Group 1 - The core viewpoint of the article is that Pony.ai (小马智行-W, 02026) has exceeded revenue expectations in Q3, benefiting from the explosive growth of its Robotaxi business [1] - The G7 model in Guangzhou has achieved breakeven in unit economics, validating the company's Robotaxi business model and indicating a rapid move towards scalable replication [1] - The market remains cautious regarding the company's profitability inflection point, with the recent stock price correction reflecting adjustments in expectations rather than a weakening of fundamentals [1]

招商证券主要观点如下： 出栏同环比明显增长，出栏体重环比回落。从出栏量上看，2025年10月，15家上市猪企合计出栏生猪 1752万头，同比+30%、环比+23%，主要系龙头猪企产能释放所致，整体仍处产能释放期。15家上市猪 企出栏量同比均实现正增长，其中新五丰、正邦科技、中粮家佳康、巨星农牧、神农集团、傲农生物、 金新农出栏量同比增幅均超50%，分别为57%、67%、82%、68%、65%、73%、67%。从出栏结构上 看，2025年10月，上市猪企合计出栏仔猪144万头，同比+144%，占生猪出栏比重提升0.4个百分点至 20%。从出栏体重上看，2025年10月，主要上市猪企出栏体重继续回落，9家上市猪企出栏均重121kg， 同比-1.9%、环比-1.5%。 风险提示：农产品价格波动超预期，突发大规模不可控疾病，重大食品安全事件，上市公司销量/成本 不达预期。 生猪供给端仍较为宽松，同时受产能调控影响，集团猪企降重出栏，增加短期供给压力，拖累猪价月内 明显下行，带动行业亏损扩大，10月全国能繁母猪产能环比去化幅度扩大至1.1%。上市猪企产能仍处 释放期，10月出栏量同环比明显增长。反内卷&行业亏损双管齐下 ...

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Tongcheng Travel (00780), highlighting the sustained release of leisure travel demand since the summer peak season, driven by the company's subsidy strategy and an increase in the proportion of hotels rated three stars and above, leading to a trend of simultaneous growth in both volume and price in the hotel business [1] Group 1: Revenue and Performance - The company achieved revenue of 5.51 billion yuan, representing a year-on-year increase of 10.4%; adjusted EBITDA reached 1.51 billion yuan, up 14.5%, and adjusted net profit was 1.06 billion yuan, increasing by 16.5%, with both revenue and performance meeting expectations [1] - In Q3 2025, the company generated revenue from accommodation bookings, transportation tickets, vacation services, and other businesses amounting to 1.58 billion, 2.21 billion, 900 million, and 820 million yuan respectively, with other businesses performing exceptionally well, primarily driven by strong growth in hotel management [1] - As of September 30, 2025, the number of hotels under the group's management platform increased to nearly 3,000, with an additional 1,500 hotels in preparation; the acquisition of Wanda Hotel Management Co., Ltd. was completed on October 16, 2025, with 239 hotels operated under Wanda as of Q3 2025 [1] Group 2: Profitability and Margins - The company's overall gross margin was 65.7%, an increase of 2.3 percentage points year-on-year; the management, R&D, and sales expense ratios were 5.3%, 9.3%, and 31.1% respectively, with an adjusted net profit margin of 19.2%, up 1.0 percentage point, indicating steady improvement in profitability [2] Group 3: User Growth and Services - The average monthly paying users reached 47.7 million, an increase of 2.8%, while annual paying users totaled 250 million, up 8.8%, marking a historical high; the total number of travelers served over the past 12 months was 2.02 billion, reflecting a 7.3% increase, indicating a continued steady growth trend in paying users [3]

