金吾财讯 | 中国宏桥(01378)股价高位运行，截至发稿，涨3.44%，报32.44港元，成交额4.08亿港元。 汇丰研究发布月度大宗商品研究报告，指出需求强劲与供应紧张令基本金属价格保持强势，考虑到市场 供需平衡紧绌，价格可能存在进一步上行风险。在中国材料板块中，该行最看好铝；在当前宏观背景 下，亦看好黄金；同时对建筑材料长期前景持正面看法。汇丰研究指，展望明年铝业基本面趋向坚实， 加上中国的产能上限限制国内供应增长，海外新增供应依然温和，预料分别按年增长0.5%及3%，相应 将2026及2027年铝价预测上调，上海期货交易所铝价预测料达每吨22,000元及23,000元人民币。该行目 前在中国材料板块中偏好铝业股，预计低库存及4,500万吨产能上限将为铝价提供良好支持。 金吾财讯 | 中国宏桥(01378)股价高位运行，截至发稿，涨3.44%，报32.44港元，成交额4.08亿港元。 汇丰研究发布月度大宗商品研究报告，指出需求强劲与供应紧张令基本金属价格保持强势，考虑到市场 供需平衡紧绌，价格可能存在进一步上行风险。在中国材料板块中，该行最看好铝；在当前宏观背景 下，亦看好黄金；同时对建筑材料长期前景持 ...

作者丨孙媛 又一独角兽，正式启动IPO进程。 12月11日，证监会网站披露，北京卫蓝新能源科技股份有限公司（简称：卫蓝新能源）启动A股IPO并 提交辅导备案，公司拟在创业板上市，辅导机构为中信建投。 | 辅导对象 | 北京卫蓝新能源科技股份有限公司 | | --- | --- | | 新 成立日 | 2016年8月11日 | | 注册资本 | 41,213.3543 万元人民币 法 定 代 表 人 偷会根 | | 注 费 地 | 北京市房山区襄店書安路 91 号院 4 号楼一层 108 室 | | 控股股东及 持 股 比 例 | 截至本报告出具日,公司实际控制人为禽会根,禽会根遮过直 接持股、间接持股以及一致行动人合计控制公司的股权比例为 29.25% | | 行业分类 | 申气机械及暴材刷造业 在其他交易场所 (申请)挂牌或 无) | | | (C38)-锂离于电池制 | | | 造(C3841) 上市的情况 | | 各 注 | 元 | 来源：证监会 作为国内固态电池领域头部企业，卫蓝新能源与背靠上汽集团的清陶能源有"北卫蓝、南清陶"之称。 自2017年起，公司便获得多轮投资，其中，2022年D轮融资就融了 ...

近日，中国图象图形学学会（CSIG）正式公布2025年度科学技术奖评选结果。其中，由网易（杭州）网络有限公司与天津大学、中国科学技术大学、中 国航天科工集团第四研究院十七所共同合作的项目《基于强化学习的智能决策关键技术及应用》，荣获学会"2025年度中国图象图形学学会科技进步奖-一 等奖"，产学研协同创新再结硕果。《逆水寒》便是项目落地场景之一，作为网易旗下人工智能实验室，网易伏羲深度参与《逆水寒》在图形技术与人工 智能领域的探索，以游戏AI的创新实践助力数字文娱作品突破"游戏"边界，获得国家级学术权威认可。 关于《基于强化学习的智能决策关键技术及应用》项目介绍 本获奖项目系统开展了基于强化学习的智能决策关键技术攻关，聚焦"奖励质量低、经验复用难、环境波动大"三大关键挑战，提出了基于时空分解的奖励 信号生成、基于自监督学习的经验表征提取、以及基于演化-强化学习的策略模型优化三项创新技术，在策略性能、学习效率、跨任务泛化方面实现能力 突破，达到国际领先水平。 | | 中国图象图形学学会 | 请输入要搜索的内容 Q | | --- | --- | --- | | | | CHINA SOCIETY OF IMAG ...

Core Viewpoint - The company Xidi Zhijia (3881.HK), known as the "first stock of autonomous mining trucks," has launched its IPO with a share price of HKD 263, aiming to raise approximately HKD 1.42 billion and is expected to be listed on December 19 [1]. Group 1: Company Overview - Xidi Zhijia is an innovative supplier in the field of intelligent driving products and solutions for commercial vehicles, focusing on the development of autonomous mining trucks, logistics vehicles, V2X (Vehicle-to-Everything) products, and intelligent perception solutions [7]. - The company ranks sixth among all commercial vehicle intelligent driving companies in China and third in autonomous mining truck solutions [8]. Group 2: IPO Details - The IPO involves the issuance of 5.408 million shares [4]. - The expected listing date is December 19 [5]. - The offering price is set at HKD 263 per share [6]. Group 3: Market Position and Growth Potential - Xidi Zhijia operates the largest mixed fleet of autonomous mining trucks globally, consisting of 56 autonomous trucks and nearly 500 manned vehicles [10]. - The company has launched the first batch of commercial V2X products in China [13]. - The autonomous mining truck solution is projected to capture 75.6% of the closed-environment autonomous driving market, with a potential market size of CNY 550 billion by 2024 [30]. Group 4: Financial Performance - The company reported revenues of CNY 410.04 million for the year ending December 31, 2022, with projected revenues of CNY 258.46 million for 2023 [47][48]. - Gross profit figures indicate a growth trajectory, with CNY 101.44 million expected for 2023 [49]. Group 5: Research and Development - The company employs 249 R&D personnel, accounting for 54.1% of its total workforce [44]. - Xidi Zhijia holds 513 patent applications and 356 registered patents, showcasing its commitment to innovation [46].

