国泰海通证券研报指出，亿联网络2025Q3营收、归母净利润同环比均实现增长，核心业务领域市场竞 争力稳固。公司销售业务开拓节奏有序，在核心业务领域的市场竞争力依然稳固，下游市场需求良好。 重磅推出新一代音视频会议平板系列产品，搭载业内唯一影像级智能四摄、第二代自研聆晰音频算法及 极致全能AI 体验， 以及推出了智能视讯一体机MeetingBarA40/A50、Dante吸顶麦克风 CM50、智能追 踪摄像头SmartVision 80、视频会议主机 MCore4等众多新品。公司不断完善商务耳麦产品布局，全新有 线耳麦 UH4X 系列的推出，进一步丰富了产品矩阵。未来，公司将持续优化产品结构，加大高端市场 开拓力度，深入挖掘细分市场机会，保持话机市场竞争力，实现业务稳健发展。参考可比公司估值，给 予公司2025年PE为20倍，对应目标价为43.06元，维持"增持"评级。 ...

Group 1 - The core point of the news is the appointment of Yang Yong as a new fund manager for the Guotai Haitong 120-day bond fund, which is managed by Shanghai Guotai Haitong Securities Asset Management [1][2] - Yang Yong has a diverse background in finance, having held positions at major financial institutions such as Bank of China, Ping An Bank, Guotai Junan Securities, and Yongying Fund Management [1] - The Guotai Haitong 120-day bond fund was established on June 6, 2024, and as of November 25, 2025, it has reported a year-to-date return of 2.37% and 2.19%, with cumulative returns since inception of 5.40% and 5.10% [1] Group 2 - The fund is classified as a public offering bond fund and is governed by relevant regulations such as the "Publicly Raised Securities Investment Fund Information Disclosure Management Measures" [2] - The fund manager change is categorized as an additional appointment, with Yang Yong joining existing manager Du Haoran in overseeing the fund [2]

Core Viewpoint - The announcement reveals that the shareholder, Lianyungang Yingyou Textile Machinery Group Co., Ltd., plans to reduce its stake in Zhongfu Shenying by selling up to 9 million shares, which represents no more than 1% of the company's total share capital, due to operational needs [1][2]. Summary by Sections Shareholder Reduction Plan - Lianyungang Yingyou Textile Machinery Group Co., Ltd. holds 39,990,306 shares, accounting for 4.45% of Zhongfu Shenying's total share capital [1]. - The planned reduction will occur through centralized bidding, with a maximum of 9,000,000 shares to be sold [2]. - The reduction period is set from December 17, 2025, to March 16, 2026 [2]. Company Background - Zhongfu Shenying was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 6, 2022, with an issuance of 100 million shares at a price of 29.33 yuan per share [2]. - The stock is currently trading below its initial offering price, indicating a state of underperformance [2]. Fundraising and Financials - The total amount raised during the IPO was 2.933 billion yuan, with a net amount of 2.777 billion yuan after expenses [3]. - The company initially aimed to raise 1.845 billion yuan for various projects, including high-performance carbon fiber production and research [3]. - The issuance costs totaled 156 million yuan, with underwriting fees amounting to 138 million yuan [3].

Core Viewpoint - The report from Guotai Junan Securities maintains an "overweight" rating for SUTENG JUCHUANG (02498), raising the target price to HKD 43.36, highlighting the company's active exploration in the pan-robotics and Robotaxi, Robovan market applications, with impressive order progress and strong performance in the third quarter [1] Group 1 - The EM platform has successfully expanded the customer base for passenger car lidar applications, with recent significant contracts from a major new energy vehicle company and a leading global SUV and pickup manufacturer [1] - The company has secured a three-year exclusive contract for a new pure electric model from Japan's largest automaker and a Chinese joint venture brand [1] Group 2 - The Robotaxi business is expected to see a trend of multiple lidar applications per vehicle, with a recent partnership with Didi to provide an EM4+E1 solution featuring ten lidar units for all-weather operational capabilities [2] - The company has delivered 35,500 lidar units in the third quarter for the pan-robotics sector, marking a significant year-on-year increase [2] - SUTENG JUCHUANG has become the preferred perception solution for several unmanned delivery developers, including JD.com, Meituan, and others [2] - New products such as Fairy and AC2 have been launched, with Fairy being a high-precision mid-to-long-range lidar and AC2 integrating multiple sensing technologies, expanding the company's market into robotics and consumer sectors [2]

国泰海通证券发布研报称，维持速腾聚创(02498)"增持"评级，目标价上调至43.36港元，公司积极探索 泛机器人及Robotaxi、Robovan市场应用且订单进展亮眼，第三季度泛机器人业务表现优异，以及EMX 产品强势的市场拓展与Robo+领域的拓展。 Robotaxi业务有望看到单车多颗激光雷达应用趋势 近期公司与滴滴宣布达成新一代车型定点合作，速腾聚创将为滴滴提供EM4+E1的组合方案，实现远距 精准识别+近距盲区消除的全向感知，首次采用单车10颗激光雷达方案，共同打造具备全天候可持续运 营能力的新一代自动驾驶标杆车型。此外，小马智行、文远知行、北美硅谷头部L4公司等业界知名车 企已与速腾达成合作。泛机器人第三季度交付激光雷达3.55万颗，同比大幅增长。在无人配送领域，速 腾聚创已成为多家无人配送研发商首选感知方案，包括京东、美团、新石器、九识、文远、菜鸟、 Coco等。EMX+E1R的产品组合成为城配的解决方案。公司于近期推出新品Fairy和AC2：Fairy是高精度 中长距数字化激光雷达Fairy，已应用于新石器无人车X3;AC2为集成dTOF、RGB双目、IMU为一体的传 感器，将推动公司从汽车 ...

