Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for December 2025 [4][8]. Core Insights - The report identifies several companies within the technology sector that are expected to perform well, including Zhaoyi Innovation, Dongshan Precision, Fourth Paradigm, Tax Friend, Zhongji Xuchuang, Huafeng Technology, Kaiying Network, and Perfect World [12][14][15][16][19]. Summary by Category Electronics - **Zhaoyi Innovation**: The company is in a price increase cycle for storage products, with NOR Flash expanding its market share and SLC NAND Flash improving its process technology. The revenue is expected to continue growing as it captures high-end markets [14]. - **Dongshan Precision**: The company is entering a growth phase driven by AI technology, with increased demand for data servers. It has made strategic acquisitions to enhance its position in optical communication and PCB sectors [14]. Computer - **Fourth Paradigm**: The company is positioned to benefit from the increasing penetration of AI across various industries. Its core product, the AI platform, is experiencing rapid revenue growth, and it holds a leading market share in machine learning platforms in China [15]. - **Tax Friend**: As a leader in financial and tax information technology, the company is leveraging AI to enhance its service offerings, which is expected to drive significant growth in high-value business segments [16]. Communication - **Zhongji Xuchuang**: The company is a leader in optical modules, with strong R&D capabilities and a robust overseas production capacity. It is expected to see significant profit growth from 2025 to 2027 [16]. - **Huafeng Technology**: The company is well-positioned to benefit from the high demand for AI computing power, with expectations of profit growth in the coming years [17]. Media - **Kaiying Network**: The company has a rich product pipeline and is expected to see growth from new game launches and collaborations. Its investments in AI gaming applications are also anticipated to drive future revenue [19]. - **Perfect World**: The company is focusing on developing new games and hosting major esports events, which are expected to contribute to its growth trajectory [19].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Insights - The company, North Navigation, is backed by the China Ordnance Industry Group and focuses on building three industrial ecosystems: navigation and control, military communication, and intelligent integrated connectivity, aiming to seize the high ground in the modernization of national defense and military equipment [2][5]. - The ongoing conflict in Ukraine has highlighted the effectiveness of the HIMARS system, prompting the U.S. to increase its procurement of long-range fire systems, which North Navigation is well-positioned to benefit from due to its capabilities in navigation and control for consumable equipment [9][6]. - The construction and application of a comprehensive network information system is a key focus of the "14th Five-Year Plan" for national defense and military modernization, with the company strategically investing in military communication and intelligent integrated connectivity [9][2]. Summary by Relevant Sections Company Overview - North Navigation Control Technology Co., Ltd. is a subsidiary of the China Ordnance Industry Group, primarily engaged in dual-use products focusing on navigation control and ammunition information technology [5][18]. - The company aims to develop eight specialized technical systems, including guidance and control, AI target recognition, advanced materials, and intelligent manufacturing, to support its three industrial ecosystems [5][18]. Market Dynamics - The U.S. military has significantly increased its procurement of long-range fire systems, planning to acquire 500 HIMARS systems by 2028, up from a pre-conflict plan of only 105 units [6][53]. - Military communication networks are crucial for modern warfare, serving as the "nervous system" of the military, with a market space for data links potentially exceeding $40 billion [7][9]. Financial Projections - The company is expected to see substantial growth, with projected net profits of 213 million, 296 million, and 386 million yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 261%, 39%, and 30% [9][35].

