2025 年 11 月 28 日 开源晨会 1128 ——晨会纪要 晨 会 纪 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-11 2025-03 2025-07 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 轻工制造 | 1.092 | | 基础化工 | 1.009 | | 石油石化 | 0.902 | | 煤炭 | 0.798 | | 美容护理 | 0.730 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | -2.336 | | 传媒 | -1.402 | | 商贸零售 | -1.196 | | 计算机 | -0.823 | | 建筑材料 | -0.733 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 行业公司 【公用事业】电改加速深化，预期有望趋稳——电力行业 2026 年度投资策略 -20251127 关注火电盈利弹性、优质风电和电力设备出海机会 受益 ...

2025 年 11 月 27 日 投资评级：买入（首次） 医药生物/生物制品 我武生物（300357.SZ） 脱敏治疗领域龙头企业，干细胞等蓝海领域迎来收获 ——公司首次覆盖报告 | 日期 | 2025/11/26 | | --- | --- | | 当前股价(元) | 31.29 | | 一年最高最低(元) | 35.84/18.23 | | 总市值(亿元) | 163.83 | | 流通市值(亿元) | 151.46 | | 总股本(亿股) | 5.24 | | 流通股本(亿股) | 4.84 | | 近 3 个月换手率(%) | 150.0 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-11 2025-03 2025-07 2025-11 我武生物 沪深300 数据来源：聚源 余汝意（分析师） 阮帅（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 ruanshuai@kysec.cn 证书编号：S0790524040007 脱敏治疗领域龙头企业，干细胞等蓝海领域迎来收获期 我武生物作为国内脱敏治疗龙头企业，核心产品优势显著且布局多元。粉尘螨滴 ...

投资评级：买入（维持） | 日期 | 2025/11/26 | | --- | --- | | 当前股价(元) | 12.78 | | 一年最高最低(元) | 17.95/11.33 | | 总市值(亿元) | 42.51 | | 流通市值(亿元) | 42.51 | | 总股本(亿股) | 3.33 | | 流通股本(亿股) | 3.33 | | 近 3 个月换手率(%) | 125.09 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-11 2025-03 2025-07 阿拉丁 沪深300 相关研究报告 《与默克达成全球合作，公司发展有 望迈入新阶段—公司信息更新报告》 -2025.3.5 基础化工/化学制品 阿拉丁（688179.SH） 2025 年 11 月 27 日 外延并购协同效应凸显，下游需求稳步复苏 ——公司信息更新报告 | 余汝意（分析师） | 聂媛媛（联系人） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | nieyuanyuan@kysec.cn | shiqizheng@kysec. ...

Core Insights - Institutional attention has rebounded, particularly in the electronics, power equipment, and construction decoration sectors, indicating a renewed interest in these industries [3][8][9] Industry Performance Recent Market Trends - The Shanghai Composite Index and the ChiNext Index have shown significant fluctuations over the past year, with the ChiNext Index experiencing a notable decline [1] - The top-performing sectors recently include telecommunications, comprehensive services, electronics, retail, and home appliances, with telecommunications leading at a 4.638% increase [1] Underperforming Sectors - Conversely, the sectors that have underperformed include defense, social services, media, oil and petrochemicals, and banking, with defense showing the largest decline at -2.253% [2] Company-Specific Insights Media Sector: HuiLiang Technology (01860.HK) - The company reported a significant increase in adjusted profits, driven by AI empowerment, with Q3 revenue reaching $5.32 billion, a 28% year-on-year increase [4][14] - Adjusted net profit for Q3 was $0.24 billion, reflecting a 126% increase year-on-year [14] Overseas Technology: Alibaba Group (09988.HK) - Alibaba's cloud business is experiencing strong demand, with revenue growth expected to improve due to AI infrastructure investments [5][17] - The company has adjusted its net profit forecasts for FY2026-2028 to $104.3 billion, $131.3 billion, and $164.7 billion respectively, reflecting a significant downward revision [5][18] Home Appliances: Hesai Technology (HSAI.O) - The company has launched a new version of its ATX product, which is expected to enhance revenue growth due to increased orders in the ADAS sector [6][22] - Q3 revenue reached $7.95 billion, a 47% increase year-on-year, with net profit soaring by 464% [22][24] Institutional Research Insights Research Trends - The total number of institutional research engagements has slightly increased, with a notable rise in interest for electronics, power equipment, and construction decoration sectors [9][10] - Specific companies such as Huichuan Technology and Fengyuan Co. have garnered significant market attention, indicating a focus on high-potential stocks [11] Key Company Developments - HuiHan Co. has been frequently researched due to its early advantage in the eCall system, which is expected to see stable demand from 2027 onwards [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company has shown significant growth in adjusted profits, driven by AI empowerment, with a revenue increase of 39% year-on-year for the first three quarters of 2025, reaching $1.47 billion [3] - The adjusted net profit for Q3 2025 was $0.24 billion, reflecting a year-on-year increase of 126% and a quarter-on-quarter increase of 51% [3] - The company is expected to continue releasing performance driven by AI, with adjusted net profit forecasts for 2025-2027 revised to $0.26 billion, $1.65 billion, and $2.25 billion respectively [3] Financial Performance Summary - For Q3 2025, the company achieved revenue of $5.32 billion, a year-on-year increase of 28% and a quarter-on-quarter increase of 7% [3] - The gross margin for the first three quarters of 2025 was 21.24%, with adjusted net margin at 5.71%, an increase of 2.73 percentage points year-on-year [3] - The advertising technology business generated $5.27 billion in revenue for Q3 2025, with a year-on-year growth of 27.8% [4] AI Empowerment and Growth Strategy - The company has been actively integrating AI into various advertising service segments, enhancing service competitiveness and driving continuous growth [5] - Since May 2023, the company has launched four AI-based smart bidding products, significantly optimizing advertising effectiveness [4][5] - The revenue from smart bidding products accounted for over 80% of Mintegral's total revenue in Q3 2025 [4]

