[Table_Summary] 公司 2025 前三季度营业收入 57.06 亿元，同比增加 5.79%；归母净利润 3.44 亿元，同比增加 44.71%；扣非净利润 3.00 亿元，同比增加 36.85%。单季度看，公司 2025Q3 营业收入 19.73 亿元，同比增加 18.65%，环比下降 21.59%；归母净利润 1.01 亿元，同比增加 711.41%，环 比下降 42.17%；扣非净利润 0.77 亿元，同比增加 423.44%，环比下降 52.86%。 丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨科华数据（002335.SZ） [Table_Title] 科华数据 2025Q3 业绩点评：新能源海外收 入高增，加大研发布局 AIDC 出海 报告要点 分析师及联系人 [Table_Author] 邬博华 于海宁 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490517110002 SAC：S0490522030001 SAC：S0490520080002 SFC：BQK482 SFC：BUX641 SFC：BVD284 请阅读最后评级说明和重 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The report highlights that Chongqing aims to become a strong city for low-altitude economic development, supported by a new policy document that includes 17 measures across three areas to foster innovation and growth in the low-altitude economy [2][4][9] - The low-altitude economy is expected to drive the entire industry chain, with upstream focusing on raw materials and core components, midstream on drones and supporting equipment, and downstream on aviation management and information technology [2][9] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and exceed 2 trillion yuan by 2030, indicating significant growth potential [9] Summary by Sections Policy Measures - The policy measures include four demand-side initiatives to create low-altitude demonstration scenarios, seven supply-side initiatives to support industrial innovation, and six measures to enhance the low-altitude security system [9] - This policy follows previous initiatives aimed at managing low-altitude airspace and identifying application scenarios, indicating a comprehensive approach to developing the low-altitude economy in Chongqing [9] Industry Development - The report notes that multiple regions in China are forming low-altitude industry clusters, with significant progress in areas like Xinjiang, the Guangdong-Hong Kong-Macau Greater Bay Area, and the Yangtze River Delta [9] - The low-altitude economy is transitioning from pilot demonstrations to large-scale implementation, with emerging business models in drone logistics, passenger travel, and low-altitude tourism [9] Market Outlook - The low-altitude economy is recognized as a strategic emerging industry in China, with rapid development and a shift from equipment technology catch-up to leading positions in certain areas [9] - The report suggests focusing on the entire low-altitude economy supply chain, particularly in aviation information technology and air traffic management sectors [9]

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The National Data Bureau is focusing on building an open, shared, and secure national integrated data market, which is expected to enhance the value of data elements and invigorate the market [2][5]. - The construction of the national integrated data market is anticipated to accelerate data circulation and trading, leading to a reassessment of data element value across the entire industry chain [10]. Summary by Sections Industry Overview - The report highlights the need for a comprehensive data market to address structural issues such as incomplete industry chains and immature circulation mechanisms [10]. - The market size for data trading in China is projected to grow from 211.54 billion yuan in 2024 to 284.09 billion yuan in 2025, with an expected compound annual growth rate of 20.3% reaching over 715.9 billion yuan by 2030 [10]. Market Dynamics - The report notes that 53% of projects in the 2025 "Data Element ×" competition utilized public data, with over 43% acquiring data through authorized operation models [10]. - More than 50% of the final projects in the competition engaged in direct data trading, indicating a growing trend in data transactions among enterprises [10]. Investment Opportunities - The report suggests focusing on companies with vast data resources and those with strong capabilities in data processing, management, and analysis as potential investment opportunities [10].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8] Core Insights - Beijing is accelerating the construction of space data centers, aiming to operate large-scale data center systems with over 1 GW of power in the 700-800 km dawn-dusk orbit to facilitate the transfer of large-scale AI computing power to space [2][4][6] - The importance of computing power as a fundamental infrastructure for industries like AI is increasingly recognized, with space computing power expected to become a significant component due to its energy (solar) and cooling advantages [2][6] - Breakthroughs in aerospace technology are anticipated to significantly reduce transportation costs, thereby accelerating the development of the space computing power industry [2][6] Summary by Sections Event Description - On November 27, a meeting was held in Beijing to discuss the construction of space data centers, with plans to build and operate large-scale data center systems in the 700-800 km orbit [4] Industry Development - The construction of space data centers is planned in three phases: 1. From 2025 to 2027, focus on key technologies for energy and cooling, and the development of the first computing satellite constellation to achieve "sky-based computing" applications 2. From 2028 to 2030, breakthroughs in on-orbit assembly and construction technologies to lower costs and build the second computing satellite constellation for "ground-based computing" applications 3. From 2031 to 2035, mass production and network launch of satellites to establish a large-scale space data center supporting future "sky-based main computing" [12] Project Progress - Multiple projects are underway, including the "Star Computing" plan by Guoxing Aerospace, which aims to launch 2,800 computing satellites with a total computing power of 100,000 P per second [12] - The "Three-body Computing Constellation" by Zhijiang Laboratory has already launched 12 satellites, with a total computing power of 5 POPS, expected to reach 1,000 POPS upon completion [12] Cost Reduction Potential - Reusable rocket technology