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Tongcheng Travel (00780), highlighting the sustained release of leisure travel demand since the summer peak season, driven by the company's subsidy strategy and an increase in the proportion of hotels rated three stars and above, leading to a trend of rising volume and price in hotel business [1] Group 1: Revenue and Performance - The company achieved revenue of 5.51 billion yuan, representing a year-on-year increase of 10.4%, with adjusted EBITDA of 1.51 billion yuan (+14.5%) and adjusted net profit of 1.06 billion yuan (+16.5%), meeting expectations [1] - In Q3 2025, revenue from accommodation booking, transportation ticketing, vacation business, and other businesses reached 1.58 billion, 2.21 billion, 900 million, and 820 million yuan respectively, with strong performance in hotel management driving growth [1] - As of September 30, 2025, the number of hotels under the group's management platform increased to nearly 3,000, with an additional 1,500 hotels in preparation, and the acquisition of Wanda Hotel Management Co., Ltd. was completed on October 16, 2025, managing 239 hotels under Wanda [1] Group 2: Profitability and Margins - The company's overall gross margin was 65.7%, an increase of 2.3 percentage points year-on-year, indicating steady improvement in profitability [2] - The management, R&D, and sales expense ratios were 5.3%, 9.3%, and 31.1% respectively, with an adjusted net profit margin of 19.2%, up by 1.0 percentage point, aligning with expectations [2] Group 3: User Growth and Services - The average monthly paying users reached 47.7 million, an increase of 2.8%, while annual paying users grew to 250 million, up by 8.8%, marking a historical high [3] - The total number of travelers served in the past 12 months was 2.02 billion, reflecting a year-on-year increase of 7.3%, indicating a continued upward trend in paying users [3]

辛欣在课程总结中强调，视觉资产塑造第一印象、有效沟通搭建信任桥梁、生活场景注入情感温度、IP 势能放大个人价值、认知引力深化专业影响，五维能力共同构成新时代财富管理人才的核心竞争力，更 是学子未来对接职场、服务客户的关键根基。此次专题课程既是知识传递与职业启蒙的深度融合，更是 校企协同育人的具体实践。鲜活的案例分享、实用的能力拆解，让学子们清晰把握财富管理行业职业路 径与能力要求，进一步坚定以硬核专业为基、以综合软实力赋能的成长方向。未来，招商证券将持续优 化课程体系与教学模式，深化校企合作联动，搭建优质学习实践平台，为金融行业培育更多兼具专业实 力与人文温度的新生力量，助力行业高质量发展。 本次课程由招商证券财富管理部总经理助理辛欣主讲，聚焦视觉资产、有效沟通、生活场景、IP势能与 认知引力五大核心维度，系统拆解财富管理人才从校园迈向职场需具备的关键软实力。课程开篇以"视 觉资产"为切入点，结合国际金融行业职业路径与着装规范，详解男女职场着装色彩法则、风格搭配及 配饰选择，引导学子构建"专业、可信、得体"的视觉表达体系，夯实投资者关系建立的第一印象基础； 在IP势能塑造环节，倡导以"利他思维"将专业知识融入 ...

Core Insights - Google Cloud has secured an AI cloud contract with NATO, which will provide a dedicated secure cloud system to ensure sensitive data is accessed only domestically and will utilize AI to assist NATO in data analysis and operational efficiency [1] - Reports indicate that Google is vying for a multi-billion dollar TPU order from Meta, with the potential integration of Google's TPU into Meta's data centers starting in 2027 [1] - These developments highlight Google's commitment to seizing market opportunities, reinforcing its leadership in AI and potentially alleviating investor concerns regarding competition [1] Company Positioning - The report suggests that major tech companies like Google are well-positioned for sustainable development in AI [1] - There is an expectation for Google to expand its business beyond search advertising, with significant unrealized valuation potential in cloud services, autonomous driving, and AI+SaaS sectors [1] - The investment rating for Alphabet has been maintained as "Buy," with the target price raised from $360 to $390 [1]

Core Insights - The report from China Merchants Securities highlights a significant shift in generative AI technology, moving from a novelty to a foundational productivity tool, with future developments focusing on full-stack integration, action intelligence, and multimodal fusion [1][2] Industry Trends - Google has launched the Nano Banana Pro and the new AI model Gemini 3, marking a substantial advancement in image generation and editing capabilities, which significantly outperforms previous models and competitors [2] - The global competitive landscape for large AI models is intensifying, with Google leading the charge in text-to-image technology, heralding the onset of the AGI (Artificial General Intelligence) era [2] Short-term Focus Areas - In November, five key sectors are recommended for attention due to potential marginal improvements: AI applications, AI hardware, electrical equipment, non-ferrous metals, and innovative pharmaceuticals [3][4] Long-term Focus Areas - The long-term strategy emphasizes a cyclical approach anchored in supply and demand, focusing on advancements in societal intelligence, domestic substitution cycles, and cost reduction in the carbon neutrality supply chain, including solar, wind, energy storage, hydrogen, nuclear power, and the increasing penetration of electric smart vehicles [4]

