消息面上，据李宁官方披露，韦德之道12LUX x AAPE联名系列将于11月22日发售。浦银国际此前指， 公司持续聚焦品牌力提升，为市场注入乐观情绪。该行认为，李宁公司正在正确的战略方向上行进，并 相信公司今天对品牌力提升与专业产品研发所做的积极投入将为公司未来的业绩改善打下基础。东吴证 券指出，10月底公司发布2026年米兰冬奥会中国体育代表团领奖装备，围绕奥运+科技相关营销活动有 序开展中，巩固品牌专业形象及龙头地位，该行看好长周期品牌市场表现回暖。 李宁(02331)涨超4%，截至发稿，涨4%，报17.92港元，成交额3.22亿港元。 ...

Group 1 - Morgan Asset Management's report projects a 6.4% annual return for a 60/40 stock-bond portfolio over the next 10 to 15 years, indicating continued attractiveness despite strong market performance [1] - The report highlights that U.S. large-cap stocks are expected to yield a return of 6.7%, remaining stable compared to the previous year [1] - The firm believes that the adoption of AI will enhance corporate profits in the short term and contribute to productivity improvements in the long run [1] Group 2 - The inclusion of alternative assets in investment portfolios is expected to improve potential returns and reduce volatility, with a "60/40+" portfolio potentially achieving a 6.9% return and a 25% higher Sharpe ratio compared to traditional allocations [2] - Global stock returns are projected at 7%, with non-U.S. markets offering more attractive cyclical opportunities, benefiting from currency appreciation [2] - Asian stocks (excluding Japan) are expected to yield a return of 7.9%, while Japanese stocks, supported by ongoing corporate governance reforms, are projected to return 8.8% [2] Group 3 - U.S. core real estate is forecasted to have an 8.2% return, benefiting from attractive entry points and rising yields [2] - Core real estate in the Asia-Pacific region is expected to yield an 8.4% return, aided by a weakening U.S. dollar [2]

Core Viewpoint - The domestic photovoltaic demand in Q3 2025 has weakened due to the end of the rush for installation, but the financial performance of the main industry chain and glass segments has significantly improved, with a focus on potential price increases for components and further profit release for silicon material companies in Q4 2025 [1] Industry Summary - **Main Industry Chain Recovery**: The upstream of the main industry chain has significantly recovered, while the component prices are yet to show a clear upward trend. After the end of the rush for installation in the first half of 2025, photovoltaic demand has weakened, but the performance of silicon materials and silicon wafers has greatly improved due to anti-involution efforts [2] - **Stable Processing Fees and Glass Profit Improvement**: The shipment of slurry in Q3 2025 has slightly increased quarter-on-quarter, with overall gross margins remaining stable. Attention is drawn to the pace of mass production of low-cost metal slurry from this year to the first half of next year, as well as the second growth curve of leading companies. Leading glass and film companies have strengthened their advantages due to a higher proportion of overseas shipments and continuous cost reductions [3] - **High Demand for Energy Storage**: Despite a certain degree of weakness in inverter exports due to the European off-season in Q3 2025, domestic energy storage bidding has increased significantly year-on-year, driving demand for centralized inverters and energy storage systems. The large-scale energy storage market remains robust, with strong performance in emerging markets such as Australia and Southeast Asia [4] - **Focus on Q4 2025 Financial Recovery**: The overall profit and operating cash flow of the sector have improved significantly in Q3 2025. The average transaction price of silicon materials is expected to continue to rise quarter-on-quarter in Q4 2025, and with the support of anti-involution efforts, component prices are likely to gradually increase. The outlook for energy storage remains positive, with expectations of high growth in domestic large-scale energy storage installations and demand recovery in Europe [5] Company Recommendations - **Silicon Material Segment**: Recommended companies include Tongwei Co., Ltd. (600438), Daqo New Energy (688303) [6] - **High-Efficiency Component Leaders**: Recommended companies include JinkoSolar (688223), Aiko Solar (600732) [6] - **Copper Slurry and Second Growth Curve**: Recommended companies include Dike Co., Ltd. (300842), Juhe Materials (688503) [6] - **Glass Segment**: Recommended companies include Xinyi Solar (00968), Flat Glass Group (601865) [6] - **Energy Storage**: Recommended companies include Deye Technology (605117), Tongrun Equipment (002150), Ginlong Technologies (300763), Sangfor Technologies (300827), Yunnan Energy (688348), and Canadian Solar (688472) [6]

