百奥赛图-B(02315)盘中涨近7%，截至发稿，涨4.03%，报31.52港元，成交额2122万港元。 值得注意的是，A股招股意向书中包含截至2025年9月30日止9个月的综合财务资料。2025年前三季度， 公司营业收入为9.41亿元，同比增长59.5%；归母净利润1.14亿元，同比扭亏；经营活动产生的现金流 量净额为2.63亿元，同比增长162.2%；研发费用达3.13亿元，同比增长30.6%。 消息面上，百奥赛图发布首次公开发行股票并在科创板上市招股意向书，此次首次公开发行股票4750万 股，公开发行股票的比例占本次发行后公司总股本的10.63%。初步询价日期为2025年11月25日，申购 日期为2025年11月28日。 ...

国泰海通发布研报称，供给侧改革仍是证券行业中长期视角下的重要变化，认为此前因交易因素等影 响，券商板块估值较基本面有明显折价(当前1.40xPB，近5/10年PB分位数57%/40%)，预计事件催化下 板块估值有望修复，持续推荐。个股推荐中国银河（601881）(06881.601881.SH)，以及预计行业并购进 程加速，建议增持相关标的。 2)从细分业务看，有望全面补强。其中自营收入有望提升至第3名，且并购后资本利用效率有望进一步 提升(中金公司杠杆率5.4x vs东兴证券3.2x、信达证券3.8x);经纪业务有望提升客户基础，完善尤其是福 建、辽宁等区域布局(东兴证券77家营业部中34家位于福建、信达证券82家中33家位于辽宁)。 国泰海通主要观点如下： 预计此次整合基于汇金系牌照整合及一流投行建设导向 并购将显著提升综合实力，协同效应预计主要体现在扩大客户基础和吸并资产效率提升 事件：11月19日，中金公司（601995）(03908)公告筹划重大资产重组，拟同时吸收合并信达证券 （601059）(601059.SH)、东兴证券（601198）(601198.SH)。预计停牌时间不超过25个交易日。 ...

大摩发布研报称，中金公司（601995）(03908)计划透过吸收合并及换股方式，吸收合并同属中央汇金 旗下的信达证券（601059）(601059.SH)及东兴证券(601198.SH)。目前换股比率等细节尚未明确，但预 期由于各方拥有共同控股股东，交易将可快速推进，合并两家规模较小的券商，将可补足中金在财富管 理业务的版图，由于业务重叠有限，预料整合成本可控，维持中金的"增持"评级，目标价28.9港元。 大摩预测中金净资本基础(约460亿元人民币)在合并后可接近翻倍，强化其在股权及衍生品业务的领先 地位。预期长期可实现成本协同效应。计及中金过往整合中投证券的经验，以及凭藉其在交易、风险管 理、产品结构及机构客户覆盖的优势，大摩相信合并后资本基础能被更有效运用。 ...

Core Viewpoint - Xixiangfeng Group (02473) has seen a significant stock price increase following the announcement of a strategic partnership with Geely Automobile Group and its financial platform Zhihui Puhua, aiming to explore the new retail model in the automotive sector by 2026 [1] Group 1: Stock Performance - Xixiangfeng Group's stock rose over 10% in the afternoon, currently up 7.46% at HKD 8.5, with a trading volume of HKD 30.22 million [1] Group 2: Strategic Partnership - The partnership involves a deep strategic collaboration among Xixiangfeng Group, Geely Automobile, and Zhihui Puhua, focusing on new retail models and setting ambitious new car launch targets for 2026 [1] - The collaboration will initiate special financing support to create a comprehensive "product-finance-service" closed-loop system, targeting the trillion-level market in automotive new retail [1] Group 3: Company Positioning - Xixiangfeng Group is recognized as a leading automotive service platform in China, continuously focusing on the new retail and mobility service sectors [1] - The alliance with Geely and Zhihui Puhua is expected to enhance Xixiangfeng's competitive edge in vehicle resources and financial support, ultimately improving product and service experiences for end users [1]

