俄乌冲突持续近四年，而美国在此刻突然抛出新的"和平计划"，为长期僵持的局面注入新的变量。尽管 美俄乌新一轮接触正在或即将展开，但在领土安排、安全保障、战后秩序等关键议题上，各方立场依旧 相距甚远，和平前景仍充满不确定性。 "和平计划" 在美国总统特朗普的竞选承诺中，关于结束俄乌冲突的承诺尤为突出。他曾多次表示，将在上任后 的"24小时内"解决俄乌冲突。然而，自其今年1月底就职以来，近11个月过去了，所有试图促成和平谈 判的努力都以失败告终。 现在，特朗普不得不承认，冲突双方的调解远比他预想的要困难得多。 不过，在俄乌僵局与美国国内政治撕裂交织的背景下，11月，一份由白宫秘密起草的28点新计划突然浮 出水面。 据央视新闻报道，从已披露的文本看，这份28点新计划的"骨架"是"立即停火+战线冻结+长期安排"。方 案要求乌克兰在领土与安全上作出历史性让步，即对克里米亚以及顿涅茨克、卢甘斯克等主要俄控区给 予事实性承认，以现有接触线为基础冻结前线，并设置缓冲区。 按照美国媒体的说法，28点新计划借鉴了特朗普推动加沙停火的经验，是由白宫近期秘密起草并与俄罗 斯讨论的结果。 白宫新闻秘书莱维特11月20日证实，俄乌28点新 ...

Core Insights - As of October 31, 2025, the total net asset value of public funds in China reached a record high of 36.96 trillion yuan, reflecting a month-on-month increase of 0.59% from 36.74 trillion yuan at the end of September 2025 [1] Fund Management Institutions - There are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] Fund Categories Overview - The total number of funds is 13,381, with a total share of 313.80 billion and a net value of 369.60 billion yuan as of October 31, 2025 [3] - The number of closed-end funds stands at 1,329, with a net value of 36,855.15 billion yuan [3] - The number of open-end funds is 12,052, with a net value of 332,743.67 billion yuan [3] Specific Fund Types - Stock funds reached a net value of 5.93 trillion yuan, while mixed funds and bond funds had net values of 4.26 trillion yuan and 7.1 trillion yuan, respectively, showing slight month-on-month declines [3] - QDII funds and money market funds achieved net values of 9.39 trillion yuan and 15.05 trillion yuan, with month-on-month growth rates of 3.12% and 2.63% respectively [3]

Group 1 - Multiple public fund companies in Hong Kong have responded quickly to the serious fire incident in Tai Po, showing solidarity and support for the affected community [1][2][3] - E Fund (Hong Kong) announced a donation of 5 million HKD for emergency relief and post-disaster reconstruction efforts [1] - Huatai PineBridge Fund and its Hong Kong subsidiary pledged 3 million HKD for similar purposes, expressing condolences to the victims and support for rescue personnel [1] - China Asset Management reported a donation of 2 million RMB from its employees to assist with emergency needs and community rebuilding [1] - Southern Fund committed to donating 3 million HKD through its charity foundation for emergency relief and reconstruction [1] Group 2 - Harvest Fund and its Hong Kong subsidiary initiated a donation of 3 million HKD to support emergency rescue and subsequent rebuilding efforts [2] - Yongying Fund and its Hong Kong subsidiary decided to donate 2 million HKD for fire rescue and post-disaster assistance [2] - Da Cheng Fund, along with its Hong Kong subsidiary and charity foundation, launched a 2 million HKD emergency donation for fire rescue and rebuilding efforts [2] Group 3 - China Europe Fund International announced a donation of 100,000 HKD to assist affected communities with immediate needs, ensuring all funds go directly to aid without administrative deductions [3] - Ruiyuan Fund (Hong Kong) decided to donate 1 million HKD for fire rescue and subsequent support, emphasizing collaboration with local organizations [3]

