Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company reported a year-on-year revenue growth of 7.53% and a net profit growth of 39.03% for the first three quarters of 2025, with a revenue of 154.55 billion yuan and a net profit of 4.60 billion yuan [1]. - The LCD industry is experiencing a continuous optimization of its structure, with manufacturers adopting a demand-driven production strategy, leading to moderate fluctuations in TV panel prices [2]. - The company is expected to see a double-digit growth in OLED shipments for the year, driven by flagship models from leading brands and an increase in the penetration of foldable devices [2]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 53.27 billion yuan, representing a year-on-year increase of 5.81% and a quarter-on-quarter increase of 5.11% [1]. - The gross margin for Q3 2025 was reported at 14.44%, showing a year-on-year decrease of 3.0 percentage points but an increase of 1.4 percentage points quarter-on-quarter [1]. - The revenue forecast for 2025-2027 is projected to grow by 12.4%, 8.2%, and 9.3%, reaching 223.1 billion yuan, 241.3 billion yuan, and 263.8 billion yuan respectively [3][4]. Earnings Forecast and Financial Metrics - The net profit for 2025 is expected to be 6.53 billion yuan, with a year-on-year growth of 22.6% [4]. - The projected price-to-book (PB) ratios for 2025-2027 are 1.11, 1.07, and 1.01 respectively [3][4]. - The company’s earnings per share (EPS) is forecasted to be 0.17 yuan in 2025, with a growth rate of 22.6% [4].

证券研究报告 | 2025年11月26日 金融工程专题研究 百亿私募 2025 年三季度持仓变化透视分析 私募持仓变动 市场上不乏表现亮眼的私募基金产品，但由于私募基金不像公募基金需要定 期披露持仓，私募产品的持仓及调仓数据难以直接获取。通过对上市公司季 报披露的前十大股东和前十大流通股东数据进行统计，我们可以间接观测私 募管理人的股票持仓变动情况。 私募基金持仓行业变动 按中信一级行业划分，2025Q3 医药、基础化工、电子行业中，参与统计的 私募管理人进入前十大名单的股票数量最多，具体数量分别为 18、16、15。 相比于 2025Q2，2025Q3 私募管理人进入计算机、医药、食品饮料前十大 名单的股票数量最多，从电子、煤炭、房地产前十大名单撤离的私募管理人 最多。 私募管理人加仓/减仓个股排行 以私募管理人持仓股票数量变动占总股本的比例作为衡量依据，得到参 与统计的私募基金持股比例增长最多的 20 只股票列表。按中信一级行 业划分，基础化工、医药、电子行业个股的出现频率较高。个股层面而 言，达瑞电子、中伟股份、国投电力、扬杰科技、大秦铁路的私募基金 持股比例增长最多。 纳入统计的私募管理人持股比例降低 ...

证券研究报告 | 2025年11月26日 行业下跌 3.40%，跑赢沪深 300，跑赢创业板指。本周（11.17-11.23）传媒 行业下跌 3.40%，跑嬴沪深 300（-5.28%），跑嬴创业板指（-8.80%）。其 中涨幅靠前的分别为宣亚国际、易点天下、福石控股、视觉中国等，跌幅靠 前的分别为三维通信、祥源文旅、广电网络、天下秀等。横向比较来看，本 周传媒板块在所有板块中涨跌幅排名第 6 位。 谷歌推出 Gemini3Pro 和 Nano Banana Pro，蚂蚁灵光上天 4 天下载量突破 100 万。1）谷歌推出 Nano Banana Pro，支持 4K 分辨率、14 对象融合、5 人身份一致性保持，并新增联网搜索与 C2PA 验证功能；2）xAI 公司推出了 Grok4.1，显著降低了生成内容时的幻觉现象，并在基准测试中表现出色；3） 蚂蚁灵光上线 4 天下载量突破 100 万；4）阿里巴巴推出的千问 APP，基于 Qwen3 模型，公测版目前已经上线，旨在与 ChatGPT 展开全面竞争；5）谷歌 推出 Gemini3Pro，在理解复杂主题方面表现出色，支持文本、图像、视频、 音频和 PDF ...

