时隔十余年，拥有184年历史的零售巨头屈臣氏集团再度启动上市计划。据资本市场消息，其母公司长江和记实业拟于2026年上半年推动屈臣氏在香港与英 国两地双重上市，计划募资20亿美元（约合142亿元人民币），若进程顺利，屈臣氏估值有望突破300亿美元。 这场看似雄心勃勃的资本布局，实则是长江和记千亿债务承压与屈臣氏中国市场持续遇挫的双重困境下，一场"以优质资产换流动性"的战略突围。 资金压力下的资本求助？ 屈臣氏的上市计划并非临时起意，而是酝酿十余年的第三次尝试。早在2013年底，集团就曾披露港英双重上市意向，当时估值一度超过3000亿港币，最终因 2014年港股低迷及舆论风波搁置。 如今屈臣氏重启上市进程，表面上是趁着2025年港股IPO市场回暖、六部委支持消费企业上市的政策窗口期进行冲刺。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪则表示："一方面，港股回暖与政策支持提供了良好窗口期，20亿美元募资可缓解母公司债务压 力，增强财务灵活性，同时通过双地上市分散地缘政治风险，构建东西方资本平衡。" 实际上，在屈臣氏冲刺IPO的背后，其母公司正面临着资金压力以及自身业务的双重承压。 从母公司长江和记的财务状 ...

Group 1 - The core idea of the article is that Meituan has upgraded its winter delivery service to meet increased consumer demands for timely and warm food deliveries during adverse weather conditions [1][4] - Meituan is distributing free "1-on-1 urgent delivery" experience vouchers in over 180 cities, allowing users to enjoy delivery that is 5-25 minutes faster [1][4] - The company has equipped approximately 400,000 delivery boxes with insulation to maintain food temperature during winter [4] Group 2 - Meituan has implemented additional weather subsidies for delivery riders and provided them with winter gear and emergency supplies to ensure safety during adverse weather [4] - The "1-on-1 urgent delivery" service allows riders to deliver one order at a time, resulting in higher average earnings of about 15 yuan per order, which is 2-3 times more than the regular delivery model [4]

Core Viewpoint - The Chinese economy is expected to perform better than anticipated in 2025, with a projected GDP of approximately 140 trillion yuan, and policies will be implemented in 2026 to further stimulate economic growth based on evolving circumstances [1][3]. Economic Performance - The year 2025 is significant for China's modernization, with major economic indicators exceeding expectations. The economy is projected to grow around 5%, maintaining China's position as the largest engine of global economic growth [2]. - The economy has shown resilience and vitality, with stable employment, rapid growth in foreign trade, and significant advancements in modern industrial systems, particularly in AI, biomedicine, and robotics [2]. Policy Implementation - In 2024, a series of policies will be introduced to enhance economic stability, focusing on the integration of existing and new policies to promote steady economic growth [4]. - The government aims to maintain a balance between fiscal deficits and debt levels while implementing proactive fiscal policies and moderately loose monetary policies to support domestic demand [9]. Risk Management - Progress has been made in mitigating risks in key areas, including the orderly replacement of local government hidden debts and the completion of housing delivery tasks [5]. Economic Strategy - The government emphasizes five key strategies for economic work: 1. Fully explore economic potential by expanding consumption and investment [6]. 2. Combine policy support with reform innovation to address intertwined economic issues [6]. 3. Ensure effective regulation while promoting market-driven resource allocation [7]. 4. Invest in both physical and human capital to enhance overall development [8]. 5. Strengthen internal capabilities to face external challenges [8]. Trade and Innovation - The government plans to promote both exports and imports, encouraging service exports and developing digital and green trade to ensure sustainable foreign trade growth [10]. - The focus will be on innovation-driven growth, with efforts to expand major international science and technology innovation centers to foster original innovation [11]. Consumer and Education Policies - Policies will be implemented to boost consumer spending, including enhancing the supply of quality goods and services and optimizing the consumption environment for inbound tourism [12]. - Education policies will aim to increase high school enrollment and improve the quality of higher education to adapt to demographic changes [14]. Green Development - The government will accelerate the construction of a new energy system and expand the application of green electricity, marking a transition towards carbon emission control [16].

Core Insights - The core viewpoint of the article emphasizes the shift in the real estate market from a seller's market to a buyer's market, highlighting the importance of "customer sovereignty" in housing development [1][4]. Group 1: Market Dynamics - The real estate market has transitioned from primarily addressing "availability" to focusing on "quality," with consumers seeking better living conditions [1]. - Since 2021, the market has shifted to a buyer's market, leading to longer transaction cycles and increased caution among homebuyers [1]. - High-quality projects continue to perform well, indicating a demand for good housing and services despite market challenges [1]. Group 2: C2M Strategy - Beike's subsidiary, Beihome, has launched a C2M (Customer to Manufacturer) full-chain solution, which includes positioning, design, construction management, and marketing [2][3]. - The C2M model aims to leverage big data and AI to accurately predict customer preferences and guide product positioning [1]. Group 3: Project Development - Beihome has decided to limit its self-operated projects to focus on partnerships with developers, allowing for a broader range of projects [4][5]. - The "Financial City·Beichen S1" project in Chengdu serves as a model for validating the C2M approach, achieving significant sales shortly after launch [4]. - The "Beilian C1" project in Shanghai also demonstrates the effectiveness of the C2M model, ranking high in sales shortly after its opening [4]. Group 4: Business Model - The company prefers a light-asset model to enhance its advantages and does not aim to become a traditional developer [5]. - Beihome has established 17 projects across major cities in China, collaborating with various developers to meet customer needs [5].

