机构：国信证券 研究员：刘孟峦/杨耀洪 公司发布三季度业绩：前三季度实现归母净利润约3.56 亿元，同比+13.38%，其中25Q1/Q2/Q3 分别实 现归母净利润约1.23/1.40/0.93 亿美元，Q3 环比-33.57%；其中，公司自有矿山生产粗铜及阳极铜约5.42 万吨，同比减少约6%，自有矿山生产阴极铜约6.39 万吨，同比基本持平；公司前三季度自有矿山产铜 总计约11.81 万吨，同比减少约3%。 投资建议：维持"优于大市"评级 核心矿山方面：前三季度中色非洲矿业生产阳极铜49864 吨，同比减少约2%，主因是谦比希东南矿体 因主副井圈梁更换暂时停产；中色卢安夏生产阴极铜34785 吨，同比增长约2%，生产阳极铜3133 吨， 同比基本持平；刚波夫矿业生产阴极铜28811 吨，同比增长约4%。前三季度，公司自有矿山受谦比希 东南矿体暂时停产影响，产量同比略有下滑。 公司对外并购同步进行：公司于6 月公告，采用股份认购的方式，支付认购价款收购SM Minerals 10.5% 的已发行股本，该认购价款将主要用于本卡拉矿业项目的技术勘探和开发工作。SM Minerals 通过下属 企业拥有本卡拉北 ...

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起看看吧。 【巨头风向标】 美团发布LongCat-Video视频生成模型 美团LongCat团队发布LongCat-Video视频生成模型，该模型支持文生视频、图生视频及视频续写，参数13.6B。美团强调， LongCat-Video可稳定输出5分钟级别的长视频，且无质量损失。之所以推出LongCat-Video，美团方面指出，世界模型赋予AI"看 见"世界运行本质的能力，而视频生成模型有望成为构建世界模型的关键路径——通过视频生成任务压缩几何、语义、物理等多 种形式的知识，AI得以在数字空间中模拟、推演乃至预演真实世界的运行。 京东启动"国民好车"交付中心招募 京东在社交平台发文，宣布正式启动"国民好车"交付中心招募计划。该计划继此前联合宁德时代、广汽集团推出"国民好 车"后，再次扩展合作版图，旨在通过整合4S店、汽车交付/服务中心及大型售后服务门店，构建覆盖全国的销售、交付及售后 服务网络。根据招募条件，加盟方需具备主流汽车品牌销售、交付及售后经验，并符合主机厂标准的 ...

Core Insights - The recent strategic moves by Guoshengtang, including partnerships with 1doc and AGP, signify a pivotal shift in the internationalization of traditional Chinese medicine (TCM) from merely exporting products to establishing a comprehensive service system [1][4][5] Group 1: Strategic Partnerships - Guoshengtang has completed a significant equity partnership with Singapore's 1doc, where Guoshengtang holds a 70% stake, ensuring deep integration of TCM services within the existing Western medical framework [5][6] - The collaboration with 1doc allows for a comprehensive health management approach, offering patients a combination of TCM and Western medicine within the same healthcare ecosystem [5][6] - The partnership aligns with Singapore's government initiatives promoting the integration of TCM into mainstream healthcare, particularly through the upcoming "Traditional Chinese Medicine Integration Sandbox" plan [5][6] Group 2: Technological Innovations - The launch of the "National Medicine AI Avatar" aims to standardize and replicate TCM practices, providing a platform for overseas practitioners to enhance their clinical skills [6][9] - This AI system is designed to assist local TCM practitioners in formulating precise treatment plans, thereby establishing high-quality TCM service standards in international markets [9][10] - The integration of AI technology in TCM practices has garnered recognition from Singapore's government, indicating strong support for innovative approaches in traditional medicine [9][10] Group 3: Capital Support - Guoshengtang's strategic partnership with AGP will provide direct investment to support its internationalization strategy and AI technology development [7][10] - AGP's investment not only offers financial backing but also access to a network of healthcare resources and insights into international market regulations [10] - The capital infusion reflects confidence in Guoshengtang's ability to address core challenges in TCM's international expansion through a systematic approach combining AI and operational integration [10]

Core Viewpoint - The Hong Kong dairy stocks have rebounded after a period of decline, with several companies showing positive price movements, although the overall dairy price remains below cost levels, indicating ongoing industry challenges [1]. Group 1: Market Performance - Yurun Dairy increased by 4%, Ecological Dairy by 3.77%, Modern Dairy by 2.5%, China Shengmu by 1.5%, and China Feihe by 1.46% [2]. - The rebound in stock prices is attributed to pre-holiday inventory buildup and increased demand for student milk production [1]. Group 2: Industry Conditions - Despite the short-term support for milk prices due to holiday factors, the trend of capacity reduction in the dairy industry continues [1]. - The overall milk price remains below the cost line, leading to ongoing industry losses and financial pressures from silage [1]. - The number of dairy cows decreased by 0.18% month-on-month in September, following a 0.2% decline in August, with a cumulative reduction of approximately 8% [1]. Group 3: Future Outlook - The capacity reduction trend may be nearing its end, and a turning point in the milk price cycle is anticipated [1].

招银国际发布研报称，预期小米集团-W(01810)第三季经调整净利润同比增长60%至100.1亿元人民币， 符合市场预期。虽然智能手机的物料(BOM)成本上涨，但该行预计公司第三季毛利率为22.9%，高于市 场预测的22.5%。该行重申公司"买入"评级，目标价由62.96港元下调至61.3港元。 该行对小米第四季前景维持正面态度。智能手机方面，相信小米17Pro及Pro-max可为公司带来更高的销 售组合;小米的电动车交货强劲，盈利能力改善，并有潜在产能扩张;互联网业务稳定增长，料毛利率达 75%。整体而言，该行略降2025至27财年的经调整净利润预测3至4%，以反映智能手机业务疲软、电动 车业务在第三季达到收支平衡，以及BOM成本上升。 ...

