消息面上，爱德新能源宣布，大股东已向Prominence Investment Holding Company Limited(要约人)及吴 海淦出售1.95亿股持股，占公司已发行股本55.66%，现金代价8000港万元，相当于每股0.4103港元，较 股份停牌前报价0.8港元折让48.7%，要约人将按每股0.4104元，就余下股份提出无条件强制性全面现金 要约，要约人应付要约代价约6374.6万港元。要约人拟于要约结束后继续经营集团现有主要业务。要约 人拟于要约结束后维持股份于联交所上市。要约人无意于要约结束后动用其任何权力强制收购任何流通 在外的股份。 爱德新能源(02623)午后复牌飙升逾300%，截至发稿，涨326.25%，报3.41港元，成交额1226.51万港 元。 ...

1）港股通汽车ETF（159323）：支持T+0交易；标的指数高度聚焦港股新能源车板块，乘用车含量在同 类指数中领先，且拥有相对A股稀缺的造车新势力（理想、小鹏、零跑）。此外，指数覆盖汽车零部件 板块和汽车智能化领域，有望深度受益于机器人科技浪潮。（场外联接A/C：024144/024145）。 2）恒生科技指数ETF（513180）：支持T+0交易；标的指数软硬科技兼备，高弹性，高成长，囊括小 米、网易、腾讯、阿里、美团等相较于A股更为稀缺的中国核心科技资产。没有港股通账户的投资者或 可通过恒生科技指数ETF（513180）一键布局港股科技龙头。（场外联接A/C：013402/013403）。 消息面上，百度旗下自动驾驶出行服务平台萝卜快跑公布，截至10月31日，萝卜快跑每周订单量超过25 万宗，且100%为全无人订单。从累计服务单量来看，萝卜快跑全球订单超过1700万宗。先前，Google 母公司Alphabet旗下自动驾驶计程车Waymo曾宣布完成超过1000万订单。另外，随着萝卜快跑北京、上 海、武汉、深圳、迪拜、阿布扎比等城市的规模部署，萝卜快跑目前的全球覆盖城市数量已达到22座。 平安证券认为，我 ...

长江证券此前发布研报称，对于风电业务而言，在136号文的政策导向下，保护存量稳定增量预期导向 已经明晰。当前公司已经明确剥离光伏业务，战略聚焦风电业务，公司储备的大量风电项目，将在行业 触底回暖背景下保障绿电业务的长期成长性；公司获得核准的下游天然气电厂项目将提升天然气负荷水 平，同时也将直接贡献增量收益，依然看好公司天然气业务稳定性叠加成长性带来的价值回归。 消息面上，新天绿能（600956）近日发布业绩，前三季度公司实现总营业收入144.45亿元，同比减少 8.51%；归母净利润15.59亿元，同比增加4.23%。单看三季度，公司实现营业收入35.41亿元，同比减少 3.03%；归母净利润1.47亿元，同比增加122.98%。 新天绿色能源(00956)午后涨超4%，截至发稿，涨3.84%，报4.6港元，成交额3172.99万港元。 ...

Core Viewpoint - New天绿色能源 (00956) reported a mixed performance in its recent earnings, with a decline in total revenue but an increase in net profit, indicating potential resilience in its business model amidst market challenges [1] Financial Performance - For the first three quarters, the company achieved total operating revenue of 14.445 billion yuan, a year-on-year decrease of 8.51% [1] - The net profit attributable to shareholders was 1.559 billion yuan, reflecting a year-on-year increase of 4.23% [1] - In the third quarter alone, the company reported operating revenue of 3.541 billion yuan, down 3.03% year-on-year [1] - The net profit for the third quarter was 147 million yuan, showing a significant year-on-year increase of 122.98% [1] Strategic Focus - The company has decided to divest its solar photovoltaic business and concentrate on wind power, aligning with the policy direction outlined in Document No. 136, which aims to stabilize existing capacity while fostering growth in new capacity [1] - The company has a substantial reserve of wind power projects, which are expected to support the long-term growth of its green electricity business as the industry begins to recover [1] - Approved downstream natural gas power plant projects are anticipated to enhance the natural gas load level and contribute additional revenue, reinforcing the company's outlook on the stability and growth potential of its natural gas business [1]

Core Viewpoint - Modern Dairy Holdings Limited is acquiring approximately 1.28% of China Shengmu Organic Milk Limited for HKD 37.52 million, which will increase its shareholding to over 30%, triggering a mandatory offer to acquire the remaining shares at HKD 0.35 per share, totaling approximately HKD 2.016 billion [1][2] Group 1: Acquisition Details - The acquisition will enable Modern Dairy and its concerted parties (Mengniu) to exceed a 30% shareholding in China Shengmu, triggering a mandatory offer for the remaining shares [1] - The estimated annual raw milk production after the acquisition will exceed 4 million tons, positioning the combined entity among the top global dairy farming enterprises [1] - The scale advantage from the acquisition is expected to enhance bargaining power in bulk material procurement, effectively reducing unit costs and solidifying cost leadership [1] Group 2: Product and Market Impact - Post-acquisition, the proportion of Modern Dairy's specialty milk (including organic milk) is projected to increase from 8% to over 20%, strengthening its high-end product line [1] - The integration of China Shengmu's organic milk business is anticipated to provide diverse and distinctive raw milk supply to customers, enhancing overall product quality and competitiveness in high-value product segments [1][2] Group 3: Strategic and ESG Considerations - The acquisition reflects a strategic move by dairy giants in response to dual pressures of consumer upgrades and cost challenges, marking a critical choice at a recovery point in the industry [2] - Modern Dairy aims to leverage China Shengmu's unique "desert organic cycle" model to establish a differentiated competitive advantage and improve its ESG profile, attracting a broader base of long-term investors [2] - This acquisition signifies a shift in the Chinese dairy industry from "price competition" to "value competition," with an emphasis on industry consolidation and product structure upgrades [2]

