Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 181.8 to 218.1 CNY, indicating an expected upside of 37% to 64% from the current price of 132.62 CNY [2][7]. Core Insights - The company has entered a strategic partnership with Jieka Co., a leader in collaborative robotics, to explore opportunities in the field of embodied intelligent robots. This collaboration aims to innovate in three key areas: integrated smart terminals for interaction, innovation in intelligent manufacturing, and the localization of core components in the robotics supply chain [2][7]. - The company is positioned as a significant player in the high-end intelligent automotive lighting market, with its projection headlights already being used in popular models such as the Wuling M9 and Zeekr 9X. The report anticipates further growth in market share as production ramps up [7]. - The financial forecasts indicate robust growth, with total revenue expected to reach 16.0 billion CNY in 2025, growing at a year-on-year rate of 20.8%. Net profit is projected to be 1.7 billion CNY, also reflecting a growth rate of 20.8% [3][8]. Financial Summary - Total revenue projections for the company are as follows: - 2024: 13.25 billion CNY - 2025: 16.02 billion CNY - 2026: 18.91 billion CNY - 2027: 22.19 billion CNY - Net profit forecasts are: - 2024: 1.41 billion CNY - 2025: 1.70 billion CNY - 2026: 2.08 billion CNY - 2027: 2.60 billion CNY - Earnings per share (EPS) is expected to grow from 4.93 CNY in 2024 to 9.10 CNY by 2027 [3][8]. Market Position and Growth Potential - The company has established a solid foundation for growth in the intelligent automotive lighting sector, with expectations of increased average selling prices (ASP) and market share expansion, particularly in overseas markets such as Serbia, Mexico, and the United States [7]. - The partnership with Jieka Co. is expected to enhance the company's capabilities in integrating AI with automotive and robotics industries, potentially leading to innovative applications and improved operational efficiencies [7].

证 券 研 究 报 告 本报告由华创证券有限责任公司编制 "十五五"70个细分领域指数全景——"十五五"系列2 2025年10月17日 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com @2021 华创 版权所有 | "十五五"重点细分领域前瞻 | | --- | 证 券 研 究 报 告 • 历次五年规划会对未来 重点发展产业做出详细 的规划部署，并通常主 要集中于"现代产业体 系"篇目下的具体章节。 从过去决策层地方调研 情况及党政要会的梳理 来看，我们认为未来 "十五五"重点细分领 域或将集中于以下四大 方面：科技/制造、消费 /服务、基建、其他。 | | | | | | | | | | | | 证 | 券 研 究 | 报 告 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [68]. Core Insights - The report highlights that ASML's Q3 2025 performance met expectations, with revenue of €7.516 billion, a year-on-year increase of 0.66% and a quarter-on-quarter decrease of 2.29%. The gross margin was 51.6%, reflecting a year-on-year increase of 0.8 percentage points [1][2][10]. - The demand for EUV equipment continues to grow, with new system orders in Q3 2025 amounting to €5.399 billion, of which €3.6 billion were EUV orders, accounting for approximately two-thirds of the total [2][17]. - The company anticipates Q4 2025 revenue to be between €9.2 billion and €9.8 billion, with a projected gross margin of 51% to 53% [3][27]. Summary by Sections Company Q3 2025 Performance - ASML achieved total revenue of €7.516 billion in Q3 2025, slightly below the guidance midpoint of €7.4-7.9 billion. The gross margin was 51.6%, aligning with expectations [2][10]. - The system sales revenue was €5.554 billion, including €2.111 billion from EUV sales and €3.443 billion from non-EUV sales. Installed base management revenue was €1.962 billion, meeting guidance [2][10][18]. Industry Observation and Company Progress - The report notes a positive shift in the industry, driven by increased AI investments, which are accelerating capital expenditures in advanced logic and DRAM sectors [19][20]. - ASML has made significant progress in enhancing lithography intensity, with EUV technology adoption rates rising among DRAM and advanced logic customers [21][22]. Company Guidance - For Q4 2025, ASML expects revenue between €9.2 billion and €9.8 billion, with a gross margin of 51% to 53%. The company projects a 15% year-on-year revenue growth for the full year 2025, amounting to approximately €32.5 billion [3][26][27]. - Looking ahead to 2026, ASML anticipates net sales to be no less than the 2025 level, with an expected increase in the proportion of EUV business reflecting ongoing expansion in advanced processes driven by AI [3][28]. Q&A Highlights - The report indicates that recent positive signals from AI infrastructure investments are expected to lay a solid foundation for future equipment demand, although the impact will be partially realized in 2026 [29]. - ASML's management expressed optimism about the long-term growth potential driven by AI, with expectations for revenue to reach between €44 billion and €60 billion by 2030, with gross margins projected at 56% to 60% [28].

