据上述行政处罚决定书，厦门绿洲于2015年9月至10月期间向个人销售方收购旧家电，取得销售方以外 的第三方沭阳源丰再生资源有限公司开具的增值税专用发票350份，认证抵扣税额385.56万元，列支主 营业务成本2268.02万元，造成少缴税款的后果已构成偷税。依据《中华人民共和国税收征收管理法》 第六十三条第一款，对厦门绿洲偷税的行为处所偷税款0.5倍的罚款合计202.42万元。 资料显示，东江环保股份有限公司创立于1999年，是深港两地上市环保企业。目前公司已成长为以工业 和市政废物的资源化利用与无害化处理、稀贵金属回收为主，水治理、环境工程、环境检测协同发展的 大型集团公司。 中证报中证网讯(王珞)11月25日晚，东江环保（002672）发布公告称，公司旗下全资子公司厦门绿洲环 保产业有限公司(以下简称"厦门绿洲")于近日收到国家税务总局厦门市税务局第二稽查局下发的《税务 行政处罚决定书》。 ...

Core Insights - Li Auto reported a revenue of 27.4 billion yuan for Q3 2025, a decrease of 9.5% quarter-on-quarter, while maintaining a leading position among new energy vehicle companies with a total revenue of 83.5 billion yuan for the first three quarters [1] - The company experienced a net loss of 624 million yuan in Q3 2025, compared to a net profit of 2.8 billion yuan in the same period last year and a net profit of 1.1 billion yuan in the previous quarter [1] - Vehicle gross margin for Q3 2025 was 15.5%, down from 20.9% in Q3 2024, but adjusted gross margin excluding the impact of the recall was 19.8% [1] Financial Performance - Total revenue for the first three quarters of 2025 was 83.5 billion yuan, maintaining a leading position among competitors [1] - The adjusted net loss under Non-GAAP for Q3 2025 was 359.7 million yuan, compared to a net profit of 3.9 billion yuan in the same period last year [1] - R&D expenses for the quarter were 3 billion yuan, with an expected total R&D investment of 12 billion yuan for the year, including over 6 billion yuan in AI [1] Sales and Market Position - The company reported that cumulative orders for the new models, Li Auto i8 and i6, exceeded 100,000 units, with Li MEGA becoming the sales champion in the high-end pure electric market for Q3 [1] - For Q4 2025, Li Auto expects vehicle deliveries to be between 100,000 and 110,000 units, representing a year-on-year decrease of 30.7% to 37.0% [2] - Projected total revenue for Q4 2025 is estimated to be between 26.5 billion yuan and 29.2 billion yuan, a year-on-year decrease of 34.2% to 40.1% [2] Strategic Outlook - Li Auto's CEO expressed confidence in the company's long-term vision and strategic goals, highlighting the strong performance of its pure electric models and advancements in AI technology [2] - The VLA driver model achieved a monthly usage rate of 91% in October, indicating a leading user penetration rate in the industry [2]

Core Insights - Cheetah Mobile reported a revenue of 287 million yuan for Q3, marking a year-on-year growth of 49.6% [1] - The company achieved a net profit of 15.12 million yuan under non-GAAP standards, with a gross profit of 214 million yuan, reflecting a 64.4% increase year-on-year and a gross margin of 74.6%, up from 67.9% in the same period last year [1] - As of September 30, 2025, Cheetah Mobile held cash and cash equivalents of 1.597 billion yuan and long-term investments of 761 million yuan [1] Revenue Breakdown - Revenue from AI and other businesses reached 145 million yuan, showing a year-on-year increase of 150.8%, accounting for 50.4% of total revenue [1] - The AI robotics segment experienced approximately 100% year-on-year growth and around 40% quarter-on-quarter growth [1] - The domestic voice interaction robot segment has achieved a consistent year-on-year growth of about 100% for two consecutive quarters, with the "Hunting Star Leopard Secret" series becoming a standard in smart upgrades for exhibition halls and museums [1] Strategic Developments - Cheetah Mobile's Chairman and CEO, Fu Sheng, stated that the company has returned to profitability after six years, indicating substantial progress in its strategic transformation [1] - The demand for AI voice robots remains strong, laying a solid foundation for achieving breakeven for the entire year [1] - The AI guided robot received the "Outstanding Case of Technological Innovation" award from the Beijing Municipal Bureau of Culture and Tourism [1]

