转自：北京日报客户端 国内新能源车渗透率提升、电动智能化加速背景下，国元证券认为，纳芯微依托自身在新能源车赛道的 全产品布局，汽车模拟芯片业务占国内市场的份额有望从2024年的1.8%提升至2026年的2.8%。 在此次港股上市的发行阶段，产业资本用真金白银投下了认同票——据招股书及公开信息，公司与元禾 纳芯、Golden Link、好易得国际、Perseverance Asset Management等多家主体订立了基石投资协议，其 中Golden Link为比亚迪间接全资拥有、Green Better是小米集团的全资附属公司，巨头旗下投资平台入 主，被视作对纳芯微赛道前景的高度认可。 纳芯微在公告中提及，此次募资将投向提升底层技术能力及工艺平台、进一步丰富产品组合、扩展海外 销售网络及市场推广、战略投资或收购，同时补充营运资金。业内人士此前向北京商报记者提及，港交 所这一平台，对国内半导体公司深入推进国际化战略、利用国际资本市场实现融资多元化等布局至关重 要。 半导体行业景气度的春风吹向模拟芯片，行业巨头随即释放出明确的提价信号。 全球头部厂商亚德诺近日向客户下发调价通知，2026年2月起全产品线启动提价 ...

半导体行业景气度的春风吹向模拟芯片。12月初，赶在上行周期当中，模拟芯片企业纳芯微正式登陆香 港联交所主板。据招股书，这家成立于2013年的企业专注于芯片设计与销售，2022年已在上交所科创板 完成上市。而在此次港股挂牌后，它也成为国内模拟芯片领域少数实现A+H两地上市的企业。 在此次港股上市的发行阶段，产业资本用真金白银投下了认同票——据招股书及公开信息，公司与元禾 纳芯、Golden Link、好易得国际、Perseverance Asset Management等多家主体订立了基石投资协议，其 中Golden Link为比亚迪间接全资拥有、Green Better是小米集团的全资附属公司，巨头旗下投资平台入 主，被视作对纳芯微赛道前景的高度认可。 国内新能源车渗透率提升、电动智能化加速背景下，国元证券认为，纳芯微依托自身在新能源车赛道的 全产品布局，汽车模拟芯片业务占国内市场的份额有望从2024年的1.8%提升至2026年的2.8%。 纳芯微在公告中提及，此次募资将投向提升底层技术能力及工艺平台、进一步丰富产品组合、扩展海外 销售网络及市场推广、战略投资或收购，同时补充营运资金。业内人士此前向北京商报记 ...

截至12月26日收盘，凯撒旅业报收于7.56元，上涨2.86%，换手率21.28%，成交量283.24万手，成交额 21.41亿元。 本报记者 张蓓 陈炳衡 北京报道 日前，记者观察到，受海南自贸港封关运作启动后的政策利好持续影响，凯撒旅业（股票代码： 000796.SZ）于12月24日涨停，涨停价7.84元，涨幅9.96%，然而，减持消息接踵而至。凯撒旅业于2025 年12月25日公告，其第三大股东中国金谷国际信托有限责任公司（下称：金谷信托）计划再度减持不超 过公司总股本3%的股份。这是该股东在近一年内发起的第二轮减持，此前其已于2025年9月完成一轮小 幅减持。受此消息影响，公司股价当日跌幅达6.25%。 尽管面临持续的股东减持压力与业绩亏损，截至发稿，凯撒旅业股价在2025年全年仍录得86.67%的显 著涨幅，短期基本面及筹码压力并不能反映市场对其长期行业复苏前景的期待。12月26日，凯撒旅业对 《华夏时报》记者表示，股东减持系公司股东基于自身资金需求及财务安排进行的。公司基于深交所信 息披露相关规则，在接到股东减持计划告知函后，及时履行信息披露程序。 股东减持的公告一经发布，资本市场立刻给出了负面反 ...

