Investment Rating - The report assigns an "Accumulate" rating for the company [3]. Core Views - The company is a global leader in mica products, focusing on high-temperature insulation mica products, with a significant market share in the electric vehicle (EV) sector. It is expected to benefit from the growing demand in the new energy sector, particularly through partnerships with major clients like Tesla and CATL [5][6]. - The company is projected to achieve revenues of 16.4 billion, 26.5 billion, and 37.4 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 61%, and 41% [7]. Company Overview - The company specializes in the research, production, and sales of high-temperature insulation mica products, holding the largest market share globally. Its products are widely used in the new energy vehicle, home appliance, and wire and cable sectors [5][11]. - The company has established a strong customer base, including major players in the EV market such as Tesla, Volkswagen, and BMW, contributing to rapid growth in revenue [14][15]. Industry Analysis - The demand for mica materials is driven by regulations, electric vehicles, and energy storage, with the market expected to grow significantly due to stricter safety standards and increased penetration of electric vehicles [7][39]. - The global mica materials market is projected to grow from 9.67 billion yuan in 2017 to 41.81 billion yuan by 2027, with a compound annual growth rate (CAGR) of 18% from 2023 to 2027 [39][40]. Competitive Advantages - The company has a technological edge with its three-dimensional molding process, enhancing the performance of its materials compared to traditional two-dimensional products [58]. - The company has established deep partnerships with leading clients in the EV sector, positioning itself as a comprehensive solution provider rather than just a product manufacturer [64]. Financial Forecast and Valuation - The company is expected to see a significant increase in both revenue and net profit over the next few years, with net profit projected to reach 2.83 billion, 4.36 billion, and 5.78 billion yuan from 2025 to 2027, respectively [7][8].

Core Insights - The report indicates that market volatility is driven by fluctuations in win rates rather than a complete reversal, suggesting that the index is expected to remain in a state of oscillation [5][6] - The overall market liquidity remains ample, with margin financing balances at 2.46 trillion yuan, placing it in the 97.5th percentile over the past three years [3] - The report highlights that the recent market decline reflects a phase of win rate logic fluctuations, primarily influenced by external factors such as the Federal Reserve's interest rate decisions and concerns over AI-related debt [3][4] Market Analysis - The technology sector continues to face adjustments primarily due to expectation volatility, with the AI industry chain experiencing high valuations and limited upside potential [4] - Defensive demand and a slight recovery in domestic inflation are benefiting dividend and cyclical styles, as indicated by a 0.2% year-on-year increase in October CPI, marking the first positive change in four months [4] - The report notes that the win rate logic has not shifted, with the Federal Reserve's interest rate trajectory remaining below expectations, while the U.S. economy may require further rate cuts [5] Investment Strategy - The report suggests a focus on sectors with lower crowding within technology, such as gaming and media, while also recommending global pricing resources like gold and copper due to the backdrop of overseas rate cuts and fiscal expansion [6] - The December stock selection includes a mix of ETFs and individual stocks across various sectors, emphasizing a defensive strategy amid market oscillation [9][10]