Core Insights - The company, Boan Biotech, has received approval from the National Medical Products Administration of China for its self-developed product, Bo Youjing (Aflibercept intravitreal injection solution), marking the second new product approved this year [1] - Bo Youjing is a biosimilar to EYLEA, targeting various retinal diseases and demonstrating long-term efficacy and good safety profile [1] - The CEO of Boan Biotech highlighted the significant clinical value of Aflibercept and the growing demand for treatment of retinal diseases [2] Product Development - Boan Biotech has successfully launched five products in the past five years, all of which are biosimilars [2] - The company’s first product, Bo Youping, was approved in August as the first domestic Dula-glutide [1][2] Commercialization Strategy - Boan Biotech has partnered with Eucan Vision for commercialization, leveraging a team of hundreds in the ophthalmology field and a network covering over 20,000 hospitals nationwide [1] - The company has also granted exclusive sales rights for Bo Youjing to a subsidiary of Sinovac Biotech in specific regions [1] Financial Performance - For 2024, Boan Biotech projects revenue of 730 million yuan, a year-on-year increase of 17.5%, and a net profit of 73.19 million yuan, marking a turnaround with a profit increase of 190 million yuan [2] - The successful commercialization of new products like Bo Youping and Bo Youjing is expected to enhance the company's profitability and commercial capabilities [2]

Group 1 - The core announcement from Youjia Innovation involves a proposed issuance of up to 14.01 million new H-shares at a price of HKD 14.88 per share, representing a discount of approximately 9.98% from the closing price of HKD 16.53 on November 25 [1] - If all shares are fully placed, the net proceeds are expected to be around HKD 204 million, with approximately 70% allocated for the development of L4 autonomous logistics vehicles and 30% for upgrading the foundational research platform [1] - The company aims to accelerate its technological reserves and commercialization resources through this new round of placement, which is expected to strengthen its competitive advantage and expand its market leadership in L4 autonomous driving business [1] Group 2 - Youjia Innovation has recently signed a strategic cooperation agreement with Xinjiao Automobile and Binghuo Di, aiming to design, produce, and deliver 800 units of competitive autonomous logistics vehicles [2] - This collaboration is based on the principle of "complementary advantages and win-win cooperation," focusing on the full-chain synergy of technology research and development, intelligent manufacturing, and large-scale operations [2] - The company’s self-developed Xiaozhu autonomous vehicle utilizes multi-sensor fusion and a five-fold safety redundancy architecture, enabling stable operation in various scenarios, with existing applications in high-dynamic environments like Shenzhen Huaqiangbei [2]

Core Viewpoint - The article highlights the active role of the company in promoting sustainable finance and ESG principles, showcasing its commitment to green finance and social responsibility through various initiatives and product offerings [1][3][5]. Group 1: Sustainable Development Initiatives - The company participated in the "2025 Golden Bull Enterprise Sustainable Development Forum," emphasizing its dedication to green finance and sustainable development [1]. - The "Three-Five Special Project" aims to enhance service quality for the real economy, focusing on green finance, technology finance, and inclusive finance, with asset deployment reaching nearly 200 billion yuan, a growth of over 20% since the beginning of the year [2]. Group 2: ESG Integration and Product Development - The company integrates ESG principles into its business model, launching the "Yuefeng Li Zengying No. 48" ESG-themed product, which raised over 300 million yuan, focusing on ESG bonds and green projects [3]. - The company has developed a multi-dimensional green investment system, with green finance-related assets increasing by 15% since the beginning of the year, with bonds making up nearly 80% of this portfolio [3]. Group 3: Innovative Investment Products - The company is exploring index-based investment strategies, launching the "New Quality Productivity Development Bond Index," which includes nearly 1,500 bonds focused on innovation, green, and digital economy sectors [4]. - In September 2025, the company will introduce a wealth management product linked to the "Pufa Bank - China Bond Credit Technology Innovation Bond Index," providing investors with opportunities to benefit from technological advancements [4]. Group 4: Customer Engagement and Education - The company has served over 14 million customers since its establishment, generating nearly 80 billion yuan in returns for clients over the past three years [5]. - The company emphasizes financial consumer rights protection and has conducted nearly 100 investor education events, reaching over 24 million people online [5]. - The establishment of three physical investor companionship bases across the country aims to provide educational support and enhance financial literacy among the public [5].