招商证券研报指出，2017-2024年，巨星科技收入复合增长19.38%，显著高于行业，海外收入占比一直 维持在90%以上，销售区域以美国为主，因此受益于美国工具行业复苏。同时，巨星持续进行渠道增 加、品类扩张，我们认为巨星有望继续实现超过行业的增速。线上+线下渠道全覆盖。巨星为世界500 强欧美商超提供一站式供应链服务，除传统线下商超外，公司与线上龙头亚马逊合作多年。考虑到关税 对公司今年业绩影响持续时间较长，明年在行业复苏+公司拓品类拓渠道的背景下，公司业绩有望恢复 高增，下调今年的业绩预测，上调明年和后年的业绩预测，当前市值对应PE 为17x/13x/10.5x，估值水 平较低，维持"强烈推荐"投资评级。 ...

更重要的是，在当前行业供需趋于平衡、主流产品价格企稳回升的背景下，此次控股权提升将显著放大 TCL科技在本轮周期中的业绩弹性，更使其能够以更统一的战略步调，迎接即将到来的全球市场复苏浪 潮。 现金收购核心产线少数股权，强化竞争优势提升归母比例 根据公告及公开资料，深圳华星半导体作为全球领先的半导体显示企业，旗下拥有两条G11代高世代面 板生产线——即TCL华星t6和t7产线，主要生产65、75、85及98英寸等超大尺寸显示产品。 值得注意的是，t6和t7这两条高世代产线在全球范围内具有稀缺性，目前全球仅有5条G10.5代及以上产 线，TCL华星t6、t7占据两条，该两条产线不仅具备全球最大切割效率优势，更通过与头部品牌客户的 深度协同，在超高清（4K/8K）、Mini LED背光、高刷新率等高端产品方向持续领先，已成为推动全球 电视大屏化、高端化升级的核心力量。 本次股权收购，将有利于TCL科技进一步突出主业领域的核心竞争力优势，进一步巩固公司行业领先地 位。 公告同时披露了深圳华星半导体近两年主要财务指标，截至2024年12月31日，深圳华星半导体总资产 680.40亿元，净资产448.50亿元；2024年 ...

12月4日，石化ETF（159731）震荡走低，现跌幅为0.36%。持仓股藏格矿业、金发科技、光威复材 等涨幅居前。从资金净流入方面来看，石化ETF连续9个交易日获得资金净流入，合计"吸金"2550万 元。石化ETF最新份额达2.42亿份，最新规模2.02亿元，均创成立以来新高。 天风证券认为，处于投产周期尾声，行业有望从局部改善到全面复苏。2026年多数石化产品投产增 速明显下降，在此基础上，产能利用率偏高的行业有望率先改善，如PX、涤纶长丝、甲醇、醋酸、 MEG等；而烯烃产能投放虽有放缓，但仍有一定产能增速，且当前产能利用率仍有一定提升空间，因 此烯烃改善或相对滞后。进入2027-2028年，行业新产能增速进一步下滑，且在石化高准入壁垒的情况 下，行业护城河进一步巩固，行业有望从点状复苏过渡至全面改善。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行 业分布来看，基础化工行业占比为60.39%，石油石化行业占比为32.71%。石化行业新一轮产能扩张周 期步入尾声，供需格局进入再平衡阶段，行业景气度预期将逐步回升。 每日经济新闻 （责任编辑：董萍萍 ...

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a collective price increase, driven by rising raw material costs and expanding market demand, leading to a significant uptick in stock prices of key companies in the sector [1][2]. Group 1: Price Increase Dynamics - Major companies in the LFP sector have issued price increase notifications to clients, with one leading firm announcing a processing fee increase of 3,000 yuan/ton starting January 1, 2026 [1]. - The China Chemical and Physical Power Industry Association has published a cost study indicating that the average cost of LFP for the first nine months of 2025 will range from 15,714.8 yuan/ton to 16,439.3 yuan/ton, urging companies to adhere to this cost as a pricing reference [2]. - Market data shows a clear upward trend in prices, with the price of power-type LFP reaching 39,485 yuan/ton and mid-to-high-end energy storage LFP averaging 37,930 yuan/ton as of December 1, reflecting an increase of 154 yuan/ton from the previous trading day [2]. Group 2: Industry Response and Outlook - Companies are responding positively to the industry's pricing norms, with Wanrun New Energy indicating that adhering to the cost pricing guidelines will improve operational quality and profitability [2]. - Hunan Youneng has highlighted two main reasons for the price increase: a supply-demand imbalance, particularly for new products, and rising raw material costs, with successful negotiations for price increases already underway [2]. - Despite current losses, companies like Longpan Technology remain optimistic about the long-term prospects of the LFP industry, citing strong demand growth as a key factor for recovery [3].

