转自：证券时报 人民财讯10月24日电，中信证券研报称，近期美国齐昂银行与西联银行因借款人重大欺诈面临损失，9 月两个汽车领域相关企业破产也导致美国多家银行披露信贷损失。当前美国部分贷款拖欠率的上升反映 出经济下行时期的美国信用风险确实在增加。近年来，美国私募信贷市场迅速扩张，且其中存在监管套 利现象。但美国银行信贷质量目前较稳健，美国银行业抗风险能力较2008年明显增强，整体风险仍处于 相对可控范围内。 ...

Core Insights - The 2025 Double 11 shopping festival has started earlier than previous years, with stable promotional efforts across platforms [1] - Discounts for sports and outdoor products range from 50% to 70% [2] - Pre-sale performance for sports and outdoor categories has been strong, with significant sales growth across major platforms [3][4] Group 1: Promotional Activities - The promotional period for the 2025 Double 11 has been advanced, with platforms like Tmall, JD, Pinduoduo, and Kuaishou starting their sales earlier by 1 to 5 days [1] - Tmall maintains a discount strategy of "spend 300 get 50 off" and additional category coupons for sports and outdoor products [2] Group 2: Sales Performance - Tmall reported that in the first hour of pre-sales, 35 brands achieved over 100 million in sales, with brands like Fila, Adidas, and Nike leading the performance [3] - JD's sales figures show over 5.2 million brands with a year-on-year growth exceeding 300%, particularly in apparel and sports categories [3] - Douyin saw over 16,000 brands doubling their sales during the Double 11 period, with a 74% increase in search sales [4]

Core Insights - The monetization of AI is accelerating, with strong capital expenditure from cloud vendors focused on AI [1] - The global data center's new installed capacity is expected to maintain a rapid growth trend [1] Group 1: Industry Trends - The overall power density of intelligent computing centers (AIDC) is increasing at a faster pace [1] - High-voltage direct current (HVDC) distribution solutions are becoming the trend in the industry [1] Group 2: Technological Advancements - Solid-state transformers (SST) represent the latest technological route under high-voltage direct current distribution, offering advantages in conversion efficiency, construction cycle, and space occupation compared to HVDC and Panama power solutions [1] - SST technology addresses the distribution needs of data centers in a high-power era effectively [1] Group 3: Market Opportunities - The upcoming mass production of NV Rubin Ultra chips and NVL576 is expected to gradually promote the penetration of SST distribution solutions [1] - Investment selection should focus on product maturity, technological accumulation, and customer base [1]

Core Insights - The National Press and Publication Administration has issued a total of 166 game licenses since October, with 159 for domestic games and 7 for imported games, indicating a month-on-month increase in the number of licenses and a stable approval pace [1] - The approval of new titles covers various genres including ACG (Anime, Comic, Game), Three Kingdoms, RPG, and casual games, reflecting a more diversified content supply [1] - The approval of the client version of "Arknights" signifies a deepening cross-platform layout for leading IPs, while mid-tier developers are accelerating innovation in lightweight, idle, and narrative-driven products, maintaining a robust supply side [1] - The stable issuance of licenses and a relaxed approval environment are expected to promote the launch of new products, thereby enhancing the industry's overall prosperity [1] - Companies benefiting from the continuous easing of license issuance and the trends of AI and IP commercialization are recommended for performance improvement due to the new product cycle [1]

Core Viewpoint - The monetization of AI is accelerating, with strong capital expenditure from cloud vendors, leading to rapid growth in global data center installations [1] Group 1: AI Monetization and Capital Expenditure - AI monetization is gaining momentum, driven by robust capital spending from cloud service providers [1] - The global data center's new installed capacity is expected to maintain a rapid growth trend [1] Group 2: Power Distribution Technologies - The overall power density of intelligent computing centers (AIDC) is accelerating [1] - High voltage direct current (HVDC) distribution solutions are becoming a prevailing trend [1] - Solid-state transformers (SST) represent the latest technological route under high voltage direct current distribution, offering advantages in conversion efficiency, construction period, footprint, and renewable energy integration compared to HVDC and Panama power solutions [1] Group 3: Market Opportunities and Recommendations - SST distribution solutions are anticipated to gradually penetrate the market as subsequent NV Rubin Ultra chips and NVL576 enter mass production [1] - Companies are advised to select targets based on product maturity, technological synergies, and customer base [1]

