深圳商报首席记者 刘琼 11月20日，财政部、商务部两部委公示消费新业态新模式新场景试点名单，深圳等50个城市拟入选。记 者梳理名单发现，4个直辖市、5个计划单列市全部入选，其余41个城市覆盖全国主要省份。 根据两部委此前印发的《关于开展消费新业态新模式新场景试点工作的通知》，此次试点资金补助按城 市体量分层实施：超大特大城市获合计4亿元补助，大城市3亿元，其他城市2亿元。政策明确支持三大 方向：一是支持健全首发经济服务体系；二是支持创新多元化服务消费场景；三是支持优质消费资源与 知名IP跨界联名。 服务消费成"升级主力" 服务消费，一头连着经济，一头连着民生。深圳"大手笔"全力推动服务消费扩容升级。在餐饮、住宿、 家政、养老托育等民生消费领域频频发力，丰富消费场景，推动基础型服务消费提质增效。 深圳一直将促消费扩内需作为"重中之重"，并在供给侧方面持续创新。今年以来，首发经济热火朝天、 新型消费场景丰富、服务消费扩容提质，深圳消费新业态、新模式、新场景不断涌现，"消费新三样"呈 蓬勃之势。 首发经济成"流量密码" 在深圳，首发经济正成为提升商业竞争力、激活城市消费的重要力量。 据相关商业机构统计数据，202 ...

Core Insights - Shenzhen has established over 100 independent brand websites, which have become a crucial platform for brands to expand internationally [1] - The focus is on creating a competitive edge in independent site operations to enhance both sales and brand influence, which is a key concern for cross-border e-commerce and integrated trade enterprises in Shenzhen [1] Group 1: Independent Site Development - Shenzhen's independent site construction is accelerating, supported by government policies that encourage cross-border e-commerce companies to build their own marketing channels [1] - The Shenzhen Municipal Bureau of Commerce has outlined support policies for 2025, promoting the establishment of independent sites and offering financial rewards of up to 1 million yuan for qualifying sites [1] Group 2: Brand Strategy Shift - Companies are urged to shift from "traffic thinking" to "brand thinking," viewing independent sites as long-term operational bases rather than short-term traffic channels [2] - The integration of "independent site + platform" is recommended to create a complementary effect in traffic, users, brand, and operations [2] Group 3: Future Trends in International Expansion - The "Belt and Road" initiative is identified as a new growth area for independent sites, with lower advertising costs and increasing e-commerce penetration in regions like the Middle East, Eastern Europe, and Southeast Asia [3] - A combination strategy involving Meta testing, Google conversion, localized content, and logistics commitments is suggested to build high-trust and high-conversion brand experiences in emerging markets [3]

Core Viewpoint - Shanghai Topway Numerical Control Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading supplier in the high-end intelligent manufacturing equipment sector, particularly in five-axis CNC machine tools for the aerospace industry [1][2]. Financial Performance - The company reported revenues of RMB 1.36 billion, RMB 3.35 billion, and RMB 5.32 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 97.9% [2]. - Net profits for the same periods were -RMB 1.97 billion, -RMB 623.4 million, and RMB 6.886 million, indicating a transition from losses to profitability in 2024 [2][4]. - In the first half of 2023, the company achieved revenue of RMB 4.45 billion, a year-on-year increase of 41.2%, with net profit soaring by 269.9% to RMB 940 million [3]. Customer Concentration - The company has a high customer concentration, with revenues from the top five customers accounting for 98.3%, 92.7%, and 79.5% of total revenue in the respective years of the reporting period [5]. Inventory and Delivery Issues - The company faces challenges related to inventory management, with inventory levels at RMB 4.44 billion, RMB 5.89 billion, and RMB 4.86 billion at the end of the reporting periods, representing 45.3%, 62.3%, and 65.4% of total current assets [7]. - The long delivery process has resulted in significant inventory turnover days of 916, 849, and 583 days, which may impact cash flow and profitability [7]. - The company has incurred penalties for delayed deliveries, including a RMB 8.1 million penalty in the 2023 fiscal year due to late delivery to a major client [6][7]. Government Subsidies - A significant portion of the company's net profit has been derived from government subsidies, which were RMB 19.3 million, RMB 22.3 million, and RMB 9.3 million over the reporting period [2].

