Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The report highlights that the beauty and personal care industry has shown a relative return of -2.84% over the past month, -13.54% over the past three months, and -14.02% over the past year compared to the CSI 300 index [3] - The report notes that the newly approved recombinant type I collagen products by Juzhi Biotech are expected to enhance market competition, with various specifications available [6] - The report emphasizes the strong performance of brands like Han Shu and Proya during the "Double 11" shopping festival, indicating robust consumer demand [6] Summary by Sections Industry Performance - The beauty and personal care sector has experienced a relative return of -2.84% in the last month, -13.54% in the last three months, and -14.02% in the last year compared to the CSI 300 index [3] Product Developments - Juzhi Biotech's recombinant type I collagen has been approved, with product specifications ranging from 10mg to 24mg per bottle, primarily used for facial dermal filling to correct dynamic wrinkles [6] - The report mentions that the recombinant collagen market is seeing new entrants, with Juzhi Biotech and Jinbo Biotech being key players [6] Market Trends - Data from Q3 2025 shows that the GMV for the beauty category on Douyin grew by 19.69% year-on-year, with Han Shu leading with over 500 million in GMV [6] - The report indicates that Proya has consistently ranked first in the Tmall beauty category for three consecutive years, with expectations to maintain this position in 2025 [6] Investment Recommendations - The report suggests monitoring Juzhi Biotech's marketing strategies and sales performance for its new collagen products [6] - It recommends focusing on leading domestic skincare companies like Proya and Shanghai Jahwa, as well as other listed companies in the collagen sector [6]

证券研究报告·金融工程报告 2025 年 10 月 24 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.10.24 ◆市场表现：2025 年 10 月 23 日, 各宽基指数（表 1）涨跌各现，其中上证 50（0.56%） 分析师：梁俊炜 投资要点： 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 A 股市场快照：宽基指数每日投资动 和沪深 300（0.3%）涨幅最大，而中证 2000（-0.22%）和中证 1000（-0.06%）下跌。 当年涨跌情况，创业板指（42.99%）涨幅最大，其次是中证 2000（29.71%）和中 证 500（24.75%），中证全指（21.52%）和沪深 300（17.06%）涨幅扩大，而上证 50（12.74%）涨幅最小。另外，上证 50、沪深 300、中证 1000 和中证全指连续三 日连阳，中证 2000 连续四日连阳。 ◆均线比较：所有跟踪指数仍在 5 日均线之上，中证全指突破 10 日均线。上证 50 达到近 250 日高位。 ◆资金占比与换手：2025 年 10 月 23 日 ...

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting daily, weekly, monthly, and yearly changes in index returns, with the highest annual return observed for the ChiNext Index at 42.85%[10][11][13] - It compares indices against their moving averages (MA5, MA10, MA20, MA60, MA120, MA250) and their 250-day high and low levels, showing that all indices remain above their 5-day moving averages, except the CSI 2000, which fell below its 10-day moving average[13][14] - The turnover rate and trading volume share are analyzed, with CSI 2000 having the highest turnover rate at 3.56, while the CSI 300 accounts for the largest trading volume share at 26.89%[16][17] - Daily return distributions are examined, revealing that the ChiNext Index has the largest negative skewness and kurtosis deviation, while the CSI 300 has the smallest[23][24] - Risk premium analysis is conducted using the 10-year government bond yield as the risk-free rate, showing that the CSI 1000 and CSI 2000 have higher volatility in risk premiums compared to other indices[26][27][30] - PE-TTM ratios are evaluated as valuation metrics, with CSI 500 and CSI All Index showing the highest 5-year percentile values at 98.18% and 97.44%, respectively, while the ChiNext Index has the lowest at 58.51%[38][41][42] - Dividend yield analysis indicates that the ChiNext Index and CSI 1000 have the highest 5-year historical percentile values at 69.42% and 46.2%, respectively, while CSI 2000 and CSI 500 have the lowest at 20.25% and 16.28%[46][51][52] - The report also tracks the percentage of stocks trading below their net asset value (break-net ratio), with the highest ratio observed for the SSE 50 at 18.0% and the lowest for the ChiNext Index at 1.0%[53]