智通财经记者 | 宋佳楠 他特别强调，民间传统发酵的"红茶菌"是人工可控环境下的醋酸菌与酵母菌复合体，与自然滋生的不明 菌团有本质区别，后者误食可能引发腹泻、过敏等问题，尤其需避免老人儿童接触。 作为现象主角的东方树叶，是农夫山泉2011年推出的无糖茶品牌，以"0糖0卡0防腐剂"为卖点，历经"最 难喝饮料"争议后于近年逐步逆袭为市场龙头。其产品采用Log6级别无菌冷灌装技术（每百万瓶产品中 微生物污染风险低于1瓶），配料仅含茶叶、水及食品调节剂。 除了用东方树叶养"茶菌宠物"，此前不少网友还开辟出这款茶饮的其他另类用法。例如有消费者选择绿 茶、茉莉花茶口味的东方树叶，冷藏后用化妆棉浸湿敷于晒后泛红的面部，据称能利用茶叶中的茶多酚 近期，社交媒体上流传的东方树叶"培育攻略"引发热议。网友晒出的图片显示，开瓶后的东方树叶中出 现白色半透明球形菌团，最大直径达乒乓球大小，不少人将其当作"天然茶宠"把玩。 12月11日，据经视直播报道，农夫山泉客服人员对此回应称，茶叶饮料开瓶后应当天尽快饮用，产品若 出现"茶菌"不建议继续饮用。若消费者在未开瓶产品中发现异物，可直接与客服联系。 网友在社交平台上晒出的东方树叶"茶菌宠 ...

格隆汇12月12日丨香港交易所(00388.HK)宣布，香港交易所董事会会议将于2026年2月26日(星期四)举 行，藉以(其中包括)批准刊发香港交易所及其附属公司截至2025年12月31日止年度的全年业绩公告，以 及考虑派发股息。 ...

智通财经记者 | 李香才 跨越十年周期，五矿地产与中冶置业的整合终于落地。 中国中冶（601618）12月8日晚间公告，公司拟将所持有的中冶置业100%的股权及公司对中冶置业的 461.64亿元债权一并出售给五矿地产控股，将所持有的有色院、中冶铜锌、瑞木管理100%的股权和中 冶金吉67.02%的股权出售给中国五矿，公司控股子公司中国华冶拟将其持有的华冶杜达100%的股权出 售给中国五矿或其指定主体。 本次交易价格为606.76亿元。其中，中冶置业100%股权以及债权对应交易金额为312.37亿元。 中国中冶称，本次交易获得的资金将主要用于支撑公司的"一核心、两主体、五特色"多元化业务体系， 强化冶金建设核心主业，夯实新型工业化和新型城镇化两大主体业务，培育工程服务、新型材料、高端 装备、能源环保、数智应用五大特色业务；同时，部分资金将用于补充公司现金流、偿还债务等，以优 化财务报表结构，进一步降低财务杠杆和债务负担。 中冶置业成立于2001年，是中国五矿骨干子企业、中国中冶房地产板块核心企业，国务院国资委首批认 定的16家以房地产为主业的中央企业之一，拥有房地产开发、物业管理两项国家一级资质。 本次交易完成 ...