锑作为其他金属的合金硬化剂，对电子和国防领域半导体制造至关重要。Nyrstar在声明中表示，首批锑 金属预计将于明年上半年出口，目标是在2026年底前将年产量提升至2000吨。该公司还称，其设施到 2028年可将精炼锑金属年产量提升至5000吨。 南澳大利亚州州长Peter Malinauskas在另一份声明中表示："Nyrstar的目标不仅是探索锑的潜在产量，还 包括铋、碲、锗和铟——这些矿物对清洁能源未来以及重要的国防和科技领域至关重要。"澳大利亚贸 易部长周三则表示，自10月与美国签署协议以来，该国战略关键矿物储备已引起欧盟等盟友更多关注。 大宗商品贸易巨头托克集团(Trafigura Group)旗下Nyrstar周四宣布，已开始在其位于南澳大利亚的Port Pirie金属工厂的一个试验工厂铸造锑金属。该项目被列为美澳关键矿产和稀土框架的一部分。这一里程 碑事件得益于南澳大利亚州政府与澳大利亚联邦政府于8月共同注资1.35亿澳元(约合8700万美元)，该投 资是澳大利亚成为西方盟友关键矿物核心供应商战略的重要组成部分。 ...

Group 1 - Google released its latest AI model, Gemini 3, which scored 1501 in the LMArena large model arena, ranking first [1] - Gemini has over 650 million monthly active users, with more than 70% of cloud customers utilizing its AI capabilities, and 13 million developers are leveraging its generative models [1] - Berkshire Hathaway's first investment in Alphabet indicates strong recognition of Google's product ecosystem and AI strategy, boosting global market expectations for AI companies [1] Group 2 - Chinese AI company Wondershare Technology has integrated Google's Veo3 and Nano Banana model capabilities into its products, showcasing its AI-powered video editing tool at the 2025 Google Developer Conference [2] - Wondershare Technology operates in over 200 countries and regions, with a cumulative active user base exceeding 2 billion, offering popular products like Wondershare Filmora and others [2] - In the first three quarters of 2025, Wondershare's AI server call volume surpassed 800 million, reflecting increased user enthusiasm for AI [2]

该行认为，尽管金山软件游戏业务持续正常化，但游戏产品线仍显疲软。该行相信金山软件自2025年中 以来股价下跌27%已基本反映此下行风险，市场可能忽略办公软件与云端业务的潜在增长动能。 中银国际发布研报称，金山软件(03888)今年第三季业绩逊预期，营收较预期低8%至11%，净利润较预 期低26%至55%，主要因为游戏业务疲弱，不过办公软件业务营收增长26%，部分抵销有关影响。该行 将金山软件评级由"持有"上调至"买入"，目标价由41.7港元降至40港元，因经过长达九个月的调整后， 股价的风险回报比变得更具吸引力。 ...

巴克莱银行策略师将2026年底标普500指数的目标预期上调至7400点，较该基准指数周三收盘位6642.16 点有11.4%的潜在涨幅，理由是超大市值科技股的强势，以及尽管经济增长缓慢，但货币和财政环境有 所改善。 他们写道，美联储降息对估值具有建设性意义，特别是对周期性和成长股。 尽管策略师们假设失业率将"保持在中性利率范围内"，但他们指出，更严重的经济下行是最大的短期风 险。 虽然"关税局势恶化的可能性不大"，但他们警告称，一些价格压力已经"在酝酿中"尚未显现，而消费者 信心已处于多年低点。 这些策略师还警告称，美国中期选举年份往往伴随股市回报率走弱。 以Venu Krishna为首的巴克莱股票策略师在周三发布的研究报告中写道，他们目前预计该基准指数明年 将收于7400点，较此前7000点的目标上调了5.7%。新目标较标普500指数周三收盘位6642.16点高出 11.4%。 这些策略师还将标普500指数2026年的每股收益目标从295美元上调至305美元，因为他们认为科技行业 的利润增长将超过华尔街的普遍预期，因为"超大市值公司在宏观低增长环境中继续表现出色，且人工 智能竞赛没有放缓迹象"。 但是，若排 ...

