Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company has demonstrated accelerated revenue growth, driven by AI empowerment and globalization, with a 24.22% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.303 billion yuan [2]. - The net profit attributable to shareholders for the same period grew by 14.55% year-on-year, amounting to 351 million yuan [2]. - In Q3 2025 alone, the company achieved a revenue of 460 million yuan, reflecting a 27.49% year-on-year growth, and a net profit of 116 million yuan, up 34.93% year-on-year [2]. Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1,438 million yuan, 1,783 million yuan, 2,201 million yuan, and 2,704 million yuan respectively, with year-on-year growth rates of 21.2%, 24.0%, 23.5%, and 22.8% [4]. - The net profit attributable to shareholders is forecasted to be 401 million yuan, 502 million yuan, 609 million yuan, and 733 million yuan for the same years, with growth rates of 23.9%, 25.2%, 21.5%, and 20.2% respectively [4]. - The earnings per share (EPS) are projected to be 2.86 yuan, 3.58 yuan, 4.35 yuan, and 5.23 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4]. Business Segment Performance - The C-end business, particularly the intelligent text recognition products, saw a revenue of 385 million yuan in Q3, marking a 32.40% year-on-year increase, driven by an increase in active users and paid users [8]. - The B-end business also showed steady growth, with Q3 revenue from B-end products reaching 20.6 million yuan, a 19.64% year-on-year increase [8]. - The company is enhancing its overseas market capabilities and user experience, which is expected to further strengthen its brand recognition and long-term growth potential [8]. Investment Recommendations - The report suggests that the company's technological and product capabilities are building a competitive moat, with continuous improvements in AI capabilities [8]. - The target price for the company is set at 239 yuan, based on a projected market capitalization of 33.5 billion yuan, applying a 55x PE ratio for 2026 [4][8].

证 券 研 究 报 告 证券行业周报（20251110-20251116） 推荐（维持） 再融资规模同比高增，北交所占据 IPO 排队主体 ❑ 事项：2025 年 1-10 月，一级市场融资端呈现回暖态势，但结构分化显著。1） IPO 方面：全市场募集金额 902 亿元（同比+70.7%），家数 87 家（同比+7 家）。 IPO 节奏在保持常态化的基础上温和回升，但体量相对可控。2）再融资方面： 募集金额 8636 亿元（同比+428.8%），家数 173 家（同比+19 家）。再融资规模 出现倍数级增长，单家平均募资规模大幅提升。这或反映出在 IPO 入口严监管 背景下，资本市场功能重心向存量上市公司倾斜，支持优质龙头企业通过定增、 并购重组等方式做优做强，政策支持效果在数据端得到充分验证。 IPO 储备结构：北交所承接效应明显。截至 11 月 18 日，剔除终止及中止项目 后，IPO 报审家数共计 186 家，板块分布呈现极度不均衡特征：北交所（112 家，占比 60.2%）占据报审队伍六成以上，为当前企业首发上市的主阵地。这 与监管层支持专精特新、中小市值企业融资的导向高度一致。沪深主板及双创 板块（ ...

