Core Insights - The report highlights the rapid evolution of the global AI industry, transitioning from "model competition" to "systematic construction," indicating strong momentum for long-term industrial upgrades [2][3] - Key technological breakthroughs are driving the industry forward, with Anthropic's Claude Opus 4.5 model demonstrating near top engineer-level performance in complex engineering tasks, marking a significant step towards practical applications of AI in engineering [3][5] - The report emphasizes the increasing penetration of AI into consumer electronics and daily life, with Alibaba's Quark launching AI glasses that enhance multi-modal interaction capabilities, indicating a shift from novelty products to practical functionalities in consumer-grade AI hardware [4][6] Weekly Perspective - The AI industry is experiencing a multi-faceted resonance of technological breakthroughs, application expansion, and industrial policies, showcasing a critical phase of cross-domain collaboration [2] - The focus on embodied intelligence remains high, with Xiaomi's release of the MiMo-Embodied model, which integrates indoor task planning and road environment perception, reflecting the acceleration of exploration in universal intelligent frameworks by leading domestic manufacturers [4][5] - The report notes that the current market sentiment is increasingly concerned with the real revenue contributions of AI businesses and the ability of companies to implement these technologies effectively [6] Key Events - Anthropic's Claude Opus 4.5 was released, achieving significant improvements in code generation and system debugging, outperforming all human candidates in internal tests [5] - DeepSeek launched the DeepSeekMath-V2 model, which utilizes a self-verification framework to enhance the reliability of mathematical proofs, achieving gold medal levels in top competitions [5] - Xiaomi's MiMo-Embodied model is the first to cover both embodied intelligence and autonomous driving, supporting various core tasks and setting new benchmarks in multiple tests [5] Market Dynamics - The report indicates a concentration of market activity around AI upstream hardware leaders, with a noted decrease in the success rate and odds of chasing after high valuations due to increased uncertainty [6] - There is potential for significant returns in the downstream AI applications sector, which is viewed as a "bullish option," suggesting proactive positioning ahead of expected market movements [6]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, specifically recommending AI equipment, humanoid robots, and related sectors [1]. Core Insights - The expansion of AI data centers in the U.S. is driving increased demand for power generation, particularly benefiting domestic equipment manufacturers [2]. - The introduction of Google's Gemini 3 model indicates a sustained growth in AI computing infrastructure, leading to increased demand for PCB and liquid cooling equipment [3]. - The humanoid robot sector is expected to experience a significant upward trend, particularly with upcoming catalysts in December and early 2026 [4]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as North China Huachuang, SANY Heavy Industry, Zhongwei Company, and others across various segments including semiconductor equipment, engineering machinery, and automation [1][13]. Investment Highlights - **Gas Turbines**: The U.S. AI data center expansion is expected to boost demand for gas turbine power generation, with significant opportunities for domestic brands like Jereh and Haomai Technology [2]. - **AI Equipment**: The performance of Google's Gemini 3 has exceeded expectations, indicating a robust demand for AI computing infrastructure, particularly in PCB and liquid cooling solutions [3]. - **Humanoid Robots**: The humanoid robot sector is poised for a major rally, driven by key developments from Tesla and other domestic players [4]. Industry Trends - The mechanical equipment sector is projected to recover, with a focus on electric forklifts and automation solutions driven by labor shortages and technological advancements [17][49]. - The global market for warehouse automation solutions is expected to grow significantly, with AMR solutions leading the way due to their efficiency and flexibility [49]. Financial Projections - The report forecasts substantial growth in net profits for various companies within the sector, with specific projections for 2025-2027 indicating a positive outlook for companies like Zhongli and Jereh [19][25][32].

