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]

Investment Rating - The report maintains a "Buy" rating for all recommended stocks in the consumer sector [11][12][13][14][16][17][21][22]. Core Insights - The report highlights nine advantageous sectors within the consumer industry, including agriculture, retail, social services, automotive, textiles, light industry, food, home appliances, and pharmaceuticals, with key stock recommendations for January 2026 [4][7]. - The report emphasizes the expected growth and profitability of the recommended companies, projecting significant increases in net profits and improvements in cash flow over the next few years [11][12][13][14][16][17][21][22]. Summary by Sector Agriculture - Recommended Stock: Muyuan Foods (牧原股份) - Projected net profits for 2025-2027 are 154.9 billion, 160.2 billion, and 225.5 billion respectively, with corresponding PE ratios of 18, 17, and 12 [11][27]. Retail - Recommended Stock: Shangmei Co., Ltd. (上美股份) - Projected net profits for 2025-2027 are 11.2 million, 14.0 million, and 17.0 million respectively, with corresponding PE ratios of 24, 19, and 16 [12][27]. Social Services - Recommended Stock: Jinjiang Hotels (锦江酒店) - Projected net profits for 2025-2027 are 9.53 million, 10.57 million, and 11.63 million respectively, with corresponding PE ratios of 28, 25, and 23 [13][27]. Automotive - Recommended Stock: Top Group (拓普集团) - Projected net profits for 2025-2027 are 27.8 million, 34.1 million, and 43.3 million respectively, with corresponding PE ratios of 45, 37, and 29 [14][27]. Textiles - Recommended Stock: HLA (海澜之家) - Projected net profits for 2025-2027 are 21.6 million, 23.1 million, and 24.5 million respectively, with corresponding PE ratios of 14, 13, and 12 [16][17][27]. Light Industry - Recommended Stock: Craft Home (匠心家居) - Projected net profits for 2025-2026 are 9.2 million and 12.0 million respectively, with corresponding PE ratios of 22 and 17 [17][27]. Food - Recommended Stock: Wancheng Group (万辰集团) - Projected net profits for 2025-2027 are 12.81 million, 20.46 million, and 26.81 million respectively, with corresponding PE ratios of 30, 19, and 14 [18][27]. Home Appliances - Recommended Stock: Anker Innovations (安克创新) - Projected net profits for 2025-2027 are 26.57 million, 31.98 million, and 38.95 million respectively, with corresponding PE ratios of 22.5, 18.7, and 15.4 [21][27]. Pharmaceuticals - Recommended Stock: Zhaoyan New Drug (昭衍新药) - Projected net profits for 2025-2027 are 0.61 million, 0.85 million, and 0.97 million respectively, with corresponding PE ratios of 31.8, 22.9, and 19.9 [22][27].