Investment Rating - The report gives a "Positive" investment rating for the semiconductor industry, marking it as the first rating of its kind [11]. Core Insights - Since early 2025, the semiconductor sector has experienced a surge driven by AI, followed by a brief adjustment period due to geopolitical tensions, slowing AI technology iterations, and macroeconomic uncertainties, leading to weakened growth expectations [4][19]. - The demand for inference computing power has rapidly increased with the proliferation of generative AI and large models, alongside strengthened localization strategies, resulting in a sustained rise in the prosperity of semiconductor hardware resources, particularly AI chips and storage chips [4][19]. - The valuation of the semiconductor sector has significantly recovered under the influence of AI, with the dynamic price-to-earnings ratios for semiconductor equipment and materials currently at the 85.2% and 95.9% percentiles, respectively [7][19]. - The report emphasizes the importance of the domestic AI industry chain upgrade logic, suggesting that the deep integration of technology and applications is expected to create greater commercial value and accelerate industry growth [4][19]. Industry Overview - The global demand for semiconductors is driven by AI, with structural opportunities emerging domestically [8][29]. - In the first three quarters of 2025, revenue growth rates for major semiconductor equipment companies such as ASML, AMAT, LAM, TEL, and KLA were 20.8%, 3.6%, 28.6%, 10.0%, and 21.6%, respectively, indicating a continuation of a positive growth trend [8][29]. - The demand for storage devices has notably rebounded, with significant revenue growth in storage business segments for these companies [29]. - The report forecasts that global capital expenditures for 300mm wafer fab equipment will increase from $100 billion in 2025 to $138 billion in 2028, driven by AI computing clusters and advanced packaging demands [8][47]. Company-Specific Insights - In the equipment sector, companies with a high proportion of storage equipment, such as Tuojing Technology and Zhongwei Company, are expected to benefit from the expansion trend due to strong demand for storage chips [9]. - Long-term growth is anticipated for platform companies like North Huachuang, which have a significant leading advantage in the domestic market and can quickly strengthen their capabilities through mergers and acquisitions [9]. - In the materials sector, companies like Anji Technology and Xingfu Electronics have successfully achieved product substitution in the domestic market and are expected to further expand into overseas markets [9]. Market Demand - The report highlights a shift in market demand, with AI's share of semiconductor demand increasing significantly [29][55]. - AI semiconductor demand is projected to grow rapidly, with AMD estimating that the total market size for AI data centers will increase from $200 billion in 2025 to over $1 trillion by 2030, reflecting a compound annual growth rate of over 40% [55][62]. Future Outlook - The semiconductor industry is expected to see a structural expansion in demand, particularly in AI data centers, which will significantly drive the need for advanced memory technologies like HBM [55][59]. - The report notes that the transition to HBM4 technology will begin in 2026, further increasing the demand for wafers and memory capacity in AI servers [59].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.272 billion yuan in Q3 2025, representing a year-on-year increase of 43.0% and a quarter-on-quarter increase of 5.0%. The net profit attributable to shareholders was 151 million yuan, down 15.8% year-on-year but up 197.0% quarter-on-quarter. The non-recurring net profit was 139 million yuan, up 6.7% year-on-year and up 265.7% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.272 billion yuan, with a year-on-year growth of 43.0% and a quarter-on-quarter growth of 5.0%. The net profit attributable to the parent company was 151 million yuan, reflecting a year-on-year decline of 15.8% but a significant quarter-on-quarter increase of 197.0%. The non-recurring net profit was 139 million yuan, showing a year-on-year increase of 6.7% and a quarter-on-quarter increase of 265.7% [2][4]. Business Segments - The automotive parts business showed stable revenue growth in Q3 2025, with expected steady increases in profitability. The iron-lithium business is anticipated to see an increase in shipments both year-on-year and quarter-on-quarter due to downstream customer demand and capacity expansion. The company reported an operating cash inflow of 174 million yuan and capital expenditures of 226 million yuan, with inventory rising to 1.36 billion yuan [11]. Strategic Developments - The company is expanding its iron-lithium production capacity through its subsidiary, Jiangxi Shenghua, which is investing in a new project with an annual capacity of 350,000 tons of high-density lithium iron phosphate, with a total investment of 4 billion yuan. This project is expected to enhance the company's market share in the iron-lithium sector [11]. Future Outlook - The company is expected to achieve over 100% growth in shipments by 2026, driven by capacity expansion and cooperative agreements. The profitability in the iron-lithium segment is on a recovery trend, supported by increased high-density product ratios and reduced costs of lithium dihydrogen phosphate. The robotics business is also showing promising developments, indicating significant future potential [11].

- The report aims to enhance the original "Defensive and Offensive Dividend Strategy" by incorporating a rotation mechanism based on macroeconomic expectations, adjusting the weights of defensive and offensive scores during the second screening step[3][11][18] - The original strategy involves a two-step stock selection process: first, selecting the top 30% of stocks with high defensive scores from a high-dividend stock pool, and second, selecting the top 30 or 50 stocks based on offensive scores[18] - Defensive score is calculated as: $ 0.5 \times \text{3-year average dividend yield TTM} + 0.3 \times \text{480-day downside volatility} + 0.2 \times \text{3-year non-recurring ROE mean/standard deviation} $[75] - Offensive score is calculated as: $ 0.5 \times \text{forecast dividend yield} + 0.3 \times \text{relative momentum 240_20} + 0.2 \times \text{single-quarter non-recurring net profit year-on-year} $[75] - The enhanced strategy retains the first step of the original strategy and adjusts the weights of defensive and offensive scores based on macroeconomic expectations in the second step[11][74] - When macroeconomic expectations are revised upwards, the strategy selects the top 30 stocks based on offensive scores; when revised