Core Viewpoint - ST Zhongzhu announced that Qiongqing Cheng Meihua Tenglong Qifei Investment Partnership intends to acquire 10.38% of the company's shares for 403 million yuan, marking a significant investment by a well-known venture capital figure, Wu Shichun [1][4][11]. Group 1: Investment Details - Meihua Investment will become the second-largest shareholder of ST Zhongzhu after the acquisition, with the first-largest shareholder being Shenzhen Landi Technology Development Co., holding 19.08% [4][7]. - The shares will be acquired at a price of 1.95 yuan per share, with a total transaction value of 403 million yuan [4][11]. - Prior to this transaction, Meihua Investment did not hold any shares in ST Zhongzhu [7]. Group 2: Company Performance - As of November 13, ST Zhongzhu's stock price was 2.18 yuan per share, reflecting a 4.81% increase, with a total market capitalization of 4.344 billion yuan [3]. - The company has faced financial difficulties, with negative net profits reported from 2022 to 2024, and a significant decline in revenue of 18.35% year-over-year for 2024 [12][13]. - For the first three quarters of 2025, ST Zhongzhu reported a net profit of -33.785 million yuan, indicating a 63.44% increase in losses compared to the previous year [13][16]. Group 3: Market Activity - ST Zhongzhu experienced stock price volatility during the transaction period, with a notable price increase of 4.64% on November 11, leading to consecutive limit-up closures on November 12 and 13 [9][10]. - The trading activity on November 13 showed significant participation from brokerage firms, indicating heightened investor interest [10].

Core Insights - K-Scale Labs, a prominent robotics startup based in Silicon Valley, has announced its closure due to insufficient operational funding, despite initial success in securing investments and partnerships [2][5][6] - The company aimed to create an open-source, low-cost humanoid robot platform for researchers and developers, but faced significant competition from Chinese robotics firms that have secured substantial production funding [3][6] Company Overview - K-Scale Labs was founded in 2024 and had a valuation of $50 million after raising approximately $4 million in seed funding earlier this year [3] - The company signed a strategic partnership with Tao Motor Inc., which included a $2 million investment to support K-Scale's development [3] - K-Scale Labs launched its K-Bot humanoid robot, priced at $16,000, with an early bird price of $8,999 for the first 100 pre-orders [3] Closure Announcement - The CEO, Benjamin Bolte, informed customers via email that the company would cease operations and refund deposits due to a lack of funding [5][6] - Bolte expressed disappointment in not being able to secure additional funding despite confidence in the U.S. capital market [6] Industry Context - K-Scale Labs is not the only robotics company to shut down; at least 10 robotics firms have closed since the beginning of 2024, highlighting a trend of financial difficulties in the sector [6][7] - In contrast, the Chinese robotics industry has seen over 600 investment events in the first three quarters of this year, indicating a robust funding environment [8] Market Dynamics - The challenges faced by K-Scale Labs reflect broader issues in the robotics industry, including difficulties in scaling production and meeting delivery targets [8][9] - Major players in the Chinese market are experiencing high demand, with significant pre-orders for new robotic products, while Western companies struggle to compete [8][9]

【导读】中航基金副总经理、首席投资官邓海清离任 知名经济学家邓海清官宣离任！ 中航基金最新公告显示，知名经济学家邓海清因个人原因离任公司副总经理。 作为中小基金公司，中航基金近年来坚持走特色化发展之路，着力打造自己的核心竞争力，推动产品创新，尤其在公募REITs、债券基金等领域已做出一 定的差异化与特色化。截至今年三季度末，中航基金公募管理规模已超过600亿元。 邓海清离任中航基金副总经理 11月13日，中航基金发布高级管理人变更公告称，邓海清因个人原因于11月13日离任副总经理一职，不再转任公司其他工作岗位。 2023年12月，邓海清被增聘为中航混改精选新任基金经理，与基金经理方岑共同管理。今年5月，中航基金发布公告，因公司内部工作调整，邓海清自5月 6日起辞任该基金的基金经理，继续担任公司副总经理、首席投资官。 此前在受访时邓海清曾表示，将自己定位成邓普顿型逆向投资风格的基金经理，并认为在自上而下的投资框架下，要获得超额收益，很多时候需要左侧布 局，即"买在无人问津处，卖在人声鼎沸时"。 公开资料显示，邓海清是复旦大学金融学博士、中国人民银行金融研究所博士后、清华大学五道口金融学院高级研究员。 他的从业经 ...

