled or postponed bond issuances increased to 5, with a total scale of 5.5 billion yuan. The primary issuance cost increased slightly, with the average coupon rates of AAA and AA+ bonds rising by 5bp and 7bp respectively [15][16]. 2.3 Secondary Market Trading - Last week, the valuations of credit bonds with different ratings and maturities fluctuated narrowly, with most remaining unchanged. The credit spreads narrowed at the short - end and widened at the long - end. The 3Y - 1Y term spreads of each rating narrowed, while the 5Y - 1Y term spreads widened slightly. The AA - AAA grade spread widened by 2bp for 3 - year bonds and narrowed by 3bp for 5 - year bonds. The credit spreads of urban investment bonds in each province were mostly flat or narrowed, with Yunnan having the largest narrowing of 3bp. The industry spreads of industrial bonds fluctuated within ±1bp, with the real estate industry narrowing by 3bp. The weekly turnover rate increased by 0.19pct to 1.89%. Among real - estate enterprises, the spreads of Times Holdings, Rongqiao, Yuzhou Hongtu, and Vanke widened significantly [18][20][24].