来源：市场资讯 LPR利率公布：日历显示，12月22日将公布国内最新LPR利率报价，为国内货币信贷环境提供最新指 引。 贷款市场报价利率(LPR)作为我国金融市场重要的基准利率，LPR调整反映货币政策走向。而2021 年下调的次数为1次，22年、24年分别为3次，23年为2次，平均为2.25次，而目前25年下调的次数仅1 次。随着12月美联储降息预期升温。市场大概率会在最早12月或者25年上半年迎来新一轮货币宽松预 期，明年上半年下调LPR利率大概率是板上钉钉的事情。 对股市的影响：一般LPR下调通常预示着货币宽松，能降低企业融资成本增厚上市公司利润，可能会吸 引资金存款搬家，提振市场信心，推动市场向好。当然，若调整符合市场预期，影响可能较小；若超预 期，则可能引发波动。 （来源：Gangtise投研） 年末投资事件多点花开，压轴事件层出不穷！12月作为2025年收官关键月，机器人、算力、AI等硬核 科技赛道持续引燃市场，美联储货币政策调整引发全球瞩目，海南自贸港、影视游戏等领域也迎来政策 与技术双重催化。本文基于12月核心投资大事件，带你跳出时间线，从宏观、行业、公司三大维度自上 而下解读分析，深挖12月的 ...

2025年收官脚步渐进，A股市场从前期反弹进入4000点附近震荡整固阶段。期间市场结构性特征愈发鲜 明，AI算力产业链成领涨先锋，半导体芯片受AI需求大增、国产替代提速影响，设备、特种材料环节 企业股价走出独立行情。站在当前时点，"AI投资是否过热"、"震荡期该坚守成长还是转向低估值"成为 市场核心关切，嘉实基金李涛表示，AI赛道并非短期概念炒作，而是有真实产业需求与业绩兑现支 撑；盲目从成长主线转向低估值板块易错失产业红利，更应关注成长领域内具备技术壁垒、盈利模式清 晰的优质企业。 李涛认为，当前A股权益资产的长期价值值得期待，而驱动市场向前的核心引擎，始终绕不开AI产业化 掀起的科技浪潮。这轮科技行情与过往有着本质区别，其一，AI是全球化的史诗级技术革命，并非局 部领域的短期热度，它既能重塑人类生产关系，更能在生存发展层面带来颠覆性变革，如今产业应用路 径已愈发清晰，海外多家AI相关企业的营收、利润与市值同步创下历史新高，印证了赛道的长期潜 力。 其二，中国企业在本轮AI浪潮中的参与度与话语权达到前所未有的高度，通过自主创新突破，国内已 构建起从芯片、大模型到云服务、生态系统的完整产业链，企业不仅能在业绩 ...

