智通财经APP获悉，光大证券发布研报称，维持地平线机器人-W(09660)"买入"评级，大会上公司发布 了多项重要进展，高阶辅助驾驶系统"HSD"已实现量产，激活量两周突破1.2万辆，并有望将城区NOA 功能下探至10万元级车型市场。其海外市场拓展初见成效，中高阶产品出货量占比有望持续提升， J6P+HSD首发上车进一步提升公司产品ASP与品牌力。 光大证券主要观点如下： 事件 不同于传统的"芯片+参考算法"的交付模式，HSDTogether将HSD作为一个经过验证的"样板间"向合作伙 伴开放(白盒&黑盒授权)，提供覆盖产品开发全周期的"算法服务"，包括数据服务与艾迪SaaS平台、专 业的算法适配工程与咨询服务，以及最核心的基座模型授权。合作伙伴可以聚焦于系统集成测试、车型 适配开发等自身优势，人力&算力&时间成本均得以大幅降低。J3/J5/J6芯片实现百万颗出货分别耗时 36/24/12个月，我们认为，伴随HSD算法赋能城区NOA下沉10万元车型市场，J6系列芯片出货有望进一 步提速。 发布全新"黎曼"BPU架构，J7目标对标特斯拉AI5芯片 "黎曼"架构相比上一代，关键算子性能提升10倍，高精度算子支持数 ...

● 本报记者 徐昭 林倩 把准服务金融"五篇大文章" 政治方向 党的二十届四中全会审议通过的"十五五"规划建议提出，"优化金融机构体系，推动各类金融机构专注 主业、完善治理、错位发展"。 赵陵表示，文化是企业的灵魂，党建是文化的航标。光大证券全面贯彻落实党的二十届四中全会精神， 坚持将党的领导贯穿文化建设与经营管理全过程，对标"十五五"规划建议的重大战略、重点领域和关键 任务，谋划新一轮发展思路和战略举措，积极培育和践行中国特色金融文化，凝聚发展共识，确保公司 发展始终沿着党中央指引的正确方向前进，为落实国家战略、服务实体经济发展提供坚强政治保证。 据赵陵介绍，党的二十届四中全会召开后，光大证券迅速动员响应，公司党委先学一步、学深一层，通 过个人自学与集中学习相结合的方式，研读党的二十届四中全会公报及相关解读文件；组织各基层党组 织通过"规定动作+自选动作"相结合，多形式开展学习，实现全员覆盖。 "光大证券还将党建工作要求全面写入公司章程，将党委议事规则嵌入治理流程，构建权责清晰、运行 高效的公司治理架构，确保党的领导贯穿到文化建设、合规风控、重大决策等各个环节，持续优化ESG 治理体系。"赵陵表示，公司通过 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：招商基金管理有限公司 基金托管人：光大证券股份有限公司 登记机构：招商基金管理有限公司 重要提示 1、招商医药量化选股混合型发起式证券投资基金（以下简称"本基金"）的发售已获中国证监会证监许 可〔2025〕2060号文准予注册。 2、本基金类型为契约型开放式、混合型证券投资基金。 3、本基金的管理人为招商基金管理有限公司（以下简称"招商基金"或"本公司"），托管人为光大证券 股份有限公司，登记机构为招商基金管理有限公司。 4、本基金自2025年12月17日至2025年12月26日（具体办理业务时间见各销售机构的相关业务公告或拨 打客户服务电话咨询）通过销售机构公开发售。基金管理人根据认购的情况可适当调整募集时间，并及 时公告，但最长不超过法定募集期限。 5、募集规模上限 本基金首次募集规模上限为30亿元人民币（不含募集期利息，下同）。 基金募集过程中，募集规模接近、达到或超过30亿元时，基金可提前结束募集。 在募集期内任何一日（含首日），若当日募集截止时间后基金份额累计有效认购申请金额（不包括利 息，下同）合计超过30亿元，基金管理人将采取末日比例 ...

Core Viewpoint - The report from Rothschild indicates that Lao Pu Gold's revenue is expected to surpass that of Richemont's jewelry business in the Chinese market by 2025, highlighting the company's unique success in the luxury goods sector [1] Group 1: Company Performance - Lao Pu Gold's stock has risen nearly 4%, currently trading at 646.5 HKD with a transaction volume of 365 million HKD [1] - The company has been achieving record high performance, driven by the increasing demand for gold as a hedge against inflation and the collectible value of traditional gold [1] Group 2: Market Analysis - According to Everbright Securities, the acceleration in gold prices since 2023 has led to a heightened consumer interest in gold investments [1] - The report emphasizes that the favorable market conditions are expected to continue, contributing to Lao Pu Gold's ongoing success [1] Group 3: Valuation and Ratings - The target price for Lao Pu Gold is set at 804.64 HKD, with projected price-to-earnings (PE) ratios of 27, 20, and 15 for the years 2025 to 2027 [1] - The company has been given an initial "Buy" rating based on relative and absolute valuation methods [1]

