Investment Rating - The report maintains a "Buy" rating for the communication industry and related companies [9][54]. Core Insights - The communication sector saw an 8.70% increase in the index last week, significantly outperforming the Shanghai Composite Index and Shenzhen Component Index, which rose by 1.40% and 3.56% respectively [2][13]. - Domestic computing power is expanding rapidly, with Alibaba's cloud revenue for FY2Q26 reaching 39.824 billion yuan, a year-on-year increase of 34%, exceeding Bloomberg's consensus forecast [3][14]. - The DeepSeek open-source model, DeepSeek-Math-V2, has shown significant improvements in mathematical reasoning capabilities, outperforming other models in various benchmarks [19][20]. - Beijing plans to establish a large-scale data center system in the 700-800 km dawn-dusk orbit, aiming to transfer substantial AI computing power to space [19][20]. Summary by Sections Domestic Computing Power - Alibaba's cloud revenue growth is driven by strong customer demand, with orders increasing faster than server deployment [3][14]. - The company may increase its previously announced investment of 380 billion yuan due to high demand [3][14]. - The DeepSeek-Math-V2 model has achieved near 99% accuracy in basic benchmarks, indicating a significant advancement in AI capabilities [19][20]. Space Computing Power - Beijing's initiative to build a data center in space aims to support large-scale AI computing [19][20]. - The project is structured in three phases, focusing on technological breakthroughs and cost reduction from 2025 to 2035 [19][20]. - The initiative is expected to create a new industry chain integrating reusable rockets, computing constellations, and data applications [19][20]. Recommended Companies - The report recommends several companies within the communication sector, including ZTE Corporation, Ruijie Networks, and Alibaba, highlighting their potential in the AI computing chain and core asset value reassessment [4][54][55]. - Specific target prices and investment ratings for these companies are provided, indicating a positive outlook for their performance [54][55].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 73.20 RMB [5]. Core Insights - The company has signed a sales contract for generator sets worth over 100 million USD with a global AI industry giant, marking a significant breakthrough in the North American high-end power market [1]. - The company's modular and intelligent power generation solutions are expected to drive rapid growth in performance, supported by its fracturing equipment, natural gas equipment, and power generation equipment [1][2]. - The collaboration with Baker Hughes aims to provide efficient, low-carbon, and intelligent power solutions for global clients, including AI data centers and industrial manufacturing [3]. Financial Projections - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 30.95 billion, 37.49 billion, and 43.59 billion RMB respectively, with corresponding EPS of 3.02, 3.66, and 4.26 RMB [4]. - The company is projected to achieve a compound annual growth rate (CAGR) of 13%-27% in power demand from U.S. data centers by 2028, indicating a strong market opportunity [1]. - The report anticipates a price-to-earnings (PE) ratio of 20 times for 2026, reflecting the company's growth potential and market position [4].

今日早参 2025 年 12 月 01 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：价格回升较产量明显 11 月制造业 PMI 较 10 月的 49%回升至 49.2%（彭博一致预期 49.2%），较 往年季节性水平偏低；非制造业商务活动指数较 10 月的 50.1%回落至 49.5%（彭博一致预期 50%）。11 月制造业 PMI 供需两端分项指标均边际改 善、价格指标亦有所修复——具体看，PMI 分项中生产、采购量较 10 月的 49.7%/49.0%上升至 50.0%/49.5%；新订单、新出口订单、就业人员 PMI 亦 较 10 月回升 0.4/1.7/0.1 个百分点至 49.2%/47.6%/48.4%。此外，商品价格 指数整体回升，购进价格及出厂价格分别较 10 月上行 1.1/0.7 个百分点至 53.6%/48.2%。行业中，高新技术制造业连续 10 个月位于扩张区间，而装 备 制 造 业 / 消 费 品 行 业 PMI 较 10 月 的 50.2%/50.1% 分别回落至 49.8%/49.4% ...

