3Q25/9M25友邦中国(考虑经济假设变动影响)实现同比+27%/+5%的VONB增长，其中代理人渠道VONB 同比+23%，新业务价值率达60%以上;代理人规模增长强劲，新入职/活跃代理人数同比+17%/+9%;2019 年以来新拓展的业务地域贡献的VONB同比增长一倍，对友邦中国VONB贡献达11%。从代理人的规模 和活动趋势来看，该行对友邦中国2026年展望乐观。 中国香港市场增长强劲 3Q25友邦香港VONB同比+40%，主要由于本地客群和大陆访港客户(MCV)的卓越增长、去年同期经纪 渠道的低基数以及2Q部分销售保单于3Q生效;活跃代理人数实现两位数同比增长及产能持续提升驱动代 理人VONB同比+20%，向后该行预计香港市场仍有望实现较快增速。 中金发布研报称，由于新业务增长超预期，上调友邦保险(01299)25e/26e每股OPAT2.3%/1.8%至0.68/0.74 美元，维持跑赢行业评级。公司现价/原目标价对应1.4x/1.5x25e P/EV，该行将股价估值基础前移至 1.5x26e P/EV，对应上调目标价12%至93.1港币，较现价有23%空间。 中金主要观点如下： 3Q25新业务价 ...

每经AI快讯，小鹏汽车-W涨近5%，截至发稿，涨4.76%，报91.35港元，成交额6.52亿港元。 ...

Core Viewpoint - 康方生物's stock price increased by over 5% in early trading, indicating positive market sentiment towards the company [1] Group 1 - 康方生物's stock price reached 119 HKD, reflecting a 4.94% increase at the time of reporting [1] - The trading volume for 康方生物 was 748 million HKD, suggesting strong investor interest [1]

Core Insights - Intel is in preliminary talks to acquire AI chip unicorn SambaNova, which is co-founded by Chinese entrepreneurs and chaired by Intel CEO Pat Gelsinger [1][4] - SambaNova is exploring potential buyers and has been working with financial institutions to assess interest [2][4] - Any acquisition deal may value SambaNova below its $5 billion valuation from a 2021 funding round, with recent estimates suggesting a valuation of $2.4 billion [3] Company Overview - SambaNova was founded in 2017 by several Stanford University professors, with significant backing from investors including SoftBank Vision Fund and Intel Capital [5][7] - The company focuses on AI inference and has shifted its strategy to develop proprietary hardware inference technology, offering products through cloud services and on-premises deployments [11] Financial Context - SambaNova's valuation peaked at $5 billion after a $676 million funding round led by SoftBank in 2021 [7] - Recent market data indicates a 17% devaluation of SambaNova's stock by BlackRock, reflecting broader challenges faced by AI chip startups [3][12] Market Dynamics - The AI chip sector is experiencing increased acquisition interest, with several companies like NXP and AMD also pursuing acquisitions in this space [12] - Intel has a history of acquiring AI chip companies, including Altera for $16.7 billion and Nervana Systems for approximately $300-400 million [12][13][14][15] Strategic Implications - If the acquisition proceeds, it could enhance Intel's AI chip business, which is under pressure to compete with Nvidia in the data center AI chip market [15][18] - Intel's new AI roadmap includes delivering differentiated system-level solutions and expanding its AI product offerings, indicating a strategic pivot towards strengthening its position in the AI sector [18]

智通财经APP获悉，万洲国际(00288)涨超3%，截至发稿，涨3.35%，报7.72港元，成交额1.41亿港元。 消息面上，万洲国际发布截至2025年9月30日止9个月业绩，生物公允价值调整前，该集团取得收入 204.77亿美元，同比增加8.54%；公司拥有人应占利润11.68亿美元，同比增加8.05%；每股基本盈利9.1 美分。 建银国际指出，万洲国际2025年第三季度业绩强势，收入同比增7.9%，经营利润增长1.8%，销售强势 势头主要受惠于：猪肉销量增长10.2%，归因于中国市场销售渠道的有效拓展；包装肉品收入稳定增长 5.1%，受惠于美国和欧洲市场的价格上涨。综合经营毛利率压缩0.6个百分点，主要原因是：美国原材 料成本上涨等；中国包装肉类产品转向高性价比产品，从而更好满足消费者需求；欧洲生猪价格下跌拖 累上游业务的盈利能力。 ...

