Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [11]. Core Insights - Major overseas cloud service providers (CSPs) continue to increase capital expenditures (CapEx) to meet strong downstream demand, with expectations of sustained AI computing power demand through 2026 [3][19]. - The report expresses a comprehensive positive outlook on the domestic AI industry chain, highlighting the internet sector as a key player and domestic computing power as a flexible direction [3][9]. Summary by Sections Financial Performance of Major CSPs - In Q3 2025, major CSPs reported robust revenue growth, with Microsoft achieving $77.7 billion in revenue (YoY +18%), Google at $102.3 billion (YoY +16%), Meta at $51.2 billion (YoY +26%), and Amazon at $180.2 billion (YoY +13%) [6][20]. - The overall revenue for the four major CSPs reached approximately $411.4 billion, a 16% increase YoY, with a net profit of about $86.6 billion, growing 6% YoY [20]. Capital Expenditure Trends - CSPs are significantly increasing their CapEx, with Microsoft at $34.9 billion (YoY +75%), Google at $24.0 billion (YoY +83%), Meta at $19.4 billion (YoY +111%), and Amazon at approximately $35.1 billion (YoY +55%) in Q3 2025 [7][26]. - The total CapEx for the four major CSPs is expected to exceed $360 billion in 2025, reflecting a nearly 60% YoY growth [28]. AI Model Commercialization - Anthropic has raised its revenue forecast for the year by approximately 26% to $4.7 billion (about 33.5 billion yuan), with a projected 1134% YoY growth [8]. - OpenAI is accelerating its commercialization efforts, focusing on creating an AI operating system and maximizing computing power infrastructure [8][9]. Investment Recommendations - The report suggests focusing on leading domestic computing power chains and internet giants poised for a second surge driven by AI [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 183.865 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.49%. The net profit attributable to shareholders was 9.964 billion yuan, up 37.53% year-on-year. For Q3 2025, revenue was 64.107 billion yuan, a 2.50% increase year-on-year, while net profit decreased by 10.70% to 2.719 billion yuan [2][6][12]. - The company expects continued growth in the EMU (Electric Multiple Unit) business and improvement in locomotive operations, alongside the development of urban rail and new industries, indicating a positive operational outlook [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's revenue increased by 20.49% year-on-year, primarily driven by growth in railway equipment and new industries. The revenue breakdown shows railway equipment at 47.71%, urban rail and city infrastructure at 14.84%, new industries at 35.95%, and modern services at 1.50% [12]. - In Q3 2025, railway equipment revenue was 28 billion yuan, down 6% year-on-year, with specific contributions from locomotives (6.9 billion yuan), passenger cars (1.6 billion yuan), EMUs (15.2 billion yuan), and freight cars (4.2 billion yuan) [12]. - New industry revenue reached 25.4 billion yuan in Q3, a 26% increase year-on-year, mainly due to the rise in clean energy equipment sales [12]. Order Intake and Market Demand - The company signed new orders totaling 247.2 billion yuan in the first three quarters, a 16.5% increase year-on-year, with overseas orders reaching 46.7 billion yuan, up 37%. Q3 alone saw new orders of 101.2 billion yuan, a 40% increase, with overseas orders doubling [12]. - The railway sector remains robust, with fixed asset investment reaching 593.7 billion yuan from January to September 2025, a 5.8% increase year-on-year. Passenger traffic reached 3.54 billion trips, a 6% increase, while freight traffic was 3.03 billion tons, up 3.4% [12]. Future Outlook - The company anticipates continued growth in the EMU business and improvements in locomotive operations, supported by urban rail and new industry developments. The projected net profits for 2025 and 2026 are 14.2 billion yuan and 16 billion yuan, respectively, with corresponding P/E ratios of 16 and 14 [12].