Group 1: Hong Kong Real Estate Industry - The recovery of the Hong Kong real estate market is expected to be gradual and will encompass different asset sub-sectors, with residential properties being prioritized by investors, followed by quality retail assets and core office spaces [1] - The industry rating has been upgraded from "in-line" to "outperform," with Sun Hung Kai Properties (16 HK) and Link REIT (823 HK) identified as preferred picks for residential and commercial properties, respectively [1] - Key drivers for market recovery include improved macroeconomic uncertainty (especially interest rate cuts), significant policy easing, and the return of fundamental demand drivers [1] Group 2: Residential Market Outlook - Residential rental levels are projected to increase by approximately 3-5% in 2025, with annual increases of about 3% expected in 2026 and 2027 [1] - Residential property prices are anticipated to rise by 3-5% in 2025, 5% in 2026, and 5% in 2027 [1] Group 3: Retail and Office Market Outlook - Core retail rental growth is expected to be moderate over the next 12 months, with community mall rents projected to grow by about 3-5% [2] - The office sector has seen vacancy rates peak over the past 18 months, with core CBD areas recording positive net absorption for eight consecutive quarters; rental rates are expected to stabilize in the second half of 2025, laying the groundwork for a rebound in 2026 [2] Group 4: Sanofi's SSGJ-707 Development - Sanofi's partner, Pfizer, is accelerating the overseas clinical development of SSGJ-707, with plans to initiate at least seven clinical trials soon, including two global Phase III trials targeting 1L sq-/nsq-NSCLC and metastatic colorectal cancer [3] - Pfizer aims to expand the drug's indications and combination therapies significantly by the end of 2026, with over 10 new indications and more than 10 new combination therapies planned [3] Group 5: Three-Spring Pharmaceutical's Strategic Moves - Three-Spring Pharmaceutical plans to spin off its consumer pharmaceutical business, Mandi International, for a separate listing on the Hong Kong Stock Exchange, allowing the company to focus on its core prescription and innovative drug business [4][6] - The target price for Three-Spring Pharmaceutical has been raised to HKD 39.50, maintaining a "buy" rating and industry focus [7] Group 6: Li Auto's Performance and Future Outlook - Li Auto reported a net loss of HKD 620 million in Q3 due to recall costs, with gross margins declining to 15.5%; however, strong orders for new electric models are noted [8] - The company is expected to face short-term supply chain bottlenecks but anticipates a recovery with the introduction of a dual-supplier model in November [8]

