报告日期：2025-11-28 [Table_Chart] 行业指数与沪深 300 走势比较 -20% 0% 20% 40% 60% 11/24 2/25 5/25 8/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com [Table_IndNameRptType] 电子 行业点评 阿里夸克 AI 眼镜上市，AI 端侧智能硬件赛道值得重视 [Table_IndRank] 行业评级：增持 相关报告 主要观点： ⚫[Table_Summary] 夸克 AI 眼镜上市，阿里布局智能硬件赛道 阿里巴巴 11 月 27 日于北京正式发布了其重磅 AI 智能硬件新品——夸 克 AI 眼镜 S1。 从功能上来看，夸克 AI 眼镜 S1 是"全家桶"式的功能配齐：导航、支 付、识价、问周边、音乐、播客、出行提醒、AI 语音问答、AI 图像问 答、随身翻译、录音纪要、图文备忘、日程管理、提词器、通话、通知 提醒。 核心的 AI ...

哔哩哔哩 [Table_StockNameRptType] -W（09626） 港股公司点评 广告收入健康增长，利润持续释放 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-27 | | [Table_BaseData] 收盘价（港元） | 208.40 | | --- | --- | | 近 12 个月最高/最低（港元）249.6/113.6 | | | 总股本（百万股） | 421 | | 流通股本（百万股） | 340 | | 流通股比例（%） | 100.0 | | 总市值（亿港元） | 877 | | 流通市值（亿港元） | 709 | [公司价格与恒生指数走势比较 Table_Chart] -26% 1% 27% 54% 80% 11/24 2/25 5/25 8/25 哔哩哔哩-W 恒生指数 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com 分析师：赵浦轩 执业证书号：S0010525100002 邮箱：zhaopuxuan@hazq.com 主要观点： ⚫[Ta ...

[Table_StockNameRptType] 拼多多（PDD） 公司点评 25Q3 业绩：利润超预期，国际业务回暖 | 投资评级：增持（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-27 | | [收盘价（ Table_BaseData] 美元） 115.80 | | 近 12 个月最高/最低（美元） 157.6/88.4 | | 总股本（百万股） 5,679 | | 流通股本（百万股） 5,679 | | 流通股比例（%） 100 | | 总市值（亿美元） 1,644 | | 流通市值（亿美元） 1,644 | [公司价格与 Table_Chart]纳斯达克指数走势比较 [Table_Author] 分析师：金荣 -20% 30% 80% 24/08 24/11 25/02 25/05 25/08 纳斯达克 拼多多 -20% 30% 24/11 25/02 25/05 25/08 25/11 纳斯达克 拼多多 执业证书号：S0010521080002 邮箱：jinrong@hazq.com [Table_Author] 分析师：赵亮 2）分部业务方面：在线营销业务 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved revenue of 28.36 billion yuan in Q3 2025, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [4] - The gross profit for Q3 was 18.18 billion yuan, with a gross margin of 64.1%, an increase of 1.2 percentage points year-over-year [4] - Adjusted net profit reached 9.50 billion yuan, reflecting a year-over-year growth of 26.7% and a net margin of 33.5%, up 4.9 percentage points year-over-year [4] Revenue Breakdown - The gaming and related services revenue for Q3 was 23.3 billion yuan, up 11.8% year-over-year, driven by growth in key titles such as "Fantasy Westward Journey" and "Nirvana in Fire" [5] - The company continues to expand its global gaming footprint, with successful launches of new titles in overseas markets [5] AI and Education Initiatives - The Youdao segment reported revenue of 1.63 billion yuan in Q3, a year-over-year increase of 3.6%, focusing on the "AI + Education" strategy [6] - New AI-enabled hardware and software products have been introduced, enhancing the educational offerings [6] Cloud Music Developments - Cloud Music generated revenue of 1.96 billion yuan in Q3, a slight decline of 1.8% year-over-year, with AI features enhancing user experience [7] - The introduction of the "AI Tuner" feature aims to enrich the platform's content ecosystem [7] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 113.91 billion yuan, 124.63 billion yuan, and 134.92 billion yuan, respectively [8] - Non-GAAP net profits for the same years are expected to be 39.67 billion yuan, 42.26 billion yuan, and 46.08 billion yuan [8] Key Financial Metrics - The company is expected to maintain a gross margin of around 64% over the next few years, with a projected return on equity (ROE) of 24% in 2025 [11] - Earnings per share (EPS) are forecasted to grow from 10.37 yuan in 2024 to 14.29 yuan in 2027 [11]