万洲国际(00288)涨超3%，截至发稿，涨3.35%，报7.72港元，成交额1.41亿港元。 消息面上，万洲国际发布截至2025年9月30日止9个月业绩，生物公允价值调整前，该集团取得收入 204.77亿美元，同比增加8.54%；公司拥有人应占利润11.68亿美元，同比增加8.05%；每股基本盈利9.1 美分。 建银国际指出，万洲国际2025年第三季度业绩强势，收入同比增7.9%，经营利润增长1.8%，销售强势 势头主要受惠于：猪肉销量增长10.2%，归因于中国市场销售渠道的有效拓展；包装肉品收入稳定增长 5.1%，受惠于美国和欧洲市场的价格上涨。综合经营毛利率压缩0.6个百分点，主要原因是：美国原材 料成本上涨等；中国包装肉类产品转向高性价比产品，从而更好满足消费者需求；欧洲生猪价格下跌拖 累上游业务的盈利能力。 ...

Core Insights - Domestic gold jewelry prices have increased due to fluctuations in international gold prices, with notable price hikes reported on November 3rd [1] Price Changes - Chow Tai Fook's gold jewelry price is reported at 1259 CNY per gram, an increase of 61 CNY per gram from the previous day [1][2] - Cai Bai Jewelry's price is at 1238 CNY per gram, rising by 70 CNY per gram [1][3] - A Yi Gold Store's price stands at 1256 CNY per gram, up by 63 CNY per gram [1][2] Ranking of Gold Jewelry Prices - The ranking of gold jewelry prices shows Chow Tai Fook leading at 1259 CNY per gram, followed by Lao Feng Xiang at 1256 CNY per gram, and A Yi Gold Store also at 1256 CNY per gram [2][3] - Other notable prices include: - Zhou Da Sheng at 1198 CNY per gram with no change - Liu Fu Jewelry at 1198 CNY per gram with no change - Cai Bai Jewelry at 1238 CNY per gram, up by 70 CNY per gram [2][3]

每经AI快讯，美团今日宣布LongCat-Flash系列再升级，正式发布并开源LongCat-Flash-Omni。此外，美 团表示LongCat官方App现已正式发布，支持联网搜索，还可发起语音通话。 （文章来源：每日经济新闻） ...

Core Viewpoint - The recent announcement of new tax policies regarding gold by the Ministry of Finance and the State Taxation Administration has led to a significant decline in the stock prices of gold jewelry companies in Hong Kong, indicating market concerns over the impact of these policies on the industry [1][2]. Group 1: Market Reaction - Gold jewelry stocks collectively fell, with notable declines: Luk Fook Holdings down 7.96%, Chow Tai Fook down 7.49%, and Lao Poo Gold down 7.30% [3]. - The overall market sentiment reflects apprehension regarding the new tax regulations and their implications for gold consumption and investment [1]. Group 2: Tax Policy Implications - The new tax policy aims to differentiate between investment and non-investment uses of gold, reducing double taxation and lowering transaction costs [1]. - Analysts suggest that the policy primarily targets investment gold transactions, while the direct impact on consumer purchases of gold jewelry is expected to be minimal [2]. - However, if demand for investment gold shifts towards exchanges, the supply of non-exchange gold may decrease, potentially increasing production costs for gold jewelry and affecting retail prices [2]. Group 3: Company Performance - The market capitalization of affected companies is as follows: Luk Fook Holdings at 13.445 billion, Chow Tai Fook at 138.898 billion, Lao Poo Gold at 111.919 billion, and Chow Sang Sang at 8.773 billion [3]. - The price changes reflect a broader concern about the sustainability of profit margins in the gold jewelry sector under the new tax regime [1][2].

康方生物(09926)早盘涨超5%，截至发稿，涨4.94%，报119港元，成交额7.48亿港元。 此前，依沃西已有三项CDE突破性治疗药物认定，其中两项适应症已获批上市，一项Ⅲ期临床研究正加 速入组。目前，依沃西已在全球启动14项Ⅲ期临床研究，其中包括4项国际多中心临床试验，将加速其 在全球范围内的临床价值释放。 消息面上，据康方生物官微，近日，据国家药品监督管理局药品审评中心(CDE)官网公示结果，康方生 物自主研发的全球首创双特异性抗体新药依沃西(PD-1/VEGF双抗)联合疗法用于一线治疗三阴性乳腺癌 (TNBC)已被纳入突破性治疗药物(BTD)名单。据悉，对应适应症的Ⅲ期临床研究正高效推进，此次认定 将加速其临床开发与上市进程。 ...