Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - The report highlights a two-year lag in the domestic AI capital expenditure (Capex) cycle compared to overseas trends, with a significant increase expected in 2024 [3][4] - Domestic leading cloud providers, such as Alibaba Cloud, are anticipated to see revenue growth starting from the second half of 2024, reflecting the returns on AI investments [4][35] - The report predicts a substantial increase in token consumption in the domestic market by 2026, aligning with the overseas growth patterns [5][40] Summary by Sections Overseas Observation - The overseas AI industry has a three-stage cycle from Capex investment in 2023, revenue growth for cloud vendors in 2024, to token explosion in 2025 [3][11] - High Capex investments are primarily directed towards model training, which is costly and resource-intensive [19][22] Domestic Observation - Domestic major players are expected to officially start their AI Capex cycle in the second half of 2024, with a one-year delay compared to overseas counterparts [4][31] - Revenue growth for leading domestic cloud providers like Alibaba Cloud is projected to rebound from a low of 3% to 26% year-on-year by late 2024 [4][35] Domestic Forecast - The report anticipates that the domestic token explosion will occur in 2026, with current token consumption not showing significant growth compared to overseas trends [5][40] - As coding and multimodal models mature, downstream application scenarios are expected to open up, leading to increased demand for high-quality tokens [5][40]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of HKD 34.48 billion for the first half of the 2025/26 fiscal year, a decrease of 1.8% year-on-year. The net profit attributable to shareholders was HKD 1.334 billion, down 24.2% year-on-year. Free cash flow reached HKD 2.6 billion, an increase of approximately 17% year-on-year. The interim dividend per share remained unchanged at HKD 0.15 [2][4]. Summary by Sections Revenue and Profitability - The total gas sales volume increased by 1.7%, with natural gas sales revenue at HKD 20.38 billion, up 3.8% year-on-year. However, engineering design and installation revenue decreased by 5.2% to HKD 3.16 billion, and liquefied petroleum gas sales revenue fell by 12.3% to HKD 8.38 billion [7]. - The average procurement price for gas was HKD 2.63 per cubic meter, unchanged year-on-year, while the average gross margin was HKD 0.58 per cubic meter, a slight decrease of HKD 0.01 year-on-year [7]. Customer Pricing and Sales - As of September 2025, the cumulative proportion of residential gas price adjustments reached approximately 74%, with residential gas prices increasing from HKD 2.56 per cubic meter in the 2021/22 fiscal year to HKD 2.87 per cubic meter in the 2025/26 fiscal year [7]. - The average industrial customer gas price was HKD 3.28 per cubic meter, slightly down by HKD 0.02 year-on-year, while the commercial customer gas price was HKD 3.49 per cubic meter, a slight increase of HKD 0.03 year-on-year [7]. Cash Flow and Dividends - The company achieved a free cash flow of HKD 2.6 billion, reflecting a year-on-year increase of approximately 17%. The expected annual dividend per share is maintained at HKD 0.50, resulting in a current dividend yield of approximately 5.84% [7]. - The financing cost has decreased, with the average financing cost dropping from 3.84% in the previous fiscal year to 3.39% [7]. Customer Connections - The company added approximately 676,300 new residential connections in the first half of the fiscal year, a decrease of 25.2% year-on-year. The full-year guidance for new connections remains unchanged at 1 to 1.2 million [7]. - The performance contribution from connection and engineering segments has decreased to 16.0% [7]. Value-Added Services - The value-added services segment generated approximately HKD 1.015 billion in revenue, accounting for 30.0% of total revenue, with a year-on-year increase of 1.3% [7].

