2025.11.23 本文字数：1371，阅读时长大约2分钟 作者 |第一财经 安卓 截至招股书公告日，摩尔线程尚未盈利。2022年至2024年，摩尔线程分别实现营业收入0.46亿元、1.24 亿元、4.38亿元，归母净利润分别为亏损18.94亿元、17.03亿元及16.18亿元。2025年上半年，摩尔线程 实现营业收入7.02亿元，归母净利润为亏损2.71亿元。 其中，2022年至2024年，摩尔线程营业收入由0.46亿元增长至4.38亿元，营收复合增长率为208.44%。 该公司持续保持较高的研发投入，报告期内（2022年至2025年上半年）研发投入占比分别为 2422.51%、1076.31%、309.88%、79.33%。 截至2025年6月30日，摩尔线程累计未弥补亏损为16.04亿元。摩尔线程表示，上市后预计其账面累计未 弥补亏损将持续存在，导致一定时期内无法向股东进行现金分红。 另外，由于摩尔线程尚未盈利，如上市时仍未盈利，自上市之日起将纳入科创成长层。 根据目前发行安排，下周有2只新股可申购，均隶属科创板，分别为下周一可申购的摩尔线程，以及11 月28日可申购的百奥赛图。 11月20日晚间，摩 ...

Market Performance - The A-share market experienced a significant downturn, with the ChiNext Index dropping 6.15% last week and falling below the 3000-point mark on November 21, closing at 2920.08 points [2] - The Hong Kong stock market also faced declines, with the Hang Seng Index falling over 5% and the Hang Seng Tech Index dropping more than 7% [2] - Major Asian markets saw widespread declines, with the South Korean Composite Index and Nikkei 225 Index experiencing drops of nearly 4% and over 3.48%, respectively [2] Sector Analysis - The technology sector, particularly in computing, semiconductors, and batteries, underwent significant corrections, with the electronic sector experiencing a weekly decline of 5.89% [3] - The lithium battery supply chain saw a sharp drop, with the lithium mining index falling 9.67% in a single day, affecting multiple stocks such as Shengxin Lithium Energy and Ganfeng Lithium, which hit their daily limit down [3] - The computing industry also faced a collective pullback, with notable declines in stocks like Xin Yi Sheng and Zhong Ji Xu Chuang [3] Analyst Insights - Multiple brokerages indicated that the A-share market is in a mid-term adjustment phase, but the long-term bullish trend remains intact [4][5] - Analysts from Pacific Securities and Zheshang Securities noted that the current market adjustment is in its early stages, with potential further declines in global markets impacting A-share risk appetite [5] - Shenwan Hongyuan's report suggested that while the AI industry trend is not over, there will be fluctuations in the short term, aligning with historical patterns of "high-level oscillation" during bull markets [5] Market Sentiment - Despite short-term pressures, analysts believe that the long-term bullish trend is still expected, with a focus on fundamental improvements as a basis for future market performance [6] - The ChiNext Index, a key driver of the current bull market, has seen a 12% decline since its peak on October 30, but this adjustment is viewed as a normal part of the bull market cycle [7][8] - The current valuation of the ChiNext Index has decreased to a price-to-earnings ratio of 37.72, indicating a release of pressure and a lack of significant overvaluation risk [8]

Market Performance - The A-share market experienced a significant downturn, with the ChiNext Index dropping 6.15% last week and falling below the 3000-point mark on November 21, closing at 2920.08 points [1] - The Hang Seng Index also declined over 5% for the week, while the Hang Seng Tech Index fell more than 7% [1] - Major Asian markets, including the Korean Composite Index and Nikkei 225, also saw declines of nearly 4% and over 3.48%, respectively [1] Sector Analysis - The technology and battery sectors, which had previously shown strong performance, underwent substantial corrections, with the electronics sector experiencing a weekly decline of 5.89% [2] - The lithium battery supply chain faced a sharp drop, with the lithium mining index falling by 9.67% on a single day, affecting multiple stocks such as Shengxin Lithium Energy and Ganfeng Lithium, which hit their daily limit down [2] - The computing power industry also saw a collective pullback, with significant declines in stocks like Xin Yi Sheng and Zhong Ji Xu Chuang [2] Long-term Outlook - Despite the short-term pressures, several brokerages indicated that the long-term slow bull trend in the A-share market remains intact [3] - Analysts suggest that the current market adjustment is a normal part of the bull market process, with expectations of a gradual recovery after the current phase of volatility [3][4] - The AI industry chain is expected to continue its long-term growth trend, although there may be short-term fluctuations [3] Valuation and Investor Sentiment - The ChiNext Index's price-to-earnings ratio has decreased to 37.72, indicating a moderate valuation level compared to historical highs, suggesting no significant overvaluation risk [7] - Despite short-term capital outflows, the continued net subscriptions of ChiNext ETFs reflect long-term investor confidence [7] - The current market adjustment is viewed as profit-taking and a reaction to market sentiment, with a focus on quality growth stocks supported by strong earnings [7]

