Investment Rating - The report maintains an "Outperform" rating for the company [4][58]. Core Insights - The company achieved a revenue of 171 million yuan in Q3 2025, representing a year-on-year growth of 144.2% and a quarter-on-quarter increase of 34.4% [1][6]. - The net profit for Q3 2025 was -307 million yuan, an improvement from -1.043 billion yuan in Q3 2024 and -406 million yuan in Q2 2025 [1][6]. - The company is a global leader in L4 autonomous driving products and solutions, with significant advancements in the commercialization of its L4 products [3][24]. Financial Performance - In Q3 2025, the company's gross margin was 32.9%, a year-on-year increase of 26.4 percentage points [2][14]. - The adjusted net profit margin for Q3 2025 was -161.2%, showing a significant improvement from previous quarters [2][14]. - The company’s expense ratio decreased to 254.9% in Q3 2025, down 1024.4 percentage points year-on-year [2][19]. Business Segments - The product business revenue in Q3 2025 was 79.2 million yuan, a remarkable year-on-year growth of 428.0%, driven by increased sales of Robotaxi and Robobus [1][7]. - The service business revenue reached 91.8 million yuan in Q3 2025, up 66.9% year-on-year, primarily due to growth in smart data services and autonomous driving-related operational and technical support services [1][7]. Market Developments - The company has accelerated the commercialization of its L4 products, with Robotaxi receiving a pure unmanned license from the Swiss Federal Roads Office [3][25]. - As of October 31, 2025, the company deployed over 300 Robotaxi vehicles in Guangzhou, achieving significant operational milestones [3][28]. - The company has partnered with Uber to launch L4 Robotaxi commercial operations in Abu Dhabi, marking a significant expansion in the Middle East [3][32]. Future Projections - The revenue forecast for 2025-2027 has been adjusted to 5.51 billion yuan, 10.00 billion yuan, and 18.66 billion yuan, respectively, reflecting a growth rate of 68.7%, 113.5%, and 58.9% [58]. - The projected net profit for the same period is expected to be -14.16 billion yuan, -13.10 billion yuan, and -10.18 billion yuan [58].

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][72] Core Insights - The company aims to become a global leader in robotic technology platforms, leveraging its advancements in AI and laser radar technology [25][72] - The company has seen a significant increase in laser radar sales, with a 34% year-on-year growth in total sales volume for Q3 2025 [1][9] - The company has a robust order book, benefiting from the rapid development of Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving [2][72] Financial Performance - In Q3 2025, the company reported revenue of 407 million yuan, a slight decrease of 0.2% year-on-year and a 10.6% decrease quarter-on-quarter [1][8] - The net profit for Q3 2025 was -101 million yuan, compared to -51 million yuan in Q2 2025 and -82 million yuan in Q3 2024 [1][8] - The gross margin for Q3 2025 improved by 6.5 percentage points year-on-year, reaching 23.9% [1][16] Product Development - The company has developed a unique digital laser radar matrix, including products like EM4, EMX, and E1, which have passed automotive standards certification [2][35] - The company launched the "Active Camera 2," a pioneering sensor system that integrates multiple technologies for enhanced robotic perception [3][54] - The company is actively expanding its product offerings in the robotics sector, focusing on components that enhance robotic capabilities [39][43] Market Position - The company has secured partnerships with over 90% of key players in the Robotaxi and Robotruck sectors, indicating strong market penetration [2][65] - The company has received orders from 32 automotive manufacturers for a total of 144 vehicle models, showcasing its competitive position in the market [58][60] - The company is positioned to benefit from the growing demand for digital laser radar in various applications, including autonomous vehicles and robotics [72][65]

Investment Rating - The report rates the sulfur industry as "Outperform the Market" [1][5] Core Insights - The global supply-demand imbalance in sulfur is significant, leading to an expected increase in sulfur prices. The production of high-sulfur crude oil is anticipated to decline, which will further tighten sulfur supply [1][4] - Sulfur is primarily used for sulfuric acid production, with demand expected to maintain moderate growth, contributing to a tighter global sulfur supply. In China, 93% of sulfur is used for sulfuric acid production [2][3] - The domestic sulfur industry is experiencing high demand, with sulfur prices likely to rise due to increased downstream demand from fertilizers and other chemical products [4][5] Summary by Sections Supply and Demand Dynamics - Global sulfur production is expected to grow slowly due to declining oil and