中信证券研报称，近期美国齐昂银行与西联银行因借款人重大欺诈面临损失，9月两个汽车领域相关企 业破产也导致美国多家银行披露信贷损失。当前美国部分贷款拖欠率的上升反映出经济下行时期的美国 信用风险确实在增加。近年来，美国私募信贷市场迅速扩张，且其中存在监管套利现象。但美国银行信 贷质量目前较稳健，美国银行业抗风险能力较2008年明显增强，整体风险仍处于相对可控范围内。 ...

Core Insights - The 2025 Double Eleven shopping festival has commenced, with promotional activities starting earlier than in previous years [1] - The discount levels for sports and outdoor categories remain stable compared to the same period last year, with promotional products offered at approximately 50% to 70% off after applying various coupons [1] - Major platforms such as Tmall, JD.com, and Douyin have shown strong initial performance, particularly in the sports and outdoor segment [1] - Recent lower temperatures across many regions in the country may stimulate winter clothing consumption [1]

Core Viewpoint - The approval of game licenses by the National Press and Publication Administration has increased, with a total of 166 game licenses issued in October, indicating a stable approval rhythm and a diverse content supply in the gaming industry [1] Industry Summary - A total of 166 game licenses were issued in October, comprising 159 domestic and 7 imported games, showing a month-on-month increase in license numbers [1] - The approval pace remains steady, allowing for a batch approval of new products across various genres, including anime, Three Kingdoms, RPG, and casual games, leading to a more diversified content supply [1] - The approval of the client version of "Arknights" signifies the deepening of head IP's cross-platform layout, while mid-tier manufacturers are accelerating innovation in lightweight, idle, and narrative-driven products [1] - The stable issuance of licenses and a relaxed approval environment are expected to promote the launch of new products, thereby enhancing the industry's overall prosperity [1] Company Recommendations - Companies are recommended based on the continuous easing of license approvals and the trends of AI and IP commercialization, which are anticipated to drive performance improvements through new product cycles [1]

截至发稿，东山精密市值为1204亿元。 每经头条（nbdtoutiao）——中国创新药，今年海外授权已卖出800亿美元！对话创东方投资合伙人卢 刚：生物医药二级市场火热，一级市场为何募资遇冷？ （记者 王晓波） 每经AI快讯，东山精密（SZ 002384，收盘价：65.75元）发布公告称，2025年10月22日，东山精密接受 中信证券等投资者调研，公司董事、执行总裁单建斌等人回答了投资者提出的问题。 2025年1至6月份，东山精密的营业收入构成为：计算机和通信和其他电子设备制造占比98.83%，其他 业务占比1.17%。 ...

Core Viewpoint - Suzhou Dongshan Precision Manufacturing Co., Ltd. held a performance briefing for Q3 2025, discussing business segment performance, strategic projects, and capital operations, with participation from 392 investment institutions [1][2][5] Group 1: Business Performance - The company reported a mixed performance across its business segments in Q3 2025, with revenue growth but profit decline due to insufficient new capacity conversion and increased management expenses [3] - Softboard business saw revenue growth driven by demand for new consumer electronics, but profits did not increase due to underutilization of new capacity in Thailand [3] - Hardboard business benefited from strong demand for high-layer and HDI boards driven by AI, resulting in both revenue and profit growth [3] - Touch display business remained stable despite project delays, while LED business showed slight improvement year-on-year through strategic adjustments [3] - Precision manufacturing faced a decline in operating profit due to lower capacity utilization from client delays [3] Group 2: Strategic Projects - The company is actively expanding its AI PCB and new energy vehicle businesses, with a focus on order and customer expansion [3] - The GMD acquisition in the new energy vehicle sector is progressing as planned, with internal structure adjustments anticipated post-acquisition [3][4] - The Thai factory is expected to gradually release capacity starting in the second half of 2026, following successful client validation [4] Group 3: Capital Operations - The company is advancing its plans for a Hong Kong stock listing, with board approval obtained for related proposals, pending shareholder review [4]