按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年11月24日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 上周环球 大类资产表现 资料来源：中信证券财富管理 (香港) 本周主要地区 经济数据公布日程 (3) 台股市场焦点 AI出口动能延续， 经济处于舒适区 股票 估值承压但仍受益于AI； GUC;台达电子 ETF iShares 安硕核心MSCI 台湾ETF (1) 港股市场焦点 中国经济增长 "前低后高" 股票 预计港股盈利增速触底升； 腾讯控股；阿里巴巴 ETF iShares安碩 恒生科技指數ETF (2) 韩国市场焦点 通胀超预期， 明年初再降息 股票 顺势而为，配置韩股； SK海力士 ；三星电子 ETF iShares安碩 MSCI南韩ETF 1 上周环球 股市表现 科技股估值焦虑引发全球市场大幅回调 | 环球主要股票市场表现 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - Lingyi Zhi Manufacturing (领益智造) is advancing its H-share listing on the Hong Kong Stock Exchange, aiming to enhance its funding sources and support future expansion while improving its global influence and talent retention [1] Group 1: H-Share Listing and Strategic Goals - The application for H-share listing was submitted on November 20, 2025, to align with the company's 2030 strategic goals [1] - The listing is expected to provide additional fundraising platforms and broaden potential cross-border acquisition channels [1] - The company aims to enhance its business image and global impact through this listing [1] Group 2: Use of Proceeds - A portion of the funds raised will be allocated to enhance R&D capabilities, increase production capacity, and upgrade core manufacturing processes [1] - Investments will focus on emerging markets, particularly in high-density AI computing servers, humanoid robot hardware, and AI optical communication infrastructure [1][2] - Additional funds will support strategic investments and acquisitions in high-growth technology verticals, including servers, humanoid robots, and AI optical communication infrastructure [2] Group 3: AI Server and Hardware Manufacturing - Lingyi Zhi Manufacturing plans to expand its production capacity for AI server power supplies, which are critical components of data center infrastructure [2] - The company aims to introduce next-generation systems with high power density and efficiency to meet the growing demand for AI computing [2] - In the field of embodied AI, the company will enhance its vertical integration capabilities in precision component manufacturing and system-level assembly [2][3] Group 4: Future Growth and Product Strategy - The company is positioned as a leading AI hardware intelligent manufacturing platform, providing one-stop smart manufacturing services [3] - Lingyi Zhi Manufacturing focuses on modularity, reusability, and scalability across various products and applications [3] - The strategic focus includes four emerging application areas: humanoid robots, AI glasses, foldable screens, and servers, aiming to create a multi-scenario growth pattern [3]

Core Insights - The company is focusing on operational improvements through efficiency enhancement and cost control, achieving preliminary progress in cash flow management and operational efficiency [1] - The launch of the 9th generation "Ruihu" platform demonstrates the company's commitment to product innovation, showcasing advanced capabilities in power electronics [2] - The company has established strong partnerships with leading automotive manufacturers, particularly in the electric and hydrogen fuel cell vehicle sectors, while also expanding its presence in international markets [3] - The AI server power supply segment is in its early stages, with a focus on leveraging existing semiconductor technology to meet future demands [4] - The company is implementing a phased construction approach for its Anhui production base, aiming to increase domestic production rates and optimize supply chain management [6] Operational Performance - The company has made strides in improving operational efficiency and cost management, leading to a turnaround in quarterly performance with a return to profitability [1] - Cash flow management has been enhanced through better receivables and inventory management, contributing to the positive financial results [1] Product Development - The newly launched 9th generation "Ruihu" platform features innovations in device and topology design, supporting a wide voltage range and fast charging capabilities [2] - The company is focusing on high-value product development, particularly in the electric vehicle sector, to enhance its competitive edge [2] Customer Relationships - The company maintains close collaborations with major automotive players such as BYD, Geely, and others, ensuring its solutions are integrated into key vehicle models [3] - International partnerships have been established with manufacturers like Honda and Volvo, with a noted higher profit margin in overseas markets compared to domestic ones [3] Emerging Business Areas - The AI server power supply products are still in the initial phase, with significant R&D investments planned to transition technology into revenue-generating products [4] - The company emphasizes the importance of technological synergy in developing AI server power solutions, leveraging its expertise in advanced semiconductor technologies [4] Capacity and Supply Chain - The Anhui production project is designed for phased construction, with the first phase expected to begin trial production in September 2026 [6] - The company is increasing the localization of key components to enhance supply chain resilience and reduce dependency on external suppliers [6] Investor Engagement - The company addresses investor concerns regarding inventory management and strategic goals, highlighting a proactive approach to risk management and market adaptation [7] - The focus on hydrogen fuel business as a strategic direction reflects the company's commitment to evolving market demands and regulatory landscapes [7]