Investment Rating - The report maintains a "Strong Buy" rating for Gujing Gongjiu with a target price of 300 CNY [1][6]. Core Views - The company shows resilience in market sales, with a focus on accelerating inventory reduction ahead of the Spring Festival [1][6]. - The management is pragmatic and flexible in adjusting operations to ensure long-term healthy development, particularly in stabilizing market share in the domestic market while exploring growth potential in external markets [6][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 23,578 million CNY, 21,774 million CNY, 22,033 million CNY, and 23,249 million CNY respectively, with a year-on-year growth rate of 16.4% in 2024A, followed by a decline of 7.6% in 2025E [2][13]. - Net profit attributable to the parent company is forecasted at 5,518 million CNY for 2024A, decreasing to 5,069 million CNY in 2025E, with a growth rate of 20.2% in 2024A and a decline of 8.1% in 2025E [2][13]. - Earnings per share (EPS) are projected to be 10.44 CNY in 2024A, 9.59 CNY in 2025E, 10.02 CNY in 2026E, and 10.74 CNY in 2027E [2][13]. Market Performance - The company has shown a strong performance compared to the CSI 300 index, with a notable increase in market share in the domestic market despite external pressures [6][8]. - The marketing team has effectively executed strategies to enhance brand presence and sales, particularly in key regions such as Jiangsu and Anhui [6][8]. Strategic Initiatives - The company is focusing on product upgrades and new product launches to enhance market competitiveness, with a particular emphasis on maintaining price competitiveness while expanding market share [6][8]. - Marketing efforts are being intensified in preparation for the Spring Festival, aiming to boost sales and inventory reduction [6][8].

Investment Rating - The report gives a "Buy" rating for the company with a target price of 48.06 CNY per share [1][9]. Core Insights - The company is a leading player in the sensitive toothpaste segment, with its core brand "Cold Acid Spirit" holding a 64.7% market share in the retail market for sensitive toothpaste in 2024. The company has achieved steady growth through a high-end strategy and an omnichannel approach, projecting a revenue of 1.56 billion CNY in 2024, representing a year-on-year increase of 13.4% [6][14]. - The report emphasizes the importance of online channels and the emergence of new brands in the oral care market, indicating a shift in market dynamics and a potential for domestic brands to gain market share [6][8]. Summary by Sections Company Overview - The company has a total share capital of 172.17 million shares and a market capitalization of 6.99 billion CNY. The asset-liability ratio stands at 25.68%, with a net asset value per share of 8.19 CNY [3]. - The management team is experienced and stable, with the controlling shareholder being the Chongqing State-owned Assets Supervision and Administration Commission [17][20]. Financial Performance - The company has shown robust financial growth, with revenue increasing from 940 million CNY in 2019 to 1.56 billion CNY in 2024, reflecting a CAGR of 10.6%. The net profit attributable to shareholders is projected to grow from 161 million CNY in 2024 to 324 million CNY by 2027 [2][22]. - The gross margin improved to 49.4% in 2024, up by 5.3 percentage points year-on-year, driven by product structure optimization and the growth of high-margin e-commerce channels [33][34]. Market Dynamics - The oral care market is characterized by high maturity, with a stable demand for basic cleaning products. The market size for oral care in China grew from 38.8 billion CNY in 2017 to 52.2 billion CNY in 2021, with a CAGR of 7.7% [50][53]. - The report highlights the increasing importance of online channels, with e-commerce accounting for 31% of the company's revenue in 2024, up from 6% in 2019 [22][32]. Competitive Positioning - The company has established a strong competitive position in the sensitive toothpaste segment, leveraging its brand recognition and innovative product offerings. The "Cold Acid Spirit" brand is well-known among consumers, and the company is expanding its product matrix to include electric toothbrushes and oral health products [46][49]. - The report notes that domestic brands are rapidly gaining market share, with a focus on specialized products and effective marketing strategies [6][8].

行业研究 证 券 研 究 报 告 汽车行业新车跟踪报告 10 月重点关注腾势 N8L 及高山 7 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 行业基本数据 汽车 2025 年 10 月 16 日 推荐（维持） 华创证券研究所 证券分析师：张程航 -9% 7% 24% 41% 24/10 24/12 25/03 25/05 25/08 25/10 2024-10-15~2025-10-15 汽车 沪深300 相关研究报告 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 235 | 0.03 | | 总市值(亿元) | 48,568.92 | 4.15 | | 流通市值(亿元) | 37,097.69 | 3.93 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 0.2% | 18.6% | 33.4% | | 相对表现 | -0.2% | -2.1% | 18.8% | 《【华创汽车】新车跟踪：4 月上海车 ...

