Core Viewpoint - The company, Haohan Deep (688292.SH), has been actively involved in national major event network security work for several years, demonstrating the practical application of its technology in various fields, including intelligent vehicles and low-altitude internet of things [1] Group 1: Intelligent Vehicles and Traffic - The company has provided safety monitoring management and identity authentication systems for multiple integrated autonomous driving demonstration zones [1] - It offers automotive information security monitoring and operational management systems to several automotive manufacturers, including high-end foreign brands [1] - The company's integrated vehicle-road-cloud safety solutions, which include traffic situation analysis and congestion prediction, have been implemented in the autonomous driving sector [1] Group 2: Low-altitude Internet of Things - The company has partnered with mobile operators to provide safety monitoring management systems for low-altitude drones [1] Group 3: Computing Network - To address the large-scale computing demands brought by AI large models, the company has laid out plans for the next generation of high-performance intelligent computing switches [1] - The core objective is to provide high bandwidth and low latency network connectivity and intelligent operation capabilities for large data centers [1]

[Table_Author] 丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AI 产业跟踪：DeepSeek-V3.2 正式版发布，关 注大模型商业化落地进展 报告要点 [Table_Summary] 12 月 1 日，DeepSeek-V3.2 和 DeepSeek-V3.2-Speciale 正式发布。官方网页端、App 和 API 均已更新为 V3.2 版本。Speciale 版本目前仅以临时 API 服务形式开放，以供社区评测与研 究。相比 Exp 版本， V3.2 实现了高计算效率与卓越推理、Agent 性能的统一，同时支持在思 考和非思考模式下使用工具。2025 年 DeepSeek 已发布 7 款模型，开源阵营持续扩大。后续 展望来看，关注 AI 产品发布超预期情况与 AI Agent 落地进展。继续看好国产 AI 链、国产算力 链以及国内 AI 出海，持续重点推荐铲子股和卡位优势显著的巨头本身。 分析师及联系人 %% %% %% %% research.95579.com 1 宗建树 刘思缘 SAC：S0490520030004 SFC：BUX668 请阅读最后 ...

Group 1 - The company is in the process of a CEO search, with an announcement expected by the end of the calendar year [1] - The search committee, composed of new board members, is responsible for the CEO search, reflecting a significant change in the board's composition [2] - The search committee includes experienced individuals, such as the recently retired chief CHRO of Hewlett-Packard and the CIO of Cisco, indicating a strong leadership team [2]

Core Insights - Quadient reported EUR 248 million in revenue for Q3 2025, reflecting a 3.5% organic decline year-on-year [2] - The company's digital segment experienced a 9.2% organic growth, driven by sustained subscription growth across all regions [2] - The Lockers business showed double-digit subscription revenue growth, fueled by increasing customer adoption and modernization of locker networks in the U.S., Japan, and Europe [3] Business Performance - The Mail segment remained consistent with previous quarter trends, with expectations for a rebound in U.S. hardware sales in Q4 [3] - Quadient's digital SaaS-based intelligent automation platform is ranked 1 worldwide for customer communication management, holding an 11% market share according to the latest IDC ranking [4]

Core Insights - Focal is reinforcing its commitment to security, privacy, and compliance [1] - The company ensures that client data remains securely housed within Canadian borders [1] Company Commitment - The move highlights Focal's dedication to maintaining high standards in data security and privacy [1] - Compliance with regulations is a key focus for the company, emphasizing the importance of safeguarding client information [1]

As filed with the U.S. Securities and Exchange Commission on December 2, 2025 Registration No. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 WELLCHANGE HOLDINGS COMPANY LIMITED (Exact name of registrant as specified in its charter) Cayman Islands 7372 Not Applicable Unit E, 11/F, Billion Plaza II, 10 Cheung Yue Street Cheung Sha Wan, Kowloon, Hong Kong (+852) 9815-6485 (Address, including zip code, and telephone numbe ...

Core Viewpoint - F5 (FFIV) is currently rated as a Zacks Rank 5 (Strong Sell) despite having recently exceeded the Zacks Consensus Estimate for earnings [1] Company Overview - F5, Inc. specializes in multi-cloud application services, offering products such as F5 distributed cloud services, F5 NGINX, F5 BIG-IP, and F5 Systems [2] - The company operates in three geographical segments: Americas, EMEA, and APAC, and was founded on February 26, 1996, with its headquarters in Seattle, WA [2] Earnings History - F5 has consistently beaten the Zacks Consensus Estimate in the last four quarters, reporting an EPS of $4.39 against a consensus of $3.96 in the most recent quarter [4] Earnings Estimates - Recent trends show a decline in annual earnings estimates for F5, with the current fiscal year consensus dropping from $16.00 to $14.99 and the next fiscal year estimate decreasing from $16.94 to $16.10 over the past 90 days [5] - The negative movement in earnings estimates is a significant factor contributing to F5's Zacks Rank of 5 (Strong Sell) [5] Market Context - Many stocks within the Zacks universe are experiencing negative earnings estimate revisions, leading to a broader trend of stocks falling to a Zacks Rank 5 (Strong Sell) [6]

Core Viewpoint - The European Court of Justice has ruled that users can file collective lawsuits against Apple in the Netherlands for alleged anti-competitive behavior related to its App Store, increasing the risk of damages claims against the company in the EU [1] Group 1: Legal Context - The Amsterdam court has the authority to hear initial claims from consumer rights organizations Stichting Right to Consumer Justice and Stichting App Stores regarding Apple's App Store commission rates, which can be as high as 30% [1] - The court's preliminary ruling states that the Dutch court can adjudicate representative lawsuits against Apple for alleged anti-competitive practices in its App Store targeting the Dutch market [1] Group 2: Company's Position - Apple previously argued that the Dutch court lacked jurisdiction over the case, claiming that the alleged infringement did not occur in the Netherlands, particularly not in Amsterdam [1] - Apple declined to comment on the court's ruling [1]

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]

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - On December 1, ByteDance's Doubao team released a technical preview of the Doubao mobile assistant, integrating the Doubao large model deeply into the operating system, advancing edge AI from application-level to system-level [3][7] - The Doubao mobile assistant allows users to interact through voice, side buttons, or the Doubao Ola Friend headset, enhancing user experience and interaction [7] - The Doubao large model demonstrates international first-class performance in reasoning, visual understanding, image creation, video generation, and voice capabilities, achieving the best results in multiple authoritative evaluations [7] Summary by Sections Industry Overview - The report focuses on the integration of AI technology into mobile systems, highlighting the collaboration between Doubao and mobile manufacturers to create a system-level service [3][7] Investment Highlights - The Doubao mobile assistant is positioned as a core product for mobile manufacturers, facilitating the broadest application scenarios and commercial monetization paths for large models [7] - The assistant is currently available for developers and tech enthusiasts on the engineering sample nubia M153, priced at 3499 yuan, with plans for ecological cooperation with various mobile brands [7]