Core Insights - Hunan Province has achieved significant advancements in technology innovation during the "14th Five-Year Plan" period, with total R&D investment reaching 139.46 billion yuan, ranking 10th nationwide [1] - The intensity of R&D investment has increased to 2.62%, placing Hunan 9th in the country [1] - The number of high-tech enterprises has doubled to over 17,500, indicating a robust growth in the high-tech sector [1] R&D Investment - Total R&D investment in Hunan has grown at an annual rate of 11.61%, reaching 139.46 billion yuan [1] - The proportion of basic research investment has increased to 7% [1] - The total value of technology contracts has surpassed 480 billion yuan, accounting for over 9% of GDP [1] Technology Transfer and Collaboration - The technology contract transaction volume in Hunan has seen an annual growth rate of over 20% during the "14th Five-Year Plan" [2] - The conversion rate of university technology achievements within Hunan has exceeded 50% for the first time in 2024 [2] - Hunan has established a comprehensive service network for technology transfer, including a provincial technology achievement trading platform and 36 pilot bases [3] Systemic Reforms - Hunan has implemented significant reforms to overcome barriers in the technology system, including the establishment of the Provincial Science and Technology Committee and the introduction of various supportive policies [4] - The province has also reformed talent development systems and optimized talent evaluation mechanisms [4] Major Engineering Projects - Hunan is focusing on five major engineering projects, including the construction of a global R&D center in Changsha, which has led to the establishment of 1,796 new R&D institutions [6][7] - The "4+4 Innovation Project" has produced notable technological advancements, such as breakthroughs in agricultural technology and supercomputing capabilities [7] Cultural and Social Impact - Hunan is integrating technology with cultural heritage, exemplified by the digital restoration of the Wuxi Beilin and the establishment of a digital museum [8][9] - The province is also enhancing public welfare through healthcare innovations and environmental sustainability initiatives [9][10] Future Directions - Hunan aims to continue its trajectory of technological advancement by focusing on key engineering projects and deepening systemic reforms [11]

Core Insights - The power supply unit (PSU) is essential for converting electrical energy for various electronic devices, impacting energy efficiency and safety. The industry is experiencing growth driven by policies promoting collaboration, energy efficiency upgrades, technological advancements, and green transformation [1][6][8]. Industry Overview - The power supply industry in China is projected to reach a market size of 631.5 billion yuan in 2024 and exceed 738.9 billion yuan in 2025, with the PSU segment expected to grow at an annual rate of over 15% [1][8]. - The demand for PSUs is primarily driven by data center construction and the rise of AI server power supplies, with the market for AI server power supplies anticipated to surpass 5.5 billion yuan by 2025 [1][8]. Industry Policies - A series of policies have been implemented to enhance the PSU industry, focusing on innovation, energy efficiency, and green transformation, creating a comprehensive support system for the industry [6][7]. Industry Value Chain - The PSU industry value chain includes upstream raw materials and components, midstream manufacturing and R&D, and downstream applications across various sectors such as consumer electronics, industrial equipment, and new energy [7]. Current Industry Status - The PSU industry is entering a growth cycle, driven by surging demand for computing power, clean energy transitions, and 5G infrastructure, with a significant increase in market size expected [8]. Competitive Landscape - The industry is witnessing a shift towards higher concentration, with leading companies leveraging technological depth and adaptability to dominate the high-end market [9][12]. Future Development Trends - The PSU industry is expected to evolve through technological advancements, with a focus on wide-bandgap semiconductors and smart technologies, leading to product upgrades and new service models [10][11][12].

