外资机构看好中国市场，增配行业龙头股 王滢建议长期关注高科技板块，包括人工智能、自动化、机器人、生物科技、高端制造等，同时建议投 资者持续配置高质量红利股，以抵御短期的市场波动。 瑞银最新研报指出，在新兴市场中继续给予中国超配评级，理由是与另一新兴市场印度相比，中国企业 营收增长更快，每股收益增长同样较快，当前估值较印度市场折价约33%。 摩根大通同样看好中国股市，估算至2026年底，沪深300指数有24%上行空间，MSCI中国指数则有35% 上行空间。 当前进入上市公司三季报披露季，记者梳理发现，行业龙头成为外资重仓和增仓主要品种。据数据统 计，截至9月底，贵州茅台、中国平安、五粮液最受外资青睐，3家的持股外资机构数量分别达85家、83 家和81家。顺丰控股、京东方A、恒瑞医药、立讯精密、工商银行、美的集团等11只股票也吸引了超过 70家外资机构持有。 从持股数量来看，银行股是外资重仓方向之一。截至9月底，外资持股数量前十的A股公司中，上市银 行占了7席。其中，32家外资合计持有南京银行22.36亿股，75家外资持有工商银行15.65亿股。农业银 行、招商银行、宁波银行的外资持股均超过10亿股。 从持仓市值 ...

Group 1: Core Insights - Shenzhen's affordable housing development is exemplified by the successful application of talent housing by residents like Ms. Huang, highlighting the convenience and pleasant environment of these projects [1] - The city’s Anju Group has initiated 119 projects, constructing approximately 320,000 units of affordable housing, with 155,000 units supplied, accounting for about one-third of the city's total during the same period [1] Group 2: Land Utilization and Project Development - Anju Group has actively participated in national "three major projects," successfully acquiring 1,074 urban village properties with a total construction area of 1.33 million square meters, which can yield 53,000 housing units [2] - The group has implemented various cooperative development models, effectively revitalizing eight types of existing resources, contributing to the construction of 35,000 housing units across 37 projects [2] - Anju Group has also played a significant role in urban renewal projects, advancing 14 projects that account for 64% of similar projects in the city, contributing approximately 310,000 square meters of public facilities and 17,000 affordable housing units [2] Group 3: Financial Mechanisms for Sustainable Development - The sustainable development of affordable housing relies on financial mechanisms, with Anju Group establishing a multi-tiered REITs system to facilitate capital operations [3] - The first public REIT for affordable rental housing in the country, Shenzhen Anju REIT, was launched in August 2022, raising 1.242 billion yuan and setting multiple industry records [3] - In 2024, the issuance of class REITs raised 86.5 million yuan and 387.6 million yuan in two phases, creating a positive cycle between existing assets and new investments in affordable rental housing [3] Group 4: Support for Graduates - Anju Group launched the "Deep Dream Sailing" initiative, providing free accommodation for 7 days to recent graduates seeking employment in Shenzhen, which was later extended to 15 days [4] - Since the initiative's launch, over 38,300 individuals have registered, with approximately 19,700 graduates having utilized the free accommodation [4] - The "Deep Dream" series also includes programs addressing transitional housing needs for graduates and providing one month of free housing for urban builders, serving a total of 365 individuals [4]

记者注意到，《行动方案》从强化工业人工智能关键供给、推动工业人工智能规模化应用、构建工业人 工智能支撑体系及相关要素保障等四大方面推出16项政策，推动人工智能赋能广东制造业。明确支持深 圳建设具身智能训练场体系，建设国家级人工智能中试应用基地等。 在强化工业人工智能关键供给方面，《行动方案》明确广东将大力支持广州、深圳等地市建设智能体领 域创新中心，培育一批感知、需求、执行、决策、评测类智能体。 【深圳商报讯】（驻穗记者 张莹）近日，广东发布《广东省人工智能赋能制造业高质量发展行动方案 （2025-2027年）》（以下简称《行动方案》），10月22日上午，省政府新闻办联合相关单位负责人就 此举行新闻发布会。 在推动工业人工智能规模化应用方面，《行动方案》指出广东将提速推进广州、深圳、佛山、东莞、中 山、江门等6个国家级和14个省级中小企业数字化转型城市试点，聚焦智能终端、新能源汽车、纺织服 装等一批试点行业，推动模型算法在研发设计、视觉检测、参数优化、能耗管理、智能分拣等中小企业 重点场景落地应用，并组织试点城市对符合条件的中小企业智能化改造项目予以资金支持。 据了解，今年，广东成功争取到国家级人工智能应用中 ...