同日，美国公民及移民服务局局长埃德洛在社交平台X上发文表示，美国公民及移民服务局已暂停 对所有庇护申请的裁决，直至能够确保对每一位移民都进行最严格的审查和筛选。 当地时间11月28日，美国财政部长贝森特表示，在美国总统特朗普的指示下，他们正在努力切断非 法移民的联邦福利，并将这些福利保留给美国公民。 美国国务院28日在社交平台X上发文称，美国国务院已立即暂停向持阿富汗护照的个人签发签证， 美国国务院正在采取一切必要措施，以维护美国国家安全和公共安全。 当地时间27日，特朗普在社交媒体上表示，他将无限期暂停来自所有"第三世界国家"的移民，让美 国体系得以完全恢复。终止前总统拜登执政期间数百万非法入境者的所有入境许可。 特朗普还称，将清除任何对美国没有净贡献或无法热爱美国的人，结束一切给予非美国公民的联邦 福利和补贴；取消破坏美国安宁的移民的公民身份；驱逐任何成为公共负担、有安全风险的外国人。 此前，美国两名国民警卫队成员在白宫附近遭到枪击，其中一人死亡，一人伤情严重。特朗普表 示，嫌疑人是于2021年进入美国的阿富汗公民。 来源 综合央视新闻客户端报道 ...

Core Viewpoint - Perfect World has announced a plan for its actual controller, Chi Yufeng, to reduce his shareholding by up to 32.98 million shares, representing 1.7% of the total share capital, due to personal financial needs, which has led to a significant drop in the company's stock price [2][3] Group 1: Shareholding and Financial Impact - Chi Yufeng currently holds 149 million shares, accounting for 7.69% of the total share capital, and along with his concerted actions, they hold 628 million shares, or 32.36% of the total [2] - The planned reduction could result in a cash-out of approximately 500 million yuan based on the closing price of 15.147 yuan per share on November 27 [2] - This is not the first time Chi has reduced his holdings; he has cumulatively cashed out over 3 billion yuan since his initial shareholding of 176 million shares [2][3] Group 2: Business Performance and Challenges - Perfect World has faced significant challenges in 2024, with major declines in revenue from existing games and underperformance of new releases, such as "One Punch Man: World" [3] - The company reported its first annual loss since going public, with a net loss of 1.288 billion yuan [3] - However, the latest quarterly report shows a revenue of 1.726 billion yuan, a year-on-year increase of 31.45%, and a net profit of 162 million yuan, up 176.59% [4] Group 3: Future Prospects and Market Conditions - The growth in net profit is partly attributed to non-recurring gains, including a 182 million yuan profit from the sale of a studio [5] - Perfect World is focusing on its promising project "Yihuan," which has received a game license and is expected to be a significant revenue driver [5] - The overall market for two-dimensional games has been declining, with a reported 8% drop in sales revenue in the first half of the year, raising concerns about "Yihuan's" ability to succeed in a competitive landscape [5]

Market Overview - A-shares experienced a mild rebound with 4,122 stocks rising, while trading volume decreased to 1.6 trillion yuan, down from 1.72 trillion yuan the previous day [1][2] - The market sentiment remains cautious, with expectations of continued volatility in the short term, focusing on signals from the Federal Reserve regarding interest rate cuts and the upcoming Central Economic Work Conference [1][10] Sector Performance - Steel and agriculture sectors showed strong performance, with both sectors rising by 1.59% [7] - Other sectors such as retail, non-ferrous metals, defense, machinery, and electric equipment also saw gains exceeding 1% [6][7] - Notable individual stocks included Wu Jin Bu Nox (603878), Da Zhong Mining (001203), and Pingtan Development (000592), which hit the daily limit [6] Investment Strategy - Analysts suggest maintaining a position of 50-60% in the market, employing a "defensive counterattack" strategy with a focus on high-dividend, low-valuation defensive sectors like banking, insurance, coal, and utilities [12] - The technology sector, particularly AI and semiconductors, is viewed as a key offensive area for investment, while also considering high-dividend assets to hedge against volatility [12] Economic Indicators - The probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 86.9%, which could lead to foreign capital inflow and valuation recovery [12] - The upcoming Central Economic Work Conference is expected to provide critical policy signals that could influence market direction [12]

据港交所文件：山东卓创资讯股份有限公司向港交所提交上市申请书。 ...