Core Insights - The report emphasizes that despite short-term risks, the long-term logic remains intact, with a focus on AI as a key variable in the context of China's "14th Five-Year Plan" [1][3] - The performance of growth styles is recovering, driven primarily by technology, with expectations for a style shift from growth to value around mid-2026 [3][4] - The report suggests that the current AI hardware risk-reward ratio is declining, but technology remains the preferred direction for investment [2][9] AI Hardware and Market Dynamics - The current market is highly concentrated on AI upstream hardware leaders, leading to amplified impacts from a few stocks on the overall market [2] - If market volume is sufficient, this direction may continue to drive the market to new highs; however, reduced volume could increase risks associated with high leverage [2] - The report draws parallels to 2023, where stocks like CPO and NVIDIA saw significant upward trends, with CPO outperforming NVIDIA by a substantial margin [2][3] Seasonal Trends and Investment Strategies - Historical data indicates that in the fourth quarter, funds typically shift towards more stable sectors, with financials and stable styles outperforming [4][5] - The report anticipates an early onset of the spring rally, driven by early recognition of seasonal patterns among market participants [5] - The report suggests that the AI application sector can be viewed as a "call option," with potential for significant upside once key industry events occur [8][9] AI Applications and Future Opportunities - The report highlights that the AI application sector is expected to see mid-term certainty and broader opportunities compared to upstream hardware [7][9] - It identifies several promising areas for investment, including AI+ innovative drugs, AI+ military applications, AIGC, media and gaming, AI edge computing, humanoid robots, and intelligent driving [9][10] - The report notes that while the AI software application market has not yet seen widespread impactful products, recent advancements in large models and domestic initiatives signal potential growth [9][10] Specific Company Insights - The report lists various companies involved in AI applications, including Han's Information, Youfu Network, and Kingsoft Office, among others, with market capitalizations ranging from 88.1 million to 4,207.6 million [23] - It emphasizes the importance of monitoring companies that are actively developing AI applications, particularly in the context of emerging technologies and market demands [9][23]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a significant revenue growth of 72% year-on-year in Q3 2025, reaching $25.44 million, driven by multiple fast-growing business segments [7] - The company has established a profitable single-vehicle model for its Gen-7 Robotaxi in Guangzhou, marking a critical milestone in its commercial viability [7] - The company is well-positioned for future growth with a strong liquidity position, holding $588 million in cash and cash equivalents as of September 30, 2025, which supports its fleet expansion plans [7] Financial Performance Summary - Total revenue projections for 2025-2027 are $77.58 million, $104.91 million, and $342.42 million respectively, with a compound annual growth rate of 226.39% from 2025 to 2027 [1][8] - The company expects to reduce the BOM cost of its seventh-generation Robotaxi by 20% by 2026, following a 70% reduction in the fourth-generation autonomous truck kit [7] - The overall gross margin improved from 9.2% in the previous year to 18.4% in Q3 2025, indicating a significant enhancement in revenue quality [7]

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存上升，煤价略有下行 2025 年 11 月 29 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（11 月 24 日至 11 月 28 日）港口动力煤现货价环比下跌 18 元/吨， 报收 816 元/吨。 供给端，本周环渤海四港区日均调入量 205.6 万吨，环比上周上涨 0.97 万吨，涨幅 0.47%。本周产地供应较为稳定，港口供应量有所增加。 需求端，本周环渤海四港区日均调出量 199 万吨，环比上周增加 21 万 吨，增幅 11.9%。日均锚地船舶共 100 艘，环比上周减少 24 艘，降幅 19%；环渤海四港区库存端 2661.10 万吨，环比上周上涨 68 万吨，增幅 2.61%。港口本周整体调出量增加、库存绝对值上涨，需求释放有限， 煤价略有下行。 我们分析认为：目前港口煤价库存处于较高位置，下游供暖需求已提前 释放，叠加新能源水电风电挤压火电份额，预计煤价维持震荡走势。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部保险集中。固 收类资产荒依旧，叠加红利资产已经高位， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future growth potential [3]. Core Insights - The company is recognized as a leader in the optical components industry, with significant growth expected in molded glass products. Revenue forecasts for 2025 and 2026 have been adjusted to 1.388 billion and 1.831 billion RMB, respectively, with a new revenue forecast for 2027 set at 2.361 billion RMB. The net profit forecasts for the same years have also been updated to 356.65 million, 509.19 million, and 691.54 million RMB, respectively [3]. - The report highlights the company's strong position in the market, driven by the increasing demand for optical applications in consumer electronics, particularly in mobile photography. The company is actively developing new projects to meet customer needs and enhance its product offerings [9]. - The growth of the glass aspheric lens business is attributed to strong demand from automotive, optical communication, and handheld imaging device sectors. The company is expanding its production capacity to meet this growing demand [9]. - Strategic partnerships in the glass wafer business are deepening with major clients, particularly in AR and semiconductor applications, which are expected to drive future growth [9]. Financial Projections - The company’s total revenue is projected to grow from 754.46 million RMB in 2023 to 2.3606 billion RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 28.95% [3][10]. - The net profit is expected to increase from 179.91 million RMB in 2023 to 691.54 million RMB in 2027, with a notable growth rate of 35.81% in the final year of the forecast [3][10]. - The earnings per share (EPS) is forecasted to rise from 0.44 RMB in 2023 to 1.70 RMB in 2027, indicating a strong improvement in profitability [3][10].