Core Viewpoint - The company reported a year-on-year revenue growth of 13.42% for the first three quarters of 2025, with a significant improvement in gross margin in the third quarter, despite a net loss [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.88 billion yuan, representing a year-on-year increase of 13.42%, while the net profit attributable to shareholders was -327 million yuan [1]. - In Q3 2025, the company recorded a revenue of 982 million yuan, showing a year-on-year growth of 11.1% but a quarter-on-quarter decrease of 0.59%. The net profit for the quarter was -82 million yuan, indicating a reduction in losses by 40 million yuan compared to the previous quarter [1]. - The overall gross margin for Q3 was 26.65%, an increase of 3.44 percentage points from the gross margin of 23.21% in Q2 2025 [1]. Contract Liabilities and Business Growth - The company's contract liabilities reached 199 million yuan in Q3, a substantial increase of 123.6% compared to 89 million yuan in the first half of 2025 [2]. - Orders for customized chips and IP licensing saw a multiple increase compared to the same period in 2024, primarily driven by demand from wearable devices, AI chips for cloud inference, and RISC-V chips [2]. - Despite a significant drop in absolute order values due to project complexity and longer cycles, the company anticipates substantial revenue growth next year as projects are completed [2]. Product Development and Market Position - The company launched its first-generation 4G octa-core chip, with initial customers already in the market, and is progressing with multiple smartphone projects [3]. - The second-generation 6nm octa-core 4G chip has met or exceeded key functional validation results, and it is the only chip in its category supporting LPDDR4x/5/5x [3]. - The company has designed six cloud AI chips from 2018 to 2022, capturing a significant share of the AI cloud chip design service market in China [3]. Investment Outlook - The company maintains an "outperform the market" rating, highlighting its competitive advantages in the cellular baseband chip sector and the ongoing introduction of smart terminal chip products [4]. - Projected net profits for 2025-2027 are -406 million yuan, 52 million yuan, and 251 million yuan, respectively, showing an improvement from previous estimates [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6]. Core Insights - The company reported a significant increase in contract liabilities, with a 123.6% quarter-on-quarter growth, indicating strong demand for its products [2]. - Revenue for the first three quarters of 2025 reached 2.88 billion yuan, representing a year-on-year growth of 13.42%, while the net profit attributable to shareholders was -327 million yuan [1]. - The company is focusing on the development of its 6nm octa-core 4G chip and has multiple cloud ASIC project reserves, which are expected to enhance its competitive edge in the market [3]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 26.65%, an increase of 3.44 percentage points from the previous quarter [1]. - The revenue from the cellular baseband segment grew approximately 25% year-on-year, with a gross margin improvement leading to a total gross profit increase of over 50% in that segment [2]. - The company anticipates a substantial revenue increase in the coming year as project deliveries are expected to ramp up [2]. Earnings Forecast - The projected net profits for 2025 to 2027 are -406 million yuan, 52 million yuan, and 251 million yuan respectively, showing a recovery trend from previous losses [4]. - Revenue forecasts for the years 2023 to 2027 are 2.6 billion yuan, 3.39 billion yuan, 4 billion yuan, 5.59 billion yuan, and 7.08 billion yuan, reflecting a compound annual growth rate [5][21]. Market Position - The company is well-positioned in the cellular baseband chip market, with a unique competitive advantage and a continuous release of products for various smartphone clients [4]. - The ASIC business is strategically aligned with the trend of AI industrialization, enhancing the company's market positioning [4].

Group 1 - The report indicates that the current convertible bond valuation remains relatively high, with some newly issued bonds having higher premium rates compared to other bonds at parity. This is attributed to strong demand for convertible bonds and high industry prosperity, leading to excess returns on corresponding stocks and increased volatility, which supports the high valuation levels of these new bonds [1][10]. - The report anticipates that the high premium of newly issued bonds will persist, as high-prosperity industries will continue to issue convertible bonds, maintaining a balance structure close to the levels seen in 2025. This is expected to support the valuation levels of newly issued bonds and the overall market [1][10]. - The report tracks the valuation levels across various industries, identifying the top ten industries with the highest valuations, including Media, Computer, Defense, Machinery, Electronics, Automotive, Beauty, Communication, Food & Beverage, and Electric Equipment. The proportion of high-valuation industry bonds has increased in 2025 compared to 2023 and 2024, indicating a rise in the overall market valuation center [2][11]. Group 2 - The weekly strategy indicates that most stock indices experienced adjustments, with the China Convertible Bond Index showing a slight increase of 0.52%. The report highlights that the median price of bonds in the parity range has risen, indicating that convertible bond valuations remain at historically high levels [3][17]. - The report notes that market liquidity remains ample, and as investor risk appetite gradually recovers, a mid-term upward trend in stock indices is expected. Key areas of focus include the acceleration of AI industrialization, the "anti-involution" trend benefiting sectors like photovoltaics and steel, and future industry-related convertible bonds such as hydrogen energy and nuclear fusion [3][17][18]. - Recent increases in convertible bond valuations may be due to inflows of new capital into the market, driven by a better alignment of the convertible bond market structure with current market styles. Specific sectors such as photovoltaics, lithium batteries, coal, and steel are highlighted as key areas for institutional investment [4][17].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 INGDAN, INC. 硬 蛋 創 新 （ 於開曼群島註冊成立的有限公司） （股份代號：400） 本集團於2025年第三季度 的未經審核營運概要 本公告載列硬蛋創新（「本公司」或「硬蛋」）及其附屬公司（「本集團」）截至2025年9月30日止 三個月期間的未經審核營運概要。 本公 告乃根 據香 港聯合 交易所 有限 公司證 券上市 規則（「 上市規 則」）第 13.09 (2) (a) 條及證 券 及期貨條例（ 香港法例第571章 ）第XIVA部項下的內幕消息條文（ 定義見上市規則 ）的規定而 作出。 本公司欣然報告，於2025年第三季度，本集團繼續受惠於AI算力的龐大需求。截⾄2025年 9⽉30⽇⽌三個⽉期間收益約達人民幣3,332.1百萬元，較2024年同期的人民幣2,728.7百萬元 增加約22.1%；經營溢利約為人民幣127.9百萬元，按年增長約34.7%。截至2025年9月30日 止 九 個 ...

