证券研究报告|公司点评报告 1）股份转让：12 月 2 日，湖北文化旅游集团（下简称"湖北文旅"）与吴启元、从波、施晨宁签署《股份转让 协议》，拟通过协议转让形式受让三位直接持有的君亭酒店集团股份有限公司（下简称"君亭酒店 "） 58,315,869 股，共占君亭酒店股份总数的 29.99%，吴启元/从波/施晨宁三位转让股份占股份总数比例分别为 14.42%/13.17%/2.40%，每股转让价格 25.71 元，股份转让总价款为 14.99 亿元。2）要约收购：以上述股份转 让完成过户登记为前提，湖北文旅向君亭酒店全体股东发出不可撤销的部分要约收购，收购股份 数量 11,686,058 股，占君亭酒店股份总数的 6.01%，收购价格为每股人民币 25.71 元；在湖北文旅发出要约后，吴 启元先生同意并不可撤销的承诺，自要约收购期限起始日起 5 日内应以其持有的君亭酒店 11,686,508 股股份 （占上市公司股份总数的 6.01%）申报预受要约。3）控股股东变更：交易完成后，湖北文旅将拥有君亭酒店 36.00%的股份及股份对应的表决权，君亭酒店控股股东变更为湖北文旅，实际控制人变更为湖北省人民政府国 有资 ...

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The report highlights stable dividends and revenue growth attributed to the consolidation of Ma'anshan College, with a projected revenue of 1.872 billion yuan for FY2025, reflecting a year-on-year growth of 10.6% [2][3] - The net profit is expected to decline by 9.6% year-on-year to 748 million yuan in FY2025, primarily due to increased educational investments and a decrease in gross margin [2][4] - The company plans to distribute interim and final dividends of 0.07 and 0.06 HKD respectively, resulting in a payout ratio of 30% and a dividend yield of 9.03% [2] Revenue and Profit Analysis - The revenue growth is significantly influenced by the consolidation of Ma'anshan College, with a 5% increase in student enrollment [3] - For FY2025, tuition, accommodation, and other educational service revenues are projected to be 1.757 billion, 107 million, and 8 million yuan respectively, with year-on-year growth rates of 10.7%, 10.0%, and 1.7% [3] - The gross margin is expected to decline to 45.7% in FY2025, down 10.3 percentage points year-on-year, due to increased investments in high-quality educational teams and facilities [4] Financial Projections - The company anticipates a stable growth in student enrollment, with a projected total of 77,000 full-time students in FY2025, of which 69,000 are undergraduates [5] - Revenue forecasts for FY2026 and FY2027 have been adjusted upwards to 2.018 billion and 2.138 billion yuan respectively, while net profit estimates have been revised downwards to 774 million and 825 million yuan [5][6] - The projected earnings per share (EPS) for FY2026 and FY2027 are adjusted to 0.38 and 0.41 yuan respectively [6] Cash Flow and Capital Expenditure - The company reported cash and cash equivalents of 1.164 billion yuan for FY2025, an increase of 4.8% year-on-year, indicating a strong cash position [4] - Capital expenditures are expected to rise to 443 million yuan in FY2025, primarily for establishing new campuses and upgrading existing facilities [4]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 12 月 02 日 [Table_Title] 资产配置日报：政策博弈与靴子落地 12 月 2 日，股债再次双杀。股市下跌，多与情绪相关，连续修复行情过后，迎来常规波动；债市则在定价消 息面的几个利空。 权益市场缩量下跌。万得全 A下跌 0.64%，全天成交额 1.61 万亿元，较昨日（12 月 1 日）缩量 2822 亿 元。港股方面，恒生指数上涨 0.24%，恒生科技下跌 0.37%。南向资金净流入 41.1 亿港元，其中美团、小米集团 和阿里巴巴分别净流入 5.92 亿港元、3.80 亿港元和 3.57 亿港元，而腾讯控股净流出 3.81 亿港元。 市场交易清淡，整体处于观望状态。今日成交额再度缩量至 1.6 万亿元附近，处于 8 月以来的低位。事实上， 从 11 月 14 日以来，市场量价矛盾显著。一方面指数宽幅震荡，在大跌后持续修复；另一方面成交额却变化不 大，始终没有突破 2 万亿元，也未曾低于 1.5 万亿元。这体现出，美股大跌带来的悲观情绪并未快速蔓延，而接连 涌现的科技叙事也未能驱动增量资金持续入场。