Core Viewpoint - The company, Sanhua Intelligent Control, has no current plans to launch its own branded robots, such as those named "Sanhua" [1] Company Focus - The company is currently focused on the supply chain segment within the robotics field [1]

来源：问董秘 投资者提问： 董秘您好，据知特斯拉已启动逐步去中国供应链，请问公司有在墨西哥建分公司吗？谢谢 董秘回答(三花智控SZ002050)： 查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 公司坚定不移地走全球化发展路线。目前我司已在墨西哥、波兰、越南、泰国等地建立了海外生产基 地，全球化生产布局已形成，有助于公司更好应对国际贸易摩擦带来的风险。感谢您对公司的关注！ ...

Investment Rating - The report assigns an "Outperform" rating to several companies in the discretionary consumption sector, including Pop Mart, Anta Sports, Huazhu Group, Miniso, Li Ning, Atour Group, New Oriental Online, and Xtep International [1][5]. Core Insights - The report highlights the stable long-term growth of Luckin Coffee despite facing short-term margin pressures, indicating resilience in the F&B sector [2]. - The introduction of new children's meal sets by Taier emphasizes the trend towards fresh and healthy dining options, reflecting consumer preferences [2]. - The report notes the expansion of Midea's automotive parts production in Mexico, which supports local manufacturing for North American electric vehicle clients [2]. - The implementation of new national standards for smart home appliances starting May 1, 2026, is expected to enhance product quality and consumer trust in the home appliances sector [2]. Summary by Sections Company Performance - Guming and Pop Mart were the top performers this week, with stock price increases of 12.6% and 12.8% respectively [3][7]. - SuperHi International reported a revenue of $21 million for Q3 2025, a year-on-year increase of 7.8%, but faced a significant drop in net profit due to increased foreign exchange losses [2][5]. - Chagee's Q3 results showed a revenue decline of 9%, with adjusted net profit down 22% [2][5]. Market Trends - The report indicates a growing trend in the F&B sector towards fresh and healthy meal options, as seen with Taier's new children's meal offerings [2]. - The smart home appliance market is set to evolve with the introduction of new standards, which will likely drive innovation and consumer adoption [2].

Core Viewpoint - The company, Sanhua Intelligent Control, confirmed that it does not hold any equity in Yushu Technology as of November 30 [1]. Group 1 - The company responded to an inquiry on its investor interaction platform regarding its ownership of Yushu Technology [2]. - An investor questioned whether the company holds shares in Yushu Technology, to which the company clarified its position [2].

Investment Focus - Alphabet (GOOGL US) is expected to maintain good visibility in its advertising business due to the gradual release of its valuation under pressure from AI search, with a projected 30%+ growth in cloud business for the year and margin improvement driven by scale effects [1] - Alibaba (BABA US) is anticipated to see a cloud business growth rate of 28%-30%, benefiting from strong momentum in instant retail, with Taobao expected to achieve a 20-30% MAU growth driven by flash purchase [1] - NVIDIA (NVDA US) is projected to achieve strong revenue growth in FY2027, with GB300 series products expected to account for two-thirds of Blackwell series products, and a revenue target of $500 billion over the next five quarters [1] - Tencent (700 HK) is recommended as a top pick, with a target price of 700, driven by steady growth in core gaming and advertising businesses, and a projected near 20% growth rate in advertising [3] - New Oxygen (SY US) is focusing on the light medical beauty sector with a rapid expansion plan, aiming to open 50 self-operated stores by 2025, supported by a strong marketing capability and low customer acquisition costs [3] - Ctrip (TCOM US) is expected to benefit from steady growth in domestic leisure travel and the recovery of outbound travel, with a projected revenue growth of 14% to 71.1 billion yuan in 2026 [3] - Huazhu (HTHT US) is transitioning to a high-margin franchise model, with a target price of $52, supported by a strong recovery in industry RevPar [4] - Futu (FUTU US) is positioned for long-term growth in the virtual asset business, with a user base of 3.1 million and a current valuation offering a safety margin [4] - AIA (1299 HK) is expected to see steady growth in new business value and operational indicators, with a forward PEV of 1.46x [4] - Dongfang Electric (1072 HK) is actively involved in global power station project contracting, with significant opportunities in the U.S. market due to the demand for power supply capabilities [9]

香港联交所最新数据显示，11月25日，摩根士丹利减持三花智控（002050）(02050)56.3619万股，每股 作价32.2373港元，总金额约为1816.96万港元。减持后最新持股数目约为2837.98万股，持股比例为 5.95%。 ...

Group 1 - Morgan Stanley reduced its stake in Sanhua Intelligent Controls (02050) by 563,619 shares at a price of HKD 32.2373 per share, totaling approximately HKD 18.1696 million [1] - After the reduction, Morgan Stanley's latest holding amounts to approximately 28,379,800 shares, representing a stake of 5.95% [1]

来源：新浪港股 香港联交所最新数据显示，11月24日，摩根士丹利增持三花智控（02050）121.7515万股，每股作价 31.0423港元，总金额约为3779.45万港元。增持后最新持股数目约为2894.34万股，持股比例为6.07%。 ...

每经AI快讯，三花智控（SZ 002050，收盘价：42.79元）11月27日晚间发布公告称，公司第八届第十二 次董事会临时会议于2025年11月27日以通讯方式召开。会议审议了《关于召开2025年第二次临时股东大 会的议案》等文件。 2025年1至6月份，三花智控的营业收入构成为：通用设备制造业占比100.0%。 每经头条（nbdtoutiao）——灌水21万亿，高市早苗1.7万亿强化国防！日本负债率已远超债务危机时的 希腊，对美巨额投资致大规模资本外流，"卖出日元成国际趋势" （记者 张明双） 截至发稿，三花智控市值为1801亿元。 ...

证券代码：002050 证券简称：三花智控 公告编号：2025-107 浙江三花智能控制股份有限公司 浙江三花智能控制股份有限公司（以下简称"公司"）第八届董事会第十二 次临时会议于 2025 年 11 月 24 日以书面形式或电子邮件形式通知全体董事，于 2025 年 11 月 27 日（星期四）以通讯方式召开。会议应出席董事（含独立董事） 10 人，实际出席 10 人。本次会议出席人数、召开程序、议事内容均符合《公 司法》和《公司章程》的规定。本次会议审议通过了以下议案： 会议以 10 票同意、0 票反对、0 票弃权，审议通过了《关于召开 2025 年第 二次临时股东大会的议案》。 董事会同意于 2025 年 12 月 17 日召开公司 2025 年第二次临时股东大会。 为确保公司 A 股和 H 股信息披露的一致性，会议通知将另行公告。 特此公告。 浙江三花智能控制股份有限公司 董 事 会 2025 年 11 月 27 日 第八届董事会第十二次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 ...