Group 1 - The report highlights the top ten convertible bonds for November, including companies like 崧盛股份, 华特气体, and 和邦生物, each focusing on different growth areas such as robotics, semiconductor applications, and agricultural chemicals [1][2][8] - 崧盛股份 is entering the robotics sector to create a new growth curve, leveraging its expertise in LED lighting and related technologies [1][10] - 华特气体 is pushing for domestic substitution in the semiconductor industry through its specialty gas products, which are crucial for high-end applications [1][39][40] Group 2 - 和邦生物 is experiencing improved profitability in its glyphosate products due to better supply-demand dynamics, while its mining and photovoltaic glass segments are also contributing positively [1][25][27] - 友发集团, as the largest manufacturer of welded steel pipes in China, is expected to benefit from the new round of supply-side reforms, enhancing its national and international layout [1][22][23] - 兴瑞科技 is expanding its server business into critical components for liquid cooling, indicating a strategic shift towards high-demand technology sectors [1][29][49] Group 3 - 天能重工 is recognized as a leading player in the wind power tower industry, with a significant production capacity and a focus on maintaining competitive advantages through quality and delivery capabilities [1][43][44] - 福斯特 maintains a dominant market share of around 50% in photovoltaic film products, positioning itself strongly against competitors in the solar energy sector [1][34][35] - 深信服 is enhancing its AI capabilities through its AI computing power platform, which aims to facilitate rapid iteration and deployment of AI business solutions [1][15][18] Group 4 - 环旭电子 is a leading manufacturer of electronic components, focusing on miniaturization and integration in wearable technology and server products, catering to the growing demand in cloud computing and data centers [1][47][49] - 新凤鸣 is positioned as a major player in the polyester industry, with a significant market share in both long and short fibers, and is expected to benefit from the ongoing industry consolidation and environmental regulations [1][54][55]

Core Insights - The company reported a revenue of 1.614 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.63% [1] - The net profit attributable to shareholders reached 51.0888 million yuan, with a year-on-year increase of 2.40% [1] - The company is focusing on a "Smart+" strategy to drive technological innovation and enhance organizational efficiency amidst increasing market competition [1] Technological Development - The company is intensifying its research and development investments in the Athena Smart Native Base, addressing industry pain points through ecological collaborative innovation [2] - Upgrades to the Agent development and operation platform (Indepth AI) are enhancing compatibility and expanding the capabilities of MCP plugins and external intelligent agents, creating a complete closed loop for ISV ecological development [2] - The MLOps toolchain is being upgraded to expand the algorithm model library, covering various fields such as supply chain, finance, and production, thereby improving adaptability for different industry clients [2] Application and Market Impact - AI is demonstrating its value in core business scenarios, focusing on key areas such as supply chain collaboration, financial accounting, inventory management, and factory intelligence [2] - The company has developed multiple scenario-based Agent products to enrich its AI business application matrix [2] - The combination of the Athena Smart Native Base and AI business breakthroughs showcases the company's strong capabilities in technological innovation, supported by solid financial data for long-term development [2]

