声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2025年11月25日，长飞光纤（sh601869）触及涨停，涨停价81元，涨幅9.99%，总市值613.90亿元，流 通市值329.13亿元，截止发稿，总成交额6.00亿元。 根据喜娜AI异动分析，长飞光纤涨停原因可能如下，营收增长+现金流改善+研发投入： 1、公司2025年 H1营收增长19.38%，业务规模持续扩张，展现出良好的发展态势。同时经营活动现金流净额增至8.42 亿元，现金流改善294%以上，资金回笼能力显著增强，这都为公司的稳定发展提供了有力支撑。 2、 长飞光纤与华信、诺基亚贝尔延续合作，保障了核心业务的连续性。并且公司加大研发投入，进行空芯 光纤等前沿技术布局 ...

此前，恒生指数有限公司于2022年11月18日宣布，该公司股份已获纳入恒生综合指数及其分类指数(包 括恒生综合中型指数)。 零跑汽车(09863)公布，公司被纳入恒生科技指数成份股，于2025年12月8日起生效。恒生科技指数代表 经筛选后最大30间与科技主题高度相关的香港上市科技公司。 公司认为，此次获纳入恒生科技指数成份股，是公司在科技创新、研发投入、收入增长、市值和流动性 等方面所得到的来自于资本市场的重要认可，将有效拓宽公司的投资者基础，吸引更广泛的市场关注， 并提升公司股份交易流动性。这不仅有助于更好的实现公司投资价值，也将进一步增强品牌影响力。 ...

投资建议：综合考虑公司三季报业绩、集采节奏和肿瘤检测需求情况，我们预计公司25-27 年归母净利 润分别为0.09、0.41、0.54 亿元（25-27 年原预测值为0.09、0.13、0.17 亿元），对应PE 分别为354、 75、58 倍。根据DCF 模型测算，给予公司整体估值41 亿元，对应目标价约25 元，维持"推荐"评级。 评论： 逐步走出集采影响，25Q3 收入降幅显著收窄。25Q1-3，公司营收同比-19.73%，主要系公司自产试剂收 入受到行业区域联盟采购、市场环境等多重因素影响，单25Q3，公司营收同比-6.36%，相较上半年 的-26.25%显著改善，主要原因在于：1）集采对公司收入的冲击正在边际减弱，目前公司主要的试剂收 入来源——肿瘤标志物检测产品和HPV 检测产品都已开展集采，25Q3 这两类产品收入降幅环比皆有收 窄趋势，预计集采所带来的影响将会在25 年内逐步消除；2）新产品/非集采产品布局在逐步贡献增 量，比如自身免疫、代谢、激素、肺癌甲基化产品的增长，也包括通过外延式发展带来的病理、真菌检 测带来的收入贡献。 业务外延加速推进。25H1 公司完成对控股子公司河北透景的整合工 ...

证券日报网讯诺瓦星云（301589）11月21日在互动平台回答投资者提问时表示，一直以来公司高度重视 研发与技术，保持高强度研发投入，积极与上下游巨头、科研院所合作，对行业前沿技术进行预研，并 进行前瞻性布局。 ...

Core Viewpoint - The company is actively responding to industry trends and customer demand changes by optimizing its global supply chain, deepening strategic cooperation with core customers, increasing R&D investment to enhance product competitiveness, and expanding into emerging markets and application fields [1] Group 1 - The company is closely monitoring industry trends and changes in customer demands [1] - The company is optimizing its global supply chain layout [1] - The company is deepening strategic cooperation with core customers [1] Group 2 - The company is increasing R&D investment to enhance product competitiveness [1] - The company is expanding into emerging markets and application fields [1]

证券日报网讯黄山谷捷（301581）11月20日在互动平台回答投资者提问时表示，公司详细市场占有率情 况请持续关注公司定期报告。公司将继续加大研发投入，努力提高主导产品的工艺技术及质量水平，同 时加强新技术、新材料、新工艺的研究，积极开发新产品，丰富产品品类，提升市场份额。 ...