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - High-frequency power data confirms that the demand for AI computing power is accelerating [3][4] - The AI landscape is evolving from "1 to N," with a positive outlook on Google's performance [4][6] Summary by Sections Industry Overview - The industry comprises 130 listed companies with a total market capitalization of 1,802.515 billion [3] - The circulating market capitalization stands at 1,665.920 billion [3] Power Demand Analysis - In the Virginia DOM region, the average monthly load increment for 2025 is approximately 3 GW, an increase of 0.98 GW compared to 2024 [5] - The average load increment for September to November shows significant year-on-year growth of 73%, 53.2%, and 56.4% respectively [5][28] - The Ohio AEP region shows an average load increment of about 1.34 GW for 2025, with a year-on-year increase of 158%, 223%, and 180% for the same months [5][29] Price Trends - Nighttime price differences have significantly increased, with the price difference for the ARCOLA node reaching 7.94 USD/MWh in October 2025, a 197% increase year-on-year [5][50] - In November 2025, the price reached 13.11 USD/MWh, marking a 680% increase year-on-year [5][50] AI Application Insights - The report identifies four major barriers to AI application: weak cost scale effects, subscription model limitations, high ROI requirements, and the need for a data feedback loop [6][65] - Google is highlighted as having a robust AI ecosystem, leveraging its proprietary TPU chips to reduce computing costs significantly [6][69] Investment Recommendations - Suggested stocks include Alphabet (GOOGL.O), Cipher Mining (CIFR.O) in the US, and Alibaba (9988.HK), Tencent (0700.HK), and others in Hong Kong [6]

Investment Rating - The report assigns a "Buy" rating for Chery Automobile (09973.HK) for the first time [2]. Core Insights - Chery has demonstrated significant growth in both domestic and export markets, with a focus on electric and intelligent vehicle integration. The company has successfully transitioned from a low-cost strategy to enhancing product quality and brand value, leading to a substantial increase in market share [5][21]. - The financial forecasts indicate a strong revenue growth trajectory, with projected revenues of CNY 269.9 billion in 2024, representing a year-on-year increase of 65.4%, and a net profit of CNY 14.1 billion, up 18.3% year-on-year [5][32]. Summary by Sections Company Overview - Chery's total share capital is approximately 5.81 billion shares, with a market capitalization of around HKD 175.77 billion as of November 25, 2025 [2]. Financial Performance - Revenue projections for Chery are as follows: - 2023: CNY 163.2 billion - 2024: CNY 269.9 billion (up 65%) - 2025: CNY 289.7 billion (up 7%) - 2026: CNY 325.1 billion (up 12%) - 2027: CNY 359.1 billion (up 10%) [2][78]. - Net profit forecasts are: - 2023: CNY 11.95 billion - 2024: CNY 14.1 billion (up 18%) - 2025: CNY 17.3 billion (up 23%) - 2026: CNY 21.9 billion (up 26%) - 2027: CNY 24.3 billion (up 11%) [2][78]. Market Position and Strategy - Chery has established itself as a leader in exports, with a focus on enhancing its product lineup and expanding into new markets, particularly in Europe, Latin America, and Southeast Asia. The company has also made significant advancements in engine technology, with the new Kunpeng engine achieving a thermal efficiency of 48%, the highest globally [5][44][68]. - The company is integrating its various brands, including the high-end brand Starway and the electric brand Windcloud, to streamline operations and enhance market competitiveness [5][50]. Future Outlook - The report anticipates continued growth in Chery's market share, particularly in the fuel vehicle segment, with a projected increase in sales driven by the successful launch of new models and ongoing improvements in engine technology [5][62]. - The company is expected to maintain a strong focus on electric vehicle development, with the Windcloud brand positioned to capture market share in the competitive landscape [5][52]. Valuation and Investment Recommendation - The projected price-to-earnings (P/E) ratios for Chery from 2025 to 2027 are 9.2X, 7.3X, and 6.6X, respectively, which are below the industry average, reinforcing the "Buy" rating [2][82].