Investment Rating - The report has an investment rating of "Positive" and has been upgraded [13] Core Insights - The report provides a unique perspective on the gold mining supply history over the past century, analyzing it through four dimensions: quantity, efficiency, capital, and geological difficulty. It outlines a historical transition from "quantity dividends" to "technical dividends" and "capital dividends," ultimately leading to "geological constraints." The current supply system is shifting from "external drivers" to "internal constraints," fundamentally reshaping the long-term support logic for gold prices [3][9][11]. Summary by Sections Historical Supply Waves - The gold supply has undergone four distinct phases: 1. Quantity Dividend Period (1900-1970): Characterized by significant new discoveries, with over 300 new gold mines discovered every decade, leading to a production increase from 500 tons to 1200 tons [10][34]. 2. Efficiency Dividend Period (1970-2000): Technological advancements allowed for increased production despite declining ore grades, with annual production rising from 1200 tons to 1900 tons [10][38]. 3. Capital Dividend Period (2000-2012): Capital investments surged, with global mining capital expenditures rising from $11.3 billion to nearly $80 billion, boosting production from 2500 tons to 2900 tons [10][48]. 4. Geological Constraint Period (2012-Present): Geological conditions have become the primary constraint, with exploration depths increasing and average grades declining, leading to a systematic upward shift in the supply curve [10][54]. Future Supply Outlook - The global gold supply is expected to experience a fundamental shift, with a slight increase to 3694 tons in 2025 due to new projects in North America and Africa. However, from 2026 to 2028, a trend of supply contraction is anticipated, with annual growth rates projected to remain between -5% and 0%, leading to a total production drop to approximately 3500 tons by 2028 [11][77]. Supply Dynamics - The report emphasizes that the supply dynamics are transitioning from an expansion phase to a contraction phase, with geological constraints becoming the dominant factor. The average exploration depth has increased significantly, and the average grade has dropped to 0.35 g/t, leading to rising costs and declining production capacity [20][60]. Price Support Mechanism - The structural contraction in supply is expected to provide strong support for gold prices, as the historical mechanisms that led to significant price pullbacks due to supply surges are no longer effective. The report suggests that the rigid constraints on supply will fundamentally support gold prices moving forward [11][77].

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - The successful launch of the Zhuque-3 rocket on December 3 marks a significant step in China's commercial space industry, despite the failure of the first-stage recovery test [2][5] - The advancement in reusable rocket technology is expected to significantly reduce launch costs, thereby accelerating the development of China's commercial space sector [2][11] - The report emphasizes the importance of monitoring key suppliers across the industry chain, particularly those related to satellite applications [2][11] Summary by Sections Event Description - The Zhuque-3 rocket successfully completed its flight mission and entered the designated orbit, although the first-stage recovery test encountered issues leading to a failure in soft landing [5][11] Event Commentary - The Zhuque-3 rocket, developed by Blue Arrow Aerospace, is designed for large constellation networking tasks and features a low-cost, high-capacity, and reusable design. The rocket's successful flight operations validate the overall mission plan and system interfaces, laying a foundation for future reusable launches [11] - The report highlights that if China achieves reusable rocket technology, it could reduce launch costs by approximately 70%, bringing the cost down from around 100,000 yuan per kilogram to about 20,000 yuan per kilogram [11] - The report compares China's progress in reusable rocket technology with that of international competitors, noting that while SpaceX and Blue Origin have achieved recovery, they took nearly a decade to do so, whereas China aims to achieve similar milestones within three years [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 14.5 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 59%, while the net profit attributable to the parent company was approximately 120 million yuan, a decline of 82% year-on-year [2][4]. - In Q3 alone, the company achieved a revenue of 5.9 billion yuan, with a year-on-year increase of 55%, but the net profit attributable to the parent company was approximately -90 million yuan, indicating a decline [2][4]. - The gross margin for Q3 was approximately 4.37%, showing a year-on-year decrease. The operating expense ratio for Q3 was about 9.10%, down 2.39 percentage points year-on-year [6]. - The company ended Q3 with inventory and contract liabilities at approximately 9.64 billion yuan and 7.44 billion yuan, respectively, both at historically high levels, which is expected to support future delivery performance [9]. - Looking ahead, the company anticipates a recovery in wind turbine profitability as bidding prices stabilize, and it is accelerating its expansion