证券研究报告·金融工程·金工定期报告 金工定期报告 20251129 新价量相关性因子绩效月报 20251128 2025 年 11 月 29 日 [Table_Tag] [Table_Summary] 报告要点 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 庞格致 执业证书：S0600524090003 panggz@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 《 新 价 量 相 关 性 因 子 绩 效 月 报 20251031》 2025-11-06 《"技术分析拥抱选股因子"系列研究 （十四）：RPV 聪明版——聪明换手率 是更好的配料》 2023-09-27 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 ◼ 新价量相关性 RPV 因子多空对冲绩效（全市场）：2014 年 1 月至 2025 年 11 月，新价量相关性 RPV 因子在全体 A 股（剔除北交所股票）中， 10 分组多空对冲的年化收益为 14.29% ...

Quantitative Models and Construction Methods 1. **Model Name**: "Rediscover Confidence 2.0" RCP Factor - **Model Construction Idea**: The model is based on a common expectation bias in behavioral finance—overconfidence. It innovatively uses high-frequency minute sequence data to construct the overconfidence factor CP by calculating the time gap between favorable price surges and price corrections. The second-generation Rediscover Confidence Factor (RCP) is derived by orthogonalizing the first-generation CP factor with intraday returns and using the residuals as the RCP factor[1][6]. - **Model Construction Process**: - **Step 1**: Calculate the time gap between favorable price surges and price corrections to construct the overconfidence factor CP. - **Step 2**: Orthogonalize the CP factor with intraday returns. - **Step 3**: Use the residuals from the orthogonalization process as the second-generation Rediscover Confidence Factor (RCP)[6]. - **Model Evaluation**: The RCP factor constructed based on the Rediscover Confidence idea performs significantly better than traditional combination methods[6]. Model Backtesting Results 1. **"Rediscover Confidence 2.0" RCP Factor**: - Annualized Return: 17.68%[1][7][12] - Annualized Volatility: 7.83%[1][7][12] - Information Ratio (IR): 2.26[1][7][12] - Monthly Win Rate: 77.46%[1][7][12] - Maximum Drawdown: 7.46%[1][7][12] Quantitative Factors and Construction Methods 1. **Factor Name**: Overconfidence CP Factor - **Factor Construction Idea**: The factor is based on the degree of investor overconfidence affecting stock prices, using the time difference between rapid price increases and decreases as a proxy variable[6]. - **Factor Construction Process**: - **Step 1**: Calculate the time difference between rapid price increases and decreases to construct the overconfidence factor CP[6]. - **Factor Evaluation**: The CP factor innovatively captures the overconfidence bias in investor behavior[6]. 2. **Factor Name**: Rediscover Confidence RCP Factor - **Factor Construction Idea**: Considering that investors may become overly pessimistic during price corrections, leading to excessive corrections, but due to favorable news, such stocks will eventually rebound. The RCP factor is derived by orthogonalizing the CP factor with intraday returns and using the residuals[6]. - **Factor Construction Process**: - **Step 1**: Orthogonalize the CP factor with intraday returns. - **Step 2**: Use the residuals from the orthogonalization process as the Rediscover Confidence Factor (RCP)[6]. - **Factor Evaluation**: The RCP factor, after purification, shows significantly improved performance[7]. Factor Backtesting Results 1. **Rediscover Confidence RCP Factor**: - IC Mean: 0.04[1] - Annualized ICIR: 3.27[1] - Annualized Return: 20.69%[1] - Information Ratio (IR): 2.91[1] - Monthly Win Rate: 81.55%[1]

