Investment Rating - The report maintains a "Positive" investment rating for the gaming sector [6]. Core Insights - The number of game approvals in December reached a multi-year high, with significant titles from companies like Tencent, Kaiying, and 37 Interactive Entertainment receiving approval. The total number of game approvals for 2025 is expected to reach 1,771, a 25% increase from 2024, marking the highest number since 2019 [2][4][9]. - The report highlights a new product cycle for listed companies, with several key new games set to launch, suggesting continued investment opportunities in the gaming sector [2][4][9]. Summary by Sections Game Approval Highlights - In December, 147 game approvals were issued, including 144 domestic and 3 imported games. The total for 2025 is projected to be 1,771, with 1,676 domestic and 95 imported games, reflecting a stable approval rhythm [9]. - The pace of imported game approvals has accelerated, with monthly approvals starting from October 2024, averaging around 100 approvals annually over the past three years [9]. New Game Launches - Several companies are advancing their key new games, indicating the onset of a new product cycle. Notable launches include Giant Network's "Supernatural Action Group" and Tencent's "Counter-Strike: Future," among others [9]. - The report lists several companies to watch for investment opportunities, including Giant Network, Kaiying, Perfect World, 37 Interactive Entertainment, and Tencent [9].

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector saw a 4.21% increase in the 52nd week of 2025, ranking 8th among major industries in the Yangtze River region. Year-to-date, the sector has risen by 87.14%, ranking 1st [2][4]. - Nvidia has entered a non-exclusive licensing agreement with AI inference chip leader Groq, with a transaction value of $20 billion, significantly above Groq's September valuation of $6.9 billion. This acquisition enhances Nvidia's capabilities in inference processing [5]. - Alibaba's Tongyi Laboratory has launched a self-developed layered architecture image model, Qwen-Image-Layered, which optimizes computing power and enables precise image editing, facilitating the international expansion of domestic multimodal large models [6]. - The Long March 12 rocket successfully completed its first flight, marking a milestone for China's commercial aerospace sector, with new regulations facilitating the listing of rocket companies on the Sci-Tech Innovation Board [7]. Summary by Sections Market Performance - In the 52nd week of 2025, the communication sector increased by 4.21%, with a year-to-date rise of 87.14%, leading among major industries [2][4]. - Top gainers in the sector include Tongyu Communication (+30.7%), Yongding Co. (+28.1%), and Beidou Star (+27.3%), while China Telecom (-5.3%), Dekeli (-3.6%), and Shijia Photon (-3.6%) faced declines [4]. Key Developments - Nvidia's acquisition of Groq focuses on Groq's LPU architecture, which uses on-chip SRAM to enhance memory access speed, improving the overall inference processing ecosystem [5]. - Alibaba's Qwen-Image-Layered model breaks traditional diffusion model limitations, achieving element-level decoupling and precise editing, thus supporting the export of domestic multimodal models [6]. - The successful flight of the Long March 12 rocket represents a significant advancement in commercial aerospace, with new guidelines supporting the listing of rocket companies [7]. Investment Recommendations - Recommended operators include China Mobile, China Telecom, and China Unicom. - For optical modules, recommended companies are Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Shijia Photon, with attention to Taicheng Light and Yuanjie Technology. - In liquid cooling, the recommendation is for Yingweike, while for hollow core fibers, Fenghuo Communication, Hengtong Optic-Electric, and Zhongtian Technology are suggested, with a focus on Changfei Optical Fiber. - For domestic computing power, recommended companies include Runze Technology, Guanghuan New Network, Aofei Data, Huafeng Technology, Guangxun Technology, ZTE, and Unisplendour. - In AI applications, recommended firms are Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication, Meige Intelligent, and Guanghetong. - For satellite applications, recommended companies include Huace Navigation, Haige Communication, and Canqin Technology [8].

Group 1 - The report highlights that the electronic sector's performance over the past decade has been driven by cost inflation in segments that either innovate or experience supply-demand mismatches, with a focus on AI developments expected to drive strong demand in 2026 [5][21][26] - The report anticipates that AI advancements will lead to significant growth in demand for electronic products, particularly in AI glasses, AI smartphones, and other innovative products, mirroring the explosive growth seen in TWS earphones in 2019 [8][11][37] - The PCB market is expected to see continuous value enhancement due to ongoing upgrades in server applications, with demand for AI PCBs projected to accelerate significantly in 2026, driven by increased shipments from major companies like Google and Nvidia [9][28][39] Group 2 - The storage sector is transitioning from a supply-driven logic to one driven by AI demand, with expectations of a 30%+ growth in DRAM and NAND demand in 2026, as AI training and inference create substantial data storage needs [10][62][71] - The report emphasizes that AI glasses are poised to become a major consumer electronics trend, with significant growth in shipments expected in 2026, benefiting supply chain companies involved in assembly, SOC, and optics [11][37][89] - The report identifies that the storage industry is entering a high-growth phase, with a focus on domestic manufacturers and the expansion of production capacity, which will positively impact related equipment and materials sectors [83][84]

