业绩简评 25 年 11 月 18 日公司披露三季报，25 年 Q1-Q3 实现营收 3403.7 亿元人民币（下同），同比+32.5%；经调整净利润 328.2 亿元，同 比+73.5%。其中，Q3 实现营收 1131.2 亿元，同比+22.3%；经调整 净利润 113.1 亿元，同比+80.9%。 人车家全生态战略维持韧性，新十年目标稳健进取。公司 AIoT 平 台已连接IoT设备首次突破10亿台，达到10.35亿台，同比+20.2%， 设备接入数已超三星（约 2 亿台）、亚马逊（约 1 亿台）、谷歌（约 8 千台）等全球互联网巨头量级。11 月公司发布智能家居探索方 案 Xiaomi Miloco，探索大模型驱动的全屋智能生活，至此小米 Mimo 已完成语音、语言及多模态全系列模型矩阵，逐步构筑围绕 2026-2030 年高增长的 AI 时代智能家居新增长极。 经营分析 智能手机：高端化定位持续强化。25Q3 公司智能手机实现营收 460 亿元，全球出货量 43.4 百万台，同比+0.5%，全球/中国市占率分 别为 16.7%/13.6%。Xiaomi 17 系列中 Pro 和 Pro Max 销量占比 ...

2025/11/20 1 摘要 · 2025年10月31日，证监会和基金业协会同步发布了《公开募集证券投资基金业绩比较基准指引（征求 意见稿）》和《公开募集证券投资基金业绩比较基准操作细则(征求意见稿)》，其中文件中对于基金 业绩排名、基金风格分类、风格偏离提出规定。 · 本文基于量化视角，对不同风格下股票可投池和基金风格进行刻画，为基金公司风控、产品部等对监 管文件落地实操提供参考解决方案。 · 股票池部分聚焦于板块、行业、主题基金,本文通过"科技创新"可投池量化构建思路为例,对科技 等传统板块股票池进行可投空间扩容、风险收益优化等，同时又保证相对可控的跟踪误差。 · 基金风格刻画层面,不仅局限与大小盘、成长价值的基金风格,更引入策略风格,如：景气、GARP、 逆向等,以近一步引申到基金能力圈及画像刻画等。 • 风险提示：国内政策及经济复苏不及预期；模型失效风险；基金投资风险等 3 资料来源：证监会、基金业协会 4 • • • • • • 科技创新股票池定义 5 数据来源：Wind，国金证券研究所 6 • 传统市值或成长价值风格票池，监管已给出明确基准指数参考，且基准指数阈值相对宽泛，基金经理可投资空间具有 ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant growth in the next 6-12 months [4]. Core Insights - The company reported a revenue of $57 billion for FY26Q3, representing a year-on-year increase of 62% and a quarter-on-quarter increase of 22%. Data center revenue was $51.2 billion, up 66% year-on-year and 25% quarter-on-quarter. The GAAP gross margin was 73.4%, with a net profit of $31.9 billion, a 65% increase year-on-year [2]. - The company is optimistic about the AI industry's demand, with strong performance in cloud services and full utilization of deployed GPUs. The company expects to maintain a gross margin of around 75% despite rising upstream costs [3]. Summary by Sections Performance Review - For FY26Q3, the company achieved a revenue of $57 billion, with a GAAP gross margin of 73.4% and a net profit of $31.9 billion, reflecting a year-on-year growth of 65% [2]. Operational Analysis - The GB300 product line has successfully ramped up, contributing significantly to the Blackwell series revenue. The Hopper series continues to see demand, generating approximately $2 billion in revenue for FY26Q3. The company anticipates the Rubin series to begin mass production in the second half of 2026 [3]. Profit Forecast and Valuation - The company is projected to achieve GAAP net profits of $116.1 billion, $205.2 billion, and $283.4 billion for FY26, FY27, and FY28, respectively, with year-on-year growth rates of 60%, 76%, and 38% [4].