Core Viewpoint - Xiaomi Group-W (01810) is expected to report a 60% year-on-year increase in adjusted net profit for Q3, reaching 10.01 billion RMB, aligning with market expectations [1] Financial Performance - The anticipated gross margin for Q3 is 22.9%, surpassing the market forecast of 22.5% despite rising BOM costs [1] - The forecast for adjusted net profit for fiscal years 2025 to 2027 has been slightly reduced by 3% to 4% due to weak smartphone performance and rising BOM costs [1] Product Outlook - The company maintains a positive outlook for Q4, with expectations that the Xiaomi 17 Pro and Pro-max will enhance the sales mix [1] - Strong delivery performance in the electric vehicle segment is noted, with improved profitability and potential capacity expansion [1] Internet Business - The internet business is projected to continue stable growth, with an expected gross margin of 75% [1]

Group 1 - The core point of the article is that AIA Group's stock price has increased by over 3% in the Hong Kong market, currently trading at 74.6 HKD with a trading volume of 1.084 billion HKD [1]

10月28日，八马茶业股份有限公司（简称"八马茶业"）正式在香港联合交易所挂牌上市，标志着中国茶 行业向标准化、品牌化迈进的关键节点。 过去二十八年间，八马茶业(06980)的商业模式持续迭代与市场扩张能力得到阶段性验证。面对中国万 亿规模茶市场长期"大行业、小企业"的结构性挑战，八马茶业以其独特的商业实践，成为了最具有全国 性连锁规模和高端品牌影响力的企业。 本次八马茶业新股发行，受到资本市场的热烈追捧，公开发售录得超额认购2684倍。公司发行上行定价 50港元，首日上市开盘大涨73%，报86.5港元，市值总值突破73.5亿港元。 八马茶业源于其家族近300年不辍的制茶世家历史，历经十三代的技艺传承。据智通财经APP了解到， 公司现任董事长王文礼，更是国家级非物质文化遗产项目乌龙茶制作技艺的代表性传承人。这种深厚的 文化底蕴和"非遗"技艺背书，结合对优质原料的坚守，为八马茶业的产品提供了无可比拟的核心竞争 力。 在品牌战略上，八马茶业坚持"品质为王"这一核心理念，围绕"品质好茶"与"品质好店"两大基石耕耘。 三大飞轮——解码八马茶业的核心护城河 中国茶叶市场高度分散，企业数量超过160万家。按2024年茶叶 ...

Core Viewpoint - The PCB industry is experiencing significant growth, driven by advancements in AI and a shift towards high-end product offerings, with companies like 建滔积层板 (Kingboard Laminates) benefiting from this trend [1] Industry Summary - As of October 27, over ten PCB industry companies, including 生益电子 (Shengyi Technology), have reported strong performance in their third-quarter results or forecasts for the first three quarters, indicating a high growth trend across the industry [1] - The expansion wave in the PCB sector is transitioning from manufacturing to upstream equipment and materials, signaling a comprehensive transformation in this traditional industry [1] - 国金证券 (Guojin Securities) suggests that the M9 upgrade may lead to material solution enhancements, such as a shift towards HVLP4 copper foil and the use of Q fabric combined with second-generation fabric for electronic cloth [1] Company Summary - 建滔积层板 is recognized as one of the leading companies in the copper-clad laminate industry, with a differentiated barrier created through upstream material integration [1] - The company is expected to benefit from the simultaneous upgrades in electronic cloth and copper foil, contributing to a positive outlook on the traditional copper-clad laminate supply-demand dynamics and new pricing trends [1] - 开源证券 (Kaiyuan Securities) highlights that 建滔积层板 has successfully developed HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging, with high-end copper foil already certified for use by several top-tier global clients [1] - The first kiln for low dk glass fiber is set to commence production in the first half of 2025, with three additional kilns expected to be operational in the second half of 2025, and another six high-end kilns projected for 2026 to produce low dielectric, low expansion, and quartz glass fiber [1]

国泰海通证券此前指出，公司是覆铜板行业龙头公司之一，上游材料一体化布局构建差异化壁垒，电子 布铜箔覆铜板同步升级，传统覆铜板供需格局和新价格趋势乐观。产品升级与覆铜板涨价有望贡献公司 业绩增长势能。开源证券认为，高端产品方面，建滔积层板已成功研发HVLP3铜箔、IC封装载板用超 薄VLP铜箔，高端铜箔已认证进入多家全球头部tier1、通信终端客户；low dk玻璃纱首个窑炉已于 2025H1投产，2025H2预计新增三个窑炉、具备生产二代玻璃纱的能力；2026年预计另有6个高端窑炉投 产，生产低介电低膨胀及石英玻璃纱。 消息面上，据报道，据不完全统计，截至10月27日，已有生益电子等10多家PCB产业链上市公司披露的 三季报或前三季度业绩预告显示，行业整体呈现业绩高增长态势。与此同时，PCB的扩产潮正从制造环 节向上游设备材料领域传导，一场由AI驱动的高端化变革正在这个传统行业全面展开。此外，国金证 券指出，M9如果确定将带来材料方案升级，例如铜箔是可能倾向于HVLP4，电子布是Q布+二代布。 智通财经APP获悉，建滔积层板(01888)涨超6%，截至发稿，涨6.61%，报14.18港元，成交额4.37亿港 ...