航空物流领先服务商，业绩稳健增长可期待 ——东航物流首次覆盖报告 物流 东航物流（601156.SH） 证券研究报告/公司深度报告 2025 年 11 月 25 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杜冲 | | 营业收入（百万元） | 20,621 | 24,056 | 25,371 | 28,099 | 30,501 | | | | 增长率 yoy% | -12% | 17% | 5% | 11% | 9% | | 执业证书编号：S0740522040001 | | 归母净利润（百万元） | 2,488 | 2,688 | 2,629 | 2,810 | 3,115 | | Email：duchong@zts.com.cn | | 增长率 yoy% | -32% | 8% | -2% | 7% | 11% | | | | 每股收益（元） | 1.57 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [6]. Core Insights - The geopolitical uncertainty, particularly regarding Japan's shift from "strategic ambiguity" to potential military intervention in the Taiwan Strait, has heightened the focus on the military industry [19][20]. - The defense sector is expected to see increased attention and potential investment opportunities due to the evolving geopolitical landscape [11][20]. Market Overview - The defense and military index of Shenwan fell by 1.72% this week, while the Shanghai Composite Index dropped by 3.90% [29]. - The defense and military sector's PE (TTM) stands at 67.3 times, with sub-sectors like aviation equipment at 71.5 times and aerospace equipment at 271.2 times [36]. Key Sector Dynamics Controlled Nuclear Fusion - Shanghai Electric has disclosed its involvement in multiple major fusion projects, including the domestic first plasma burning experiment device BEST and the international ITER project [21]. Low-altitude Economy - The 27th High-Tech Fair's low-altitude economy exhibition in Shenzhen showcased over 200 companies, covering the entire supply chain from eVTOL to drone components [22]. Aviation Engines & Turbines - China Aviation Power showcased 19 types of power products at the Dubai Airshow, marking the first appearance of the C919 in the Middle East [23]. Satellite Internet - The World Internet Conference highlighted the application of satellite internet in enhancing county-level economic development [26]. Suggested Focus Areas - **Missile and Military Electronics**: Companies like Zhenhua Technology, Hongyuan Electronics, and Huada Electronics are recommended for investment [16]. - **Aviation Engines**: Focus on companies like AVIC Engine and AVIC Control [16]. - **Military Trade**: Companies such as AVIC Chengfei, AVIC Shenyang, and AVIC Xi'an are highlighted [16]. - **New Domains and Quality Construction**: Emphasis on commercial aerospace and low-altitude economy companies [16].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Insights - The AI comic industry is entering a period of policy benefits, with high-quality content and technology platforms expected to benefit significantly [1][4] - The market for AI comics is experiencing rapid growth, with platforms like Douyin reporting over 400 million daily views for original content [4] - Regulatory changes are expected to accelerate the elimination of low-quality content, creating greater opportunities for high-quality professional creators [4] Summary by Relevant Sections Industry Overview - The total number of listed companies in the industry is 130, with a total market capitalization of 1,771.88 billion yuan and a circulating market capitalization of 1,637.98 billion yuan [2] Key Company Status - Rongxin Culture: Current stock price is 35.39 yuan, with projected EPS improving from -0.53 in 2024 to 0.71 in 2027, maintaining an "Overweight" rating [2] - Zhongwen Online: Current stock price is 28.34 yuan, with projected EPS improving from -0.33 in 2024 to 0.22 in 2027, also rated "Overweight" [2] - Yidian Tianxia: Current stock price is 43.08 yuan, with projected EPS increasing from 0.46 in 2023 to 0.85 in 2027, rated "No Coverage" [2] Market Dynamics - Major platforms are actively expanding their comic business, with iQIYI launching a dedicated comic channel and Tencent testing new comic mini-programs [4] - The introduction of new policies by the National Radio and Television Administration aims to regulate the quality of animated content, which is expected to benefit compliant and aesthetically pleasing creators [4] - The adjustment of revenue-sharing models by ByteDance platforms indicates a shift towards encouraging high-quality content production [4]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Bond - type ETFs had significant net inflows in the past week, with credit - type ETFs leading the way, and large cumulative net inflows throughout the year [3]. - The net values of various bond ETF products recovered significantly in the past week, with some products performing well and others showing different trends [4]. - Credit - bond ETFs and science - innovation bond ETFs had certain increases in unit net value, and their discount rates were at specific levels [5]. 