存量市场特征 超长信用债收益率边际回调。本周（2025.11.10-2025.11.14，下同）因长债利差压缩至 24 年以来低位，机构投资者 对超长信用债配置态度出现分歧，止盈行为的出现引起超长信用债收益率小幅回调。与上周相比，2.4%-2.5%收益率 的存量超长信用债只数增长至 299 只。 一级发行情况 超长信用债供给探底。本周超长信用新债发行规模合计 23 亿，仅北京基投、皖投集团两家城投主体存在 7 年及以上 （优先行权）长债发行。新债认购情绪方面，虽然现券市场交投情绪转弱，但投资者参与超长城投债一级市场的配置 热度仍维持在较高点位，有本周长债供给收缩的影响，也展现市场对高资质主体长债收益的认可。 二级成交表现 超长信用债指数涨势明显放缓。本周 7 年以上普信债指数总体微涨，7-10 年 AA+信用债指数涨幅 0.03%，10 年以上 AA+信用债指数涨幅也仅 0.11%，表现弱于利率长债。 超长信用债成交量显著缩减。经过连续三周的上涨，7 年以上普信债利差已被压缩到较低的位置，7-10 年产业债与 20- 30 年国债利差已收窄至 21bp。也正是顾虑长信用利差保护空间不足，本周超长普信债成交笔数 ...

截至 2025 年 11 月 17 日，存量信用债估值及利差分布特征如下： 城投债： 公募城投债中，江浙两省加权平均估值收益率均在 2.5%以下；收益率超过 4.5%的城投债出现在贵州区县级；其余区 域中，云南、甘肃等地的利差也较高。与上周相比，公募城投债收益率超过半数下行，其中，3-5 年品种收益率平均 下行幅度达到 1.2BP。具体来看，收益下行幅度较大的品种的包括 3-5 年河南区县级非永续、3-5 年贵州区县级非永 续、1 年内及 2-3 年广西区县级永续债。 私募城投债中，上海、浙江、广东、福建等沿海省份的加权平均估值收益率在 2.85%以下；收益率高于 3.5%的品种出 现在云南、贵州地级市及区县级、以及甘肃区县级；其余的广西、青海等地的利差也较高。与上周相比，私募城投债 收益率普遍下行，3-5 年品种收益平均下行 2.6BP。具体来看，收益下行幅度较大的有 1 年内福建地级市永续、2-3 年 河北地级市永续、2-3 年山西区县级非永续及 1-2 年宁夏地级市非永续债，分别对应下行 8.6BP、9.3BP、12.6BP 和 22.7BP。 产业债： 民企地产债和产业债估值收益率及利差整体高于其他品 ...

11 月 17 日，零跑汽车发布 25Q3 财报，其中： 1、营收：Q3 公司共计销售新车 17.4 万辆，同/环比+101.8%/+29.6%； 总计营收 194.5 亿元，同/环比+97.3%/+36.7%；我们计算 Q3 单车 ASP 11.19 万元，同/环比-2.2%/+5.4%；25Q1-Q3 公司共计销售新车 39.6 万辆，同比+128.8%，营收 437 亿元，同比+133.6%，单车 ASP 11.05 万元，同比+2.1%； 2、费用：25Q3 销售/行政/研发费用率分别为 4.9%/3.2%/6.2%，环 比-0.7pct/+0.4pct/-1.4pct； 3、利润：25Q3 毛利率 14.5%，同/环比+6.4pct/+0.9pct；归母净利 润 1.5 亿元，同比扭亏，环比-6.3%；我们计算公司 Q3 单车净利 0.09 万元。25Q1-Q3 公司毛利率 14.3%，同比+9.4pct，实际净利润 1.8 亿 元，我们计算单车净利 0.05 万元。 我们重申，公司的核心优势是优秀的产品打造能力和较低的制造成 本，这一点依旧在延续。但需要注意的是：26 年中低端市场预计厮 杀激烈， ...