Core Insights - JD Industrial's IPO on December 11 raised significant attention, with 2.827 billion HKD in subscriptions and a closing price of 14.1 HKD, matching the issue price, resulting in a market capitalization of 37.9 billion HKD [1][30] - The company turned a profit in 2023, projecting a net profit of 760 million CNY in 2024 and 450 million CNY in the first half of 2025, indicating a positive financial trend [2][30] - The IPO is seen as a recognition of the development of China's industrial internet sector and the company's innovative business model, which goes beyond traditional industrial e-commerce [3][30] Business Model and Market Position - JD Industrial operates in the MRO (Maintenance, Repair, and Operations) sector, characterized by a vast array of products, scattered demand, and high management costs [4][31] - The MRO market in China is highly fragmented, with the top five companies holding only about 1.5% market share, contrasting sharply with the 30%-45% concentration in the U.S. [6][7][33] - The company aims to address key MRO industry challenges, including product variety, demand dispersion, and the need for efficient supply chain solutions [3][10][11] Supply Chain Strategy - JD Industrial's strategy involves leveraging its digital capabilities to enhance supply chain efficiency, utilizing a model that integrates extensive SKU coverage with deep service offerings [11][37] - The company has developed a supply chain model that connects various suppliers' inventories, allowing for rapid fulfillment and reduced inventory costs [19][42] - JD Industrial's approach contrasts with traditional heavy asset models in the MRO sector, focusing instead on a "light asset" model that emphasizes data-driven logistics and supply chain solutions [15][20][38] Market Potential - The Chinese MRO market is projected to reach 3.7 trillion CNY in 2024, significantly larger than the U.S. market, with a compound annual growth rate of 4.2% expected until 2029 [24][46] - The digital MRO segment is experiencing a much higher growth rate of 21.7%, indicating substantial potential for expansion in this area [48] - JD Industrial's strategy includes deep integration into large enterprises' supply chains, positioning itself as a critical partner in their digital transformation efforts [27][49] International Expansion - JD Industrial plans to support Chinese manufacturing companies in their international ventures, offering tailored supply chain services that adapt to different stages of production [29][51] - The company has already established services in countries like Indonesia, Brazil, and Hungary, applying its digital capabilities to international markets [51]

最近每天都有蓝筹股异动！ 从中国中冶开始，到中兴通讯，再到今天的华虹半导体，每天都有一只蓝筹股出现较大抛压。今天，港 股华虹半导体一度大跌5.9%，其认购证一度大跌超46%。在A股上市的华虹公司亦明显受压，跌幅一度 超8%，随后有所反弹。 那么，究竟是何缘故？分析人士认为，可能与恒生港股通软件及半导体指数将更名并剔除中芯国际、华 虹半导体、英诺赛科等4股有关。值得注意的是，据此前不久，多位分析师给出的目标价平均值，华虹 公司平均一年目标股价已上调至每股113.93元。这较2025年11月14日发布的先前预测值95.72元/股上调 了19.03%。 华虹大跌 12月12日早间，港股华虹半导体和A股华虹公司股价双双大幅杀跌，引发市场关注。而华虹麦银六一购 A更是一度大跌超46%，中芯信证五乙购A亦一度大跌超44%。 消息面上，据恒生指数官网，恒生港股通软件及半导体（可投资）指数将改名为恒生港股通软件主题指 数，成份股数目固定为40只，加入阅文集团(00772.HK)、趣致集团(00917.HK)、美图(01357.HK)、汇量 科技(01860.HK)4股份，同时剔除ASMPT(00522.HK)、中芯国际(00 ...

Core Viewpoint - The recent IPO of "Encounter Small Noodles" on the Hong Kong Stock Exchange, touted as the first stock of Chinese noodle restaurants, has faced a significant decline, dropping nearly 29% on its opening day and currently hovering around 5 HKD, raising concerns about the future of the entire industry [1][3]. Industry Overview - The Chinese noodle restaurant sector experienced a surge in 2021, characterized by a wave of capital investment, with 24 financing events reported that year, leading to significant valuations for brands like "Encounter Small Noodles" [3][5]. - By 2023, the industry has cooled down considerably, with major brands like "Five Ye Mixed Noodles" closing over 600 stores within a year, and "Chen Xianggui" struggling with sales, indicating a shift in market dynamics [5][9]. Market Structure - The industry has formed a clear three-tier structure: - The first tier includes major players like "He Fu Noodles" with 577 stores, "Encounter Small Noodles" with 465 stores, and "Five Ye Mixed Noodles" leading with 670 stores [7]. - The second tier consists of brands like "Ma Ji Yong" and "Zhang La La," which are facing challenges due to market saturation and slowing growth [9]. - The third tier comprises local brands and small shops that struggle to expand beyond their local markets [9]. Financial Performance - "Encounter Small Noodles" is projected to achieve a net profit of 60.7 million RMB in 2024, translating to an average profit of 169,000 RMB per store, which is significantly low compared to industry standards [9][11]. - The high operating costs and low profitability are evident, with "He Fu Noodles" reporting a cumulative loss of nearly 700 million RMB from 2020 to 2022 [9][11]. Pricing and Consumer Perception - The average price point for new Chinese noodle restaurants is around 30 RMB, but many consumers perceive the value as lacking, leading to a disconnect between pricing and customer expectations [11][12]. - Brands are attempting to address these issues through price reductions, with "He Fu Noodles" reducing prices by 20%-30% in late 2023, while "Encounter Small Noodles" has seen a decline in average spending from 36 RMB to around 31 RMB [12][14]. Strategic Responses - In response to market challenges, brands are resorting to price cuts and franchise models to drive growth, with "He Fu Noodles" even exploring franchise options after a decade of avoiding them [12][16]. - However, these strategies are seen as short-term fixes rather than sustainable solutions, as profitability remains a critical concern [14][16]. Industry Outlook - The industry is undergoing a necessary correction, moving away from speculative capital-driven growth towards a focus on sustainable business practices, emphasizing quality, cost management, and customer satisfaction [16].