1. Report Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In 2025Q3, the market value of convertible bonds held by public - funds increased, with the bond - type funds being the main force of the increase, and they mainly added positions in power equipment convertible bonds. The position of convertible bonds held by public - funds also rose. Although the convertible bond market continued to shrink, the convertible bond assets still had considerable returns under the catalysis of equity enthusiasm [2][8][9]. - The performance of convertible bond funds outperformed the index in 2025Q3, showing net subscriptions and scale expansion. However, the overall position and leverage ratio of these funds declined. Both public - funds and convertible bond funds focused on adding positions in power equipment convertible bonds [5][8][9]. 3. Summary by Directory 3.1 Public - funds Increase Convertible Bond Positions and Add Positions in Power Equipment Convertible Bonds 3.1.1 Market Value of Convertible Bonds Held by Public - funds Increases Month - on - Month, and Positions Rise - In 2025Q3, the market value of convertible bonds held by public - funds was 316.618 billion yuan, a month - on - month increase of 16.09% and a year - on - year increase of 12.72%. The ratio of the market value of convertible bonds held by public - funds to the market value of bond investments was 1.57%, a 0.28 - percentage - point increase from 25Q2; the ratio to net worth was 0.87%, a 0.07 - percentage - point increase from 25Q2 [13]. - The market value changes of convertible bonds held by different types of funds varied month - on - month. Stock - type and secondary bond - type funds significantly increased their positions. From the perspective of absolute amount changes, the bond - type funds had the largest increase in market value, with a month - on - month increase of 48.61 billion yuan in 25Q3 [17][19]. - The overall position of public - funds in convertible bonds increased, but the position of convertible bond funds was diluted. According to the Wind fund primary classification, the convertible bond position of stock - type funds remained flat at 0.02% month - on - month, that of hybrid funds decreased by 0.26 percentage points to 0.59%, and that of bond - type funds increased by 0.49 percentage points to 2.73% [23][25]. 3.1.2 Public - funds Inversely Increase Positions, while Insurance Funds, Enterprise Annuities, and Securities Firms' Proprietary Trading Reduce Positions - As of the end of 2025Q3, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges was 599.489 billion yuan, a decrease of 55.679 billion yuan from the end of 25Q2, a month - on - month decrease of 8.50%. Insurance institutions, enterprise annuities, and securities firms' proprietary trading significantly reduced their positions, while public - funds significantly increased their positions inversely, with a month - on - month increase of 7.68% to 233.561 billion yuan [35]. 3.1.3 Public - funds Mainly Add Positions in Power Equipment, and Bank Convertible Bonds Further Shrink - In terms of industry layout in 25Q3, banks were still the primary layout sector, but the overall position market value shrank significantly under the early redemption of multiple bank convertible bonds, with only a 233 - million - yuan difference from the power equipment market value. From the perspective of the market value month - on - month change rate, 24 industries had positive month - on - month changes, with the petrochemical, power equipment, and beauty care industries leading in growth [42]. 3.1.4 Industrial Convertible Bonds Maintain the First - Positioned Heavy - Position Bond - Industrial convertible bonds were the first - positioned heavy - position bond of public - funds, and EVE and Industrial convertible bonds led in terms of incremental positions. Among the top ten convertible bonds in terms of total position market value, there were 3 bank convertible bonds, which was fewer than in Q2. The types of bottom - position bonds gradually diversified [50]. 3.2 Convertible Bond Funds' Performance Outperforms the Index, and Convertible Bond Positions and Leverage Ratios Decline 3.2.1 Net Asset Value after Reinvestment Increases, and Overall Net Subscriptions Occur - As of 2025Q3, there were 39 convertible bond funds in the market. The performance of convertible bond funds outperformed the convertible bond index, showing net subscriptions and scale expansion. The scale of convertible bond funds in 25Q3 was 63.284 billion yuan, a significant increase of 11.635 billion yuan from 25Q2, a month - on - month increase of 22.53% [55]. - By observing the asset allocation changes of high - performing convertible bond funds, most of the larger - scale funds had reduced convertible bond positions. The top five funds in terms of net value performance in 25Q3 all had a certain scale, and most of them reduced their positions in stocks and convertible bond assets [57][58]. 3.2.2 Convertible Bond Positions Slightly Decrease Month - on - Month, and Leverage Ratios Decline Month - on - Month - The overall position of 39 convertible bond funds slightly decreased, and the leverage ratio declined month - on - month. In the third quarter of 2025, the ratio of the market value of convertible bonds to the net value of convertible bond funds was 84.18%, a month - on - month decrease of 1.16 percentage points; the median position was 85.54%, a more obvious month - on - month decrease of 6.14 percentage points. The average leverage ratio of 39 convertible bond funds was 114.13%, a decrease of 2.79 percentage points month - on - month, continuing the downward trend [5][68]. 3.2.3 Convertible Bond Funds Focus on Adding Positions in Power Equipment - From the perspective of the quarterly change in the number of times funds held convertible bonds, more than half of the industries had an increase in the number of holdings in 25Q3, with power equipment, electronics, and machinery leading in the increase. From the perspective of the quarterly change in the proportion of the market value of fund positions, the proportion of power equipment increased by 4.46 percentage points, leading by a large margin [6]. - Among the 39 convertible bond funds, Industrial convertible bonds were still the main heavy - position bond and increased in position. The banking and power equipment industries remained at the forefront of heavy - position industries [6].

