基金经理何翔:在整个三季度,A股市场主要是大盘科技成长风格占优的阶段,并且带动了大盘指数连续上 行,这个阶段小微盘股是相对弱势一些的。我们看到的市场始终是结构性牛市,不同阶段不同风格轮换表 现是正常现象。也正是这些大盘成长股的持续大幅上涨,伴随小微盘股的暂缓休憩,让小微盘股进入了性 价比更优的阶段,也进一步打开了小微盘股后续的上涨空间。 基金经理何翔:渤海汇金公募量化权益部总经理,兼公募量化权益部量化投资团队负责人、量化投资总监, 二十一年量化投研从业经历,现任渤海汇金新动能主题混合型基金基金经理。 大家好,我是渤海汇金霄霄,有这么一只小微盘策略基金,渤海汇金新动能主题混合型基金(基金代 码:010584),今年以来的收益已经超过40%,近一年的收益也有近70%(均截止2025年8月1日)①。那么这只 基金究竟有什么独到之处呢,之前的访谈系列中,霄霄代大家采访了渤海汇金新动能的基金经理何翔老师, 今天我们将继续和基金经理对话,帮助大家更好的了解这只小微盘策略基金。 渤海汇金霄霄:首先祝贺您管理的渤海汇金新动能主题混合型基金荣获中国证券报颁发的三年期积极混 合型金牛奖②,对于能够再次荣获金牛奖,您有什么感想吗? ...

在健康管理服务领域，泰康养老始终以客户需求为导向，通过自主创新研发推出系列个性化健康产品， 助力用户科学达成健康目标。其中，泰康身心健康体适能产品依托3D视觉评估技术，可为用户定制专 业、个性化的运动改善方案；体脂秤、美体尺作为"健康中国医者先行"等健康行动的智能工具，有效帮 助客户提升健康管理效能。目前，这些自研产品已覆盖北京、福建等全国数十个省份，服务数百家医院 的医护人员及广泛客户群体。 中证报中证网讯(王珞)11月19日，泰康养老保险股份有限公司(以下简称"泰康养老")获评北京市知识产 权局"2025年度北京市知识产权优势单位"。作为此次入选名单中唯一的专业养老保险公司，该荣誉充分 体现了泰康养老在知识产权领域持续投入与深度布局的成果。 截至目前，泰康养老持有国内商标121件、著作权239件、专利申请351件(授权148件)、技术秘密5项、 软件著作权登记224件；2021、2022年、2024年、2025年泰康养老位列全国年金科技专利排行榜第一。 通过知识产权的创造、运用、保护和管理等多方面工作的扎实推进，泰康养老彰显了其在保险行业知识 产权和科技创新方面的标杆地位。 据了解，依托坚实的技术积累与前 ...

根据公告，本次增资协议中，神鸟尚医云设定了明确的经营目标，即需于2025年12月31日前在四川省内 建成18个中心药房，并实现在线签约医生数量突破2500人；于2026年12月31日前新开拓重庆、贵州、安 徽、江苏四个区域市场，在线签约医生再增3000人。神鸟尚医云将通过"AI云开方"和"智慧中心药房"打 造的医疗第三方终端共享平台，为基层医疗机构提供集医生分级诊疗、远程诊疗、智能调剂、药品代煎 （膏、丹、丸、散、水剂）及配送于一体的一站式解决方案。 药易购表示，本次对神鸟尚医云的战略增资，是公司产业布局的重要一环。公司以全局战略业务发展角 度进行投资，可以有效发挥公司在医药供应链、医药物流配送等方面的资源积累，进一步助力和赋能神 鸟尚医云发展，并利用神鸟尚医云链接的诊所、医生、销售推广资源推动公司供应链业务发展。同时， 四川天府数智参与投资，可以有效发挥其链接的高等级医生、专家资源的优势，向神鸟尚医云导入更多 优质的经典名方、院内制剂等供应链资源。通过本次增资，公司在业务及战略发展上进一步围绕医药行 业多元化发展进行纵深布局，为公司战略目标的实现和持续长远的发展发挥积极作用。 中证报中证网讯（王珞）11月1 ...

