除了电影本身，迪士尼的商业模式是围绕IP打造一系列衍生经济，线下消费品以及主题公园都是衍生经济的表现。疯狂动物城是上海迪士尼乐园的第八大主 题园区，也是全球首个以《疯狂动物城》为主题的迪士尼园区，自2023年12月20日正式开幕以来，为上海迪士尼乐园业务贡献了大量游客与门票、各类消费 收益，一度出现进入疯狂动物城院区需要排队数小时的局面。在业界看来，此番结合了《疯狂动物城2》的上映，估测将带动新一波主题乐园的游玩高峰。 华特迪士尼公司（DIS. NYSE）近期发布2025财年第四季度及全年收益，第四季度迪士尼的收入与去年同期持平，全年来看，2025财年的收入同比增长约 3%。迪士尼预计，2026财年的经调整每股收益将实现双位数增长，并计划将2026年的股票回购目标翻倍至70亿美元。 BoxOffice Theory数据预测，《疯狂动物城2》全球票房有望冲击20亿美元（约合人民币140多亿元），或成为2025年冬季电影市场的最强"提振剂"。 迪士尼依托《疯狂动物城》IP进行持续挖掘商机。 时隔九年，《疯狂动物城2》正式定档2025年11月26日，北美和中国内地院线同步上映。作为中国内地票房最高的迪士尼动画电影， ...

全行业年均为3亿人次劳动者提供就业、择业和流动服务。 11月28日~11月29日，人力资源和社会保障部、湖北省人民政府将在湖北省武汉市举办第三届全国人力资源服务业发展大会。 人力资源服务业是现代生产性服务业重要门类，为劳动者求职和职业发展、为用人单位招聘和人力资源管理开发提供专业服务。 自2021年以来，人社部先后在重庆市、广东省深圳市举办两届全国人力资源服务业发展大会，共吸引上千家人力资源服务企业参会交流，400余个优质项目 合作洽谈，200余个创新产品路演宣讲，全方位展示了行业发展成就，全要素呈现了人力资源市场化配置的各个领域，全覆盖分享了各业态经验做法，得到 了广泛关注。 人力资源流动管理司二级巡视员薄世媛在人社部第三季度新闻发布会上表示，第三届大会以"塑造现代化人力资源 促进高质量充分就业"为主题，设置"研、 会、才、聘"四个专项活动。 "研"就是开展人力资源服务业高质量发展研讨，聚焦促进高质量充分就业、强化现代化建设人才支撑和人力资源服务业创新发展等主题，开展对话交 流。"会"就是举行人力资源服务供需洽谈会，聚焦现代化产业体系协同发展和构建"双循环"格局进行洽谈合作。"才"就是开展港澳引才聚才活动， ...

Core Viewpoint - The company's revenue growth continues to slow down, reflecting the ongoing evolution of the competitive landscape and external uncertainties [1]. Financial Performance - For Q3 2025, the company reported revenues of 108.3 billion RMB, a year-on-year increase of 9% [1][4]. - Non-GAAP operating profit was 270.8 billion RMB, exceeding the estimate of 244.6 billion RMB [1]. - Net profit attributable to shareholders was 293.3 billion RMB, representing a 17% year-on-year growth [1]. - Adjusted earnings per ADS were 21.08 RMB, surpassing the forecast of 16.86 RMB [1]. Cash Flow and Profitability - The net cash flow from operating activities for the quarter was 456.6 billion RMB, compared to 275.2 billion RMB in the same period of 2024 [2]. - Operating profit for the quarter was 250.3 billion RMB, showing a modest year-on-year increase of 3% from 242.9 billion RMB [2]. Revenue Breakdown - Revenue from online marketing services and other businesses was 53.35 billion RMB, up 8% year-on-year [4]. - Transaction service revenue reached 54.93 billion RMB, marking a 10% year-on-year increase [4]. - The growth rate for online marketing services revenue declined from 13% to 8%, while transaction service revenue saw a significant rebound from just 0.7% growth in the previous quarter [4]. Cost Structure - Total cost of revenue for the quarter was 46.84 billion RMB, an 18% increase year-on-year [5]. - Research and development expenses rose to 4.33 billion RMB, a 41% increase, driven by higher employee-related costs and increased bandwidth and server costs [5]. - The company indicated that rising costs were primarily due to fulfillment expenses, bandwidth and server costs, and payment processing fees [5]. Strategic Outlook - The company is cautiously optimistic about regaining revenue growth despite previous forecasts of slowing income and profit [2]. - The CFO highlighted ongoing uncertainties and the potential financial impact of merchant support programs, suggesting that future financial performance may continue to exhibit volatility [5].