Group 1 - The core objective of urban data infrastructure construction is to develop a data industry ecosystem and promote high-quality development of the urban digital economy [5] - Huawei connects diverse partners, integrating data resources, technical capabilities, and scenario demands to assist cities in building a complete ecological loop of "data circulation - value transformation - scenario implementation" [5] - The discussion focuses on the four major core changes of data elements in the AI era, emphasizing the need for AI-Ready data infrastructure to handle data in the rapidly evolving AI technology landscape [8] Group 2 - Key personnel include Hu Shanyong, CTO and Chief Scientist for Huawei's Digital Government, who specializes in the integration of technology with government and public security sectors [2] - Zhao Meng, Director of Digital Solutions for Huawei's Government One Network Corps, has extensive experience in database and data lake integration [4] - Qiao Wei, Senior Expert in Industrial Policy at Huawei, focuses on data elements, data space, and AI datasets, contributing to the understanding of infrastructure capabilities needed for future AI competition [7]

上周美股持续承压，三大股指最大回撤一度超过5%，技术面发出强烈短期看空信号。 这种市场紧张情绪从一个月期隐含波动率攀升可见一斑，恐慌指数VIX触及近七个月高位。值得关注的 是，即使英伟达发布强劲财报且CEO黄仁勋发表乐观评论，但未能持续扭转负面势头。投资者仍对AI 龙头企业的上涨行情及其超出当前财务与生产能力的投资公告存疑。虽然在纽约联储主席威廉姆斯释放 鸽派信号后，市场有所企稳，外界将继续权衡货币政策前景，若AI相关担忧持续发酵，风险资产恐难 实现有意义的反弹。 降息预期出现剧烈波动，芝加哥商品交易所（CME）美联储观察工具数据显示，市场预期美联储联邦 公开市场委员会（FOMC）12月降息25个基点的概率从此前的39%升至约70%。 预期转变源于纽约联储主席威廉姆斯（John Williams）的表态。作为美联储主席鲍威尔的亲密盟友，他 表示政策制定者有空间进一步降息，以支持正在降温的就业市场。"我认为当前货币政策处于温和限制 性区间，尽管相比近期行动前有所缓和，"威廉姆斯称，"因此，我仍认为近期有进一步调整联邦基金利 率目标区间的空间，使政策立场更接近中性水平，从而维持实现两大政策目标的平衡。" 施瓦茨向 ...

Core Viewpoint - The "Shanghai Financial Professionals Selection" has become an important platform to showcase the new image of financial professionals in Shanghai and to inherit the spirit of Eastern financiers since its launch in 2011 [1] Group 1 - The event is co-hosted by several prominent organizations including the China Economic Information Service, Xinhua News Agency Shanghai Branch, and Shanghai Securities Journal [1] - The award ceremony will be live-streamed on November 23 at 17:00 [1] - The event is supported by various regulatory bodies and local government, highlighting its significance in the context of Shanghai's international financial center development [1]

