【山证通信】北美光通信财报指引 分析师： 上周，谷歌正式发布了 AI 图像旗舰模型 Nano Banana Pro，其效果惊艳，主 要提升包括人像细节更加真实、对物理规律的把握符合现实、立等可用的信息图 表&海报、文字现实准确度的提升、支持 4K 原生以及最重要的其结合 Gemini3 强大原生多模态能力可对文字 prompt 进行推理或计算输出效果图。Nano Banana Pro 强大的效果引发社交媒体的现象级传播，与此同时市场担心 AI 大模型格局已 定，GPU 投资叙事受到影响。我们认为，谷歌 Gemini3 pro 系列的成功建立在自 有数据、TPU 算力、安卓流量入口以及强大的模型团队一系列系统级创新上，这 恰恰说明了 scalinglaw 仍然发挥作用，大模型超越纸面测试分数后在人类使用体 验上天花板仍然很高。谷歌云副总裁在近期举办的全员会议透露，公司需要每 6 个月将 AI 算力翻倍，计划 4-5 年实现 1000 倍增长。这将倒逼 OpenAI、Anthropic、 xAI 以及国内厂商加速推出更强模型，并且加大对原生多模态能力的投入（各大 厂都有独特的数据&算法优势），AI 竞赛胜负未定， ...

研究早观点 2025 年 11 月 27 日 星期四 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,864.18 | -0.15 | | 深证成指 | | 12,907.83 | 1.02 | | 沪深 | 300 | 4,517.63 | 0.61 | | 中小板指 | | 7,855.37 | 0.78 | | 创业板指 | | 3,044.69 | 2.14 | | 科创 | 50 | 1,315.04 | 0.99 | | 资料来源：最闻 | | | | 分析师： 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 【今日要点】 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【山证非银】行业周报（20251117-20251121）-券商并购重组再获新进 展，关注板块投资价值 【公司评论】朗新集团(300682.SZ)：朗新集团快报-九功电力交易智能 体发布，打开 AI 电力应用变现通道 【行业评论】【山 ...

行业应用软件 朗新集团（300682.SZ） 买入-B(维持) 九功电力交易智能体发布，打开 AI 电力应用变现通道 2025 年 11 月 26 日 公司研究/公司快报 公司近一年市场表现 事件描述 11 月 20 日，公司官方公众号披朗露新，九"功电力交易智能体"于 11 月 18 日发布，该智能体是朗新科技集团 AI 研究院基于"朗新九功 AI 能源 大模型"，专为电力交易打造的全 AI 驱动的新一代"智能操盘手"。 事件点评 7×24 小时在线的电力交易专家，提供安全可靠电力交易方案：朗新本 次发布的"朗新九功电力交易智能体"是基于 2025 年 7 月公司发布的"朗 新九功 AI 能源大模型"的技术深化，公司打造的不仅是一个智能工具，更 是一位 7×24 小时在线的电力交易专家，让复杂的市场决策变得简单可靠。 电力交易智能体通过 AI 技术实现数据融合、智能预测、策略推荐与实时风 控，为售电公司、发电企业、工商用户、电网机构等市场主体提供智能精准、 安全可靠的电力交易解决方案。 九功智能体四大核心能力，构建电力交易新范式：①全域态势感知—— 汇聚融合多维数据资源，构建全景交易视图，让市场行情一目了然 ...

2025 年 11 月 26 日 行业研究/行业周报 非银行金融行业近一年市场表现 相关报告： 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 非银行金融 行业周报（20251117-20251121） 领先大市-A(维持) 券商并购重组再获新进展，关注板块投资价值 投资要点 聚焦五篇大文章，证券公司加强功能性发挥。中国证券业协会 日前发布的 2025 年前三季度证券公司债券（含企业债券）承销业 务专项统计显示，今年前三季度证券公司合计承销科技创新债 7051.8 亿元，同比增长 57.77%，证券公司聚焦五篇大文章领域，持 续加强功能性发挥。 分析师： 券商并购重组再获新进展。本周中金公司发布公告，正在筹划 通过换股方式吸收合并东兴证券、信达证券，在建设金融强国的政 策背景下，证券行业并购重组预计将进一步加速，同一控股股东下 券商合并可能性相对较大。通过资源的整合和资本集中，提升证券 行业整体竞争力，进一 ...

