[Table_Reportdate] 2025年12月04日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251204 重点推荐 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 纪 要 [table_summary] ➢ 1.阿里云Q3营收同比增长34%，华为Mate 80系列与夸克AI眼镜发布——电子行业周报 2025/11/24-2025/11/30 ➢ 2.看好年末风格切换与"开门红"推进下的板块配置机会——非银金融行业周报 （20251124-20251130） ➢ 1.李强主持国务院第十七次专题学习 ➢ 2.国务院原则同意《长三角国土空间规划（2023-2035年）》 ➢ 3.国务院国资委召开中央企业"十五五"规划编制专题座谈会 ➢ 4.美国11月ADP就业人数减3.2万人，低于预期 | 系列与夸克 眼镜 ...

Core Insights - The CSI 500 Quality Growth Index has shown a positive performance, with notable increases in stocks such as Jerry Holdings (10.00%) and Giant Star Technology (5.77) [1] - The Federal Reserve's interest rate decisions and the Central Economic Work Conference's directives are key variables affecting the market in December [1] - Artificial intelligence is identified as a crucial factor for China's economic development, presenting investment opportunities in infrastructure, AI applications, and edge devices [1] Group 1: Index Performance - As of December 3, 2025, the CSI 500 Quality Growth Index increased by 0.43%, with the CSI 500 Quality Growth ETF rising by 0.52% [1] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.53% of the index [2] Group 2: Key Stocks - The top ten stocks by weight include Huagong Technology (3.37%), Kaiying Network (2.96%), and Dongwu Securities (2.46%) [3] - Jerry Holdings and Jinchengxin have shown significant increases in their stock prices, contributing to the overall index performance [1][3] Group 3: Investment Focus - The focus for investment should be on sectors such as traditional manufacturing and resource industries, as well as companies expanding overseas [1] - The CSI 500 Quality Growth ETF selects 100 companies with strong profitability, sustainable earnings, and robust cash flow from the CSI 500 Index [1]

Core Viewpoint - The China Securities 500 Growth ETF (562340) opened with a slight increase of 0.24%, indicating a stable market performance despite fluctuations in its constituent stocks [1] Group 1: ETF Performance - The China Securities 500 Growth ETF (562340) opened at 1.229 yuan [1] - Since its establishment on April 25, 2024, the fund has achieved a return of 22.72% [1] - The fund's performance over the past month has seen a decline of 3.99% [1] Group 2: Constituent Stocks Performance - Among the major holdings, Huagong Technology decreased by 0.19%, and Kaiying Network fell by 0.13% [1] - Dongwu Securities increased by 0.22%, while Hengxuan Technology dropped by 0.81% [1] - Other notable movements include a 7.81% increase in Jereh Holdings and a 0.03% increase in Shunluo Electronics [1]

Overview of Stock ETFs - The number of stock ETFs in China reached 1,040 with a total scale of 3.70 trillion yuan as of September 2025, which is 2.53 times that of 2023 [3][7] - Stock ETFs have surpassed the scale of actively managed funds, reaching 1.2 times their size [8] - Stock ETFs can be categorized into five types: broad-based index ETFs, industry index ETFs, thematic index ETFs, strategy index ETFs, and style index ETFs [3][16] Characteristics of Different Types of Stock ETFs - Broad-based index ETFs dominate the market, accounting for 67.61% of the total scale, with significant institutional investor participation [4][20] - Industry index ETFs show significant scale concentration, particularly in the non-bank financial sector, which accounts for nearly 40% of the total scale [40] - Thematic index ETFs are numerous but have a more dispersed scale, providing a wide range of investment options for hot themes [4][57] - Strategy and style index ETFs primarily focus on stable dividend products, with ongoing improvements in the index system [4][72] Performance Analysis of Stock ETFs - In various market conditions, stock ETFs have shown the ability to provide optimal choices, with broad-based ETFs offering stability during market downturns [4][27] - In a bullish market, thematic ETFs related to semiconductors and AI have provided aggressive investment options [4][32] - The performance of broad-based index ETFs is characterized by their ability to capture the overall market trend, while thematic ETFs exhibit higher volatility and responsiveness to market sentiment [4][65] Market Expansion and Future Outlook - The rapid expansion of stock ETFs in China indicates a growing acceptance among both institutional and individual investors, with significant room for future growth [5][7] - The increasing participation of institutional investors in broad-based index ETFs reflects a preference for stable and diversified investment strategies [20][34]