万咖壹联(01762)旗下子公司欢聚时代文化传媒(北京)有限公司正式荣膺2025年度华为鲸鸿动能(Petal Ads)N1领域铂金服务商——这一最高等级资质认证，标志着公司在鸿蒙全场景智慧营销生态中的战略 卡位与AI技术壁垒再获权威验证，为其在万亿级物联网流量市场的价值重估注入强劲催化剂。 此次铂金代理资质，正是"AI+生态"战略的闭环——将已验证的AI决策能力注入鸿蒙全场景流量池，构 建竞品难以复制的"生态级数据飞轮"，在提升广告主效能的同时，进一步巩固自身议价能力与市场份 额。 截至2025年，鸿蒙生态设备量已突破10亿台(覆盖手机、平板、车机、智慧家居等诸多领域)，截止25年 6月原生应用及元服务规模达3万个，年内有望突破10万个，用户时长覆盖率99.9%。鸿蒙生态流量即将 进入商业价值的集中兑现期。万咖壹联作为鲸鸿动能的铂金服务商的稀缺标的，已构建起"广度+深 度"的双重护城河： 广度：服务客户超200家，实现13大行业全品类覆盖； 深度：AI营销智能体深度融合鸿蒙全场景流量，通过"多屏触达+精准决策"实现ROI指数级提升。 技术裂变：AI赋能下的第二增长曲线 公司2025年上半年营收同比增长39%至 ...

Core Viewpoint - Tianyue Advanced (02631) saw a significant stock increase, attributed to Nvidia's strong earnings report and the ongoing AI boom, highlighting the demand for advanced silicon carbide substrates in the semiconductor industry [1] Company Summary - Tianyue Advanced's stock rose over 8% during trading, currently up 5.79% at HKD 53, with a trading volume of HKD 151 million [1] - The company has successfully developed a full range of 12-inch silicon carbide substrates, marking a significant advancement in the silicon carbide semiconductor materials industry [1] - Tianyue Advanced has released a complete product matrix for 12-inch silicon carbide substrates, including conductive, semi-insulating, and P-type substrates, and is actively engaging with downstream customers [1] Industry Summary - Nvidia's recent earnings report indicates a robust AI market, with plans to adopt 12-inch silicon carbide substrates in the next generation of GPU chips by 2027 [1] - The transition to silicon carbide substrates is crucial for addressing thermal management issues in AI computing power chips, with projections suggesting a need for over 2.3 million 12-inch SiC substrates by 2030, significantly exceeding current supply capacity [1] - The potential shift from Interposer to SiC in CoWoS packaging could lead to a compound annual growth rate of 35% over the next 28 years, emphasizing the growing importance of silicon carbide in the semiconductor landscape [1]

中泰证券（600918）发布研报称，维持敏华控股(01999)"买入"评级，内销随着渠道改革推进有望逐步 修复。公司FY26H1营收同比微降,但通过有效的成本控制，毛利率提升。业务方面，内销市场降幅显著 收窄，线上渠道表现亮眼(+13.6%)，而外销市场则展现出经营韧性，尤其是北美市场在贸易壁垒下实现 微增。尽管面临关税等压力，公司作为功能沙发龙头，随着渠道改革推进，盈利能力得到改善。 中泰证券主要观点如下： 1)北美市场：FY26H1收入21.61亿港元，同比微增0.3%，在国际贸易壁垒升温背景下展现出强劲韧性。 2)欧洲及其他市场：FY26H1收入7.65亿港元，同比增长4.3%。 3)Home集团业务：FY26H1收入3.80亿港元，同比增长2.2%，主要受益于欧洲市场需求增加。 盈利能力提升 公司发布FY2026H1业绩，收入降幅收窄。公司FY26H1(截至2025年9月30日止六个月)实现营业收入 80.45亿港元，同比-3.1%;受益于成本控制及经营效率提升，毛利率同比提升0.9个百分点至40.4%，实现 归母净利润11.46亿港元，同比+0.6%。非经常性损益方面，期内其他亏损净额为3,348万 ...

