Core Viewpoint - The report from China Merchants Securities indicates a significant downgrade for Li Auto-W (02015), with the target price reduced by 36% from HKD 115 to HKD 74 and the rating lowered from "Buy" to "Neutral" [1] Financial Performance - In Q3, Li Auto reported a net loss attributable to shareholders of RMB 625 million, marking the first loss in three years and falling short of market expectations of a profit of RMB 440 million, primarily due to the MEGA recall impact [1] - Excluding the recall impact, the company's performance was generally in line with expectations [1] Sales and Profit Forecasts - The company has seen a downward revision in sales forecasts for the fiscal years 2025-2027, with expected sales decreasing by 6%, 25%, and 30% respectively [1] - Non-GAAP net profit forecasts have been cut by 48%, 49%, and 55% for the same periods, reflecting increased competitive pressure on the L series [1] Product Cycle and Market Conditions - Li Auto is anticipated to face a challenging four-month product cycle before the launch of a major model update next year, which may weaken its market position [1] - Despite having strong cash flow and a capable team, the execution effectiveness remains to be observed, and the company is expected to lack strong catalysts for its fundamentals in the upcoming four months [1]

Core Viewpoint - Meituan-W (03690) has exceeded expectations in new business operating profit for Q3 this year, indicating a positive outlook for profitability recovery by 2026 as competition becomes more rationalized [1] Group 1: Financial Performance - The target price for Meituan is maintained at HKD 139 with a "Buy" rating [1] - The fourth quarter is expected to see strong growth in flash sales, with a double-digit growth forecast for in-store and travel services [1] - New business growth is projected to accelerate in Q4, with a year-on-year increase of 19% [1] Group 2: Future Projections - For 2026, core local business revenue is expected to grow by 12% year-on-year, with operating profit reaching RMB 18 billion [1] - New business revenue is anticipated to increase by 18% year-on-year in 2026 [1]

Core Viewpoint - Meituan-W (03690) has exceeded expectations in operating profit for new businesses in Q3 2023, indicating a positive outlook for profitability recovery by 2026 as competition becomes more rationalized [1] Group 1: Financial Performance - The operating profit for new businesses in Q3 2023 surpassed expectations [1] - The forecast for Q4 2023 includes strong growth in flash sales and double-digit growth in the dining and travel sectors [1] - New business growth is expected to accelerate in Q4 2023, with a year-on-year increase of 19% [1] Group 2: Future Projections - For 2026, core local business revenue is projected to grow by 12% year-on-year, with operating profit reaching 18 billion RMB [1] - New business revenue is anticipated to increase by 18% year-on-year in 2026 [1] Group 3: Investment Rating - The target price for Meituan is maintained at 139 HKD with an "Accumulate" rating [1]

投资机会方面，如果指数上行则关注非银金融，除此之外，主要交易机会围绕中央经济工作会议等可能 会有的政策方向，重点关注涨价资源品、服务消费和科技领域自主可控。 转自：新华财经 编辑：林郑宏 新华财经上海12月1日电 招商证券研报分析认为，展望12月，市场在经历了三个月的震荡蓄势后，终于 要选择方向，而选择向上突破发动跨年行情的概率较高。结合三季报，十五五规划，增量资金和投资者 结构以及全球宏观环境变化，12月市场将会发动指数级别上行的跨年行情。 资金面方面，2025年1月实施了印发《关于推动中长期资金入市工作的实施方案》要求提升商业保险资 金A股投资比例，新增保费投入A股比例要提升，而每年一季度都是保险开门红，新增保费配置股票需 求增加，12月是提前布局的时机。而美元指数重新走弱和人民币汇率走强为外资重新流入提供了基础。 过去两整年基金业绩普遍较高，进入年底年初居民存款增加较多，居民配置权益基金的概率加大。12月 容易形成各路增量资金的共振，从而形成经典的跨年行情。 ...