Group 1 - The core viewpoint is that A-shares are expected to experience improvements in fundamental expectations, macro liquidity, policy and industry themes, and chip pressure digestion in December, potentially leading to an early start of the spring rally [1][2] - The spring rally is a significant calendar effect in A-shares, characterized by improvements in fundamental expectations, macro liquidity, and policy/industry themes [2][3] - The observation window for the first two points is from early to mid-December, while the third point is around mid-December [3] Group 2 - In terms of structural performance, small-cap stocks have a higher win rate (75% since 2010), with leading sectors typically being cyclical or growth-oriented, both of which have win rates exceeding 80% since 2010 [3] - The cyclical sector is driven by price increase expectations, while the growth sector is driven by industry themes, with a focus on aviation equipment, AI-related energy storage, and power grid equipment for the former, and chemicals and energy metals for the latter [3] Group 3 - ByteDance has launched the "Doubao Phone Assistant," aiming to integrate AI capabilities at the OS level, indicating a shift from being a standalone app to a more integrated approach [4] - The product is still in the early exploration phase, but the partnership with Nubia for high-frequency iterations shows ByteDance's commitment to capturing the AI native entry point in mobile [4][5] - ByteDance's strategy involves open collaboration to provide its AI models as the "brain" for various hardware brands, avoiding supply chain risks and enabling rapid penetration into the Android ecosystem [4] Group 4 - The next key focus for ByteDance is the "Force Byte Original Power Conference" on December 18-19, where new members of its ecosystem may be announced, potentially involving upgrades to multimodal model capabilities or new hardware partnerships [5] - The integration of AI across devices, such as through the Ola Friend AI earphones, creates a closed-loop experience for users, enhancing the functionality of the phone assistant [5] Group 5 - Newray Energy (300593) is positioned to leverage its existing products and technologies in AIDC power systems, with potential breakthroughs in overseas customer bases [7] - The rapid development of AI technology is driving a significant upgrade in data center power supply systems, presenting opportunities for Chinese power electronics companies to enter overseas supply chains [7] - The company has established a comprehensive power supply solution from AC supply to terminal chip levels, and has a strong foundation in serving major international clients like Samsung and Nokia [7]

11 月 27 日，阿里巴巴发布夸克 AI 眼镜 S1 。 6000 台预售量乍看不大，在手机界甚至连 水花都算不上。但在 AI 硬件这个如今仍处"草莽时代"的领域里，这数字不只是一笔订单，更 像是一发响亮的信号弹。 AI 的下一阶段，不是在口袋里冷冰冰的屏幕里，而是在你脸上最自然的第一视角里展开。智能 眼镜比赛，正式跑枪。 01 从"看手机"到"看世界"： 阿里放出的那张大牌 过去十多年，我们被困在手机的那块小屏幕里：查餐厅要低头、打车要点 app 、导航要来回 切界面、购物要挨个搜索比价。手机很强，但它需要你"配合它"。 阿里显然不满意这种关系。 它想让 AI 不再是一个工具，而是一个随时跟着你、理解你情境、替你行动的助理。而要做到 这一点， AI 必须"看到"你看到的世界。 第一视角数据，就是 AI 演化的燃料。 手机只能获取 "摆拍数据"：你举起手机那一瞬间发生的事情。 眼镜却能获取 "生活数据"：你真正沉浸其中、连续发生的环境流。 两者差异就像：看 1000 本烹饪书≠实际走进厨房闻到蒜香、听到油锅声、看到锅里的颜色变 化。 对于大模型，前者是知识，后者是智慧。 夸克 S1 的意义，并不在于它完成了 ...

11月27日，阿里巴巴发布夸克AI眼镜S1。6000台预售量乍看不大，在手机界甚至连水花都算不上。但 在AI硬件这个如今仍处"草莽时代"的领域里，这数字不只是一笔订单，更像是一发响亮的信号弹。 AI的下一阶段，不是在口袋里冷冰冰的屏幕里，而是在你脸上最自然的第一视角里展开。智能眼镜比 赛，正式跑枪。 对于大模型，前者是知识，后者是智慧。 夸克S1的意义，并不在于它完成了多少功能，而在于它为AI开了一扇理解现实世界的窗户。阿里清 楚：谁掌握了这类实时多模态数据，谁就更有可能训练出下一代的"超级智能"。 S1就是阿里在这条道路上放出的"第一张明牌"。 01 从"看手机"到"看世界"：阿里放出的那张大牌 过去十多年，我们被困在手机的那块小屏幕里：查餐厅要低头、打车要点app、导航要来回切界面、购 物要挨个搜索比价。手机很强，但它需要你"配合它"。 阿里显然不满意这种关系。 它想让AI不再是一个工具，而是一个随时跟着你、理解你情境、替你行动的助理。而要做到这一点， AI必须"看到"你看到的世界。 第一视角数据，就是AI演化的燃料。 手机只能获取"摆拍数据"：你举起手机那一瞬间发生的事情。 眼镜却能获取"生活数据"：你 ...

