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].

Group 1 - The report analyzes the changes in private equity fund holdings for the third quarter of 2025, highlighting the difficulty in obtaining direct data due to the lack of mandatory disclosures by private funds [1][9]. - The sectors with the highest number of stocks entering the top ten list by private equity managers in Q3 2025 are pharmaceuticals, basic chemicals, and electronics, with respective counts of 18, 16, and 15 [2][12]. - The report identifies the top 20 stocks with the highest increase in holding ratios by private equity managers, predominantly in the basic chemicals, pharmaceuticals, and electronics sectors [3][16]. Group 2 - The report provides a detailed analysis of the top 20 stocks with the largest increase in holding ratios, including stocks like Darui Electronics and Zhongwei Co., with respective increases of 2.41% and 2.29% [17]. - Conversely, the report lists the top 20 stocks with the largest decrease in holding ratios, with notable reductions in stocks such as Lexin Technology and Dongcheng Pharmaceutical, showing decreases of -2.20% and -2.12% respectively [19]. - The report also highlights specific private equity managers and their respective changes in stock holdings, such as Yingshui increasing its stake in Xianle Health and reducing its stake in Shengxiang Biology [20][24].

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 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet industry [1][5][40]. Core Views - The report highlights a positive outlook on AI application opportunities, particularly in gaming and content creation, while also noting a potential policy shift that could benefit the industry [4][40]. - The media sector is expected to experience a recovery as economic conditions improve, with specific recommendations for companies like Mango TV and Bilibili [4][40]. Summary by Sections Industry Performance - The media industry experienced a decline of 3.40% during the week of November 17-23, outperforming the CSI 300 index, which fell by 5.28%, and the ChiNext index, which dropped by 8.80% [1][13][14]. - Notable gainers included Xuan Ya International and Yi Dian Tian Xia, while major losers were San Wei Communication and Xiang Yuan Wenlv [1][13]. Key Company Developments - Google launched the Nano Banana Pro, enhancing AI capabilities with features like 4K resolution and object fusion [2][18]. - Ant Group's Lingguang app achieved over 1 million downloads within four days, indicating strong market interest [2][19]. - Alibaba's Qianwen app is now in public beta, aiming to compete directly with ChatGPT [2][19]. Box Office and Content Trends - The box office for the week totaled 437 million yuan, with "Demon Slayer: Infinity Castle Chapter 1" leading at 182 million yuan, accounting for 41.7% of the total [3][20][23]. - Popular TV shows included "Now Just Depart Season 3" and "The Voice of China Season 9" [28]. Investment Recommendations - The report suggests focusing on the gaming sector and IP trends, recommending companies like Giant Network and Kayi Network due to favorable product cycles [4][40]. - It also emphasizes the importance of AI applications in various fields, including animation and marketing, and suggests companies like Chinese Online and Kunlun Wanwei for potential investment [4][40].

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 ...

Investment Rating - The investment rating for Chow Tai Fook (01929.HK) is "Outperform the Market" [7] Core Views - The overall performance for the first half of the fiscal year is stable, with accelerated growth since October. For the first half of fiscal year 2026 (April 2025 - September 2025), the company achieved revenue of HKD 38.986 billion, a slight decline of 1.1% year-on-year, impacted by store strategy contraction and high gold prices affecting product weight. The net profit attributable to shareholders was HKD 2.534 billion, a slight increase of 0.13%, maintaining overall stability. Since October, the company has seen further acceleration in growth, with retail value increasing by 33.9% year-on-year from October 1 to November 18, and same-store sales in mainland China growing by 38.8% [1][4] Summary by Sections Revenue and Profitability - The retail revenue in mainland China increased by 8.1%, accounting for 38.4% of total revenue. Wholesale revenue in mainland China decreased by 10.2%, making up 44.2% of total revenue due to overall store contraction and reduced purchasing under high gold prices. Revenue from Hong Kong, Macau, and overseas markets grew by 6.5%, accounting for 17.4% of total revenue. The revenue from priced jewelry increased by 9.3%, representing 29.6% of total revenue, with priced gold performing particularly well [2] Cost Management and Margins - The overall gross margin remained above 30%, at 30.5%, a decrease of 0.9 percentage points year-on-year, primarily due to a reduced increase in gold prices compared to the same period last year. The increase in the proportion of priced products positively impacted the gross margin. The selling and administrative expense ratio decreased by 1.2 percentage points to 14%, benefiting from cost control optimization. Inventory turnover days shortened by 33 days to 424 days [3] Future Outlook and Adjustments - The company plans to further enhance the layout of high-margin priced products and optimize store structure to boost same-store sales. Given the 32.4% increase in London gold prices since the beginning of fiscal year 2026, which is 7.4 percentage points lower than the previous fiscal year's increase of 39.8%, the expected fair value loss on gold loans has been adjusted higher. Consequently, the net profit forecasts for fiscal years 2026-2028 have been revised down to HKD 7.141 billion, HKD 8.178 billion, and HKD 9.061 billion, respectively, with corresponding P/E ratios of 21.1, 18.4, and 16.6 [4][5]

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].