gas consumption growth rates. The International Energy Agency (IEA) predicts a 1% growth in oil consumption and a 1.3% growth in natural gas consumption for 2024 [1][22] - The Middle East is a major source of high-sulfur crude oil, and recent OPEC decisions to pause production increases will further tighten sulfur supply [1][23] Domestic Market Overview - In China, sulfur production is projected to reach 11.07 million tons in 2024, with an import dependency of 47%. The majority of sulfur is sourced from oil refining by-products [3][53] - The sulfuric acid production capacity in China is expected to reach 141 million tons in 2024, with a significant portion derived from sulfur [3][62] Price Trends and Forecasts - The domestic sulfur price has seen a significant increase, with a current price of 4,100 RMB/ton, reflecting a year-on-year increase of 165.37% [4][32] - The report anticipates that sulfur prices will continue to rise due to global supply constraints and increasing demand from downstream industries [4][32] Key Companies and Investment Opportunities - China Petroleum is highlighted as a key beneficiary of rising sulfur prices due to its substantial refining capacity and access to high-sulfur natural gas resources [4][5]

Investment Rating - The report maintains an "Outperform" rating for the storage industry [2] Core Insights - The demand for storage is being driven by AI, with significant growth expected in the storage cycle due to AI training and inference needs [4] - The report highlights the dual oligopoly market structure in the HDD sector, primarily dominated by Seagate and Western Digital [59] - The global storage market is projected to experience a substantial increase in demand, particularly for DRAM and NAND, driven by AI applications [4] Summary by Sections 01 Storage Systems: Composition and Classification - AI storage systems are categorized into network storage (for cold data) and local storage (for hot and warm data) [4] - Storage can be divided into volatile memory (DRAM, HBM) and non-volatile storage (SSD, HDD) [4] 02 Market and Technology Trends: HDD, SSD, NAND, DRAM, HBM - HDD technology is advancing with HAMR (Heat-Assisted Magnetic Recording) to significantly increase single disk capacity [4] - SSDs are evolving with increasing NAND stacking layers and a shift from SLC to MLC and QLC architectures [4] - DRAM is seeing advancements with the development of DDR6, while HBM is primarily used in AI applications [4] 03 Demand Estimation: AI Training and Inference Driving Storage Demand Growth - AI inference is expected to create a demand for 23.0EB of DRAM and 593.5EB of NAND by 2026, indicating a short-term supply shortage and potential price increases [4] 04 Company Overview: Global Storage Companies' Business Focus - Samsung and SK Hynix are leading in DRAM, HBM, NAND, and SSD markets, while Micron, SanDisk, and Kioxia focus on NAND and SSD [4]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][8]. Core Views - The report highlights the ongoing development of the Guangdong electricity market for 2026, with a total market scale of approximately 680 billion kilowatt-hours and an annual trading cap of 420 billion kilowatt-hours [2][15]. - The report discusses the approval of a significant asset swap by Electric Power Investment Corporation, which involves the acquisition of 100% equity in Electric Power Nuclear and the issuance of shares to raise funds for nuclear power projects [3][21][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and integrated energy management [24]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.28%, while the public utility index increased by 0.12%, and the environmental index fell by 0.15% [1][14]. - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and new energy generation rose by 1.09% [1][27]. Important Events - The Guangdong electricity market for 2026 is set to have a trading scale of about 680 billion kilowatt-hours, with specific allocations for nuclear power units [2][15]. - The asset swap by Electric Power Investment Corporation has been approved, with a transaction value of 55.39 billion yuan for the acquisition of Electric Power Nuclear [3][21]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [4][24]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydropower stocks like Yangtze Power [4][24]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [8]. - Electric Power Investment Corporation is also rated "Outperform," with an expected EPS of 0.19 yuan for 2024 and 0.26 yuan for 2025 [8]. Environmental Sector Insights - The report notes that the waste incineration industry is maturing, with improved free cash flow, and suggests focusing on "utility-like investment opportunities" in the environmental sector [25]. - Recommendations include companies like China Science Instruments and Shandong High Energy Resources, which are expected to benefit from upcoming EU policies [25].