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting that all indices experienced an increase on October 20, 2025, with the ChiNext Index (1.98%) and CSI 2000 (1.43%) showing the largest daily gains[1][2][10] - The ChiNext Index achieved the highest annual growth rate of 39.78%, followed by CSI 2000 (28.01%) and CSI 500 (23.47%), while the SSE 50 recorded the smallest annual growth rate of 10.81%[10][11] - The ChiNext Index broke above its 5-day moving average, while other indices remained below their 5-day and 10-day moving averages, with all indices being more than 1.5% away from their 250-day highs[13][14] - The turnover rate of indices on October 20, 2025, was led by CSI 2000 (3.21), followed by CSI 1000 (2.25) and ChiNext Index (2.07), while SSE 50 had the lowest turnover rate at 0.31[16][17] - The distribution of daily returns showed that the ChiNext Index had the largest negative skewness and kurtosis deviation, while CSI 1000 had the smallest negative skewness and kurtosis deviation[23][24] - Risk premium analysis revealed that the ChiNext Index (88.81%) and CSI 2000 (85.08%) had relatively high 5-year percentile values, while CSI 1000 (72.7%) and SSE 50 (62.22%) had lower values[28][30] - PE-TTM analysis indicated that CSI 500 (98.26%) and CSI All Index (95.62%) had high 5-year percentile values, while CSI 2000 (82.89%) and ChiNext Index (58.02%) had lower values[39][41] - Dividend yield analysis showed that the ChiNext Index (71.07%) and CSI 1000 (50.66%) were at relatively high 5-year historical percentile values, while CSI 2000 (24.13%) and CSI 500 (16.61%) were at lower values[50][51] - Current net break rates for indices were reported as follows: SSE 50 (20.0%), CSI 300 (15.67%), CSI 500 (11.6%), CSI 1000 (7.4%), CSI 2000 (3.3%), ChiNext Index (1.0%), and CSI All Index (5.99%)[52][54]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time, with a current price of 19.38 yuan [1][6]. Core Insights - The company, Zhejiang Haosheng Electronics Technology Co., Ltd., specializes in the research, development, production, and sales of micro-acoustic components and audio products, having established itself as a significant player in the industry with strong R&D capabilities [6][15]. - The company's revenue has shown a growth trend, increasing from 463 million yuan in 2019 to an expected 800 million yuan in 2024, with a five-year CAGR of 11.56% [6][23]. - The global consumer electronics market is projected to grow from 788.23 billion USD in 2024 to 1,073.77 billion USD by 2032, driven by rising demand for smart and interconnected devices [52][53]. Financial Data Summary - Total shares outstanding: 137.20 million [2] - A-share circulation ratio: 73.04% [2] - Revenue forecast for 2023A to 2027E shows a growth from 640.82 million yuan to 1,235.06 million yuan, with growth rates of -4.24%, 24.76%, 12.88%, 15.72%, and 18.26% respectively [5][67]. - Net profit attributable to shareholders is expected to decline significantly in 2025E to 71.83 million yuan, down from 171.50 million yuan in 2024A, reflecting a -58.11% growth rate [5][67]. - The company’s gross margin has been relatively stable, with a slight decline in 2023 due to market conditions, but is expected to recover in 2025 [27][28]. Business Overview - The company focuses on micro-acoustic components, which accounted for 83.69% of its revenue in 2024, and audio products, which are used in various consumer electronics [30][36]. - The company has established long-term relationships with notable clients, including OPPO, VIVO, and TCL, enhancing its market position [63][64]. - The company is positioned in the midstream of the supply chain, benefiting from a complete domestic industrial chain for consumer electronics [64][66]. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 902 million yuan, 1,044 million yuan, and 1,235 million yuan, with corresponding growth rates of 12.88%, 15.72%, and 18.26% [67]. - The average PE ratios for comparable companies are projected at 40.05, 30.87, and 24.01 for 2025-2027, while the company’s expected PE ratios are 36.88, 29.58, and 24.28 [70].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights the robust growth in the AI industry, driven by advancements in models such as OpenAI's Sora 2 and Kimi's OK Computer, which are expected to push AI technology towards achieving AGI [4][5] - The report notes a significant increase in AI-generated video content, with Baidu reporting over 1 million daily AI video creations during the recent holiday period [5] - The report suggests monitoring companies in the AI sector, including Inspur Information, Zhongke Shuguang, Kingsoft Office, Alibaba-W, and Meitu, as they are positioned to benefit from ongoing technological advancements [5] Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of 16.2% compared to the CSI 300 index, with absolute returns of 32.48% [2] - The industry experienced a slight decline in relative performance over the past month (-2.74%) but a positive trend over the last three months (+14.06%) [2] Related Research Reports - The report references several previous industry insights, including the release of AI models and advancements in smart driving technology, indicating a continuous evolution in the computer industry [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Insights - The company is a leading brand in the probiotic series, focusing on health products, and is well-positioned for market expansion [3][6]. - The company has implemented a marketing strategy that emphasizes deepening its presence in core markets while expanding into other provinces and enhancing e-commerce capabilities [6][24]. - The company has a stable shareholding structure and an experienced management team, which contributes to its operational stability [9][38]. - The company is committed to product innovation, focusing on health-related products that address consumer pain points [44][45]. - The e-commerce channel is expected to recover to normal growth rates after a temporary adjustment period [46]. Financial Forecast - The company is projected to achieve revenues of 39.54 billion, 50.06 billion, and 64.55 billion yuan from 2025 to 2027, with year-on-year growth rates of 21.50%, 26.61%, and 28.96% respectively [5][77]. - The net profit attributable to shareholders is expected to be 3.57 billion, 4.81 billion, and 6.62 billion yuan for the same period, with growth rates of 24.15%, 34.74%, and 37.62% respectively [5][77]. - The current market valuation corresponds to P/E ratios of 31.0, 23.0, and 16.7 for 2025 to 2027 [5][77]. Industry Overview - The market for absorbent hygiene products in China is projected to reach 132.13 billion yuan in 2024, with a year-on-year growth of 13.8% [57]. - The female hygiene products market is expected to grow significantly, with a market size of 86.71 billion yuan in 2024, reflecting a growth of 23.3% [57]. - The industry is experiencing a trend of consumption upgrading, with increasing demand for high-end products [55][57].

