锅圈(02517)再涨超7%，截至发稿，涨6.93%，报3.86港元，成交额9054.88万港元。 消息面上，近日，锅圈发布2025年第三季度最新业务情况，得益于"社区央厨"战略的指引，集团稳步开 拓即时零售门店，于2025年第三季度净新增门店361家，同比增长98%，截至2025年9月30日的门店总数 达到10761家。 东吴证券指出，考虑到Q4一般是开店旺季，预计开店数量相较Q3更多，预计公司可提前完成今年净增 1000家门店的目标。按照中值计算，公司2025Q3核心经营净利率为3.6%。此外，可推算2024Q3、Q4的 核心经营净利率分别为2.8%、6.6%；2025Q3对应去年同期情况，核心经营净利率同比提升0.8pct，净利 率提升的逻辑在今年以来持续得到验证。 该行表示，今年以来公司同店持续改善，在此基础上加盟商开店动力提升，且乡镇的门店模型已经成 型，具备较强竞争力；从Q1-3的表现来看，今年开店目标无忧。收入端扩容，叠加供应链的不断优化 和规模效应释放，净利率提升的逻辑也顺利兑现。公司业绩持续超预期，当前公司2026年估值不到 20X，具备安全边际，继续重点推荐。 ...

Core Viewpoint - China Energy Engineering Corporation (03996) experienced a decline of over 5%, with a current drop of 5.65%, trading at HKD 1.17, with a transaction volume of HKD 117 million [1] Financial Performance - For the first three quarters of 2025, the company reported new contract signings, operating revenue, and total profit of RMB 992.775 billion, RMB 323.544 billion, and RMB 8.507 billion, respectively, representing year-on-year growth of 0.40%, 9.62%, and 0.09% [1] - The net profit attributable to shareholders was RMB 3.156 billion, showing a year-on-year decrease of 12.43% [1] - In the third quarter alone, the operating revenue was RMB 111.453 billion, reflecting a year-on-year increase of 10.5% [1] - The net profit attributable to shareholders for the third quarter was RMB 354 million, which is a significant year-on-year decrease of 56.9%, primarily impacted by adjustments in the real estate market [1]

Core Insights - MINISO has launched its strategic innovation store format, MINISO LAND, in Wuhan, marking its entry into the Central China market and stimulating local consumption [1][5] - The dual-store strategy targets two prime commercial districts, enhancing the city's commercial energy and supporting the "first store economy" [2][6] Strategic Layout - The expansion in Wuhan reflects MINISO's forward-looking strategy, with the stores located in the historic Jianghan Road and the modern Chu River Han Street, catering to diverse consumer needs [2][4] - This approach not only broadens geographical coverage but also integrates consumption and scene, resonating with various customer demographics [2] Store Design and Experience - MINISO LAND stores feature immersive IP experiences, with the Chu River Han Street store designed as a "Castle Paradise" and the Jianghan Road store themed as a "Wonderland" [3] - The stores utilize modular displays to transform products into interactive experiences, enhancing consumer engagement [3] IP Integration and Business Model - The stores leverage a dual-driven strategy combining top-tier licensed IPs and exclusive proprietary IPs, creating a differentiated operational matrix [4] - The Chu River Han Street store focuses on international IPs like Pokémon, while the Jianghan Road store emphasizes proprietary IPs like "Right Right Sauce," strengthening brand content development [4] Consumer Engagement and Sales Performance - The opening events featured interactive experiences, significantly attracting consumer foot traffic and driving sales conversion [5] - The success of the MINISO LAND model is evidenced by previous performance, such as the Shanghai store achieving over 100 million yuan in sales within nine months [5] National Expansion and Innovation - The launch of the Wuhan stores is part of MINISO's broader national strategy, which includes various store formats like MINISO SPACE and MINISO FRIENDS [6] - The ongoing expansion aims to enhance urban commercial innovation and consumer ecosystem upgrades, positioning MINISO as a key player in the IP-driven retail landscape [6]

该行将其H股目标价由242港元上调至270港元，美股目标价由31美元上调至35美元，评级均为"买入"。 该行预期哔哩哔哩未来可能新增官方合作模式、多终端版本、控制器支援及各类IP形式运营，将进一步 释放其价值；目前预估这款爆款游戏将推动2025年第四季总收入与调整后营业利润分别增长2%与 10%。 中银国际发表报告，认为哔哩哔哩自研小游戏《逃离鸭科夫》自10月16日上线至10月28日中午于全球 PC平台达成200万份销量，表现超出市场预期。在扩张中的射击刷宝游戏市场中，观察到其创新的PvE 模式、透过高互动性内容与频繁更新实现的娱乐性游戏体验是主要成功因素。 ...

里昂发布研报称，ASMPT(00522)第三季经调整净利较上季下滑24%至1.006亿港元，低于市场预期的 2.008亿元，主要由于毛利率下降。报告指，公司TCB业务稳步推进，成功从两家全球高阶存储器制造 商获取业界首笔HBM412H订单。主流业务增长受惠于人工智能需求。基于更高市净率倍数，将目标价 由76.6港元上调至95港元，并维持"跑赢大市"评级。 ...

