（原标题：摩尔线程中签号出炉；天孚通信：控股股东转让301.1万股，总金额4.22亿元丨公告精选） 今日焦点 摩尔线程：网上中签号码共有33600个 摩尔线程发布首次公开发行股票并在科创板上市网下初步配售结果及网上中签结果公告。本次发行价格为人民币114.28元/股。发行人于2025年11 月24日（T日）通过上交所交易系统网上定价初始发行"摩尔线程"A股1120.00万股。凡参与网上发行申购摩尔线程首次公开发行A股并在科创板上 市股票的投资者持有的申购配号尾数与上述号码相同的，则为中签号码。中签号码共有33,600个，每个中签号码只能认购500股摩尔线程A股股 票。 华友钴业：与亿纬锂能签订超高镍三元正极材料供应协议，提升公司锂电新能源材料市场占有率 华友钴业公告称，公司子公司成都巴莫与亿纬锂能签订《产品供应框架协议》，约定在2026年至2035年期间，成都巴莫匈牙利工厂预计向亿纬锂 能匈牙利工厂供应超高镍三元正极材料合计约12.78万吨，其中2027年至2031年供货约12.65万吨。该协议对公司当期业绩不产生重大影响，预计将 对公司经营业绩产生积极影响。锂电新能源材料产业是公司重点发展的核心业务，也是公 ...

Group 1 - Over 60 companies in the Shanghai market have released positive signals, including share buybacks and operational announcements, as of November 23 [1] - Three Gorges Energy disclosed that its controlling shareholder, Three Gorges Group, has increased its stake by 8.7 million shares, representing approximately 0.03% of the total share capital, with a total investment of 7.96 billion yuan since the announcement of the buyback plan [1] - China Petroleum & Chemical Corporation (Sinopec) completed its buyback of 89.35 million A-shares, accounting for 0.07% of its total share capital, with a total expenditure of about 5 billion yuan [2] Group 2 - At least 14 companies on the Sci-Tech Innovation Board have announced buyback progress and contract orders, with JinkoSolar reporting a total of 35.52 million shares repurchased, representing 0.96% of its total share capital, and a total amount of approximately 3.5 billion yuan [3] - Mountain Stone Network announced the successful testing and verification of its ASIC security chip, which has completed the critical validation and is preparing for mass production, with sales expected to begin in the first quarter of 2026 [4]

Core Viewpoint - The company reported a mixed performance in Q3 2025, with net revenue showing a slight increase while net profit experienced a significant decline, indicating challenges in maintaining profitability amidst operational adjustments and market conditions [1][2]. Group 1: Financial Performance - In Q3 2025, the company achieved net revenue of 23.052 billion yuan, a year-on-year increase of 2.1%, while net profit was 747 million yuan, down 36.1% year-on-year [1]. - Adjusted net profit for the same period was 1.286 billion yuan, reflecting a decrease of 27.8% year-on-year [1]. - The company's total GTV for Q3 2025 was 736.7 billion yuan, remaining stable year-on-year [1]. Group 2: Operational Efficiency - The company continued to optimize operational efficiency, with operating expenses decreasing by 1.8% year-on-year and 6.7% quarter-on-quarter [1]. - The decline in profit was attributed to a lower proportion of high-margin existing and new housing business revenues, with overall gross margin decreasing by 1.3 percentage points to 21.4% [1]. Group 3: Business Segments - The existing housing business GTV grew to 505.6 billion yuan, up 5.8% year-on-year, but net revenue fell by 3.6% to 5.991 billion yuan due to a higher proportion of GTV from agents [1]. - The new housing business GTV was 196.3 billion yuan, down 13.7% year-on-year, with net revenue declining by 14.1% to 6.639 billion yuan, reflecting a similar trend to the national market [2]. - The "two wings" business segments, including home decoration and rental services, showed profitability improvements, with home decoration revenue at 4.3 billion yuan, up 2.1% year-on-year, and rental income at 5.727 billion yuan, up 45.3% year-on-year [2]. Group 4: Future Outlook - The company forecasts revenues for 2025-2027 to be 94.665 billion yuan, 92.631 billion yuan, and 96.035 billion yuan, with year-on-year growth rates of 1.3%, -2.1%, and +3.7% respectively [2]. - Adjusted net profit is expected to be 6.083 billion yuan, 7.146 billion yuan, and 8.095 billion yuan for the same period, with respective year-on-year changes of -15.5%, +17.5%, and +13.3% [2].