Core Insights - The consumption market in Shenzhen has seen a significant increase during the recent Mid-Autumn and National Day holidays, driven by the emergence of new business models and consumer experiences, termed "first-release economy" [1] - The opening of the Honor Alpha global flagship store has become a notable example of this trend, attracting an average of over 4,500 visitors daily during the holiday period, with a 70% entry rate and an average stay of over 15 minutes per customer [1][4] - The transformation of physical stores from mere sales points to "industry hubs" that link market demand with innovation is a key trend, showcasing a shift towards a new business model of "front store, back research" [1][6] Consumption Trends - The "first-release economy" has evolved to focus on new consumption scenarios and deep experiences rather than just the debut of new brands or products, emphasizing the re-evaluation of the value of physical retail spaces [1][2] - The Honor Alpha flagship store exemplifies this shift with its design emphasizing "boundary-less" and "human-tech" concepts, featuring innovative elements like a 43-meter curved glass and a 9-meter indoor waterfall [4] Business Model Innovation - The "front store, back research" model is emerging as a more efficient approach, connecting retail spaces directly with corporate R&D, creating a closed loop from demand perception to product delivery [6][7] - The flagship store serves as a market probe and data entry point, collecting user feedback and market data to inform product iterations, with features like the "AI Inspiration Café" facilitating social interactions and idea exchanges [6][7] Industry Collaboration - The "front store, back research" model is positioned as a significant connector and accelerator within Shenzhen's AI industry ecosystem, aiming to create a value symbiosis among brands, users, and partners [8][10] - The flagship store is not only a product showcase but also a platform for industry collaboration, inviting various AI innovation companies from the Greater Bay Area to foster regional AI industry synergy [10]

Group 1: Trading Strategy for Convertible Bonds Near Strong Redemption - Investors currently have high expectations for the stock market and prefer holding equity-like convertible bonds for greater flexibility. Tracking and analyzing the strong redemption execution rate and related price signals can help optimize investment strategies for equity-like convertible bonds [1][9]. - The strong redemption execution rate for convertible bonds in the third quarter is at a historical high, indicating that many listed companies wish to quickly convert bonds into stocks after triggering strong redemption [1][9]. - The rising willingness of issuers to convert bonds into stocks is also reflected in the increasing probability of bond adjustments, which has been rising monthly in the third quarter. This suggests that companies are eager to convert bonds during favorable market conditions [1][9]. Group 2: Weekly Convertible Bond Strategy - Most stock indices experienced declines this week, while the China Convertible Bond Index showed a slight increase of 0.03%. The performance of various sectors, such as non-ferrous metals, coal, and steel, ranked higher in terms of gains and losses [3][17]. - The average conversion premium for non-strong redemption samples has increased, indicating that the market is pricing in the strong redemption intentions of convertible bonds [2][11]. - Short-term market volatility may exert pressure on convertible bond valuations, but if a V-shaped rebound occurs, there is still potential for upward movement in valuations [3][17]. Group 3: Sector Focus and Recommendations - The report highlights two main areas of focus: the "anti-involution" trend driving long-term profitability in sectors like photovoltaics and steel, and the accelerated industrialization of AI, which is expected to provide strong elasticity in certain technology sectors [3][17]. - Recommended convertible bonds include those related to the semiconductor industry, which is benefiting from domestic substitution and growth opportunities, as well as bonds from companies in the high-end manufacturing sector, such as new energy and automotive parts [3][17]. - The report suggests monitoring convertible bonds from companies like Zhengfan, Xingrui, and Huanyu in the technology sector, and TianNeng, Songsheng, and F22 in the high-end manufacturing sector [3][17].