针对股价异动，中国银行董事会办公室投资者关系团队相关工作人员对中国证券报·中证金牛座记者表 示："公司基本面未发生重大变化，目前正持续关注股价波动情况。此次股价上涨，一方面得益于银行 板块整体上涨趋势的带动，并非我行个例；另一方面，公司三季报披露的主要经营数据保持稳健，基本 面支撑下股价得到合理反映。" 11月20日，银行板块表现强势。截至13:56，中国银行涨4.17%，创历史新高。建设银行、邮储银行、民 生银行等多只个股涨幅均超2%。 ...

Core Viewpoint - The global market for Nylon 6 and tire cord materials is expected to continue growing, but the competition is intensifying, leading to lower sales prices and increased production capacity. The focus for Haiyang Technology is to find opportunities in this competitive landscape while adhering to a strategy of differentiation, high standards, and large-scale production [1][4]. Group 1: Company Background - Haiyang Technology has a long history in the Nylon 6帘子布 production sector, originating from a synthetic fiber factory established in the 1970s. The company has undergone various transformations, including integration into state-owned enterprises and market-oriented reforms, becoming one of the main players in the domestic Nylon 6 product market [2]. - The company has built a complete industrial chain from Nylon 6 chips to industrial fibers and帘子布, which allows for resource sharing and flexibility in meeting diverse customer needs [3]. Group 2: Strategic Focus - Haiyang Technology is committed to a strategy of differentiation, high-level production, and large-scale manufacturing to enhance profitability. The company has developed high-margin products, such as specialized fishing net materials, and has received multiple provincial-level new product certifications [4][5]. - The company has established a research institute to support the development of differentiated products, collaborating with renowned academic institutions to ensure the economic potential of projects [4][6]. Group 3: Production and Innovation - Haiyang Technology has implemented smart and green production practices to address industry challenges such as high labor intensity and energy consumption. The company has successfully transformed its production lines into smart manufacturing systems, reducing resource consumption and emissions [5][6]. - The company emphasizes the importance of scale in production to ensure profitability, focusing on differentiated products for expansion while being cautious about conventional product scaling due to raw material integration challenges [6][7]. Group 4: Management Philosophy - The management philosophy of Haiyang Technology has evolved from pursuing scale to focusing on value, aiming to enhance technology and profitability. The company has made strategic decisions to halt expansion during market highs to ensure long-term sustainability [7][8]. - The company fosters a culture of innovation, emphasizing continuous improvement and collaboration with external research forces while maintaining a robust internal R&D framework [8].

Core Viewpoint - Chengdu XianDao has signed a new agreement with the Gates Foundation to develop new drugs for tuberculosis and malaria, as well as non-hormonal contraceptives, utilizing its DNA-encoded compound library (DEL) technology platform [1] Group 1: Agreement Details - The agreement involves screening for new lead compounds targeting 15 drug targets identified by the Gates Foundation and its academic and research partners [1] - The drug discovery work will receive funding support from the Gates Foundation [1] Group 2: Previous Achievements - Chengdu XianDao previously discovered novel lead compounds for malaria and tuberculosis in a project funded by the Gates Foundation, which serves as the foundation for this new initiative [1] Group 3: Company Profile - Chengdu XianDao aims to become a leading innovative biopharmaceutical company globally and is a leader in the development of DEL technology and its application in small molecule drug discovery [1] - The DEL technology platform contains over 1.2 trillion DNA-encoded compounds, and the company's DEL products and efficient screening capabilities have supported numerous drug discovery projects worldwide [1]

Core Insights - Kuaishou reported a total revenue of 35.554 billion yuan for Q3, marking a year-on-year growth of 14.2% [1] - Operating profit increased by 69.9% year-on-year to 5.299 billion yuan, while adjusted net profit rose by 26.3% to 4.986 billion yuan [1] Revenue Breakdown - Revenue from other services, including e-commerce and Keling AI, grew by 41.3% to 5.9 billion yuan [1] - Online marketing service revenue increased by 14% to 20.1 billion yuan [1] - Live streaming revenue saw a modest growth of 2.5% to 9.6 billion yuan [1] - Keling AI generated over 300 million yuan in revenue during Q3, while e-commerce GMV grew by 15.2% to 385 billion yuan [1] User Engagement - The average daily active users reached 416 million, with monthly active users at 731 million [1] AI Integration and Market Position - Kuaishou's CEO attributed financial performance to the deep integration of AI capabilities across various business scenarios [2] - The video generation sector is experiencing rapid technological iteration and product exploration, with Keling AI positioned in the leading tier globally [2] - Keling AI launched the 2.5 Turbo model, enhancing multiple dimensions such as text response and aesthetic quality [2] Product Strategy and Future Outlook - Kuaishou aims to focus on AI film creation, enhancing technology and product capabilities [2] - The company is optimistic about the commercialization of video generation, particularly in consumer applications [3] - Kuaishou plans to explore consumer application scenarios while enhancing the experience for professional creators [3]