Investment Rating - The report maintains a "Strong Buy" rating for Yili Co., Ltd. (600887) with a target price of 36 CNY [2][6]. Core Insights - Yili has outlined a five-year growth plan focusing on stabilizing the entire industry chain and enhancing profitability amidst weak demand and intensified competition. The company aims for a net profit margin of 9% for the year [6]. - The company expects revenue growth to outpace GDP growth over the next five years, with a focus on liquid milk and functional nutrition as key growth drivers [6]. - Yili plans to increase its market share in various product categories, including infant formula and low-temperature dairy products, while also accelerating international expansion [6]. - A commitment to high dividend payouts has been established, with plans for cash dividends to account for at least 75% of net profit from 2025 to 2027 [6]. Financial Summary - Projected total revenue (in million CNY) for 2024A is 115,780, with a year-on-year growth rate of -8.2%. By 2027E, revenue is expected to reach 125,537 million CNY, with a growth rate of 3.5% [2][6]. - The net profit attributable to the parent company is projected to be 8,453 million CNY in 2024A, with a significant increase to 13,302 million CNY by 2027E, reflecting a growth rate of 8.2% [2][6]. - Earnings per share (EPS) are expected to rise from 1.34 CNY in 2024A to 2.10 CNY in 2027E, indicating a positive trend in profitability [2][6]. Market Position and Strategy - Yili aims to lead the liquid milk market by 2026, with a focus on penetrating lower-tier markets and enhancing presence in high-tier cities [6]. - The company is shifting its marketing strategy from traditional methods to more engaging and ROI-focused approaches, which is expected to support ongoing profitability improvements [6]. - Yili's international business is projected to grow at a compound annual growth rate (CAGR) of 20%, with a focus on high-value products from New Zealand and expanding its presence in Southeast Asia [6].

计算机行业重大事项点评 推荐（维持） 鸿蒙：生态技术双突破，自主底座能力再巩固 事项： ❑ 2025 年 11 月 14-16 日，于深圳举办的第二十七届中国国际高新技术成果交易 会（高交会）上，华为鸿蒙生态以独立展区形式全面亮相，系统展示了其在工 业、安平、医疗、金融等关键领域的创新应用成果。展会集中呈现了鸿蒙生态 以 OpenHarmony 开源项目为共同技术底座，汇聚 AI+分布式安防场景的安平 鸿蒙、具身智能+设备互联场景的工业鸿蒙、设备互联+AI 辅助诊断场景的医 疗鸿蒙、政务+产业协同场景的园区鸿蒙、中移智鸿开源底座场景家庭鸿蒙等 众多行业发行版。 证 券 研 究 报 告 评论： 行业研究 计算机 2025 年 11 月 18 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周楚薇 邮箱：zhouchuwei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 58,692.16 | 4.84 ...

债券研究 年底主线酝酿期，关注中低价、大盘—— 可转债周报 20251118 ❖ 近期权益市场风格调整明显，次年主线酝酿中。10 月以来权益市场的宽基指 数在高位震荡持续，但行业板块上分化较为明显：此前较热门的 AIGC 相关的 TMT 等板块交易拥挤度回落明显，而受益于近期大宗商品走强以及 AI 扩张下 电力缺口等叙事的认可，部分有色、新/旧能源板块交易活跃。 近几年年底最后 1-2 个月以行业轮动速度观察，均有较明显的抬升趋势，部分 解释了今年年底 TMT、有色、新能源等题材快速切换的情况，同时参考往年， 至次年春节前后板块轮动的趋势或将加速。此外，2025 年表现强势的人形机 器人、人工智能等板块，在 2024 年底时就有较明显的超额收益，而低空经济 这个 2025 年偏弱的"老题材"在 24 年底就显示出相对颓势。 证 券 研 究 报 告 【债券周报】 ❖ 近期中低价转债表现靠前，历史看年底防御品种超额不弱。10 月中旬以来， 中低价的偏债及平衡品种表现依然靠前，但高价的偏股品种出现震荡调整，或 也对应着年底转债市场在结构上风偏有所回落，对应了年底主线酝酿期不确定 性抬升的变化。回顾历史，除了 201 ...

Group 1: Fiscal Revenue Trends - In October, general fiscal revenue decreased by 0.6% year-on-year, compared to a 3.2% increase in September[1] - The five real estate-related taxes remained nearly flat year-on-year at -1.4%, while land sales revenue dropped by 27.3%, marking the lowest monthly growth since August of the previous year[2] - Tax revenue growth was relatively high at 8.6%, leading to a negative growth rate in general fiscal revenue due to the significant decline in land sales revenue[2] Group 2: Real Estate Tax Observations - Non-transaction taxes (urban land use tax, arable land occupation tax, property tax) increased by 6.4% year-on-year, contributing to the divergence from land sales revenue[3] - Transaction-related taxes (land value-added tax, deed tax) fell by 16%, correlating with the 27.3% drop in land sales revenue[3] Group 3: Land Sales Revenue Analysis - City investment platforms contributed 30% to 40% of land sales revenue, but this was based on unsustainable practices[4] - The proportion of land acquired by city investment platforms is expected to drop from 33.4% in 2024 to 24.8% in 2023, returning to 2021 levels[4] - The concentration of land sales revenue among the top 10 cities reached 48%, significantly higher than previous years, indicating a structural shift in the market[5]