Group 1: OpenAI Developments - OpenAI released the GPT-5.1 model, introducing two versions: GPT-5.1 Instant and GPT-5.1 Thinking, with features like adaptive reasoning and improved efficiency [2] - The GPT-5.1 Instant model is designed to be more obedient and reliable in following user instructions, while the Thinking model focuses on efficiency and clarity [2] Group 2: Company Movements - Former DeepSeek researcher Luo Fuli has joined Xiaomi's MiMo team, focusing on building future AGI technologies [3] - Intel's AI executive Sachin Katti is leaving to join OpenAI, indicating a strategic shift in AI infrastructure development [5] - ByteDance terminated an employee for multiple leaks related to its robotics research [6] Group 3: Investment and Financial Activities - AI startup Anthropic plans to invest $50 billion in building data centers in the U.S., creating approximately 800 permanent jobs [4] - Nanwei Semiconductor announced a private placement to raise about $100 million for operational funding and market expansion [13] - ChipLink Capital completed a fundraising of 1.25 billion yuan for its first main fund, focusing on sectors like semiconductors and AI [17] Group 4: Market Trends - Major storage manufacturers, including Samsung and SK Hynix, are planning to increase NAND prices while reducing supply [11] - Jiangbolong reported that demand for large-capacity QLC SSDs is exceeding supply expectations, leading to upward pricing trends [10] Group 5: Corporate Actions - Century Huatong announced a share buyback plan of 500 million to 1 billion yuan, following its stock delisting from risk warnings [19] - Qiangyi Semiconductor's IPO was approved, focusing on the development and production of probe cards for semiconductor testing [20]

很久之前 Boost 活动上了币安现货的 Treehouse 昨天放了个代币回购提案的利好。提案具体内容是将协议收入的 50% 在公开市场回购Treehouse 的收入来自 tAsset 质押收益中市场效率收益（MEY）的 20%及与其他协议合作的分润。DeFi 协议这波小熊行情里暴雷这么多，确认还活着，能稳定有收入的协议还是可以用一用阿小小海 🐈 🐈‍⬛ (@OKxiaohai):今天 UNI 开了个好头，隔壁各家协议的回购潮还在继续。 今天看到 @TreehouseFi 在他们治理论坛的回购提案，很简单直接：希望将协议收入的 50% 用于回购 $TREE最近市面上的回购的协议不少，有成功的，以 Hype / AAVE 为代表，其中最佩服的就是 Hype。也有失败的，例如 ENA，此前 ENA 的态度是以 0.7 https://t.co/9eiH0JYWFF ...

看到推特上很多人用pump与uni的回购作比较，我觉得是非常不合理的啊。首先就是pump这个数据是自己刷的概率太大了，在solana meme还没彻底熄火的时候，pump很长时间内每天的收入就只有1m左右。结果现在solana meme几乎彻底熄火了，pump的收入反而不降反增了，且是收入依旧大部分是launchpad来源的情况下。其次即便是真数据真回购，pump这个launchpad赛道的持续性也是非常有待商榷的。而uni几乎是区块链最伟大的项目之一，开创了无数先河，也是链上直到现在依旧充满希望的重要原因。即便在没有这个回购提案的前提下，uni的市值都长时间的保持在7b以上，这其中固然有一些回购的预期在，但我认为只占其中一小部分。所以只用pe的角度来看uni我认为也是不合理的，因为这次提案几乎是一定会通过的，是一次从0到100的伟大变化。2024年2月那次uni打开fee开关开始回购的提案因为监管的原因没有通过，可是那次uni的币价依然从6u涨到了17u。币圈现在无比艰难，买币请谨慎谨慎再谨慎最后祝大家享受到幸福的币安人生 ...

RT CZ 🔶 BNB (@cz_binance)@Casper777_eth @GiggleAcademy @binance 数字略有不同，但最终效果差不多。也就是Binance手续费赚取了50%， 25%（本来就是Giggle，不用再回购了）burn了，25%的捐给慈善了。🤷‍♂️如果只回购，不销毁，以后还是会流通到市场上。 ...