Core Insights - Li Auto reported a significant decline in both deliveries and revenue for Q3 2025, marking a return to losses after 11 consecutive profitable quarters [2][4] Delivery and Revenue Decline - In Q3 2025, Li Auto delivered 93,211 vehicles, a year-on-year decrease of 39.0% [2] - Vehicle sales revenue was 25.9 billion RMB (3.6 billion USD), down 37.4% from 41.3 billion RMB in Q3 2024 and down 10.4% from 28.9 billion RMB in Q2 2025 [2][3] - Total revenue for Q3 2025 was 27.4 billion RMB (3.8 billion USD), a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter [2][3] Profitability and Financial Performance - Li Auto reported a net loss of 624.4 million RMB (87.7 million USD) in Q3 2025, compared to net profits of 2.8 billion RMB and 1.1 billion RMB in Q3 2024 and Q2 2025, respectively [2][3] - The gross margin for vehicles fell to 15.5%, down from 20.9% in Q3 2024 and 19.4% in Q2 2025 [4] Cost and Cash Flow Challenges - The company faced increased costs due to supply chain bottlenecks and the impact of the Li Auto MEGA recall, which affected gross margins [4] - Free cash flow was reported at -8.9 billion RMB (-1.3 billion USD) for Q3 2025, compared to 9.1 billion RMB in Q3 2024 [4] R&D Investment - Despite financial pressures, R&D expenses remained high at 3.0 billion RMB (418 million USD) for Q3 2025, up 15.0% year-on-year [4] - The increase in R&D spending was attributed to new model projects and adjustments in product configurations [4] VLA Driver Model Performance - The VLA driver model, an in-house developed assisted driving system, has seen high penetration and usage rates, with cumulative mileage exceeding 312 million kilometers [5][6] Market Performance - As of the report date, Li Auto's stock price increased by 0.84%, trading at 72.3 HKD per share, with a total market capitalization of 154.8 billion HKD [7]

Core Viewpoint - The company plans to acquire 100% equity of Guodian Power Nuclear Co., Ltd. through asset swap and share issuance, while divesting 100% equity of State Power Investment Group Capital Holdings Co., Ltd. and raising matching funds [1][3]. Group 1: Transaction Details - The company will replace its existing financial business with assets primarily engaged in the construction, operation, and management of nuclear power plants, positioning itself as a platform for the integration of nuclear power operation assets [3]. - The performance commitment indicates that if the transaction is completed in 2025, the committed net profits for the years 2025, 2026, and 2027 should not be less than CNY 3.375 billion, CNY 3 billion, and CNY 3.587 billion, respectively [3]. - If the transaction is completed in 2026, the committed net profits for the years 2026, 2027, and 2028 should not be less than CNY 3 billion, CNY 3.587 billion, and CNY 4.908 billion, respectively [3]. Group 2: Financial Performance - In the first three quarters of the year, the company reported total revenue of CNY 3.65 billion, a year-on-year decrease of 7.66%, and a net profit attributable to shareholders of CNY 617 million, down 19.20% year-on-year [4]. - The company has experienced a continuous decline in net profit for four consecutive quarters [5]. - The net profit figures for the last four quarters are as follows: CNY 158 million in Q3 2025, CNY 195 million in Q2 2025, CNY 264 million in Q1 2025, and CNY 281 million in Q4 2024 [6]. Group 3: Market Reaction - As of November 27, the company's stock price increased by 2.9%, reaching CNY 7.1 per share, with a total market capitalization of CNY 38.222 billion [8]. - The stock's highest price in the last 52 weeks was CNY 7.96, while the lowest was CNY 5.49 [9].

Group 1 - The company announced the resignation of its board secretary, Shen Zhiming, due to personal reasons, and the chairman, Yang Hongwei, will temporarily assume the role [1][3] - The company has been unable to fill the board secretary position for over three months, despite previous announcements indicating a commitment to expedite the hiring process [3] - Huatian Hotel has been experiencing a decline in performance, with a cumulative net loss of 3.576 billion yuan over 11 years, and continues to report losses in 2025 [3] Group 2 - For the first three quarters of 2025, the company reported a revenue of 398 million yuan, a year-on-year decrease of 12.52%, and a net profit attributable to shareholders of -156 million yuan, down 39.99% [3] - The company's operating cash flow net amount was 22.7387 million yuan, a decline of 61.57% year-on-year [3] - As of November 26, the company's stock price closed at 3.39 yuan per share, with a total market capitalization of 3.454 billion yuan [3][4]

Core Insights - Over 90% of equity funds have achieved positive returns this year, driven by market profitability effects [1] - The number of newly established active equity funds has reached nearly 300, with a total issuance scale of 160.3 billion yuan, representing a year-on-year growth of approximately 140% [1] Fund Performance - The average return for stock funds this year is 24.45%, while mixed funds have a return of 22.17% [1] - A total of 4,687 active equity funds (A shares only) have achieved positive returns this year, accounting for nearly 95% of all active equity funds [1] Fund Closures - A total of 370 funds have been liquidated this year, an increase of nearly 24% year-on-year [1] - More than 120 funds have issued over 600 liquidation warning announcements this year, with over 90 funds on the brink of liquidation, nearly half of which are equity products [1]

