Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [5]. Core Insights - The company, Ding Tai Gao Ke, is a global leader in PCB drill bits, benefiting significantly from the surge in demand for PCB processing driven by AI computing power [2][5]. - The company has shown a notable performance turnaround, with revenue and net profit growth driven by the increasing demand for high-end PCBs [2][5]. Summary by Sections Company Overview - Ding Tai Gao Ke has over 30 years of experience in the PCB drill bit industry and has expanded its product offerings to include milling tools and special PCB tools [2][14]. - The company achieved a revenue of 1.457 billion yuan in the first three quarters of 2025, representing a 29% year-on-year increase, and a net profit of 282 million yuan, up 64% year-on-year [2][22]. AI Computing Power Impact - The demand for AI computing servers is driving a significant increase in PCB demand, particularly for high-end PCBs [3][34]. - IDC forecasts a compound annual growth rate (CAGR) of 18.8% for the global server market from 2024 to 2029, with accelerated server spending growing over 20% annually [3][34]. - The report highlights that the increasing thickness of PCBs and the rising number of drill holes are leading to higher demand for drill bits [3][53]. Production Capacity and Product Development - The company has a leading position in self-manufactured equipment, with production capacity expected to reach 1.2 million drill bits per month by the end of 2025 and 1.8 million by the end of 2026 [4][5]. - The proportion of high-end products is increasing, with micro-drill sales expected to rise from 21% in 2024 to 28% in the first half of 2025 [4][5]. - The acquisition of German company MPK is expected to enhance technological innovation and international expansion [4][5]. Financial Forecast and Valuation - The company is projected to achieve net profits of 4.0 billion yuan, 6.3 billion yuan, and 9.0 billion yuan from 2025 to 2027, respectively [5]. - The current stock price corresponds to dynamic price-to-earnings ratios of 104, 66, and 46 times for the years 2025, 2026, and 2027 [5].

证券研究报告·公司点评报告·元件 沪电股份（002463） 赴港递表加速全球化，谷歌 TPU 放量迎量价 齐升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,938 | 13,342 | 18,339 | 25,492 | 29,315 | | 同比（%） | 7.23 | 49.26 | 37.46 | 39.00 | 15.00 | | 归母净利润（百万元） | 1,513 | 2,587 | 3,615 | 5,745 | 7,028 | | 同比（%） | 11.09 | 71.05 | 39.72 | 58.92 | 22.34 | | EPS-最新摊薄（元/股） | 0.79 | 1.34 | 1.88 | 2.99 | 3.65 | | P/E（现价&最新摊薄） | 100.99 | 59.04 | 42.26 | 26.59 | 21.74 | [Table_Tag] [Table_Summ ...

Core Insights - The report indicates that the market is expected to experience an early "spring rally" due to easing external pressures and improving internal conditions [2][3] - The focus for December should be on growth sectors, particularly those aligned with the "14th Five-Year Plan" and new productive forces [3] Group 1: Market Environment - In November, market momentum was limited due to seasonal effects and external pressures, including tightening global liquidity and concerns over AI industry bubbles [1] - As of December, the pressure on the A-share market is gradually easing, with an 80% probability of a short-term interest rate cut by the Federal Reserve, creating a warmer overall atmosphere [2] - The sentiment around AI stocks has stabilized, reducing the emotional pressure on related A-share sectors [2] Group 2: Investment Recommendations - The report suggests focusing on two main directions for investment in December: the AI industry chain and sectors related to the "14th Five-Year Plan" [3] - Specific sectors to watch include chip design, semiconductor equipment, and platform companies with full-stack technical capabilities [4] - High-growth areas such as energy storage and innovative pharmaceuticals are highlighted as potential investment opportunities [4] Group 3: Top Stock Picks - The report lists ten recommended stocks, including: - BeiGene (688235.SH) in the pharmaceutical sector, with a projected EPS growth from 3.66 in 2026 to 6.73 in 2027 [5] - Haisco (002653.SZ), also in pharmaceuticals, with a projected EPS of 0.70 in 2026 and 0.81 in 2027 [5] - Longking (600388.SH) in environmental services, with a projected EPS of 1.20 in 2026 and 1.37 in 2027 [5] - Maiwei (300751.SZ) in machinery, with a projected EPS of 3.14 in 2026 and 3.93 in 2027 [5] - Yutong Bus (600066.SH) in the automotive sector, with a projected EPS of 2.67 in 2026 and 3.18 in 2027 [5] - Cambricon (688256.SH) in electronics, with a projected EPS of 11.64 in 2026 and 20.88 in 2027 [5] - CATL (300750.SZ) in new energy, with a projected EPS of 18.90 in 2026 and 23.35 in 2027 [5] - Alibaba (9988.HK) in media and internet, with a projected EPS of 4.33 in 2026 and 6.44 in 2027 [5] - Xianle Health (300791.SZ) in food and beverage, with a projected EPS of 1.37 in 2026 and 1.64 in 2027 [5] - Wanhua Chemical (600309.SH) in energy and chemicals, with a projected EPS of 5.13 in 2026 and 5.79 in 2027 [5] Group 4: Financial Data - The report provides financial forecasts for the top stock picks, indicating expected revenue and net profit growth across various sectors [62][63] - For example, BeiGene is projected to achieve a revenue of 370.27 billion in 2025, increasing to 462.80 billion in 2026 [63] - CATL is expected to see significant growth, with projected revenues of 4226.04 billion in 2025 and 5349.47 billion in 2026 [63]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated strong adaptability to market trends over its 20-year development, transitioning from a follower to a leader in the Chinese snack industry [2][15] - The company has established a comprehensive competitive advantage in channels, supply chain, and brand management, positioning itself to become a platform-type snack enterprise [3][18] - The company is expected to achieve significant profit growth, with net profits projected to reach 819.71 million, 1,008.28 million, and 1,224.11 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 28%, 23%, and 21% [1][3] Summary by Sections Company Overview - The company has evolved through three stages: initial exploration (2005-2016), rapid expansion (2017-2020), and strategic upgrade (2021-present) [15][17] - During the initial phase, the company focused on capturing offline channel benefits through direct sales and partnerships with major supermarkets [15] - The rapid expansion phase saw the introduction of new product lines and innovative sales strategies, such as the "store island" model, which significantly boosted sales [16] Strategic Developments - The company has initiated a multi-brand and multi-category strategy, aiming for a comprehensive channel and supply chain upgrade [17][18] - The introduction of the "1+7" strategy in 2023 aims to cultivate various sub-brands, focusing on one core sub-brand every 1-2 years [18][19] - The company has successfully launched notable products like "Big Devil" and "Egg Emperor," enhancing its market presence [18] Financial Performance - The company has shown a steady increase in revenue, with a projected compound annual growth rate (CAGR) of 32.5% from 2021 to 2024 [18] - Profit margins have improved, with net profit margins reaching approximately 14% in 2025, driven by scale effects and brand strength [48] - The company's financial metrics indicate strong inventory and receivables turnover, outperforming industry averages [53]

