Global Research ab 14 November 2025 First Read China Banks Expert call takeaways: expect range-bound China government bond yields Range-bound CGB yields in the foreseeable future We hosted an expert call with a fixed income strategist of a Beijing-based fixed income fund. China's bond market has experienced notable fluctuations this year. The 10-year China government bond (CGB) yield rose sharply from 1.59% at the beginning of the year to 1.88% in Mar, then returned and stabilized at around 1.65% in Q2 befo ...

November 17, 2025 01:18 AM GMT Sinoma Science & Technology | Asia Pacific Firing on Three Cylinders We view Sinoma S&T as solidly positioned and expect tailwinds in three core business segments (wind blade, battery separator, and special electronic fabrics). We highlight the fundamental turnaround of its battery separator business, fueled by the robust ESS demand growth outlook in China. OW. Potential business turnaround of separator business underpinned by promising Energy Storage System outlook in China: ...

November 17, 2025 03:50 AM GMT China Industrials | Asia Pacific Trip Takeaways – Humanoids: Eyes on Use Case Verification With orders signed and delivery started, we believe the user feedback in various use cases is key, albeit more users to testify for humanoid robots. Value chain companies remain optimistic amid hurdles on both hardware and software. Technology evolution continues with no sign of convergence yet. Key Takeaways We met six companies with humanoid exposure on our trip: Fortior (1304.HK, NC), ...

SMIC 0981.HK 981 HK EQUITY: FOUNDRY No material change to near-term demand Memory price a swing factor to 2026E end-demand outlook; maintain Neutral Play safe previewing next year; maintain Neutral and raise TP to HKD75.0 SMIC expects full loadings in a seasonally slower 4Q25E, driven by continued supply chain localization, including its domestic customers' share gains at the expense of overseas counterparts. While management sees rush orders pulling in chips to match memory supply secured for device builds ...

Ac t i o n | 16 Nov 2025 19:21:56 ET │ 17 pages Tongwei (600438.SS) Raising TP Expecting it to Benefit from Anti-Involution in 2026E CITI'S TAKE We met Tongwei's management at Citi's 2025 China conference last week. While losses may rise qoq in 4Q25E on less polysilicon sales volume and higher electricity unit cost, profitability should improve yoy in 2026E on polysilicon sales price rise (>Rmb50/kg now, vs. Rmb43/kg ytd). Positive catalyst from anti-involution efforts would be a "wild card", pending any go ...

13 November 2025 | 10:23PM EST Equity Research Canadian Solar Inc. (CSIQ) Earlier deliveries drive 3Q25 beat and weak 4Q25 guidance; 2026 guidance introduced; Sell CSIQ 12m Price Target: $17.00 Price: $28.62 Downside: 40.6% CSIQ's 3Q25 results beat expectations driven by accelerated storage deliveries, as module shipments were in line with guidance. Additionally, gross margins also exceeded guidance, driven by the incremental storage volumes, and opex decreased by 10% yoy due to ongoing cost reductions. How ...

China Investor Forum: key takeaways Strong growth momentum likely to continue driven by increasing penetration in payment and 3D printing Strength in payment systems set the foundation for continuous share gain Orbbec Inc 688322.SS 688322 CH EQUITY: TECHNOLOGY We met Orbbec's management as part of our Robotics tour on 11 November. The company also participated in the Nomura China Investment Forum on 13 November, where it discussed the advancements the company has made in 3D-vision technology. According to m ...

凯格精机 20251117 摘要 凯格精机下游应用广泛，消费电子占比 33%，汽车电子和网络服务器各 占 20%，家电、医疗器械及半导体占 27%，全球市场份额超 30%，国 内市场份额达 50%-60%。 西康印刷设备受益于 AI 服务器需求增长，预计全年增长 60%-70%，收 入近 3 亿元。AI 服务器领域激光印刷设备占比提升至 20%，带动整体 毛利率提升 10 个百分点，公司利润同比增长约 200%。 服务器设备市场中，凯格精机在锡膏印刷和检测设备领域已有布局，但 暂不考虑进入贴片领域。锡膏印刷设备发展良好，点胶设备预计未来 3 至 5 年每年保持 30%-50%的增长。 截至 2025 年三季度，凯格精机存货中的发出商品为 4.9 亿元，合同负 债 1.56 亿元，总计约 11 亿元订单。激光印刷设备已占公司总营收的 60%-70%。 凯格精机锡膏印刷设备技术与国际标准接轨，对 PCB A 段不良影响较低， 在富士康、立讯精密、华为和比亚迪等客户中市场份额超过 95%。 外销主要集中在东南亚和墨西哥，同比增长一倍，占总收入约 20%，外 销毛利率高于内销，主要由于产品结构和海外定价差异。 预计下 ...

瑞德智能 20251117 瑞德智能是一家专注于智能控制器解决方案的公司，总部位于广东顺德，是顺 德第 37 家上市公司，目前顺德已有 44 家上市企业。公司成立于 1997 年，至 今已有 28 年的历史，是智能控制器行业的先驱之一。公司的主营产品中， 60%以上是家电类智能控制器，另外 30%多来自于电机电动、汽车电子和数 字能源等新兴领域。同时，公司也在医疗健康、宠物科技、机器人、低空飞行 和智能家居等战略探索业务上进行投资和布局。 瑞德智能拥有四大基地：总部 位于珠三角的顺德，主要服务国际客户和大湾区；安徽合肥基地占地 150 亩， 是长三角主基地，服务长三角及环渤海湾客户；浙江绍兴租赁了一栋 2 万多平 方米的厂房，主要服务江浙地区的大客户如苏泊尔；越南同奈基地去年 8 月 31 日开业，今年 4 月实现盈亏平衡，并在 5 月开始盈利，目前一期产能已满产， 正在准备二期扩产投资。公司员工近 2000 人，其中 400 多名为工程师，每年 研发项目超过 3,000 个，其中投产 2000 多个。 瑞德智能目前的业务结构如何？ 瑞德智能目前的主营业务包括家电类智能控制器、电机电动、汽车电子和数字 能源等 ...

登康口腔 20251117 摘要 登康口腔电商战略聚焦盈利能力，加大京东平台投放，同时在抖音进行 新品推广和品牌建设，ROI 控制标准为 1.5 左右，低于此标准则缩减流 量投放，目标 2026 年电商增速保持在 30%以上。 2025 年双十一期间，登康口腔京东平台增速超 50%，天猫和抖音略有 下降，电商业务整体符合预期，保持盈利能力不下滑，实现既定目标， 即保持不低于 30%的增速并提升盈利水平。 登康口腔线下市场实现正增长，大西南地区增长稳定，华东、华南等经 济发达地区增速明显，未来将重点在东北三省及甘肃、青海等人口稀少 地区进行消费教育和品牌推广。 登康口腔注重高质量发展，要求销售收入与盈利能力协同提升。通过持 续迭代新品，推出具有差异化和技术壁垒的硬科技产品，以保持行业领 先优势。 登康口腔通过持续推新品、调整产品结构、提升单价及销量，实现量价 齐升，从而达到高质量发展，抢占竞品份额，线下超高端的一言系列占 比接近 10%。 Q&A 请介绍一下冷酸灵在 2025 年双十一期间的销售情况。 2025 年双十一期间，冷酸灵的整体电商销售与去年基本持平，略有增长。由 于线上流量成本持续上升，公司从二季度 ...