截至2025年11月，公司已在全国31个省级行政区、337座城市设有超48000个服务网点，投放按摩设备超 过533000张。2022年底至2024年底，服务网点数量由21727个增至45993个，年复合增长率约45.49%。 累计可识别服务消费者逾1.74亿人，注册会员超4000万。覆盖约70.4%的大型商业综合体、35%的高票 房影院、60%的高人流机场。 2024年中国机器按摩服务市场规模为27亿元，约占整体按摩市场0.5%；乐摩科技在整体按摩市场中份 额为0.2%。 乐摩科技通过港交所主板上市聆讯，由中信建投（601066）国际和申万宏源香港担任联席保荐人。公司 以"乐摩吧"品牌运营，主营在中国各地公共场所（如商业综合体、影院、交通枢纽）投放按摩椅提供服 务。 2022至2024年，按交易额计，乐摩科技在中国机器按摩服务市场连续三年排名第一，2024年市场份额达 42.9%；按收入计，2024年市场份额超50%。 ...

Core Insights - On November 17, the Qianwen App was launched for public testing, and its ranking on the iOS free chart rose from 45th to a peak of 6th on the same day [1] - Alibaba's AI strategy has primarily focused on B-end applications, emphasizing large models and cloud services, with the Tongyi model family having over 170,000 global derivative models, making it the model family with the most derivatives [1] - The launch of the Qianwen App signifies Alibaba's strong expansion into C-end applications, positioning it as a comprehensive AI assistant that aims to become a key entry point for C-end traffic in the AI era, integrating various user needs, preferences, and business data [1] Company Strategy - The Qianwen App is designed to cover a wide range of content creation and lifestyle service scenarios, including shopping, local living, and travel [1] - The app's development reflects Alibaba's intent to consolidate user engagement and streamline access to diverse services through a single platform [1]

Core Insights - The launch of Qianwen App on November 17 led to a significant rise in its iOS free chart ranking, moving from 45th to a peak of 6th place [1] - Alibaba's AI strategy has primarily focused on B-end applications, emphasizing large models and cloud services [1] - The Tongyi model family has over 170,000 global derivative models, making it the model family with the highest number of derivative models [1] - The introduction of Qianwen App signifies Alibaba's strong expansion into C-end applications [1]

（原标题：中信建投：阿里(09988)发力C端AI应用 千问探索下一代流量入口） 智通财经APP获悉，中信建投证券发布研报称，11月17日千问App公测上线，当天iOS免费榜排名从第 45名快速上升至最高第6名。此前阿里(09988)AI布局以B端为主，聚焦大模型和云业务。其中通义模型 家族的全球衍生模型数量超17万，已成为衍生模型数量最多的模型家族。千问App的上线意味着阿里向 C端应用强势拓展。 中信建投认为，千问App定位为全能AI助手，长期有望成为AI时代的C端流量入口，整合用户的各种需 求、偏好和业务数据，一站式覆盖内容创作与生活服务场景(如购物、本地生活、出行等)。 中信建投主要观点如下： 1）功能：聊天框为核心，子功能更丰富。千问App的主页为聊天框形式，中间位置显示热搜问题，下 方罗列14个子功能。其中5个是创新功能，如AI翻译在文本翻译基础上，率先支持上传图片和文档翻 译、同声传译，覆盖更多实际需求。 2）生态：AI电商初见雏形。目前千问App可以看图搜索同款产品并提供购买链接。在没有特别要求的 情况下，AI自动返回淘宝、1688、闲鱼三大平台的购买链接，满足不同消费能力的用户需求。千问与 ...

Core Viewpoint - The current market expectations for automotive stimulus policies and total production and sales volume for next year are weak, indicating a diminished cyclical attribute of the automotive sector. The core focus is shifting towards technology attributes and emerging growth directions [1] Group 1: Automotive Industry Insights - Xpeng Technologies recently launched its second-generation VLA large model, Robotaxi, and humanoid robot Iron, which have boosted market expectations [1] - By 2026, with the technological iterations and mass production of Tesla's FSD V14, Robotaxi, and Optimus, the automotive and robotics sectors are expected to experience a pivotal industry trend [1] - The core applications of physical AI in vehicles and robots may lead to a reassessment of the technology attributes of automotive stocks [1]

Core Viewpoint - The report from CITIC Securities indicates that China's military industry is evolving from a reliance on domestic demand to a new development model driven by three engines: domestic demand, foreign trade expansion, and civilian applications supporting military needs [1] Group 1: Domestic Military Demand - The first curve of domestic military demand focuses on "preparation for combat" and equipment modernization, driven by stable growth in defense budgets and the upgrading of equipment during the 14th Five-Year Plan [1] - Key growth directions include strong deterrence through high-precision and systematic unmanned low-cost technologies [1] Group 2: Military Trade Expansion - The second curve represents military trade expansion, where China's military trade share continues to rise due to cost-effectiveness, systematic combat capabilities, and geopolitical cooperation under the Belt and Road Initiative [1] - This expansion allows China to become a significant global supplier, achieving both strategic influence and economic benefits [1] Group 3: Civilian Applications of Military Technology - The third curve involves the civilian application of military technology, leading to the emergence of trillion-level new industries such as commercial aerospace, low-altitude economy, future energy, deep-sea technology, and large aircraft [1] - This trend promotes the development of new processes, materials, and devices, creating a virtuous cycle of "military technology benefiting civilian applications, which in turn supports military development" [1]

