SICC (688234.SS): AI servers rising power to drive SiC penetration; expanding application w/enhanced costs saving; TP to Rmb115; Buy The power path in AI data center includes: (1) high-voltage AC from utility grid power entering the data center substation, (2) the substation reduces the voltage and distributes AC to the rack-level power shelf, which contains the front-end power supplies, (3) 800V HVDC (uses SiC MOSFET) converts AC to DC (front-end conversion), and a high-voltage busbar distributing power to ...

Summary of Baidu.com Inc. (BIDU) Conference Call Company Overview - **Company**: Baidu.com Inc. (BIDU) - **Industry**: Technology, specifically focusing on AI, cloud services, and autonomous driving Key Points Kunlunxin Spin-off - Baidu announced that Kunlunxin submitted an application for a listing on the HK Stock Exchange on January 1, 2026, as part of a proposed spin-off through a Global Offering of Kunlunxin shares [1] - Following the spin-off, Baidu expects Kunlunxin to remain a subsidiary, with Baidu holding a controlling stake of 59% as of August 2025 [2] Financial Implications - The potential spin-off of Kunlun could unlock significant value for Baidu, with estimates suggesting a valuation range of US$3 billion to US$11 billion for Baidu's 59% stake in Kunlun, which could represent 6% to 23% of Baidu's current market cap [8] - If applying a 40X 2026 P/S multiple, the implied valuation for Baidu could reach US$22 billion, equating to 45% of its latest market cap [8] Sales and Revenue Projections - Kunlun's total sales are estimated to have reached approximately RMB 3.5 billion in 2025, with projections of RMB 6.5 billion for 2026 [6] - External sales from Kunlun, which were insignificant as of late 2025, are expected to grow rapidly, potentially accounting for 14% of total cloud sales by 2026 [6] - Subscription-based revenue is projected to contribute close to 30% of cloud revenue, indicating a shift towards more recurring revenue streams [6] Strategic Positioning - Kunlun is a critical component of Baidu's full-stack AI cloud capabilities, which includes chips, deep learning frameworks, and applications across various industries [6] - The launch of the Kunlun P800 chip has garnered orders from diverse sectors, including internet platforms, telecommunications, finance, and government [6][7] Future Expectations - Upcoming announcements are anticipated regarding new orders and product upgrades for Kunlun, as well as updates on the separate listing process [8] - Baidu is expected to revise its shareholder return policy in Q1 2026 and provide further details on steps to unlock asset value [8] Market Context - Baidu's cloud segment is expected to grow significantly, driven by strong demand for AI accelerator-based cloud services, which saw a year-over-year growth of 128% in Q3 2025 [11] - The overall cloud segment is valued at 5X price to 2026E sales, with traditional CPU-based revenue having lower profit margins compared to GPU-based subscription services [11] Risks and Considerations - Key risks include competition in the AI cloud space, slower-than-expected growth in Robotaxi fleets, and potential declines in search advertising revenue impacting overall margins [24] Valuation and Price Target - Goldman Sachs maintains a Buy rating on Baidu with a 12-month price target of US$155, reflecting a potential upside of 3.1% from the current price [25] Additional Insights - Baidu is transitioning from a traditional advertising-focused model to a more diversified revenue stream, with non-search business expected to account for over 50% of core revenue by 2027 [23] - The company is taking proactive measures to enhance shareholder returns, which is reflected in its valuation approach [23]

December 30, 2025 11:42 PM GMT M Update Contemporary Amperex Technology Co. Ltd. | Asia Pacific ePV Subsidy Continuity Confirmed, Uncertainty Removed Key Takeaways 2026 large-scale equipment renewal and consumer goods trade-in policy for electric passenger vehicles (ePV): Morgan Stanley Asia Limited+ Jack Lu Equity Analyst Jack.Lu@morganstanley.com +852 2848-5044 Contemporary Amperex Technology Co. Ltd. (300750.SZ, 300750 CS) Top Pick China Energy & Chemicals | China Stock Rating Overweight Industry View In ...