大部分资金希望等待更明确 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 12 月 01 日 哪些行业可能成为轮动的"下一站"？若市场继续追逐弹性，可能会选择"今年表现强势，但尚未明显修 复"的行业。从 SW 一级行业来看，电力设备在今年以来涨幅靠前，上涨 40.85%，但在 11 月 21 日至今仍下跌 1.22%，有望吸引资金关注。基础化工今年以来上涨 28.25%，而在 11 月 21 日至今仍下跌 1.39%，同样可能成为 轮动方向。而若市场避险情绪升温，则可能会选择"今年上涨不多，且尚未明显修复"的行业，如消费和红利品 种。此外，11 月以来的政策空窗期已基本进入尾声，市场可能提前博弈 12 月政治局会议和中央经济工作会议的政 策，消费、地产等行业有望迎来阶段性反弹。 港股科技和红利品种的调整幅度，已基本来到历史底部经验值。科技方面，恒生科技在 10 月 3 日至 11 月 21 日下跌 19.26%，从 2024 年 10 月以来的经验来看，其每段跌幅基本处于 20%-30%范围内；红利方面，港股通红 利低波指数在 2024 年 10 月以来的下跌分为两类，一是小幅下跌，跌幅处于 5%-7%附近；二是大 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company announced two acquisitions in the chip sector, which are expected to enhance profit margins. The acquisitions involve purchasing 51% stakes in Shenzhen Better Life Electronics Technology Co., Ltd. for 321 million yuan and Shanghai Tongtu Semiconductor Technology Co., Ltd. for 357 million yuan. The performance commitment for both acquisitions is a cumulative profit of 150 million yuan from 2026 to 2028 [2][4] - The report highlights that Better Life is a leading design firm in the mixed-signal chip sector, with a focus on fingerprint recognition and touch chips, while Shanghai Tongtu specializes in IP technology licensing for image and video processing chips [3][4] - The acquisitions are expected to strengthen the company's position in the chip supply chain and expand its market reach into consumer electronics and industrial control sectors [4] Summary by Sections Event Overview - The company plans to use its own funds to acquire stakes in two semiconductor firms, with performance commitments indicating significant profit growth over the next few years [2] Analysis and Judgment - Better Life's revenue projections for 2024 and 2025 are 179 million yuan and 166 million yuan, respectively, with a focus on MCU chips as a growth driver. Shanghai Tongtu's revenue is projected to grow from 56 million yuan in 2024 to 105 million yuan in 2025, driven by demand for mobile display bridge chips [3] Investment Recommendations - The report anticipates that the outdoor industry will continue to grow, with the company focusing on enhancing product functionality and marketing efforts. The successful acquisition of G2 Touch is expected to provide additional growth opportunities in the automotive sector. The company has also launched several new outdoor smart products, which are expected to improve performance and market competitiveness [5] - The financial forecasts for 2025 to 2027 have been adjusted upwards, with revenue projections increasing to 2.011 billion yuan, 2.829 billion yuan, and 3.342 billion yuan, respectively. Net profit estimates have also been raised to 237 million yuan, 314 million yuan, and 376 million yuan for the same period [5][8]

