Report Industry Investment Rating No relevant content provided. Core Views - In Q3 2025, the scale of bond funds and bond holdings decreased significantly, mainly due to the stock - bond seesaw and the negative impact of the new fund sales regulations. Bond funds generally reduced leverage and duration, and under - allocated interest - rate bonds, with medium - and long - term pure bond funds being the most obvious [3]. - Looking ahead, the bond market is expected to recover in Q4, and the scale of bond - type funds is likely to stabilize. With the duration of funds reaching a low point at the end of Q3, there is sufficient room for long - positions. After the possible implementation of the new fund sales regulations, the negative factors will be exhausted, which will drive the bond market, and interest rates are expected to reach a new low before the end of the year [3]. - In Q3, the overall market fund scale increased, but the bond fund scale declined. In terms of holdings, the proportion of stocks in the overall market funds increased, while that of bonds decreased, mainly by under - allocating interest - rate bonds and over - allocating credit bonds, affected by the significant interest rate adjustment in the bond market [3]. - The performance of equity assets was strong, while that of fixed - income assets was under pressure. Short - term bonds outperformed long - term bonds, and hybrid secondary bond funds outperformed hybrid primary bond funds. The equity market rally in Q3 drove up the yields of equity - related assets, and the bond yield curve steepened bearishly, with medium - and long - term bonds performing weaker [3]. Summary by Directory 1. Fund Total Scale Rises, Bond Allocation Scale Drops 1.1 Fund Market Scale: Both Fund Shares and Net Asset Value Increase - As of the end of Q3 2025, there were about 13,300 funds, with a market share of approximately 31.06 trillion shares and a net asset value of about 35.92 trillion yuan. Compared with the end of Q2 2025, the number of funds increased by 3.06%, the market share by 0.53%, and the net asset value by 6.52% [7]. 1.2 Fund Asset Allocation: Bond Allocation Proportion Drops Significantly - By the end of Q3 2025, the total fund asset value increased by 3.95% compared with Q2. The market value of stock holdings increased by 24.81% quarter - on - quarter, that of bond holdings decreased by 5.02%, and that of cash holdings increased by 5.86% [15]. - The proportion of stock assets in fund holdings increased, while that of bonds decreased. At the end of Q3 2025, the proportions of stocks, bonds, cash, and other assets were 23.58%, 52.81%, 13.11%, and 9.85% respectively, with the bond asset proportion decreasing by 4.98 pct quarter - on - quarter [15]. 1.3 Fund Bond - Holding Analysis: Interest - Rate Bond Allocation Proportion Drops Significantly - By the end of Q3 2025, among all funds' bond holdings, interest - rate bonds, financial bonds, credit bonds, inter - bank certificates of deposit, and other bonds decreased by 8.76%, 3.68%, 0.85%, 4.65%, and 6.29% respectively quarter - on - quarter [17]. - The proportion of interest - rate bonds in fund bond holdings decreased the most. At the end of Q3 2025, the proportions of financial bonds, credit bonds, and inter - bank certificates of deposit in bond holdings increased by 0.18 pct, 0.88 pct, and 0.13 pct respectively, while those of interest - rate bonds and other bonds decreased by 1.16 pct and 0.04 pct respectively [19]. 2. Hybrid Bond Fund Stock - Holding Analysis - The market values of stocks held by hybrid secondary bond funds and hybrid primary bond funds were 201.1 billion yuan and 6.3 billion yuan respectively, with quarter - on - quarter increases of 91.7 billion yuan and 866 million yuan, and growth rates of 84% and 16% respectively [22]. - In terms of the top five industries by market value in the heavy - holding stocks of hybrid secondary bond funds, they were electronics, non - ferrous metals, power equipment, pharmaceutical biology, and media. In terms of quarter - on - quarter changes, electronics, non - ferrous metals, power equipment, media, and pharmaceutical biology were the most over - allocated, while public utilities, banks, building decoration, steel, and beauty care were the most under - allocated [22]. 3. Bond Fund Bond - Holding Analysis 3.1 All Bond Funds: Total Bond - Holding Scale Drops, Interest - Rate Bond Allocation Proportion Decreases - By the end of Q3 2025, the total value of bonds held by bond - type funds was about 11.61 trillion yuan, a decrease of 910.1 billion yuan or 7.27% compared with Q2 2025. The market values of interest - rate bonds, financial bonds, credit bonds, inter - bank certificates of deposit, and other bonds decreased by 612.3 billion yuan, 143.4 billion yuan, 39 billion yuan, 73.8 billion yuan, and 41.6 billion yuan respectively [23]. - The proportions of interest - rate bonds, inter - bank certificates of deposit, and other bonds decreased. The proportions of interest - rate bonds, financial bonds, credit bonds, inter - bank certificates of deposit, and other bonds in bond investment market value were 42.15%, 20.59%, 30.55%, 2.35%, and 4.36% respectively, with quarter - on - quarter changes of - 1.83 pct, 0.35 pct, 1.91 pct, - 0.42 pct, and - 0.02 pct respectively [23]. - The proportions of treasury bonds and policy - bank bonds in all bond funds decreased, while those of enterprise bonds, short - term financing bills, and medium - term notes increased [27]. 