在金秋十月，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》正式发布，为未来五 年中国的发展描绘了新的蓝图。该建议强调了高质量发展、科技自立自强、全面深化改革、社会文明程 度提升以及美丽中国建设等关键领域，旨在实现社会主义现代化的宏伟目标。 智通财经APP获悉，作为国内领先的利用供应链能力和数字化技术赋能服务乡镇夫妻店的产业互联网平 台，汇通达(09878)始终坚守"让农民生活得更美好"的企业使命，坚持企业发展与国家战略同频共振， 在"优化提升传统产业""扩大内需""建设全国统一大市场"等方面开展创新实践，推动产业全链路协同发 展、助力政策有效落地。 汇通达党委召开专题学习会议，深入贯彻党的二十届四中全会精神，紧跟国家战略步伐，积极拥抱新技 术、新产业、新模式，持续发扬创业、创新、创造的"三创精神"，以平台价值带动产业上下游协同发展 —— 持续发挥产业互联网平台价值，推动传统产业升级、新兴产业培育 "十五五"规划建议：要优化提升传统产业，培育壮大新兴产业和未来产业，促进服务业优质高效发展， 构建现代化基础设施体系。"十五五"期间将实施服务业扩能提质行动，提高现代服务业与先进制造业、 现代农业融合发 ...

收入增长再提速，多元化继续发力 受益于健康与便捷饮食趋势带来的发展机遇，公司立足"主食+休闲食品"进行战略布局，在产品多元化 与渠道渗透拓展等方面持续发力。以公告区间中枢计算，公司25Q3 收入同比增长28.6%，较上半年增 速提速明显，主要系三季度玉米浆包、糙米饭团等新品在抖音快速放量，拉动抖音渠道增长修复，拼多 多保持高速增长，玉米在京东天猫继续放量增长，另一方面公司品牌势能不断提升，中秋节庆期间大客 户企事业单位团购需求旺盛，直接客户表现亮眼，山姆等高势能渠道继续保持快速增长，带动公司增长 提速。 新米季加大推广力度，山姆多款新品进入 机构：中信建投证券 研究员：贺菊颖/高畅 核心观点 十月稻田是国内领先且增长迅速的家庭食品公司，拥有十月稻田、柴火大院等广泛知名度的品牌，在大 米和玉米保持销量领先。公司以大米业务和线上渠道起家，逐步拓展其他品类和线下渠道，24 年成功 打造抖音爆款玉米，品类逻辑打开，不再单一依靠大米，顺应消费趋势变化，向休闲化食品进军，推出 更多即食产品，如水果玉米粒、即食玉米段等，25 年向全渠道做深玉米品类。同时公司在山姆、胖东 来等线下渠道持续扩张，增长势能强劲。公司品牌力具备溢 ...

每经AI快讯，徽商银行(03698.HK)再涨近4%，截至发稿，涨3.71%，报3.63港元，成交额1718.28万港 元。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 每经AI快讯，小鹏汽车-W(09868.HK)一度跌超5%，截至发稿，跌4.05%，报85.3港元，成交额7.64亿港 元。 ...

投资建议。考虑到下半年公司轻装上阵业绩有望恢复，叠加2026 年SDE 二期投产放量贡献业绩，我们 预计公司 2025-2027年实现归母净利润1分.6别为亿元、6.9 亿元、11.9 亿元，对应PE 分别为44.8X， 10.7X，6.2X。 公司发布《自愿公布TSE 煤矿之煤炭资源及储量的最新情况》公告。 TSE 煤矿位于印度尼西亚南加里曼丹省哥打巴鲁县北部，采矿特许区面积达168 平方公里，煤矿采矿经 营许可证有效期为十年，直至二零三四年五月十四日，并可再续期十年。 公司预计将于2026 年第一季度展开TSE 煤矿项目建设。 机构：国盛证券 动力煤价格反转上行，看好公司下半年业绩环比修复。"（1）国内主产区依然受到安监影响（尤其11 月份，22 个中央安全生产考核巡查组将陆续进驻31 个省、自治区、直辖市和新疆生产建设兵团开展年 度考核巡查），产量持续受限，且有加重的趋势；（2）当前国内上游煤矿库存处于低位，销售无压 力，然而部分铁路取消发运优惠推高了港口发运成本，或抑制部分发运积极性，港口调入或依旧受限， 港口库存结构性紧缺局面难改；（3）10 月至今受极端天气影响，淡季累库的效果并不理想，无论电厂 ...