downwards, it selects the top 30 stocks based on a combination of 50% offensive and 50% defensive scores[74] - The enhanced strategy shows improved drawdown control, with the maximum drawdown reduced from 27.88% to 24.37% over the entire period from early 2016 to November 7, 2025[11][80][81] - The annualized return of the enhanced strategy is slightly improved, and the annualized volatility is slightly reduced compared to the original strategy[11][80][81] - The enhanced strategy's performance is evaluated by comparing annual returns, maximum drawdowns, and annualized volatility with the original strategy[80][81][82]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [11]. Core Insights - The pearl materials industry is experiencing steady growth, driven by increasing demand in high-end sectors such as automotive and cosmetics. The industry is undergoing a transformation, with domestic companies accelerating their entry into high-end markets through mergers and acquisitions and technological advancements. As a global leader, the company leverages its integrated advantages in synthetic mica, core technology research and development, and capacity expansion to ensure rapid internal growth. The acquisition of Korean CQV and Merck's surface solutions business fills gaps in high-end products and channels, achieving diversified synergy. With deepening integration and capacity release, the company is expected to solidify its global leadership position and fully benefit from the industry's high-endization [3][6][8]. Summary by Sections Pearl Materials: Demand Growth and Structural Upgrade - Pearl materials are special optical effect materials that display a pearl-like luster, produced by coating substrates with one or more layers of metal oxides. They are used in high-color-requirement fields such as automotive, cosmetics, and coatings. Compared to other pigments, pearl materials are safe, non-toxic, vibrant in color, and have strong weather resistance. The global pearl materials market is rapidly growing, with a compound annual growth rate (CAGR) of 14.0% from 2016 to 2023, reaching sales of 23.5 billion in 2023. Emerging substrate pearl materials, such as synthetic mica, silica, and alumina, have significantly outpaced overall growth, with CAGRs of 45.7%, 33.1%, and 25.0% respectively from 2016 to 2020 [6][7][28]. Application Scenarios and High-End Demand - Pearl materials have broad downstream applications categorized into industrial-grade, cosmetic-grade, and automotive-grade. The automotive and cosmetic sectors primarily focus on mid-to-high-end products. In 2023, the market shares for cosmetic and automotive pearl materials were approximately 6.8% and 16.2%, with CAGRs of 33.9% and 15.6% from 2016 to 2023, respectively. The high-end demand is expected to maintain around 15% growth, driven by stable industry demand and increased penetration from product upgrades [7][28][32]. Industry Landscape Transformation - The industry is witnessing a shift towards high-end markets, with domestic brands making significant strides. The market concentration of the top five companies (CR5) is projected to be around 19% in 2024, with the company achieving a market share close to 12% after acquiring Merck's pearl business and CQV, making it the global leader. Historically, the high-end market has been dominated by overseas brands, with a CR5 concentration of 52% [7][8][28]. Company Overview - The company, established in 2011, focuses on the production and sale of pearl materials and synthetic mica. It went public in Hong Kong in 2021. The second phase of its pearl materials project, with an annual capacity of 30,000 tons, is set to commence in 2024, making it the largest pearl materials factory in China. The company is also concentrating on synthetic mica, with a 100,000-ton project in Tonglu starting in 2025. The acquisitions of CQV and Merck's surface solutions business in 2023 and 2025, respectively, are expected to facilitate rapid global expansion and growth [8][9][28]. Capacity Expansion and Growth Acceleration - The company currently has a total capacity of 48,000 tons for pearl pigments across its two factories in Guangxi. The ongoing construction of a 100,000-ton synthetic mica facility in Hangzhou will further support revenue growth. The company aims to enhance its market share through capacity expansion and leverage the advantages of its acquisitions to penetrate high-end markets [9][28]. Strategic Synergy and Future Outlook - The company anticipates achieving a synergistic effect from its acquisitions, optimizing costs and enhancing product integration. The expected net profits for 2026 and 2027 are projected to be approximately 490 million and 720 million, respectively, corresponding to price-earnings ratios of 17.73 and 11.99 [9][28].

Investment Rating - The report maintains a "Positive" investment rating for the advertising industry [7]. Core Insights - The outdoor advertising market showed overall improvement in September 2025, with total advertising expenditure reaching 25.878 billion yuan, representing a year-on-year increase of 12% and a month-on-month increase of 14%. After excluding scope and listing price growth, the net value increased by 5% year-on-year [2][5][11]. - The rapid growth of building LCD advertising is notable, with a year-on-year increase of 18% and a month-on-month increase of 22%. High-speed rail video advertising also continued its recovery trend, with a month-on-month increase of 12% [11]. - The top five industries for outdoor video media advertising in September were websites, beverages, cosmetics, video, and alcohol, with respective advertising shares of 23%, 16%, 10%, 7%, and 6%. The website industry showed sustained strong investment [11]. Summary by Sections Market Overview - In September 2025, the total outdoor advertising expenditure was 25.878 billion yuan, with traditional outdoor media showing steady growth and video media experiencing significant increases [2][11]. Channel Performance - Building LCD advertising grew significantly, while high-speed rail video advertising showed signs of recovery. Traditional outdoor media saw mixed results, with only metro, airport, and waiting area media showing year-on-year growth [11]. Industry Breakdown - The website industry led in advertising expenditure, with a notable increase in share due to significant investments from platforms like "Taobao" and "Gaode." The beverage industry also saw growth, although it experienced a slight decline month-on-month [11]. Outlook - Building media maintains a high level of attractiveness due to its frequent exposure and precise targeting of high-consumption demographics. The ongoing economic recovery is expected to support a rebound in advertising spending, enhancing the investment value of building media [11].