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [6]. Core Insights - In FY2025Q3 (July 1, 2025 - September 30, 2025), the company achieved revenue of €6.63 billion, representing an 8% year-over-year increase at constant exchange rates. The revenue performance was in line with expectations, with the Adidas brand revenue increasing by 12% [2][4]. - The gross profit margin improved by 0.5 percentage points to 51.8%, driven by lower product and transportation costs, improved business mix, and strong sales [2][4]. - Operating profit margin increased by 1.8 percentage points to 11.1%, while the net profit margin rose by 0.1 percentage points to 7.0% [2][4]. Revenue Breakdown - By region, the Adidas brand saw revenue growth across all markets: Europe (+9%), North America (+1%), Emerging Markets (+11%), Japan/Korea (+6%), and Greater China (+6%). The Adidas brand revenue in these regions grew by 12%, 8%, 13%, 11%, and 10% respectively [5]. - By channel, all channels for the Adidas brand experienced double-digit growth: wholesale (+10%), DTC (+14%), self-operated stores (+13%), and e-commerce (+15%) [5]. - By product category, both footwear and apparel for the Adidas brand achieved double-digit growth, with footwear up by 11% and apparel by 16%. Accessories saw a modest increase of 1% [5]. Inventory and Guidance - As of FY2025Q3, the company's inventory increased by 21% year-over-year to $5.47 billion, attributed to a low base last year and pre-purchases for the World Cup, which is expected to support revenue growth [11]. - The company raised its full-year guidance, projecting a 9% year-over-year revenue increase for FY2025 at constant exchange rates, with the Adidas brand expected to achieve double-digit growth. Operating profit is forecasted to be €2 billion, up from a previous estimate of €1.7 to €1.8 billion [11].

丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 24 之 VF FY2026Q2 经营跟踪： 收入表现超预期，后续指引延续谨慎 报告要点 [Table_Summary] FY2026Q2（2025/6/29-2025/9/27）VF 实现营收 28.0 亿美元，固定汇率下同比-1%，收入表 现优于市场及公司指引（彭博一致预期 27.3 亿美元，公司先前指引固定汇率下同比下滑 2%- 4%），毛利率同比持平为 52.5%，调整后营业利润为 3.3 亿美元，优于此前预期 2.6-2.9 亿美 元，净利率同比+4.9pct 至 6.8%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]24 之 VF FY2026Q2 经营跟踪：收 入表现超预期，后续指引延续谨慎 [Table ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [7]. Core Insights - The computer sector experienced a volatile correction last week, with an overall decline of 2.59%, ranking 32nd among primary industries in the Yangtze River region [2][4]. - Key developments include the launch of the commercial quantum computer Helios by Quantinuum, the establishment of a national data element comprehensive pilot zone in Beijing, and the release of the Kimi K2 Thinking model by Moonlight [5][10]. - The report emphasizes the potential investment opportunities in the space computing industry, particularly focusing on satellite manufacturers, space-hardened computing hardware suppliers, and space computing operators [6][52]. Summary by Sections Market Performance - The computer sector's trading volume accounted for 7.47% of the total market, with active mergers and acquisitions [2][4]. - The Shanghai Composite Index fluctuated around the 4000-point mark, closing at 3997.56 points with an overall increase of 1.08% [4][12]. Key Developments - Quantinuum's Helios quantum computer aims to accelerate the adoption of hybrid quantum-classical computing, featuring high fidelity and the highest accuracy among commercial quantum computers [20][23]. - Beijing's initiative to create a national data element comprehensive pilot zone is expected to enhance the data element industry, with a goal to complete pilot tasks by 2027 [24][25]. - The Kimi K2 Thinking model showcases advancements in agent and reasoning capabilities, achieving state-of-the-art performance in various benchmarks [31][34]. Investment Recommendations - The report suggests focusing on the space computing sector, particularly on companies involved in satellite manufacturing, launch services, and resilient computing hardware [6][52]. - The ongoing developments in space computing are seen as a critical direction for future computational resources, driven by the increasing energy demands of AI and data centers [42][43].