证券研究报告 | 2025年11月26日 传媒互联网周报 优于大市 谷歌 Nano Banana Pro 推出，持续看好 AI 应用机会 行业下跌 3.40%，跑赢沪深 300，跑赢创业板指。本周（11.17-11.23）传媒 行业下跌 3.40%，跑嬴沪深 300（-5.28%），跑嬴创业板指（-8.80%）。其 中涨幅靠前的分别为宣亚国际、易点天下、福石控股、视觉中国等，跌幅靠 前的分别为三维通信、祥源文旅、广电网络、天下秀等。横向比较来看，本 周传媒板块在所有板块中涨跌幅排名第 6 位。 谷歌推出 Gemini3Pro 和 Nano Banana Pro，蚂蚁灵光上天 4 天下载量突破 100 万。1）谷歌推出 Nano Banana Pro，支持 4K 分辨率、14 对象融合、5 人身份一致性保持，并新增联网搜索与 C2PA 验证功能；2）xAI 公司推出了 Grok4.1，显著降低了生成内容时的幻觉现象，并在基准测试中表现出色；3） 蚂蚁灵光上线 4 天下载量突破 100 万；4）阿里巴巴推出的千问 APP，基于 Qwen3 模型，公测版目前已经上线，旨在与 ChatGPT 展开全面竞争；5）谷歌 ...

证券研究报告 | 2025年11月26日 汽车智能化月报系列（三十） 优于大市 9 月城区 NOA 渗透率达 16%，小鹏发布第二代 VLA、Robotaxi、全新一代 IRON 行业新闻：1）小鹏发布第二代 VLA、Robotaxi、全新一代 IRON、汇天飞 行体系；2）小马智行第四代自动驾驶卡车家族将于明年量产；3）文远 知行 Robotaxi 拿下瑞士纯无人牌照；4）地平线与大众汽车集团深化战 略合作；5）黑芝麻智能发布 SesameX 平台，开启机器人"全脑智能" 新纪元；6）禾赛斩获理想汽车全新一代辅助驾驶平台全系车型激光雷 达独家定点；7）佑驾创新小竹无人车规模化落地持续提速。 高频核心数据更新：1）800 万像素摄像头占比持续提升。2025 年 9 月， 乘用车前视摄像头渗透率为 67.8%，同比+8pct，环比+0pct，其中 800 万像素摄像头占比为 46.7%，同比+28pct，环比+2.3pct；2）英伟达芯 片占比提升。2025 年 9 月，乘用车驾驶域渗透率 34%，同比+17pct，环 比+1pct，其中 mobileye、TI、地平线、英伟达、特斯拉 FSD、华为芯 片占比 ...

证券研究报告 | 2025年11月26日 周大福（01929.HK） 优于大市 上半财年整体业绩稳定，十月以来同店销售加速增长 风险提示：新品拓展不及预期；门店形象调整不及预期；金价大幅波动。 投资建议：公司 10 月以来零售值及同店销售均实现加速增加，反映产品 创新及门店提效进一步兑现。未来也将进一步加强高毛利定价产品的布 局；渠道端优化门店结构及以新形象门店以提振单店销售。考虑到 2026 财年以来伦敦金现涨幅已达到 32.4%，较上一财年 39.8%的涨幅仅低 7.4pct，预计公司的黄金借贷公允值亏损比我们此前预期高，因此下调 公司 2026-2028 财年归母净利润至 71.41/81.78/90.61 亿港元（前值分 别为 77.85/87.11/95.43 亿港元），对应 PE 分别为 21.1/18.4/16.6 倍， 维持"优于大市"评级。 | 盈利预测和财务指标 | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万港元) | 108,713 | 89 ...

Group 1: Macro and Strategy - The fixed income investment strategy indicates a continuation of the bull market, emphasizing the importance of performance in identifying opportunities for 2026 convertible bonds [5][12] - The report highlights the strong performance of the AI sector, with significant growth expected in the chip design industry, projected to reach a scale of 835.7 billion yuan in 2025, reflecting a year-on-year growth of 29.4% [14][16] Group 2: Industry and Company Insights - The social services sector saw a decline of 2.03% during the reporting period, with notable performers including Yum China (up 9.53%) and Kede Education (up 9.20%) [6] - The food and beverage sector experienced a cumulative decline of 1.52%, with leading stocks such as Nanchao Food (up 11.91%) and Yili (up 2.65%) showing resilience [9][10] - The electronic industry remains optimistic, with AI continuing to drive high growth, despite recent market fluctuations [12][13] - The report notes that the white liquor sector is entering a left-side layout phase, with companies like Luzhou Laojiao and Guizhou Moutai recommended for investment [10][11] Group 3: Investment Recommendations - The report maintains an "outperform the market" rating for the social services sector, suggesting investments in companies like China Duty Free Group and Huazhu Group [8] - For the food and beverage sector, the investment strategy focuses on companies with strong growth potential, such as Guizhou Moutai and Yili, while also recommending a diversified portfolio including emerging brands [11] - In the electronic sector, the report advises maintaining a positive outlook and patience in investment, particularly in domestic supply chains and AI-related companies [13][17]