[Table_Title] 金工如何看行业（一）： 金融工程丨深度报告 实际利率如何定价黄金 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 黄金对实际利率变化的反应存在非对称性，实际利率下行周期中金价上涨弹性，高于上行周期 中金价下跌弹性。对 2023 年 10 月以来实际利率高位震荡下行区间内的上行、下行小级别周期 分段回归，计算黄金价格中由实际利率定价的中枢。当前（截至 2025.11.21）金价向上偏离幅 度较大，短期或存在均值回归需求。中长期来看，随着美联储降息周期持续，金价的利率定价 中枢或将持续上移，为金价走高提供支撑。在降息、央行购金、ETF 购金等情景假设下，2026 年金价中枢位置或在 5400~5600 美元/盎司区间。 分析师及联系人 [Table_Author] 邓越 刘胜利 SAC：S0490517070010 SAC：S0490517070006 SFC：BWH883 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title2 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - Google has launched the next-generation large language model Gemini 3, which is integrated into key products such as Google Search AI mode, Gemini applications, API interfaces, and VertexAI. Additionally, the image generation model Nano Banana Pro (Gemini 3 Pro Image) has been introduced, marking a leap towards professional-grade production scenarios [4][11] - The report highlights promising segments within the AI industry, including interactive tools and toys, internet giants with advantages in traffic, models, and data, vertical sectors like advertising, e-commerce, and education that have successfully established business models overseas and are expected to replicate in China, as well as AI+ gaming companies [11] Summary by Sections Event Description - Google has released the Gemini 3 large language model and the Nano Banana Pro image generation model, enhancing its core products [4] Event Commentary - Gemini 3 Pro showcases comprehensive upgrades in model capability, user experience, and search integration. It supports a context window of 1 million tokens and has achieved significant performance benchmarks, including a score of 37.5% in the "Human Last Exam" (HLE), outperforming the second-ranked GPT.5.1 by approximately 10%. The model also leads in reasoning ability and multi-modal capabilities [11] - The Nano Banana Pro model enhances control and text rendering capabilities, supporting high-resolution image generation and maintaining consistency across multiple characters. It integrates with Google's ecosystem, leveraging real-time web information for image generation [11] - The report suggests focusing on specific AI segments, including companies with strong IP reserves benefiting from AI advancements, large firms with advantages in traffic and data, and vertical sectors that have proven business models abroad [11]

Investment Rating - The report maintains a "Positive" investment rating for the healthcare sector [7] Core Insights - Overall, the performance of overseas CXO companies in Q3 2025 met expectations, with M segment outperforming R segment, and clinical CRO performing better than preclinical CRO [5][17] - Demand indicators show that several companies have stable or improving RFPs, new orders, and backlog orders, with Pharma demand remaining steady and Biotech demand showing slight recovery [5][17] - The biotechnology financing environment shows signs of improvement in Q3 2025 [5][17] Summary by Sections Performance Overview - Overseas CXO companies' revenue in Q3 2025 is generally in line with expectations, with M segment performing better than R segment, and clinical CRO outperforming preclinical CRO [5][17] - Revenue for CRL in Q1-3 2025 was $3.021 billion, a year-on-year decline of 0.9%, with net profit down 41.5% [23][33] Demand Trends - Demand for CRO services is gradually improving, with positive trends in RFPs and orders, which are expected to translate into performance [18] - CDMO shows strong resilience, with Lonza's CDMO business performing robustly and Samsung Biologics' revenue growing by 18% year-on-year in Q3 2025 [6][18] Company-Specific Insights - Labcorp reported a revenue of $10.436 billion in Q1-3 2025, a year-on-year increase of 7.8%, with Q3 revenue at $3.564 billion, up 8.6% [39][41] - IQVIA's revenue for Q1-3 2025 was $11.946 billion, a year-on-year increase of 4.4%, with Q3 revenue at $4.100 billion, up 5.2% [50][53] - ICON's Q3 2025 revenue was $2.043 billion, showing a year-on-year growth of 0.6% [65][69] - Medpace's Q3 2025 revenue reached $660 million, a year-on-year increase of 23.7% [73][78]