证券研究报告 蔚来 (NIO US) Q3 毛利率大幅改善 强爆款周期延续，乐道 L80 与全新 ES7 成核心看点 展望 2026 年，我们看好公司延续强爆款新车周期，重点推荐关注乐道 L80 与全新 ES7：乐道 L80 定位纯电大型大五座 SUV，基于 NT3.0 平台打造， 外观内饰延续 L90 设计并新增黑色套件等细节，动力沿用 L90 的后驱 （340kW）/四驱（340kW+100kW）版本，我们预计定价 23-28 万元并于 26Q2 上市，将与 L90 形成"大三排+大五座"的家庭 SUV 矩阵；全新 ES7 定 位高端大五座旗舰 SUV，车身尺寸接近或超过 5.1 米，参考新 ES8 的"大 空间+全场景"打法，我们预计售价 30-40 万元并于 26Q3 上市，以更低门 槛满足多孩家庭对高端大空间的需求。有望进一步强化公司在纯电 SUV 市 场的覆盖力。我们认为，乐道 L80 的性价比优势与全新 ES7 的高端定位将 形成互补，持续推动蔚来在 2026 年的销量增长与市场份额提升。 2025 年 11 月 28 日│美国 乘用车 公司公布三季度业绩：25Q3 实现收入 218 亿元，同比 ...

证券研究报告 速腾聚创 (2498 HK) 港股通 数字化新产品进入量产落地阶段 2025 年 11 月 28 日│中国香港 汽车零部件 | 速腾聚创数字激光雷达新产品近期新定点及交付顺利，三季度财报激光雷达 | | | | --- | --- | --- | | 出货量 15.01 万颗，机器人交付 3.55 万颗。 | 18.56 万颗，其中 ADAS 交付量 | | | 实现收入 | 4.07 亿元，归母净利润-1.01 | 亿元。值得关注的是，1）三季度毛 | | 利约 36.8%，四季度毛利率有望进一步改善并实现单 | 0.97 亿元，同比增长 | | | 季度扭亏；2）公司在机器人领域的交付量同比增长 393.1%，进入放量增 | | | | 长阶段。我们看好公司在光芯片领域的前瞻性布局，看好受益下游智驾和机 | | | | 器人带来的需求高速增长，以及具身智能业务顺利推进。目标价 51.48 港币， | | | | 维持"买入"评级。 | | | 公 司 当 前 的 交 付 进 展 顺 利 ， 我们维持 25/26/27E 营 业 收 入 预 测 为 24.0/37.3/51.4 亿元，维持 2 ...

证券研究报告 六福集团 (590 HK) 港股通 定价产品及海外拓展贡献增长亮点 2025 年 11 月 28 日│中国香港 可选消费 六福集团公布 FY26H1 业绩（2025 年 4-9 月）：收入为 68.4 亿港元，同比 +25.6%；净利润为 6.0 亿港元，同比+44.1%，符合此前业绩预告（收入同 比+20-30%，净利润同比+40-50%）。集团有效的产品差异化和销售策略带 动定价首饰收入快速增长，产品结构优化、金价上升助推毛利率创历史新高， 叠加经营杠杆效应释放，净利润增速表现亮眼。公司拟派中期股息 0.55 港 元/股，派息比率为 52%，持续积极分红回馈股东。此外，10 月 1 日至 11 月 21 日，集团中国内地、中国港澳及海外市场同店均实现双位数增长，其 中，中国内地市场较 FY26Q2 明显改善，有望延续进一步向好势头。维持 "买入"评级。 得益于有效的产品差异化策略，定价首饰产品收入高增 1）分产品看，FY26H1 黄金及铂金产品营收 41.0 亿港元/同比+11.0%，定 价首饰产品营收 22.8 亿港元/同比+67.9%，占整体销售额的比重同比提升 8.8pct 至 35. ...