Group 1: Export Performance - November exports increased by 5.9% year-on-year, reaching $330.35 billion, a significant recovery from October's -1.1%[2] - Cumulative exports from January to November grew by 5.4%, while imports declined by 0.6%, resulting in a trade surplus of $1,075.85 billion[2] - High-tech and emerging products are driving export growth, with significant increases in automotive (53.0%), ships (46.4%), rare earths (34.9%), and integrated circuits (34.2%) exports[11] Group 2: Import Trends - November imports rose by 1.9% year-on-year to $218.67 billion, slightly below the expected 2.8%[13] - The import structure shows resilience in production demand, with notable increases in aircraft (88.7%), copper ore (35.3%), and integrated circuits (13.9%) imports[14] - Trade surplus reached $111.68 billion in November, marking the second-highest level of the year[14] Group 3: Market Dynamics - The global manufacturing recovery is uneven, with developed economies showing weak demand, while emerging markets like ASEAN and India maintain strong growth[7] - Container shipping rates are stabilizing, with the index rising to 1114.89, indicating a rebound in shipping demand[7] - The outlook for exports remains stable, with a projected year-on-year growth of approximately 5.5% for the year, and a potential decline to around 5% next year due to slowing external demand[16]

制造成长周报（第 37 期） 优于大市 特朗普政府聚焦机器人行业，Tiktok 拟投资 380 亿美元建数 据中心 重点事件点评&重点关注：人形机器人、AI 基建 事件 1-特朗普政府聚焦机器人行业：2025 年 12 月 3 日，据 Politico 消息， 特朗普政府开始聚焦机器人行业发展：商务部长卢特尼克一直在与机器人行 业的 CEO 会面，政府正在考虑明年发布一项关于机器人技术的行政令。 事件 2-TikTok 计划投资 380 亿美元在巴西建设数据中心：2025 年 12 月 3 日，字节跳动宣布旗下的 TikTok 计划投入 2000 亿雷亚尔（约合 380 亿美元）， 在巴西东北部塞阿拉州的 Pecém 参与建设一个大型数据中心综合体。 证券研究报告 | 2025年12月08日 2025年12月09日 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 行业研究·行业周报 机械设备 优于大市·维持 证券分析师：吴双 证券分析师：杜松阳 AI 基建：我们认为 AI 算力仍然是需求确定性高增长的投资主线，持续看好 AI 基建相关产业链。燃气轮机作为海外数据中心主用电源将深度受益 AI 数据中心供 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5][12]. Core Views - The focus on humanoid robots and AI infrastructure is expected to drive significant growth in the industry, with the U.S. government under Trump prioritizing the development of the robotics sector [2][19]. - TikTok plans to invest $38 billion in building a data center in Brazil, indicating a strong commitment to AI infrastructure [20]. - Jerry Holdings has secured contracts exceeding $100 million for generator sets, highlighting its competitive advantage in the data center power supply sector [21]. Humanoid Robots - Humanoid robots are seen as a crucial carrier for AI, with ongoing advancements expected to continue. The report suggests focusing on companies with strong positions in the supply chain, particularly those linked to Tesla [2][9]. - Key companies to watch include: - Core suppliers: Feirongda, Longxi Co., Weiman Sealing, Hengli Hydraulic, Huichuan Technology, Green Harmony, Lens Technology, and Wuzhou New Spring [2]. - Incremental opportunities: Weiman Sealing, Longxi Co., Feirongda, Weike Technology, and Hanwei Technology [2][9]. AI Infrastructure - AI computing power is identified as a high-growth investment theme, with a focus on the energy supply chain for AI data centers. Gas turbines are expected to benefit significantly from the demand for data center power [3][9]. - Key companies in the gas turbine supply chain include: - Gas turbine hot-end blades: Yingliu Co., Wanze Co. - Gas turbine generator sets: Jerry Holdings. - Other components: Haomai Technology, Liande Co., and supporting heat recovery steam generators [3][9]. Key Company Earnings Forecast and Investment Ratings - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform": - Green Harmony: 2024 EPS of 0.33, PE of 474 [12][29]. - Mingzhi Electric: 2024 EPS of 0.19, PE of 370 [12][29]. - Huichuan Technology: 2024 EPS of 1.60, PE of 46 [12][29]. - Hengli Hydraulic: 2024 EPS of 1.87, PE of 60 [12][29]. - Longxi Co.: 2024 EPS of 0.31, PE of 91 [12][29]. - Yingliu Co.: 2024 EPS of 0.42, PE of 97 [12][29].