Core Viewpoint - Gansu Bank is leveraging green finance as a key driver for ecological and economic development in Gansu province, aligning with national "dual carbon" strategies and contributing to sustainable growth [1][2]. Group 1: Green Finance Strategy - Gansu Bank recognizes the importance of green finance for sustainable local economic development and has established a comprehensive system to support this initiative [2]. - The bank has set up a dedicated Green Finance Department and developed policies such as the "Green Credit Policy" and "Green Financial Bond Fund Management Measures" to manage green credit effectively [2][3]. - Gansu Bank has implemented a self-evaluation mechanism to ensure compliance with national green development policies and maintain accurate data for ESG reporting [2][3]. Group 2: Financial Support for Renewable Energy - Gansu Bank is focusing its lending resources on the entire renewable energy industry chain, particularly in wind and solar energy projects [4]. - The bank has successfully financed the "100,000 kW Wind Power Project" in Weiyuan County, providing a loan of 62.8 million yuan after a streamlined approval process [4]. - The bank has also secured 1.25 billion yuan in carbon reduction support tools and has applied for a total of 3.05 billion yuan in carbon reduction support funds [5]. Group 3: Innovative Financial Products - Gansu Bank has developed a diverse range of green financial products tailored to the needs of different industries, such as "Wind and Solar Unlimited Loan" for clean energy projects and "Energy Saving Loan" for energy efficiency initiatives [6]. - The bank's "Ecological Agriculture Loan" supports green agricultural practices, enhancing both economic and ecological benefits for farmers [7]. - As of September 30, 2025, Gansu Bank's green loan balance reached 22.838 billion yuan, with a year-to-date increase of 3.433 billion yuan, achieving a completion rate of 137.32% for its annual target [7]. Group 4: Ecosystem Development - Gansu Bank has established a comprehensive green finance ecosystem through a combination of project libraries, incubation centers, and scenario integration [8]. - The bank integrates green finance with rural revitalization efforts, providing specialized loans for projects in livestock and traditional Chinese medicine cultivation [8]. - The bank is also enhancing its digital transformation by launching online products and utilizing blockchain technology for transparent fund tracking, significantly improving loan approval efficiency [8].

Core Viewpoint - Xiaopeng Motors experienced a significant stock decline, dropping over 5% and closing at 85.3 HKD with a trading volume of 764 million HKD, amidst anticipation for its upcoming AI Technology Day on November 5, 2025 [1] Group 1: Company Developments - Xiaopeng Motors will hold its AI Technology Day in Guangzhou, where CEO He Xiaopeng will present the company's advancements in AI, particularly in the physical world [1] - He Xiaopeng described the upcoming announcements as "emergent" and indicated that the company has achieved surprising capabilities in physical AI, with multiple breakthroughs expected to be showcased [1] Group 2: Industry Context - Reports suggest that Gaode is entering the Robotaxi market and is expected to collaborate closely with a car manufacturer, which is anticipated to be Xiaopeng Motors [1]