is expected to break through, significantly reducing launch costs. For instance, SpaceX's Falcon 9 has achieved a 72% reduction in launch costs through rocket recovery [12] - Predictions suggest that with the maturation of reusable rocket technology, the cost of commercial space transportation in China could drop below 30,000 yuan per kilogram, compared to around 100,000 yuan for traditional rockets [12]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector saw an increase of 8.71% in the 48th week of 2025, ranking first among major industries in the Yangtze River region. Year-to-date, the sector has risen by 64.42%, also ranking first [2][4]. - Google's introduction of the Nested Learning theory and HOPE architecture significantly enhances long-term memory and reasoning efficiency, addressing the memory bottlenecks of traditional Transformers in long sequences, which can greatly reduce training and inference costs [5][7]. - Anthropic's Claude Opus 4.5 has achieved state-of-the-art performance in software engineering, with aggressive pricing strategies that lower input and output costs by 67%, while also integrating deeply with existing office workflows [6][7]. Summary by Sections Market Performance - The communication sector's performance in the 48th week of 2025 was highlighted, with notable individual stock performances, including Guangku Technology (+39.2%), Tongyu Communication (+39.1%), and Taicheng Light (+22.3%) [4]. Technological Advancements - Google's Nested Learning paradigm optimizes memory processes by breaking down large models into nested sub-optimization problems, enhancing memory management and reducing inference costs [5]. - The HOPE architecture, based on this theory, separates high-frequency and low-frequency memory tasks, improving efficiency in long-sequence processing [5]. Product Launches - Anthropic's Claude Opus 4.5 supports a context window of approximately 200k and has outperformed competitors in software engineering tasks, with a significant reduction in usage costs for enterprises [6]. Investment Recommendations - The report recommends several companies across various segments, including: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - AI Applications: Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication - Satellite Applications: Huace Navigation, Haige Communication, Canqin Technology [7].

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The establishment of the Commercial Aerospace Administration is expected to accelerate the development of the commercial aerospace industry in China, simplifying approval processes and promoting high-quality growth [6][45][55]. - The report highlights the recent rebound in the computer sector, which saw a 3.14% increase, ranking 13th among major industries in the Yangtze River region [2][4][14]. - Key areas of focus include the construction of a national integrated data market, advancements in space computing capabilities, and the development of the low-altitude economy [5][18][37]. Summary by Sections National Integrated Data Market - The National Data Bureau aims to build an open, shared, and secure national integrated data market, enhancing the data industry ecosystem and stimulating market vitality [10][21]. - The data trading market is projected to grow significantly, with an estimated market size of 2,840.9 billion by 2025 and potentially exceeding 7,159 billion by 2030, reflecting a compound annual growth rate of 20.3% [25][27]. Space Computing - Beijing plans to establish a large-scale space data center in the 700-800 km twilight orbit, aiming to leverage solar energy for AI computing [28][30]. - Multiple projects are underway to develop space computing capabilities, with significant advancements expected in the coming years [30][36]. Low-Altitude Economy - Chongqing has introduced policies to foster the development of a high-quality low-altitude economy, with 17 measures aimed at supporting innovation and market demand [37][44]. - The low-altitude economy is anticipated to reach a market size of 15 trillion by 2025 and over 20 trillion by 2030, driven by policy support and industry growth [44].

Group 1: Gold Market Characteristics - The current gold bull market is characterized by simultaneous increases in both risk assets (stocks) and safe-haven assets (gold) [2] - Gold has significantly outperformed U.S. Treasuries and the U.S. dollar during this bull market [5] - The price of gold has increased approximately 200% since 2018, reflecting its strategic reserve property amid global uncertainties [7] Group 2: Historical Context and Economic Cycles - Historical analysis reveals three distinct cycles of gold price increases: 23-fold from 1970-1980, 6-fold from 2001-2012, and approximately 2-fold from 2018 to present [7] - The first cycle (1970-1980) was driven by inflation concerns, with gold prices rising due to high inflation rates, peaking during the oil crises [6] - The second cycle (2001-2012) was influenced by financial attributes, particularly following the 2008 financial crisis, where gold became a key financial asset [6] Group 3: Macro Factors Influencing Gold - Gold serves as a hedge against inflation, opportunity costs, and the collapse of the fiat currency system, reflecting its three properties: commodity, financial, and monetary [8] - The shift in global economic power dynamics has led to a renewed interest in gold as a safe-haven asset, especially as confidence in the U.S. dollar and Treasuries wanes [9] - Central banks have significantly increased gold purchases since 2022, marking a notable change in demand structure [7]

