Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The release of the Shuguang super node marks a significant breakthrough in domestic computing power, showcasing advantages over traditional intelligent computing methods through high-speed interconnection technology, which enhances bandwidth and reduces latency [6] - The Shuguang Scale X640 super node, launched on November 6, 2025, is the world's first 640-card single-cabinet super node, designed for training trillion-parameter models, improving performance by 30%-40% compared to traditional solutions [6] - Domestic computing power and super nodes are expected to continue achieving breakthroughs, with the Shuguang X640 demonstrating top-tier performance, efficiency, reliability, and openness in the AI computing system [6] Summary by Sections Investment Recommendations and Targets - Recommended stocks include Haiguang Information (688041, Buy), Zhongke Shuguang (603019, Buy), and others that are either rated or not rated [3] Industry Overview - The report focuses on the computer industry in China, highlighting advancements in domestic computing capabilities and the competitive landscape [4][6]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The report emphasizes the long-term nature of overseas expansion, highlighting the increasing penetration rate of cross-border e-commerce in foreign trade and maintaining a positive outlook on leading companies with strong performance resilience and those with marginal performance improvements [3] - The report notes that the recent easing of tariffs and the ongoing strong growth trend in cross-border e-commerce are expected to enhance the ability of Chinese foreign trade enterprises to respond to external shocks and improve their global layout [7] Summary by Sections Cross-Border E-Commerce Performance - In the first three quarters of 2025, the cross-border e-commerce sector achieved revenue of 56.09 billion yuan, a year-on-year increase of 22.6%, with a three-year CAGR of 24.5%. The net profit attributable to shareholders was 3.59 billion yuan, up 20.2% year-on-year, with a three-year CAGR of 20.2% [7] - The revenue growth rate slightly slowed due to trade friction and increased competition, but the net profit growth rate showed significant improvement [7] - In Q3 2025, the sector's revenue grew by 14.3% year-on-year, and net profit increased by 29.6%, indicating operational resilience and improved cost management despite rising tariff costs [7] Market Outlook - The report anticipates strong performance during the upcoming Black Friday and Cyber Monday shopping events, with consumers showing early planning, trust, and value-seeking behaviors [7] - Online sales during the 2025 holiday shopping season in the U.S. are expected to reach $253.4 billion, a year-on-year increase of 5.3% [7] - The report highlights that cross-border e-commerce companies leverage China's efficient industrial clusters to export competitively priced products, with some transitioning from Amazon brands to multi-channel brands [7] Investment Recommendations - The report recommends focusing on resilient leading companies and those with improving performance in the cross-border e-commerce sector, with specific stock suggestions for both B2B and B2C segments [3]

固定收益 | 专题报告 2025 年 11 月小品种策略 研究结论 风险提示 政策变化超预期；信用风险暴露超预期；ABS 发行及投资热度不及预期；数据统计可能 存在遗误 报告发布日期 2025 年 11 月 06 日 | 齐晟 | 执业证书编号：S0860521120001 | | --- | --- | | | qisheng@orientsec.com.cn | | | 010-66210535 | | 杜林 | 执业证书编号：S0860522080004 | | | dulin@orientsec.com.cn | | | 010-66210535 | | 王静颖 | 执业证书编号：S0860523080003 | | | wangjingying@orientsec.com.cn | | | 021-63326320 | | 徐沛翔 | 执业证书编号：S0860525070003 | | | xupeixiang@orientsec.com.cn | | | 021-63326320 | | 转债波动加大，交易型机会凸显：可转债 | 2025-11-04 | | --- | --- | | 市场周观察 ...

Market Strategy - The market is expected to reach new highs but will remain volatile due to a lack of strong catalysts in November, which is characterized as a policy and earnings window period [3][9] - The "dumbbell strategy" is recommended for operations, focusing on low-value sectors for medium-term recovery opportunities while short-term investments should target technology growth sectors [9] Sector Strategy - The brokerage sector has ample room for business expansion, particularly in margin financing, with opportunities for valuation recovery as leading brokerages increase their margin financing limits [5][9] - The average margin financing ratio for the top five brokerages is currently at 1.35 times net capital, indicating significant growth potential as the regulatory cap is four times net capital [9] Thematic Strategy - The traditional Chinese medicine sector is at a historic opportunity window, with the recent World Traditional Chinese Medicine Conference highlighting its global development potential [6][9] - The sector's high dividend yield and strong cash flow position it as a defensive investment in a complex macroeconomic environment, contrasting with low institutional allocation [9]