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (00855.HK) [1] Core Views - The company demonstrates resilient core operations with a focus on cost reduction and efficiency improvements, despite a decline in revenue and net profit [7] - Capital expenditures continue to decrease, and the company is expected to enhance its free cash flow and dividend capacity [7] Financial Performance Summary - For FY2026, total revenue is projected at HKD 10,026 million, reflecting a year-on-year decline of 13.98% [1] - The net profit attributable to shareholders is estimated at HKD 1,136 million, showing a year-on-year increase of 5.70% [1] - The latest diluted EPS is forecasted to be HKD 0.70, with a P/E ratio of 8.44 [1] Segment Performance - The urban water supply segment reported revenue of HKD 32.71 billion, down 13.1% year-on-year, with segment profit decreasing by 17.4% [7] - The environmental protection segment saw revenue growth of 8.7% year-on-year, with a segment profit increase of 29.7% [7] - The direct drinking water segment experienced a significant revenue decline of 28.3% year-on-year [7] Capital Expenditure and Dividends - Capital expenditures for FY26H1 were HKD 12.43 billion, down 31.8% year-on-year [7] - The total dividend per share remains stable at HKD 0.13, with a dividend yield of 4.8% [7] Earnings Forecast Adjustments - The forecast for net profit attributable to shareholders for FY2026-2028 has been revised down to HKD 11.36 billion, HKD 12.06 billion, and HKD 12.32 billion respectively [7] - Corresponding P/E ratios are projected at 8.4, 7.9, and 7.8 for FY2026, FY2027, and FY2028 [7]

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Buy" (maintained) [1] Core Insights - The company's Q3 2025 performance was below expectations, with total revenue of 95.5 billion yuan, a year-on-year growth of 2.0%, and an adjusted net profit of -16.01 billion yuan, which was lower than Bloomberg consensus estimates [7] - The core local business turned from profit to loss due to intensified competition, while new business losses improved [7] - The report anticipates that Q3 represented the peak of losses, with expectations for marginal improvement in Q4, although competitive strategies need to be monitored [7] - The company is expected to continue strengthening its supply side, user experience, and membership benefits, maintaining its market share and user engagement advantages [7] - New business losses were better than expected, with strong growth in grocery retail businesses like Xiaoxiang Supermarket and Keeta, which are expanding globally [7] - The adjusted profit forecasts for 2025-2027 have been revised down significantly due to the impact of competition on profits, but the long-term profit recovery and overseas expansion potential remain promising [7] Financial Projections - Total revenue projections for Meituan are as follows: 2023A: 276.75 billion yuan, 2024A: 337.59 billion yuan, 2025E: 364.53 billion yuan, 2026E: 415.41 billion yuan, 2027E: 478.47 billion yuan [1] - The adjusted net profit for 2025E is projected at -21.57 billion yuan, with a recovery to 19.63 billion yuan by 2027E [1] - The latest diluted EPS for 2025E is projected at -3.53 yuan per share, with a recovery to 3.21 yuan per share by 2027E [1]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes that the carbon quota for enterprises is linked to output without a total cap on emissions, indicating a dynamic adjustment mechanism based on production levels [9][10] - The report highlights the ongoing empowerment of Longjing Environmental Protection by Zijin Mining, with significant shareholding increases and stable management [13][14] - The report identifies a strong performance in the waste incineration sector, with capital expenditures decreasing and cash flow improving, leading to increased dividends [17][18] - The water service sector is seen as the next growth area, with marketization and cash flow improvements expected to drive performance [20][21] - The report notes a significant increase in sales of new energy sanitation vehicles, indicating a growing market penetration [22] Summary by Sections Industry News - The Ministry of Ecology and Environment has linked carbon quotas to enterprise output without setting an absolute cap on emissions, with a focus on performance ranking for 2025 [9] - Longjing Environmental Protection has seen significant shareholding increases from Zijin Mining, enhancing its operational capabilities [13][14] - The waste incineration sector is experiencing improved cash flow and dividend payouts due to reduced capital expenditures [17][18] - The water service sector is expected to benefit from market reforms and improved cash flow, positioning it for growth similar to the waste incineration sector [20][21] - Sales of new energy sanitation vehicles have increased by 61.32%, with market penetration rising to 18.02% [22] Company Tracking - Longjing Environmental Protection's new projects in green electricity and energy storage are expected to contribute significantly to its growth [14][15] - The report tracks the performance of various companies in the waste management sector, highlighting improved cash flow and dividend potential [17][18] - The water service companies are noted for their stable performance and high dividend payouts, with expectations for increased cash flow in the coming years [20][21] Market Performance - The report provides insights into the performance of the environmental protection sector, noting a positive trend in stock performance and market interest [3][4]

