Core Insights - CPE Yuanfeng has announced a strategic partnership with Burger King, which is fully owned by Restaurant Brands International (RBI), to establish a joint venture named "Burger King China" [1] - CPE Yuanfeng will inject an initial capital of $350 million into Burger King China to support restaurant expansion, marketing, menu innovation, and operational enhancements [1] - After the transaction, CPE Yuanfeng will hold approximately 83% of the equity in Burger King China, while RBI will retain about 17% [1] Investment and Growth Plans - The partnership aims to expand the number of Burger King outlets in China from approximately 1,250 to over 4,000 by 2035, with a focus on sustainable same-store growth [2] - The transaction is expected to be completed in the first quarter of 2026, subject to regulatory approval processes [2] CPE Yuanfeng's Investment Strategy - CPE Yuanfeng has been actively investing in the chain consumer service sector, with cumulative investments amounting to approximately 10 billion RMB, including investments in companies like Mixue Ice Cream, Aier Eye Hospital, and Pop Mart [1] - Post-investment, CPE Yuanfeng will empower Burger King China by focusing on product upgrades, brand marketing, offline store expansion, online channel restructuring, digital system development, and financial optimization [1]

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in five years [3][4] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with major revenue sources from its performance "Chang Hen Ge" and cableway business [3] - ZhiXin Co. focuses on automotive welding parts and related molds, with concerns raised about market competition and revenue sustainability [4] - Three companies, including QiLong Ocean and HaiSheng Medical, passed the review at the Beijing Stock Exchange, with inquiries focused on financial information authenticity and customer stability [5] Upcoming IPOs - Four companies are set to undergo IPO reviews this week, including QiangYi Co. and HengYunChang, with QiangYi aiming to raise 1.5 billion yuan for semiconductor probe card projects [6] - Financial data for QiangYi shows steady revenue growth from 254 million yuan in 2022 to an estimated 647 million yuan in 2025, but highlights high customer concentration risks [6][7] - HengYunChang plans to raise 1.469 billion yuan, but anticipates a revenue decline in 2025 due to increased R&D expenses and capacity expansion costs [7] New Stock Listings - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of 497.08% on its first day [14][15] - Other notable listings include FengBei Bio and DaMing Electronics, with respective first-day gains of 172.6% and 413.55% [14][15] - This week, two new stocks are scheduled for subscription, including NanTe Technology, which aims to raise funds for precision mechanical components [16][17] IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi seeking to raise 725 million yuan for a new materials production base [10][11] - Core Medical has developed several artificial heart products but has yet to achieve profitability, with significant losses reported [11][12] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal [13]

作者丨彭鑫 编辑丨安安 11月7日，零跑全新个性战略新品——零跑Lafa5开启预售，预售价区间10.58-13.18万元。新车定位高颜 值运动轿跑，基于零跑LEAP3.5技术架构打造，融合轿跑颜值、中欧联合底盘调校、高通8295P+8650旗 舰芯片、86%得房率越享座舱等。此外，零跑Lafa5将于11月28日正式上市，2026年还将逐步登陆全球 市场。 图源：零跑汽车官方 零跑Lafa5的驾控基因源于零跑与Stellantis集团底盘团队的联合调校。团队以全球典型路谱数据库为基 础，在法国、中国多地完成20余项极端工况测试，最终实现"高速工况欧式精准操控"与"低速工况中式 柔顺滤震"的平衡。底盘硬件方面采用前后防倾杆、前麦弗逊、后多连杆独立悬架组合，搭配50:50轴荷 比、5.17m转弯半径、前窄后宽轮胎及34,500N·m/deg高扭转刚度车身。 动力方面，零跑Lafa5搭载160kW后置后驱7合1高性能油冷电驱，零百加速6.4秒。全球首创的VCU与 MCU芯片级融合技术，动力响应速度较传统方案提升5倍，配合弹射起步模式和LMC一体化运动融合控 制系统，赋予车辆更强的驾控乐趣与安全冗余。续航方面，新车CL ...