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, with a target price of 137.75 CNY, based on a 29x PE for 2026 [3][5]. Core Insights - WuXi AppTec's revenue for Q3 2025 reached 12.06 billion CNY, reflecting a 15.3% year-on-year increase, with a net profit of 3.52 billion CNY, up 53.3% [10]. - The company has adjusted its revenue guidance for its continuing operations from 42.5-43.5 billion CNY to 43.5-44 billion CNY, indicating a growth rate adjustment from 13-17% to 17-18% [10]. - The company is focusing on its CRDMO business by divesting its clinical services, which accounted for a small portion of its revenue [10]. Financial Performance Summary - For 2025, the forecasted revenue is 44.76 billion CNY, with a projected net profit of 16.35 billion CNY, representing a 73% increase compared to the previous year [3][10]. - The gross margin is expected to improve to 45.6% in 2025, with a net margin of 36.5% [3][10]. - The company's cash and cash equivalents are projected to increase significantly, reaching 34.01 billion CNY by 2025 [13]. Segment Performance - WuXi Chemistry reported a revenue of 25.98 billion CNY for the first three quarters of 2025, a 29.3% increase, with significant growth in TIDES revenue [10]. - The U.S. market contributed 22.15 billion CNY in revenue, marking a 31.9% increase, while European revenue grew by 13.5% [10]. Valuation Metrics - The report provides a comparison of WuXi AppTec's valuation metrics with peers, indicating a PE ratio of 17.2 for 2026, which is competitive within the industry [11]. - The report highlights a projected net asset return (ROE) of 24.1% for 2025, reflecting strong profitability [13]. Market Context - The report notes that the pharmaceutical R&D services market is experiencing high demand, which is expected to continue driving WuXi AppTec's growth [10]. - The company is well-positioned to capitalize on the increasing trend of outsourcing in the pharmaceutical industry [10].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, with a target price of 137.75 CNY, reflecting a 29x PE for 2026 [3][5]. Core Insights - WuXi AppTec's revenue for Q3 2025 reached 12.06 billion CNY, representing a 15.3% year-on-year increase, with a net profit of 3.52 billion CNY, up 53.3% [10]. - The company has adjusted its revenue guidance for continuous operations from 42.5-43.5 billion CNY to 43.5-44 billion CNY, indicating a growth rate increase from 13-17% to 17-18% [10]. - The company is focusing on its CRDMO business by divesting its clinical services, which accounted for only 3.5% of revenue in the first three quarters [10]. Financial Performance Summary - Revenue projections for 2025-2027 have been revised to 44.76 billion CNY, 50.39 billion CNY, and 57.07 billion CNY, respectively, with corresponding net profits of 16.35 billion CNY, 14.19 billion CNY, and 16.58 billion CNY [3][4]. - The gross margin is expected to improve to 45.6% in 2025, with net profit margins projected at 36.5% [4][10]. - The company reported a significant increase in backlogged orders, reaching 59.88 billion CNY, up 41.2% year-on-year, indicating strong future revenue potential [10].

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry, indicating a favorable outlook for future performance [5]. Core Insights - The report highlights that after macroeconomic improvements, products closely related to demand in Europe and the United States are expected to benefit first, followed by products related to emerging markets. MDI and PVC are identified as having high certainty for recovery [3][52]. - The acquisition of OxyChem by Berkshire Hathaway is seen as a significant indicator of recovery potential in the chemical sector, particularly in chlor-alkali products like PVC [7][10]. Summary by Sections 1. U.S. Enters Rate Cut Cycle Benefiting Real Estate Recovery - The U.S. chlor-alkali chemical sector is currently at a cyclical low, with PVC prices declining since 2022, affecting profitability [11][20]. - The expectation of further rate cuts in the U.S. is anticipated to stimulate real estate demand, which is closely linked to chlor-alkali products [20][21]. 2. European and American Demand Products Expected to Recover First - The report notes that the demand for petrochemical and chemical products is expected to improve as monetary policies ease in the U.S. and Europe, which will likely stimulate real demand recovery [23][24]. - MDI is highlighted as a product that will likely see early recovery due to its favorable market position and the competitive advantage of companies like Wanhua Chemical [24][30]. 3. Long-term Growth from Emerging Markets - Emerging markets are expected to drive long-term demand growth for chemical products, particularly due to initiatives like China's Belt and Road and the competitive dynamics among major powers [47][50]. - The report indicates that the supply of PVC is expected to stagnate, while demand from emerging markets continues to grow, particularly from countries like India and Vietnam [49][50]. 4. Investment Recommendations - The report suggests that MDI and PVC are the most promising products for investment, with specific companies recommended for MDI (Wanhua Chemical) and several for PVC [3][52].