Investment Rating - Industry rating: Recommended [4] Core Insights - In Q3 2025, the total gold production of the company decreased by 4.5% quarter-on-quarter to 768,000 ounces (23.89 tons), while it increased by 16.9% year-on-year. The total gold sales also decreased by 4.6% quarter-on-quarter to 764,000 ounces (24.91 tons), with a year-on-year increase of 14.5% [1][3] - The average gold price achieved in Q3 2025 was $3,490 per ounce (807.9 yuan per gram), reflecting a quarter-on-quarter increase of 6.2% and a year-on-year increase of 40.4% [1][3] - The total cash cost per ounce in Q3 2025 was $1,225 (283.6 yuan per gram), showing a slight decrease of 0.1% quarter-on-quarter but an increase of 4.5% year-on-year [2] - The all-in sustaining cost (AISC) per ounce was $1,720 (398.2 yuan per gram), which represents a quarter-on-quarter increase of 3.2% and a year-on-year increase of 6.4% [2] - The company's revenue from gold in Q3 2025 was $2.373 billion, a decrease of 1.4% quarter-on-quarter but an increase of 61.9% year-on-year [3] - The gross profit for Q3 2025 was $1.192 billion, down 0.4% quarter-on-quarter but up 120.3% year-on-year [3] - The net profit attributable to shareholders was $669 million, remaining flat quarter-on-quarter but showing a significant year-on-year increase of 200.0% [3] - Adjusted EBITDA for Q3 2025 was $1.556 billion, reflecting a quarter-on-quarter growth of 7.8% and a year-on-year growth of 108.6% [5] - The net cash inflow from operating activities was $1.419 billion, with a quarter-on-quarter increase of 39.4% and a year-on-year increase of 134.2% [6] - Capital expenditure in Q3 2025 was $388 million, which is a quarter-on-quarter increase of 1.8% and a year-on-year increase of 31.5% [6] Summary by Sections Production and Sales - Total gold production in Q3 2025 was 768,000 ounces (23.89 tons), down 4.5% quarter-on-quarter and up 16.9% year-on-year [1] - Total gold sales were 764,000 ounces (24.91 tons), down 4.6% quarter-on-quarter and up 14.5% year-on-year [1] Financial Performance - Revenue from gold was $2.373 billion, down 1.4% quarter-on-quarter and up 61.9% year-on-year [3] - Gross profit was $1.192 billion, down 0.4% quarter-on-quarter and up 120.3% year-on-year [3] - Net profit attributable to shareholders was $669 million, flat quarter-on-quarter and up 200.0% year-on-year [3] - Adjusted EBITDA was $1.556 billion, up 7.8% quarter-on-quarter and up 108.6% year-on-year [5] Cost Analysis - Total cash cost per ounce was $1,225, down 0.1% quarter-on-quarter and up 4.5% year-on-year [2] - AISC per ounce was $1,720, up 3.2% quarter-on-quarter and up 6.4% year-on-year [2] Cash Flow and Capital Expenditure - Net cash inflow from operating activities was $1.419 billion, up 39.4% quarter-on-quarter and up 134.2% year-on-year [6] - Capital expenditure was $388 million, up 1.8% quarter-on-quarter and up 31.5% year-on-year [6]

证券研究报告|行业研究报告 [Table_Title] 纽蒙特 2025Q3 权益黄金产量/销量分别环比减少 4.1%/4.0%至 44.2 吨/40.68 吨，调整后净利润环比 增长 18.1%至 18.83 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Date] 2025 年 12 月 1 日 2025Q3 纽蒙特权益黄金总销量为 130.8 万盎司（约 40.68 吨），环比减少 4.0%，同比减少 15.7%。 2025Q3 公司黄金平均实现价格为 3539 美元/盎司，环比上涨 6.6%，同比上涨 40.5%。该价格包含每盎司 3,484 美元的总收 款价、暂定定价销售按市价计价带来的每盎司 62 美元利好影 响，以及处理和精炼费用的每盎司 7 美元减项。 2025Q3 不计入副产品收益，黄金单位销售成本（CAS）为 1185 美元/盎司，环比减少 2.5%，同比减少 1.8%。较上季度略 有下降，因纽蒙特持续推进成本管控与生产效率提升，抵消了 销量下滑及金价走强环境下特许权使用费、生产税和利润分成 协议相关成本的上升。 2025Q3 计入副产品收益，黄金单位销售成本（C ...