Group 1 - The core viewpoint of the article highlights that Lao Pu Gold (06181) is expected to surpass Richemont's jewelry business revenue in the Chinese market by 2025, according to a report from Rothschild [1] - Lao Pu Gold's stock has seen a nearly 4% increase, currently trading at 646.5 HKD with a transaction volume of 365 million HKD [1] - The report emphasizes that the success of Lao Pu Gold in China is a unique case, driven by rising gold prices and increased consumer demand for gold as a store of value [1] Group 2 - According to Everbright Securities, the performance of Lao Pu Gold has been continuously reaching historical highs due to the growing popularity of traditional gold, which holds both intrinsic and collectible value [1] - The company has been assigned a target price of 804.64 HKD, with projected price-to-earnings ratios (PE) of 27, 20, and 15 for the years 2025 to 2027 [1] - The initial rating for Lao Pu Gold is set as "Buy" based on relative and absolute valuation methods [1]

Core Viewpoint - The company emphasizes the integration of the spirit of the 20th National Congress of the Communist Party into its operations, aiming to enhance cultural soft power and fulfill its responsibilities in serving national strategies and the real economy [1][2][10]. Group 1: Cultural and Political Direction - The company is committed to embedding the Party's leadership throughout its cultural construction and management processes, aligning with the "14th Five-Year Plan" strategic goals [2][3]. - A cultural leadership team has been established to promote the core requirements of "Five Musts and Five Must Nots," ensuring that these principles are internalized and practiced by all employees [5][6]. Group 2: Governance and Compliance - The company has incorporated Party leadership into its governance structure, ensuring clarity in responsibilities and efficient operations, while continuously optimizing its ESG governance system [3][4]. - It has implemented strict compliance measures across all levels, enhancing risk management and establishing a professional compliance management team [6][4]. Group 3: Financial Services and Innovation - The company is focused on high-quality development by optimizing its business structure and innovating service models, particularly in green finance and supporting high-tech enterprises [7][8]. - It has actively participated in the construction of the third pillar of pension finance, launching various pension fund products and enhancing services for the elderly [9]. Group 4: Community and Social Responsibility - The company has made significant contributions to rural revitalization and the development of revolutionary old areas, with substantial investments and projects benefiting over 400,000 people [8]. - It has engaged in various cultural activities to foster a positive work environment and enhance employee engagement in serving national strategies [6][5]. Group 5: Future Outlook - Looking ahead, the company aims to deepen its commitment to the spirit of the 20th National Congress and contribute to the construction of a financial power by focusing on high-quality development and strengthening its cultural foundation [10].

Core Viewpoint - The 20th Central Committee of the Communist Party of China has set clear requirements for accelerating the construction of a financial power during the 14th Five-Year Plan period, emphasizing the integration of political and people-oriented aspects into financial work [1][2]. Group 1: Company Strategy and Governance - The company emphasizes the importance of integrating the spirit of the 20th Central Committee into its operations, ensuring that the Party's leadership is embedded in cultural construction and management processes [2][3]. - The company has incorporated Party leadership requirements into its articles of association and governance processes, aiming to create a clear and efficient governance structure [3]. - The company is committed to enhancing discipline and compliance, focusing on the implementation of the Central Eight Regulations and promoting a culture of integrity [3]. Group 2: Cultural Development - The company aims to deepen the integration of the "Five Musts and Five Must Nots" cultural requirements into its operational framework, transforming cultural advantages into core driving forces for serving national strategies [4][7]. - A leadership group for cultural construction has been established, with over 300 personnel dedicated to promoting cultural values and activities within the organization [4]. Group 3: Talent and Risk Management - The company is focused on building a strong professional talent pool, enhancing political and operational capabilities through training and competitions [5]. - Strict compliance with regulatory requirements is being enforced, with a comprehensive risk management system in place to address potential risks effectively [5]. Group 4: Financial Services and Contributions - The company is actively involved in green finance, having financed 18.23 billion yuan for green industries in the first three quarters of the year, representing a 34.6% increase year-on-year [7]. - The company has also contributed to rural revitalization and the development of revolutionary old areas, underwriting 1.79 billion yuan in bonds for these initiatives [8]. - The company is expanding its offerings in pension finance, launching new pension fund products and enhancing services for the elderly [8]. Group 5: Digital Transformation - The company is leveraging digital technology to enhance operational efficiency, with significant improvements in its digital platform and automation of processes [9]. - The company has implemented over 100 optimizations in its digital services, resulting in a substantial increase in user registrations [9].