Investment Rating - The industry investment rating is "Positive" and is maintained [7] Core Insights - The computer sector has shown a continuous rebound, with an overall increase of 2.13%, ranking 14th among primary industries in the Yangtze River region, and accounting for 5.77% of the total market turnover [2][4][13] - The report highlights significant advancements in the brain-computer interface (BCI) industry, particularly with the upcoming Shenzhen Brain Expo, which is expected to accelerate the commercialization of BCI technologies [6][49] - The report suggests focusing on three main lines of investment: 1) domestic mapping of invasive BCI technologies from advanced overseas industries; 2) product deployment of non-invasive BCIs in consumer scenarios; 3) downstream applications related to BCIs [6][62] Summary by Sections Market Performance - The computer sector's performance last week was characterized by a strong market rebound, with the Shanghai Composite Index returning to 3900 points, closing at 3963.68 points, reflecting an overall increase of 1.88% [4][13] - The computer sector's turnover accounted for 5.77% of the total market, with notable activity in commercial aerospace and space computing-related stocks [2][4] Key Developments - The report emphasizes the recent achievements in quantum error correction by the University of Science and Technology of China, marking a significant milestone for future large-scale fault-tolerant quantum computing [10][22] - The successful launch of the Long March 12 rocket and the support from the Shanghai Stock Exchange for commercial rocket enterprises are highlighted as pivotal developments in the commercial aerospace sector [30][40] Investment Opportunities - The report identifies the BCI industry as a key area for investment, particularly in light of supportive policies and the potential for rapid commercialization [6][62] - The upcoming Shenzhen Brain Expo is expected to showcase advancements and foster investment opportunities in the BCI sector [49][62] - The report also notes the acceleration of IPO processes for commercial aerospace companies, which could enhance capital flow into the industry [40][48]

Investment Rating - The investment rating for the industry is "Positive" and maintained [8] Core Insights - In FY2025Q3, the company achieved revenue of $2.57 billion, a year-on-year increase of 7%, exceeding market expectations (Bloomberg consensus forecast of $2.48 billion) [2][6] - Gross margin decreased by 2.9 percentage points to 55.6%, primarily impacted by rising tariffs, increased discounts, and foreign exchange losses [2][6] - Operating profit margin fell by 3.5 percentage points to 17.0%, while net profit decreased by 13% to $310 million, with a net profit margin of 12.0%, down 2.7 percentage points year-on-year [2][6] Revenue Breakdown - By region, FY2025Q3 revenue for the U.S./North America/Greater China was $1.38 billion/-2% /$1.73 billion/-3% /$510 million/+42%, with Greater China benefiting from e-commerce growth and offline store expansion, while North America faced pressure due to weak store traffic, declining average transaction value, and lower conversion rates [7] - By channel, FY2025Q3 revenue from direct sales/e-commerce was $1.21 billion/+$0.107 billion/+13%, with direct sales growth slowing sequentially, while e-commerce maintained strong growth [7] - By category, FY2025Q3 revenue for women's/men's/other products was $1.64 billion/+6% /$600 million/+8% /$320 million/+12%, showing steady performance across categories [7] Inventory and Guidance - As of FY2025Q3, the company's inventory increased by 11% year-on-year to $2 billion, with expectations for unit inventory growth in FY2026Q4 and dollar inventory growth in double digits year-on-year [12] - The company slightly raised its full-year guidance, expecting FY2025 revenue of $10.962 to $11.047 billion, a year-on-year increase of 4% (previous guidance was $10.85 to $11 billion, a 2% to 4% increase) [12]

