普门科技(688389.SH)公告，公司的26项电化学发光试剂产品以及血红蛋白层析柱获得欧盟公告机构T V 南德意志集团签发的IVDR CE认证。新的欧盟体外诊断医疗器械法规(IVDR，EU2017/746)替代原欧盟 体外诊断医疗器械指令(IVDD，98/79/EC)对欧盟市场的体外诊断医疗器械进行管理。截至目前，公司已 有累计53项电化学发光试剂产品获得IVDR CE认证。 ...

普门科技(688389.SH)公告，公司获得由T V S D America Inc.颁发的"医疗器械单一审核程序"(MDSAP) 认证证书。证书记载的认证范围为：1、负压引流敷料套装、医用负压吸引器、空气波压力治疗系统、 冲击波治疗仪、引流瓶(医用负压吸引器附件)的设计和开发、生产和分销。2、用于以下体外诊断医疗 器械的设计和开发、生产和分销：电化学发光分析仪及试剂、校准品、质控品;血红蛋白分析仪及层析 柱、试剂、校准品、质控品;糖化血红蛋白分析仪及层析柱、试剂、校准品、质控品;免疫荧光分析仪。 ...

当前，AI赛道依旧灼热。 AI巨头英伟达市值率先突破5万亿美元大关；亚马逊加快AI部署，云业务创下近三年来最强劲的增速； 微软Azure 云服务在AI驱动下增速40% ；腾讯AI投入有效助力广告、游戏多项业务实现增长；百度AI业 务增速超50%…… 海内外科技巨头们近期在AI方面取得的多样化进展，清晰表明，AI已经成为企业增长、生产力提升的 核心引擎。顶级基金Coatue分析，当前AI 与非 AI 资产回报分化显著，其数据显示AI 相关公司在过去近 3 年时间的回报率高达 165%，是非 AI 企业 24% 回报率的近 7 倍。Coatue更进一步指出，AI 不是泡 沫，而是一次真实且长期的生产力革命。由此来看，投入这场AI革命，已是企业长期发展战略的必选 课题。 此前，金山云持续加码布局人工智能业务，如今的业绩也印证其投入正在有效转化为增长实绩。 同时，考虑到金山云在小米金山生态的独特地位，尤其是小米加大AI布局，金山云作为唯一的云受益 方，深度受益于小米智驾、大模型爆发下激增的算力需求，形成有别于同业的独特护城河，并让其智算 云业务长期增长更具确定性。 以AI实绩+生态赋能为支撑，金山云在资本市场颇受青睐 ...

Core Viewpoint - The report from CMB International forecasts a 10% year-on-year revenue growth for Kuaishou-W (01024) in Q4, driven by robust growth in online marketing and e-commerce [1] Group 1: Revenue and Profit Forecast - Kuaishou's revenue in the last quarter grew by 14% year-on-year, aligning with both CMB International's and market expectations [1] - Adjusted net profit increased by 26%, exceeding CMB International's and market expectations by approximately 3% and 2% respectively, primarily due to improved operational efficiency [1] Group 2: AI Impact - The value of AI empowerment across Kuaishou's business segments is becoming evident, with AI revenue surpassing 300 million RMB in Q3, again exceeding expectations [1] - AI has contributed to an additional 4% to 5% growth in domestic advertising revenue, indicating a positive outlook on AI development [1] Group 3: Target Price and Rating - CMB International has slightly raised its profit forecasts for 2025 to 2027 by up to 2% and increased the target price from 84 HKD to 88 HKD, maintaining a "Buy" rating [1]

生命科学上游国产替代+海外拓展双轮驱动，细分行业已感受到行业需求变动 地缘风险催化下，生命科学上游(细胞培养基、生物试剂、层析介质等)国产替代需求迫切，目前细分领 域国内市占率低，各企业有望凭借新分子品类或高性价比产品抢占市占率。叠加国内与海外新靶点新机 理研发需求提升，带动细分赛道(如药效、抗体、蛋白质等)需求增长，行业长期成长逻辑清晰，短期业 绩边际改善显著。 原料药价仍底部震荡，关注企业经营管理变化 广发证券发布研报称，国内研发需求端边际改善，创新药出海BD带动研发积极性回升，国内研发订单 需求增长，行业价格自2023年降价后已见底企稳，部分领域略有回升，预计2026年整个CRO板块将迎 来更好的业绩增长。CDMO行业业绩已触底回升，基于新签订单及新分子的旺盛研发需求，各公司2026 年有望延续业绩优秀增长的趋势。此外，原料药行业短期仍处于价格底部+供给过剩的调整阶段，传统 品种业绩增长承压，重点关注新业务布局变化带来的个股机会。 广发证券主要观点如下： 国内投融资研发需求修复，叠加行业订单价格企稳CRO企业底部向上趋势明确 国内研发需求端边际改善，创新药出海BD带动研发积极性回升，国内研发订单需求增长 ...