中国经济网北京12月10日讯 佳华科技(688051.SH)今日股价下跌，截至收盘报38.80元，跌幅10.10%。该 股目前处于破发状态。 (责任编辑：马欣) 佳华科技于2020年3月20日在上交所科创板上市，发行价格为50.81元/股，发行新股数量为1933.40万 股，保荐机构为光大证券，保荐代表人为王鹏、刘海涛。 佳华科技首次公开发行股票募集资金总额为9.82亿元，募集资金净额为8.64亿元，比原拟募资多3.64亿 元。佳华科技上市前披露的招股说明书显示，该公司原拟募集资金5亿元，分别用于大气环境AI大数据 体系建设项目和大数据AI研发体系建设项目。 佳华科技首次公开发行股票的发行费用总额为1.18亿元（不含增值税），其中，承销及保荐费用9634.33 万元。 ...

Core Viewpoint - Everbright Securities reports that Laopu Gold (06181) is a pioneer and leader in the ancient gold concept in China, positioned as a high-end brand with a long-term focus on the market [1] Group 1: Industry Insights - The demand for ancient gold is increasing as gold prices rise, with consumers seeking investment and preservation value [1] - The market size for gold products in China is projected to reach 568.8 billion yuan in 2024, with the ancient gold segment's share increasing from 4% in 2018 to 30% in 2023, and expected to reach 52% by 2028 [2] - Gold consumption is evolving beyond traditional occasions, becoming a fashionable item for younger consumers, with various designs carrying emotional significance [2] Group 2: Company Positioning - Laopu Gold differentiates itself in the high-end ancient gold market, achieving a 77.3% overlap in consumer base with luxury brands like LV and Cartier, and has approximately 480,000 members [3] - The company boasts superior craftsmanship in ancient gold, leading to higher product premiums and profitability, with gross and net profit margins of 38.1% and 18.4% respectively for the first half of 2025 [3] Group 3: Product and Growth Strategy - Laopu Gold's product design incorporates classic cultural elements, appealing to the trend of modern Chinese aesthetics, making gold a staple in daily fashion for younger consumers [4] - The company focuses on high-end shopping districts with exquisite store displays, achieving significant same-store revenue growth, and is expanding its online presence to attract younger demographics [4] Group 4: Financial Projections - For 2024, Laopu Gold is expected to achieve revenue of 8.506 billion yuan, a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, up 253.9% [5] - Revenue projections for 2025 to 2027 are 26.744 billion, 36.168 billion, and 46.094 billion yuan, with corresponding net profits of 4.763 billion, 6.541 billion, and 8.449 billion yuan, indicating substantial growth rates [5]

Core Viewpoint - The report from Everbright Securities highlights Laopu Gold (06181) as a pioneer and leader in the ancient gold concept in China, positioning itself in the high-end market and continuously deepening its engagement. The rising gold prices in 2023 have increased consumer demand for gold as a means of investment and preservation of value, leading to record-high performance for Laopu. The company is given a target price of HKD 804.64, with a projected PE ratio of 27/20/15 for 2025-2027, and an initial "Buy" rating is assigned [1]. Industry Insights - The ancient gold segment is experiencing sustained growth, with younger consumers driving gold jewelry consumption. Despite a general decline in overall gold jewelry consumption due to rising prices, niche markets like ancient gold and national trends are emerging, achieving counter-cyclical growth. The market size for gold products in China is projected to reach CNY 568.8 billion in 2024, with the ancient gold segment's share increasing from 4% in 2018 to 30% in 2023, and expected to reach 52% by 2028, amounting to CNY 421.4 billion [1]. Competitive Positioning - Laopu Gold differentiates itself in the high-end ancient gold market, avoiding direct competition with traditional brands that offer generic gold products. As of June 2025, Laopu's consumer overlap with luxury brands like LV and Cartier is 77.3%, with approximately 480,000 members. The company has developed superior ancient gold craftsmanship over the years, creating a strong brand moat that is difficult for competitors to replicate. Laopu's products command higher premiums, with a gross margin of 38.1% and a net margin of 18.4% in the first half of 2025 [2]. Product and Growth Strategy - Laopu's long-standing presence in the ancient gold sector, combined with rising gold prices, has allowed it to gain visibility and achieve quality growth. Key factors include: 1) Product designs that incorporate classic cultural elements, appealing to younger consumers and making gold a fashionable item; 2) Store locations in high-end shopping districts with exquisite displays, leading to significant same-store revenue growth; 3) Accelerated online penetration through affordable products that attract younger demographics, fostering rapid growth and supporting offline development [3]. Financial Projections - For 2024, Laopu is expected to achieve revenue of CNY 8.506 billion, a year-on-year increase of 167.5%, and a net profit of CNY 1.473 billion, up 253.9%. In the first half of 2025, revenue and net profit are projected to grow by 251.0% and 285.8%, respectively. The company’s revenue forecasts for 2025-2027 are CNY 26.744 billion, CNY 36.168 billion, and CNY 46.094 billion, with year-on-year growth rates of 214.4%, 35.2%, and 27.4%. Net profits are expected to be CNY 4.763 billion, CNY 6.541 billion, and CNY 8.449 billion, with growth rates of 223.3%, 37.3%, and 29.2%. The projected EPS for these years are CNY 27.00, CNY 37.08, and CNY 47.90, with current PE ratios of 21, 15, and 12 [4].