Group 1 - The A-share liquor sector experienced a significant rise on November 10, with multiple companies reaching their daily limit up [1] - Shede Liquor and Kweichow Moutai both hit the daily limit, indicating strong investor interest [1] - Other notable performers included Gujing Gongjiu and Shanxi Fenjiu, both rising over 5%, while Yanjing Beer and Huichuan Beer saw increases of over 2% [1]

Core Insights - The 8th China International Import Expo (CIIE) is being held in Shanghai from November 5 to 10, showcasing 461 new products, technologies, and services across six major exhibition areas, emphasizing the importance of international trade cooperation and mutual benefits [1][2] - Amway China is leveraging the CIIE to highlight its commitment to health products and services, showcasing innovative solutions to meet the diverse health needs of the public [2][3] Group 1: CIIE Overview - The CIIE serves as a platform for global enterprises to tap into the Chinese market, promoting international economic cooperation and injecting positive energy into both the Chinese and global economies [1] - The event features new themes such as the silver economy, ice and snow economy, and sports economy, along with new consumption platforms focusing on digital and health consumption [1] Group 2: Amway's Commitment and Innovations - Amway China is focusing on health consumption, launching a new multi-vitamin and mineral powder product, "Little Gold Powder," which is the first "blue hat" multi-nutrient product in the Chinese market [3] - The company is showcasing a range of anti-aging products aimed at improving health expectancy, including solutions for cellular health, mobility, brain function, and skin health [3] Group 3: Research and Development - Amway has established a plant research center in Wuxi, integrating traditional Chinese medicine with modern biomedical approaches through its "Shennong" system, which includes extensive data on herbal remedies and health solutions [4] - The company is building a comprehensive local research and development system for traditional Chinese medicine, collaborating with various institutions to innovate and modernize agricultural practices [4] Group 4: Investment Plans - Amway has initiated a five-year investment plan of 2.1 billion RMB (approximately 0.3 billion USD) from 2023 to 2027, focusing on upgrading production facilities, enhancing digital infrastructure, and expanding experience centers [6] - The investment plan aims to strengthen Amway's supply chain and innovation capabilities in China, reinforcing its position as a strategic growth engine [6] Group 5: Strategic Alignment - Amway's strategies align with China's national goals of health and well-being, emphasizing digital infrastructure upgrades and a robust supply chain to support the health and wellness sector [7] - The company has successfully transitioned to a "second entrepreneurship" in China, with innovations and business models developed in China being adopted in other markets [7]

【#汉堡王中国也卖了#】 星巴克交出中国业务控股权之后，汉堡王中国业务也被中国资方买了。 11月10日，CPE源峰宣布与美国餐饮品牌汉堡王达成战略合作，双方将成立合资企业（"汉堡王中 国"）。 该交易之前，餐饮品牌国际集团（Restaurant Brands International，RBI） 的一家子公司持有汉堡王中国 近 100% 的股权。 本次交易，CPE源峰将向汉堡王中国注入3.5亿美元的初始资金，用于支持其餐厅门店扩张、市场营 销、菜单创新以及运营能力提升。在本次交易中，汉堡王中国旗下全资关联企业将签署一份为期20年的 主开发协议，该协议将授予其在中国独家开发汉堡王品牌的权利。交易完成后，CPE源峰将持有汉堡王 中国约83%的股权，RBI将保留约17%的股权。 来自中国的CPE源峰持续深耕连锁消费服务领域，相关领域投资金额累计约100亿人民币，先后投资了 包括蜜雪冰城、爱尔眼科、老铺黄金、泡泡玛特、美丽田园、雍禾植发、丝域养发在内的多家企业。 星巴克交出中国业务控股权之后,汉堡王中国业务 也被中国资方买了。 11月10日,CPE源峰宣布与美国餐饮品牌汉堡王 达成战略合作,双方将成立合资企业("汉堡 ...

