Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

Investment Rating - The report assigns a "Buy" rating to NVIDIA (NVDA US) with a target price of $235 [3]. Core Insights - NVIDIA's Q3 2026 performance and Q4 2026 guidance exceeded market expectations, with Q3 revenue reaching $57 billion, a 22% quarter-over-quarter increase and a 62% year-over-year increase [3]. - The company anticipates Q4 2026 revenue of $65 billion, surpassing market expectations of $64 billion, with a gross margin guidance of 75% [3]. - NVIDIA's data center revenue for Q3 was $51.2 billion, driven by the production and shipment of the GB300, while the networking business generated $8.2 billion, making it the largest networking business supplier globally [3][4]. Financial Performance - For FY 2025, NVIDIA reported revenue of $130.5 billion, with a year-over-year growth of 114%. Projections for FY 2026 and FY 2027 are $215.5 billion and $337.1 billion, respectively, with expected growth rates of 65% and 56% [5][13]. - Net income for FY 2025 was $74.2 billion, with projections of $119.0 billion for FY 2026 and $189.1 billion for FY 2027, reflecting year-over-year growth rates of 60% and 59% [5][13]. - Earnings per share (EPS) are projected to increase from $3.0 in FY 2025 to $4.9 in FY 2026 and $7.8 in FY 2027 [5][13]. Business Segments and Market Position - NVIDIA's GB300 demand and shipment have surpassed that of the GB200, contributing approximately two-thirds of the total revenue from Blackwell in Q3 [4]. - The company has secured significant orders, including a partnership with Saudi Arabia for the shipment of 400,000 to 600,000 GPUs over the next three years [4]. - NVIDIA's GPUs are noted for their energy efficiency, particularly in the context of the current power shortages in the U.S., positioning them favorably against competitors like AMD [4]. Inventory and Supply Chain - Supply commitments on the balance sheet increased by 63% quarter-over-quarter, while inventory grew by 32% [4]. - Revenue from China for Q3 was only $50 million, with no assumptions made for data center revenue from China in the Q4 guidance [4].

Market Overview - The Hong Kong stock market opened higher but experienced a decline in the afternoon, with the Hang Seng Index closing up 0.02% at 25,835.57 points and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - Chinese property stocks saw a rally, with Sunac China rising 6.02% to HKD 1.41 and Vanke Enterprises up 3.69% to HKD 4.21. Analysts suggest that stable housing prices are crucial for economic circulation, and high-quality housing may see a development wave due to recent policy directions [3] Technology Sector - Nvidia's strong quarterly results, with revenue of USD 57 billion and a 62% year-on-year increase, have positively impacted related stocks. Nvidia's data center revenue reached a record USD 51.2 billion, up 66% year-on-year [4] - Kingsoft Corporation fell 7.03% after reporting a 17% decline in revenue for Q3 2025, while its gaming segment saw a significant drop of 47% [8] Lithium Sector - Lithium stocks experienced a pullback, with Tianqi Lithium down 1.83% to HKD 53.55 and Ganfeng Lithium down 1.94% to HKD 58.15. The lithium carbonate contract price briefly exceeded CNY 100,000 per ton but faced selling pressure later in the day [6] Other Notable Stocks - Ningde Times fell 5.66% amid concerns over the unlocking of shares for its cornerstone investors, with Morgan Stanley lowering its target price from HKD 600 to HKD 575 [9] - Data center operator GDS Holdings reported a 10.2% increase in net revenue to CNY 2.887 billion, with a net profit of CNY 729 million, marking a return to profitability [10]

Core Viewpoint - The lithium extraction concept stocks experienced significant movement, with companies like Beijiete and Zhengguang shares hitting the 20% daily limit, driven by rising lithium carbonate futures prices and strategic acquisitions in the mining sector [1] Group 1: Market Movement - On November 20, the three major A-share indices collectively declined, with the ChiNext index dropping by 1.12% [1] - Lithium extraction concept stocks showed collective movement, with Beijiete and Zhengguang both reaching the 20% daily limit, and Sandamembrane rising over 10% [1] Group 2: Lithium Market Dynamics - The main contract for lithium carbonate futures broke through 100,000 yuan/ton, with a peak increase of over 4% observed on the morning of November 21 [1] - The lithium battery supply chain is witnessing significant large orders, indicating strong demand [1] Group 3: Strategic Developments - On November 19, Beijiete announced plans to acquire a 55% stake in Dahao Mining, enhancing its mining development business layout [1] Group 4: Industry Growth Outlook - According to Zhongyou Securities, China's energy storage industry has established a sustained growth cycle of 3-5 years [1] - The rapid growth of AI-driven data centers, which require high power and have significant fluctuations, is expected to drive the demand for energy storage solutions, with overseas energy storage annual growth rates projected to reach 40%-50% in the next two to three years, becoming a major growth driver for lithium carbonate demand [1]