中泰证券（600918）发布研报称，前三季度水泥板块全年实现营业收入1811亿元，同比下滑8.5%，实 现归母净利95亿元，同比增长159.1%，得益于去年同期的低基数以及今年行业价格相对坚挺且煤炭价 格较低。展望后市，反内卷预期下，26年行业盈利能力有望持续提升。 华泰证券则表示，实现水泥去产能的核心是控制熟料生产线产能与产量的有效压降。展望2026年，一方 面，政策约束下熟料生产线的超产产能指标补齐有望提速，推动水泥去产能于2026年进入实操阶段；另 一方面，25Q3行业盈利的再度回落有望加快部分区域水泥产能的整合，除冀东在东北市场的主动整合 外，我们预计华南区域有望加快市场整合进程。 水泥股涨幅居前，截至发稿，山水水泥(00691)涨4.23%，报0.74港元；中国建材(03323)涨3.55%，报5.54 港元；海螺水泥（600585）(00914)涨2.9%，报23.4港元；华润建材科技(01313)涨2.44%，报1.68港元。 ...

该行从行业会议中获得的信息，进一步强化其对三花智控多年增长的信心，关键趋势包括人形机器人及 AIDC液冷等新兴领域保持强劲势头、汽车零件业务具韧性，以及全球供应链体系结构完整。今年第四 季及明年的业绩展望显示，即使面对高基数，公司的盈利增长及利润率扩张仍将持续。虽然公司H及A 股自10月以来已有所回调，主要因投资者获利了结。 摩根大通发布研报称，将三花智控（002050）(02050)2025至27年的财务预测平均上调20%，以反映第三 季业绩胜预期及管理层上调指引。考虑到公司在各关键领域稳健的基本面及战略定位，该行认为目前是 趁低吸纳的机会;将三花智控H股目标价由41港元升至42港元，三花智控(002050.SZ)A股目标价由43元人 民币升至49元人民币，均维持"增持"评级。 ...

Core Insights - The smart glasses market is transitioning from general products to scenario-based solutions, with significant growth expected by 2026, where global shipments are projected to exceed 23.687 million units, and China's market is expected to surpass 4.915 million units [1][2] Group 1: Market Growth and Dynamics - The smart glasses market is anticipated to reach a critical growth point in 2026, driven by strategic positioning, a trial economy, and AI capabilities, with average prices maintaining around 1500 yuan, appealing to both tech enthusiasts and general consumers [2] - The demand and supply sides are both contributing to this growth, with brands aiming to secure the next generation of computing interfaces [2] Group 2: Product Experience Enhancements - Smart glasses are expected to see improvements in comfort and battery life, with weights dropping from 70-90 grams to around 50 grams by 2026, and over 45% of products expected to weigh less than 50 grams [3] - Battery life is projected to increase by 2-4 hours due to advancements in dual-chip and cloud collaboration architectures, addressing previous limitations [3] Group 3: Competitive Landscape - Manufacturers are focusing on functional differentiation to navigate hardware balance limitations, leading to a new phase of competition [3] - Non-color products are expected to account for 85% of the market by 2026, as companies create products tailored to specific use cases [3] Group 4: AI Integration and User Interaction - AI is enhancing smart glasses' role as a key input device across various platforms, with new interaction methods like micro-gestures and eye-tracking improving user experience [4] - By 2026, over 30% of smart glasses are expected to support AI capabilities, with 75% of voice assistants utilizing large models for complex tasks [5] Group 5: Ecosystem Development - The industry is shifting from hardware competition to ecosystem building, with major platforms opening core capabilities to developers, fostering a more unified development environment [6][7] - This transition aims to break the current bottleneck of scarce applications, enhancing the overall ecosystem [7] Group 6: Brand Collaboration and Market Strategy - Brand collaborations are expected to deepen, moving from resource sharing to comprehensive synergy, allowing for the exploration of new market spaces [8] - Smart glasses are building a "experience-decision" consumption loop, with a focus on enhancing user experience through professional channels and immersive demonstrations [8] Group 7: Supply Chain and Production Challenges - The strong demand for smart glasses is creating challenges in the supply chain, particularly in core components like optical waveguide lenses and high-performance chips [9] - By 2026, the supply chain is expected to achieve more efficient resource allocation and quality control to support market expansion [9] Group 8: Global Market Expansion - Chinese smart glasses manufacturers are projected to capture 45% of the global market by 2026, employing diverse strategies for overseas expansion [10] - These manufacturers are focusing on local partnerships and adapting proven domestic solutions for international markets to gain competitive advantages [10]