Core Insights - The market continues to experience wide fluctuations, influenced by the ups and downs of US-China negotiations, which significantly affect market risk appetite [2] - Short-term market sentiment indicators, including profitability effects and technical indicators, have returned to near-neutral levels, suggesting potential for a rebound in market sentiment once funding indicators cool down [2][3] - A shift towards defensive sectors is expected to continue, but effective breakthroughs in indices may depend on the reactivation of the technology sector [2][4] Observation 1: Market Sentiment - Post-National Day holiday, market risk appetite has declined due to escalating overseas geopolitical issues, leading to a market adjustment [3] - Market sentiment has retreated from high levels to mid-range, with a notable decline in profitability effects and technical indicators, indicating that the sentiment pullback may be nearing its end [3] Observation 2: Market Style Shift - There has been a noticeable shift in market style, with defensive sectors like banking and coal experiencing a rebound, primarily driven by risk aversion rather than economic improvement [4] - Despite some easing in trade tensions, significant breakthroughs in indices are limited due to a lack of aggressive recovery in cyclical sectors [4] Observation 3: Technology as a Mid-term Focus - The technology sector has seen a general pullback, but it remains a key focus for the mid-term, with ongoing trends in AI and TMT sectors indicating potential for future growth [5] - The recent easing of trade tensions may allow the technology sector to recover from its current pressures, presenting new investment opportunities [5] Observation 4: Improvement in Certain Sectors - Overall industry sentiment has declined, but sectors such as large financials, midstream materials, and upstream resources have shown improvement [6] - Specific sectors like AI-driven products continue to see rising sentiment, indicating a mixed outlook across different industries [6]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 13.827 billion RMB for the first three quarters of 2025, representing a year-over-year increase of 32.86%, and a net profit attributable to shareholders of 2.191 billion RMB, up 46.94% year-over-year [3][8] - The company is recognized as a leading private enterprise in the electrical equipment sector, demonstrating strong alpha attributes and robust internal and external growth dynamics [3][8] - The company has made significant strides in overseas markets, particularly in high-end sectors, and has seen rapid growth in orders from the data center sector [3][5][8] - The collaboration with the Huairou Laboratory to develop IGCT technology is strategically significant for the company [3][6][8] Revenue and Profit Growth - In Q3 2025, the company achieved a revenue of 5.33 billion RMB, a year-over-year increase of 25.68%, and a net profit of 899 million RMB, up 48.73% year-over-year [4] - The gross margin for Q3 2025 was 33.25%, with both gross and net margins showing sequential improvements [4] Market Dynamics - The company is benefiting from a surge in overseas orders, particularly driven by AI and increased capital expenditures in the power grid by European and American companies [5] - The domestic transformer export value reached 5.55 billion USD from January to August 2025, reflecting a year-over-year increase of 37.7% [5] Order Growth and Strategic Initiatives - The company has seen a significant increase in domestic orders for power transmission and transformation equipment, with a total bidding amount of 68.19 billion RMB in the first four batches of 2025, up 22.9% year-over-year [6] - The establishment of a joint venture with the Huairou Laboratory for IGCT technology is expected to enhance the company's position in the domestic power transmission and transformation equipment market [6] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 2.922 billion RMB, 3.851 billion RMB, and 4.906 billion RMB respectively [7] - The target price for the company is set at 147.90 RMB, based on a 30x PE ratio for 2026 [7][8]

