智通财经APP获悉，摩根士丹利发布研报称，中金(03908)公司已公布换股合并细节。换股比率隐含的市 净率（基于2025年第三季度）包括：中金(601995.SH)A股1.8倍，东兴证券(601198.SH)1.8倍（包含26% 溢价），信达证券(601059.SH)3.1倍。重申对中金H股的"增持"评级，以反映协同效应的上行空间和有 限的稀释影响，目标价28.9港元。 大摩还指出，中金的财富管理业务也将显著受益，客户数量预计增加51%至1,470万。合并后，分公司 数量预计将增加78%，达到436家，显著加强中金在福建、浙江和广东等重点区域的布局。管理层对中 金将其领先的财富管理业务拓展至更广泛的客户群，从而提升营收充满信心。 大摩估计，每股净资产稀释将非常有限，约9%，且未宣布额外融资计划。管理层对协同效应和快速整 合充满信心。预计合并后净资本将翻倍，为更多客户驱动的股权业务和投资机会提供支持。中金的资本 杠杆率在合并后可能从12%升至20%；净稳定资金比率亦预计将提升，从而节省部分债券融资成本。 ...

Core Viewpoint - The gold mining sector is experiencing increased attention due to rising gold prices, but companies face supply constraints that limit the realization of industry profits. Companies need high-quality resources and the ability to explore and convert resources efficiently to achieve sustainable growth [1][6]. Group 1: Company Developments - Zhaojin Mining (招金矿业) is accelerating its deep exploration strategy, with its subsidiary Ruihai Mining successfully locating concealed ore bodies at depths of up to 3000 meters [1][6]. - Ruihai Mining, as China's first offshore gold mine, has faced numerous industry challenges, particularly in deep-sea exploration where traditional methods struggle with weak mineral control information [1][2]. Group 2: Technological Innovations - Zhaojin Mining has developed a three-dimensional intelligent prediction technology system based on a spatiotemporal attention mechanism deep neural network, in collaboration with professors from Central South University [2][5]. - This innovative technology allows for high-precision predictions of concealed ore bodies under weak information conditions, addressing global challenges in deep-sea exploration [5][6]. Group 3: Exploration Breakthroughs - The new technology has enabled Zhaojin Mining to identify favorable mineralization areas and targets, leading to significant discoveries, including the L12 ore body with a thickness of 25.04 meters and an average grade of 6.59 g/t, and the I-4-3 ore body with a thickness of 11.60 meters and an average grade of 4.10 g/t [5][6]. - The advancements in deep-sea mining present a viable and promising supplementary avenue for gold supply, despite the increased operational challenges compared to land-based mining [5][6]. Group 4: Future Outlook - Zhaojin Mining is currently in a phase of accelerated release of quality production capacity, with new discoveries expected to optimize production infrastructure and support future exploration efforts [6]. - The company is anticipated to continue its growth trajectory into 2025, driven by sustained internal growth and the successful realization of its exploration and production strategies [6].