Core Viewpoint - Strong demand is leading to a monthly shortage of lithium carbonate, with supply at approximately 115,000 tons and demand at 128,000 tons in November, resulting in a shortfall of about 13,000 tons, indicating a continuous destocking in the market [1] Supply and Demand Analysis - The current supply of lithium carbonate is approximately 115,000 tons, while demand is at 128,000 tons, creating a shortage of around 13,000 tons [1] - The consumption during the off-season remains robust, with orders expected to support demand into next year, shifting the supply-demand imbalance from supply pressure to demand-driven [1] Long-term Outlook - In the medium to long term, the sustained growth in energy storage demand is expected to drive a price increase across the entire lithium battery supply chain, significantly improving the fundamental supply-demand dynamics for lithium carbonate [1] - Static forecasts indicate that global lithium resource supply will reach 2,089,000 tons and consumption will be 2,004,000 tons by 2026, resulting in a surplus of only 85,000 tons, which is a reduction compared to 2025 [1] - Considering the inventory buildup in the supply chain, a structural shortage of lithium is anticipated in 2026, with price drivers shifting from supply pressure to demand-driven increases [1]

Group 1 - The current A-shares and Hong Kong stocks are entering a "new four bulls" upward corridor, driven by four forces, with the market expected to maintain a "slow bull" pattern into 2026 [2] - The central tendency of the Chinese stock market is anticipated to gradually rise, indicating a positive outlook for the market [2] Group 2 - The fixed income market is undergoing changes, with a focus on the latest applications and thoughts on the analysis framework [4] - The 2025 "fixed income +" market is expected to maintain its popularity and continue expanding, with a focus on core asset allocation directions [8] Group 3 - The upcoming earnings call for Kingsoft Cloud will be a critical point to validate its narrative as the "AI cloud first stock," with expectations for data and guidance to exceed forecasts, boosting market confidence in its long-term growth potential [10]

Core Viewpoint - The announcement details the completion of the guarantee and trust registration for shares held by a major shareholder, Liaoning Chengda Co., Ltd., in relation to the issuance of exchangeable bonds, indicating no significant changes to the company's equity structure [2][3]. Group 1: Shareholder Information - Liaoning Chengda holds a total of 1,366,927,688 shares in the company, representing 17.97% of the total share capital [3]. - The shares involved in the guarantee and trust registration are 75,000,000 unrestricted circulating shares [2]. Group 2: Bond Issuance Details - The bond issuance by Liaoning Chengda will not lead to significant changes in the company's equity structure [3]. - The registration of shares for guarantee and trust has been completed with the trustee, CITIC Jianzhong Securities Co., Ltd., acting as the nominal holder [2][3]. Group 3: Regulatory Compliance - The company will disclose further developments regarding the non-public issuance of exchangeable bonds in accordance with relevant regulatory requirements [3].

Core Viewpoint - The legal opinion letter from Shanghai Fangda Law Firm confirms the compliance of the tender offer for Ningbo Tianpu Rubber Technology Co., Ltd. by Zhonghao Xinying (Hangzhou) Technology Co., Ltd. and its concerted actions, ensuring that all legal requirements are met for the acquisition process [1][19]. Group 1: Acquisition Overview - Zhonghao Xinying aims to acquire control of Ningbo Tianpu Rubber Technology Co., Ltd. through a tender offer and capital increase, which will result in them controlling 68.29% of the shares post-transaction [19][21]. - The tender offer price is set at 23.98 CNY per share, which is consistent with the price paid in previous share transfer agreements [25][27]. - The acquisition is structured to comply with the legal obligations of a full tender offer, and it is not intended to terminate the listing status of Tianpu shares [40][41]. Group 2: Financial and Legal Compliance - Zhonghao Xinying has confirmed that the funds for the acquisition are sourced entirely from its own capital, ensuring no illegal funding sources are involved [29][41]. - The acquisition process has been validated by the law firm, which conducted thorough checks on the involved parties and their compliance with Chinese laws [3][19]. - The tender offer is set to last for 30 days, from November 20, 2025, to December 19, 2025, allowing shareholders to accept the offer during this period [30]. Group 3: Shareholder and Management Information - The actual controller of Zhonghao Xinying is Yang Gongyifan, who holds a significant stake and has a background in technology management [8][10]. - The acquisition will involve concerted actions with other parties, including Hainan Xinfan and individual shareholder Fang Donghui, to ensure unified decision-making [10][21]. - The management of Zhonghao Xinying and its concerted actions have not faced any significant legal issues in the past five years, indicating a stable operational history [16]. Group 4: Future Plans and Conditions - There are no immediate plans for Zhonghao Xinying to increase or dispose of its holdings in Tianpu shares within the next 12 months, aside from the current acquisition [22]. - The acquisition is structured to maintain the listing status of Tianpu shares, with commitments from the involved parties to propose solutions if the share distribution does not meet listing requirements post-acquisition [40].