（文章来源：证券日报） 证券日报网讯安利股份11月20日在互动平台回答投资者提问时表示，安徽企业100强排序活动是根据企 业自愿申报，有关机构确认，按照国际通行和全国500强排序的做法，以2024年企业营业收入为入围标 准，确定安徽企业综合100强和制造业、服务业企业100强、战新企业30强。公司保持高强度研发投入， 近两年研发费用占营收比重均超过5%，研发方向主要集中在生态与功能两大领域，功能方面专注于高 性能和多功能材料的开发，目前正在积极开发经营高性能、水性、无溶剂、硅基、生物基及回收再生等 新材料和新工艺。 ...

Core Insights - The top ten Chinese listed technology companies in terms of R&D investment for the first three quarters of 2025 have been identified, highlighting significant players in the industry [1] Group 1: R&D Investment Rankings - Tencent leads the list with a total R&D expenditure of 62 billion RMB [2] - BYD follows with 43.8 billion RMB in R&D spending [2] - Xiaomi ranks third with 23.5 billion RMB allocated for R&D [2] - CATL (宁德时代) is fourth with 15.1 billion RMB in R&D investment [2] - Midea (美的) and Gree (格力) have R&D expenditures of 12.9 billion RMB and 9.5 billion RMB, respectively [2] - Zeekr (极氪) invests 7.7 billion RMB in R&D [2] - XPeng (小鹏) has an R&D budget of 6.6 billion RMB [2] - Seres (赛力斯) spends 5.1 billion RMB on R&D [2] - Semiconductor Manufacturing International Corporation (中芯国际) rounds out the list with 3.8 billion RMB in R&D investment [2]

Core Viewpoint - The company is actively exploring merger and acquisition opportunities within its industry, emphasizing a cautious approach to decision-making based on various strategic factors [2] Group 1: Mergers and Acquisitions - The company is paying close attention to beneficial merger and acquisition opportunities that align with its development goals, but acknowledges the complexity and need for suitable timing in such processes [2] - Decisions regarding mergers and acquisitions will be made after a comprehensive evaluation of strategic planning, industry prospects, business synergies, and acquisition costs [2] Group 2: Production Capacity and Market Demand - By mid-next year, the company will have over 30 imported foam core line extruders to match market demand [2] - The company’s power products, including cable accessories and various insulation protection products across voltage levels of 1-500kV, hold a leading position in the industry, serving major clients such as State Grid, Southern Power Grid, and local power bureaus [2] Group 3: Nuclear Power Products - The company’s nuclear-grade cable accessory products have been successfully applied in multiple domestic and international nuclear power projects, achieving a leading bid rate in the industry [2] - Collaborations exist with major nuclear power companies, including China National Nuclear Corporation, China General Nuclear Power Group, and State Power Investment Corporation [2] Group 4: Research and Development Investment - To align with the development needs of its various business segments and seize industry opportunities, the company is increasing its investment in research and development and capacity layout [2] - Currently, there are no plans for share buybacks, but the company will adhere to legal disclosure requirements if such plans arise in the future [2]

Core Viewpoint - The company has made significant investments in infrastructure projects, including three industrial parks and a research center, and plans to slow down future investments in this area while maintaining high levels of R&D spending [2] Group 1: Infrastructure Development - The Dongguan Phoenix Industrial Park's smart park has completed its third phase, with some production lines already operational [2] - The Xiangtan ceramic powder industrial park has been completed and is now in production [2] - The Shanghai Songjiang Industrial Park has been completed, with some production lines gradually starting operations [2] - The Shenzhen research center has also been completed [2] Group 2: Future Investment Strategy - The company plans to significantly reduce its capital expenditures compared to the previous phase of infrastructure development [2] - Future investments will focus on emerging markets and new product capacity, which will continue to be supported [2] - R&D investments will remain at a high level, with specific capital allocation to be adjusted according to market demand [2]