证券研究报告·金融工程·金工定期报告 金工定期报告 20251129 "日与夜的殊途同归"新动量因子绩效月报 20251128 [Table_Tag] [Table_Summary] 报告要点 2025 年 11 月 29 日 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 庞格致 执业证书：S0600524090003 panggz@dwzq.com.cn 相关研究 《"日与夜的殊途同归"新动量因子绩 效月报 20251031》 2025-11-06 《成交量对动量因子的修正：日与夜 之殊途同归》 2022-08-17 东吴证券研究所 1 / 6 请务必阅读正文之后的免责声明部分 ◼ "日与夜的殊途同归"新动量因子多空对冲绩效（全市场）：2014 年 2 月至 2025 年 11 月，"日与夜的殊途同归"新动量因子在全体 A 股（剔 除北交所股票）中，10 分组多空对冲的年化收益率为 18.04%，年化波 动率为 8.68%，信息比率为 2.08，月度胜率为 78.17%，月度最大回撤率 为 9.07% ◼ 11 月份"日 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report provides a weekly data tracking of secondary capital bonds from November 24 to November 28, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance - Three new secondary capital bonds were issued in the inter - bank and exchange markets this week, with a total issuance scale of 68.9 billion yuan. The issuance term is 10 years, the issuers include local state - owned enterprises and central financial enterprises, with subject ratings of AA+ and AAA, and the issuer regions are Zhejiang, Hunan, and Beijing [1]. 3.2 Secondary Market Trading - **Trading Volume**: The total weekly trading volume of secondary capital bonds was approximately 178.5 billion yuan, an increase of 13.2 billion yuan from last week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC (10.146 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 04A(BC) (9.421 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (6.028 billion yuan). By issuer region, the top three in trading volume were Beijing (141.6 billion yuan), Shanghai (12.6 billion yuan), and Fujian (4.7 billion yuan) [2]. - **Yield to Maturity**: As of November 28, for 5Y secondary capital bonds, the yield - to - maturity changes of AAA-, AA+, and AA - rated bonds compared to last week were 5.46BP, 7.44BP, and 8.44BP respectively; for 7Y bonds, the changes were 9.05BP, 10.90BP, and 10.90BP respectively; for 10Y bonds, the changes were 10.13BP, 9.50BP, and 9.50BP respectively [2]. 3.3 Valuation Deviation of Top 30 Individual Bonds - The overall valuation deviation of the weekly trading average price of secondary capital bonds was not significant this week. The proportion and amplitude of discount transactions were smaller than those of premium transactions. - **Discount Bonds**: The top three discount - rate bonds were 21 Jiutai Rural Commercial Secondary (-48.4374%), 21 Guiyang Rural Commercial Secondary (-1.0131%), and 23 China CITIC Bank Secondary Capital Bond 01B (-0.3428%). The remaining discount rates were within - 0.31%. The ChinaBond implicit ratings were mainly AAA-, AA+, and AA - rated, and the regional distribution was mainly in Beijing, Zhejiang, and Shanghai [3]. - **Premium Bonds**: The top three premium - rate bonds were 25 Shanghai Pufa Bank Secondary Capital Bond 01B (1.5031%), 25 Qujiang Rural Commercial Bank Secondary Capital Bond 01 (1.3216%), and 25 Agricultural Bank of China Secondary Capital Bond 04B(BC) (0.8022%). The remaining premium rates were within 0.78%. The ChinaBond implicit ratings were mainly AAA-, AA+, and AA - rated, and the regional distribution was mainly in Beijing, Shanghai, and Tianjin [3].