into overseas markets, with a growing order backlog expected to enhance future growth [9]. Financial Summary - For the first three quarters of 2025, the company's gross margin was 8.05%, down 7.48 percentage points year-on-year, primarily due to an increase in the revenue share from onshore wind turbines, which are currently under pressure [9]. - The company forecasts net profits of approximately 1.5 billion yuan and 2.56 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of about 21 times and 12 times [9]. - The company’s total revenue is projected to reach 20.7 billion yuan in 2025 and 23.8 billion yuan in 2026 [14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a significant increase in operating performance for Q3 2025, with a revenue of 3.67 billion yuan, representing a year-on-year growth of 246.0%. The net profit attributable to the parent company reached 350 million yuan, up 299.4% year-on-year [2][4]. - In Q3 2025 alone, the company achieved a revenue of 1.64 billion yuan, which is a 134.7% increase year-on-year and a 3.0% increase quarter-on-quarter. The net profit for this quarter was 140 million yuan, marking a turnaround from losses and a 0.2% increase from the previous quarter [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 3.67 billion yuan, with a year-on-year increase of 246.0%. The net profit attributable to the parent company was 350 million yuan, reflecting a year-on-year growth of 299.4% [2][4]. - In Q3 2025, the company reported a revenue of 1.64 billion yuan, a 134.7% increase year-on-year and a 3.0% increase from the previous quarter. The net profit for this quarter was 140 million yuan, indicating a recovery from losses and a slight increase from the previous quarter [2][4]. Profitability and Margins - The gross margin for Q3 2025 was approximately 15%, showing a significant year-on-year increase of about 7.1 percentage points, primarily due to increased shipment volumes [9]. - The company’s expense ratio for Q3 was around 4.17%, a decrease of 2.57 percentage points year-on-year, with reductions in sales, management, R&D, and financial expense ratios [9]. Future Outlook - The company is expected to benefit from the accelerated progress of domestic deep-sea wind projects and is likely to win bids for deep-sea jacket projects, which will enhance delivery volumes and performance growth potential. Additionally, the company is actively exploring overseas wind orders to expand its long-term growth opportunities [9]. - Projections for the company's net profit attributable to the parent company are approximately 500 million yuan and 1 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 33 times and 17 times [9].

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a total sales volume of 310,000 units in November 2025, representing a year-on-year increase of 24.1% and a month-on-month increase of 1.1%. Cumulatively, from January to November 2025, total sales reached 2.788 million units, up 41.8% year-on-year. The new platform is expected to empower Geely to enter a new product era [2][4][7]. - The GEA architecture supports a new vehicle cycle, with positive developments across the Zeekr, Lynk & Co, and Galaxy brands. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability. The company maintains a solid foundation in fuel vehicles, and joint ventures are exploring innovative overseas expansion models. The smart driving strategy is set to accelerate the enhancement of intelligent driving capabilities, indicating significant profitability elasticity in the new vehicle cycle [2][7]. Summary by Sections Sales Performance - In November 2025, Geely's sales were 310,000 units, with a breakdown of 247,000 for the Geely brand, 35,000 for Lynk & Co, and 29,000 for Zeekr. Year-on-year growth rates were 29.4%, 7.3%, and 6.8%, respectively. The Galaxy model saw a remarkable year-on-year increase of 76.3% with sales of 133,000 units [7]. - The export volume in November was 42,000 units, reflecting a year-on-year increase of 22.2% [7]. New Energy Vehicles - In November, new energy vehicle sales reached 188,000 units, marking a year-on-year increase of 53.4% and accounting for 60.5% of total sales, which is an increase of 11.5 percentage points year-on-year [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, including 5 new models and several facelifts under the Geely brand. The Zeekr brand will introduce the Zeekr 007 GT and Zeekr 9X, while Lynk & Co will launch the Lynk 900 EM-P [7]. - The company is fully embracing smart technology, with a significant increase in the adoption rate of intelligent driving features across its new and updated models [7]. Financial Outlook - The expected net profit for 2025 is projected to be 17 billion yuan, with a corresponding price-to-earnings ratio of 9.2 times, indicating a strong outlook for profitability [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Insights - In Q3 2025, the company achieved sales of 93,000 vehicles, a year-on-year decrease of 39.0%, with revenue of 27.36 billion yuan, down 36.2% year-on-year. The vehicle gross margin was 15.5%, a decline of 5.4 percentage points year-on-year. Despite short-term impacts from the MEGA recall, the company's product advantages and brand design remain strong, with a clear future model plan and ongoing optimization of direct sales channels. The "dual-energy strategy" is expected to further