11月26日，广东宏大涨5.02%，截至发稿，报40.39元/股，成交5.27亿元，换手率2.01%，总市值306.96 亿元。 资料显示，广东宏大控股集团股份有限公司位于广东省广州市天河区兴民路222号之三(C3栋)天盈广场 东塔56层，成立日期1988年5月14日，上市日期2012年6月12日，公司主营业务涉及民爆器材产品(含现 场混装)、矿山基建剥离、整体爆破方案设计、爆破开采、矿物分装与运输等服务。主营业务收入构成 为：露天矿山开采58.54%，工业炸药12.43%，地下矿山开采11.82%，化工产品10.47%，起爆器材 2.68%，液化天然气2.39%，防务装备0.88%，其他0.80%。 从基金十大重仓股角度 责任编辑：小浪快报 国泰海通中证500指数增强A（014155）成立日期2021年12月15日，最新规模23.16亿。今年以来收益 26.78%，同类排名1551/4206；近一年收益26.91%，同类排名1543/3986；成立以来收益23.79%。 国泰海通中证500指数增强A（014155）基金经理为胡崇海、邓雅琨。 截至发稿，胡崇海累计任职时间3年348天，现任基金资产总规模136 ...

证券之星消息，11月26日上海国泰海通证券资产管理有限公司发布《国泰海通安裕中短债债券型证券投 资基金暂停大额申购（含定期定额投资）的公告》。公告中提示，为了保证基金的平稳运作，保护基金 份额持有人利益，自2025年11月26日起国泰海通安裕中短债债券型证券投资基金暂停大额申购（含定期 定额投资），申购上限金额为100.0万元，下属分级基金调整明细如下： | 分级基金简称 | 代码 | 是否暂停（大额）申购 | 申购限额 转入限额 定投限额 | | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | (元) (元) (元) | | 国泰海通安裕 中短债债券A | 025594 | 를 | | | 国泰海通安裕 中短债债券C | 025595 | 를 | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

证券之星消息，11月26日上海国泰海通证券资产管理有限公司发布《国泰海通安悦债券型证券投资基金 暂停大额申购（含定期定额投资）的公告》。公告中提示，为了保证基金的平稳运作，保护基金份额持 有人利益，自2025年11月26日起国泰海通安悦债券型证券投资基金暂停大额申购（含定期定额投资）， 申购上限金额为100.0万元，下属分级基金调整明细如下： | 分级基金简称 | 代码 | 是否暂停（大额）申购 申购限额 转入限额 定投限额 | | | | | --- | --- | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | (元) | (元) | (元) | | 国泰海通安总信号A 025556 | | 를 | | | | | 国泰海通安悦佳学C 025597 | | 를 | | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 当前，随着券商业务日趋多元化、客户账户不断增加，客户主要有普通经纪、信用账户、股票期权户以及基金投顾账户 四类账户；各个账户间各自分立，客户资金划转不便。这对证券公司现有账户管理制度提出了整合和优化的新要求。 "支持证券公司从建立综合客户账户、允许同名划转、分类账户管理等方面开展账户管理功能优化试点，优化券商账户 主要是出于整合与优化账户体系的要求，优化客户体验，提升客户服务效率。"证监会指出。 监管同时强调，内部账户管理功能优化，应在现有客户交易结算资金第三方存管框架下开展。 智通财经记者 | 孙艺真 券商财富管理转型加速推进，券商综合账户试点再迎"新面孔"。 智通财经从业内获悉，近期，国联民生（601456．SH）、东方证券（600958.SH）、东吴证券（601555．SH）、平安 证券、西部证券（002673.SZ）、东北证券（000686.SZ）、东方财富（300059.SZ）、华鑫证券8家证券公司获批券商综 合账户试点。 这意味着，时隔三年，券商综合账户试点第三度迎来扩容，开展券商综合账户试点的券商数量从现有的12家已增加到 ...

Core Viewpoint - The report from Guotai Junan Securities maintains an "Overweight" rating for Trip.com Group (09961) with a target price of HKD 733, highlighting steady domestic growth and continued high growth overseas, alongside increased investment returns and expanding user share and influence [1]. Financial Performance - In Q3 2025, the company achieved revenue of CNY 18.367 billion, a year-on-year increase of 15.52%. Adjusted EBITDA was CNY 6.346 billion, up 11.73%, and adjusted operating profit reached CNY 6.134 billion, reflecting a 12.2% increase. The net profit attributable to shareholders surged to CNY 19.890 billion, a remarkable increase of 194.01%, while adjusted net profit excluding non-recurring items was CNY 19.156 billion, up 221.25% [2]. Travel Segments Analysis - Business travel has accelerated, but group tours have shown a slowdown. Transportation growth rebounded in Q3 2025, with a year-on-year increase of 11.6%, compared to 10.8% in Q2 2025. Hotel growth remained in double digits but showed a sequential slowdown. The decline in group tours since Q1 2025 is attributed to a structural shift towards independent travel and external risk factors affecting key destinations in Southeast Asia and East Asia. Business travel revenue growth has improved, marking the highest growth since Q1 2024, indicating a stabilization in demand [3]. Profitability and Market Competition - The company maintained stable profit growth, with a slight decline in gross margin primarily due to the increased share of overseas business and structural factors. Since 2025, the company has significantly increased investment in Trip, aligning marketing expenses with previous budgets. This investment has contributed to rapid growth in overseas Trip and a swift increase in user share. The competitive landscape is expected to shift towards capturing incremental shares from offline to online markets. The company has shown consistent profit margin improvement over several quarters, indicating a favorable competitive environment and stable profitability, with smooth progress in overseas markets [4].