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of November 21, 2025, bond - type ETFs had a total net inflow of 12.729 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 3.538 billion yuan, 6.636 billion yuan, and 2.555 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 2.598 billion yuan, 1.269 billion yuan, and 1.212 billion yuan respectively, while market - making credit bonds had a net outflow of 252 million yuan, and science - innovation bonds had a net inflow of 1.809 billion yuan. - As of November 21, 2025, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 74.2 billion yuan, 445.363 billion yuan, and 25.137 billion yuan respectively, with a total of 544.7 billion yuan [3]. 3.2 Net Value Performance - Throughout the week, the net values of various bond ETF products recovered significantly. As of November 21, 2025, the 5 - year local - bond ETF and 10 - year local - bond ETF performed well, rising 0.15% and 0.14% respectively. The government - financial bond ETF and 0 - 4 local - bond ETF both rose 6BP. Treasury - bond ETFs and state - development - bond ETFs performed steadily. Convertible - bond ETFs and Shanghai - Stock - Exchange convertible - bond ETFs fell 1.72% and 1.37% respectively last week [4]. 3.3 Performance of Credit - Bond ETFs and Science - Innovation Bond ETFs - As of November 21, 2025, the median unit net values of credit - bond ETFs and science - innovation bond ETFs were 1.0126 and 1.0008 respectively, rising 0.01% and 0.02% throughout the week. Among credit - bond ETFs, Dacheng Credit - Bond ETF performed well, rising 0.04%. Among science - innovation bond ETFs, Fuguo, Boshi, and JingShun Science - Innovation Bond ETFs performed relatively well. As of November 21, 2025, the median discount rate of credit - bond ETFs was 25BP, and that of science - innovation bond ETFs was 22BP [5]. 3.4 Credit - Type ETF Duration Tracking - As of November 21, 2025, the holding durations of short - term financing ETFs, corporate - bond ETFs, and urban - investment - bond ETFs were 0.40 years, 1.84 years, and 2.21 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai - market - making corporate - bond and Shenzhen - market - making corporate - bond indexes were 3.789 years and 2.87 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA science - innovation bond, Shanghai - AAA science - innovation bond, and Shenzhen - AAA science - innovation bond indexes were 3.47 years, 3.56 years, and 3.24 years respectively [8]. 3.5 Report Abstract - Last week, the ChinaBond New Composite Index rose 0.03% throughout the week. Short - term pure - bond and medium - long - term pure - bond funds rose 0.02% and 0.02% respectively. The ChinaBond AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate - Bond Index rose 0.03% and 0.03% respectively [7].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - The report emphasizes the importance of seizing opportunities following market corrections, particularly in anticipation of improvements in 2026. It notes that the pharmaceutical sector's fundamentals remain strong despite recent market fluctuations, and it is currently at a valuation bottom. The report suggests focusing on innovative drugs and companies with potential for operational improvements in 2025 [7][11]. Summary by Sections Industry Overview - The pharmaceutical sector consists of 498 listed companies with a total market capitalization of approximately 70,594.11 billion [2]. - The sector has experienced a decline of 6.88% recently, with various sub-sectors such as pharmaceutical commerce and biopharmaceuticals also facing downturns [11]. Market Dynamics - The report highlights a significant market correction, with the Shanghai Composite Index down by 3.77% and the pharmaceutical sector underperforming [11]. - It notes that the overall performance of the pharmaceutical sector has been positive since the beginning of the year, with a return of 13.69%, slightly outperforming the broader market [18]. Investment Opportunities - The report identifies key companies to watch, including: - CDMO leaders: WuXi AppTec, WuXi Biologics, and WuXi AppTec [11]. - Front-end CROs: Tigermed, ProPhase, and Zhaoyan New Drug [11]. - Medical devices: United Imaging Healthcare and HaiTai New Light [11]. - Biopharmaceuticals: I-Mab Biopharma and Hualan Biological Engineering [11]. - It also suggests focusing on companies with innovative drug pipelines and those that are transitioning from biotech to biopharma [11]. Company Performance - The report provides a list of recommended stocks, including: - WuXi AppTec (66.45), rated "Buy" - Three Life Pharmaceuticals (29.34), rated "Buy" - Tigermed (49.59), rated "Buy" - Xiansheng Pharmaceutical (12.85), rated "Buy" - Betta Pharmaceuticals (48.60), rated "Buy" [5][31]. Regulatory and Market Trends - The report discusses recent regulatory developments, including a call from the vaccine industry association to avoid low-cost bidding practices to stabilize profit margins for leading vaccine companies [11][12]. - It also notes significant acquisitions and advancements in drug development, such as Johnson & Johnson's acquisition of Halda Therapeutics for $30.5 billion [11].