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent's Q3 revenue reached 192.87 billion yuan, representing a year-over-year increase of 15% and a quarter-over-quarter increase of 5%, exceeding consensus expectations of 188.8 billion yuan [4] - The adjusted net profit for Q3 was 70.55 billion yuan, up 18% year-over-year and 12% quarter-over-quarter, surpassing the consensus estimate of 65.97 billion yuan [4] - The growth in revenue and profit is driven by strong performance in the gaming sector, robust advertising growth fueled by AI, and improvements in financial technology services [4][10] Summary by Sections Q3 Performance - Revenue: 192.87 billion yuan (yoy +15%, qoq +5%), above consensus of 188.8 billion yuan [4] - Gross Profit: 108.8 billion yuan (yoy +22%, qoq +4%), exceeding consensus of 106.39 billion yuan [4] - Adjusted Net Profit: 70.55 billion yuan (yoy +18%, qoq +12%), above consensus of 65.97 billion yuan [4] Value-Added Services (VAS) - Domestic game revenue reached 42.8 billion yuan (yoy +15%), driven by stable contributions from titles like "Delta Action" and "Honor of Kings" [5] - International game revenue was 20.8 billion yuan (yoy +43%), exceeding expectations due to growth from Supercell games and new releases [5] Marketing Business - Marketing revenue was 36.2 billion yuan (yoy +21%), surpassing expectations, driven by AI-enhanced advertising platforms [6] - The combined MAU for WeChat reached 1.414 billion, a year-over-year increase of 2% [6] Financial Technology - Financial technology revenue was 58.2 billion yuan (yoy +10%), supported by growth in commercial payment activities and consumer loan services [7] AI Investments - Capital expenditure for Q3 was 12.98 billion yuan, a year-over-year decrease of 24% [8] - AI capabilities are continuously improving, with advancements in transaction ecosystems and model performance [8][9] Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are 257.02 billion yuan, 290.51 billion yuan, and 319.01 billion yuan respectively, with stable growth expected in gaming and advertising sectors [10]

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector overall experienced a decline of 7.47% during the week of November 17-21, 2025, ranking 29th among all sectors, underperforming the Shanghai Composite Index by 3.57 percentage points [4][22] - The report highlights a continued trend of divergence in the chemical industry for 2025, recommending focus on sectors such as synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's performance was notably poor, with the Shanghai Composite Index declining by 3.90% and the ChiNext Index by 6.15% during the same period [4][22] - The report indicates that the chemical sub-sectors showed varied performance, with the least decline in refining chemicals (-0.58%) and the most significant decline in fluorinated chemicals (-11.00%) [23] Key Industry Dynamics - The report discusses the upcoming quota policies for refrigerants, which are expected to enter a high prosperity cycle starting in 2024, with a continuous reduction in supply for second-generation refrigerants [5] - The electronic specialty gases market is highlighted as a critical area for domestic substitution opportunities due to high technical barriers and increasing demand from semiconductor and photovoltaic sectors [6][8] - The light hydrocarbon chemical trend is identified as a global movement, with a shift towards lighter raw materials for olefin production, which is expected to enhance the valuation of leading companies in this sector [8] - The COC polymer industry is experiencing accelerated domestic industrialization, driven by the shift of downstream industries to domestic production and the need for supply chain security [9] - The potassium fertilizer market is anticipated to rebound as major producers reduce output, leading to a potential recovery in prices [10] - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12]

证券研究报告 证券研究报告 证券研究报告 国内储能原材料价格上涨，英国大储放量增长 敬请参阅末页重要声明及评级说明 华安电新 张志邦 SAC执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年11月25日 敬请参阅末页重要声明及评级说明 华安证券研究所 证券研究报告 证券研究报告 要点总结 Ø需求侧 低ROE市场 高ROE市场 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 • 国内：1）量：25年10月国内装机2.87GW/7.46GWh ；2）先导指标：招标：25年10月国内储能招标规模为10GW/29.4GWh ，容量同/环比+116%/-31% 。 • 印度：1）量：10月底，储能系统装机0.5GWh；2）先导指标：招标：独储25年累计招标46.59GWh，光储项目累计招标25.24GWh ；3）政策：光伏开启强制 配储；4）展望：印度全年装机预计超1.7GWh；5） 2025-26财年印度要求并网4GW/17GWh的电化学储能项目，且不能有任何拖延。 • 量：德国：10月储能装机344MWh ，其中户储304MWh， ...