Investment Rating - Maintain "Buy" rating for key companies in the AI and cloud infrastructure sectors [8] Core Insights - The report emphasizes two main investment lines: cloud infrastructure service providers benefiting from downstream demand and application scenario commercialization, particularly in advertising and vertical applications [17][19] - The rapid growth in token usage for AI models indicates a strong demand for AI applications, with significant increases in daily token calls for major platforms [18][26] - The report highlights the cost advantages of domestic AI models compared to international counterparts, with prices approximately 50% lower, facilitating broader market penetration [31][35] Summary by Sections Investment Rating - The report maintains a "Buy" rating for several key companies, including Alibaba, Baidu, Tencent, Kuaishou, and others, indicating strong growth potential in the AI and cloud sectors [11] Cloud Infrastructure - Cloud infrastructure is identified as the foundational layer for AI applications, with major players like Alibaba, Baidu, and Tencent developing comprehensive capabilities to support AI development [19][42] - The report notes that the cost of cloud computing is significantly lower than building in-house capabilities, enhancing the attractiveness of cloud services for AI development [19] AI Application Commercialization - The commercialization of AI in advertising is highlighted, with AI technologies improving efficiency and effectiveness in ad campaigns, leading to increased ROI for advertisers [20][21] - Vertical applications of AI are also expanding, with significant advancements in sectors such as video generation, recruitment, and office automation, showcasing the versatility and market potential of AI technologies [21][24] Market Dynamics - The report contrasts the focus on large model technology with the importance of application scenarios for AI commercialization, suggesting that companies with strong scene-based applications will have a competitive edge [22][25] - The increasing integration of AI into industry workflows is expected to drive demand for customized B-end services, which are seen as critical for differentiation in the market [23][24]

Investment Rating - The report maintains an "Overweight" rating for the diversified financial industry [1] Core Insights - The ETF market in September saw a total asset scale exceeding 5 trillion yuan, with a month-on-month growth of 9.9%. The stock ETF scale increased by 6.0%, driven primarily by thematic ETFs, which saw a monthly increase of 112.9 billion yuan [3][9] - The bond ETF total scale expanded by over 130 billion yuan in the same month. The competitive landscape is becoming more intense, with a decrease in the concentration of leading firms [3][5] - The public fund sales fee reform has significant implications for the industry, primarily aimed at reducing investor costs and promoting long-term investment [7][28] Total Structure - As of the end of September 2025, the total net asset value of all ETFs reached 5.63 trillion yuan, reflecting a month-on-month increase of 9.9%. The number of shares rose to 3.01 trillion, up 5.5% month-on-month [4][10] - The stock ETF net asset value totaled 3.71 trillion yuan, with a month-on-month increase of 6.0%. The thematic ETFs were the main growth drivers, contributing 112.9 billion yuan to the increase [4][10] Competitive Landscape - The concentration of the ETF market has decreased, with the CR3, CR5, and CR10 ratios at 42.0%, 54.6%, and 76.1% respectively, showing a decline of 1.7 percentage points, 2.2 percentage points, and 2.0 percentage points month-on-month [5][17] - The top three firms, Huaxia, E Fund, and Huatai-PB, maintained their positions, although their market shares have slightly declined since the beginning of the year [5][17] New Product Launches - In September, there was a peak in the issuance of stock ETFs, with a total of 12.5 billion yuan raised. Notable products included the Huazhang Hang Seng Technology Theme ETF and the E Fund China Securities Hong Kong Stock Connect Technology ETF [6][21] - Additionally, 10 new science and technology bond ETFs were launched, contributing to a total issuance scale of 40.8 billion yuan for bond ETFs [6][21] Policy Dynamics - The public fund sales fee reform aims to reshape the industry ecosystem by significantly lowering investor costs and encouraging long-term investment. The maximum sales service fee for index funds has been reduced to 0.2% per year, and long-term holdings of non-money market funds will no longer incur sales service fees [7][28] - The reform is expected to lead to an annual reduction in sales fees of approximately 30 billion yuan, benefiting the overall public fund industry ecosystem [27][28]

证券研究报告 中兴通讯 (000063 CH/763 HK) 中兴微：算力相关芯片全面突破，关注产品导入进程 中兴微是国内领先的 IC 设计公司，目前已研发并商用 150 余种产品，2021 年营收近百亿元。中兴微已完成多款算力相关芯片布局，未来或将为母公司 ICT 设备提供有力支撑：1）交换芯片：分为 Scale out（应用于数据中心交 换机）和 Scale up（应用于卡间互联），目前公司 Scale out/up 交换芯片 最高容量分别达到 12.8T/51.2T，我们测算到 26 年国内国产 Scale out 交换 芯片市场空间有望达到 54 亿元，23-26E CAGR 为 39%，而 Scale up 芯片 面向国内超节点建设，我们认为国产 GPU 或依靠更多更好的互联网络配置 补齐单卡算力短板；2）DPU：算力优化芯片，帮助 GPU/CPU 等进行计算 卸载从而优化其自身任务表现，未来有望搭配国产 GPU 使用。 盈利预测与估值 港股通 稀缺全栈算力布局,自研芯片即将展翼 华泰研究 更新报告 2025 年 10 月 17 日│中国内地/中国香港 通信设备制造 公司是国内老牌通信设备龙头企业， ...