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - The successful launch of the Long March 12甲 rocket marks a significant step in China's exploration of reusable rocket technology, despite the failure to recover the first stage. This event lays a solid foundation for future reusable launches, which are expected to significantly reduce launch costs and accelerate the development of China's commercial space industry [10][11] - The report emphasizes that short-term setbacks are a necessary part of industry development, and as technology advances, the cost of rocket launches is likely to decrease, thereby promoting the growth of the commercial space sector. It is recommended to pay attention to key suppliers across the industry chain, particularly those related to satellite applications [10][11] Summary by Sections Event Description - On December 23, at 10:00 AM, the Long March 12甲 rocket was launched from the Dongfeng Commercial Space Innovation Test Area, successfully placing its second stage into the designated orbit, although the first stage was not successfully recovered. The flight test was deemed a basic success [5][10] Event Commentary - The Long March 12甲 rocket, designed for "first-stage reuse," is approximately 70.4 meters long and weighs about 437 tons. Although the first stage recovery was not achieved, valuable data was collected for future launches. The report highlights that reusable technology will greatly enhance rocket capacity and reduce average launch costs, supporting the acceleration of satellite constellation deployment [10][11] - The report notes that both state-owned and commercial space sectors are progressing together, with various companies working on reusable rockets across different payload capacities and technologies, which will complement China's aerospace industry [10][11]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - The liquor sector is experiencing a phase of "supply optimization and weak demand recovery," with inventory destocking expected to continue in Q4. Short-term price recovery is anticipated due to Moutai's controlled supply, with attention on Spring Festival sales and inventory turnover [2][5] - Demand for mass consumer goods is expected to show marginal recovery, with January anticipated to see a strong start due to delayed Spring Festival stocking [2][5] - The latest recommended companies include Ganhe Weiye, Guoquan, Anqi Yeast, Babi Foods, Ligao Foods, Wancheng Group, Anjii Foods, Kuaijishan, Shanxi Fenjiu, Yanghe, and Guizhou Moutai [2][5] Summary by Sections Production Data - In November, the industry production data revealed that meat and soft drinks led the growth, with meat production increasing by 16.3% and soft drinks by 0.4%. Other categories, such as alcoholic beverages, continue to face downward pressure [4][16] - Non-alcoholic categories showed stable production growth, with notable increases in fresh and chilled meat production, driven by declining prices of core items like pork, stimulating demand [20] Market Review - Since the beginning of the year, the Food and Beverage (Yangtze) Index has decreased by 4.22%, underperforming compared to the CSI 300. The market has seen significant differentiation, particularly in Q2 and Q3, due to consumption scene restrictions and a trend towards cost-effective consumption preferences [6][28] - In the past week, the restaurant supply chain sector (including food and condiments) has outperformed, while the liquor sector (including beer and wine) has shown relatively weak performance [6][28] Industry Dynamics - Companies in the soft drink sector are focusing on core categories to enhance competitiveness, such as Yuanqi Forest divesting its dairy business to concentrate on tea and sparkling water. Cross-industry innovations are also being explored, with new products like rice whiskey targeting specific dining scenarios [7][34] - Digital transformation and employee incentives are driving channel changes, with integrated online and offline strategies becoming mainstream. Companies like Luckin Coffee and Three Squirrels are rapidly expanding into high-traffic areas [7][34]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - Since December 2025, the price difference between original boxes and loose bottles of Moutai has narrowed to within 20 yuan, indicating a more balanced consumption structure across different scenarios [2][22] - The price decline of loose bottles is less than that of original boxes, driven by increasing demand for Moutai as prices decrease, with loose bottles serving as a primary vehicle for mass consumption [2][22] - Historical data shows a strong positive correlation between the prices of loose and original box Moutai, with significant divergence occurring post-January 2021 due to changes in sales policies [6][17] - The introduction of policies to control supply and stabilize prices has led to a convergence in pricing between different Moutai products, including the recent alignment of kilogram Moutai prices with those of original and loose bottles [7][24] Summary by Sections Understanding Price Convergence of Original and Loose Moutai - The price gap between original and loose Moutai bottles averaged 200-300 yuan before 2021, expanding to around 700 yuan at the beginning of 2021 due to changes in sales policies [6][17] - The price difference peaked at over 1100 yuan per bottle in 2021, but has since narrowed significantly due to measures taken by Moutai to curb speculative pricing [20][22] Understanding Price Convergence of Kilogram Moutai and Regular Moutai - Kilogram Moutai has shown greater price stability compared to loose and original box Moutai, reflecting a higher actual consumption rate [7][24] - Since early 2025, the prices of original and loose Moutai have been converging, influenced by increased supply of kilogram Moutai and a decrease in non-consumption demand [24] Current Outlook on Moutai Pricing - Short-term expectations indicate a potential for Moutai prices to stabilize within a narrow range, while long-term trends will be influenced by economic growth and supply dynamics [8][27] - The demand side is closely linked to factors such as household income and consumer confidence, while the supply side is affected by Moutai's pricing strategies [27][28]