（文章来源：第一财经） 11月18日晚间，在深蓝汽车L06新车上市发布会上，深蓝汽车董事长邓承浩称，年轻人的第一台车，安 全比速度更重要。他表示，把做底盘做扎实，绝不仅仅是为了让大家开的快，更想要实现的是在快的同 时更加安全。 ...

Core Insights - The long video industry is facing significant challenges due to the rise of short dramas, impacting traditional viewership and revenue streams [1][2] - iQIYI reported a total revenue of 6.68 billion RMB for Q3, a year-on-year decrease of 8%, with a net loss of 248.9 million RMB compared to a loss of 229.4 million RMB in the same period last year [1] - The company is focusing on cost control, achieving a 3% reduction in total costs, with content costs at 4.04 billion RMB [1] Revenue Breakdown - Membership service revenue decreased to 4.21 billion RMB, while online advertising revenue fell to 1.24 billion RMB, both showing a year-on-year decline due to a lighter content lineup compared to the previous year [1] - Content distribution revenue dropped by 21% to 640 million RMB, although box office revenue from iQIYI-produced films showed strong growth, with "Catching the Wind" grossing over 1.2 billion RMB [1] Industry Trends - The long video sector, including major players like Tencent and iQIYI, is experiencing stagnant membership growth, with Tencent's membership remaining at 114 million [2] - The industry is undergoing rapid changes, with a significant reduction in the number of new series and films being produced, as short video content captures user attention [2] Strategic Initiatives - iQIYI is investing in new business lines, including overseas markets and offline experiences, with ongoing development of theme parks in cities like Yangzhou and Kaifeng [3] - Both iQIYI and Tencent are pivoting towards short dramas to attract users, with Tencent launching a vertical short drama script collaboration platform [2] Challenges and Innovations - The industry faces new challenges from AI, with iQIYI collaborating with companies like Google and ByteDance to explore AI-driven content creation [3] - Tencent has established an AI film expression studio to integrate AI throughout the content production process [3]

Group 1 - China's automobile exports reached 5.616 million units in the first ten months of this year, a year-on-year increase of 15.7%, with export value at 798.39 billion yuan, up 14.3% [2] - New energy vehicles (NEVs) have significantly contributed to this growth, with over 2 million units exported, marking a 90.4% increase year-on-year [2] - In the first nine months, China's automobile exports surpassed Japan's by 1.6 times, with 4.95 million units compared to Japan's 3.06 million units [2] Group 2 - China has become the world's largest automobile exporter, surpassing Japan for two consecutive years, with expectations to maintain this lead through 2025 [3] - In Southeast Asia, Chinese NEVs are gaining market share, with significant sales growth in countries like Thailand, where NEV sales reached 9,107 units in September, a 99% increase [3] - In Europe, Chinese automobile registrations exceeded 430,000 units in the first eight months, a 74% increase, with brands like BYD and Chery gaining traction [4] Group 3 - Chinese brands captured 65% of the retail market share in the domestic market in the first ten months, a 5.5 percentage point increase year-on-year [4] - Japanese automakers are facing challenges due to a 25% tariff on imported vehicles imposed by the U.S. government, leading to significant profit declines among major Japanese car manufacturers [5] - Nissan reported the highest net loss of 221.9 billion yen (approximately 10.17 billion yuan) in the first half of the 2025 fiscal year [5]

礼来的最新研究通过对患者脑部活动的监测试验，证明了这种机制的存在。研究人员监测了一名患有严重暴食症患者的脑部活动，在用药最初的几个月中， 这名患者没有表现出对食物的过度关注，大脑"奖赏中心"中的食物渴望信号（伏隔核）活动也处于静默状态，但这种对食欲的抑制作用在大约5个月后消 失。 相比之下，其他几名未接受GLP-1药物治疗的患者则自始至终表现出伏隔核典型的活动增强，并频繁出现暴食症发作。 尽管研究中仅有个别暴食症患者受益于替尔泊肽，但这将对开发新版本的减重药开发提供启发，未来改良版的GLP-1类药物有望在治疗某些饮食失调症方面 发挥作用。 随着减重药竞争的日益升级，厂商也在竞相寻找更多"新卖点"，开辟新的患者市场。 当地时间11月17日，礼来的GLP-1类药物替尔泊肽的一项最新研究显示，针对一名患者的大脑监测数据表明，该药物能暂时降低其对食物的渴望。 最新的研究结果发表在《自然医学》杂志上，有望为新版GLP-1类药物的开发提供新思路。这一发现与此前诺和诺德的一项调研类似，也加剧了两家公司的 竞争。 诺和诺德在今年9月举行的2025年欧洲糖尿病研究协会（EASD）年会上公布了一项真实世界调研结果，显示在接受GL ...