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 天气转冷&库存下降美国气价上涨、库存提 取欧洲气价下行 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：经济增速不及预期、极端天气、国际局势变化、安全经营风险。 2025 年 12 月 01 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/12/2 2025/4/1 2025/7/30 2025/11/27 燃气Ⅱ 沪深300 相关研究 《降温将至美国气价上涨、库存提取 欧洲气价下行》 2025-11-24 《降温预期消化，美国气价回落、欧 洲&中国气价微降》 2025-11-17 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：天气转冷&库存下降美国气价上涨、库存提取欧洲气价下行。截 至 2025/11/ ...

Group 1: Core Insights - The report focuses on utilizing technical indicators based on volume and price data to adjust positions in indices for excess returns [3][8] - A total of 27 technical indicators were constructed and tested across three major indices: CSI 300, CSI 500, and CSI 1000, as well as 31 industry indices [3][8] - The average excess annualized return from the technical indicators based on the concept of volume-price divergence reached 3.75% across 34 indices [3][8] Group 2: Latest Performance Statistics - The 5-signal strategy performed well, achieving an annualized return of 2.54% on the CSI 1000 index, with an excess annualized return of 11.27% [3][9] - The rolling strategies showed that the rolling steady strategy could achieve an average excess annualized return of 3.99% when the adjustment frequency is reduced to T+10 [3][9] - The report indicates that the rolling steady strategy is suitable for low-risk investors, while the rolling chasing strategy is more appropriate for high-risk investors [3][9] Group 3: Latest Holdings and Signal Judgments - As of early December, the CSI 300 had 7 indicators signaling bullish trends and 16 indicators signaling a reduction in positions, with the optimal single indicator maintaining its signal [12][13] - The CSI 500 had 7 bullish signals and 16 reduction signals, with the optimal single indicator signaling bearish trends [12][13] - The CSI 1000 had 8 bullish signals and 15 reduction signals, with the optimal single indicator also signaling bearish trends [12][13]

Quantitative Models and Construction Methods - **Model Name**: Style Rotation Model **Model Construction Idea**: The model is built from basic style factors such as valuation, market capitalization, volatility, and momentum. It incorporates a style timing and scoring system, leveraging micro-level features and machine learning techniques to optimize style selection and rotation[4][9]. **Model Construction Process**: 1. Start with 80 fundamental micro factors as raw features, categorized based on the proprietary multi-factor system of Dongwu Securities[9]. 2. Construct 640 micro-level features from these factors[4][9]. 3. Replace the absolute proportion division of style factors with commonly used indices as style stock pools, creating new style returns as labels[4][9]. 4. Use a rolling training process with a Random Forest model to avoid overfitting, select optimal features, and generate style recommendations[4][9]. 5. Combine style timing results and scoring outcomes to build a monthly frequency style rotation framework[4][9]. **Model Evaluation**: The model effectively integrates micro-level features and machine learning to enhance style rotation performance, mitigating overfitting risks[4][9]. Model Backtesting Results - **Style Rotation Model**: - Annualized Return: 16.52% - Annualized Volatility: 20.46% - IR: 0.81 - Monthly Win Rate: 57.01% - Maximum Drawdown: 25.68% - Excess Annualized Return (Hedged against Benchmark): 11.04% - Excess Annualized Volatility (Hedged against Benchmark): 11.08% - Excess IR (Hedged against Benchmark): 1.00 - Excess Monthly Win Rate (Hedged against Benchmark): 55.14% - Maximum Drawdown (Hedged against Benchmark): 9.00%[4][10][11]