证券研究报告 台积电 (TSM US) 2025 年 10 月 17 日│美国 半导体 3Q25，台积电收入环比+10.1%，略超指引上限，毛利率 59.5%，环比+0.9pct， 显著高于指引上限的 57.5%。公司预计 4Q25 收入 322-334 亿美元，中位 数高于彭博一致预期 5%，公司预计 4Q25 毛利率 59%-61%，中位数高于 彭博一致预期 3pct。公司上调 2025 年收入指引，即同比增长接近 35%（前 值:约 30%）。公司上调 2025 年资本开支预期为 400-420 亿美元（前值： 380-420 亿美元)，中值上调 2.5%，同比+38%。本次业绩会上，公司表达 了 AI 相关需求的增长表达强烈信心，预计 AI 相关需求的增速有望超过之前 指引（2024-2029：40%区间中段）。展望 2026 年，我们看好 AI 需求持续 驱动先进工艺和先进封装业务快速增长，台积电作为全球先进制程代工的龙 头，有望充分受益于技术领先地位和客户需求的强劲增长。上调目标价到 370 美元，维持买入评级。 AI 需求：客户提出更高的产能需求，对于 AI 大趋势的信心正在增强 3Q25，HP ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection sector [2] Core Viewpoints - The iteration of the National VII emission standards is expected to expand the exhaust after-treatment market, with a projected market space of 100 billion yuan [3][7] - The National VII standards are accelerating, with significant advancements in technology routes, including EHC and tightly coupled SCR systems, which are anticipated to enhance product value [6][45] - Companies with leading technology and product competitiveness in the National VII industrial chain, such as Aikelan and Aofu Technology, are expected to benefit from this market expansion [3][10] Summary by Sections Emission Standards and Market Potential - Mobile sources are a significant contributor to air pollution in China, with motor vehicle emissions accounting for 72% of total emissions [4][12] - The National VII standards are currently in the third phase of pre-research, with the aim to further reduce NOx and particulate matter emissions [5][22] - The exhaust after-treatment market is projected to reach 100 billion yuan, driven by the transition from National VI to National VII standards [7][47] Technological Advancements - The National VII standards will likely introduce new technologies to improve NOx reduction and cold start control, enhancing the efficiency of exhaust after-treatment systems [6][45] - The use of EHC technology is expected to significantly improve SCR conversion efficiency, meeting stringent emission regulations [33][45] Recommended Companies - Aikelan (300816 CH) is recommended with a "Buy" rating, targeting a price of 48.40 yuan, due to its strong position in the National VII market and technological advancements [10][52] - Aofu Technology (688021 CH) is rated "Overweight," with a target price of 21.00 yuan, focusing on its development in the ceramic technology sector for air pollution control [10][52]

Investment Rating - The investment rating for the company is "Buy" [6][5] Core Views - The company reported a steady performance in Q3 with revenue of 11.85 billion RMB, a year-on-year increase of 18.9% and a quarter-on-quarter increase of 2.8%. The net profit attributable to the parent company was 2.26 billion RMB, up 14.1% year-on-year [1] - The transition of the chairman is expected to propel the company into a new development phase, supported by upcoming capital expenditure projects that will enhance sustainable growth and dividend levels [1][4] - The automotive glass business remains robust, with a gross margin of 37.4% in the first three quarters of 2025, slightly down by 0.5 percentage points year-on-year but improved by 0.3 percentage points from the first half of 2025 [2] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a cumulative revenue of 33.3 billion RMB, a year-on-year increase of 17.6%, and a net profit of 7.06 billion RMB, up 28.9% year-on-year [1] - The operating