智通财经APP获悉，光伏股尾盘跌幅扩大，截至发稿，新特能源(01799)跌3.31%，报7.88港元；福莱特 玻璃(06865)跌2.81%，报11.43港元；福耀玻璃(03606)跌2.64%，报66.5港元；信义光能(00968)跌 1.43%，报3.45港元。 招商期货发布研报称，11月硅片、电池片排产环比十月分别下滑 4.9%、1.0%。 9 月光伏新增装机 9.66GW，同比-53.8%，环比-31.25%。"136 号文"机制电价政策在各省密集出台，预计国内第四季度光 伏装机增长承压。 此外，通威刘汉元近期表示，硅料收储不会触及反垄断。南华期货发布研报称，多晶硅方面，当前市场 短期交易主线围绕"11月收储平台成立与否"展开，后续将逐步切换至"11月仓单集中注销"的预期博弈， 同时需警惕政策或节点真空期内各类不实信息对市场情绪的扰动。 ...

Core Viewpoint - Kuaishou-W (01024) maintains an "Overweight" rating with a target price of HKD 77.9, driven by significant improvements in profitability due to the recovery of online marketing service revenue and a robust 15.2% growth in e-commerce GMV, with AI technology playing a crucial role in optimizing content creation and enhancing advertising effectiveness [1] Group 1: Financial Performance - In Q3 2025, Kuaishou achieved revenue of CNY 35.55 billion, a year-on-year increase of 14.1% [2] - Gross margin stood at 54.7%, up 0.3 percentage points year-on-year [2] - Operating profit reached CNY 5.30 billion, a substantial increase of 69.9% year-on-year, with an operating margin of 14.9%, up 4.9 percentage points [2] - Adjusted net profit was CNY 4.99 billion, reflecting a year-on-year growth of 26.3%, with an adjusted net margin of 14.0%, up 1.3 percentage points [2] Group 2: User Engagement and AI Development - Kuaishou's DAU and MAU reached 416 million and 731 million respectively, with year-on-year growth of 2.1% and 2.4%, resulting in a DAU/MAU ratio of 56.9% [3] - Average daily usage time per user was 134.1 minutes, with total user engagement time increasing by 3.6% year-on-year [3] - E-commerce GMV hit CNY 385 billion, marking a 15.2% year-on-year increase, with short video e-commerce maintaining healthy growth [3] - The launch of the 2.5 Turbo model by Kuaishou AI in September 2025 significantly improved content generation efficiency, reducing creator costs by nearly 30% [3] - Kuaishou AI generated over CNY 300 million in revenue in Q3 2025, contributing to a 4%-5% increase in online marketing service revenue [3] Group 3: Online Marketing Services - Online marketing service revenue reached CNY 20.10 billion in Q3 2025, a year-on-year increase of 14.0% [4] - Both external and internal marketing service revenues experienced rapid year-on-year growth, with UAX consumption accounting for 70% of total external consumption [4] - Live streaming revenue was CNY 9.57 billion, up 2.5% year-on-year, while other service revenues surged by 41.3% to CNY 5.88 billion [4] - The monthly buyer structure in Kuaishou's e-commerce segment is showing healthy development, with increased repurchase frequency among active users [4] - The OneSearch architecture improved search order volume by nearly 5%, while OneRec enhanced e-commerce information flow, contributing to high single-digit GMV growth [4]

此外，通威刘汉元近期表示，硅料收储不会触及反垄断。南华期货（603093）发布研报称，多晶硅方 面，当前市场短期交易主线围绕"11月收储平台成立与否"展开，后续将逐步切换至"11月仓单集中注 销"的预期博弈，同时需警惕政策或节点真空期内各类不实信息对市场情绪的扰动。 招商期货发布研报称，11月硅片、电池片排产环比十月分别下滑 4.9%、1.0%。 9 月光伏新增装机 9.66GW，同比-53.8%，环比-31.25%。"136 号文"机制电价政策在各省密集出台，预计国内第四季度光 伏装机增长承压。 光伏股尾盘跌幅扩大，截至发稿，新特能源(01799)跌3.31%，报7.88港元；福莱特（601865）玻璃 (06865)跌2.81%，报11.43港元；福耀玻璃（600660）(03606)跌2.64%，报66.5港元；信义光能(00968)跌 1.43%，报3.45港元。 ...

星展集团研究部将 紫金矿业 集团A股目标价从30.00元上调至37.00元。 ...

东方证券发布研报称，通过对本届"最长周期+最简规则"双11的复盘，该行发现：1)美妆正从"单一的功 能性消费"迈向"复合功效+情感消费"，消费韧性将进一步突出;2)美妆不再依赖单一流量窗口，渠道提 效的叙事正在强化;3)头部品牌势能具更强韧性。该行继续看好品牌资产雄厚、能抓住渠道及产品周期 的头部公司，以及边际改善的标的。 东方证券主要观点如下： 双11大盘稳健增长，美妆即时零售爆发 1)据星图数据，双11大促期间(10月7日-11月11日)全网电商销售额16950亿元/+14.2%(同比增速、下同)， 其中综合电商销售额16191亿元/+12.3%，天猫、京东、抖音销售额位居前三;2)综合电商平台销售额 TOP5分别为家电、手机数码、服装、美妆个护、女鞋/男鞋/箱包，占比分别为16.5/14.6/14/8.2/6.5%;3)美 妆分品类：美容护肤品类销售额991亿元/+11.65%，洗护清洁444亿元/+13.54%，香水彩妆334亿 元/+13.52%;此外，从主要平台的统计口径看，美妆销售额增速基本为中个位数到10%出头;4)全网即时 零售销售额670亿元/+138.4%表现亮眼，以美团为例，10月底正 ...