Macro and Strategy - The Federal Open Market Committee (FOMC) is facing a personnel change that will influence future policy direction and independence boundaries, with a key focus on the upcoming 2026 board member replacements [7][8] - The current structure of the FOMC, with a mix of "core dependent" and "institutional defense" members, will determine the continuation of its independence, with potential shifts in policy power dynamics anticipated [8] - The report predicts that the Federal Reserve is likely to enter a phase of "political rate cuts," with increased uncertainty in decision-making frameworks [9] Industry and Company Agriculture, Forestry, Animal Husbandry, and Fishery - The investment strategy for December 2025 highlights an expected reversal in the livestock cycle, recommending key stocks in the dairy farming sector such as Yuran Agriculture and Modern Farming [13] - The report emphasizes the potential for a rebound in meat and milk prices, driven by a synchronized recovery in the livestock sector, with leading companies expected to experience significant earnings recovery [13][14] - Recommendations include leading companies in various segments: livestock (Yuran Agriculture, Modern Farming), pork (Hua Tong, De Kang), and pet food (Guaibao Pet) [15][17] Food and Beverage - The food and beverage sector has seen a decline of 1.80% recently, with A-share food and beverage indices underperforming the broader market [18][19] - The report identifies a divergence in performance across categories, with alcoholic beverages facing supply-demand imbalances, while dairy products are expected to see gradual recovery [19][20] - Investment recommendations focus on high-potential companies in the beverage sector, such as Nongfu Spring and East Peak Beverage, as well as premium liquor brands like Luzhou Laojiao and Moutai [19][20] Real Estate - The real estate market is experiencing significant pressure, with a 9.6% year-on-year decline in sales volume and a 6.8% drop in sales area from January to October 2025 [25][26] - The report notes that while non-popular cities are seeing population outflows, local residents still have improvement-driven housing demands, which could stabilize the market [26][28] - Recommendations include focusing on companies that are well-positioned in non-popular cities, such as China Overseas Land & Investment, which can leverage local demand for housing improvements [28] Internet and AI - The report highlights advancements in AI technology, with significant product launches from companies like OpenAI and Tencent, indicating a growing trend in AI applications across various sectors [29][30] - Investment strategies suggest focusing on internet giants that are leveraging AI for growth, with recommendations for Alibaba and Tencent as key players benefiting from AI integration [30] - The report also notes the potential for AI to enhance advertising and cloud service revenues for these companies, suggesting a positive outlook for their financial performance [30]