Core Viewpoint - The company Avita Technology has submitted an IPO application to the Hong Kong Stock Exchange, driven by significant financial losses and cash flow pressures, rather than a strong growth narrative [1][2]. Financial Performance - Avita has reported cumulative losses exceeding 113 billion yuan over four years, with net losses of 20.15 billion yuan, 36.93 billion yuan, and 40.18 billion yuan from 2022 to 2024, and an additional loss of 15.85 billion yuan in the first half of 2025 [5][8]. - Despite a "rocket-like" revenue growth from 283.4 million yuan in 2022 to 5.645 billion yuan in 2023 (a 198-fold increase), the company has not achieved profitability, indicating a trend of "increasing revenue without increasing profit" [3][4]. Sales and Market Position - Avita's sales heavily rely on a limited product range, with the Avita 12 model accounting for 41.8% of total sales in 2024, and the Avita 07 model contributing 43.99% in the first half of 2025 [4]. - The company’s sales figures remain low compared to competitors, with 2024 sales of 61,600 units representing only 12% of Li Auto's sales during the same period [3][4]. Cash Flow and Financial Health - As of June 2025, Avita's cash and cash equivalents stood at 13.483 billion yuan, but this amount is insufficient to cover its short-term liabilities of 21.947 billion yuan, leading to a coverage ratio of less than 62% [7][8]. - The company has experienced a significant cash outflow, with a net cash outflow of 800 million yuan in 2023 and a reduction of 5.841 billion yuan in cash reserves in the first half of 2025 [7][8]. Dependency and Strategic Challenges - Avita's operational capabilities are heavily reliant on partnerships with Changan Automobile, Huawei, and CATL, limiting its control over production and technology [8]. - The company aims to use funds raised from the IPO for product development, channel construction, and operational funding, highlighting the critical nature of this financing for its survival in the competitive EV market [8].

Group 1 - The recent shooting incident involving National Guard members has prompted President Trump to escalate his stance on illegal immigration, proposing to indefinitely suspend immigration from third-world countries to restore the American system [1][2] - Trump linked the shooting to an immigrant who entered the U.S. from Afghanistan in 2021, criticizing the Biden administration's immigration policies for allowing unvetted individuals to enter the country [2] - The White House has taken immediate action by halting all immigration applications for Afghan citizens and reviewing green cards issued to individuals from 19 "concerned countries" [2] Group 2 - Over 32 million immigrants currently make up about one-fifth of the U.S. labor force, playing crucial roles in industries such as agriculture, construction, hospitality, and healthcare [3] - Research from the Dallas Federal Reserve indicates that a reduction in cross-border migration and the expulsion of immigrants could lower U.S. GDP growth by nearly 0.9 percentage points by 2025 [3] - In a scenario of mass deportation, where 1 million individuals are removed annually until the end of 2027, GDP growth could decline by 1.5 percentage points [3]

Core Insights - Teh Hai International (09658.HK) reported a revenue of $214 million for Q3, a year-on-year increase of 7.8%, but the operating profit decreased by 15.4% to approximately $12.6 million, although it showed a quarter-on-quarter improvement of 240.5% [1] - The net profit attributable to shareholders fell dramatically by 90.4% to $3.609 million, primarily due to a significant increase in exchange losses compared to the same period in 2024 [1] Revenue Breakdown - The core revenue driver remains the dining operations, contributing $201 million in Q3, a 5.1% increase year-on-year, driven by store expansion and increased customer traffic and table turnover [2] - The average customer spending decreased to $24.6, down from $25.8, reflecting a 4.6% decline, attributed to pricing adjustments and marketing strategies aimed at increasing customer frequency and traffic [3][4] Customer Traffic and Store Expansion - The total customer traffic for Q3 exceeded 8.1 million, a 9.5% increase from 7.4 million in the same period last year, with an average table turnover rate of 3.9 times per day, slightly up from 3.8 times [4] - The company opened 10 new restaurants this year, bringing the total to 126, with plans for more openings despite some delays due to property handover and construction timelines [5] Delivery and Other Revenue Streams - The delivery business showed significant growth, achieving $4.4 million in revenue, a 69.2% increase year-on-year, as the company expanded its delivery channels and product offerings [6] - Other business segments generated $8.9 million in revenue, up 74.5%, driven by increased sales of hot pot condiments and contributions from the "Pomegranate Plan" which incubates new restaurant brands [7] Brand Development and Localization - The "Pomegranate Plan" aims to develop independent new brands outside of the hot pot segment, with successful launches in Canada and ongoing projects in Indonesia, Vietnam, and Japan [8] - The localization rate of customers has been steadily increasing, with over 90% in Asian markets like Korea and Indonesia, while North America shows a localization rate of 40%-50% [9]