Core Insights - The core viewpoint of the article highlights the financial performance of Huya Inc. for the third quarter of 2025, showcasing growth in revenue and profitability metrics [1] Financial Performance - The company reported a revenue of $540 million for the third quarter, representing a quarter-over-quarter increase of 6.4% [1] - Live streaming revenue reached $388 million, with a quarter-over-quarter growth of 3.5%, marking two consecutive quarters of growth [1] - Advertising revenue saw a year-over-year increase of 29.2%, contributing to a rise in non-live streaming revenue's share of total revenue to 28.1% [1] Profitability Metrics - Under non-GAAP measures, the operating profit for the third quarter was $41 million, reflecting a year-over-year growth of 16.6% and a quarter-over-quarter increase of 6.1% [1] - EBITDA for the third quarter amounted to $51 million, with a year-over-year growth of 16.8% and a quarter-over-quarter increase of 4.9% [1] Cash Flow and Shareholder Returns - The operating cash flow for the third quarter was $73 million, and as of September 30, the company had a net cash position of $3.32 billion [1] - From January 1 to November 14, the total amount spent on share buybacks and dividends reached $237 million [1]

Core Insights - The 15th National Games in Guangdong emphasizes "technology empowerment," showcasing over 130 high-tech products across key areas such as the opening ceremony, smart venues, event support, and technology for assisting the disabled [1][2] - The event highlights the innovation capabilities of the Greater Bay Area in sports technology, with over 400 technological achievements accumulated, 14 of which have been applied in competition venues and urban service scenarios [1] Group 1: Technological Innovations - The event features advanced technologies like a remote-controlled submersible for collecting the "source fire," humanoid robots for ceremonial music, and a "0th torchbearer" named "Kua Fu," demonstrating the power of technological innovation [2] - Smart venues integrate MOC event intelligent assistants, micro-nano cooling coatings, and bamboo-plastic award platforms, utilizing 5G-A and artificial intelligence to achieve both green and intelligent operations [2] Group 2: Event Experience Enhancement - The event enhances the experience for athletes, media, and spectators through applications such as free-viewing options, precise weather forecasts, autonomous driving, and hydrogen-powered shared bicycles [2] - Technology for assisting the disabled is a key focus, with products like smart stair-climbing electric wheelchairs, intelligent bionic hands, and health-monitoring standing wheelchairs providing comprehensive support for athletes in the Special Olympics [2] Group 3: Food Safety and Security - The "smart horse face recognition system" developed by Guangzhou Customs can complete identity verification in 2-3 seconds with an accuracy rate of 99%, reducing labor costs and enhancing safety, thereby improving operational efficiency in the equestrian industry [2]

Core Insights - Lenovo Group reported a revenue of 146.4 billion yuan for the second fiscal quarter of 2025/2026, marking a 15% year-on-year increase, with adjusted net profit rising by 25% to 3.66 billion yuan [1] - The company achieved double-digit revenue growth across all business segments and regional markets, with the IDG smart devices business generating 108.1 billion yuan, a 12% increase, and capturing over 25% market share in the personal computer sector [1] - AI-related business revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year, indicating AI's transition from a supportive role to a core growth driver for Lenovo [1][2] Business Segment Performance - The ISG infrastructure solutions business saw revenue of 29.3 billion yuan, a 24% increase, with significant growth in AI infrastructure revenue [1] - The SSG solutions and services business experienced nearly 20% year-on-year revenue growth, achieving double-digit growth for the 18th consecutive quarter while maintaining high profit margins [1] - In the personal smart devices sector, Lenovo's AI PC market share reached 31.1%, maintaining the global lead, with AI terminal device revenue rising to 36% of IDG's total revenue, a 17 percentage point increase [2] Strategic Direction - Lenovo's CEO emphasized the company's commitment to leveraging a "global resources, local delivery" model to navigate uncertainties and capitalize on the growth opportunities presented by hybrid AI [3] - The company plans to launch a personal super-intelligent device at the upcoming innovation technology conference in January 2026, enhancing the capabilities of terminal devices [2]