证券研究报告 行业研究 / 行业点评 2025 年 11 月 17 日 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业周报：SK hynix 发布存储新路线， 重塑 AI 时代新架构》2025-11-10 《电子行业周报：钽电容价格持续上涨》 2025-11-04 《电子行业周报：关注半导体新材料的应用进 展》2025-10-28 《人工智能月度跟踪：OpenAI 推出新一代音 视频工具 Sora 2》2025-10-21 《电子行业周报：国产示波器实现高端突破》 2025-10-20 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 电子 数据中心助力 GaN 需求增长 ——电子行业周报（2025/11/10-11/14） 电子行业板块整体回调。本周（2025/11/10-11/14）SW 电子行业指数（-4.77%），涨跌 幅排名 30/31 位，沪深 300 指数（-1.08%）。SW 一级行业指数涨跌幅前五别为：综合 （+6.99%），纺织服饰（+4. ...

chen.huang@firstshanghai.com.hk 行业评论 第一上海研究部 research@firstshanghai.com.hk 2025 年 11 月 17 日 星期一 【行业评论】 科技行业周报：光模块、存储、液冷等行业近况更新 黄晨 1）光模块： 26 年需求： 行业 TMT 原材料： CPO 竞争对产业影响： 未来重点关注： ✓ 光模块产业，从订单预期逐步转入订单实际落地和交付阶段，建议关注相关厂 商的实际交付能力和交付节奏，可能对公司股价和未来发展有重大影响。 AAOI 近况： 第一上海证券有限公司 www.mystockhk.com +852-2532 1954 ✓ 800G 预期 5,500 万只 ✓ 1.6T 预计需求在 3,000 万只，其中预计 Nvidia 1,800 万只，Google 800 万只， 26 年估计交不了这么多，可能 2,000 万只左右 单价及利润率： ✓ 供应链年降是正常的，1.6T 价格在放量阶段会回归到合理状态 ✓ 供需紧张，预期企业仍能维持很好的利润率 ✓ 市场传言 Nvidia 给 1.6T 光模块每只涨价 100 美元，是加急费。预计加 ...

Macro Economic Overview - China's economy is experiencing a comprehensive slowdown in October, but is expected to achieve an annual growth target of 5%. Real estate prices are declining rapidly, and retail sales growth has dropped to a one-year low due to the phasing out of old-for-new subsidy policies [5][6] - Fixed asset investment has seen a significant decline, the second largest since February 2020, with fiscal expansion slowing down and anti-involution measures suppressing infrastructure and manufacturing investments. However, due to a strong economic growth rate in the first half of the year, a GDP growth rate of only 4.5% is needed in the fourth quarter to meet the annual target [5][6] Industry Insights - The Chinese life sciences upstream industry is benefiting from several positive trends, including increased R&D spending by downstream pharmaceutical companies, a recovery in financing for innovative drugs, and a continued surge in the export of Chinese innovative drugs. Domestic companies are narrowing the technological gap with international giants through sustained investment [6][7] - The domestic upstream industry is expected to see considerable growth driven by domestic substitution, with companies like Nanwei Technology, Novozymes, and Aopumai being highlighted as key players [6][7] - The domestic pharmaceutical industry has maintained growth momentum in R&D demand, with significant increases in financing for innovative drugs, which surged by 443.6% year-on-year in Q3 2025 [6][7] Company Analysis - Baidu is focusing on accelerating AI application deployment, having launched the Wenxin large model 5.0 and new Kunlun chips. The company aims to enhance its core products and expand its global services, with a target price set at $148.40, maintaining a "Buy" rating [8]

[Table_Summary] 1、【宏观研究】：10 月工业、消费、投资等分项增速均有所放缓，既是由于假期错位和高基数的 短期扰动，也反映内外需压力逐步显现。 2、【计算机研究】计算机：阿里发力启动"千问"项目，百度强化 AI 自主算力，国产 GPU 沐曦 IPO 过会，太空计算逐步推进商用化，共同推动国产算力实现关键突破。 3、【有色金属研究】有色金属：美国政府结束停摆后，市场流动性缓解。但近期美联储多位官员 发言偏鹰，市场对后续降息预期回撤。随着美国经济数据的重新发布，市场预期逐步转向乐观。 4、【美妆研究】化妆品：双十一稳健双位数增长，即时零售亮眼、全链路打通为趋势，美妆品类 稳健增长，天猫高端国际品牌排名回暖、抖音头部国货维持领先，若羽臣、上美表现亮眼。 国泰海通晨报 2025 年 11 月 17 日 国泰海通证券股份有限公司 研究所 杨林(分析师) 021-23183969 yanglin2@gtht.com S0880525040027 魏宗(分析师) 021-23180000 weizong@gtht.com S0880525040058 钟明翰(研究助理) 021-38031383 zhon ...