证 券 研 究 报 告 汽车 2025 年 10 月 16 日 推荐（维持） 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 8 月全球轻型车销量约 692 万辆、同比+4.3%、环比-2.0%，海外合计约 424 万 辆、同比-1.7%、环比-8.3%，其中北美 175 万辆、同比+2.1%、环比+5.1%， 欧洲约 109 万辆、同比+0.7%、环比-24%，中国 268 万辆、同比+15%、环比 +10%。 9 月速报：据 Marklines，估计 9 月北美轻型车销量同比+5.4%，欧洲+6.9%。 评论： 行业研究 汽车海外销量点评 8 月欧洲、北美同比增速放缓，东亚降幅扩大 事项： 证券分析师：夏凉 电话：021-20572532 邮箱：xialiang@hcyjs.com 执业编号：S0360522030001 证券分析师：林栖宇 邮箱：linxiyu@hcyjs.com 执业编号：S0360525070002 行业基本数据 | | | 占比% | | --- | --- | -- ...

Group 1: Financial Data Overview - In September 2025, new social financing (社融) increased by 3.53 trillion yuan, up from 2.57 trillion yuan in the previous period[1] - The year-on-year growth of social financing stock was 8.7%, slightly down from 8.8%[1] - M2 year-on-year growth was 8.4%, down from 8.8% in the previous month[1] - New M1 year-on-year growth was 7.2%, an increase from 6% previously[1] Group 2: Key Indicators and Trends - M1 year-on-year increase of 1.35 trillion yuan reflects a rise in household demand rather than corporate cash flow improvement[3] - Non-bank deposits saw a significant year-on-year decline of 1.06 trillion yuan in September, down 1.97 trillion yuan compared to the same month last year[5] - Corporate medium- and long-term loans decreased by 500 million yuan year-on-year, indicating a potential easing of production investment[4] Group 3: Seasonal Effects and Market Implications - Seasonal factors contributed to the decline in non-bank deposits, typically observed at the end of the quarter due to banks' assessment pressures[2] - The observed trends in September do not yet indicate a weakening of short-term equity market activity, pending further data in October[2] - The relationship between non-bank deposits and equity market activity suggests that the recent decline may not signify a turning point for market engagement[5]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The financial data for September 2025 shows a new social financing scale of 3.53 trillion yuan, a year-on-year decrease of 229.7 billion yuan, with a year-on-year growth rate of 8.7%, down 0.1 percentage points from the previous month [2][7]. - New RMB loans amounted to 1.29 trillion yuan in September, a year-on-year decrease of 300 billion yuan, continuing the trend from August [2][7]. - The report highlights a recovery in the real estate market, with a notable improvement in the sales of commercial housing in major cities, which positively impacted the growth of medium to long-term loans for residents [7]. Summary by Sections Financial Data Overview - In September 2025, the new social financing scale was 3.53 trillion yuan, with a year-on-year decrease of 229.7 billion yuan. The stock of social financing grew at a rate of 8.7% year-on-year, which is a decrease of 0.1 percentage points from the previous month [2][8]. - The new RMB loans for September were 1.29 trillion yuan, reflecting a year-on-year decrease of 300 billion yuan [2][8]. Loan Structure Analysis - The report indicates that corporate loans in September amounted to 1.22 trillion yuan, a year-on-year decrease of 270 billion yuan, while medium to long-term loans for residents showed improvement due to a recovery in the housing market [7][8]. - The report notes that the demand for credit remains relatively weak compared to the first half of the year, with banks being more cautious in their lending practices [7]. Market Performance - The absolute performance of the banking sector showed a decline of 0.7% over the past month, but a positive trend over 6 months (7.5%) and 12 months (16.0%) [5]. - The report emphasizes the importance of long-term investment strategies in the banking sector, suggesting that banks with high dividend yields and strong asset quality present good investment opportunities [7].

Group 1: Inflation Data Overview - In September, the CPI year-on-year improved from -0.4% to -0.3%, while the core CPI rose to 1%[2] - The PPI remained flat month-on-month, with a year-on-year decline narrowing from -2.9% to -2.3%[2] - The GDP deflator index is expected to improve from -1.2% to -0.9% in Q3, aiding nominal growth stabilization[2] Group 2: Core CPI Analysis - The core CPI has been rising monthly, reaching 1% in September, the first time since March of the previous year[3] - Core goods prices increased significantly, with a year-on-year rise of 1.8% in September, the highest since 2021[4] - The contribution to the core CPI increase from core goods, rent, and core services is estimated at 0.61, 0.05, and 0.11 percentage points respectively[4] Group 3: Price Trends and Influences - Household appliance prices surged from -3.4% to 5.5%, marking a record high since 2002, driven by consumption policies[4] - Gold jewelry prices increased by 42.1%, contributing approximately 0.2 percentage points to the core CPI[4] - The prices of medical services rose by 1.9%, reflecting ongoing reforms in the healthcare sector[21] Group 4: Risks and Future Outlook - The effectiveness of consumption policies is expected to continue influencing price trends, with potential fluctuations as funding phases out[5] - The recovery of rent prices is crucial for the mid-term upward adjustment of the core CPI[5] - Uncertainties regarding the implementation of unified market policies pose risks to the inflation outlook[5]