Macro Insights - In October 2025, industrial enterprises' profits fell to -5.5% year-on-year from 21.6% in September, while revenue growth also declined to -3.3% from 3.1% [2] - The cash flow of industrial enterprises continues to improve, with cash and short-term investments rising to 5.3% year-on-year in September from 5% in August [2] Fixed Income Analysis - The report discusses the transition of China's economy into a new phase of old and new driving forces, emphasizing the need for a new framework for fundamental analysis [2] Consumer Sector Strategy - The real estate cycle, particularly changes in real estate prices, is crucial for assessing the recovery of consumption in 2026, with expectations of structural stabilization in housing prices [3] - The current allocation and valuation of the essential consumer sector are at historical lows, indicating a high probability of a bottoming out, suggesting opportunities for investment [3] Aerospace and Defense - The report highlights the advancements in reusable rocket technology, with China actively developing rockets like Zhuque-3 and Long March 12A, which are expected to enhance space transportation capacity and reduce costs [5] - The success of reusable rockets is anticipated to accelerate the construction of large satellite constellations, particularly in satellite internet [5] Company-Specific Insights - BOSS Zhipin (2076 HK) is rated "Buy" with a target price of 107.6 HKD, benefiting from its leading position in online recruitment and expected steady profit growth [6] - Advantest (6857 JP) is also rated "Buy" with a target price of 23,000 JPY, poised to benefit from the increasing complexity of AI chips and the growth of the semiconductor testing market [6] - Gaotu Group (GOTU US) reported a revenue of 1.58 billion CNY for Q3 2025, a year-on-year increase of 30.7%, with a focus on improving profitability through AI technology [9] - Atour (ATAT US) achieved a revenue of 2.628 billion CNY in Q3 2025, reflecting a year-on-year growth of 38.4%, with a strong outlook for both hotel and retail segments [10] - Zhongjiao Holdings (839 HK) reported a revenue of 7.363 billion CNY for FY25, indicating a year-on-year growth of 11.9%, transitioning towards a focus on internal growth and value enhancement [10]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report delves into the in - depth analysis of Google clusters, including their Scale - up (3D structure and optical interconnection) and Scale - out aspects, and also compares the architectures of different GPUs such as NVIDIA and AMD [1][2]. Summary by Directory 1. Google Cluster's Scale up: 3D Structure - **TPU Architecture**: The Ironwood architecture of TPU has high - performance computing components like TensorCore, XLU, VPU, etc., and is connected by high - speed ICI. It uses HBM3 and HBM3E memory to achieve scale - up of 9216 chips [11][12]. - **From TPU to TPU Rack**: A TPU Tray contains 4 Ironwood TPUs, and a TPU Rack consists of 16 TPU Trays and 64 TPU chips. The rack has a specific physical structure and cooling system [28][29]. - **Comparison with Other GPUs**: Compares the architectures of NVIDIA (from Hopper to Blackwell) and AMD (from MI350 to MI400) GPUs, highlighting their different interconnect technologies and performance parameters [20][25]. 2. Google Cluster's Scale up Optical Interconnection: Optical Path Switch - **Optical Switch Components**: The optical path switch uses components such as 850nm camera modules, dichroic beam splitters, fiber collimators, and 2D MEMS micromirrors to separate or combine calibration light and signal light [46]. - **TPU SuperPod Structure**: A TPU SuperPod consists of 64 Google racks, divided into 8 groups of 8 racks. It integrates 4096 chips, sharing 256TiB of HBM memory, with a total computing performance of over 1 ExaFLOP. Each group of 8 racks has a CDU for liquid - cooling [60]. 3. TPU Cluster, Proportion of Optical Path Switches and Optical Modules - **TPU V4**: The proportion of optical path switches is 1.1% with 4096 TPUs, and the proportion of optical modules is 1.5 [70][84]. - **TPU V7**: The proportion of optical path switches is 0.52% with 9216 TPUs, and the proportion of optical modules is also 1.5 [75][89]. - **Rack - level Data**: For a single rack, there are 6 * 16 external optical modules, 4 * 16 PCB traces, and 80 copper cables [94]. 