Content: --------- <doc id='1'>[Table_StockNameRptType] 金融工程一 周报 新股摩尔线程询价，56%投资者选择最高档位 ——"打新定期跟踪"系列之二百三十九 [Table_RptDate] 报告日期：2025-11-24 主要观点 ⚫ 跟踪近期打新收益率 跟踪近期科创板+创业板+主板的网下打新市场表现，假设所有主 板、科创板、创业板的股票都打中，且上市首日以市场均价卖出，忽 略锁定期的卖出限制，自 2025 年初起截至 2025/11/21，A 类 2 亿规 模账户打新收益率 2.81%，B 类 2 亿规模账户打新收益率 2.39%；A 类 10 亿规模账户打新收益率 1.03%，B 类 10 亿规模账户打新收益率 0.80%。 滚动跟踪近期 20 只新股上市后的涨幅表现，其中科创板个股上 市首日平均涨幅为 223.48%，创业板个股上市首日平均涨幅为 244.20%。</doc> <doc id='2'>跟踪近期新股的有效报价账户数，最近一只科创板新股 A 类有效 报价账户数量为 4440，B 类有效报价账户数量为 1759。最近一只创 业板新股 A 类有效报价账户数量为 4585 左右，B 类有效报价账户数 量为 2497。最近一只沪市主板新股 A 类有效报价账户数量为 5534， B 类有效报价账户数量为 2976，最近一只深市主板新股 A 类有效报 价账户数量为 4127，B 类有效报价账户数量为 2804。</doc> <doc id='3'>⚫ 风险提示 新股上市可能破发，打新策略可能取得负向收益。新股上市前面 临诸多不确定因素，可能会暂停发行，影响打新收益。新股上市数 量、申购新股人数、二级市场情绪波动等因素可能影响打新收益。基 金公司历史入围率不代表未来，本文意见仅供参考。</doc> <doc id='4'>执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com 分析师：吴正宇 执业证书号：S0010522090001 邮箱：wuzy@hazq.com 分析师：骆昱杉 执业证书号：S0010522110001 邮箱：luoyushan@hazq.com [Table_CompanyReport] 相关报告</doc> <doc id='5'>[Table_Author] 分析师：严佳炜 [Table_Summary] [Table_Summary] 1.《禾元生物分三档询价，首家科创 成长层新股启动发行——"打新定 期跟踪"系列之二百三十二》 2.《9 月上市 8 只新股，2 亿规模 A 类户打新收益约 53 万元——"打新 定期跟踪"系列之二百三十三》 3.《科创成长层新股询价状况如何？ ——"打新定期跟踪"系列之二百 三十四》 4.《新股超颖电子上市首日均价涨幅 达 339%——"打新定期跟踪"系 列之二百三十五》 5.《科创未盈利新股上市，西安奕材 上市均价涨幅高达 211%——"打 新定期跟踪"系列之二百三十六》 6.《近两个月打新收益环比上升—— "打新定期跟踪"系列之二百三十 七》 7.《科创板打新 A 类账户数超 4000 户——"打新定期跟踪"系列之二 百三十八》</doc> <doc id='7'>| 1 跟踪近期打新收益率 4 | | --- | | 2 近期新股打新结果 6 | | 3 近期新股日历 7 | | 4 近期打新市场表现 8 | | 4.1 近一个月内新上市股票 8 | | 4.2 近一个月打新收益测算 9 | | 5 理论打新收益测算 10 | | 5.1 不同规模账户逐股票打新 10 | | 5.2 不同规模 A 类户逐月打新收益 10 | | 5.3 不同规模 B 类户逐月打新收益 12 | | 风险提示： 13 |</doc> <doc id='9'>| 图表 | 1 2025 至今打新收益率（A 类账户） 4 | | | --- | --- | --- | | 图表 | 2 2025 至今打新收益率曲线（A 类账户） 4 | | | 图表 | 3 2025 至今打新收益率（B 类账户） 4 | | | 图表 | 4 2025 至今打新收益率曲线（B 类账户） 4 | | | 图表 | 5 2023 年至今逐月上市规模（亿元） 5 | | | 图表 | 6 科创板个股近期涨幅 5 | | | 图表 | 7 创业板个股近期涨幅 5 | | | 图表 | 8 科创板个股报价账户数量 5 | | | 图表 | 9 创业板个股报价账户数量 5 | | | 图表 | 10 主板有效报价账户数量 6 | | | 图表 | 11 近期新股发行数量 7 | | | 图表 | 12 打新流程图 7 | | | 图表 | 13 待上市股票状态汇总 7 | | | 图表 | 14 待上市股票状态明细 7 | | | 图表 | 15 过去一周 IPO 日历 8 | | | 图表 | 16 摩尔线程各档位询价情况 8 | | | 图表 | 17 本周 IPO 日历（持续更新） 8 | | | 图表 | 18 近期新上市股票首次开板涨跌幅与募资金额（亿元） 9 | | | 图表 | 19 近期新上市股票满中收益（万元） 9 | | | 图表 | 20 近期各股票 A 类实际打新表现 10 | | | 图表 | 21 近期不同规模账户逐股票网下打新收益（万元） 10 | | | 图表 | 22 A 类户逐月网下打新收益（单位：万元）和打新收益率（所有板块） 11 | | | 图表 | 23 A 类户逐月网下打新收益（单位：万元）和打新收益率（科创板） 11 | | | 图表 | 24 A 类户逐月网下打新收益（单位：万元）和打新收益率（创业板） 11 | | | 图表 | 25 A 类户逐月网下打新收益（单位：万元）和打新收益率（主板） 12 | | | 图表 | 26 B 类户逐月网下打新收益（单位：万元）和打新收益率（所有板块） 12 | | | 图表 | 27 B 类户逐月网下打新收益（单位：万元）和打新收益率（科创板） 12 | | | 图表 | 28 B 类户逐月网下打新收益（单位：万元）和打新收益率（创业板） 13 | | | 图表 | 29 B 类户逐月网下打新收益（单位：万元）和打新收益率（主板） | 13 |</doc> <doc id='10'>[Table_CommonRptType] 金融工程</doc> <doc id='11'>1 跟踪近期打新收益率 我们跟踪近期科创板+创业板+主板的网下打新市场表现，假设所有主板、科创 板、创业板的股票都打中，且上市首日以市场均价卖出，忽略锁定期的卖出限制， 自 2025 年初起截至 2025/11/21，A 类 2 亿规模账户打新收益率 2.81%，B 类 2 亿 规模账户打新收益率 2.39%；A 类 10 亿规模账户打新收益率 1.03%，B 类 10