cash flow remained strong, with a net inflow of 9.88 billion RMB in the first three quarters, representing a 57.3% increase year-on-year [3] Management Transition - The company announced the early transition of the chairman, which is anticipated to optimize the governance structure and promote sustainable development [4] Market Outlook - The automotive industry in China saw a total vehicle sales of 24.36 million units from January to September 2025, a year-on-year increase of 12.9%, with new energy vehicles growing by 34.9% [2] - The company is set to expand its global market share with new manufacturing bases coming online in Q4 2025 [2] Profitability and Valuation - The company maintains a strong return on equity (ROE) of 19.4% for the first three quarters of 2025, up 2.4 percentage points year-on-year [2] - The earnings per share (EPS) forecast for 2025 is 3.80 RMB, with target prices set at 98.21 RMB for A-shares and 89.15 HKD for H-shares [5][6]

证券研究报告 中国财险 (2328 HK) 港股通 业绩预增：前三季度净利润同比增长 40%~60% 2025 年 10 月 17 日│中国香港 保险 | 华泰研究 | | | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 17 日│中国香港 | 保险 | 目标价(港币): | 21.00 | | 李健，PhD | 研究员 | | --- | --- | | SAC No. S0570521010001 | lijian@htsc.com | | SFC No. AWF297 | +(852) 3658 6112 | | 于明汇* | 联系人 | SAC No. S0570124070107 yuminghui@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (港币 截至 10 月 16 日) | 18.78 | | --- | --- | | 市值 (港币百万) | 417,719 | | 6 个月平均日成交额 (港币百万) | 444.75 | | 52 周价格范 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has shown steady profit growth and is actively investing in a new green methanol project [1] - The target price is set at RMB 14.25, reflecting an increase from the previous target of RMB 13.50 [8] Financial Performance - For Q3, the company achieved revenue of RMB 8.164 billion, a year-over-year decrease of 0.16% and a quarter-over-quarter decrease of 7.09% [4] - The net profit attributable to the parent company for Q3 was RMB 181 million, a year-over-year increase of 4.07% but a quarter-over-quarter decrease of 21.01% [4] - For the first three quarters of 2025, the company reported revenue of RMB 23.501 billion, a year-over-year increase of 5.38%, and a net profit of RMB 490 million, a year-over-year increase of 6.07% [4] Revenue Breakdown - The company's urban gas revenue declined due to a decrease in gas supply, with a reported revenue of RMB 9.88 billion for the first nine months of 2025, down 10% year-over-year [5] - The supply chain business saw significant growth, with revenue of RMB 13.621 billion for the first nine months of 2025, an increase of 20.7% year-over-year [6] Future Projections - The company forecasts revenue growth for the upcoming years, with expected revenues of RMB 31.589 billion in 2024, RMB 35.021 billion in 2025, and RMB 39.531 billion in 2027 [3] - The net profit attributable to the parent company is projected to be RMB 853.12 million in 2024, RMB 977.09 million in 2025, and RMB 1.086 billion in 2027 [3] Dividend Policy - The company has committed to a high dividend payout ratio, with a target of at least 65% for the years 2025-2027 [7] - The expected dividend yield for 2025 is 4.24%, which is higher than the average of comparable companies [8] Valuation Metrics - The company is expected to have a PE ratio of 19.71 in 2024, decreasing to 15.49 by 2027 [3] - The projected EPS for the company is RMB 0.66 in 2024, increasing to RMB 0.84 by 2027 [3]