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 酷派集团（02369）发布公告，于2025年12月12日，该公司斥资327.59万港元回购250.4万股股份，每股 回购价格为1.27-1.33港元。 酷派集团（02369）发布公告，于2025年12月12日，该公司斥资327.59万港元回购250.4万股股份，每股 回购价格为1.27-1.33港元。 责任编辑：卢昱君 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 明源云（00909）发布公告，于2025年12月12日，该公司斥资432.3万港元回购140万股股份，每股回购 价格为3.07-3.1港元。 责任编辑：卢昱君 客户端 明源云（00909）发布公告，于2025年12月12日，该公司斥资432.3万港元回购140万股股份，每股回购 价格为3.07-3.1港元。 ...

Core Viewpoint - The overall recovery pace of the industry is accelerating, with growth resilience expected to continue until 2026. Galaxy Entertainment has three key highlights that provide both growth and defensive characteristics: low long-term debt ratio, sufficient cash reserves, and a project pipeline supporting future performance growth [1][5]. Group 1: Financial Performance - Galaxy Entertainment's gaming gross revenue (GGR) is projected to reach HKD 41.15 billion in 2024, representing a year-on-year increase of 29.7%, recovering to 69.3% of 2019 levels [2]. - Adjusted property EBITDA is expected to be HKD 12.19 billion in 2024, reflecting a year-on-year growth of 22.4%, returning to 74.0% of 2019 levels, with an adjusted EBITDA margin of 28.1% [2][5]. - The company anticipates net income for 2025-2027 to be HKD 48.297 billion, HKD 52.600 billion, and HKD 56.837 billion, respectively, with year-on-year growth rates of 11.2%, 8.9%, and 8.1% [5]. Group 2: Market Position and Strategy - Galaxy Entertainment ranks third in table share but holds the second position in gaming gross revenue share due to its operational excellence [1]. - The company is shifting focus from VIP business to high-end mass gaming, which is expected to drive future revenue growth, particularly in the high-end mass segment [2][4]. - The upcoming Galaxy Phase IV project is expected to add 1,500 hotel rooms, further enhancing the company's competitive edge [1][2]. Group 3: Industry Trends - The overall GGR in Macau is recovering, with a cumulative GGR of MOP 226.515 billion from January to November 2025, marking an 8.6% year-on-year increase and recovering to 84.0% of 2019 levels [3]. - The high-end mass gaming segment is leading the growth in gaming revenue, surpassing pre-pandemic levels, with intense competition among operators [4]. - The closure of satellite casinos by the end of the year will release 5.1% of market share, potentially benefiting other properties in the Macau Peninsula [3].

投资要点 研究员：吴文吉 机构：中邮证券 投资建议 我们预计公司2025/2026/2027 年分别实现收入206/235/267 亿元，归母净利润7.68/10.51/12.30 亿元，维 持"买入"评级。 风险提示 需求不及预期风险；市场竞争加剧风险；新产品推出不及预期风险。 无人机光学模组持续升级，激光雷达前景广阔。针对不同级别无人机，其配套的相机模组(拍摄功能)数 量有差异，旗舰无人机通常配备约3 颗相机模组，中端约2 颗，入门级约1 颗。视觉模组(机器视觉)方 面，旗舰无人机通常配备约9 颗视觉模组，中端约5 颗，入门级约3 颗。除光学模组外，公司还为无人 机提供激光雷达，为无人机提供感知、避障等功能，无人机单台配置1-2 颗激光雷达。根据Valuates Report 数据，2023 年全球航拍无人机市场规模约为71 亿美元，预计2030 年将达到122 亿美元。根据 Global Market InsightsInc.于2024 年8 月发布的报告显示，无人机越来越多地用于农业、建筑、能源和物 流等不同领域，用于执行作物监测、现场检查、送货服务和资产管理等任务，预计2024 年至2032 年的 ...

12月11日晚，零跑汽车公告，近期本公司股东、董事长兼首席执行官朱江明先生及本公司股东傅利泉先 生于市场内合共购入2150600股本公司H股(本次增持)，合共增持金额超港币1亿元。 编辑丨安安 ...

公司近日发布公告，宣布与精真估续订二手车服务战略合作协议。腾讯为公司控股股东，精真估为腾讯 的附属公司，公司与腾讯系合作持续深化。续订协议下，精真估将继续为公司提供二手车估值及相关服 务，公司将支付相应的服务费。现有协议的现有年度上限为5000 万元，续订后新年度上限提升至6000 万元，上限提升体现出公司对二手车业务需求增长的信心。另外，公司纳入港交所科技100 指数，港交 所科技100 是港交所推出的首只港股指数，追踪100 间在香港交易所上市的市值最大的科技公司的表 现，港交所已授权易方达基金在内地推出追踪港交所科技100 指数的ETF，公司流动性有望进一步提 升。 事件：12/9，港交所推出港交所科技100 指数，公司为成分股；12/8，易鑫集团公布与精真估续订二手 车服务战略合作协议。此外，公司于12/2 公布Q3 运营数据。 与腾讯系绑定持续深化，纳入港交所科技100 指数，流动性有望进一步改善。 机构：西部证券 研究员：孙寅/张佳蓉 Q3 运营数据增速优于市场，全年业绩有望维持高增。总量来看，3Q25 公司汽车融资交易量稳健增长， 表现优于行业。3Q25 易鑫集团合计实现汽车融资交易量23.5 ...