Core Viewpoint - The company, 麦格米特, has experienced significant growth in its AI server power supply business, leveraging partnerships with major players like NVIDIA, while facing challenges in its traditional home appliance control segment. Group 1: Company Performance - 麦格米特's revenue from non-variable frequency appliance divisions grew approximately 29% year-on-year from January to September [2] - The company's total revenue for the first nine months reached 6.79 billion yuan, a 15% increase year-on-year, but net profit dropped to 210 million yuan, a decline of 59.58% [11] - The sales revenue of power supply products for the first half of the year was 1.157 billion yuan, reflecting a year-on-year growth of 5.48% [8] Group 2: Business Strategy and Partnerships - 麦格米特 has established a partnership with NVIDIA, becoming a supplier for its data center components, which positions the company favorably in the high-power server power supply market [5][6] - The company has introduced innovative cooling technology in its GPU power supplies, enhancing efficiency and reliability [5] - 麦格米特 is actively expanding its product line, including Power Shelf and BBU Shelf, to cater to the growing demand in the AI sector [8] Group 3: Market Challenges and Opportunities - The variable frequency appliance business, which has historically contributed significantly to revenue, has faced challenges due to extreme weather in India, leading to a decline in this segment [9] - Despite short-term profit pressures from investments in AI and other sectors, the company remains optimistic about future growth, supported by strategic capacity and funding plans [14] - 麦格米特 is expanding its international presence, with plans to establish multiple R&D centers and manufacturing bases globally, aiming to capture a larger share of the overseas market [19]

Group 1 - The core viewpoint of the report is that Aohai Technology (002993.SZ) is rated as "Buy" due to its robust growth in Q3 and accelerated layout in AI server power supply business [1] - The company is recognized as a leader in the consumer electronics charging storage sector, continuously developing new products and expanding into new fields and customer bases in the AI era [1] - Aohai Technology is actively expanding its product and technology layout for AI server power supplies and is aggressively exploring both domestic and international customer markets [1]

Core Insights - Nvidia is elevating its power supply strategy to a new strategic level with the next-generation Kyber platform, aiming to extend its technological moat from chip computing power to the entire power architecture of data centers, intending to define the standards for future AI factories [1] Group 1: Kyber Project Overview - The Kyber project aims for mass production by the end of 2026, ahead of the market consensus of 2027, indicating Nvidia's acceleration in validating its 800 VDC architecture and high-density cabinet design [2][3] - The reference design scope of the Kyber project has significantly expanded to include the entire power supply and infrastructure of data centers, such as 800 VDC/HVDC distribution and solid-state transformer (SST) applications [1][4] Group 2: Strategic Implications - Nvidia is attempting to establish a complete ecological standard from chips and cabinets to the entire power infrastructure of data centers, creating a new competitive barrier as competitors focus on chip computing power and software [5] Group 3: Technical Considerations - The Kyber platform will utilize 800 VDC and include dedicated power cabinets, facing a critical technical choice on how to efficiently and safely convert 800 VDC down to 12 V at the load point [6] - Two conversion options exist: single-stage conversion, which offers the highest efficiency but poses significant design and safety challenges, and two-stage conversion, which sacrifices some efficiency but is more mature and favorable for large-scale production [6][7]

Core Viewpoint - Aohai Technology reported strong financial results for Q3 2025, with significant growth in revenue and net profit, indicating a robust performance driven by core business improvements [1][2]. Financial Performance - The company achieved a revenue of 1.998 billion yuan, representing a year-on-year increase of 26.03% [1]. - The net profit attributable to shareholders reached 122 million yuan, showing a substantial year-on-year growth of 81.92% [1][2]. - The non-recurring net profit was 100 million yuan, reflecting a remarkable increase of 132.72% year-on-year, highlighting the health of the core business [1][2]. - For the first three quarters of 2025, Aohai Technology reported a total revenue of 5.188 billion yuan, up 14.14% year-on-year, and a net profit of 359 million yuan, which is a 19.32% increase [2]. Dividend Distribution - The board proposed a cash dividend of 6 yuan per 10 shares (tax included), demonstrating the company's commitment to shareholder returns and confidence in future growth [1][2]. Strategic Initiatives - Aohai Technology is strategically positioning itself in the AI server power supply sector, anticipating the growing demand for power in the AI computing era [3][4]. - The company established a new division in Hangzhou focused on high-end customized server power supplies and high-power AI server power supplies [3]. - Collaborations with Renesas Electronics and Texas Instruments aim to innovate in the "chip + power supply" integration, enhancing product development in high-power and efficient power solutions [3]. Market Trends - The demand for AI servers is driving rapid growth in the high-power density power supply market, with a shift towards high integration, ultra-high power, and ultra-low loss technologies [4]. - Aohai Technology is committed to advancing its technology and market presence, aiming to align with industry leaders and deepen research in AI power supply technologies [4].

Core Viewpoint - Research and development investment is a key driver for technological innovation and product upgrades for the company [1] Group 1 - The company has officially launched the production of AI server power supplies [1]