3.2 Medium - and Long - Term Pure Bond Funds: Treasury Bond Allocation Proportion Drops - By the end of Q3 2025, the total value of bonds held by medium - and long - term pure bond funds was about 6.88 trillion yuan, a decrease of 11.41% compared with Q2 2025. Interest - rate bonds, financial bonds, credit bonds, inter - bank certificates of deposit, and other bonds decreased by 12.76%, 11.94%, 4.24%, 24.26%, and 31.84% respectively [29]. - The proportion of interest - rate bonds decreased. The proportions of interest - rate bonds, financial bonds, credit bonds, inter - bank certificates of deposit, and other bonds in bond investment market value were 48.62%, 22.20%, 25.15%, 1.64%, and 2.4% respectively, with quarter - on - quarter changes of - 0.75 pct, - 0.13 pct, 1.88 pct, - 0.28 pct, and - 0.72 pct respectively [29]. - The proportion of treasury bonds decreased, while that of policy - bank bonds increased. The proportions of enterprise bonds, short - term financing bills, and medium - term notes increased [32]. 3.3 Short - Term Pure Bond Funds: Financial Bond Allocation Proportion Drops - By the end of Q3 2025, the total value of bonds held by short - term pure bond funds was about 1.003 billion yuan, a decrease of 21.68% compared with Q2 2025. Interest - rate bonds, financial bonds, credit bonds, inter - bank certificates of deposit, and other bonds decreased by 10.50%, 30.67%, 20.47%, 37.44%, and 28.41% respectively [36]. - The proportion of financial bonds decreased. The proportions of interest - rate bonds, financial bonds, credit bonds, inter - bank certificates of deposit, and other bonds in bond investment market value were 15.67%, 16.92%, 64.01%, 2.66%, and 0.74% respectively, with quarter - on - quarter changes of 1.96 pct, - 2.19 pct, 0.98 pct, - 0.67 pct, and - 0.07 pct respectively [37]. - The proportion of treasury bonds decreased, while that of policy - bank bonds increased. The proportions of enterprise bonds and short - term financing bills increased [39]. 4. Fund Heavy - Holding Bond Structure Analysis: Treasury Bond Holding Proportion Rises Continuously - In Q3 2025, the structure of interest - rate bonds in the heavy - holding bonds of bond - type funds remained basically unchanged. The proportions of treasury bonds, local government bonds, and policy - bank bonds were 11.63%, 1.32%, and 87.05% respectively, with changes of 0.01 pct, - 0.02 pct, and 0.01 pct compared with Q2 2025 [42]. - Bond - type funds increased the allocation ratio of industrial bonds with AA and below ratings and decreased the allocation ratios of industrial bonds with AAA and AA + ratings. The proportions of AAA, AA +, AA, and below AA industrial bonds were 94.71%, 4.40%, 0.75%, and 0.15% respectively [43]. - Bond - type funds increased the allocation ratio of AA + rated urban investment bonds and decreased the allocation ratios of AAA and AA and below rated urban investment bonds. The proportions of AAA, AA +, AA, and below AA urban investment bonds were 60.59%, 31.98%, 7.10%, and 0.32% respectively [44]. - In terms of regions, bond - type funds still mainly held urban investment bonds from Zhejiang, Jiangsu, and Shandong at the end of Q3 2025. The holding proportions in Jiangsu, Chongqing and other regions increased quarter - on - quarter, while those in Shandong, Guangdong and other regions decreased [45][46]. 5. Fund Leverage and Duration Analysis: Both Leverage Ratio and Duration Decrease - In Q3, the leverage ratios of medium - and long - term pure bond funds, primary bond funds, and secondary bond funds decreased. The leverage ratios of medium - and long - term pure bond funds, primary bond funds, and secondary bond funds were 117.38%, 112.64%, and 110.82% respectively, with decreases of 2.82 pct, 3.97 pct, and 3.02 pct compared with Q2 2025 [48]. - In Q3, the durations of medium - and long - term pure bond funds, primary bond funds, and secondary bond funds decreased. The durations of medium - and long - term pure bond funds, primary bond funds, and secondary bond funds were 2.96 years, 2.8 years, and 2.92 years respectively, with decreases of 0.8 years, 1.27 years, and 0.9 years compared with Q2 2025 [48]. 