4. Google Cluster's Scale out - **Switch Parameters**: The Tomahawk 5 switch has 128 400G ports [103]. - **Communication Outside TPU SuperPod**: Communication outside the TPU SuperPod is carried out through the Data - center Network (DCN), which includes optical circuit switches and physical fibers [106][108]. - **NV Scale - out OCS**: In the NV scale - out, OCS is used in a redundant spine - leaf network structure, which can enhance the resilience of the network [113][114]. - **Comparison of Interconnection Schemes in a 100,000 - card Cluster**: Compares the InfiniBand, NVIDIA Spectrum - X, and Broadcom Tomahawk5 interconnection schemes in terms of switch quantity, optical module quantity, cost, etc. [125].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $50.50 [1] Core Insights - The company reported Q3 revenue of 2.628 billion yuan, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 474 million yuan, up 23.2% year-on-year [5] - The hotel business is expected to continue its marginal recovery, while the retail segment shows strong growth, prompting the company to raise its full-year revenue growth guidance to 35% [5][8] - The dual growth momentum from both hotel and retail sectors is highlighted as a key strength for the company [5] Financial Performance - Q3 RevPAR (Revenue Per Available Room) showed a slight year-on-year decline of 2.2%, but there are signs of recovery driven by increased leisure travel demand [6] - The company operates 1,948 hotels as of the end of Q3, with a year-on-year increase of 27.1%, and aims to achieve the target of "2,000 good hotels" by year-end [7] - Retail business GMV (Gross Merchandise Volume) reached 999.4 million yuan, a year-on-year increase of 75.5%, with online sales accounting for over 90% [8] Earnings Forecast and Valuation - Revenue projections for 2025-2027 have been adjusted upwards to 9.759 billion yuan, 11.783 billion yuan, and 13.505 billion yuan respectively, reflecting a growth rate of 34.64% for 2025 [9] - The net profit attributable to shareholders is forecasted to reach 1.656 billion yuan in 2025, with an EPS of 12.04 yuan [9] - The target price is set based on a PE ratio of 23 times for 2026, reflecting the company's growth potential and market positioning [9]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 3.68 [1][5]. Core Insights - The company has entered a new phase of stable organic growth, shifting focus from external expansion to internal growth and value enhancement, with long-term profitability remaining robust [1][2]. - For FY25, the company reported total revenue of RMB 7.363 billion, a year-on-year increase of 11.9%, and a net profit of RMB 506 million, up 0.8% year-on-year, aligning with performance forecasts [1][3]. - The company has optimized capital expenditures to RMB 2.66 billion, a decrease of nearly 45% year-on-year, indicating a transition to a more cash flow-focused growth period [2][5]. Summary by Sections Financial Performance - FY25 domestic revenue grew by 11.8% and international revenue by 14.8%, continuing a trend of simultaneous volume and price increases [2]. - The full-time student enrollment reached 282,000, a 5% increase year-on-year, with the higher education segment seeing a 9% growth in enrollment [2]. - The gross profit margin for FY25 was 53.32%, a decline of approximately 2 percentage points due to increased investments in faculty and teaching quality [3]. Profitability and Taxation - The net profit for FY25 was RMB 506 million, with a one-time impairment of goodwill and intangible assets amounting to RMB 17.06 billion (after tax RMB 16.75 billion) impacting short-term results [3]. - The company’s income tax expense increased significantly to RMB 320 million, reflecting proactive optimization of the group structure [3]. Regulatory Environment - The Guangdong Provincial Education Department has released a draft for the classification management reform of private higher education institutions, which could support sentiment and valuation recovery for the company if successful [4]. Future Projections - Adjusted net profit estimates for FY26-28 are projected at RMB 2.037 billion, RMB 2.137 billion, and RMB 2.175 billion respectively, with a dividend policy expected to resume in FY27 at a 40% payout ratio [5][10]. - The company’s weighted average cost of capital (WACC) is maintained at 14.89%, with a perpetual growth rate of 1% [5][11].