先声药业 20251230 摘要 先声药业肿瘤管线产品恩泽舒、科赛拉、恩利妥已进入医保目录，有望 借助公司商业化能力实现快速放量，其中恩泽舒是铂耐药卵巢癌研究中 唯一有明确 OS 获益的 VEGF 类药物。 新一代失眠药达利雷生具备消费属性且不受金二类管控，市场潜力巨大， 有望迅速增厚业绩。其给药后 1-2 小时达血浆峰值，半衰期 8 小时，与 人体睡眠周期吻合，次日无明显犯困。 先声药业 2025 年上半年研发投入达 10.3 亿元，占营收约 29%，并通 过配股募集 15 亿港币，90%用于研发。与艾伯维等达成 BD 合作，表 明其创新能力获国际认可，拥有超 60 项自研管线。 达利雷生在治疗失眠方面，中国三期研究显示可减少患者觉醒时间 35 分钟，延长总睡眠时长 50 分钟。国际研究表明其能显著缩短入睡时间， 改善睡眠维持和睡眠评分，且安全性较高，无成瘾性。 公司未来几年内将有多款创新药上市，包括马度诺沙韦（抗流感，预计 2026 年获批）和抗 RSV 感染新药。自身免疫疾病领域，Jack one 抑制 剂和乐德奇帕单抗有望获批，借助艾德金现有渠道放量。 Q&A 先声药业的创新转型取得了哪些显著成果？ ...

钧达股份 20251230 摘要 君达股份与中科院上海光机所合作，研发钙钛矿与晶硅叠层技术，用于 太空光伏，目标是降低成本和重量，同时保持 30%-40%的转化效率， 以满足未来全球卫星发射计划的需求。 太空能源市场前景广阔，预计全球 10 万颗以上卫星的发射将带来数千 亿甚至上万亿人民币的市场规模，更高轨道算力中心建设对高效能低成 本太阳能电池的需求巨大。 太空算力中心依赖光伏能源，晨昏轨道太阳光吸收效率高，太空超低温 环境自然解决冷却问题，中国在低轨卫星体系和晨昏轨道体系中的发展 受到重视。 君达股份计划 2026 年完成在美国产能及供应链布局，利用合作伙伴资 源加速进入美国供应链，同步推进北美和中国产能建设，验证交付商业 卫星及太空算力解决方案。 钙钛矿电池在太空应用中衰减问题得到缓解，柔性薄膜具有重量轻、防 辐射能力强等优点，晶硅加钙钛矿叠层成为当前唯一可行的技术路线。 Q&A 君达股份在太空能源领域的战略和技术布局是怎样的？ 君达股份是一家专注于光伏电池技术的企业，致力于通过技术驱动引领行业发 展。公司在地面光伏领域拥有丰富经验和领先地位，目前全球市场占有率第一， 并且在北美、南美、欧洲和印度等主要 ...

泡泡玛特&老铺黄金的争议点与解决方向 20251230 摘要 泡泡玛特和老铺黄金通过消费者自发营销实现品牌传播，其产品通过审 美优越感而非性价比吸引消费者，形成独特的"破圈效应"。 2025 年二三季度，两家公司预期利润大幅增长至约 130 亿，受益于股 价上涨带来的信心提升，但近期的股价下跌引发了对 2026 年 30%增速 预期的质疑。 市场对两家公司 2026 年 30%增速预期存在分歧，尽管海外市场仍保持 较高增速（泡泡玛特超 100%，老铺黄金涨价后 150-200%），但增速 较年初有所下滑，持续性存疑。 由于无法通过传统开店方式进行线性外推预测，泡泡玛特和老铺黄金未 来业绩的不确定性较大，多空双方对商业模式和海外增速下滑问题存在 激烈争论。 投资者信心受股价表现和具体销售数据影响。2026 年 3-4 月份的一二 月份销售数据将提供趋势性指引，股价上涨亦能增强信心，但长期增长 潜力仍需验证。 市场对泡泡玛特和老铺黄金明年（2026 年）30%增速的预期存在较大分歧。 尽管这些公司在海外仍有较高增速，如泡泡玛特目前海外增速超过 100%，但 比起年初 300%的增速有所下滑。同样，老铺黄金在 10 ...

汇量科技 20251231 摘要 慧量科技当前主要依赖游戏应用内广告变现，并积极拓展 IAP 广告变现 产品，IAP 模式因用户价值更高，有望在算法成熟后显著提升收入和利 润率。 非游戏市场潜力巨大，电商广告规模接近游戏广告三倍，且海外长尾流 量增长迅速。慧量科技在非游戏品类 CPE 算法优化后，有望实现显著增 长。 程序化 AI 广告通过 AI 算法智能分发中长尾流量，提高变现效率，其利 润来源于上游报价 ROI 与下游采买成本之差，通过提高 ROI 来增加利润。 海外第三方程序化广告市场长尾流量充足，竞争相对缓和，各公司专注 于算法优化即可获得预算，为慧量科技提供了增长空间。 慧量科技的收入增长与算法发布节奏密切相关，预计 2025 年 IAP 等新 算法爬坡完成后，将再次推动收入增长，公司未来仍具增长潜力。 IAP 算法能更精准地定位深度用户，提高变现效率，通过购买更少但更 精准的流量，为广告主交付合格的 ROI，从而提升流量价值和变现效率。 预计 2026 年慧量科技收入增速约为 30%，2027 年 IAP 起势后增速将 达 40%。通过优化算法提高毛利率，利润率将稳步提升，目标市值约 50 亿美元 ...