Core Insights - The article discusses the challenges faced by companies expanding overseas, particularly in recruiting suitable talent in unfamiliar markets [2][4]. - It highlights the importance of adapting traditional recruitment methods to effectively identify candidates that align with team culture and core competencies [7]. Group 1: Recruitment Challenges - Companies are finding it increasingly difficult to recruit the right talent through traditional channels in overseas markets [4]. - There is a need to adjust the traditional recruitment funnel and evaluation systems to better suit the unique demands of international hiring [7]. Group 2: Employer Branding and Budget Constraints - Companies with limited budgets are encouraged to leverage social media platforms like Xiaohongshu and X to enhance their employer branding [7][8]. - The article emphasizes the significance of building a strong employer brand to attract talent in competitive markets [8]. Group 3: Compliance and Management Issues - The article addresses the complexities of cross-border payroll, compliance with hiring policies, and remote team collaboration [7][8]. - It suggests that companies need to find solutions to these challenges to successfully manage global teams [8].

证券简称：宝丽迪 证券代码：300905 投资者关系活动记录表 编号： 2025-007 投资者活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 上柿行 赵秋兰 重鼎资产 何金花 勤科资本 黄金兰 允朗资本 查桢伟 爱骏资本 王健康 （以上排名不分先后） 时间 2025 年 11 月 20 日 地点 苏州宝丽迪材料科技股份有限公司会议室 接待人员姓名 董事会秘书 袁晓锋 证券事务代表 尤心远 投资者关系活动 主要内容介绍 公司介绍了公司基本情况，并就调研机构及投资者关心的问题进行了问答 交流。 Q1：公司前三季度业绩增长的主要原因有哪些？ 答：这是综合因素影响下的结果，得益于行业的持续增长和国家产业升级 政策的支持以及民众环保意识的提高，中国色母粒市场保持平稳增长，公司业 务指数也保持稳定增长，另外因为公司进一步提升智能化和自动化水平，深度 优化 AI 等智能场景，更有益于成本控制以及产品结构优化。公司通过技术研 发巩固竞争优势，谨慎拓展关联业务，短期聚焦产能优化与成本管控，中长期 探索新材料应用场景，这些因素都是影响公司 ...

Core Viewpoint - The report from Guohai Securities highlights Lanke Technology as a leader in memory interconnect chips for the AI era, with sustained growth in high-performance transport chips driven by strong industry demand and trends in the AI sector [1] Company Performance - In the first three quarters of 2025, the company achieved operating revenue of 633 million yuan, representing a year-on-year increase of 57.83% [1] - The net profit attributable to shareholders reached 1.632 billion yuan, marking a year-on-year growth of 66.89% [1] - The significant increase in the shipment volume of interconnect chips contributed to the company's performance [1] Industry Trends - According to Frost & Sullivan, global AI server shipments surged from 500,000 units in 2020 to 2 million units in 2024, with a compound annual growth rate (CAGR) of 45.2% [1] - Future projections indicate that shipments will grow from 2.5 million units in 2025 to 6.5 million units by 2030, with a CAGR of 21.2% [1] Product Development - The company is expected to benefit from the growth of memory interconnect chips and the large-scale production of new high-speed interconnect products such as MRCD and MDB [1] - The report initiates coverage with a "Buy" rating for the company [1]