Group 1 - The report highlights that Electric Power Investment Energy plans to acquire 100% equity of Baiyin Hwa Coal Power for 11.149 billion yuan, which will enhance the company's coal, electricity, and aluminum advantages [4][5][6] - Baiyin Hwa Coal Power has significant assets, including an annual lignite production capacity of 15 million tons, 192 MW of installed power generation capacity, and an aluminum production capacity of 40,530 tons per year [6][7] - The acquisition is expected to increase the company's profit by over 30%, with Baiyin Hwa Coal Power contributing approximately 20 billion yuan to net profit in 2025 [7][8] Group 2 - The report indicates that the top-level design continues to support the development of energy storage, with rising prices for hexafluorophosphate [9][10] - The photovoltaic sector is experiencing significant fluctuations, but there is confidence in supply-side reforms, which are expected to improve industry conditions [9][10] - Wind power projects are anticipated to accelerate due to favorable pricing policies, with a projected annual demand of around 140 GW for wind turbines during the 14th Five-Year Plan [11][12] Group 3 - JD Group's Q3 2025 revenue reached 299.1 billion yuan, a year-on-year increase of 15%, with a notable growth in retail and logistics segments [19][20][21] - The retail segment's revenue grew by 11% to 250.6 billion yuan, driven by high growth in daily necessities and advertising services [21][22] - New business segments, including food delivery, are showing potential for user conversion and revenue growth, despite initial losses [22][23] Group 4 - JD Health reported a Q3 2025 revenue of 17.1 billion yuan, a year-on-year increase of 28.7%, with adjusted net profit growing by 42% [38][40] - The company is expanding its online healthcare services, enhancing user conversion through online medical insurance payment integration [40][41] - Strategic partnerships with major pharmaceutical companies are expected to strengthen JD Health's market position and product offerings [41] Group 5 - Alibaba has initiated the "Qianwen" project to develop a personal AI assistant app, marking a shift towards consumer-oriented AI applications [42][43] - The project aims to compete directly with ChatGPT, leveraging Alibaba's existing AI infrastructure and models [43][46] - The Qwen model's advancements are expected to enhance the app's capabilities, making it a strong contender in the AI market [46][47]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The domestic electronic sector continues to face pressure, with a notable decline in the electronic industry index by 4.44% this week, driven by factors such as the US tech stock pullback and ongoing storage price increases [3][4] - AI demand remains strong, leading to significant price hikes in storage, with Samsung increasing certain memory chip prices by 60% this month [5] - The North American data center construction is hindered by power shortages, impacting AI infrastructure development [5] Summary by Sections Market Review - The electronic industry index fell by 4.44% this week, with consumer electronics down 5.49% and semiconductors down 3.97% [3] - US tech stocks showed a slight recovery after the government shutdown ended, with notable gains from companies like Nvidia and AMD [3] Industry Updates - Domestic chip production is accelerating, with new product iterations and significant developments in AI-related hardware [4] - The AI glasses market saw a tenfold increase in sales during the Double Eleven shopping festival [4] Investment Recommendations - The report suggests focusing on technology sectors that have seen significant corrections but have potential catalysts, including companies like SMIC, Huahong Semiconductor, and others [6]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Views - The report highlights that domestic AI capabilities are continuously improving and gaining global recognition, with significant advancements in computing power, large models, and application sectors [6][12] - Baidu's new Kunlun chips M100 and M300 are set to launch in 2026 and 2027 respectively, indicating a strong push in domestic AI computing power [4][10] - Alibaba's "Qianwen" project aims to create a personal AI assistant to compete with ChatGPT, showcasing the rapid development of domestic AI models [5][11] Summary by Sections Market Review - During the week of November 10-14, 2025, the CSI 300 index fell by 1.08%, while the computer index dropped by 3.03% [3][13] Company Dynamics - Fourth Paradigm reported a total revenue of RMB 4.402 billion for Q3 2025, a year-on-year increase of 36.8% [14] - Digital政通's subsidiary won a significant project with a contract value of RMB 108.90 million [15] - Shenzhou Digital announced an employee stock ownership plan with a fundraising cap of RMB 360.22 million [16] Industry Dynamics - Baidu's Kunlun chip M100 is expected to launch in early 2026, while OpenAI has released the GPT-5.1 series [20][27] - The report notes that domestic AI computing power is reshaping the competitive landscape by reducing reliance on foreign manufacturers [4][10]