Quantitative Models and Construction Methods - **Model Name**: China Securities Guoxin Hong Kong Stock Connect Central Enterprise Dividend Index **Model Construction Idea**: The index is designed to reflect the overall performance of listed central enterprises with high dividend yields and stable dividend levels within the scope of Hong Kong Stock Connect, focusing on high-dividend assets[9][55] **Model Construction Process**: 1. **Sample Space**: Select securities from the China Securities Hong Kong Stock Connect Composite Index sample[57] 2. **Liquidity Screening**: Exclude securities with a median monthly turnover rate below 0.1% over the past 12 or 3 months unless their average daily trading amount exceeds HKD 50 million in the past year[57] 3. **Selection Criteria**: - Select securities controlled by the State-owned Assets Supervision and Administration Commission (SASAC) or listed in the SASAC central enterprise directory - Include the top-ranked securities in terms of daily average market capitalization in the financial and real estate sectors, and all securities in other industries - Further filter securities that have paid dividends for three consecutive years, with an average dividend payout ratio between 0 and 1 over the past three years - Rank the remaining securities by their average dividend yield over the past three years and select the top 50 as index components[57] **Model Evaluation**: The index emphasizes high-dividend attributes, low valuation, and stable profitability, making it attractive for investors seeking defensive and income-generating strategies[9][55] Model Backtesting Results - **China Securities Guoxin Hong Kong Stock Connect Central Enterprise Dividend Index**: - Annualized Dividend Yield (2021-2025): Above 8% consistently[9][72][73] - Annualized Volatility (2025): 18.00% (Price Index), 17.83% (Total Return Index), lower than most common Hang Seng broad-based indices[86] - Annualized Return (2025): 17.27% (Price Index), 26.83% (Total Return Index), significantly outperforming other indices[40][86] - Cumulative Return (2016-2025): 140.08%, with excess returns of 97.28% and 123.19% over the Hang Seng Stock Connect Index and Hang Seng Index, respectively[80][83] Quantitative Factors and Construction Methods - **Factor Name**: High Dividend Yield Factor **Factor Construction Idea**: Focus on securities with high and stable dividend yields to capture income-generating opportunities and defensive characteristics[9][55] **Factor Construction Process**: 1. Calculate the average dividend yield over the past three years for each security 2. Rank securities by their average dividend yield 3. Select the top 50 securities with the highest average dividend yield as the factor sample[57] **Factor Evaluation**: The factor demonstrates strong income-generating potential and defensive attributes, particularly in volatile market conditions[9][55] Factor Backtesting Results - **High Dividend Yield Factor**: - Annualized Dividend Yield (2021-2025): Above 8% consistently, outperforming other common Hang Seng indices[9][72][73] - Annualized Volatility (2025): 18.00% (Price Index), 17.83% (Total Return Index), indicating better risk control compared to other indices[86] - Annualized Return (2025): 17.27% (Price Index), 26.83% (Total Return Index), showcasing strong return potential[40][86] - Cumulative Return (2016-2025): 140.08%, with significant excess returns over other indices[80][83]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In November 2025, the manufacturing PMI showed a marginal improvement with synchronized recovery in production and demand and accelerated destocking, but the asymmetric recovery of raw material and finished product prices may still restrict corporate profit repair, and the sustainability of external demand contribution remains to be verified. The decline in service - sector sentiment indicates that the resilience of domestic demand also needs to be observed. The bond market has adjusted, and the impact of PMI data is expected to be limited. It is recommended to allocate 10 - year Treasury bonds with a taxable coupon yield above 1.8% when there are adjustments [2]. 3. Summary by Related Catalogs Manufacturing PMI - **Overall situation**: In November 2025, the manufacturing PMI was 49.2%, up 0.2 pct from the previous month, still seasonally weak but with marginal improvement. Production, procurement, and import indices on the supply - side increased, and new order and backlog order indices on the demand - side rose. Inventory destocking accelerated, and some predictive indicators showed improved supply - demand relationships [5][9]. - **External demand contribution**: The new export order index rose 1.7 pct to 47.6%, and the new export order indices of four major manufacturing industries and large, medium, and small enterprises all increased. However, the asymmetric recovery of raw material and finished product prices may pressure corporate profit repair [9]. - **Enterprise size and industry differences**: Small and medium - sized enterprises' sentiment improved, especially small enterprises which rose 2 pct to a nearly 6 - month high of 49.1%, while large enterprises' sentiment declined 0.6 pct to 49.3%. High - tech manufacturing with a high proportion of small and medium - sized enterprises remained in expansion, while the sentiment of equipment and consumer goods manufacturing declined, and their production sides may be stronger than the demand sides [9]. Non - manufacturing PMI - **Overall situation**: The non - manufacturing business activity index was 49.5% in November 2025, down 0.6 pct from the previous month, the first time below the boom - bust line since 2023. The service - sector sentiment was dragged down by factors such as the fading holiday effect, while the construction industry's sentiment improved [5][9]. - **Sub - item structure**: The inventory and new order indices of non - manufacturing declined, while the new export order index rose. The sales price and input price indices increased for two consecutive months. In the service sector, the financial industry and some new - energy industries showed good performance. The construction industry's business activity index increased, possibly boosted by financial activities and policy support [9]. Investment Suggestion The bond market has adjusted, and the impact of PMI data is expected to be limited. It is recommended to allocate 10 - year Treasury bonds with a taxable coupon yield above 1.8% when there are adjustments [2][9].