Group 1: Company Overview and Strategy - The company is currently experiencing good production and operational conditions, with ongoing optimization of domestic and international capacity and customer structure [1] - Future strategies focus on green low-carbon development, international expansion, technological innovation, and risk management [1] - The company aims to enhance its anti-risk capabilities through a "localized R&D + regional production + global marketing" model [2] Group 2: 3D Printing Business - The company has established stable partnerships with leading 3D printing enterprises, aiming to cover multiple application scenarios [2] - Future plans include accelerating the construction and capacity ramp-up of 3D printing consumables production lines to achieve significant improvements in scale and delivery capabilities [2] - The primary sales region for 3D printing consumables is currently North America, with plans to expand into new market areas [2] Group 3: Product Development and Market Share - The company is focused on biodegradable materials, plant fiber products, and innovative applications of environmentally friendly materials [3] - Continuous investment in new technologies, materials, and processes is aimed at maintaining a technological edge and optimizing products and services based on market feedback [2] - The company is actively developing high-potential emerging products, including 3D printing filaments [3] Group 4: Profitability and Cost Management - There is a noticeable difference in gross margins between China and Thailand, influenced by local procurement costs, production efficiency, and logistics [3] - Measures to improve the profitability of the Thailand production base include enhancing supply chain construction and smart manufacturing levels [3] Group 5: Customer Relationship Management - In the domestic market, the company is deepening collaborations with leading food and beverage enterprises to enhance customer loyalty and service [3] - Internationally, the company is accelerating its globalization efforts by establishing business offices in multiple countries to reduce trade risks and enhance competitiveness [3]

证券日报网讯甘李药业（603087）11月26日在互动平台回答投资者提问时表示，公司高度关注资本市场 的反馈，也充分理解投资者对公司长期价值的关切。二级市场股价受宏观环境、行业周期、市场情绪等 多重因素影响，短期波动并不能完全反映公司的实际经营质量和发展潜力。未来，公司将持续提升自主 研发能力和国际化布局水平，在强化糖尿病诊断、治疗全领域研发的同时，不断开拓其他领域的研发管 线，持续增强公司内在价值。 ...

多年来，三一集团已从设备销售商发展成为南非工业化进程的参与者和贡献者。郭瑞广表示，这不仅是 一座产业园，更是集制造、物流及人才培养为一体的综合平台，将为当地创造100多个新的就业岗位。 近日，三一集团南非产业园在约翰内斯堡市竣工。该产业园集制造、物流、人才中心于一体，将进一步 助力南非制造业发展和工业化进程。 该产业园于2023年动工，占地2.8万平方米，预计可年产1000台挖掘机，将辐射整个非洲市场。三一集 团副总裁、非洲大区事业部董事长郭瑞广在竣工仪式上表示，三一集团最早从非洲开启全球化布局，目 前在非洲累计销售设备超过30亿美元，服务网络已覆盖非洲所有国家。 ...

Core Insights - Zhengzhong Design (SZ002811) reached its daily limit up on November 25, 2025, with a price of 16.41 yuan, marking a 9.99% increase and a total market capitalization of 5.054 billion yuan [1] Financial Performance - The company's Q3 2025 report indicated a revenue increase of 19.89% year-on-year, with net profit rising by 42.62% and non-recurring net profit growing by 59.23%. Operating cash flow also saw a year-on-year increase of 17.24%, reflecting strong earnings quality [1] International Expansion - Zhengzhong Design is actively pursuing international expansion by establishing subsidiaries in Singapore, Japan, and London, and has signed multiple international hotel projects. This international strategy is expected to provide new business growth opportunities and development space [1] Order Backlog - The company has an accumulated uncompleted order value of 3.756 billion yuan, which is approximately 2.8 times its 2024 revenue, indicating a strong order reserve that suggests future performance stability [1] Market Dynamics - On the same day, the construction decoration sector saw some stocks become active, creating a certain level of sectoral linkage effect. Additionally, technical indicators showed that if the stock breaks through significant resistance levels, and with net inflow of main funds, this could further support the stock price increase [1]

Core Insights - Dekoli (sh688205) reached its daily limit up on November 25, 2025, with a price of 142.56 yuan, marking a 20% increase and a total market capitalization of 22.565 billion yuan [1] Group 1: Company Performance - The company is undergoing a strategic transformation, achieving breakthroughs in cutting-edge technologies such as 400G/800G optical modules, with R&D investment accounting for 11.42% of revenue [2] - The data communication business, a key focus of the company's transformation, has seen a year-on-year growth of 35%, supported by new customer development [2] - The company is actively pursuing international expansion, with the construction of a production base in Thailand progressing smoothly and plans for issuing S-shares in Singapore to expand international financing channels [2] Group 2: Market Dynamics - The optical communication sector has been performing well recently, with related stocks also showing positive performance, creating a sectoral linkage effect [2] - On November 24, 2025, there were two notable fund flows into the stock, with a transaction amount of 10.3032 million yuan, indicating market interest in Dekoli [2] - Technical indicators, such as a potential MACD golden cross, could attract more investors to buy the stock [2]