Report Overview - Report Name: Credit Business Weekly Report - How to View the Recent Correction in the A-share Technology Sector - Report Date: November 24, 2025 - Analyst: Xu Chi, Zhang Wenyu - Research Institution: Zhongtai Securities Research Institute Report Industry Investment Rating - Not provided in the report Core Viewpoints - The current correction in the A-share technology sector is mainly due to the adjustment of US AI leaders, the year - end defensive strategy of institutional funds, and the decline in trading motivation of leveraged funds during the policy vacuum period. However, the technology market is far from over and is expected to continue after a short - term correction [6][7]. - Mid - term, the A - share market still has upward potential under multiple factors, and investors are advised to make mid - term layouts around four main lines: Hong Kong technology leaders, vertical applications brought by the AI technological revolution, innovative drugs and medical AI, and high - dividend asset allocation [7]. Market Review Market Performance - Last week, most major market indices declined, with the ChiNext Index having the largest decline of - 6.15%, and the Shanghai 50 Index having the smallest decline of - 2.72% [8][9]. - Among the large - scale industry indices, the Telecommunication Services Index and the Daily Consumption Index performed relatively well, with weekly declines of - 1.24% and - 2.28% respectively; the Materials Index and the Healthcare Index performed weakly, with declines of - 7.49% and - 6.79% respectively [8][9]. - Among the 30 Shenwan primary industries, no industry rose. The industries with smaller declines were banks, media, and food and beverage, with declines of 0.89%, 1.25%, and 1.44% respectively; the industries with larger declines were power equipment, basic chemicals, and commercial retail, with declines of 10.54%, 7.47%, and 7.24% respectively [8][14][17]. Trading Heat - The average daily trading volume of the Wind All - A Index last week was 1865.036 billion yuan (previous value: 2043.827 billion yuan), at a relatively high historical level (85.60% of the three - year historical quantile) [8][21]. Valuation Tracking - As of November 21, 2025, the valuation (PE_TTM) of the Wind All - A Index was 21.27, a decrease of - 0.93 from the previous week, at the 86.70% quantile of the past five - year history. None of the 30 Shenwan primary industries saw a valuation (PE_TTM) recovery [8][28]. Market Observation Reasons for the A - share Technology Sector Correction - The adjustment of the A - share technology sector is mainly due to the adjustment of US AI leaders. The high valuation of US AI leaders has led to discussions about the bubble, and the decrease in the expectation of a Fed rate cut in December has increased volatility. The A - share technology sector is affected by the US due to industrial chain correlation and valuation benchmarking [6]. - At the end of the year, institutions usually adopt a defensive strategy to lock in annual returns, which has a greater impact on high - valuation technology sectors such as electronics and communications [6]. - The possibility of intensive policy introduction in the near future is low, which may lead to a decline in the trading motivation of leveraged funds [6]. Outlook for the Technology Market - The technology market is far from over. The probability of a fundamental reversal of the US AI industry is low, and it will still provide a large valuation growth space for A - share comparable companies. The current development stage of the A - share AI sector roughly corresponds to the period from 2023 - 2024 in the US when funds spread from hardware to applications [7]. Capital Flow Analysis - Last week, funds from different channels were still divided, with both withdrawal and bottom - fishing. ETF and northbound funds had a net inflow on a weekly basis, especially on Friday. The departure of major industrial shareholders slowed down, while leveraged funds showed signs of leaving [7]. Investment Recommendations - Mid - term, the A - share market still has upward potential under multiple factors. Investors are advised to make mid - term layouts around four main lines: Hong Kong technology leaders, vertical applications brought by the AI technological revolution, innovative drugs and medical AI, and high - dividend asset allocation, which can be extended to stable - income products such as fixed - income + quantitative products [7].