今日早参 2025 年 11 月 27 日 陈慎 房地产行业首席研究员 座机：021 38476038 邮箱：chenshen@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 房地产开发/房地产服务：地方政府的房贷贴息实践效果如何？ 戚康旭 SAC:S0570524120001 陈慎 SAC:S0570519010002 SFC:BIO834 今日深度 固定收益：回归价值逻辑——2026 年 REITs 市场展望 明年 REITs 市场趋势性机会有限，基本面分化或将更明显，投资策略应回归 价值逻辑，建议精选基本面稳健、估值合理的优质品种。低利率环境下， REITs 作为多元化配置的重要工具，其在大类资产配置中的价值将进一步凸 显。分资产来看，稳健型资产的分派率与 10 年期国债之间的利差锚或将进一 步强化，基本面走弱的项目波动或加剧，OCI 账户仍对高分红的经营权 REITs 有较高配置需求。一级市场方面，发行规模预计将稳步增长，扩募持 续推进，投资人打新将回归理性，一级报价或应给二级市场留出缓冲空间。 风险提示： ...

证券研究报告 港股通 2025 年 11 月 26 日│中国香港 互联网 同程公布 3Q25 业绩：收入 55 亿元，yoy+10.4%，基本符合 VA 一致预期 （简称预期）的 54.9 亿元；经营利润 11.6 亿元，超预期 7.5%，经营利润 率持续优化，yoy+1.5pct，主要来自于精细化补贴和费用管控；调整后净利 润 10.6 亿元，超预期 2.8%。公司本季度收入表现基本符合预期，利润超预 期。我们看好国内旅游的需求韧性，同时公司高品质酒店占比提升，带来结 构性改善。维持"买入"评级。 公司收入基本符合预期，酒店/机票价格改善贡献正向驱动 公司 3Q25 收入 55 亿元，yoy+10.4%，基本符合预期。拆分来看,核心 OTA 业务中，住宿及预定服务收入达 15.8 亿元，yoy+14.7%，基本符合预期。 暑期旅游旺季需求释放，同时公司高品质酒店预订占比提升，客房量增长超 20%，而酒店价格止跌回正，成为收入增长正向驱动。交通业务持续稳健增 长，收入 22.09 亿元，yoy+9.0%，主要源于用户的需求增加以及持续丰富 的增值产品及服务，且机票票价止跌，我们预计未来交通业务量将保持稳健 增 ...

证券研究报告 阿里巴巴-W (9988 HK/BABA US) 港股通 云收入延续加速增长且闪购减亏在轨 华泰研究 中报点评 2025 年 11 月 26 日│中国香港/美国 互联网 阿里巴巴 2QFY26 总收入 2,478 亿元，同增 4.8%，好于 VA 一致预期（下同） /华泰预测的同增 2.2/2.9%，主因云业务增速超预期；经调整 EBITA 为 91 亿 元，同比-77.6%，经调整 EBITA 利润率 3.7%，逊于一致预期的 5.3%但好于 华泰预测的 3.2%。管理层在 2QFY26 业绩会上表示公司持续投入于全栈 AI 能力建设，且 AI 与阿里生态的协同效应带来了更大的发展空间，并在消费领 域继续推动各业务深度协同，大消费平台的效应已初步显现。展望后续，管 理层表示将继续投入 AI+云业务以产生更强的协同效应。我们预计随着模型实 力逐步增强和国内 AI 需求的持续增长，阿里有望以千问 APP 为中心，与阿 里旗下其它业务线如淘宝、高德、闪购和支付宝等进一步联通，帮助阿里在 ToC 端的 AI 流量入口处强化竞争力。闪购业务的持续减亏或有望为公司的中 短期利润额修复斜率提供一定支持。建议 ...