[Table_scodeMsg1] 公司研究丨点评报告丨亿纬锂能（300014.SZ） [Table_Title] 亿纬锂能 2025 三季报分析：一次性因素影响盈 利，关注经营改善趋势向好 报告要点 [Table_Summary] 亿纬锂能发布 2025 年三季报，2025Q3 实现收入 168.32 亿元，同比增长 35.85%，环比增长 9.49%；归母净利润 12.11 亿元，同比增长 15.13%，环比增长 140.16%；扣非净利润 7.80 亿 元，同比下滑 22.04%，环比增长 130.04%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 | 公司基础数据 | | | --- | --- | | [Table_BaseData] 当前股价(元) | 71.74 | | 总股本(万股) | 204,575 | | 流通A股 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨湖南裕能（301358.SZ） [Table_Title] 湖南裕能 2025 三季报分析：出货高增，盈利改 善，看好价格修复和一体化布局下的业绩弹性 报告要点 [Table_Summary] 公司发布 2025 年三季报，公司 2025Q3 营业收入 88.68 亿元，同比+73.97%，环比+16.76%； 归母净利润 3.40 亿元，同比+235.31%，环比+61.26%；扣非净利润 3.24 亿元，同比+238.85%， 环比+44.16%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 湖南裕能（301358.SZ） cjzqdt11111 [Table_Title 湖南裕能 2025 2] 三季报分析：出货高增，盈利改 善，看好价格修复 ...

Investment Rating - The investment rating for Kuaishou is "Buy" and is maintained [7] Core Insights - Kuaishou's Q3 2025 revenue reached 35.6 billion CNY, representing a year-on-year growth of 14%. The Non-GAAP net profit was 5 billion CNY, up 26% year-on-year. Domestic business operating profit was 5.4 billion CNY, a significant increase of 54% year-on-year, while overseas business incurred an operating loss of 200 million CNY [2][4] Revenue Breakdown - Kuaishou's Q3 2025 online marketing service revenue was 20.1 billion CNY, growing 14% year-on-year, contributing 56.5% to total revenue. The growth was driven by AI-enabled advertising, with ad load and eCPM both improving, leading to a 4-5% increase in domestic advertising revenue. The company also saw a 3% increase in live streaming revenue, totaling 9.6 billion CNY, contributing 26.9% to total revenue. Other services, including e-commerce, generated 5.9 billion CNY, a 41% increase year-on-year, contributing 16.6% to total revenue [8] User Engagement - Kuaishou's content ecosystem continues to thrive, with average daily active users (DAU) reaching 416 million, a 2.1% year-on-year increase, and average monthly active users (MAU) reaching 731 million, up 2.4% year-on-year [8] Profitability Metrics - Kuaishou achieved a gross margin of 54.7% in Q3 2025, with an adjusted net profit margin of 14.0%, reflecting a year-on-year increase of 0.4 percentage points and 1.3 percentage points, respectively. R&D expenses rose by 17.7% to 3.7 billion CNY, primarily due to increased AI investments and employee benefits [8] AI Business Development - The commercialization of Kuaishou's AI, known as Keling, progressed smoothly, generating over 300 million CNY in revenue in Q3 2025, a 20% increase from the previous quarter. The Keling 2.5 Turbo model topped global rankings in video and image generation shortly after its launch [8]

报告要点 [Table_Summary] 印尼垃圾焚烧市场开启，预计 2026Q1 开始建设（当年可确认建造收入）；受垃圾组分影响，预 计印尼垃圾热值较我国更高、吨上网电量也更高；经测算印尼垃圾焚烧项目盈利性、现金流均 可能高于国内，远期印尼垃圾焚烧年运营收入或达 294-365 亿元。看好前期具备相关布局的龙 头企业获得海外增量。 丨证券研究报告丨 行业研究丨专题报告丨环保 [Table_Title] 梳理印尼垃圾焚烧市场，为行业带来 EPS 增长 续航 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 徐科 贾少波 李博文 盛意 [Table_Title 梳理印尼垃圾焚烧市场，为行业带来 2] EPS 增长 续航 [Table_Summary2] 需求迫切：垃圾围城困境下，总统令 10 月出台 %% %% 印尼超 60%垃圾未得到妥善处置。印尼 2023 ...

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The computer sector experienced a continued decline, with an overall drop of 2.33%, ranking 7th among major industries in the Yangtze River region. The total trading volume accounted for 7.73% of the market, with Huawei-related stocks being particularly active [2][4]. - The report highlights the launch of Gemini-3 by Google, emphasizing its advanced capabilities and the importance of multi-modal applications and commercialization [6][41]. - The report suggests focusing on the developments in AI products, particularly those that exceed expectations, and continues to favor domestic AI chains, computing power chains, and the international expansion of AI [6][55]. Summary by Sections Market Performance - The overall market saw a significant decline, with the Shanghai Composite Index falling below 3900 points, closing at 3834.89, representing a 3.90% drop. The computer sector's decline of 2.33% places it 7th among major industries [4][14]. Key Events - The 2025 Quantum Technology and Industry Conference was held in Hefei, focusing on advancements in quantum communication, computing, and precision measurement [20][23]. - The launch of the satellite IoT business trial was announced at the 2025 China 5G + Industrial Internet Conference, which is expected to enhance the satellite communication market [31][40]. Recommendations - The report recommends focusing on Gemini-3, which features a sparse MoE architecture capable of processing up to 1 million tokens, with pricing structures detailed for input and output [6][41]. - Continued emphasis is placed on the potential of domestic AI chains and key players with significant market positioning [6][55]. Industry Developments - The quantum technology sector is experiencing rapid growth, with significant advancements showcased at the recent conference, indicating a shift towards commercialization [28]. - The satellite IoT trial is expected to stimulate investment opportunities in the satellite internet sector, supported by recent policy initiatives [31][40].