【导读】美国硅谷明星机器人公司K-Scale Labs宣布倒闭 今年的"双11"，智能机器人成为电商平台的"新宠"。另一边，海外的机器人公司正在批量倒闭…… 近日，硅谷明星机器人公司K-Scale Labs的创始人本杰明·博尔特（Benjamin Bolte）在给客户的邮件中写道，宇树科技、加速进化、众擎和松延动力等中国 机器人公司已获得了大规模生产资金，而今年已经开启预定的K-Scale Labs因未能获得足够运营资金，已解雇员工并退还机器人的定金。 成立仅一年 美国明星机器人公司倒闭 公开资料显示，K-Scale Labs是一家成立于2024年、总部位于硅谷帕洛阿尔托的人形机器人初创公司，目标是以"开源、低成本、可被开发者使用"为核心 理念，打造面向研究者和开发者的通用类人机器人平台。 该公司今年2月曾以5000万美元估值完成约400万美元的种子轮融资，领投方为Fellows Fund。今年4月，知名投资人Nat Friedman和Daniel Gross也向公司追 加了25万美元投资。 6月，浙江涛涛车业股份有限公司（以下简称涛涛车业）全资子公司Tao Motor Inc与K-Scale签署《战略合作协 ...

央视记者从工业和信息化部了解到，我国已连续四年组织开展6G技术试验，目前已完成第一阶段6G技 术试验，形成超过300项关键技术储备。 6G是未来十年全球最重要的新一代综合性数字信息网络基础设施，将实现通信、感知、计算、智能等 多技术融合创新，服务对象从人、机、物拓展到智能体，服务空间从地面拓展到空天地一体化，实 现"万物智联、数字孪生"的目标。 工业和信息化部副部长张云明表示，持续加强关键核心技术攻关和融合技术方案研究，一体推进技术研 发、标准研制、试验验证、应用培育等工作，为6G标准化产业化奠定坚实基础。 （原标题：6G，大消息！） 来源：央视新闻 我国完成第一阶段6G技术试验 我国6G技术试验分为三个阶段： 第一阶段是关键技术试验阶段，明确6G主要技术方向； 第二阶段是技术方案试验阶段，将面向典型场景及性能指标，研发6G原型样机； 第三阶段是系统组网试验阶段，将研发6G预商用设备，开展6G关键产品测试。 ...

Core Viewpoint - The People's Bank of China (PBOC) has reported that M2 and social financing growth rates remain high, creating a favorable monetary environment for economic recovery. The current monetary policy stance is supportive, aiming to promote reasonable price recovery and maintain strong support for the real economy [1][12]. Monetary Supply and Financing - As of October 2025, the M2 balance reached 335.13 trillion yuan, with a year-on-year growth of 8.2% [4]. - The social financing scale stood at 437.72 trillion yuan, reflecting a year-on-year increase of 8.5% [5]. - From January to October, the incremental social financing was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [6]. - The balance of various loans in renminbi was 270.61 trillion yuan at the end of October, showing a year-on-year growth of 6.5% [7]. Loan Rates and Structure - The average interest rate for newly issued corporate loans (in both domestic and foreign currencies) in October was 3.1%, approximately 40 basis points lower than the same period last year [7]. - The structure of loans is continuously optimizing, with inclusive small and micro loans growing by 11.6% year-on-year, and medium to long-term loans for the manufacturing sector increasing by 7.9% [11]. Government Bonds and Financing Channels - The issuance of government bonds and special refinancing bonds has accelerated, significantly supporting the growth of social financing. In 2025, the issuance of ultra-long special government bonds increased from 1 trillion yuan to 1.3 trillion yuan [8]. - The financial system has become more diversified, with enterprises increasingly utilizing bonds and stocks for financing rather than relying solely on bank loans [8]. Economic Indicators and Price Trends - The Consumer Price Index (CPI) turned positive in October, rising by 0.2% year-on-year, while the core CPI (excluding food and energy) increased by 1.2%, marking the highest growth since March 2024 [12]. - The Producer Price Index (PPI) decreased by 2.1% year-on-year, with the rate of decline narrowing for three consecutive months [12]. Future Monetary Policy Outlook - The current monetary policy is deemed supportive, with expectations for continued implementation of moderately loose monetary policies to maintain strong support for the real economy [12].