Core Insights - The former chairman of Xingye Fund, Ye Wenhuang, has retired due to age, and Liu Zongzhi, a veteran from the banking sector, has been appointed as the new chairman, marking a significant leadership change in the company [1][2] - Xingye Fund has a high proportion of fixed-income products, which are the main drivers of its growth in management scale [1] Company Overview - Xingye Fund was established in April 2013 and is a subsidiary of Xingye Bank [1] - As of mid-2023, the total management scale of Xingye Fund reached 448.023 billion yuan, reflecting an increase of 100.551 billion yuan from the end of last year and 131.478 billion yuan from mid-last year, with a quarter-on-quarter growth of 28.93% and a year-on-year growth of 41.54% [1] - The company ranks 26th among all public fund institutions [1] Product Structure - The product structure of Xingye Fund is characterized by a strong focus on fixed-income products, with equity products being relatively weak [1] - The scale of 14 equity funds under Xingye Fund was 2.953 billion yuan at mid-year, with a quarter-on-quarter growth of 12.79% and a year-on-year growth of 242.71%, accounting for only 3.54% of the total management scale [2] - The scale of 56 bond funds reached 257.931 billion yuan, with quarter-on-quarter and year-on-year growth of 24.58% and 26.22%, respectively [2] - The scale of money market funds was 173.959 billion yuan, with quarter-on-quarter growth of 38.93% and year-on-year growth of 76.45% [2] - Three fund of funds (FOF) had a scale of 0.276 billion yuan, showing a decrease of 3.09% quarter-on-quarter and 15.71% year-on-year [2]

Core Viewpoint - The collaboration between Innovent Biologics and Takeda Pharmaceutical aims to develop cancer treatment drugs, with a total deal value of $11.4 billion, setting a record for business development transactions in China's pharmaceutical industry [1] Group 1: Collaboration Details - The total amount of the collaboration is $11.4 billion, focusing on three drugs: IBI363 and IBI343 in Phase 3 clinical trials, and IBI3001 in Phase 1 [1] - Both companies will jointly advance the development of IBI363, with Takeda granted commercialization rights outside Greater China and the U.S. [1] - Takeda will also receive exclusive rights for IBI343 outside Greater China, and an exclusive option for IBI3001 in regions outside Greater China [1] Group 2: Strategic Implications - This partnership is expected to accelerate Innovent's global development in the fields of immuno-oncology (IO) and antibody-drug conjugates (ADC) [1] - The collaboration will explore the research potential for treatments targeting non-small cell lung cancer and colorectal cancer [1]

Core Viewpoint - Wantuo Expressway plans to invest 3 billion yuan to acquire a 7% stake in Shandong Expressway, a leading player in the highway industry in Shandong Province, and will gain one board seat [1] Group 1: Acquisition Details - The acquisition involves the transfer of 338 million shares at a price of 8.92 yuan per share, totaling approximately 3.019 billion yuan [1] - The funding for this transaction will come from the company's self-raised funds [1] Group 2: Company Background - Wantuo Expressway was established on August 15, 1996, and is the only listed expressway company in Anhui Province [1] - It is also the first mainland highway company to be listed on the Hong Kong stock market [1]

【深圳商报讯】（驻穗记者 张莹）12月22日，在2025粤港澳大湾区全球招商大会新闻发布会上，省商 务厅厅长张劲松表示，截至目前广东已设立外商投资企业超过36万家、实际使用外资超过6000亿美元。 张劲松介绍，今年以来，广东全力稳住外资基本盘，在艰难的形势下实现外资较大幅度的正增长，为全 省经济发展大局、为全国利用外资大局提供了有力支撑。 重大项目支撑有力。同期，广东全省实际到资1亿美元以上大项目24个，比去年同期增加7个，实际使用 外资45亿美元，占全省外资的比重超过四成。 据悉，2025粤港澳大湾区全球招商大会将于11月3日在广州举办。本届大会获得全球工商界高度关注。 从区域看，珠三角继续发挥主力军作用，1-9月实际使用外资727亿元，增长12.7%，尤其是江门、佛 山、中山、东莞、惠州等实际外资两位数增长，深圳、广州实际外资均超过200亿元；同时，梅州、茂 名、汕头等粤东西北城市也实现成倍增长。 主要资金来源地增长强劲。同期，广东吸引来自香港资金558.4亿元，同比增长18.4%。同时，来自发达 国家的资金达到148.2亿元，其中荷兰、法国、英国分别同比增长10.8倍、1.7倍和60.6%。 值得关注的 ...