来源 |红星资本局 今年以来，小米汽车未交付车辆却要求消费者提前支付尾款一事，引发热议。 11月22日消息，据了解，近日海口市美兰区人民法院宣判了一起相关案件，判决小米相关公司向涉事消 费者返还双倍购车定金，合计10000元。从公开信息看，这或是全国首例小米汽车未交车催收尾款的宣 判案件。 法院判决小米汽车相关公司退还双倍定金 根据判决书内容，经海口市美兰区人民法院审理查明，2024年7月19日，李女士（化名）试驾后决定购 买一辆318900元的霞光紫SU7 Max，并通过小米汽车APP交付5000元定金，该款项由小米景明科技有限 公司收取。 海口市美兰区人民法院认为，小米海口公司依据格式条款，要求消费者在未验车、未交付的情况下，在 收到通知付款后7日内支付尾款，逾期则取消订单且不退还定金，该行为实质上加重消费者的付款义 务，同时变相限制了其对车辆质量进行核验的主要权利，存在关于格式条款无效的情形。 2025.11.22 本文字数：1189，阅读时长大约2分钟 法院认为，小米海口公司坚持要求原告限期付款后才能排产，否则取消订单并没收定金，其行为与小米 汽车公司的宣传不一致，违反诚实信用原则，实质性剥夺了原告作 ...

Core Insights - The Black Friday shopping season has officially started on November 20, 2023, and will last until November 28, with various platforms like Amazon, TikTok Shop, and AliExpress participating in the promotions [1][2]. Group 1: Changes in Promotion Strategies - Amazon has extended the Black Friday promotion period, starting earlier with "Black Friday Early Deals" on November 13, and will continue into Cyber Monday, ending on December 1 [2]. - TikTok Shop has also extended its promotional activities, starting with an "Opening Day" on November 13 and continuing through various themed days until mid-December [2][3]. - Platforms are investing heavily in promotional resources, with TikTok Shop launching a "Million Dollar Black Friday Plan" to incentivize merchants with advertising funds and subsidies up to 15% based on GMV [3][6]. Group 2: Impact of Pricing Policies - Amazon's new pricing policy requires that promotional prices reflect a minimum discount based on historical prices from the past 90 days, which has raised the bar for discounts during Black Friday [3][5]. - This policy has significantly impacted sellers, forcing them to lower prices to qualify for promotions, thereby squeezing profit margins [5][6]. Group 3: Sales Performance and Market Conditions - Some sellers, like a battery merchant, reported that the new pricing rules did not affect their sales strategy, focusing instead on quality and maintaining their marketing approach [6]. - However, another seller expressed concerns about meeting sales targets, projecting a goal of 50 million yuan for Black Friday but fearing that current sales trends may only reach two-thirds of that target [6][7]. - Consumer sentiment in the U.S. remains cautious, with 64% planning to shop during Black Friday, but many expect to spend less due to inflation concerns [8].

Core Insights - Meituan announced a plan to invest 10 billion yuan over the next five years to build a more comprehensive rider protection system [1] Group 1: Investment and Initiatives - The investment will focus on providing affordable and secure housing for riders through the launch of "Rider Apartments" in cities like Beijing, Shenzhen, and Chongqing [1] - The company is expanding its health care benefits by extending the major illness care fund coverage from riders and their children to include spouses and parents [1] - Meituan is also broadening the scope of the Kangaroo Baby public welfare program to provide more support for riders' children [1]

Core Insights - Eli Lilly has become the first pharmaceutical company to surpass a market capitalization of $1 trillion, breaking the tech industry's dominance in the "trillion-dollar club" [2] - The company's stock has risen over 35% this year, driven by a surge in demand for weight loss drugs [2] - Sales of Eli Lilly's GLP-1 drug, tirzepatide, have exceeded $10 billion, accounting for more than half of the company's total revenue [2] - Eli Lilly has overtaken Merck's Keytruda in quarterly sales, establishing itself as a leading player in the pharmaceutical market [2] - The company plans to invest billions to increase domestic production of weight loss drugs in the U.S. [2] Market Dynamics - The weight loss drug market is projected to become one of the most profitable segments in healthcare, driven by a large patient base [2] - Wall Street estimates that the weight loss drug market could reach $150 billion by 2030, with Eli Lilly and Novo Nordisk expected to capture a significant share of the anticipated sales [3] - Eli Lilly's stock performance has outpaced the broader U.S. market, with a 75% increase since the launch of tirzepatide in late 2023, compared to a 50% rise in the S&P 500 [3] Future Prospects - Investors are closely watching Eli Lilly's next-generation oral weight loss drug, orforglipron, which is expected to receive approval in early next year [3] - Analysts from Citigroup have highlighted the latest generation of GLP-1 drugs as a "sales miracle," indicating strong sales trends for the next-generation oral weight loss drug [4]