2025 年 11 月 18 日 买入（维持评级） 港股公司点评 证券研究报告 11 月 17 日，吉利汽车发布 25Q3 财报，其中： 1、营收：Q3 公司共计销售新车 76.1 万辆，同/环比+42.5%/+8.1%； 总计营收 891.9 亿元，同/环比+47.7%/+14.7%；我们计算 Q3 单车 ASP 11.7 万元，同/环比+3.7%/+6.1%；25Q1Q3 公司共计销售新车 216.9 万辆，同比+45.6%，营收 2394.8 亿元，同比+26.4%，单车 ASP 11 万元，同比-13.2%； 2、费用：经重制后公司 25Q2 销售/行政/研发费用率分别为 6.0%/1.5%/4.9%，环比-0.1pct/-0.4pct/-0.2pct； 3、利润：公司 25Q3 毛利率 16.6%，同/环比+1.0pct/-0.5pct；扣除 异常汇兑收益及非金融资产损益后，得公司 Q2 实际归母净利润 39.6 亿元，同/环比+61.3%/+20%，我们计算公司 Q3 单车净利 0.52 万元， 同/环比+13.2%/+11%；25Q1-Q3，公司毛利率 16.5%，同比+0.3pct， 实际净利 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report From November 10 - 14, bond - type ETFs had a net capital outflow of 550 million yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 370 million yuan, net inflows of 1.21 billion yuan, and net outflows of 1.39 billion yuan respectively. In terms of performance, compared with the previous week, the weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.01%, + 0.06%, and + 0.43% respectively, with the net value of convertible - bond ETFs continuously recovering [2][13]. Summary by Directory 1. Issuance Progress Tracking - Last week, there were no newly issued bond ETFs [3][17]. - A list of bond ETFs issued this year was provided, including details such as fund names, issuance shares, issuance scales, issuance announcement dates, fund establishment dates, and performance comparison benchmarks [18]. 2. Existing Product Tracking - As of November 14, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 146.9 billion yuan, 376.9 billion yuan, and 65.7 billion yuan respectively, with credit - bond ETFs accounting for 63.9% of the total scale. Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF had the top two circulating market values [19]. - Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.35 billion yuan, decreased by 130 million yuan, and decreased by 980 million yuan respectively. Products with obvious scale growth last week included Pengyang ChinaBond - 30 - year Treasury Bond ETF and Haifutong CSI Short - term Financing ETF [21]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 120 billion yuan and 251.7 billion yuan respectively, decreasing by 1.58 billion yuan and 70 million yuan compared with the previous week [23]. 3. ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively [26]. - As of November 14, taking February 7 as the base date, the average cumulative return of benchmark - market - making credit - bond ETFs rose to 0.81%; taking July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to 0.09% [5][30]. 4. Premium/Discount Rate Tracking - The average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs last week were - 0.18%, + 0.01%, and - 0.04% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.30% and - 0.16% respectively [6][36]. 5. Turnover Rate Tracking - Last week, the turnover rates of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of all three types of products declined, falling to 125%, 121%, and 87% respectively. Specifically, products such as Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF, Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, and Guotai CSI AAA Science - Innovation Corporate Bond ETF had relatively high turnover rates [7][41]. - A detailed list of 53 bond ETFs' existing details and weekly performance was provided, including circulating market values, weekly changes, weekly net - value changes, cumulative returns this year, weekly average premium/discount rates, and weekly turnover rates [45].

- The report tracks the performance of enhanced index funds, highlighting the best-performing funds across different indices such as CSI 500, CSI 1000, and CSI 2000. For example, the Ping An CSI 500 Enhanced Index Fund achieved an excess return of 2.03% last week, while the Taiping CSI 1000 Enhanced Index Fund recorded an excess return of 1.84%[5][38][41] - Over the past year, the best-performing enhanced index funds include the E Fund CSI 300 Enhanced Fund with a 12.83% excess return, the Penghua CSI 500 Enhanced Fund with an 18.90% excess return, and the Huaxia CSI 1000 Enhanced Fund with a 28.67% excess return[39][42] - The report also provides detailed performance metrics for various enhanced strategy ETFs, such as the China Merchants CSI 2000 Enhanced Strategy ETF, which achieved a 31.60% excess return over the past year and 22.17% since 2025[27][28][39]

Core Viewpoints - The issuance of new convertible bonds has been relatively low this year, with less than 50 bonds issued and a total scale of less than 500 billion, leading to a scarcity that has attracted market attention [12][14] - New bonds listed since July have closed above 140, indicating strong market demand, and the pricing strategy for new bonds is crucial for obtaining returns [2][12] - Two main strategies for institutions to gain returns from new bonds include buying on the second day after listing and participating in rights offerings [2][27] Market Review - The stock market has been experiencing fluctuations, with the Shanghai Composite Index and ChiNext Index showing declines of 0.18% and 3.01% respectively, indicating a technical pressure around the 4000-point mark [34] - The consumer sector has shown strength, while technology stocks have faced significant pullbacks, influenced by CPI/PPI data and external market conditions [34][55] - The convertible bond market has seen a rise in the index, with the average transaction volume increasing, reflecting a high valuation environment [44][47] Convertible Bond Investment Strategy - The current valuation of convertible bonds is at a high level, with the average premium rate for bonds priced between 90-110 at approximately 30.06%, indicating limited upward momentum [47][55] - A neutral overall view is suggested, with a focus on trading opportunities as the premium rate approaches around 26% [55] - Specific sectors to watch include high-growth areas such as non-ferrous metals, electronics, battery storage, and military industries, as well as themes like AI computing and solid-state batteries [55] Primary Market Tracking - Recently, one new bond was issued, and several companies have received approvals for bond issuance, indicating ongoing activity in the convertible bond market [56][58]