Core Viewpoint - The company Jin Tong Ling is facing severe financial distress, leading to a bankruptcy liquidation application by its subsidiary, Jiangsu Jin Tong Ling Precision Manufacturing Co., Ltd, due to unpaid debts and significant losses over recent years [1][4][5]. Financial Situation - As of April 30, 2025, Jin Tong Ling Precision Manufacturing reported total assets of 67 million and total liabilities of 196 million, indicating insolvency [4]. - The company has incurred total losses exceeding 2.2 billion from 2020 to 2024, with a debt ratio of 92.04% as of mid-2025 [5]. - For the first half of 2025, the company reported revenue of 370 million, a year-on-year decline of 48.70%, and a net loss of 202 million, a decline of 167.72% [5]. Legal and Regulatory Issues - The company has been penalized for securities fraud, resulting in a fine of 8 million, and several executives have received prison sentences for related offenses [6]. - The bankruptcy application was accepted by the Nanjing Intermediate People's Court, confirming the company's inability to meet its financial obligations [4]. Recent Developments - On September 5, 2025, the company announced a pre-restructuring investment agreement with HuTongDa Network Co., Ltd, aimed at resolving its debt crisis and improving its financial structure [5].

Core Insights - Shenzhen's functional autonomous vehicle industry is experiencing significant growth in both operational scale and commercial value, with over 1 million fresh food delivery orders completed in September, generating an estimated commercial value of 8.7 million yuan [1][2] Group 1: Operational Growth - In September, the number of operational functional autonomous vehicles in Shenzhen increased by 32 units, reaching a total of 798, representing a 4.5% month-on-month growth [2] - The logistics autonomous vehicles accounted for 432 units, with a 3.3% increase from the previous month [2] - The average delivery volume per vehicle improved from 29.4 orders to 34.7 orders, marking a nearly 20% increase [2] Group 2: Delivery Performance - The total number of fresh food delivery orders reached 1.02 million in September, reflecting a 13% month-on-month growth [2] - Among the delivery orders, 845,000 were for express delivery and 175,000 for fresh food [2] - SF Express led the market with a delivery scale of 453,600 orders, while JD and Shentong saw order growth rates of 95% and 104%, respectively [2] Group 3: Infrastructure Development - Shenzhen opened an additional 396 kilometers of roads for autonomous vehicle operation in September, bringing the total open road mileage to 3,581 kilometers, a 12.4% increase [2] - By the end of September, there were 1,257 open routes for autonomous vehicles in Shenzhen, facilitating cross-regional operations [3] Group 4: Industry Trends - Major industry players are actively expanding their operational networks and securing regional breakthroughs, with New Stone Technology obtaining a testing license in Jiamusi, marking a significant step in Northeast China's logistics landscape [4] - Zhongtong reported that its autonomous vehicle fleet exceeded 2,900 units, delivering over 200,000 packages daily across more than 250 cities [4] - The largest procurement project in the history of the autonomous delivery industry was initiated by China Post, which involved the leasing of 7,000 autonomous vehicles [4] Group 5: Investment and Financing - The autonomous delivery vehicle sector raised 897 million yuan in the third quarter, indicating sustained investment interest [5] - The focus of financing has shifted from pilot testing to large-scale replication, reflecting a maturation of the industry [5] - Jiu Shi Intelligent announced a successful $100 million Series B4 financing round, led by Ant Group, bringing its total Series B financing to $400 million [4]

Core Insights - Huawei officially launched HarmonyOS 6 on October 22, enhancing its ecosystem with over 80 new AI-driven application features and improving user experience from "usable" to "user-friendly" [1][2] - The number of devices running HarmonyOS 5 has surpassed 23 million, indicating strong adoption and support for the ecosystem [2][3] Group 1: Product Features - HarmonyOS 6 introduces a new interconnectivity feature that allows data transfer between HarmonyOS and iOS devices without the need for internet, marking a significant advancement in cross-ecosystem compatibility [2] - The system boasts a 15% performance improvement across various device categories and extends battery life by over 35 minutes, enhancing overall user experience with faster application launch and content loading times [2] - The new "碰一碰" feature supports over 60 applications, enabling users to easily share content like photos and music through simple gestures [1] Group 2: Application Ecosystem - Major applications such as WeChat, Taobao, Alipay, Douyin, and JD have been upgraded to provide unique experiences on HarmonyOS, with Tencent having over 60 products available on the platform [3] - HarmonyOS 6 is set to roll out to over 90 device models starting October 22, with predictions that the Huawei Mate 80 series will be the first to feature the official version of HarmonyOS 6 [3]