6. Fund Performance Analysis: Performance of Products with Equity Exposure Increases Significantly - In Q3 2025, the median quarterly returns of various funds were ranked as follows: stock - type funds (20.67%) > hybrid funds (19.51%) > secondary bond funds (2.6%) > money market funds (0.29%) > short - term pure bond funds (0.23%) > primary bond funds (0.19%) > medium - and long - term pure bonds (- 0.29%) > ChinaBond CDB Bond Total Full Price Index (- 1.18%) > ChinaBond Treasury Bond Total Full Price Index (- 1.84%) [50].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has a full order book and is expected to achieve high growth from core customers [7] - The company is accelerating its new product layout through a private placement to enhance its capabilities in high-speed transmission technology [7] - The company is projected to achieve significant revenue growth in the coming years, with expected revenues of 24.09 billion, 43.85 billion, and 57.45 billion yuan for 2025, 2026, and 2027 respectively [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.659 billion yuan, a year-on-year increase of 121.47%, and a net profit of 223 million yuan, a year-on-year increase of 558.51% [7] - The company’s revenue for Q3 2025 was 554 million yuan, a year-on-year increase of 109.07%, but a quarter-on-quarter decrease of 20.74% [7] - The company’s earnings per share (EPS) are projected to be 0.70 yuan in 2025, 1.59 yuan in 2026, and 2.24 yuan in 2027 [6][8] Revenue and Profit Forecast - Revenue growth rates are expected to be 120.6% in 2025, 82.0% in 2026, and 31.0% in 2027 [6] - The projected net profit for 2025 is 322 million yuan, for 2026 is 732 million yuan, and for 2027 is 1.032 billion yuan [6][8] - The price-to-earnings (PE) ratio is expected to decrease from 105.7 in 2025 to 33.0 in 2027 [6][8] Market Position and Strategy - The company is rapidly integrating its high-speed line modules with major clients such as Huawei, Inspur, and Alibaba, indicating strong market demand [7] - The company is focusing on enhancing its production capacity and technological capabilities to maintain its leading position in the high-speed interconnect product sector [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved significant revenue growth driven by the scaling of its silicon photonic CW light source chips, which have entered both domestic and international supply chains, leading to a substantial increase in demand from downstream module companies and cloud service providers [7] - The revenue structure has been optimized, resulting in a notable increase in gross margin, with a quarter-on-quarter improvement of 9.91 percentage points due to the higher proportion of high-margin products [7] - Continuous product iteration is evident, with successful performance and reliability validation of the 100G EML product and the launch of the 200G EML product, alongside breakthroughs in core technologies for the 300mW high-power CW light source [7] - The company is projected to achieve revenues of 5.83 billion, 9.92 billion, and 14.45 billion yuan for the years 2025 to 2027, with corresponding net profits of 1.57 billion, 3.27 billion, and 5.34 billion yuan, maintaining a PE ratio of 290.3, 139.3, and 85.3 respectively [7] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, marking a turnaround from losses [7] - The company’s revenue is expected to grow significantly, with a forecasted revenue increase of 131.1% in 2025, followed by 70.3% in 2026 and 45.6% in 2027 [6][8] - The projected EPS for 2025 is 1.82 yuan, increasing to 3.80 yuan in 2026 and 6.21 yuan in 2027 [6][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved rapid growth in performance, with a focus on high-end craftsmanship that establishes long-term competitiveness [1] - The company reported a revenue of 5.373 billion yuan for the first three quarters, representing a year-on-year increase of 23.48%, and a net profit of 131 million yuan, up 516.08% year-on-year [7] - The company is positioned well in the PCB, HDI, and IC substrate sectors, benefiting from technological advancements and market demand [7] - Revenue projections for 2025-2027 are 7.077 billion yuan, 8.808 billion yuan, and 10.916 billion yuan respectively, with corresponding net profits of 164 million yuan, 400 million yuan, and 839 million yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 5.360 billion yuan, with a growth rate of 0.1%, and a net profit of 211 million yuan, reflecting a decline of 59.8% [6] - For 2024, revenue is expected to increase to 5.817 billion yuan (8.5% growth), with a net loss of 198 million yuan [6] - By 2025, revenue is forecasted to reach 7.077 billion yuan (21.6% growth), with a net profit of 164 million yuan [6] - The company’s EPS is projected to improve from 0.13 yuan in 2023 to 0.49 yuan by 2027 [6] Market Performance - The company’s stock has shown a performance of -17% over the last 12 months compared to the CSI 300 index [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 2.255 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 36.64%, with a net