Group 1 - The core viewpoint of the articles indicates that the chemical sector is experiencing a significant price increase driven by specific sub-sectors such as lithium mining and phosphorus chemicals, which are expected to continue to perform well in the future [1][6] - The Wind Chemical Index (882101.WI) has shown a cumulative increase of over 12% from October 17 to November 17, significantly outperforming the Shanghai Composite Index's 1.43% during the same period [2][3] - The recent sharp decline in the chemical sector on November 18, with a drop of 3.45% in the Wind Chemical Index, raises questions about whether this is a market correction or an opportunity for further investment [5] Group 2 - The surge in the chemical sector is attributed to price hikes in products within the fluorochemical, phosphorus chemical, and organic silicon markets, reflecting strong demand and limited supply [3][4] - The influx of capital into chemical ETFs, with the Penghua Chemical ETF (159870.OF) seeing a net inflow of over 154 billion yuan in three months, highlights the market's recognition of the price increase logic in the chemical sector [4] - The current low price-to-book (PB) ratio of 2.2 indicates an increasing investment value in the chemical industry, particularly in phosphorus chemicals, which are experiencing supply-demand imbalances due to new demands from lithium battery materials [6]

一、理财产品综合评价体系简介 （1）产品评价范围 截至评估日存续且成立满180天的净值型、公募类、非结构性、人民币理财产品。 （2）产品评价体系 评价方案对现金管理类产品和非现金管理类产品设置差异化评价体系。其中，非现金管理类产品统一评分，在星级评价时按产品的投 资性质、期限类型、运作模式进一步细分为八个类别分别开展评价；商品及衍生品类产品因数量较少，暂不纳入评价范围。具体评价 方案可详见《普益标准·银行理财产品星级综合评价3.0》。 | 评价维度 | 评价指标 | 指标说明 | | --- | --- | --- | | 投资收益水平(100%) | 区间收益(100%) | 年化收益率 | | 评价维度 | 评价指标 | 指标说明 | | --- | --- | --- | | 投资收益水平(50%) | 区间收益(80%) | 年化收益率 | | | 动态超额收益(20%) | 动态超额收益率 | | 风险控制水平(35%) | 抗波动能力(50%) | 波动率 | | | 回撤控制能力(15%) | 最大回撤 | | | 破净控制能力(15%) | 破净率 | | | 下行风险控制能力(20%) | ...

跨境ETF"热"与"险"背后，机构激辩AI是"泡沫"还是"繁荣" "特此提示投资者关注二级市场交易价格溢价风险，盲目投资可能遭受重大损失。"近期，这样的风险提 示公告在跨境ETF中密集刷屏。据第一财经初步统计，四季度以来，有33只产品合计发布超过500条溢 价风险提示，其中11只产品预警次数超过20次，美日主题产品成为溢价"高发区"。 多只产品保持高溢价状态，甚至频频出现临时停牌情况。如景顺长城纳斯达克科技市值加权ETF的 IOPV溢价率连续25个交易日保持在10%以上，仅11月就连续12个交易日发布溢价风险提示及停牌的公 告。 与高溢价相伴生的，是跨境ETF赛道的爆发式增长，年内整体规模增幅近117%，远超A股ETF同期增 速。随着近来海外市场出现震荡调整，叠加市场对AI泡沫的热议，这场跨境投资热究竟是资金对海外 资产的迫切追逐，还是暗藏风险的"价格泡沫"？ 美日跨境ETF"高烧不退" 11月18日早盘，景顺长城基金一则公告揭开了当前跨境ETF市场的热度一角。公告内容显示，景顺长城 纳斯达克科技市值加权ETF的二级市场交易价格明显高于基金份额参考净值，出现较大幅度溢价，因此 开市停牌一小时。 据第一财经统计 ...