【导读】深交所终止对领益智造相关重大资产重组事项的审核 领益智造11月13日盘后发布公告称，深交所当日向公司下发了《关于终止对广东领益智造股份有限公司发行可转换公司债券购买资产并募集配套资金申请 审核的决定》。 此前，领益智造拟通过发行可转换公司债券及支付现金的方式，向常州优融汽车科技有限公司等8名交易对方购买其合计持有的江苏科达66.46%股权，并 拟向不超过35名特定对象发行股份募集配套资金。 之后，经商议沟通，在保持交易对方及收购江苏科达控制权不变的前提下，领益智造拟对本次交易的交易作价进行调整，并将支付方式调整为现金支付， 拟调整后的方案将不涉及公司发行可转换公司债券及募集配套资金事项，不构成重大资产重组。 截至11月13日收盘，领益智造股价为13.99元/股，最新市值为1022亿元。 （文章来源：中国基金报） 文件称，深交所于2025年6月6日依法受理了领益智造发行可转换公司债券购买资产并募集配套资金申请的文件，并依法依规进行了审核。 日前，领益智造向深交所提交了《关于撤回发行可转换公司债券及支付现金购买资产并募集配套资金项目申请文件之申请》，独立财务顾问国泰海通证券 股份有限公司向深交所提交了《关 ...

第一阶段是关键技术试验阶段，明确6G主要技术方向； 第二阶段是技术方案试验阶段，将面向典型场景及性能指标，研发6G原型样机； 第三阶段是系统组网试验阶段，将研发6G预商用设备，开展6G关键产品测试。 6G是未来十年全球最重要的新一代综合性数字信息网络基础设施，将实现通信、感知、计算、智能等 多技术融合创新，服务对象从人、机、物拓展到智能体，服务空间从地面拓展到空天地一体化，实 现"万物智联、数字孪生"的目标。 工业和信息化部副部长张云明表示，持续加强关键核心技术攻关和融合技术方案研究，一体推进技术研 发、标准研制、试验验证、应用培育等工作，为6G标准化产业化奠定坚实基础。 我国6G技术试验分为三个阶段： 央视记者从工业和信息化部了解到，我国已连续四年组织开展6G技术试验，目前已完成第一阶段6G技 术试验，形成超过300项关键技术储备。 我国完成第一阶段6G技术试验 （文章来源：中国基金报） 来源：央视新闻 ...

腾讯去年8月曾披露，正在与苹果沟通，让苹果在iPhone端的小游戏和应用销售中分成，但前提条件是 要"在经济上可持续"，且足够公平。尤其是小游戏的受欢迎程度一直在稳步提升，而在此前双方没有协 议的情况下，苹果并未从相关消费中获得任何收入。 对此，腾讯管理层表示，腾讯与苹果一直在不同领域展开良好的合作和沟通，"到目前为止，我们会保 持建设性的态度，等待事态的发展。" 据分析，达成协议之后，一方面为苹果开辟了新的收入来源，另一方面也减轻了腾讯所面临的压力。苹 果此前要求腾讯堵上漏洞——一些应用开发者利用这些漏洞，把用户引导到外部支付系统，从而绕过 iPhone通常30%抽成的规则。 所谓"苹果税"，是指苹果对App Store上所有应用的数字内容消费抽取15%～30%的佣金。每当苹果用户 通过苹果手机应用商店付费下载App或在App内部购买数字商品/服务时，苹果公司会扣留交易金额的一 部分作为"过路费"，再将剩下的转给相应的App开发者。 在这笔跟腾讯的最新协议中，苹果抽取15%的分成，只有其对多数学内购开发者通常收费的一半，但得 以在中国一个不断增长的娱乐平台中站稳脚跟。小游戏完全运行在微信生态之内——微信目前 ...

【导读】中芯国际产能利用率创新高，第三季度营收同比增长9.9% 中国基金报记者闻言 11月13日晚间，中芯国际交出的"成绩单"显示，公司2025年第三季度的营业收入环比增长6.9%，预计2025年第四季度的营 业收入环比持平到增长2%。 截至11月13日收盘，中芯国际A股股价报123.10元/股，涨幅为2.90%，总市值为6596亿元。 季度营收环比再次增长 产能利用率创新高 2025年第三季度，中芯国际的营业收入为171.62亿元，同比增长9.90%；归母净利润为15.17亿元，同比增长43.10%。 2025年前三季度，中芯国际的营业收入为495.10亿元，同比增长18.20%；归母净利润为38.18亿元，同比增长41.10%。 | | | | 单位:千元 | 币种:人民币 | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告 | | 项目 | 本报告期 | 上年同期增 | 年初至报告 | 期末比上年 | | | | 减变动幅度 | 期末 | 同期增减变 | | | | (%) | | 动幅度(%) | | 营业收入 | 17.162.367 | ...