profit attributable to shareholders of -347 million yuan. The single-quarter revenue reached a record high of 1.281 billion yuan, showing a year-on-year increase of 78.38% and a quarter-on-quarter increase of 119.26% [7] - The rapid growth in performance is driven by the chip design and mass production businesses, with chip design revenue reaching 428 million yuan, a quarter-on-quarter increase of 290.82% and a year-on-year increase of 80.23% [7] - The company signed new orders worth 1.593 billion yuan in the third quarter of 2025, a significant year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [7] - The company expects to achieve revenues of 3.535 billion, 4.802 billion, and 6.393 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 22.8, 16.8, and 12.6 times [7] Financial Performance Summary - Revenue for 2023 is projected at 2.338 billion yuan, with a revenue growth rate of -12.7%. The net profit attributable to shareholders is expected to be -296 million yuan, with a net profit growth rate of -501.6% [6] - For 2024, revenue is expected to be 2.322 billion yuan, with a slight decline in growth rate to -0.7%. The net profit is projected at -601 million yuan, reflecting a continued decline [6] - The company anticipates a significant recovery in 2025, with revenue expected to rise to 3.535 billion yuan, a growth rate of 52.3%, and a net profit of -192 million yuan, indicating a turnaround in profitability [6] - By 2026, revenue is projected to reach 4.802 billion yuan, with a growth rate of 35.8%, and a net profit of 48 million yuan, marking a positive shift towards profitability [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has a clear industry trend and maintains expectations for rapid growth in the future, driven by strong demand for high-performance computing and storage solutions [7] - The company reported a revenue of 3.141 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45.46%, and a net profit of 780 million yuan, up 121.65% year-on-year [7] - The company is positioned well in the market with its RK 182X series products, which are expected to drive significant growth in the coming quarters [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 2.135 billion yuan - 2024: 3.136 billion yuan - 2025: 4.374 billion yuan - 2026: 5.519 billion yuan - 2027: 6.953 billion yuan - The revenue growth rates are projected at 5.2% for 2023, 46.9% for 2024, 39.5% for 2025, 26.2% for 2026, and 26.0% for 2027 [6][8] - Net profit forecasts are as follows: - 2023: 135 million yuan - 2024: 595 million yuan - 2025: 1.071 billion yuan - 2026: 1.411 billion yuan - 2027: 1.842 billion yuan - The net profit growth rates are projected at -54.6% for 2023, 341.0% for 2024, 80.1% for 2025, 31.7% for 2026, and 30.5% for 2027 [6][8] - The company’s PE ratios are expected to decrease from 198.1 in 2023 to 39.9 in 2027, indicating improving valuation metrics over time [6][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 977 million yuan for Q3 2025, representing a year-on-year increase of 14.79%, while the net profit attributable to shareholders was a loss of 15 million yuan, compared to a profit of 1 million yuan in the same period last year [7] - The company has seen significant growth in new business areas such as AI-based AOI detection, PCB, and semiconductor sectors, with new orders signed amounting to 1.917 billion yuan, a year-on-year increase of 41.97% [7] - High R&D investment over the past three years has been around 15% of revenue, indicating a strong commitment to innovation and potential future growth in semiconductor and robotics sectors [7] - The forecast for revenue from 2025 to 2027 is 1.817 billion yuan, 2.178 billion yuan, and 2.522 billion yuan respectively, with net profits expected to be 160 million yuan, 242 million yuan, and 271 million yuan respectively [7] Financial Performance Summary - Revenue for 2023 is projected at 1,648 million yuan, with a growth rate of 3.7%, followed by a decline of 2.4% in 2024, and a recovery with a growth of 13.0% in 2025 [6] - The net profit for 2023 is expected to be 215 million yuan, with a significant drop to 125 million yuan in 2024, followed by a recovery to 160 million yuan in 2025 [6] - Earnings per share (EPS) is projected to be 1.12 yuan for 2023, decreasing to 0.65 yuan in 2024, and then increasing to 0.83 yuan in 2025 [6] - The price-to-earnings (PE) ratio is expected to be 33.4 in 2023, increasing to 66.6 in 2024, and then decreasing to 65.6 in 2025 [6] Market Performance - The company's stock performance over the last 12 months shows a decline of 9%, while the benchmark index (CSI 300) has increased by 8% [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown rapid growth in performance, with a focus on deepening its layout in large scientific projects [7] - The expected net profit for the company from 2025 to 2027 is projected to be 0.91 billion, 1.93 billion, and 2.66 billion