研究早观点 2025 年 11 月 25 日 星期二 市场走势 资料来源：最闻 【今日要点】 【山证纺服】名创优品 2025Q3 季报点评-2025Q3 名创国内同店销售增 长提速，海外同店销售转正 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,836.77 | 0.05 | | 深证成指 | 12,585.08 | 0.38 | | 沪深 300 | 4,448.05 | -0.12 | | 中小板指 | 7,655.87 | 0.56 | | 创业板指 | 2,929.04 | 0.31 | | 科创 50 | 1,296.60 | 0.84 | 资料来源：最闻 分析师： 李明阳 研究早观点 【今日要点】 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【山证纺服】名创优品 2025Q3 季报点评-2025Q3 名创国内同店销售增长提速，海外同店销售转正 王冯 wangfeng@sxzq.com 【投资要点】 请 ...

执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 商贸零售 名创优品（09896.HK） 买入-A(维持) 2025 年 11 月 24 日 公司研究/公司快报 资料来源：最闻，山西证券研究所 市场数据：2025 年 11 月 21 日 | 收盘价（港元）： | 39.220 | | --- | --- | | 年内最高/最低（港元）： | 55.000/27.050 | | 总股本（亿股）： | 12.11/12.38 | | 流通市值（亿港元）： | 474.82 | | 总市值（亿港元）： | 485.37 | 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 2025Q3 名创国内同店销售增长提速，海外同店销售转正 事件描述 11 月 21 日，公司公布截至 2025 年 9 月 30 日止季度业绩。2025Q3，公司 实现营收 57.97 亿元，同比增长 28.2%；实现经调整净利润 7.67 亿元，同比增长 11.7%。2025 年前三季度，公司实现营收 151.90 亿元，同比增长 23.7%；实现经 调 ...

Core Insights - The report highlights the significant growth potential of the electronic skin industry, projecting a market size of $756 million by 2030, driven by the demand for humanoid robots [6][7] - The report emphasizes the competitive landscape, noting that leading companies in the flexible tactile sensor market are predominantly based in Europe, the US, and Japan, holding 57.1% of the market share [6][7] - The report discusses the technological barriers in the electronic skin industry, focusing on materials, manufacturing processes, and algorithms as critical areas needing breakthroughs [6][7] Industry Overview - The electronic skin technology is categorized into five main types, with resistive, capacitive, and piezoelectric sensors being the most common [6] - The report indicates that the demand for humanoid robots is expected to drive the growth of the electronic skin market, with a long-term potential reaching trillions in the domestic humanoid robot market [6][7] - The report identifies key companies in the electronic skin sector, including Fulei New Materials, Hanwei Technology, and others, highlighting their technological advancements and market strategies [6][7] Company Analysis - The report provides an analysis of Zhongji Xuchuang (300308.SZ), noting a revenue of 25 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44.4% [8] - The company’s gross margin and net margin have shown continuous improvement, indicating a shift towards higher-end product offerings [8] - The report mentions the company's plans for an H-share listing to enhance its international strategy and financing capabilities [8]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a strong expectation for price appreciation relative to the benchmark index [1][9]. Core Insights - The company has demonstrated significant revenue growth, with a 44.4% year-on-year increase in revenue for the first three quarters of 2025, reaching 25 billion yuan, and a 90.1% increase in net profit, totaling 7.13 billion yuan [2][3]. - The company is preparing for an H-share listing to enhance its international strategy and financing capabilities, which is expected to attract overseas investors and potentially lead to a revaluation of the company's worth [2][3]. - The gross margin and net margin have shown continuous improvement, reaching 42.8% and 32.6% respectively in Q3 2025, indicating a shift towards higher-end product offerings and increased scale advantages [3][4]. Financial Performance - The company’s projected net profits for 2025, 2026, and 2027 are 10.56 billion, 26.80 billion, and 34.44 billion yuan respectively, reflecting a strong upward trend in profitability [9][11]. - The earnings per share (EPS) are expected to rise significantly, with projections of 9.51 yuan in 2025 and 30.99 yuan in 2027, indicating robust growth potential [11][13]. - The company’s return on equity (ROE) is projected to be 35.9% in 2025 and 41.3% in 2027, showcasing strong profitability relative to shareholder equity [11][13]. Market Dynamics - There is a notable increase in capital expenditures from major cloud service providers, with a year-on-year growth exceeding 50% for the top five North American CSPs in Q3 2025, indicating a strong demand for the company’s 1.6T silicon photonics solutions [4][8]. - The company is positioned to benefit from the anticipated large-scale deployment of 1.6T solutions by key clients in the upcoming quarters, which is expected to drive further revenue growth [4][9]. Valuation Metrics - The report indicates that the price-to-earnings (P/E) ratio is projected to decrease from 51.8 in 2025 to 15.9 in 2027, suggesting an attractive valuation as earnings grow [9][11]. - The price-to-book (P/B) ratio is also expected to decline from 18.8 in 2025 to 6.6 in 2027, further indicating potential for value appreciation [11][13].