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] 北京打造国家数据要素综合试验区，关注数据要 素产业进展 [Table_Summary] 11 月 6 日，北京市发布了《关于建设数据要素综合试验区 深化数据要素市场化配置改革的实 施意见》（以下简称《实施意见》）。11 月 7 日，北京市人民政府新闻办公室召开国家数据要素 综合试验区（北京）新闻发布会，对《实施意见》进行解读。当前时点，以北京为代表的数据 要素试点工作正加速开展，并带动数据规范流通与高效利用，因此我们认为当前数据要素有望 随着试点工作的完成进入落地阶段，进而迎来数据要素价值的重估，惠及全产业链，建议关注 具备海量数据资源的企业，以及在数据处理、管理和分析方面具备深厚积累的企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 报告要点 事件评论 风险提示 1、政策推进不及预期； 2、数据要素市场交易额扩张速度不及 ...

Investment Rating - The investment rating for the company is "Buy" [9] Core Viewpoints - The report emphasizes the importance of understanding the "coal-electricity integration" business model, which offers a competitive edge compared to traditional coal-fired power generation. The company's green energy strategy is also highlighted as it positions itself for growth during the industry's recovery phase [2][5]. Summary by Sections Company Overview - The company is a leading coal-electricity integrated enterprise in Inner Mongolia, with a stable growth in installed capacity. As of mid-2025, the total installed capacity reached 13.2762 million kilowatts, with coal-fired power accounting for 11.4 million kilowatts and renewable energy for 1.8762 million kilowatts [5][22]. Coal Power Business - The coal power segment is supported by a robust business model that mitigates risks associated with coal price fluctuations. The company has a coal production capacity of 15 million tons per year, with a significant portion being sold externally. The report notes that the coal price dynamics positively influence profitability [6][38]. - The company has committed to a high dividend payout, with an average dividend ratio of 60.85% over the past three years, and a projected dividend yield of 5.45% for 2024 [5][34]. Green Energy Business - The green energy sector is expected to experience growth as the industry transitions to a new cycle of high-quality development. The company plans to expand its renewable energy capacity significantly, with 188,000 kilowatts in operation and 204,000 kilowatts under construction as of mid-2025 [7][68]. - The acquisition of high-quality wind power assets is anticipated to enhance the company's profitability, with favorable return on equity metrics for the acquired assets [7][68]. Financial Performance - The company's net profit for 2024 is projected at 2.325 billion yuan, with a year-on-year growth of 15.98%. However, a decline in net profit is expected in the first three quarters of 2025 due to external coal prices and reduced electricity generation [29][31]. - The report forecasts net profits of 2.398 billion yuan, 3.127 billion yuan, and 3.311 billion yuan for 2025, 2026, and 2027, respectively, with corresponding earnings per share of 0.37 yuan, 0.39 yuan, and 0.41 yuan [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 5.838 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.54%. However, the net profit attributable to shareholders decreased by 3.10% to 425 million yuan. The Q3 revenue fell short of expectations, leading to short-term pressure on profitability. The core business remains stable, and the robotics segment is beginning to show a second growth curve. The projected net profits for 2025-2027 are 720 million, 990 million, and 1.25 billion yuan, respectively, with corresponding PE ratios of 20.5X, 15.0X, and 11.8X [2][4][11]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 2.209 billion yuan, with a quarter-on-quarter increase of 4.5% and a year-on-year increase of 5.8%. However, this performance was below expectations due to fluctuations in sales from key downstream customers. The net profit for Q3 was 148 million yuan, down 19.1% compared to the previous quarter and year [11]. Business Stability and Growth - The core business continues to grow steadily, supported by models such as the Wanjie M8/M9 and the Shangjie H5. The company anticipates significant revenue growth in Q4 due to scale effects. The company is also extending its connector product line to enhance value and has developed a comprehensive solution for high-voltage electrical systems [11]. Robotics Segment - The company has established a dedicated R&D team for robotics harnesses and connectors, successfully providing multiple product series to a leading AI company. The robotics segment is expected to initiate a second growth curve, leveraging the industrial base in areas like Tokunshan and Zhangpu [11]. Profit Forecast - The company forecasts net profits of 720 million, 990 million, and 1.25 billion yuan for 2025, 2026, and 2027, respectively, with PE ratios of 20.5X, 15.0X, and 