2025 年 11 月 26 日 机构关注度环比回升：电子、电力设备、建筑装饰 策略研究团队 ——机构调研周跟踪 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 机构调研信息是对基本面信息的重要补充，但信息量大且杂乱。为了清晰梳理 出调研中有效、增量信息，我们推出机构调研周跟踪系列，汇总最近一周、一 个月公开的机构调研信息，涵盖行业、个股两维度，包含调研热度（环比、同 比数据）、调研获得的行业及个股信息增量。 行业视角看机构调研情况: 电子、电力设备、建筑装饰的调研热度有所上升 周度：上周，全 A 的被调研总次数环比微微提升，且高于 2024 年同期，调研热 度有所回暖。一级行业中，按机构被调研总次数从高到低排序，电子、机械设备、 电力设备、医药生物和基础化工的关注度较高。 边际变化上，相较前一周，电子、电力设备、建筑装饰、农林牧渔、环保、纺织 服饰、建筑材料、商贸零售、国防军工、家用电器等的调研总次数有所上升。 月度：10 月，或因财报披露期，全 A 的被调研总次数环比大幅下跌，低于 2024 年同期。最新一个月，一级行业中，按机构被调研总次数从高到低排序，机械设 备、电子、医药生 ...

Investment Rating - The investment rating for Alibaba-SW (09988.HK) is "Buy" (maintained) [1] Core Views - The report highlights a strong demand for cloud services and improvements in flash sales user experience, while acknowledging short-term pressure on e-commerce [4][6] - Adjusted net profit forecasts for FY2026-2028 have been lowered to 104.3 billion, 131.3 billion, and 164.7 billion RMB respectively, reflecting a year-on-year growth rate of -34.0%, +25.8%, and +25.5% [4][5] - The report maintains a positive outlook on long-term ecological synergy driven by AI investments and cloud service expansion [4][6] Financial Summary and Valuation Metrics - FY2026 revenue is projected at 1,098.75 billion RMB, with a year-on-year growth of 10.3% [8] - Non-GAAP net profit for FY2026 is expected to be 104.38 billion RMB, reflecting a year-on-year decrease of 34.0% [8] - The diluted EPS for FY2026 is forecasted at 5.7 RMB, with corresponding P/E ratios of 25.1, 19.5, and 15.2 for FY2026, FY2027, and FY2028 respectively [8]

禾赛科技（HSAI.O） 2025 年 11 月 26 日 投资评级：买入（维持） 发布 ATX 焕新版，看好 L3 级法规完善+外资车企以 及 Robotics 领域客户拓展带动收入高增 ——美股公司信息更新报告 | 日期 | 2025/11/25 | | --- | --- | | 当前股价(美元) | 20.22 | | 一年最高最低(美元) | 3.55/30.85 | | 总市值(亿美元) | 31.6 | | 流通市值(亿美元) | 26.1 | | 总股本(亿股) | 1.56 | | 流通美股(亿股) | 1.29 | | 近 3 个月换手率(%) | 214.86 | | 数据来源：Wind | | 相关研究报告 吕明（分析师） 邓健全（分析师） 林文隆（分析师） lvming@kysec.cn 证书编号：S0790520030002 dengjianquan@kysec.cn 证书编号：S0790525090003 linwenlong@kysec.cn 证书编号：S0790524070004 2025Q3 业绩高增，龙头地位稳固&Robotic 领域进展顺利，维持"买入"评级 2025Q ...

2025 年 11 月 26 日 开源晨会 1126 ——晨会纪要 沪深300 及创业板指数近1年走势 -16% 0% 16% 32% 48% 64% 沪深300 创业板指 晨 会 纪 数据来源：聚源 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | 3.539 | | 传媒 | 2.847 | | 有色金属 | 2.418 | | 综合 | 2.206 | | 电子 | 2.137 | | 数据来源：聚源 | | 观点：双轮驱动下，科技与周期阶段性再平衡 从 10 月最后一周开始，我们观点发生变化：双轮驱动下，科技与周期再平衡，反 内卷下周期机会凸显。三个原因：①从三季报表现来看，科技与周期在 Q3 实现 同步发力——两翼齐飞；②高贝塔行情下，科技今年以来已经累计较多涨幅；③ 机构仓位于科技上较为集中，上行较快。我们认为，再平衡阶段或将持续 1-2 个 月，但展望 2026 年，风格会相对更加均衡：其中，科技依然具备中长期占优的条 件，顺周期的主要机会在 PPI，红利风格在 2026 年会优于 2025 年。 行业公司 【通信】阿里云营收增速再创新高，阿里资本 ...

行 业 研 究 2025 年 11 月 25 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-11 2025-03 2025-07 2025-11 通信 沪深300 相关研究报告 《英伟达 FY26Q3 业绩超预期，谷歌 发布 Gemini 3 和 Nano Banana2，继续 看好 AI 算力—行业周报》-2025.11.23 《昆仑芯发布超节点，阿里推出千问 APP，坚定看好全球 AI 算力—行业周 报》-2025.11.16 《Lumentum 业绩亮眼，光芯片为核心 驱动—行业周报》-2025.11.9 阿里云营收增速再创新高，阿里资本开支维持高增 长，重视国产算力投资机会 ——行业点评报告 | 蒋颖（分析师） | 雷星宇（联系人） | | --- | --- | | jiangying@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124040002 | leixingyu@kysec.cn 证书编号：S0790124040002 阿里云 Q3 营 ...