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [3][7]. Core Insights - The basic chemical industry has shown a continued recovery in revenue and profit for the first three quarters of 2025, with total revenue reaching 19,924.77 billion yuan, a year-on-year increase of 5.69%, and net profit of 1,170.62 billion yuan, up 7.58% year-on-year [3][10]. - The industry is experiencing a bottom recovery trend, with most sub-industries showing improved performance in revenue and profit compared to the previous quarter [11][14]. - The profitability of the industry is stabilizing, with gross margin at 17.69% and net margin at 6.17%, both showing slight year-on-year increases [18][19]. Summary by Sections 1. Industry Profitability and Recovery - The basic chemical industry has seen revenue and profit growth in the first three quarters of 2025, with significant improvements in Q3 compared to Q2 [10][11]. - Among 33 sub-industries, 18 reported revenue growth, with notable increases in agricultural chemicals, fluorochemicals, and new energy-related sectors [3][14]. 2. Profitability Trends - The overall gross margin for the basic chemical industry was 17.69%, a slight increase from the previous year, while the net margin was 6.17%, also showing a year-on-year rise [18][19]. - Sub-industry performance varied, with fluorochemicals, potassium fertilizers, and synthetic resins showing significant improvements in profitability [23][24]. 3. Financial Indicators - The industry maintained a low debt-to-asset ratio, with improved operating cash flow and a decrease in construction projects, indicating a potential easing of overcapacity pressures [7][18]. - The inventory turnover days have slightly increased, suggesting a decline in operational efficiency [7][18]. 4. Regional Performance - Chemical companies in Henan province underperformed compared to the overall industry, with declines in both revenue and profit [7][16]. 5. Investment Recommendations - The report suggests focusing on sectors benefiting from supply-side improvements and those with strong resource attributes, such as potassium fertilizers and phosphorus chemicals, in the context of a potential interest rate cut by the Federal Reserve [7][8].

Financial Data and Key Metrics Changes - AMC Entertainment reported revenue of $1.3 billion and adjusted EBITDA of $122 million for Q3 2025, exceeding Wall Street expectations [4][5] - The consolidated admissions revenue decreased by only 3.9%, while domestic admissions revenue fell by 5%, reflecting a significant market share growth [14] - The consolidated revenue performance increased by 7.5% year-over-year and is now 47% above pre-pandemic levels from Q3 2019 [14][15] - The contribution margin per patron grew by 9.2% compared to the prior year and is approximately 54% higher than in 2019 [7][15] Business Line Data and Key Metrics Changes - U.S. operations achieved domestic adjusted EBITDA of $111 million, nearly $4 million more than in Q3 2019, despite selling 31% fewer tickets [15] - Food and beverage revenue per patron increased by 60.5% compared to Q3 2019, while admissions revenue per patron rose by 33.8% [14][15] - Odeon operations in Europe faced a challenging environment, with attendance down 11.4% year-over-year, but revenue per patron increased by 13% [16] Market Data and Key Metrics Changes - AMC's market share in the U.S. box office increased to approximately 24%, significantly outperforming Regal and Cinemark, which both hold 15% [8][9] - In the U.S. market, AMC's share is 27% when excluding Canada, with Regal and Cinemark at 16% each [8] Company Strategy and Development Direction - AMC is focused on capitalizing on the anticipated box office growth, with expectations for a strong fourth quarter and a robust film slate in 2026 [6][10] - The company has successfully completed capital markets transactions to strengthen its financial foundation, including refinancing $173 million of debt and equitizing $183 million of exchangeable debt [10][18] - AMC is exploring partnerships with streaming services like Netflix and enhancing its premium large format offerings to attract more customers [25][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong fourth quarter, driven by upcoming blockbuster releases, and believes the 2026 box office will be significantly larger than in 2025 [6][12] - The company noted that the industry-wide box office is expected to reach the highest fourth quarter in six years, with a projected $10 billion pace since April 1, 2025 [12][19] - Management emphasized the importance of maintaining operational efficiencies and enhancing the guest experience to sustain growth [18][19] Other Important Information - AMC's innovative marketing strategies and loyalty programs, such as the A-List program, have contributed to increased patronage and revenue [42][63] - The company is actively exploring the use of AI to improve operational efficiency and enhance customer experiences [32][33] Q&A Session Summary Question: Discussion on concessions and ticket prices - Management highlighted that ticket prices have risen significantly, with the consolidated ticket price reaching $12.24, the highest in history, and emphasized the importance of premium pricing options [39][40] Question: Sustainability of strong performance metrics - Management expressed confidence in sustaining and growing key performance metrics, attributing past successes to strategic focus and operational improvements [55][56] Question: Comments on the M&A environment - Management noted that while the current cash reserves are earmarked for strengthening the balance sheet, they are monitoring the M&A environment for potential opportunities [60][61]