特此公告。 证券代码：600999 证券简称： 招商证券 编号： 2025－046 招商证券股份有限公司 关于修订《公司章程》及相关议事 规则的公告 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。 招商证券股份有限公司（以下简称公司）第八届董事会第二十四次会议审议通过了《关于撤销监事会并 修订、制定部分制度的议案》，同意修订《招商证券股份有限公司章程》《招商证券股份有限公司股东 大会议事规则》《招商证券股份有限公司董事会议事规则》；公司第八届监事会第十七次会议审议通过 了《关于撤销监事会并废止相关制度的议案》。具体修订条款详见附件。 以上议案尚需提交公司股东大会审议。 招商证券股份有限公司 附件1：《招商证券股份有限公司章程》条款变更新旧对照表 附件2：《招商证券股份有限公司股东大会议事规则》条款变更新旧对照表 附件3：《招商证券股份有限公司董事会议事规则》条款变更新旧对照表 附件1 《招商证券股份有限公司章程》条款变更新旧对照表 ■ ■■ ■ 2025年11月24日 ...

Core Viewpoint - Xiaomi Group is recommended as a strong buy due to its position as one of the top three global smartphone manufacturers and the largest AIoT smart hardware platform, with a favorable outlook in the AI-driven industrial restructuring process [1] Smartphone Business - In Q3 2025, Xiaomi's global smartphone shipments increased by 0.5% year-on-year to 43.3 million units, maintaining a market share of 13.6% globally and 16.7% domestically, ranking second [2] - The company has adjusted its total shipment target for 2025 to 170 million units, while facing ongoing cost pressures from rising storage prices [2] Automotive Business - Xiaomi achieved its first quarterly operating profit in Q3 2025, with revenue from smart electric vehicles and AI-related businesses reaching 29 billion yuan, a year-on-year increase of 199% and a quarter-on-quarter increase of 36% [3] - The company delivered over 40,000 vehicles monthly in September and October, on track to meet its annual delivery target of 350,000 units [3] IoT and Internet Business - In Q3 2025, IoT business revenue reached 27.6 billion yuan, a year-on-year increase of 5.6%, with significant growth in overseas markets [4] - The internet business achieved record revenue of 9.38 billion yuan, a year-on-year increase of 10.8%, with a gross margin of 76.9% [4] - The number of global monthly active users reached 740 million, reflecting an 8.2% year-on-year growth [4]

Core Viewpoint - The small nucleic acid industry is entering a phase of breakthroughs by domestic companies and is poised for global competition, with 2026 being a pivotal year for investment opportunities in this sector [1] Group 1: Investment Opportunities - The historical trends in innovative drug markets (e.g., PD-1 from 2018-2021, ADC technology in 2023, weight loss drugs in the second half of 2023, and new immunotherapy from 2024) indicate that industry trends are fundamental drivers of market movements [1] - The sequence of market developments typically follows: overseas breakthroughs in research, domestic reflections, breakthroughs by domestic companies, and then global competition [1] - The increasing number of investable domestic companies in the small nucleic acid sector highlights the need to focus on investment opportunities [1] Group 2: Competitive Advantages - The key to small nucleic acid drug development lies in an efficient and safe delivery platform and viable drug targets [2] - Chinese companies possess advantages in research and development efficiency and engineering innovation for the improvement of delivery platforms [2] - For known target project development, Chinese companies also have competitive advantages [2] Group 3: Investment Rhythm - Alnylam and Arrowhead are leading global companies in the small nucleic acid field, with Alnylam being a pioneer that has seen its stock price rise with successful drug launches [3] - Alnylam's invention of the GalNAc delivery system has significantly advanced the small nucleic acid field, validating the core competitive points of "platform + target + speed" [3] - Arrowhead has innovated its delivery system with the TRiM platform, targeting specific tissues and exploring new indications such as weight loss and CNS targets [3]