Investment Rating - The report initiates coverage on Aerospace Intelligence with a "Buy" rating and a target price of 26.00 RMB, based on a 20x PE valuation for 2026 [1][7]. Core Views - The company is expected to achieve growth driven by "technical barriers + policy dividends," leveraging aerospace technology transformation in oil and gas equipment and automotive smart cockpit sectors, while expanding its large-dosage drug column business for long-term stable growth [1][16]. Summary by Sections Company Overview - Aerospace Intelligence, formerly known as Lekai New Materials, underwent a major asset restructuring in 2023, acquiring 100% stakes in Aerospace Energy and Aerospace Molding, thus becoming the core listed platform of the Seventh Academy of Aerospace [2][25]. Financial Performance - The company is projected to achieve revenues of 58.60 billion RMB and 77.81 billion RMB for 2023 and 2024, respectively, with year-on-year growth rates of 20.10% and 32.78%. The net profit attributable to the parent company is expected to be 4.23 billion RMB and 7.92 billion RMB, reflecting growth rates of 61.36% and 87.02% [2][36]. Automotive Parts Business - Aerospace Molding, established in 2000, focuses on automotive interior and exterior parts, smart cockpit components, and lightweight engine parts. The company provided components for 10.95 million vehicles in 2023, accounting for 42% of national passenger car sales. The new energy vehicle segment is expected to constitute 72% of new products in 2024, surpassing industry penetration rates [3][16]. Oil and Gas Equipment Business - Aerospace Energy, founded in 2013, specializes in the research and manufacturing of perforating tools and high-end completion equipment. The company holds over 60% market share in unconventional oil and gas extraction and approximately 35% in conventional extraction. The demand for its products is expected to grow alongside the increase in domestic oil and gas production [4][17]. Market Perspective - The report highlights a discrepancy between market perceptions and the company's long-term growth potential, particularly in the automotive parts sector benefiting from electrification and intelligent transformation, and the oil and gas equipment sector supported by policy initiatives [5][19]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 9.48 billion RMB, 11.02 billion RMB, and 12.76 billion RMB, respectively. The report selects comparable companies with an average PE of 30x for 2026, assigning a target PE of 20x to Aerospace Intelligence [6][46].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $7.17 [7][5]. Core Insights - The company reported Q3 revenue of 21.8 billion RMB, a year-on-year increase of 17% and a quarter-on-quarter increase of 15%. The net profit attributable to shareholders was a loss of 3.7 billion RMB, with losses narrowing by 29% both year-on-year and quarter-on-quarter [1][5]. - The vehicle gross margin reached 14.7%, the highest in three years, driven by increased sales and the introduction of high-margin models like the L90. Cost control measures have also shown significant effectiveness [2][5]. - In October, the company delivered over 40,000 vehicles, marking a 92.6% year-on-year increase and setting a new monthly record. The L90 and new ES8 models are driving this growth, with the L90 becoming the top-selling large electric SUV [3][4]. Summary by Sections Q3 Performance - Q3 revenue was 21.8 billion RMB, up 17% year-on-year and 15% quarter-on-quarter. The adjusted net loss was 2.7 billion RMB, a reduction of 38% year-on-year and 34% quarter-on-quarter. For the first three quarters, revenue totaled 45.3 billion RMB, a year-on-year increase of 11% [1][2]. Vehicle Sales and Margins - The company sold 87,000 vehicles in Q3, a 41% increase year-on-year and a 21% increase quarter-on-quarter. The overall gross margin was 13.9%, with automotive gross margin at 14.7%, reflecting a significant improvement due to sales growth and cost reductions [2][3]. Future Outlook - The report is optimistic about the company's new models, particularly the L80 and the new ES7, which are expected to enhance sales and market share in 2026. The L80 is positioned as a large electric SUV, while the ES7 targets the high-end market [4][5]. Financial Projections - The revenue forecast for 2025 is adjusted to 89.6 billion RMB, a decrease of 11%. The revenue estimates for 2026 and 2027 remain at 125.5 billion RMB and 149.9 billion RMB, respectively [5][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 51.48 [7][5]. Core Insights - The company has successfully entered the mass production phase of its digital laser radar products, with significant growth in delivery volumes and revenue expected in the coming quarters [1][5]. - The ADAS digital product matrix has entered the delivery phase, with a substantial increase in the number of designated models, indicating a strong foundation for scaling [2]. - The Robotaxi business is accelerating its penetration into the L4 market, with new partnerships enhancing the reliability and performance of its products [3]. - The robotics business is experiencing rapid growth, driven by the introduction of new products and applications across various scenarios [4]. Summary by Sections Financial Performance - The company reported a shipment of 150,100 units of laser radar and 35,500 units of robots in the third quarter, generating revenue of RMB 407 million, with a net profit of -RMB 101 million [1]. - Revenue forecasts for 2025, 2026, and 2027 are projected at RMB 2.4 billion, RMB 3.7 billion, and RMB 5.1 billion respectively, with net profits expected to turn positive by 2026 [5][10]. Business Segments - The ADAS business has secured designations from 13 automakers for 56 models, with the EM4 radar positioned as a core component for L3 regulations [2]. - The Robotaxi segment has gained traction with the announcement of a new partnership with Didi for its next-generation models, indicating a strong market presence [3]. - The robotics segment is seeing a 393.1% year-on-year increase in delivery volumes, supported by innovative product offerings [4]. Valuation Metrics - The report assigns a price-to-sales (PS) ratio of 6.09x for 2026, reflecting a premium compared to comparable companies, indicating confidence in the company's growth trajectory [5][14]. - The company's market capitalization is approximately HKD 15.125 billion, with a recent closing price of HKD 31.22 [8].

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]