Investment Rating - The report maintains an investment rating of "B" for the electronic skin industry, indicating a leading position in the market [1]. Core Insights - The electronic skin is a key tactile sensing system for humanoid robots, enabling them to interact with their environment through pressure and temperature sensing [13]. - The market for electronic skin is projected to reach $756 million by 2030, driven by the increasing demand for humanoid robots [4]. - The industry faces three major barriers: materials, manufacturing processes, and algorithms, which are critical for establishing competitive advantages [24][32]. Summary by Sections 1. Electronic Skin: Key to Humanoid Robot Interaction - Electronic skin mimics natural skin functions and is essential for humanoid robots to perceive their surroundings [13]. - The technology can be categorized into resistive, capacitive, and piezoelectric types, with resistive sensors being the most common in humanoid robots [2][21]. 2. Domestic Enterprises Accelerating Layout - Overseas companies dominate the high-end market, holding approximately 57.1% of the global flexible tactile sensor market share [4][41]. - Domestic companies are rapidly closing the technology gap, supported by favorable policies and manufacturing capabilities, with firms like Fulei New Materials and Hanwei Technology emerging as key players [5][46]. 3. Key Companies to Watch - Fulei New Materials has completed pilot production and is supplying small batches to leading clients in the dexterous hand sector [5]. - Hanwei Technology has established partnerships with nearly 30 robot manufacturers and is expanding its production capacity [5]. - Keli Sensor and other companies are also making strides in the electronic skin sector, focusing on multi-physical sensors and flexible tactile sensors [5][46].

研究早观点 2025 年 11 月 21 日 星期五 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,931.05 | -0.40 | | 深证成指 | | 12,980.82 | -0.76 | | 沪深 | 300 | 4,564.95 | -0.51 | | 中小板指 | | 7,868.94 | -0.94 | | 创业板指 | | 3,042.34 | -1.12 | | 科创 | 50 | 1,328.19 | -1.24 | 资料来源：最闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 市场走势 【今日要点】 【行业评论】煤炭：行业政策点评 2026 年电煤中长期合同点评：符合 预期，港口基准价维持不变 【山证纺服】浙江自然 2025Q3 季报点评-2025Q3 经营阶段性承压，水 上用品预计快速增长且盈利爬坡顺利 【公司评论】中恒电气(002364.SZ)：中恒电气点评-推出 800VDC 新建 和改造方案，未来增长可期 请务 ...