证券研究报告|固收研究报告 [Table_Date] 2025 年 12 月 01 日 [Table_Title] 信用利差低位还能持续多久 [Table_Title2] 2025 信用月报之十一 [Table_Summary] 11 月，信用债收益率普遍上行，高评级品种、3Y 和 10Y 表现相对 较弱。信用利差走势分化，1Y 利差基本持平，3Y 利差走扩 3- 6bp，AA+及以下 5Y 利差则收窄 5-8bp。 信用债买盘力量由强转弱，1 年以内成交占比持续上升。分机构 看，11 月基金净买入信用债规模仍较大，而理财、其他资管产品、 货基净买入信用债规模均同比下降。其中，基金净买入 3-5 年信用 债 208亿元，占比达19%，背后或有摊余债基的配置需求推动，11 月摊余债基封闭期 63 个月、60 个月产品打开规模约 364 亿元。 2025年 7月中旬以来，信用利差整体呈现低位震荡格局。往后看， 信用利差低位还能维持多久、哪些因素可能触发信用利差走扩、信 用利差低位震荡期如何配置，都是市场关心的问题。我们以史为 鉴，以期为信用债投资提供指引。 第二，信用利差低位震荡阶段，各品种表现分化，性价比较高且 ...

Investment Rating - The investment rating for China Duty Free Group (601888) is "Buy" [1] Core Viewpoints - The report highlights the recovery of high-end consumption and the long-term growth potential of Hainan's offshore duty-free market, especially with the optimization of policies and the expansion of retail networks [2][3][4] - The sales of offshore duty-free products in Hainan have seen rapid growth, with a 28.52% year-on-year increase in sales amounting to 1.325 billion yuan from November 1 to November 17 [3] - High-end consumption is showing signs of recovery, supported by strong performance in the gaming sector and luxury brands in the Asia-Pacific region [4] - The Sanya International Duty-Free City Phase III is progressing as planned, with the first phase expected to be completed by August 2026, enhancing the commercial landscape in Hainan [5] - The report has adjusted the revenue forecasts for the company, expecting revenues of 55.468 billion, 61.242 billion, and 70.777 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 4.114 billion, 5.091 billion, and 6.150 billion yuan [6] Summary by Sections Event Overview - The company held an investor open day in Sanya, showcasing its retail network and business operations, indicating a positive outlook for profit growth due to high-end consumption recovery and policy optimization in Hainan [2] Analysis and Judgment - The report notes significant improvements in the offshore duty-free shopping policies, which have contributed to increased sales and consumer engagement [3] - High-end consumption is rebounding, with notable growth in luxury brand sales and positive trends in the gaming sector, indicating a favorable market environment [4] Investment Recommendations - The report has revised its earnings forecasts upward, reflecting the strong performance in Hainan's duty-free sales and the anticipated growth in high-end consumption [6]

公司派发末期股息 3.9 分，中期派息为 5.78 分，分红率维持 30%，对应股息率 3.98%。 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 12 月 01 日 [Table_Title] 存在一次性费用影响，期待明年招生恢复增 长及 AI 业务突破 [Table_Title2] 天立国际控股(1773.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1773 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 4.76/2.08 | | 目标价格(港元)： | | 总市值(亿港元) | 51.25 | | 最新收盘价(港元)： | 2.29 | 自由流通市值(亿港元) | 51.25 | | | | 自由流通股数(百万) | 2,109.26 | [Table_Summary] 事件概述 FY2025 集团总收入/年内利润/经调归母净利/经营性现金流分别为 35.89/6.48/6.18/8.53 亿元、同比增长 8.1%/16.5%/7.0%/3.1%，符合业绩预告。 ...