在信息爆炸与决策焦虑并存的时代，买房作为人生中的重大决策，往往始于一次简单的线上咨询。当用 户在房产APP中询问"首付多少？""学区如何？"时，他们期待的不仅是答案，更是专业、高效、值得信 赖的服务体验。然而，长期以来，线上咨询中存在响应慢、专业度参差、沟通低效等问题，"问了半天 没重点"、"找不到对的人"成为许多购房者的共同困扰。为破解这一行业痛点，提升消费者线上咨询服 务体验，贝壳找房南京站正式推出"优质咨询师"认证体系，通过严格标准筛选服务标杆，以精细化管理 推动服务升级，让每一次IM对话（线上即时通讯）都成为通往安心置业的坚实台阶。 一眼识别靠谱经纪人："优质咨询师"成为"安心标签" 对于大多数人而言，如何在平台连接的海量经纪人中找到"对的人"，曾是一件耗时又耗力的事。"优质 咨询师"的出现，有了简单直接的解法。当消费者在贝壳APP上向经纪人发起IM聊天时，只需看一眼聊 天页面顶栏，在经纪人姓名右侧，如果有醒目的"优质咨询师"标签，则意味着对方是经由平台一套严 格、量化标准认证通过的"咨询专家"。这一标签不仅是对经纪人服务能力的权威背书，更成为消费者甄 别优质服务的"信任过滤器"，帮助用户从咨询起点就 ...

10月31日，A股三大指数集体低开。截至发稿，深证成指和创业板指翻红，北证50涨近3%。 盘面上，免税概念、公共交通、互联网、证券等板块涨幅居前；矿物制品、运输设备、日用化工、酿酒等板块跌 幅居前。 消息面上，近日，财政部、商务部、文化和旅游部、海关总署、税务总局印发《关于完善免税店政策支持提振消 费的通知》，明确自2025年11月1日起完善免税店政策，旨在进一步发挥免税店政策支持提振消费的作用，引导海 外消费回流，促进免税商品零售业务健康有序发展。 盘中，福建本地股再度拉升，平潭发展（000592）11天8板，福龙马、福建金森2连板，卓越新能、路桥信息、金 龙汽车、三木集团等跟涨。 港股方面，恒生指数和恒生科技指数均飘绿。中国中车跌超8%，中国中冶跌超4%，比亚迪股份跌超5%，中芯国 际跌逾4%。阿里巴巴、小米集团等跌超1%，信达生物涨超3%，老铺黄金涨近2%。 有色金属、黄金板块冲高 盘初，有色金属、黄金板块冲高，大中矿业3连板，湖南黄金触及涨停，华锡有色、白银有色、兴业银锡跟涨。 消息面上，10月30日，商务部网站消息，为保护资源和环境，加强稀有金属出口管理，商务部制定了《2026— 2027年度钨、锑 ...

智通财经APP获悉，里昂发布研报称，ASMPT(00522)第三季经调整净利较上季下滑24%至1.006亿港 元，低于市场预期的2.008亿元，主要由于毛利率下降。报告指，公司TCB业务稳步推进，成功从两家 全球高阶存储器制造商获取业界首笔HBM412H订单。主流业务增长受惠于人工智能需求。基于更高市 净率倍数，将目标价由76.6港元上调至95港元，并维持"跑赢大市"评级。 ...

Core Insights - The launch of "如鮨寿司," the first sushi brand incubated by Haidilao, in Hangzhou is seen as a signal of industry recovery and structural opportunities in the sushi market [1][3] - The sushi market, particularly the affordable segment, is becoming increasingly competitive with multiple players expanding aggressively [2][5] Market Dynamics - Haidilao's entry into the sushi market is a strategic move to capture market share, with "如鮨寿司" positioned under its "红石榴计划" to diversify its dining offerings [3][8] - The new store in Hangzhou has over 500 square meters and offers more than 200 SKUs, with price points ranging from 8 to 28 yuan, primarily focusing on 9.9 and 15 yuan items [3][8] - The market is witnessing a bifurcation where high-priced sushi brands like Sushi Lang are expanding cautiously, while lower-priced brands like Bin Sushi are aggressively increasing their store counts [5][21] Competitive Landscape - Bin Sushi plans to open over 70 new stores in the 2025 fiscal year and aims for more than 100 in the following year, with a long-term goal of 1,000 stores nationwide [5][8] - Sushi Lang aims to increase its total stores in Greater China to approximately 190 by 2026, with a cautious expansion strategy [4][5] - The sushi market's recovery is driven by consumer demand for high cost-performance sushi, supported by a localized supply chain [8][21] Strategic Positioning - Brands are focusing on high-line cities and premium shopping centers, with over 90% of Sushi Lang and Bin Sushi's stores located in first and new first-tier cities [9][12] - The competition is not yet saturated, allowing leading brands to proactively position themselves for future growth [15][16] - The market is shifting towards a "high cost-performance" competition rather than just low pricing, indicating a structural growth opportunity in the sushi segment [18][23] Future Outlook - The sushi market in China is projected to recover to a scale of 700 billion yuan by 2025, with sushi becoming a key growth direction due to its standardized preparation and high turnover rates [18][21] - The competition will intensify between foreign brands with established supply chains and local brands that can innovate and adapt to consumer preferences [21][22] - The trend towards affordable, localized, and digitalized sushi offerings is expected to deepen, although brands will face challenges in maintaining growth and brand trust [23][24]

智通财经APP获悉，华昊中天医药-B(02563)一度跌超37%，截至发稿，跌29.98%，报3.55港元，成交额 581.98万港元。 消息面上，华昊中天医药上市届满一年，今日迎来大额解禁，累计解禁股数约2.46亿股。今年上半年， 华昊中天医药实现营业收入1478.7万元(人民币，下同)，同比减少55.36%；净亏损5404.1万元，同比收 窄23.41%；基本每股亏损0.15元。 ...