行业研究丨点评报告丨软件与服务 [Table_Title] 我国达成量子纠错关键里程碑，关注量子计算产 业进展 报告要点 [Table_Summary] 近日，中国科学技术大学团队基于超导量子处理器"祖冲之 3.2 号"在码距为 7 的表面码上实 现了低于纠错阈值的量子纠错，使得我国达到了"低于阈值，越纠越对"的关键里程碑。我国 基于超导量子处理器"祖冲之 3.2 号"在量子纠错领域实现突破，为构建实用的大规模量子计 算机铺平了道路，我国量子计算有望进入快速发展阶段，从而重塑现有的计算体系，进而带动 包含稀释制冷机、量子芯片，整机制造、量子计算软件以及下游应用的产业上下游共同发展， 打开未来巨大产业空间。 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 丨证券研究报告丨 [Table_Title 我国达成量子纠错关键里程碑，关注量子计算 2] 产业进展 [Table_Summary2] 事件描述 近日，中国科学技术大学团队基于超导量子处理器"祖冲之 3.2 号"在码距为 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology on December 26, 2025, marks a significant milestone for the humanoid robot industry in China, which is currently entering a rapid development phase. This committee is expected to accelerate the standardization process and commercial implementation of humanoid robots [2][12] - The report suggests focusing on the entire robot industry chain, particularly on suppliers of robot "brains" and software-related companies that provide robot operating systems [2][12] Summary by Sections Event Description - The meeting for the establishment of the standardization committee was attended by key officials from the Ministry of Industry and Information Technology, indicating the government's commitment to advancing the humanoid robot sector [6] Event Commentary - The standardization committee will address issues such as technology fragmentation, interface incompatibility, and quality inconsistencies in the humanoid robot industry. Its role will include the formulation and revision of industry standards across various domains, which is expected to prevent low-level redundant construction and vicious price competition, thereby laying a solid foundation for high-quality development [12] - The acceleration of standardization efforts is anticipated to reshape the competitive landscape of the humanoid robot industry, creating a unified technical language and enhancing supply chain collaboration [12]

Investment Rating - The investment rating for the industry is "Positive" and maintained [6]. Core Insights - Alibaba is a rare domestic player with a full-stack AI layout, recently launching several core C-end AI native products, including Qianwen APP, Lingguang APP, and Ant Aifu, aiming to complete the last piece of the full-stack AI puzzle [2][4]. - The comprehensive push by Alibaba in the C-end is not merely about traffic entry but is crucial for occupying communication channels and platforms with users in the AI era, deeply binding user habits [2][9]. Summary by Sections Recent Product Launches - Qianwen APP was launched on November 17, marking Alibaba's entry into the consumer AI market, featuring high-quality dialogue based on large models, task execution capabilities, and multi-modal functions. As of December 10, it surpassed 30 million monthly active users within 23 days of public testing, becoming the fastest-growing AI application globally [9]. - Lingguang APP was released on November 18, achieving over 1 million downloads within 4 days, surpassing other notable products. Its unique feature allows users to generate applications with a single description, leading to over 3.3 million flash applications created within two weeks [9]. - Ant Aifu, upgraded from the AI health application AQ on December 15, focuses on health companionship, leveraging a solid user base of 800 million medical insurance code users and a vast network of medical resources, including over 30,000 real doctors [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] 2025 深圳脑博会召开，关注脑机接口产业进展 报告要点 [Table_Summary] 2025 年 12 月 28 日至 30 日，第五届脑科学前沿与产业大会暨 2025 深圳脑机接口博览会在深 圳光明天安云谷召开。当前，我国脑机接口产业成果频出。政策扶持下，脑机接口产业有望迎 来发展机遇期，并加速由产业研究向商业化转化，进而加速脑机接口大规模商业化落地进度。 建议关注三条主线：1、侵入式脑机接口海外先进产业链的国内映射标的；2、非侵入式脑机接 口在消费场景的产品落地相关标的；3、脑机接口下游应用端相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title2] 2025 深圳脑博会召开，关注脑机接口产业进展 [Table_Summary2] 事件描述 2025 年 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - On December 26, the Shanghai Stock Exchange released guidelines to support commercial rocket companies in listing on the Sci-Tech Innovation Board, marking a significant step towards capitalizing the commercial aerospace industry in China [2][4] - The guidelines are expected to accelerate the IPO process for leading commercial aerospace companies, facilitating capital operations to support industry development [2][4] - The guidelines specify that companies must have a projected market value of no less than 4 billion RMB and must have received approval from relevant national authorities [4] Summary by Sections Event Description - The Shanghai Stock Exchange issued guidelines for commercial rocket enterprises to apply for the fifth listing standard on the Sci-Tech Innovation Board, supporting the commercialization of the aerospace industry [4] Event Commentary - The release of the guidelines is seen as a policy turning point that will aid the development of the commercial aerospace industry. The guidelines include 14 provisions focusing on technical advantages, required achievements, necessary approvals, and market space requirements [9] - Over 600 commercial aerospace companies exist in China, with more than ten already initiating the IPO process. Companies like Blue Arrow Aerospace are nearing the submission of their listing applications [9] - SpaceX's potential IPO could set a benchmark for Chinese commercial aerospace companies, with expectations of raising over $30 billion and a target valuation of approximately $1.5 trillion [9] Investment Opportunities - The release of the guidelines is viewed as a significant marker for the acceleration of capitalizing the commercial aerospace industry, with leading companies likely to experience a surge in IPO activities. There is a recommendation to focus on core suppliers across the industry chain, particularly those related to satellite applications [9]