11.8X. The company is recognized as a domestic leader in automotive wiring harnesses [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company's total revenue for Q1-Q3 2025 is 1.378 billion yuan, showing a year-on-year increase of 1.00%. However, the net profit attributable to the parent company is 53.7755 million yuan, a decrease of 34.06% year-on-year. The Q3 2025 revenue is 492 million yuan, reflecting a year-on-year growth of 4.27%, while the net profit for Q3 is 17.9855 million yuan, down 19.08% year-on-year [2][4] Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported total revenue of 1.378 billion yuan, with a net profit of 53.7755 million yuan and a non-recurring net profit of 53.599 million yuan, both showing significant declines year-on-year [2][4] - In Q3 2025, the revenue reached 492 million yuan, marking a 4.27% increase year-on-year, while the net profit was 17.9855 million yuan, down 19.08% year-on-year [2][4] Market and Competitive Landscape - Revenue performance has shown a quarter-on-quarter improvement, indicating that the operational bottom has been reached. The revenue growth rates for Q1 to Q4 2025 are projected to be +1.50%, -3.12%, and +4.27%, respectively, with expectations for continued recovery in Q4 due to a lower comparative base [10] - The competitive landscape remains intense, with the company's net profit margin declining by 2.08 percentage points to 3.9% for Q1-Q3 2025, and gross margin decreasing by 1.52 percentage points to 22.73% [10] Investment Projects and Future Outlook - Some investment projects have been delayed to adapt to new market trends. The company has adjusted the construction timeline for the "Wuhu Baifuyuan Project" and "Hebi Baishun Project" to January 2027 due to changes in market demand and economic conditions [10] - Profit forecasts for the company indicate net profits of 72 million yuan, 97 million yuan, and 111 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.74, 1.00, and 1.14 yuan, suggesting a PE ratio of 57, 42, and 36 times at the current stock price [10]

Core Insights - The main trading theme for the steel sector in 2026 is expected to be "iron ore concessions + the realization of steel production cuts under anti-involution" [2][6] - The anticipated concession space for iron ore in 2026 may exceed that of coking coal in 2025, as iron ore constitutes a larger share of crude steel costs [6][7] - The "Steel Industry Normative Conditions" is expected to serve as a tool for "graded management" in the steel sector, categorizing companies into "leading," "standard," and "non-standard" types for differentiated production control [7] Market Trends - Demand is gradually entering a low season, leading to weakened profitability and reduced production enthusiasm among steel mills [4] - The apparent consumption of five major steel products has decreased by 2.40% year-on-year and 6.05% month-on-month, with rebar prices dropping to 3200 CNY/ton [4] - The average daily pig iron output has fallen to 2.3422 million tons, a decrease of 2.14 thousand tons per day [4] Cost Dynamics - The cost side is expected to continue weakening, with the release of new capacities for iron and coking coal [25] - The profit distribution in the black industry chain shows that iron ore accounted for 72% of profits, indicating significant room for concessions [6][25] - The price of iron ore is projected to gradually decline to a support level of 90 USD/ton by 2026, as new capacities come online [6][20] Strategic Focus - The report emphasizes the importance of focusing on high-quality steel companies such as Nanjing Steel, Hualing Steel, and Baosteel, which are expected to see performance elasticity under favorable cost conditions [6][25] - The anti-involution policy is expected to strengthen the supply-side contraction, making low P/B ratio stocks like New Steel and Fangda Special Steel more attractive for performance and valuation recovery [25][26] - Mergers and acquisitions are anticipated to accelerate under the national enterprise reform theme, enhancing asset quality and subsequent valuation recovery for involved companies [26] Future Outlook - The expectation for 2026 includes a higher likelihood of production cuts due to the implementation of differentiated production control measures [7] - The anticipated recovery in steel prices is supported by the global easing cycle and domestic economic growth measures [7][26] - The report suggests that companies with strong acquisition capabilities and operational elasticity, such as Fangda Special Steel, are well-positioned for growth [7][26]