11月21日，"男人的衣柜"海澜之家发布公告称，公司已于2025年11月21日向香港联合交易所有限公司 递交了发行境外上市股份（H股）并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站 上刊登了相关申请资料，华泰国际担任独家保荐人。2014年海澜之家登陆A股，市值一度突破800亿 元，成为"A股男装第一股"。海澜之家表示，未来将有序推进中亚、中东、非洲及澳大利亚市场布 局，近期计划在悉尼开设首家海外门店，进一步强化全球化战略。 招股书显示，2022至2024年及截至2025年前三季度，营收分别为179.05亿元、207.54亿元、201.62亿元及156.0亿 元，归属于上市股东净利润分别为21.55亿元、29.52亿元、21.59亿元及18.62亿元。销售渠道方面，线下仍为核 心，前三季度线下收入占比近80%，线上占比约20%。主品牌海澜之家系列营收达108亿元，同比下滑3.99%，占 总营收的69%。截至2025年6月，公司门店总数为7241家，其中直营店为1583家，加盟及其他门店为4101家。2025 年前三季度，加盟店及其他门店净减少264家，直营店净增加115家。 今年9月，海澜之家启动赴 ...

国际资本对中国香港的信心，正逐步转化为实质性的业务布局 文 |《财经》特约撰稿人 成孟琦 编辑 | 陆玲 "受地缘政局影响，全球投资者正重新评估资产组合风险，调整投资策略以分散风险，中国香港已成为资金避险的安全港。"中国香港财政司司 长陈茂波在网志中指出。 他进一步透露，今年以来中国香港多只重磅新股成功集资，吸引了西方及中东地区众多基石投资者参与；近期来港出席会议的国际金融领袖普 遍表示，其所属机构正计划在港增聘人手、扩充业务规模。 这一信号并非个例，不仅国际大行释放扩容信号，国际私募股权基金（PE）也加速密集落子香港，一度沉寂的美元基金正重返中国市场，共 同印证香港市场的独特吸引力。 核心数据为香港的"安全港"地位提供了坚实支撑。据陈茂波透露，香港银行存款总额继去年上升7%后，今年以来增幅进一步扩大至超过 10%，总额突破19万亿港元。与此同时，香港新股集资活动持续领跑全球，财富管理行业蓬勃发展，与世界各地的金融合作不断深化，多重迹 象叠加，凸显国际资金对香港市场的持续青睐。 在深化国际合作方面，中国香港正持续拓展全球网络。陈茂波透露，11月24日将前往英国伦敦及意大利米兰，出席香港贸易发展局主办的大型 推 ...

证券代码：001387 证券简称：雪祺电气 合肥雪祺电气股份有限公司 投资者关系活动记录表 回复：尊敬的投资者，您好！公司收购合肥盛邦电器有限公司是 完善产业链布局、提升核心竞争力的重要战略举措。2025年8月，收 购完成后，公司围绕组织架构、战略协同、财务系统、业务对接和文 化共建等多方面进行整合，目前，整合工作按照预定计划顺利推进， 后续公司将聚焦于协同效益释放与经营效率提升，不断精进经营质 量。感谢您的关注与支持！ 4、当前宏观经济环境下，公司如何看待家电产业链的整体景气 度？未来是否会调整主营业务结构？ 回复：尊敬的投资者，您好！目前家电行业处于结构性调整阶段， 传统大家电市场增速放缓，但高端化、智能化、绿色化趋势明显，叠 加以旧换新政策在全国多地落地，为具备技术优势的企业带来新的增 长机会。同时，近些年，家电企业已从前期的"产品出海"向"品牌 出海""制造出海""生态出海"转型升级。在此背景下，公司并未 偏离主业，而是通过"主业做强+上游协同+国际化布局"的方式，不 断优化业务结构。感谢您的关注与支持！ 5、公司目前出口订单量如何？ 回复：尊敬的投资者，您好！2022年度、2023年度、2024年度 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 23 日 [Table_Title] "十五五"方向确定，当前最佳稳健配置品 种 [Table_Title2] 伊利股份(600887) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 600887 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 31.12/26.65 | | 目标价格： | | 总市值(亿) | 1,840.68 | | 最新收盘价： | 29.1 | 自由流通市值(亿) | 1,831.53 | | | | 自由流通股数(百万) | 6,293.93 | [Table_Summary] 事件概述 2025 年 11 月 18 日，伊利股份召开以"聚力成长，价值启新"为主题的投资者日活动，明确"十五五"战 略方向，同步发布 2025-2027 年股东回报规划，承诺年度分红比例不低于 75%且每股分红金额不低于 1.22 元 （含税），强化长期投资价值预期。 分析判断 ► 双引擎驱动结构性增长，走价值创新之路 根据伊利微 ...

Core Viewpoint - The company has established an integrated overseas supply chain in Malaysia, with a focus on increasing its overseas production capacity and expanding its customer base in response to changing international trade policies [1] Group 1: Overseas Operations - The company is one of the earliest glass enterprises to expand overseas, having built a float glass and photovoltaic glass production base in Malaysia [1] - The overseas production capacity accounts for 20% of the company's total capacity [1] - The operation of the Sabah Gudang silica sand mine and supporting terminal has created an integrated overseas supply chain covering "resources-production-sales" [1] Group 2: Customer Base and Market Strategy - The photovoltaic glass business supplies major international component manufacturers such as Longi and Jinko [1] - The internationalization achievements provide a solid foundation for the company to continue its overseas expansion strategy [1] Group 3: Future Plans and Disclosure - The company's board has not yet made investment decisions regarding new overseas projects [1] - There are no undisclosed matters that the company is obligated to disclose, and any significant matters will be communicated through legal channels as per regulatory requirements [1]