均胜电子 20251231 摘要 均胜电子正根据客户对头部总成的新要求进行材料、电子电气架构和散 热产品等方面的改动，以增强交互能力，预计圣诞和元旦假期后将获得 客户反馈，并进入 RQ 和定点过程。同时，身体结构部分也在更新，以 满足抗摔、防风雨等要求，提升产品价值量。 均胜电子现有产能足以支持月产 3 万台以上的人形机器人，无需额外储 备。公司将根据组装线自动化检测和组装需求，适时增加产能，并预留 时间进行原材料储备和排期计划，以确保生产顺利进行。 均胜电子在高阶智能驾驶领域已进入规模效应阶段，今年 9 月和 10 月 发布了总金额至少 200 亿人民币的订单。公司与高通、Momenta 等合 作，为国内外品牌提供智能驾驶域控一体化解决方案，预计 2026 年和 2027 年将实现规模化收入和利润。 均胜电子已在上汽多个子品牌车型上实现芯片解决方案的定点，海外车 型预计从 2025 年开始逐步量产。公司在海外市场主要与高通合作，订 单体量较大且价格具有竞争力，同时关注降本增效。 均胜电子预计 2025 年净利润超过 15 亿元。尽管 2026 年车市亮点不多， 但公司手持订单将继续兑现，推动收入增长和规模效 ...

Flash | 30 Dec 2025 12:47:05 ET │ 10 pages CaoCao (2643.HK) Strengthening Corporate Travel & High-end User Service Through Acquisitions of Geely Business & StarRides CITI'S TAKE Through the acquisition of StarRides (high-end mobility service platform) and Geely Business (corporate travel management service platform), CaoCao hopes to build a one-stop "mobility + business travel" technology platform that covers both individual and corporate clients with standard and high-end services. By leveraging StarRides' ...

Summary of Kingdee's Conference Call Company Overview - **Company**: Kingdee International Software Group Company Limited (0268.HK) - **Industry**: Technology, specifically focusing on AI and SaaS (Software as a Service) Key Points AI-native Agent Launch - Kingdee launched an AI-native agent named "Little K" during the Global Changemakers Conference, which enhances its AI SaaS platform and transitions from a general platform to multiple AI agents tailored for specific business scenarios [1][2] Revenue and Growth Projections - Contracts from AI-native products exceeded Rmb150 million by the end of 1H25, indicating initial monetization from enterprise clients [2] - Management aims for AI revenues to contribute over 30% of total revenues by 2030, with expectations that more clients will be empowered by AI [2] AI Features and Integration - "Little K" integrates over 20 AI agents covering various business functions such as recruitment, procurement risk control, and contract review, enhancing capabilities across marketing, supply chain, HR, and finance [5][7] - The AI platform is designed for human-agent collaboration, with built-in AI modules to support both large-scale and mid-scale enterprise clients [5] Partnerships and Client Engagement - Kingdee is expanding partnerships for AI deployment with notable clients including Tongwei and Hisense, leveraging AI features to enhance workforce capabilities [5] Financial Outlook - The 12-month price target for Kingdee is set at HK$18.98, representing a potential upside of 42.1% from the current price of HK$13.35 [10] - Revenue projections for the next few years are as follows: - 2024: Rmb6,255.7 million - 2025E: Rmb7,044.0 million - 2026E: Rmb8,742.6 million - 2027E: Rmb10,729.7 million [10] Risks - Key downside risks include: 1. Weaker-than-expected demand for ERP digitization 2. Slower-than-expected product development 3. Increased talent and labor costs [9] Valuation Methodology - The valuation methodology incorporates a WACC of 11.5% and a terminal growth rate of 2% in the DCF valuation, reflecting the company's diverse customer base and strong customer relationships [8] Additional Insights - The integration of AI features is expected to enhance client productivity, which is crucial for scaling up AI revenues [2] - The company is transitioning from basic data visualization to data-driven processes, indicating a strategic shift towards more advanced analytics capabilities [5] This summary encapsulates the essential insights from Kingdee's conference call, highlighting the company's strategic initiatives, financial outlook, and associated risks.