Core Viewpoint - Green finance is a crucial support for Gansu's green development and economic transformation, with Gansu Bank playing a significant role in this initiative by providing financial resources to support ecological and economic collaboration [1] Group 1: Green Finance Strategy - Gansu Bank recognizes the importance of green finance for sustainable local economic development and has established a comprehensive system to support this strategy [2] - The bank has set up a dedicated green finance department and developed policies such as the "Green Credit Policy" and "Green Financial Bond Fund Management Measures" to manage green credit effectively [2] - Gansu Bank has implemented a self-evaluation mechanism to ensure compliance with national green development policies and maintain accurate data for green loans [2][3] Group 2: Financial Support for New Energy - Gansu Bank focuses its lending resources on the entire new energy industry chain, particularly in wind and solar energy projects, to enhance financial services for green industries [4] - The bank successfully facilitated a loan of 62.8 million yuan for the "Weiyuan County 100,000 kW Wind Power Project," demonstrating its commitment to supporting significant renewable energy initiatives [4] Group 3: Innovative Financial Products - Gansu Bank has developed a diverse range of green financial products tailored to the needs of different green industries, such as "Wind and Solar Unlimited Loan" for clean energy projects and "Energy Saving Loan" for energy efficiency enterprises [6][7] - The bank's "Ecological Agricultural Loan" supports green agricultural practices, contributing to both economic and ecological benefits for local farmers [7] Group 4: Green Finance Ecosystem - Gansu Bank has created a comprehensive green finance ecosystem through a combination of project libraries, incubation centers, and scenario integration, enhancing project acquisition efficiency [8] - The bank integrates green finance with rural revitalization efforts, providing specialized loans for projects in livestock and traditional medicine cultivation [8] - The bank is leveraging digital transformation to improve service delivery, utilizing blockchain technology for transparency in green bond funding and big data for risk assessment [8] Group 5: Future Outlook - Gansu Bank aims to align its operations with national strategies, focusing on clean energy, ecological restoration, and green infrastructure to contribute to Gansu's transformation into a "green strong province" [8]

Core Viewpoint - The report from CMB International raises the target price for New Oriental Education & Technology Group (09901) by 19.6% from HKD 46 to HKD 55, maintaining a "Buy" rating due to positive outlook on K12 education and training business demand and growth prospects [1] Group 1: Financial Performance - For Q1 of fiscal year 2026, New Oriental reported a revenue increase of 6% year-on-year to USD 1.523 billion, exceeding the bank's expectations by 1% [1] - Adjusted operating profit was approximately USD 336 million, with an operating profit margin of 22%, expanding by 1 percentage point compared to the same period last year [1] - Adjusted net profit attributable to shareholders was USD 258 million, corresponding to a net profit margin of 17% [1] Group 2: Business Segments - The study highlights that the study abroad-related business, although recently impacted, still leads the industry, with consulting and preparatory income growing by 1% and 2% year-on-year, respectively, contrary to previous expectations of a 5% decline [1] - The university and adult education segments maintained steady growth, with a revenue increase of 14% year-on-year, while K9 new business revenue grew by 15%, with learning devices outperforming non-academic subjects [1] Group 3: Future Guidance - Management maintains the revenue guidance for fiscal year 2026, expecting a year-on-year growth rate of 5-10%, with Q2 revenue growth projected between 9-12%, compared to previous expectations of 9% [2] - The K12 business's retention rates and product quality improvements are expected to drive revenue recovery within a stable growth range, while ongoing efficiency measures are likely to support stable or slightly increased operating profit margins [2] - The overall revenue growth rate for the company is expected to exceed 10% for fiscal years 2026, 2027, and 2028, with a consistent trend of profit margin expansion [2]

Core Viewpoint - The report from CMB International raises the target price for New Oriental-S (09901) by 19.6% from HKD 46 to HKD 55, maintaining a "Buy" rating, driven by positive outlook on K12 education and training business demand and growth prospects [1] Group 1: Financial Performance - For Q1 of FY2026, New Oriental reported a revenue increase of 6% year-on-year to USD 1.523 billion, exceeding the bank's expectations by 1% [1] - Adjusted operating profit was approximately USD 336 million, with an operating profit margin of 22%, expanding by 1 percentage point compared to the same period last year [1] - Adjusted net profit attributable to shareholders was USD 258 million, corresponding to a net profit margin of 17% [1] Group 2: Business Segments - The study indicates that the study abroad-related business, although recently impacted, remains a leader in the industry, with better-than-expected performance [1] - The K9 new business saw a revenue increase of 15% year-on-year, while the university and adult business maintained a steady growth rate with a 14% revenue increase [1] - The report highlights that the revenue from preparatory and consulting services grew by 1% and 2% year-on-year, respectively, contrary to previous expectations of a 5% decline [1] Group 3: Future Guidance - Management maintains a revenue growth guidance of 5-10% for FY2026, with Q2 revenue growth expected to be in the range of 9-12%, compared to previous expectations of 9% [2] - The K12 business's continuation rate and product quality improvements are anticipated to drive revenue recovery within a stable growth range [2] - The overall revenue growth rate for FY2026/2027/2028 is expected to exceed 10%, with a consistent trend of profit margin expansion [2]