enhance the company's competitive edge, indicating significant future sales potential [2][4][6]. Summary by Relevant Sections Sales and Revenue Performance - In Q3 2025, the company sold 93,000 vehicles, with an average selling price of approximately 278,000 yuan. The sales volume decreased by 39.0% year-on-year and 16.1% quarter-on-quarter. The revenue for Q3 2025 was 27.36 billion yuan, with vehicle sales revenue at 25.87 billion yuan, reflecting a year-on-year decline of 37.4% [6][8]. Profitability Metrics - The company reported a net loss attributable to shareholders of 620 million yuan in Q3 2025, compared to a profit in the previous year. The adjusted net profit (Non-GAAP) was a loss of 360 million yuan. The gross margin for Q3 was 16.3%, with a vehicle gross margin of 15.5%, primarily impacted by the MEGA recall costs [4][6]. Future Outlook - The company expects Q4 2025 deliveries to be between 100,000 and 110,000 vehicles, a year-on-year decline of 30.7% to 37.0%. The projected revenue for Q4 is between 26.5 billion and 29.2 billion yuan, down 34.2% to 40.1% year-on-year. For the full year 2025, the expected delivery volume is between 397,000 and 407,000 vehicles, a decrease of 20.7% to 18.7% year-on-year [6][8]. Strategic Developments - The company is enhancing its dual-energy vehicle lineup and expanding its direct sales network, with 551 retail centers across 157 cities as of October 2025. The company has also opened its first overseas retail center in Tashkent, Uzbekistan, selling models such as the L9, L7, and L6 [6][8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In November 2025, the company achieved sales of 33,181 units, representing a year-on-year decline of 31.9% but a month-on-month increase of 4.5%. Cumulatively, sales from January to November reached 362,000 units, down 18.1% year-on-year. The forecast for December sales is between 35,000 and 45,000 units, indicating a year-on-year decline of 40.1% to 23.0% but a month-on-month increase of 5.6% to 35.8% [2][4][7]. - The company is expected to enhance its product competitiveness with the upcoming L series model upgrades and the launch of the pure electric SUV i9, alongside its expansion into overseas markets, which could significantly increase sales potential [7]. - The company's "Dual Energy Strategy" is progressing well, with over 10,000 supercharging stations nationwide. As of the end of November 2025, there were 3,614 supercharging stations and 20,027 charging piles, nearing the target of 4,000 supercharging stations by year-end [7]. - The company is continuously improving its intelligent driving technology, with the OTA 8.1 update scheduled for early December, enhancing user experience through new features [7]. - The product matrix is expanding with the introduction of multiple models, including four range-extended electric SUVs and two high-voltage pure electric SUVs, which is expected to further boost sales [7]. - The company has established 544 retail centers across 157 cities and is expanding its presence in international markets, with the first overseas retail center opening in Uzbekistan [7]. - The company is projected to achieve net profits of 1.21 billion, 5.69 billion, and 8.48 billion yuan for the years 2025 to 2027, with corresponding PE ratios of 112.3X, 23.9X, and 16.0X [7].

Investment Rating - The investment rating for the textile, apparel, and luxury goods industry is "Positive" and maintained [9] Core Insights - The report summarizes the Q3 2025 financial performance of overseas sports brands, highlighting sales performance, profitability, and inventory status, indicating a gradual improvement in overall performance [2][4] - Revenue performance among major footwear and apparel companies shows divergence, with some brands experiencing strong growth while others face challenges [5][6] - The outlook for the industry suggests a gradual recovery in demand and inventory replenishment, particularly for brands like Adidas and On, while Nike continues to face headwinds [8][36] Revenue Performance - Revenue growth varied significantly among companies in Q3 2025, with Adidas (+12%), On (+35%), and Amer Sports (+30%) showing strong growth, while Nike and VF both reported a decline of -1% [5][19] - The overall revenue performance in Q3 2025 improved compared to Q2, despite some brands continuing to face pressure [5][6] Guidance - The visibility for the full year has improved, with brands like UA restoring full-year guidance, indicating a positive trend despite expected performance divergence [6][26] - Strong growth trends are expected to continue for On and Amer Sports, while Nike and VF are projected to see declines but with signs of improvement [6][31] Inventory - The industry is entering a phase of inventory replenishment, with moderate recovery in demand observed in the U.S. and Europe, although challenges remain in certain markets [7][36] - U.S. apparel inventory levels are in a destocking phase, with wholesale inventory ratios declining since 2023, while retail inventory levels have stabilized [7][36] Future Outlook - The industry is expected to gradually transition into a replenishment phase, with demand showing signs of recovery, particularly in the U.S. apparel sector [8][36] - Brands like Adidas are actively seeking to replenish inventory for growth, while Nike continues to destock amid ongoing challenges [8][36]