Core Viewpoint - The company Zhongji Xuchuang plans to issue H-shares and list on the Hong Kong Stock Exchange, with the board authorizing management to initiate preparatory work for the listing within a 12-month period from the board's approval date [1]. Group 1 - The board meeting is scheduled for November 10, 2025 [1]. - The company aims to expand its capital base and enhance its market presence through the H-share issuance [1]. - The authorization for management to start the preparatory work is valid for 12 months from the board's decision [1].

Core Insights - Beike reported a total transaction volume (GTV) of 736.7 billion yuan in Q3 2025, with net revenue reaching 23.1 billion yuan, reflecting a year-on-year growth of 2.1% [1][2] - The company's non-real estate transaction revenue proportion increased to 45%, indicating a healthy development of its platform ecosystem [1] - Beike's net income and adjusted net profit exceeded consensus expectations, showcasing strong financial performance [1] Group 1: Real Estate Transactions - The existing home business GTV increased by 5.8% year-on-year, with a rising share of non-Lianjia existing home transactions [1] - New home business GTV grew approximately 11% year-on-year, reaching 196.3 billion yuan in Q3 [1] - Beike is piloting a "B+" product light operation model to expand its reach into lower-tier cities, aiming for future growth [1] Group 2: Home Decoration and Rental Services - The home decoration and furnishing business generated net revenue of 4.3 billion yuan, with a profit margin increase to 32%, up 0.8 percentage points year-on-year [2] - The rental service revenue reached 5.7 billion yuan in Q3, marking a year-on-year growth of 45.3% [2] - The rental business achieved a profit margin of 8.7% in Q3, up 4.3 percentage points year-on-year, following a break-even point in the previous quarter [2] Group 3: Strategic Transformation - The company is exploring new real estate models in the current market cycle, achieving stable operational results through diversified business layouts [2]

无界动力2025年创立于北京，聚焦于构建机器人"通用大脑"与"操作智能"，突破手、眼、脑协同的关键 瓶颈，将具身智能转化为一种可广泛部署、持续进化的基础设施，以通用基础模型研发与通用专家模型 落地应用双线驱动，致力于提供软硬一体、高可靠性的具身智能解决方案。 11月10日，通用具身智能机器人公司无界动力完成首轮3亿元天使融资，由红杉中国、线性资本领投， 高瓴创投、地平线、华业天成、钟鼎资本、BV百度风投、同歌创投等跟投。与此同时，天使+轮融资已 接近完成，累计融资额超5亿元。 联合创始人兼CTO许闻达为卡内基梅隆大学机器人学博士，博士期间在美国联合创办自动驾驶算法公司 Ottomatika，主导实现了全球首个自动驾驶网约车商业化运营，后任卡尔动力自动驾驶副总裁及首席算 法架构师。 目前，无界动力正系统性推进算法架构创新与模型迭代。面对困扰具身模型的数据难题，无界动力在基 于仿真、互联网视频等方式追求数据广度的同时，重点开展"真机、真人、真环境"的系统化实践，在工 厂产线、商业空间等真实环境中，通过真机运行获取精确的物理交互数据，结合真人示范进行轻量化灵 活采集。并引入源自智能驾驶界的影子模式机制，通用基础模型 ...

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in A-shares in five years [2][3] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with its main revenue sources being tourism performances and cableway operations [2] - ZhiXin Co. focuses on automotive stamping parts and related molds, with the review committee expressing concerns about market competition and revenue sustainability [3] New IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi aiming to raise 725 million yuan for a new production base [9][10] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal and status change respectively [12] New Stock Listings and Subscription Dynamics - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of nearly 500% on its first trading day [13] - This week, two new stocks are scheduled for subscription, including NanTe Technology and HaiAn Group, with NanTe aiming for a price of 8.66 yuan per share [15]