主观私募全球化布局积极性更高。数据显示，持牌的107家存续私募证券管理人中，主观私募数量达69 家，占比超六成，比量化和主观+量化混合的总和还要多。其次是量化私募，有28家持有香港9号牌 照，占比为26.17%。主观+量化混合私募数量最少，仅10家持有香港9号牌照，占比不足9.35%。 【深圳商报讯】（记者 陈燕青）据私募排排网不完全统计，截至11月25日，全市场存续私募证券管理 人中，已有107家内地私募持有香港9号牌照（香港9号牌照是内地机构进军国际资本市场的关键通行 证）。其中，今年以来新增获批私募机构达10家，反映国内私募全球化布局的积极态势。 从投资模式看，年内新增获批香港9号牌照的私募机构呈现均衡分布特征，主观私募与量化私募各占五 家，平分秋色。管理规模维度则呈现多梯队格局：100亿以上及0-5亿规模机构数量居首，均为3家，前 者包括黑翼资产、平方和投资、致诚卓远，后者为青柏资产、永信国际投资、鑫善投资；50亿-100亿规 模私募机构有2家，分别是优美利投资、前海博普资产；10亿-20亿和20亿-50亿规模私募机构各1家，依 次为龙航资产、弘尚资产。 ...

Group 1 - Major international investment banks, including UBS, Goldman Sachs, and Morgan Stanley, have released optimistic investment outlooks for the Chinese market in 2026, highlighting the increasing attractiveness of the A-share market and the AI sector as a key investment direction [1][2] - UBS's China equity strategy head, Wang Zonghao, predicts a 14% increase in the MSCI China Index by the end of 2026, with favorable factors such as low valuations and moderate profit growth supporting the market [1] - Morgan Stanley has slightly raised its target for Chinese stock indices, emphasizing the stability of valuations and moderate profit growth, which positions China favorably in the global tech competition [1][2] Group 2 - Fidelity International's global multi-asset head anticipates a resilient global macro environment in 2026, with a focus on stock assets, particularly in emerging markets like China and South Korea [2] - Goldman Sachs notes that emerging market stocks are currently trading at a 40% discount compared to U.S. stocks, suggesting potential for outperformance in 2026 due to supportive macro conditions [2] - The AI industry is viewed as one of the most certain investment themes for 2026 by multiple foreign institutions, indicating strong confidence in this sector's growth potential [2][3] Group 3 - The technology sector remains a primary investment focus, with continued optimism for tech and internet stocks, as highlighted by Wang Zonghao [3] - Morgan Stanley's investment manager, Li Shengyao, emphasizes the long-term structural benefits of China's supply chain and the economic closed loop formed in AI, integrated circuits, biomedicine, and high-end equipment [3] - Fidelity International's global multi-asset head points out that breakthroughs in AI are expected to drive strong performance in A-share and Hong Kong tech stocks in 2025, supported by China's AI ecosystem and favorable policies [3]

Core Viewpoint - The trend of large-denomination certificates of deposit (CDs) disappearing from the market is evident, with major banks removing long-term products to manage net interest margin pressures and adapt to changing monetary policies [1][2][3] Group 1: Market Changes - Major state-owned banks and national joint-stock banks have removed five-year large-denomination CDs from their offerings, with only short-term products available [1] - The availability of three-year large-denomination CDs is also tightening, with some banks halting new issuances [1][2] - The current offerings are primarily focused on one-year or shorter terms, with some banks only providing three-month or six-month products [2] Group 2: Reasons for Changes - The primary reason for banks discontinuing long-term large-denomination CDs is to alleviate the increasing pressure on net interest margins due to declining loan rates [2] - By reducing high-cost liabilities associated with long-term CDs, banks aim to optimize their liability structure and control overall funding costs [2][3] - This adjustment is seen as a proactive measure by banks in response to macroeconomic conditions and regulatory guidance [2] Group 3: Future Outlook - The role and form of large-denomination CDs are expected to undergo significant changes, with a shift towards shorter-term products becoming more common [3] - The interest rate advantage of large-denomination CDs is likely to diminish, aligning more closely with regular fixed-term deposits [3] - A long-term downward trend in deposit rates is anticipated, driven by monetary policy aimed at reducing financing costs for the real economy [3]