招商证券发布研报称，未来铀价将整体维持上行趋势，铀矿企业盈利表现有望持续优化。近年来全球主 要核电大国在核电领域投入加码。全球核电复苏，在需求稳步抬升及供给有约束的背景下，铀价中枢有 望稳步抬升，而铀资源天然高壁垒也形成企业良好的供应格局，重点关注中国铀业（001280） (001280.SZ)等。 招商证券主要观点如下： 核电技术不断升级，是兼顾清洁、高效的电源方案 终端电气化进程不断助推用电量增长，AI的爆发对高质量电力的需求更迫切，叠加地区能源独立等因 素，核电战略地位持续强化，进入复苏。与之相对福岛事件后十余年铀矿资本开支收缩，短期天然铀缺 口主要依托库存及铀矿复产等，中长期看新增产能释放节奏不明朗，且部分矿山减产可能进一步加大供 给侧压力。综上判断未来铀价将整体维持上行趋势，铀矿企业盈利表现有望持续优化。 核电兼顾清洁高效，安全性持续升级 当前商业化核电项目大部分基于裂变反应，主流方案以U235为燃料，中子轰击产生两个较轻的原子 核，同时释放大量能量，其热值远超传统能源。核能最早在上世纪五十年代开始由军用向民用发电等领 域应用，存量项目以二代为主，新增多为安全性更优的三代方案，SFR、LFR、VHT ...

门店回报周期优异 根据弗若斯特沙利文的数据，性价比驱动的大众便民中餐市场在疫情与消费降级的背景下尤为坚挺， 2018-2023年该市场维持3.8%年复合增长率，快于中高端餐饮2.5%的复合增速;2023年国内大众便民餐饮 市场年规模为361.9亿元，其中50-100元价格带为大众便民中餐的主力，据弗若斯特沙利文预计，未来 五年其仍将以8.9%的年复合增长率快速增长。大众便民中式餐饮市场高度分散，公司有望依托连锁和 数字化快速提升市占率。 自建供应链、运营能力优异，门店模型持续优化可复制性强 1)自建供应链：公司依托自建中央厨房与冷链物流体系，实现食材高品质、低成本与稳定供应。 2)标准化制作流程：公司通过精细烹饪指引及自产料包，确保现炒现制的高质量口感，同时配套服务 SOP与多维培训，推动门店运营高效规范。 3)晋升机制明确，持股平台绑定优秀员工：公司三级组织架构职能分工明确，门店合伙制+师徒机制推 动人才快速成长和门店复制扩张，90%以上核心员工来源于基层培养，此外公司还通过员工持股平台绑 定优秀店长持续激励人才。 财通证券（601108）发布研报称，小菜园(00999)作为新徽菜龙头企业，定位大众便民市场 ...

消息面上，和誉公布，其附属和誉医药在结缔组织肿瘤学会(CTOS)2025年会上以壁报形式，展示匹米 替尼(pimicotinib/ABSK021)治疗腱鞘巨细胞瘤(TGCT)患者的全球III期MANEUVER研究的长期疗效、安 全性及患者报告结果数据。 和誉-B(02256)尾盘涨超4%，截至发稿，涨3.9%，报14.13港元，成交额4541万港元。 该长期分析显示，持续接受匹米替尼治疗可为TGCT患者在肿瘤缓解方面带来疗效持续提升与患者报告 结果(包括疼痛与功能)的进一步改善，同时维持可接受的安全性，强化匹米替尼在适合患者中的长期应 用潜力。 ...