- The report provides a snapshot of the A-share market performance, highlighting that all broad-based indices experienced a decline on October 14, 2025, with the largest drops seen in the ChiNext Index (-3.99%) and the CSI 500 (-2.46%) [3][11][12] - All tracked indices have fallen below their 5-day and 10-day moving averages, with the SSE 50 remaining above its 20-day moving average. The ChiNext Index has retreated 9.4% from its 250-day high [3][14] - The turnover rate of the indices on October 14, 2025, was highest for CSI 2000 (4.2), followed by ChiNext Index (3.32), CSI 1000 (3.14), CSI 500 (2.45), CSI All Share Index (2.21), CSI 300 (1.14), and SSE 50 (0.51) [3][16] - The daily return distribution analysis shows that the ChiNext Index has the largest negative skewness and kurtosis deviation, while CSI 1000 has the smallest negative kurtosis deviation [3][22][23] - Risk premium analysis indicates that SSE 50 (42.06%) and CSI 2000 (12.46%) have relatively high 5-year percentile values, while CSI 500 (2.62%) and ChiNext Index (1.19%) are relatively low. The risk premium volatility of CSI 1000 and CSI 2000 is higher compared to other indices [3][27][29] - PE-TTM analysis reveals that CSI 500 (99.01%) and CSI All Share Index (96.53%) have high 5-year percentile values, while CSI 300 (84.21%) and ChiNext Index (57.36%) are relatively low. The PE-TTM values of all indices except ChiNext Index exceed their danger threshold (80%) [4][39][40] - Dividend yield analysis shows that ChiNext Index (69.67%) and CSI 1000 (43.8%) are at relatively high 5-year historical percentiles, while CSI 2000 (19.17%) and CSI 500 (15.21%) are at lower percentiles. Current dividend yields are as follows: SSE 50 (3.29%), CSI 300 (2.67%), CSI 500 (1.33%), CSI 1000 (1.11%), CSI 2000 (0.78%), CSI All Share Index (1.99%), and ChiNext Index (1.01%) [4][49][50] - The current net asset value (NAV) ratios for the indices are as follows: SSE 50 (24.0%), CSI 300 (16.67%), CSI 500 (11.0%), CSI 1000 (7.3%), CSI 2000 (3.35%), ChiNext Index (1.0%), and CSI All Share Index (6.01%) [4][51]

Investment Rating - The industry rating is maintained at "Overweight" [4] Core Insights - The goal of conducting commercial trials for satellite IoT is to enrich the satellite communication market supply and support the safe and healthy development of emerging industries such as commercial aerospace and low-altitude economy [5] - Satellite IoT business connects various IoT devices through satellite communication technology, providing wide-area IoT connectivity for data collection terminals, wearable devices, handheld terminals, and transportation tools like cars, ships, and airplanes [5] - The conditions for enterprises to apply for satellite IoT commercial trials are stringent, which is beneficial for the development of leading companies in the industry [7][10] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 58.76% compared to the CSI 300 index, with an absolute return of 76.94% [2] Investment Opportunities - The report highlights potential investment opportunities in companies such as Shanghai Port Bay, Shanghai Huanxun, Haige Communication, and Xingtuzhihui as satellite IoT commercial trials begin to take shape [10]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The gaming sector continues to attract attention, with a recommendation to buy [3] - The normalization of game license issuance reflects ongoing regulatory support for the gaming industry, with 1,195 domestic game licenses issued from January to September 2025, a year-on-year increase of 24.61% [3] - The domestic gaming market revenue in August 2025 was 29.263 billion yuan, a year-on-year decrease of 13.01%, primarily due to a high base effect from the previous year [4][5] - The overseas sales revenue of self-developed games in August 2025 was 1.68 billion USD, a year-on-year decrease of 10.66% [5] Summary by Sections Industry Performance - The relative performance over the last 12 months shows a 30.22% increase, while absolute performance indicates a 48.4% increase [2] - The gaming market experienced a revenue decline in August 2025, attributed to the lack of new blockbuster products and the fading popularity of last year's hit [4][5] Regulatory Environment - The National Press and Publication Administration issued 156 game licenses in September 2025, including 145 domestic and 11 imported games [3] - The issuance of game licenses has been consistent, with 79 imported game licenses issued in 2025 compared to 75 in the same period of 2024 [3] Investment Recommendations - The gaming sector is viewed positively due to strong cash flow, ongoing policy support, and deepening AI game development [7] - Key companies to focus on include Kyeing Network, Giant Network, G-bits, Tencent Holdings, and Xindong Company [7]