活力集团向港交所主板递交上市申请，由招商证券国际和民银资本联席保荐。该公司是中国知名的综合 出行平台，提供多模式出行产品及服务，主要通过航班管家及高铁管家为个人旅客提供旅行相关服务， 并为企业客户提供数据及技术服务以及为品牌提供营销服务。业绩记录期内，公司收入主要来自旅行相 关服务。 2024年，活力集团在中国综合互联网出行服务市场总GMV中排名第八，市场份额约1.4%。在中国在线 火车票预订市场中，按2024年GMV计算，该公司是中国第三大第三方平台，市场份额约2.4%。 ...

最佳分析师荣誉榜，招商证券荣获4个领域研究大奖；菁英分析师荣誉榜，招商证券荣获4个领域研究大 奖，名单如下： 责任编辑：郭栩彤 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，第七届新浪财经金麒麟最佳分析师评选结果揭晓，招商证券研究团队荣获"最具特色研究机 构第五名"、"菁英研究机构第九名"。 ...

中国经济网北京11月28日讯 康希通信(688653.SH)日前发布2025年第三季度报告。今年前三季，公 司实现营业收入5.26亿元，同比增长39.32%；归属于上市公司股东的净利润-3052.69万元；归属于上市 公司股东的扣除非经常性损益的净利润-4836.09万元；经营活动产生的现金流量净额-7966.23万元。 | | | | 单位: 万元 | 市神:人民币 | | --- | --- | --- | --- | --- | | | | 本报告期 | | 年初至报告期 | | 项目 | 本报告期 | 比上年同 | 年初至报 | 末比上年同期 | | | | 期增减变 | 告期末 | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 19.842.85 | 29.63 | 52,603.79 | 39.32 | | 利润总额 | -563.39 | 不适用 | -3.007.83 | 不适用 | | 归属于上市公司股东的净利润 | -579.35 | 不适用 | -3.052.69 | 不适用 | | 归属于上市公司股东的扣除非经常 | -641.43 | 不适用 | ...

Core Viewpoint - The report from China Merchants Securities indicates that Siyuan Electric's North American AI data center construction is starting, which may lead to significant order overflow due to the shorter construction cycle compared to the power grid and the relatively open supply chain [1] Group 1: North American Market Opportunities - The company is expected to benefit from order overflow as high-voltage transformer capacity from suppliers in Europe, the US, and Japan is insufficient [1] - Besides transformers, the company has strong competitiveness in switchgear and current transformer businesses, which may allow it to penetrate the data center sector and drive scalable development in North America [1] - The North American data center represents a crucial breakthrough for the company in entering the North American market, potentially becoming a significant growth driver for overseas business in the coming years [1] Group 2: Revenue and Profitability Outlook - The investment in North America, along with rising infrastructure investments in Europe and the Middle East, presents substantial potential for increasing the company's overseas revenue share and profitability [1] - The domestic business continues to expand steadily, contributing to overall growth [1] - The earnings forecast for 2026-2027 has been raised to 4.5 billion and 6 billion yuan, respectively, while maintaining a "strong buy" rating [1]

Group 1 - The lithium battery solvent industry has seen a recovery in supply and demand dynamics, with leading companies operating at high utilization rates and solvent prices beginning to rise slightly [1][2] - The profitability of lithium battery solvents is expected to improve significantly next year due to restrained capacity expansion by major enterprises [1][2] - EC solvent is projected to have a prominent role, being a key raw material for various additives, with estimated demand exceeding 300,000 tons driven by lithium battery additives by 2026 [1][3] Group 2 - The market for lithium battery solvents is currently concentrated, with the top three companies holding over 70% market share, although they have been operating at a loss in the first three quarters of this year [2] - Recent weeks have shown a notable increase in EC prices, with a significant rise of 70% observed in the past week [3] - The supply landscape for EC is also concentrated, with HaiKe XinYuan and ShiDa ShengHua having capacities of 300,000 tons and nearly 200,000 tons respectively, contributing to over 70% market share [3]

召开的日期时间：2025年12月19日10点 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开地点：广东省深圳市福田区福田街道福华一路111号招商证券大厦 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年12月19日 至2025年12月19日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票，应按照《上海证券交易 所上市公司自律监管指引第1号 ...