Core Viewpoint - The emergence of "Moore Threads IPO" alongside DeepSeek R1 signals China's capability to achieve self-reliance in AI technology, from foundational computing power to advanced models, reducing dependence on foreign technologies [2] Group 1: AI Chip Development - Moore Threads, as the first domestic GPU stock, saw its market value soar to approximately 450 billion yuan within five days of its IPO, reflecting market optimism towards China's technological self-innovation [2] - Domestic chip performance, while currently inferior to Nvidia, has shown potential for AI model training and inference through collaborative hardware-software ecosystems [2] Group 2: Model and Computing Power Integration - DeepSeek represents a focus on model-level innovation but relies on Nvidia GPUs for its computing power, highlighting the need for a comprehensive domestic solution that includes both model and computing power [3] - SenseTime is noted as the only AI-native company achieving significant results in both model and computing power, emphasizing the importance of a unified approach to AI development [5] Group 3: Strategic Collaborations - SenseTime's collaboration with Cambricon aims to optimize model core capabilities and enhance computing efficiency, which is crucial for advancing AGI in multi-modal fields [9] - The partnership with Moore Threads allows SenseTime to leverage full-function GPUs for both AI computation and graphics rendering, meeting the demands of large model training [9] Group 4: Technological Innovations - SenseTime's NEO architecture demonstrates significant capabilities, requiring only 1/10 of the data volume compared to industry standards to achieve top-tier visual perception [17] - The LightX2V framework enables real-time video generation and supports various domestic hardware, facilitating the large-scale application of AI models [18] Group 5: Systematic Approach to Domestic Innovation - The comprehensive domesticization strategy of SenseTime encompasses foundational computing power, model architecture innovation, and secure application deployment, addressing the industry's need for self-reliance [19] - The integration of domestic hardware with AI models is seen as essential for reducing reliance on foreign technologies and fostering innovation across the industry [19]

Group 1: Macroeconomic Insights - In October, general public budget expenditure turned negative year-on-year, with spending related to "three guarantees" and infrastructure investment showing a decline compared to the previous month, necessitating attention to the effectiveness of incremental fiscal policies since September [2] - Government fund revenues and expenditures are both slowing down, with expectations for improvement once local government debt limits are set and utilized to supplement overall financial capacity [2] - The supply of government bonds for the year is nearing its end, while an increase in fiscal deposits year-on-year in October indicates that there is still room for fiscal funds to be released, which is favorable for future liquidity [2] Group 2: High-end Manufacturing Industry - The controlled nuclear fusion industry is projected to have long-term growth potential, with a recent procurement project exceeding 2 billion yuan, covering areas such as power systems, low-temperature systems, and shielding layers [3] - Key companies to watch in the vacuum chamber and internal components segment include: Hezhong Intelligent, Guoguang Electric, Antai Technology, Yingliu Co., Parker New Materials, and Tiangong International [3] - In the magnet system segment, notable companies include Lianchuang Optoelectronics and Yongding Co., while in the power system segment, focus on Sichuan Chuang Electronics, Wangzi New Materials, and Xuguang Electronics [3] Group 3: Non-ferrous Metals Industry - Supply growth for steel, copper, and aluminum remains constrained, with gold benefiting from the US interest rate cut cycle and central bank purchases [4] - Recommended stocks for steel include Baosteel Co. and Jiuli Special Materials, with attention to companies like Ordos, CITIC Special Steel, and Hualing Steel [4] - For copper, recommended stocks are Zijin Mining and Luoyang Molybdenum, with a focus on Tongling Nonferrous Metals and Western Mining [4] Group 4: Real Estate Market - As of November 16, 2025, new home transactions in 20 cities totaled 674,000 units, a decrease of 10.6% year-on-year, with significant declines in cities like Beijing (-16%) and Shenzhen (-25%) [5] - In the second-hand housing market, transactions in 10 cities reached 667,000 units, an increase of 4.5% year-on-year, with notable growth in Shenzhen (+15%) and Shanghai (+11%) [5] Group 5: Company Research - Electronics - The company is expected to see performance improvement driven by its cellular baseband business, with mobile SoC and ASIC products supporting future growth [6] - Profitability recovery in the IoT business is slower than expected, leading to a downward revision of net profit forecasts for 2025 and 2026 [6] - The company maintains a "buy" rating due to the potential for growth in its mobile SoC product matrix and the high growth of its ASIC business benefiting from the trend of AI localization [6]

Market Overview - The Shanghai Composite Index rose by 0.4%, the CSI 300 increased by 0.5%, the STAR 50 went up by 0.2%, the CSI 1000 climbed by 0.8%, the ChiNext Index gained 0.8%, and the Hang Seng Index surged by 1.49% [2][3] - The best-performing sectors included Beauty Care (+2.5%), Comprehensive (+2.1%), Media (+2.0%), Home Appliances (+1.7%), and Pharmaceutical Biology (+1.6%). The worst-performing sectors were Defense Industry (-0.5%), Coal (-0.3%), Steel (-0.1%), Real Estate (-0.1%), and Building Materials (+0.1%) [2][3] - The total trading volume of the Shanghai and Shenzhen markets was 1,169.7 billion yuan, with a net inflow of 6.33 billion Hong Kong dollars from southbound funds [2][3] Key Recommendations Company: Jin Zai Food (003000) - Jin Zai Food is a leading brand in the snack food sector, with a clear growth path for its major products. The company is expected to exceed market revenue expectations in 2025, with a net profit margin slightly above market forecasts [3] - The company is expanding into new high-potential channels, particularly membership-based supermarkets, which are anticipated to drive significant revenue growth. The introduction of new products like short-shelf-life tofu and enriched konjac products is expected to contribute to sustained growth [3] - Revenue projections for 2025-2027 are 2,890.06 million yuan, 3,434.12 million yuan, and 4,104.14 million yuan, with growth rates of 19.82%, 18.83%, and 19.51% respectively. Net profits are projected at 343.32 million yuan, 418.22 million yuan, and 515.16 million yuan, with growth rates of 17.85%, 21.82%, and 23.18% respectively [3] Company: Oulutong (300870) - Oulutong is a leading supplier of high-power server power supplies, expected to benefit from the surge in demand driven by AI and domestic market expansion [4] - The company is positioned to capture increased market share as major internet companies ramp up AI-related capital expenditures, leading to a higher penetration rate of high-power server power supplies [4] - Revenue forecasts for 2025-2027 are 4,616.23 million yuan, 5,514.58 million yuan, and 6,501.19 million yuan, with growth rates of 21.56%, 19.46%, and 17.89% respectively. Net profits are projected at 354.04 million yuan, 465.43 million yuan, and 570.25 million yuan, with growth rates of 32.11%, 31.46%, and 22.52% respectively [5]