Group 1 - The market is entering a window of expectation for the Central Economic Work Conference, with a lack of clear direction and consensus, leading to high volatility [3][4] - It is anticipated that the GDP growth target for 2026 will remain the same as 2025, with an increase in macro policy strength, including a potential rise in the deficit ratio and special long-term bonds [4][12] - The banking sector is facing significant adjustment pressure after a recent rally, with a current dividend yield around 3.9%, which is below the critical support level of 4% for high dividend logic [6][30] Group 2 - Historical analysis shows that before market bottoms, banks typically experience a phase of rising followed by a decline, with an average rise of 5-10% and a subsequent drop of 3-9% [6][20] - The recent performance of banks has diverged from major indices, with the banking index rising 8.3% while the ChiNext and Shanghai Composite indices have seen declines of 10.5% and 2.5% respectively [18][19] - The AI industry is currently in a "darkest hour," but long-term confidence remains strong, with a focus on sectors with clear performance support such as energy storage, military, storage, and engineering machinery [31][32]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong resilience in its performance during the industry adjustment period, with a year-on-year revenue growth of 33.92% to 7.399 billion yuan in the first three quarters of 2025, and a net profit growth of 8.30% to 503 million yuan [4] - The company has a comprehensive product layout in various fields, including high-nickel, medium-nickel high-voltage, lithium iron phosphate, and next-generation solid-state battery materials, with leading multi-material technology [5] - The company has established deep cooperation with international giants such as LGES, SK on, and Samsung SDI, securing over 10 billion yuan in orders for the next three years, which lays a solid foundation for future sales and profitability [6] - The company has adjusted its net profit forecasts for 2025, 2026, and 2027 to 779 million, 1.091 billion, and 1.319 billion yuan respectively, maintaining a "Buy" rating [7] Financial Summary - For 2025, the company is expected to achieve a revenue of 10.745 billion yuan, with a year-on-year growth of 41.5% [10] - The projected net profit for 2025 is 779 million yuan, reflecting a year-on-year increase of 65.0% [10] - The company's gross margin is expected to be 11.7% in 2025, with a return on equity (ROE) of 5.6% [10] - The earnings per share (EPS) is projected to be 1.54 yuan for 2025, with a price-to-earnings (P/E) ratio of 40.20 [10][12]