Core Viewpoint - The gold mining sector is experiencing increased attention due to rising gold prices, but mining companies face supply constraints that limit their ability to capitalize on this trend. Companies need high-quality resources and the capability for continuous exploration to achieve sustainable growth and enhance competitive advantages [1] Group 1: Company Developments - Zhaojin Mining has accelerated its deep exploration strategy, achieving a breakthrough in locating concealed ore bodies at a depth of 3000 meters through its subsidiary, Ruihai Mining [1] - Ruihai Mining is the first marine gold mine in China and has faced numerous industry challenges, including difficulties in large-scale exploration predictions due to weak mineral control information and complex geological factors [1] - Zhaojin Mining has adopted a strategy of integrating infrastructure and exploration, leveraging innovation and technology to overcome existing challenges [2] Group 2: Technological Innovations - Zhaojin Mining has developed a three-dimensional intelligent prediction technology system based on a spatiotemporal attention mechanism deep neural network, in collaboration with professors from Central South University [2] - This innovative technology allows for precise identification and expression of mineral control factors across different scales and locations, enabling high-accuracy predictions of concealed ore bodies under weak information conditions [5] - The new technology has successfully identified favorable mineralization areas and targets at Ruihai Mining, with significant discoveries including the L12 ore body with a thickness of 25.04 meters and an average grade of 6.59 g/t, and the I-4-3 ore body with a thickness of 11.60 meters and an average grade of 4.10 g/t [5] Group 3: Industry Outlook - The deep-sea mining approach presents a viable and promising supplementary method to meet the growing demand for gold, despite the greater challenges posed by complex marine conditions compared to land-based mining [6] - Zhaojin Mining's technological advancements not only address global challenges in deep-sea exploration but also set a benchmark for mineral resource exploration, showcasing the significant impact of technological innovation [6] - The recent discoveries are expected to optimize production infrastructure and provide a scientific basis for future exploration, ensuring a stable supply of resources and driving high-quality development for Zhaojin Mining [6]

每经AI快讯，周大福(01929.HK)跌近3%，截至发稿，跌2.7%，报12.24港元，成交额8288.48万港元。 （文章来源：每日经济新闻） ...

周大福(01929)跌近3%，截至发稿，跌2.7%，报12.24港元，成交额8288.48万港元。 此外，近期周大福系内出现股权架构变动，据港交所披露权益信息显示，郑家纯家族旗下周大福资本将 所持周大福珠宝近54%股权，转让予一家由周大福企业和周大福资本分别持有65%和35%股权的子公司 Beyond Luck Limited持有。此次股权重组旨在强化周大福系资本结构，从而释放业务价值，周大福企业 将成为家族核心业务周大福珠宝、周大福创建及新世界的母公司。 消息面上，继10月底上调后，12月17日，周大福天猫官方旗舰店首页不显眼的位置发布了一条提示：受 市场因素影响，部分商品即将提价。而调价窗口就是12月19日。值得关注的是，如果算上3月份和10月 份的提价，这也是周大福在今年对一口价黄金产品的第三次提价。 ...

消息面上，继10月底上调后，12月17日，周大福天猫官方旗舰店首页不显眼的位置发布了一条提示：受 市场因素影响，部分商品即将提价。而调价窗口就是12月19日。值得关注的是，如果算上3月份和10月 份的提价，这也是周大福在今年对一口价黄金产品的第三次提价。 此外，近期周大福系内出现股权架构变动，据港交所披露权益信息显示，郑家纯家族旗下周大福资本将 所持周大福珠宝近54%股权，转让予一家由周大福企业和周大福资本分别持有65%和35%股权的子公司 Beyond Luck Limited持有。此次股权重组旨在强化周大福系资本结构，从而释放业务价值，周大福企业 将成为家族核心业务周大福珠宝、周大福创建及新世界的母公司。 智通财经APP获悉，周大福(01929)跌近3%，截至发稿，跌2.7%，报12.24港元，成交额8288.48万港元。 ...

"优秀的IP拥有跨越文化的力量。"泡泡玛特国际集团副总裁陈晓芸表示，IP是泡泡玛特发展的核心驱动 力，更是连接全球消费者的情感纽带。 "未来泡泡玛特将继续以IP为核心，通过本地化创作与数字化布局，让潮玩成为全球用户共享的文化符 号。"她表示。 （文章来源：21世纪经济报道） 通过IP的沉浸式叙事，泡泡玛特以"文化适配+场景共创"的逻辑，实现潮流文化在不同市场年轻消费群 体的渗透。同时，针对当地的消费习惯，进行本地化调整。截至2025年6月底，泡泡玛特拥有超过550家 直营门店，2500台机器人商店，13个IP的收入过亿。全球营收138.8亿元，同比增长204.4%，其中，美 洲营收22.6亿元，同比增长1142.3%。 陈晓芸介绍，泡泡玛特已构建"线下场景+线上生态"的全球触达网络，以数字化支撑全球化运营，为消 费者提供产品、服务和体验。线上官方渠道覆盖37个国家，其中34个国家同步上线了自研APP；线下渠 道，持续进驻全球知名地标，实现本地化联动营销。 12月18日， 2025年中国数字文娱大会在广州开幕。主旨发言环节，陈晓芸以"潮流IP的全球化运营"为 题进行演讲，讲述了泡泡玛特在全球发掘有潜力的艺术家， ...