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - The market's expectation of the capital market is marginally cautious based on certificates of deposit (CDs) and interest rate swaps [1]. - The central bank's continuous "incremental renewal" of MLF for seven months indicates its care for the capital market, and it is expected that the cross - quarter liquidity will be generally stable, with the capital market likely to ease after the holiday [4]. Group 3: Summary by Related Catalogs CDs and Interest Rate Swaps - Last week, the total maturity of CDs was 969.21 billion yuan, and the issuance was 791.87 billion yuan, with a net financing scale of - 177.34 billion yuan. As of the last trading day of last week, the 1 - year AAA CD maturity yield was 1.69%, up from the previous week. This week, the single - week maturity scale of CDs is about 168.84 billion yuan, with less maturity pressure than the previous week [1]. - In terms of interest rate swaps, the average value of the 1 - year FR007 interest rate swap last week was 1.57%, up from the previous week [1]. Repurchase Market - Last week, the pledged repurchase trading volume was between 6.7 trillion and 7.6 trillion yuan. The average R001 repurchase trading volume was 5.5536 trillion yuan, down 724.7 billion yuan from the previous week. As of the last trading day of last week, the outstanding repurchase balance was 12.2 trillion yuan, up from the previous week [2]. - By institution, the lending scale of large banks decreased, while that of money market funds increased. The borrowing scales of securities firms and funds decreased, while that of wealth management increased. As of Friday, the reverse repurchase balances of large banks and money market funds were 4.28 trillion yuan and 2.48 trillion yuan, down 110.3 billion yuan and up 145 billion yuan respectively from the previous week. The repurchase balances of securities firms, funds, and wealth management were 1.76 trillion yuan, 1.97 trillion yuan, and 867.5 billion yuan, down 30.7 billion yuan, 54.2 billion yuan, and up 122.8 billion yuan respectively from the previous week [2]. Bill and Exchange Rate - Last Friday, the 6M national stock bill transfer quotation was 0.85%, down from the last trading day of the previous week. The decline in bill interest rates indicates a decrease in credit demand and an increase in the demand for bill volume - boosting [3]. - Last Friday, the US dollar - to - RMB exchange rate was 7.13, up from the previous week, and the Sino - US interest rate spread widened. Last week, the number of initial jobless claims in the US dropped to the lowest level since July. The US also announced the PCE price index for August, showing that the increase in personal consumption expenditure in August exceeded expectations, and the basic inflation pressure remained stable [3]. Capital Market and Policy - Last week, the open market had a maturity of 2.1268 trillion yuan, including 1.8268 trillion yuan of reverse repurchase maturity and 300 billion yuan of MLF maturity. The open market made a total investment of 3.0674 trillion yuan, including 1.5674 trillion yuan of 7 - day reverse repurchase, 900 billion yuan of 14 - day reverse repurchase, and 600 billion yuan of MLF, with a net investment of 940.6 billion yuan [6]. - Last week, the capital market was generally tight. The average DR007 was 1.54%, up 2BP from the previous week; the average R007 was 1.62%, up 10BP from the previous week; the average DR001 and R001 were 1.41% and 1.46% respectively. The exchange repurchase interest rate increased, with the average GC007 at 1.82%, up 29BP from the previous week. As of the last trading day of last week, the outstanding balance of reverse repurchase was 2.4674 trillion yuan, up from the previous week [6]. This Week's Focus - This week, the open - market capital maturity is 516.6 billion yuan, all of which are reverse repurchase maturities [4]. - On Monday, the eurozone's economic sentiment index for September will be announced; on Tuesday, China's official manufacturing PMI for September will be announced; on Wednesday, the eurozone's harmonized CPI for September will be announced; on Friday, the US non - farm payroll data for September will be announced. There may also be a Politburo meeting this week [4].

Core Viewpoint - The awareness of listed companies in China regarding returning value to investors has significantly increased during the "14th Five-Year Plan" period, with a total of 10.6 trillion yuan distributed through dividends and buybacks, representing an over 80% increase compared to the "13th Five-Year Plan" period, and equivalent to 2.07 times the amount raised through IPOs and refinancing during the same period [1] Policy Ecosystem - The explosive growth in dividends and buybacks is attributed to systematic upgrades in the capital market's foundational systems during the "14th Five-Year Plan" period. The regulatory framework has shifted from sporadic encouragement to a comprehensive institutional framework [2] - New policies, such as the "National Nine Articles," impose restrictions on major shareholders of companies that have not paid dividends or have low dividend ratios, while also encouraging long-term dividend planning [2] - The evolution of policies has transitioned from "requiring returns" to "facilitating returns" and "cultivating a return culture," establishing a solid institutional foundation for a normalized dividend mechanism [2] Listed Company Ecosystem - The concept of sharing profits has evolved, with dividends shifting from "passive compliance" to "active return." In 2024, nine companies are expected to distribute over 50 billion yuan in dividends, and 33 companies over 10 billion yuan [3] - The number of companies consistently paying cash dividends over the past five years has increased by 6% in 2024 compared to 2023 [3] - The behavior of listed companies has also changed, with a notable increase in share buybacks aimed at reducing share circulation and enhancing earnings per share, allowing all shareholders to share in value appreciation [3] Investor Ecosystem - The surge in dividends and buybacks corresponds with a shift in investor structure and investment philosophy, with a growing preference for high-dividend assets as value investment concepts gain traction [4] - Investors are increasingly focused on returns, prompting companies to actively publish shareholder return plans and set minimum dividend rates above historical averages [4] - The transformation from "speculative price differences" to "sharing value" has diminished speculative market behavior, highlighting a more rational market ecosystem [4]

Key Points - Tianpu Co., Ltd. announced a suspension of trading for stock verification due to multiple instances of abnormal trading fluctuations from August 22 to September 3, with a reminder for investors about market risks [1] - China Shipbuilding Industry Corporation announced a share exchange ratio of 1:0.1339 for the merger with China Shipbuilding, with the stock ceasing to be listed from September 5, 2025 [2] - Chengdu Huamei reported that its 40G high-precision RF ADC chip is still in the trial production stage and has not achieved mass sales, indicating market demand uncertainty [2] - Taihe Technology's sulfide solid electrolyte project is currently in the trial production phase and has not generated sales revenue [3] - Robotech signed a contract worth approximately €946.50 million for fully automated silicon photonic packaging equipment, expected to positively impact the company's future performance [4] - Wento Holdings reported that its cinema and gaming businesses are still in the recovery phase post-restructuring, with potential uncertainties in future operations [5] - Xibu Muye's fresh milk production increased by 4.8% month-on-month in August [6] - China Shipbuilding announced the implementation of a share exchange merger with China Heavy Industry [6] - Gansu Energy plans to invest CNY 40.89 billion in a wind-solar integrated project [6] - Xinhua Medical's endoscope cleaning workstation received a Class II medical device registration certificate [6]