摩根士丹利发表研报，认为网易股价在未来30日内将会上涨，发生的机率约70%至80%(即非常可能)， 这是因为该股票近期已经历一轮回落，使短期估值更具吸引力。大摩亦预期，在其长青游戏《梦幻西游 PC》的带动下，网易即将公布的2025年第三季度盈利表现将稳健。 大摩予该股目标价170美元，评级"增持"。 ...

Core Viewpoint - Morgan Stanley's technical research report indicates that Macau's gaming revenue is expected to increase by 16% year-on-year in October 2025, outperforming market expectations, which is likely to positively impact MGM China’s stock performance in the next 60 days with a probability exceeding 80% [1] Group 1: Company Performance - MGM China's market share increase in October is expected to boost its EBITDA estimates for the fourth quarter [1] - Morgan Stanley sets a target price of HKD 18 for MGM China, with a rating of "Overweight" [1]

报告指，有关预测基于渣打季度业绩强劲，该行亦上调对渣打今年盈利预测11%，明年及后年盈利预测 亦上调3.5%及2%。该行又指，渣打管理层的有形股本回报率指引亦由趋向13%上调至约13%，预计 2026年有形股本回报率指引明年2月公布业绩时更新，最新中期预测则料于明年5月公布。该行料渣打今 年有形股本回报率13.1%，2027年往后为14%以上。 该行目前予渣打目标价176.7港元，评级"增持"。 摩根士丹利发表技术研究报告，预测渣打集团股价未来30日跑赢同业，发生此概率料介乎七至八成或非 常可能。 ...

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1][2] - The partnership aims to leverage Boyu's local market expertise to accelerate Starbucks' expansion in China, particularly in smaller cities and emerging regions [1][3] - Starbucks' total retail business value in China is projected to exceed $13 billion, comprising the equity transferred to Boyu, retained equity, and ongoing licensing revenue [1][4] Group 1: Partnership Details - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores in China, with plans to expand to 20,000 stores in the future [1][3] - Starbucks has been exploring strategic partnerships for over a year to enhance its competitive position and drive growth in the challenging Chinese market [2][3] Group 2: Market Context - In 2023, Luckin Coffee surpassed Starbucks in annual sales in China, highlighting the intense competition in the market [2] - Starbucks' CEO emphasized the need to understand the competitive landscape better and explore partnerships to ensure long-term success in China [2][3] Group 3: Financial Performance - For the fourth quarter of fiscal year 2025, Starbucks reported revenue of $9.6 billion, a 5% increase year-over-year, with same-store sales growth of 1% [3][4] - Starbucks China achieved revenue of $831.6 million in the fourth quarter, a 6% year-over-year increase, marking four consecutive quarters of growth [4] Group 4: Boyu Capital Overview - Boyu Capital, founded in 2011, is a leading alternative asset management firm with a diversified investment portfolio across private equity, public markets, infrastructure, and venture capital [5][6] - The firm has a history of successful investments in emerging technology and consumer sectors, including notable companies like Alibaba and NIO [5][6]

Core Insights - Shenzhen Yujiang Technology Co., Ltd. has officially launched the world's first family smart robot, Rover X1, which offers a complete experience of embodied intelligence in home settings [1][2] - The initial coupon collection for Rover X1 exceeded 5,000 across various channels, indicating strong interest from B-end users, individual consumers, and educational sectors [1] Product Features - Rover X1 combines deep AI with practical functions, featuring a dual-vision tracking system, all-terrain wheel-leg structure, and intelligent load-bearing capabilities, positioning it as a practical smart agent rather than just a performance tool [2] - The robot is designed to meet diverse family needs, moving beyond superficial interactions to focus on practical applications in home environments [2] Technological Innovations - The three core technological innovations of Rover X1 include: 1. Dual-vision tracking system for omnidirectional perception and autonomous decision-making [2] 2. All-terrain wheel-leg structure and intelligent load-bearing capacity for navigating various surfaces and carrying everyday items [2] 3. Self-developed open platform supporting multiple role switches for outdoor exploration, home security, programming education, and emotional companionship [2] Application Scenarios - In outdoor exploration, Rover X1 can act as a "mobile photographer" and "load-bearing partner," autonomously following and avoiding obstacles while carrying camping gear [3] - For home security, it can perform night patrols and detect unfamiliar areas, providing real-time video feedback [3] - In programming education, Rover X1 supports both graphical and coding modes to help children develop logical thinking [3] - As an emotional companion, it can assist with tasks like carrying bags and delivering clothes, while engaging in voice interactions and light expressions [3] Market Impact - The launch of Rover X1 signifies a significant step in making embodied intelligence accessible in family settings, lowering the entry barrier for smart home devices [3] - Rover X1 redefines the core value of consumer-grade robots by emphasizing utility over mere imitation of biological forms, indicating a shift from factory settings to everyday life [3]