12月18日，康师傅控股发布公告称，陈应让已决定退休，不再与公司续期服务合约。公司与陈应让作为 公司首席执行官之间的服务合约将于2025年12月31日届满。 （企业公告） (编辑：王璨 林辰) 此外，董事会宣布委任魏宏丞为公司首席执行官，自2026年1月1日起生效。魏宏丞亦将继续担任执行董 事。魏宏丞为董事会主席及执行董事魏宏名胞弟，其家庭成员及亲属实益拥有公司主要股东顶新（开曼 岛）控股有限公司100%的权益。于本公告日期，魏宏丞持有500万股公司股份及可认购公司138.5万股 股份的购股权。 ...

Weiss补充道："我们Azure的预测增长幅度远不及OpenAI交易可能带来的贡献。如果这笔(剩余的履约义 务)能够全额计入收入，这将为我们的模型带来另一个增长点。" Weiss在给客户的报告中写道："根据我们的框架、分析以及对管理层评论的解读，Azure AI(不包括 OpenAI的收入分成)的毛利率可能已经达到20%左右。"因此，他上调了对Azure的预期，并认为Azure人 工智能相关的毛利率到2029财年可能高达30%(甚至更高)。因此， Weiss表示："我们认为Azure AI的利润率可以超过40%，这意味着未来几年我们的模型将有非常显著的 增长空间。与微软管理层的对话增强了我们对需求趋势的信心，这些趋势将支撑第一财季(按固定汇率 计算)收入的加速增长，并扩大运营利润率。预订量、RPO和产品使用量方面的需求信号均比我们预期 的更快。总而言之，尽管微软股价目前是我们2027财年GAAP每股收益预期(约20.65美元)的23倍，但其 第一财季业绩所展现的强劲需求和利润率进一步提升的潜力仍然被严重低估，因此微软仍然是我们大型 软件股的首选。" 智通财经APP获悉，在与微软(MSFT.US)高管会面后， ...

Core Viewpoint - Fenglong Co., Ltd. (002931) announced on December 17 that its controlling shareholder, Zhejiang Chengfeng Investment Co., Ltd., and actual controller Dong Jianggang are planning a change in the company's control, which may lead to a change in the controlling shareholder and actual controller [2][5] Group 1: Shareholder Information - As of October 31, the actual controller Dong Jianggang, controlling shareholder Zhejiang Chengfeng, and their concerted actions hold approximately 115 million shares, accounting for 52.77% of the total share capital [5] - The market value of this shareholding, based on the closing price of 19.68 yuan per share on December 17, is approximately 2.263 billion yuan [5] Group 2: Stock Performance - On December 17, before the announcement of the potential change in control, Fenglong's stock price surged to the daily limit, with a total transaction volume of 233 million yuan and a turnover rate of 6.18% [4] Group 3: Financial Performance - In the first three quarters of the year, Fenglong achieved revenue of 373 million yuan, a year-on-year increase of 9.47%, and a net profit of 21.52 million yuan, a year-on-year increase of 1714.99% [9] Group 4: Previous Shareholding Changes - Prior to the current control change, Dong Jianggang had announced a plan to reduce his holdings, intending to sell up to 2.753621 million shares (1.26% of total shares) through block trading and up to 3.801479 million shares (1.7398% of total shares) through centralized bidding and block trading [12][9]