[Table_scodeMsg1] 联合研究丨公司深度丨安克创新（300866.SZ） [Table_Title] 纵览安克创新增长前景系列之四： 如何看待小充板块增长持续性？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 行业维度，一方面，行业加强合规化认证、手机厂商陆续取消附赠原装充电器，均有望对优质 龙头企业增长中枢的提升构成较强支撑；另一方面，充电类目有望围绕便捷、安全、高效等需 求点不断展开升级，快充、无线充、多输出、叠加屏显等细分方向有望快速增长。公司凭借持 续捕捉用户需求并技术赋能，2020 年公司即成就全球第一数码充电品牌的优异认知，亚马逊份 额、均价、评分均稳定领先。在产品功能性识别度较低，同时公司已经建立起较强品牌加持下， 公司小充业务仍存在较大的市场份额攫取空间。 分析师及联系人 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 霍博 ...

周观点1123： 储锂高增逻辑持续，重视风电业绩催化 长江证券研究所电力设备与新能源研究小组 2025-11-24 %% %% %% %% 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 分析师 叶之楠 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SAC执业证书编号：S0490520090003 SFC执业证书编号：BQK482 SFC执业证书编号：BVD284 分析师 袁澎 SAC执业证书编号：S0490524010001 %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% research.95579.com 2 00 本周电新板块行情回顾 ➢ CJ电新指数本周下跌10%，所有细分方向呈现普跌态势，电机方向因人形机器人部分标有所表现而跌幅较小，光伏和储能跌幅相对较大。 图：本周电新板块行情回顾 CJ电新指数 光伏 储能 锂电 风电 电力设备 其他电源 电机 -14% -12% -10% -8% -6% -4% -2% ...

分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨 H&H 国际控股（01112.HK） [Table_Title] H&H 国际控股 2025 年前三季经营数据点评： 婴配粉修复加速，国内保健品维持良性增长 报告要点 [Table_Summary] 2025 年前三季度，撇除外汇影响，公司总收入 108.1 亿元（同比+12.3%）。所有业务分部收入 均录得正面增长，成人营养及护理用品分部收入同比+6.0%。婴幼儿营养及护理用品分部收入 同比+24.0%，其中婴配粉收入同比+33.3%，婴幼儿益生菌及营养补充品业务收入跌幅收窄至 2.3%。宠物营养及护理用品分部收入同比+8.2%。 请阅读最后评级说明和重要声明 %% %% research.95579.com %% %% 1 [Table_scodeMsg2] H&H 国际控股（01112.HK） cjzqdt11111 [Table_Title H&H 国际控股2] 202 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - The 2025 Quantum Technology and Industry Conference was held in Hefei, focusing on the development trends and industrial application prospects of quantum communication, quantum computing, and quantum precision measurement [1][3]. - China's quantum technology industry is transitioning from academic research to commercialization, which is expected to drive the development of the entire quantum technology industry chain, including core components for quantum communication and quantum computing [1][9]. - The conference showcased significant advancements in quantum technology, indicating that the industry is entering a phase of accelerated development and that conditions for commercialization are maturing [9]. - Hefei is emerging as a key hub for quantum industry development, supported by academic institutions like the University of Science and Technology of China, with 93 companies currently operating in the region [9]. - The report suggests focusing on the entire quantum technology industry chain, particularly leading companies in quantum computing and quantum communication [1][9]. Summary by Sections Event Description - The conference gathered renowned scholars, representatives from key universities, state-owned enterprises, quantum industry chain companies, and financial institutions to discuss cutting-edge quantum technologies [3]. Industry Development - The scale of the conference has expanded significantly, with 117 participating companies and an exhibition area of 10,000 square meters, reflecting high industry prosperity [9]. - The Anhui province is implementing a "thousand scenarios" action plan for quantum information, aiming to establish 1,000 application scenarios by 2027 [9].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 卫星物联网商用试验开启，关注卫星互联网产业 投资机遇 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 11 月 22 日，2025 中国 5G+工业互联网大会在湖北武汉开幕。本届大会以"万物互联 智能领 航"为主题。工业和信息化部在会上正式启动卫星物联网业务商用试验，商用试验将丰富卫星 通信市场供给，支撑商业航天、低空经济等新兴产业安全健康发展。随着后续发射成本的下降 及相关政策的推动，我国商业航天相关产业链有望迎来全面发展。目前，卫星互联网产业链已 初步形成，上游卫星制造及发射环节有望率先受益，通信网络建设设备和应用终端也将逐步落 地，建议关注产业链各环节的核心供应商，重点关注卫星应用相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 11 月 22 日，2025 中国 5G+工业互联网大会在湖北武汉开幕。本届大会以"万物互 ...