respectively, with corresponding EPS of 0.95, 2.03, and 2.79 [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 937 million, a year-on-year increase of 71.23%, and a net profit attributable to shareholders of 56 million, up 111.21% year-on-year [7] - The gross profit margin for the first three quarters was 26.74%, a decrease of 1.13 percentage points year-on-year [7] - The company’s revenue for Q3 2025 was 368 million, representing a year-on-year increase of 72.38% and a quarter-on-quarter increase of 8.61% [7] - The net profit for Q3 2025 was 20 million, a year-on-year increase of 71.45% but a quarter-on-quarter decrease of 16.52% [7] Revenue and Profit Forecast - Revenue is forecasted to grow from 692 million in 2023 to 2.30 billion in 2027, with a compound annual growth rate (CAGR) of 24.8% [6] - The net profit is expected to increase from 64 million in 2023 to 266 million in 2027, with a significant growth rate of 199.9% in 2025 [6] - The company's EPS is projected to rise from 0.67 in 2023 to 2.79 in 2027 [6] Market Position and Strategic Initiatives - The company is actively involved in the booming electric vehicle industry, which has led to a substantial increase in product orders [7] - The company is focusing on the development of vacuum active components for large scientific projects, including controllable nuclear fusion applications [7] - The company has established stable partnerships with leading research institutions in the field to advance the development and testing of engineering prototypes [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a recovery in shipments, with AI leading a multi-dimensional business layout. It is focusing on emerging markets and the value of AI edge traffic [7] - The company reported a revenue of 49.543 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.33%, and a net profit of 2.148 billion yuan, down 44.97% year-on-year [7] - The company aims to maintain a healthy gross margin level despite competitive market pressures and supply chain costs [7] - The company is expanding its presence in emerging markets, particularly in Africa, South Asia, Southeast Asia, the Middle East, and Latin America, while enhancing its AI capabilities [7] - The forecasted net profit for 2025-2027 is 3.004 billion, 4.238 billion, and 5.341 billion yuan respectively, with corresponding EPS of 2.63, 3.72, and 4.68 yuan [7] Financial Performance - For 2023, the company is expected to achieve a revenue of 62.295 billion yuan, with a growth rate of 33.7%. The net profit is projected at 5.537 billion yuan, reflecting a growth rate of 122.9% [6][8] - The company’s revenue for 2024 is forecasted at 68.715 billion yuan, with a growth rate of 10.3%, and a net profit of 5.549 billion yuan, showing a minimal growth of 0.2% [6][8] - The projected revenue for 2025 is 69.147 billion yuan, with a slight growth of 0.6%, and a significant drop in net profit to 3.004 billion yuan, indicating a decline of 45.9% [6][8] - The company’s gross margin is expected to decline to 19.0% in 2025 from 23.5% in 2023, reflecting increased competition and cost pressures [8] Market Position - The company ranked fourth globally in smartphone shipments in Q3 2025, with approximately 29.2 million units shipped, a year-on-year increase of 13.6% [7] - The company is leveraging AI technologies in its products, enhancing user experience through features like image enhancement and voice assistance [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 1.736 billion yuan in Q3 2025, a year-on-year decrease of 11.6%, with a net profit of 227 million yuan, down 23.6%. For the first three quarters, the total revenue was 7.098 billion yuan, an increase of 1.9%, and the net profit was 1.026 billion yuan, up 2.7% [9] - The company is focusing on enhancing profitability through cost reduction and efficiency improvements, with a gross margin of 74.7% in Q3 2025, an increase of 4.0 percentage points [9] - The company has signed a strategic cooperation agreement with West China Hospital to focus on mitochondrial anti-aging research, and its sub-brands OR and Yuanse Bota are showing strong growth [9] - The company is expected to achieve net profits of 1.615 billion yuan, 1.818 billion yuan, and 2.038 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17.9, 15.9, and 14.2 [9] Financial Performance - The company's revenue for 2023 is projected at 8.905 billion yuan, with a growth rate of 39.5%. For 2024, revenue is expected to reach 10.778 billion yuan, with a growth rate of 21.0% [8] - The net profit for 2023 is estimated at 1.194 billion yuan, with a growth rate of 46.1%, and for 2024, it is projected to be 1.552 billion yuan, with a growth rate of 30.0% [8] - The company's EPS for 2025 is expected to be 4.08 yuan, with a PE ratio of 17.9 [8] Market Performance - The company's stock has shown a performance of -22% over the last 12 months compared to the CSI 300 index [4]