证券研究报告 | 策略点评 2025 年 11 月 24 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251124 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指微涨 0.05%，收 报 3836.77 点；深证成指涨 0.37%，收报 12585.08 点；科创 50 指数涨 0.84%， 收报 1296.6 点；创业板指涨 0.31%，收报 2929.04 点。总体上，全天个股涨 多跌少，Wind 数据显示，全市场 4228 只个股上涨，仅 1100 只个股下跌，120 只个股收平。沪深两市今日成交额合计 17406 亿元，较上个交易日缩量 2379 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，国防军工、传媒、计算机、社 会服务等行业涨幅靠前，涨幅分别为 4.31%、3.49%、2.41%、2.22%，石油石 化、煤炭、银行、食品饮料等行业领跌，跌幅分别为 1.21%、1.09%、0.79%、 0.56%。 概念板块涨跌情况：今日涨幅居前概念板块为中船系、航母、商业航天、 ...

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Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.81% to close at 3939.81 points, and the Shenzhen Component Index dropping by 0.92% to 13080.49 points. The ChiNext Index decreased by 1.16% to 3069.22 points. Overall, there were 1274 stocks that rose while 4103 stocks fell, with a total trading volume of 19261 billion yuan, an increase of 153 billion yuan compared to the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, the media, computer, and electronics sectors showed positive performance with increases of 1.60%, 0.93%, and 0.12% respectively. Conversely, the coal, electric equipment, steel, non-ferrous metals, and basic chemicals sectors faced declines, with decreases of 3.17%, 2.97%, 2.85%, 2.80%, and 2.67% respectively [1][10]. Concept Sector Performance - The concept sectors that performed well today included Pinduoduo partners, Xiaohongshu platform, WEB3.0, Kimi, Douyin Doubao, multimodal models, internet celebrity economy, operating systems, virtual humans, intelligent entities, ChatGPT, AIGC, medical payment reform, live streaming sales, and Chinese corpus. In contrast, the lithium battery positive electrode, lithium battery negative electrode, and lithium iron phosphate battery sectors experienced a pullback [2][12].

Group 1 - The company reported a revenue of 2.6775 billion RMB for the first half of 2025, a year-on-year decrease of 24.2% [1] - Profit attributable to the company's owners was 244 million RMB, representing a year-on-year increase of 102.5% [1] - Basic earnings per share were 0.13 RMB [1] Group 2 - The decline in revenue was primarily due to strategic adjustments and the early development stage of some innovative business lines [1] - The live social business remains a cornerstone for the company, showing steady development despite a complex market environment [1] - The company is focusing on enhancing the ecosystem of hosts and guilds, improving product technology and operational barriers, and increasing overall user engagement [1] Group 3 - The innovative business segment experienced rapid growth in the first half of 2025, with a focus on enriching the product system and business layout [2] - The short drama business demonstrated the company's innovation capabilities, achieving improvements in both production scale and content quality [2] - The company is strategically expanding its overseas business, particularly in Southeast Asia and the Middle East, while also exploring other emerging markets [2] Group 4 - The company maintains an optimistic outlook on the development of WEB3.0 and the blockchain industry, continuously expanding its cryptocurrency reserves [2] - AI technology is being integrated into the business to enhance user experience and innovate business models, providing new growth momentum for long-term development [2]