湖南海利（600731）2025 年三季报点评 强推（维持） 业绩略弱于预期，股权激励推进顺利 目标价：10.5 元 事项： ❖ 公司发布 2025 年三季报，前三季度公司实现营业收入 14.79 亿元，同比下降 13.36%；归属于上市公司股东的净利润为 1.98 亿元，同比微降 1.24%；实现 扣非归母净利润 1.51 亿元，同比下降了 18.4%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,471 | 2,670 | 3,645 | 4,333 | | 同比增速(%) | 4.1% | 8.1% | 36.5% | 18.9% | | 归母净利润(百万) | 265 | 297 | 393 | 500 | | 同比增速(%) | -3.1% | 11.9% | 32.2% | 27.4% | | 每股盈利(元) | 0.47 | 0.53 | 0.70 | 0.89 | | 市盈率(倍) | 16 | 15 | ...

Investment Rating - The report maintains a "Strong Buy" rating for the wind power industry, particularly for companies like Mingyang Smart Energy [2]. Core Insights - The wind power industry is experiencing a recovery in pricing and profitability, driven by a combination of factors including policy changes and robust domestic and international demand [6][7]. - The profitability of wind turbine manufacturers is increasingly reliant on wind farm development and operation, as manufacturing margins have been under pressure due to price wars and competition [11][15]. - The trend of turbine size increasing is slowing down, leading to a more concentrated industry as smaller players exit due to unsustainable losses [5][39]. Summary by Sections 1. Profit Structure of Wind Turbine Manufacturers - Wind turbine manufacturers derive profits from two main areas: equipment manufacturing and wind resource development, with the latter gaining a larger share of profits over time [11][15]. - The manufacturing sector has seen a significant decline in profit margins, with some companies reporting negative margins due to intense price competition [37][39]. 2. Recovery of Turbine Prices and Industry Profitability - Turbine prices have bottomed out and are expected to rise, with a projected increase of approximately 10% from the previous year [40][56]. - The industry is witnessing a shift from low-price competition to a focus on quality and sustainable pricing, supported by new policies aimed at curbing price wars [45][46]. 3. Domestic Demand and International Market Opportunities - Domestic wind power installation is projected to exceed 120 GW in 2025, driven by a robust bidding environment and government support for large-scale projects [60][62]. - Internationally, markets in Europe and emerging regions in Asia, Africa, and Latin America are expected to see significant growth, with annual additions projected to double in the next five years [5][60]. 4. Investment Recommendations - The report suggests focusing on companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy, as they are well-positioned to benefit from the recovery in turbine prices and strong demand [5][6].

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [4][60]. Core Insights - The aviation industry is experiencing a positive turning point, with passenger load factors reaching their highest levels of the year and ticket prices showing a year-on-year increase of 8.9% [4][3]. - The supply-demand dynamics are more favorable than in 2019 and 2024, with structural improvements in demand, particularly in business travel and cross-border travel [4]. - The report highlights the constraints on supply due to maintenance backlogs and low growth in new aircraft introductions, reinforcing the supply-side constraints [4]. Summary by Sections October Data Analysis - In October, the ASK (Available Seat Kilometers) growth rates were led by Spring Airlines at 16.5%, followed by China Southern Airlines at 7.5% and China Eastern Airlines at 6.8% [1]. - The RPK (Revenue Passenger Kilometers) growth rates for October were also led by Spring Airlines at 20.1%, with China Eastern Airlines at 10.6% and China Southern Airlines at 8.8% [1]. - Cumulatively from January to October, Spring Airlines again led with ASK growth of 11.7% and RPK growth of 11.4% [1]. Passenger Load Factor - In October, the passenger load factors were highest for Spring Airlines at 93.2%, followed by China Southern Airlines at 87.9% and China Eastern Airlines at 87.5% [3]. - Year-to-date, Spring Airlines maintained a load factor of 91.5%, slightly down by 0.2% year-on-year, while China Southern Airlines improved by 1.5% to 85.9% [3]. Fleet Size - As of October 2025, the five listed airlines collectively added 7 aircraft, with a year-on-year fleet size increase of 3.5% [3][15]. Pricing Trends - The Consumer Price Index (CPI) in October showed a year-on-year increase of 0.2%, with air ticket prices rising by 8.9% [3]. Investment Recommendations - The report emphasizes a positive outlook for investments in major airlines such as Air China, China Southern Airlines, and China Eastern Airlines, highlighting their potential for elasticity in performance [4]. - It also recommends focusing on low-cost carriers like Spring Airlines and regional leaders like Huaxia Airlines, which are expected to reach sustainable operational turning points [4].