Core Insights - DaShi Intelligent has signed a strategic cooperation agreement with Rockwell Automation, focusing on low-carbon energy, biomedical laboratories, and smart healthcare [1][2] - The company aims to become a global leader in smart space services by leveraging its intelligent IoT platform to provide comprehensive lifecycle services [1][4] Strategic Cooperation - The partnership with Rockwell Automation builds on over 20 years of collaboration, enhancing capabilities in industrial automation and digital transformation [2] - DaShi Intelligent has previously partnered with Honeywell, transitioning from a sales agent to a self-research and development-focused company [2] User-Centric Innovation - The company emphasizes the need for customized solutions to meet specific user demands in smart buildings and hospitals, which often cannot be addressed by standardized products from multinational corporations [3] - Information security and cost optimization are critical factors driving the company's innovation efforts, with significant reductions in costs for domestic products compared to imported ones [3] Achievements and Goals - DaShi Intelligent's strategic goal for 2030 is to provide modular space applications and achieve a market penetration rate of 53.3% for its AIoT platform in enterprise and park intelligence projects by 2024 [4][5] - The company has successfully served 57 manufacturing listed companies in Shenzhen, achieving a coverage rate of 61.29% [4] Growth Factors - The significant growth in the AIoT platform's contract value, which increased by 102.9% year-on-year, is attributed to the emergence of domestic AI language models and long-term investments in AI applications [5][6] - Key growth strategies include increased R&D investment, market engagement through experiential marketing, and a focus on talent development [6] Commitment to Values - DaShi Intelligent's approach to innovation is rooted in understanding user needs, with a philosophy of "professionalism + sincerity" to create sustainable value [7][8] - The company has a history of developing products that meet user requirements, such as the first self-developed access control system in 1997, which provided cost-effective solutions compared to imported products [7][8] Future Outlook - Despite industry challenges, the emphasis on digital economy and rapid AI technology development presents opportunities for growth [9] - DaShi Intelligent has provided smart services to over 3,000 large and medium-sized enterprises across more than 200 cities, establishing a solid foundation for future development [9][10]

中证报中证网讯(记者马爽)11月26日盘后，广州期货交易所发布通知称，铂期货、钯期货将分别于2025 年11月27日上市交易。其中铂期货PT2606合约、PT2608合约、PT2610合约挂牌基准价均为405元/克。 钯期货PD2606合约、PD2608合约、PD2610合约挂牌基准价均为365元/克。 ...

Core Viewpoint - Tesla plans to replace all Chinese components in its U.S. manufactured vehicles within the next one to two years, but the company has denied these reports, emphasizing that the origin of suppliers does not serve as an exclusionary criterion [1][2]. Group 1: Supply Chain Strategy - Tesla's supply chain strategy focuses on quality, total cost, technological maturity, and long-term supply continuity, rather than the geographical origin of components [1]. - The localization rate of parts produced at Tesla's Shanghai Gigafactory for the Model 3 and Model Y has exceeded 95%, contributing to competitive pricing in the Chinese market [1]. - Tesla collaborates with over 400 local suppliers in China to achieve high quality, efficiency, and cost-effectiveness for its products [1]. Group 2: Financial Performance - In Q3, Tesla reported revenue of $28.1 billion, a 12% year-over-year increase, while net profit decreased by 29% to $1.77 billion (non-GAAP) [2]. - The core automotive business revenue grew by 6% to $21.2 billion in Q3, compared to $20 billion in the same period last year [2]. Group 3: Market Performance in China - Tesla's sales in China for the first half of 2025 are projected to reach 263,400 units, a decline of approximately 5.4% compared to the same period last year [2]. - In Q3, Tesla's sales in China rebounded to 169,200 units, representing a 31% quarter-over-quarter increase [2]. Group 4: New Developments - Tesla's second Gigafactory in China, focused on energy storage, began production in February, marking a new phase for Tesla's operations in the country [2]. - The Shanghai energy storage Gigafactory is planned to produce 10,000 units of the Megapack annually, with a storage capacity of nearly 40 GWh, supplying the global market [2].

中证报中证网讯（记者 葛瑶 王超）11月26日，中信期货2026年度策略会在上海浦东召开。本次策略会 以"破浪前行，扬帆起航"为主题，共设置1个主论坛及8个分论坛，以多元化视角对2025年下半年以来的 宏观、权益、债券、大宗商品、汇率、海外市场等议题进行深入探讨，并对2026年相关议题做出展望。 窦长宏介绍，2025年中信期货保证金规模突破2000亿元，并创下新高，成交、持仓、交割规模均同比增 长。公司不断做深做实产业服务，服务产业客户超过1万家，实现套保金额近8000亿元；持续推出贴合 产业链风险管理诉求的衍生产品结构和期现结合产品，风险子公司服务实体企业2000余家，其中大部分 为中小微企业，服务实体交易金额超1500亿元。国际化方面，引进来和走出去业务规模均创历史新高， 全球市场的交易结算承做能力持续增强。 中国宏观经济学会副会长祝宝良发表了关于《2026年我国宏观经济形势和政策取向》的主题演讲。他认 为，2026年，要坚持稳中求进工作总基调，实施更加积极有为的财政政策和适度宽松的货币政策，不断 深化改革、扩大开放，着力扩大内需，着力增强微观主体活力，着力稳定市场主体信心，推动经济稳中 向好。 中信期货 ...