Investment Rating - Maintain "Add" rating for the industry [8] Core Insights - The upcoming ByteDance Force Conference on December 18 is expected to showcase advancements in cloud infrastructure, large models, and application deployment, potentially leading a new wave of AI enthusiasm [1] - The Doubao large model has seen significant growth, with daily token usage exceeding 30 trillion by September, indicating rapid AI deployment [2] - The Doubao mobile assistant, set to launch on December 1, will enhance user efficiency by automating complex tasks on mobile devices [3] - The Huoshan Cloud business is projected to generate 10 billion yuan in revenue in 2024 and over 20 billion yuan in 2025, with a growth rate exceeding 100% [4] - The industry is witnessing rapid advancements in AI models and cost reductions in computing power, which will facilitate broader application deployment and create a commercial AI ecosystem [5] Summary by Sections Doubao Large Model - The Doubao model's daily token usage has increased by over 137 times since its last update, showcasing its growing adoption [2] - The upcoming conference is expected to introduce various innovations in the model's capabilities, including multi-modal understanding and enhanced reasoning abilities [2] Doubao Mobile Assistant - The mobile assistant will have system-level access and the ability to perform tasks like ordering food through automation, significantly improving daily efficiency [3] - The assistant is priced at 3,499 yuan and is currently available in collaboration with ZTE [3] Huoshan Cloud Business - Huoshan Engine aims for substantial revenue growth, targeting 100 billion yuan in 2024 and over 200 billion yuan in 2025, with a long-term goal of reaching 1 trillion yuan [4] - Computing power is identified as a core resource for supporting model training and application execution [4] Agent Tools and Industry Solutions - The conference will also focus on upgrading agent development tools and enhancing AI deployment capabilities across various industries [4] - The industry is expected to see stronger solution implementation across sectors such as finance, education, and gaming [4] Related Companies - Key companies in the cloud segment include Cambrian, Digital China, and Dongyangguang, while in the edge segment, ZTE and others are highlighted [6]

Core Viewpoint - The electronic industry is experiencing a sustained recovery in demand, effective supply clearance, and rising prices for storage chips, with domestic production efforts exceeding expectations [1] Group 1: Industry Developments - Huawei has launched the Mate 80 series, featuring the HarmonyOS 6.0 operating system and the Kirin 9030 Pro chip, along with "Linglong Screen" display technology [1] - Alibaba has introduced the Quark AI glasses, which deeply integrate the Qianwen AI assistant and the Alibaba ecosystem, utilizing the Qualcomm AR1 flagship chip and the Hengxuan BES2800 chip to create an application ecosystem covering search, navigation, and payment scenarios [1] Group 2: Investment Opportunities - Structural opportunities in the industry are concentrated in areas such as AI computing power, AIOT, semiconductor equipment, key components, and rising storage prices [1] - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which saw a daily fluctuation of 20%. This index selects listed companies from the Science and Technology Innovation Board that are involved in the entire chip industry chain, covering upstream materials and equipment, midstream design and manufacturing, and downstream packaging and testing, reflecting the overall performance of China's chip industry in technological innovation and high-end manufacturing [1]

Core Viewpoint - The AI glasses market is experiencing rapid growth, with major companies entering the space and a significant number of new products being launched. The competition is intensifying, and while large companies are leveraging their resources, startups have opportunities in niche markets and specialized applications [2][3][25]. Group 1: Market Dynamics - Alibaba launched the Quark AI glasses series, achieving over 7,000 sales within two days of release, indicating strong market demand [2]. - Over 40 AI glasses have been released this year by various players, including startups and major companies like Baidu, Xiaomi, and Alibaba, with a focus on different technological approaches [3][9]. - The global AI glasses market is projected to grow from approximately $1.93 billion in 2024 to $8.26 billion by 2030, with Meta holding a dominant market share of about 73% in the first half of 2025 [25]. Group 2: Product Features and Technology - Major companies are focusing on lightweight voice-interactive AI glasses, avoiding the complexities of AR/VR technology, which often involves heavier devices and higher costs [5][12]. - The AI glasses typically weigh between 39g and 50g and include features like cameras, microphones, and speakers, but generally lack display screens [12]. - Most new AI glasses utilize Qualcomm's AR1 chip for AI processing, with some companies also incorporating domestic chips for enhanced functionality [12][14]. Group 3: Competitive Landscape - Major companies are still in the exploratory phase of AI glasses development, while startups are encouraged to focus on niche markets to build competitive advantages [5][24]. - The competition may mirror the smart speaker and smartwatch markets, where large companies dominate, leaving little room for startups unless they offer differentiated products [28]. - Startups like Rokid and others are exploring unique applications for AI glasses, targeting specific user groups and scenarios, which may provide them with a foothold in a market dominated by larger players [32][33]. Group 4: Future Opportunities - The future of AI glasses may resemble that of smartwatches, where niche brands can thrive despite the presence of larger competitors [33]. - Startups have the flexibility to collaborate with various AI models and focus on specific product offerings, which may allow them to capture market segments that larger companies overlook [31][34]. - There is potential for startups to explore international markets, leveraging their agility to establish a presence before larger companies can mobilize their resources [34].