证券研究报告 | 2025年11月25日 金融工程日报 A 股震荡反弹，CPO 概念全线爆发、AI 应用活跃 核心观点 金融工程日报 市场表现：今日(20251125) 市场全线上涨，规模指数中中证 2000 指数表现 较好，板块指数中中小 100 指数表现较好，风格指数中中证 500 成长指数表 现较好。通信、传媒、有色金属、电子、消费者服务行业表现较好，交通运 输、石油石化、食品饮料、农林牧渔、国防军工行业表现较差。光模块(CPO)、 光芯片、光通信、量子材料、光纤等概念表现较好，水产、机场精选、核废 水、深海科技、钢铁股精选等概念表现较差。 市场情绪：今日市场情绪较为高涨，收盘时有 95 只股票涨停，有 7 只股票 跌停。昨日涨停股票今日高开高走，收盘收益为 2.77%，昨日跌停股票今日 收盘收益为 1.05%。今日封板率 71%，较前日下降 2%，连板率 24%，较前日 下降 21%。 市场资金流向：截至 20251124 两融余额为 24587 亿元，其中融资余额 24423 亿元，融券余额 164 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 9.5%。 折溢价：2025 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expectations for performance exceeding the market index by over 10% [10]. Core Views - The AI sector continues to show high growth potential, with a focus on self-sufficiency and accelerated progress in domestic capabilities. Despite recent market declines due to external political factors and liquidity concerns, the long-term outlook remains optimistic, particularly for domestic supply chains related to AI and storage [1][4]. - The chip design industry in China is projected to grow significantly, with a forecasted sales figure of 835.7 billion yuan in 2025, representing a year-on-year increase of 29.4% and a compound annual growth rate (CAGR) of 19.6% from 2006 to 2025 [2]. - The release of Google's Gemini3 model is expected to enhance AI applications, benefiting companies involved in AI hardware and software development [3][5]. Summary by Sections Market Trends - The electronic industry experienced a decline of 5.89% recently, with sub-sectors like other electronics dropping by 11.95%. The overall market sentiment is affected by external factors, including fluctuating interest rate expectations and liquidity concerns [1][11]. Key Companies and Recommendations - The report recommends focusing on companies within the domestic AI and storage supply chains, including Industrial Fulian, Huadian Technology, and others. It also highlights the potential of chip design firms such as Langqi Technology and Zhaoyi Innovation, as well as foundries like SMIC and Huahong Semiconductor [2][4][10]. Performance Metrics - Nvidia reported record quarterly revenue of $57.006 billion, with a year-on-year increase of 62.5%. The data center segment alone generated $51.215 billion, reflecting a 66.4% increase year-on-year [4]. - The report lists several companies with favorable earnings forecasts and investment ratings, including SMIC, Aojie Technology, and Lixun Precision, all rated as "Outperform" [10]. Industry Dynamics - The report notes that the demand for power devices in data centers is expected to rise significantly due to increasing energy consumption, with projections indicating a shift from traditional silicon-based devices to silicon carbide and gallium nitride solutions [7]. LCD TV Panel Market - The prices of various sizes of LCD TV panels remained stable in late November, with demand expected to increase as brands prepare for year-end targets [8]. Investment Portfolio - A diversified investment portfolio is suggested, including companies from consumer electronics, semiconductors, equipment and materials, and passive components, all rated as "Outperform" [9].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to benefit from a recovery in consumer spending, particularly in the context of the upcoming 2026 fiscal year, with a focus on health innovation and digital supply chains [3][10]. - The report highlights the differentiation in performance across categories, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in premium liquor brands, dairy products, and innovative snack foods, with specific recommendations for companies like Guizhou Moutai, Yili, and Eastroc Beverage [2][3][15]. Summary by Relevant Sections Market Overview - The food and beverage sector saw a cumulative decline of 1.52% this week, with A-shares down 1.36% and H-shares down 3.69% [1]. - Notable performers included Nanchao Food (+11.91%) and Yili (+2.65%) [1]. Alcoholic Beverages - The liquor sector is entering a left-side layout phase, with premium brands expected to gain market share [2][10]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with a focus on companies that can leverage pricing power and regional advantages [2][10]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery [2][11]. - Yanjing Beer is recommended for its strong growth potential and ongoing internal reforms [2][11]. Dairy Products - The dairy sector is seeing a steady recovery in demand, with Yili recommended for its valuation safety margin [2][13]. - The report anticipates improvements in supply-demand dynamics by 2026 [2][13]. Snacks - The report emphasizes the growth potential of konjac snacks, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [2][12]. - The snack industry is shifting towards a category-driven growth model, necessitating strong product differentiation [2][12]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Babi Food, Eastroc Beverage, Weilong, and Luzhou Laojiao, with an average decline of 4.94% this week [3][15]. - The report suggests that the current pricing environment for Moutai presents a favorable investment opportunity, with expectations for revenue growth in the coming years [15][16].