Core Insights - AI's contribution to Kuaishou's performance is becoming evident, with Q3 2025 total revenue reaching 35.55 billion RMB, a year-on-year increase of 14.2% [2] - The adjusted net profit for Q3 2025 is nearly 5 billion RMB, up 26.3% year-on-year, while the net profit for the first three quarters is 15.18 billion RMB, reflecting a 16.7% increase [2] - The application of AI technologies, particularly the OneRec model, has led to a 4%-5% increase in domestic online marketing service revenue in Q3 2025 [3] Revenue Growth - Core commercial revenue, including online marketing services and e-commerce, grew by 19.2% year-on-year in Q3 2025, driven by advertising and e-commerce contributions [3] - Online marketing service revenue reached 20.1 billion RMB in Q3 2025, marking a 14.0% year-on-year increase, with growth accelerating compared to the previous quarter [3] - AI technology has improved advertising efficiency, with the Universal Auto X (UAX) solution achieving over 70% penetration in external circulation [3] AI Investment and R&D - Kuaishou's R&D expenses increased by 17.7% year-on-year to 3.7 billion RMB in Q3 2025, primarily due to rising employee benefits and increased investment in AI [4] E-commerce Performance - Kuaishou's e-commerce GMV grew by 15.2% year-on-year to 385 billion RMB in Q3 2025, with the general merchandise e-commerce segment outpacing overall market growth [5] - The average daily active users and monthly active users reached new highs of 416 million and 731 million, respectively, with daily usage time averaging 134.1 minutes [6] Live Streaming Revenue - Live streaming revenue growth slowed to 2.5% year-on-year, reaching 9.6 billion RMB, with its share of total revenue declining from 30% to 26.9% [6] - Kuaishou launched customizable AI gifts in late September 2025, enhancing user interaction in live streams [6] Profitability Metrics - Gross profit slightly decreased from 19.5 billion RMB in Q2 2025 to 19.4 billion RMB in Q3 2025, with gross margin dropping from 55.7% to 54.7% [6] - Overall gross profit maintained a year-on-year growth of 13.1% for the first three quarters [6] Future Outlook - Kuaishou's CEO emphasized the importance of AI integration across various business scenarios to enhance operational efficiency and create long-term value for shareholders [7]

Core Insights - In 2025, advancements in hardware lightweight design and basic AI functionalities will enhance the user experience and drive product innovation in smart glasses [1] - The Chinese smart glasses market is expected to reach a critical turning point in 2026, with significant changes in product forms, interaction methods, and service models [1] - Global smart glasses shipments are projected to exceed 23.687 million units in 2026, with China's shipments surpassing 4.915 million units, marking the beginning of a new phase of scaled growth [1] Industry Analysis - Jianghai Securities anticipates rapid promotion and popularization of smart glasses as a key carrier for AI, recommending attention to companies in the supply chain such as Xiaomi Group-W, Hengxuan Technology, Allwinner Technology, GoerTek, and Crystal Optoelectronics [1] - Founder Securities suggests that with major industry players accelerating their strategies and supply chain efficiency improvements, AI+AR glasses are likely to develop quickly, recommending focus on ODM and acoustic segment representatives like GoerTek, as well as other companies in the ODM and optical segments [1]

Core Viewpoint - The report from Guosen Securities maintains an "outperform" rating for Bilibili-W (09626), highlighting its commercial potential and significant growth in net profit and user engagement [1] Financial Performance - In Q3, Bilibili achieved a revenue of 7.69 billion yuan, with a substantial year-on-year increase in net profit, indicating an acceleration in profitability [1] - For the first three quarters of 2025, the company reported total revenue of 22.026 billion yuan, a year-on-year growth of 15.34%, and an operating profit margin increase of 34.2% to 8.033 billion yuan [1] - The adjusted net profit for the same period reached 1.712 billion yuan, with operating cash flow improving to 5.308 billion yuan compared to 4.614 billion yuan in the previous year [1] User Engagement - The platform's Monthly Active Users (MAU) and Daily Active Users (DAU) reached 376 million and 117 million, respectively, marking year-on-year growth of 8% and 9%, achieving historical highs [2] - Active users spend an average of 112 minutes daily on the platform, reflecting a 6% increase year-on-year, while the number of paying users grew by 17% to 35 million [2] Business Segments - The advertising segment showed strong growth, with revenue of 4.45 billion yuan in the first three quarters, up 20% year-on-year, driven by a significant increase in performance-based advertising [3] - In Q3 alone, advertising revenue reached 2.57 billion yuan, a 23% year-on-year increase, with AI-generated advertising materials accounting for 55% of total ad content [3] - The new game "Escape from Duckkov" sold over 3 million copies globally, indicating strong market performance, while the upcoming game "Three Kingdoms: Hundred Generals Card" is expected to launch in Q1 2026 [3] - Value-added services generated 3.023 billion yuan in Q3, reflecting a 7% year-on-year growth, with stable growth in membership and live streaming services [3] Investment Outlook - Guosen Securities is optimistic about Bilibili's commercial potential and has raised profit forecasts, projecting net profits of 1.223 billion, 2.041 billion, and 3.251 billion yuan for 2025, 2026, and 2027, respectively [4] - The adjusted net profit estimates for the same years are 2.548 billion, 3.366 billion, and 4.576 billion yuan, with corresponding price-to-earnings ratios of 31x, 24x, and 17x [4] - The company is expected to benefit from its community and user advantages, with growth opportunities in gaming, advertising, and value-added services supported by new technologies like AI [4]