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank, with a target price of 13.86 CNY per share, corresponding to a 0.98 times price-to-book (PB) ratio for 2025 [4][6]. Core Insights - Jiangsu Bank's financial performance shows a sequential improvement in revenue and profit growth rates, with year-on-year growth rates for 2025/26/27 projected at 8.6%/9.5%/9.9% for net profit attributable to the parent company [4][10]. - The bank's net interest margin has stabilized, and the cost of liabilities has significantly improved, contributing to a more favorable financial outlook [10]. - The asset quality remains stable, with a slight decrease in the provision coverage ratio, indicating a robust risk mitigation capacity [10]. Financial Performance Summary - **Revenue and Profit Growth**: For 2023A, the operating income is projected at 74,293 million CNY, with a year-on-year growth of 5.3%. The net profit attributable to the parent company is expected to reach 28,750 million CNY, reflecting a 13.3% increase [5][13]. - **Future Projections**: The operating income is forecasted to grow to 80,815 million CNY in 2024A and 87,898 million CNY in 2025E, with net profit reaching 31,843 million CNY and 34,597 million CNY respectively [5][13]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 1.52 CNY in 2023A to 1.80 CNY in 2025E, indicating a positive trend in profitability [5][13]. Valuation Metrics - The current stock price corresponds to a PB ratio of 0.79X for 2025E, 0.71X for 2026E, and 0.64X for 2027E, suggesting that the stock is undervalued compared to its peers [4][11]. - The report maintains a 20% valuation premium relative to comparable companies, reinforcing the investment thesis for Jiangsu Bank [4][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 67.2 yuan based on a 28x PE valuation for 2026 [3][5]. Core Insights - The company continues to show strong growth, with a revenue of 30.5 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 35.7%. The net profit attributable to the parent company reached 8.2 billion yuan, up 61.3% year-on-year [10]. - The company has successfully expanded its international business, particularly in emerging markets, with significant contracts in Brazil that could contribute to future revenue growth [10]. Financial Performance Summary - Revenue projections for 2025-2027 are 42.02 billion yuan, 51.81 billion yuan, and 61.15 billion yuan, respectively, with year-on-year growth rates of 38.0%, 23.3%, and 18.0% [8]. - The company's gross margin is expected to improve to 78.7% in 2025, while the net margin is projected to reach 27.1% [8]. - Earnings per share (EPS) are forecasted to be 1.91 yuan, 2.40 yuan, and 2.84 yuan for 2025, 2026, and 2027, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.92 CNY based on a 46x PE for 2026 [3][5]. Core Insights - The company has seen a significant increase in new orders, with a year-on-year growth of 29.4% in new signed orders for the first three quarters of 2025, indicating a clear turning point in performance [9]. - The company’s revenue for the first three quarters of 2025 was 570 million CNY, reflecting a year-on-year decline of 35.3%, primarily due to intense domestic market competition [9]. - The company is expected to reach an upward performance inflection point in 2026, driven by new capacity ramp-up and strong demand for new molecular drugs [9]. Financial Performance Summary - Revenue projections for 2025-2027 have been adjusted, with expected earnings per share of 0.14 CNY in 2025, 1.02 CNY in 2026, and 1.59 CNY in 2027 [3]. - The company’s gross margin is projected to improve from 27.9% in 2025 to 39.5% in 2027, while net profit margin is expected to rise from 2.4% in 2025 to 17.2% in 2027 [4][12]. - The company’s net profit attributable to the parent company is forecasted to be 20 million CNY in 2025, with a significant recovery to 224 million CNY by 2027 [4][12].