Core Viewpoint - New City Development Holdings Limited has established a Digital Asset Research Institute to integrate online digital assets with offline physical commerce, aiming to drive business transformation and upgrade in response to national policies and the digital economy era [1][5]. Group 1: Establishment of Digital Asset Research Institute - The Digital Asset Research Institute is led by Executive Director and President Lv Xiaoping, with a team of experts from various fields to provide strategic guidance and decision-making support for the company's digital business [2]. - The institute aims to continuously research the digital asset market and policy changes, developing relevant business strategies and implementation paths [2]. Group 2: Business Focus Areas - New City Development plans to establish a digital asset management company to promote the tokenization of quality IP resources and asset revenues, focusing on three main business areas: 1. Issuing NFT digital collectibles based on the unique IP of Wuyue Plaza, which has a total asset value exceeding 120 billion yuan and attracts over 1.76 billion visitors annually [2][3]. 2. Exploring the issuance of RWA products based on the asset revenues of Wuyue Plaza, leveraging the Hong Kong government's supportive policies for the digital asset industry [3][4]. 3. Issuing financial RWA products based on the company's listed financial assets to broaden financing channels and support business transformation [4]. Group 3: Offline Business Strategy - The company plans to enhance its offline business through self-operated incubation and national agency models, aiming to create proprietary brands in various sectors and improve the richness of Wuyue Plaza's offerings [4]. - The company anticipates that once all 200 Wuyue Plazas are operational, the annual merchant sales will reach 150 billion yuan, contributing 20% to the company's revenue, thus providing stable cash flow and transforming the existing profit model [4]. Group 4: Future Outlook - The establishment of the Digital Asset Research Institute marks the first step in the company's business transformation, with expectations for continuous stable operating cash flow from its offline business and significant potential value release from NFT and RWA products [5]. - The company aims to leverage the WEB3.0 technology wave and capitalize on the policy window for the digital asset industry to enhance the value of its IP resources and asset revenues, facilitating the interconnection of online digital assets and offline physical commerce [5].

Group 1 - The stock of Zhongke Jincai experienced a 10.0% limit-up on August 22, reaching a price of 48.28 yuan per share, with a trading volume of 1.687 billion yuan and a turnover rate of 10.88%, resulting in a total market capitalization of 16.418 billion yuan [1][1][1] - Zhongke Jincai is based in Haidian District, Beijing, and focuses on AGI, WEB3.0, digital RMB, and core technology research in data elements, providing fintech solutions and data center solutions to promote industrial digital transformation [1][1][1] - The company has a strong technical foundation in artificial intelligence, having successfully implemented multiple projects in the banking sector, and plans to further advance innovations in AI, blockchain, and privacy computing to create a leading digital economy technology empowerment platform [1][1][1] Group 2 - As of June 30, Zhongke Jincai had 95,800 shareholders, with an average of 3,510 circulating shares per shareholder [1][1][1] - For the first half of 2025, Zhongke Jincai reported operating revenue of 345 million yuan, representing a year-on-year increase of 14.36%, while the net profit attributable to shareholders was -84.946 million yuan, a decrease of 71.51% year-on-year [1][1][1]

Group 1 - Zhongke Jincai has experienced a decline for four consecutive trading days, with a cumulative drop of -9.81% [1] - Zhongke Jincai Technology Co., Ltd. was established in December 2003 and focuses on financial technology solutions, data center solutions, and core technology research in AGI, WEB3.0, digital currency, and data elements [1] - Huashang Fund's Huashang Advantage Industry Mixed Fund has entered the top ten shareholders of Zhongke Jincai, marking a new investment in the second quarter of this year [1] Group 2 - The Huashang Advantage Industry Mixed Fund has achieved a year-to-date return of 26.47%, ranking 168 out of 2294 in its category [1] - Zhang Mingxin, the fund manager of Huashang Advantage Industry Mixed Fund, has an extensive background in finance and investment management, having worked at various financial institutions since 2009 [4] - Huashang Fund Management Co., Ltd. was established in December 2005, with major shareholders including Huaylong Securities Co., Ltd. (46%), Shenzhen Wuzhou Xiehe Investment Co., Ltd. (34%), and Jinan Steel Group Co., Ltd. (20%) [5]

Core Viewpoint - The book "Learn Manus: Practical Guide to AI Agents" aims to transition readers from passive AI users to proactive AI agents, emphasizing the core principles, design philosophy, and practical applications of general AI agents like Manus [1][3][10]. Group 1: Book Overview - The book provides a systematic explanation of the core principles and practical applications of general AI agents, using Manus as a case study [1][3]. - It includes 18 official classic use cases of Manus and offers over 100 ready-to-use prompt templates across four major areas: business operations, education, content creation, and personal life [5][10]. - The authors, led by Dr. Du Yu, have extensive experience in AI and have contributed to national AI projects, ensuring the book's authority and relevance [7][8]. Group 2: Practical Applications - Manus is highlighted for its "actionability," allowing it to decompose tasks, utilize tools, and deliver complete results, unlike traditional chatbots [3][10]. - The book emphasizes practical learning, enabling even zero-based readers to quickly grasp the concepts through case studies and task chain designs [10][11]. - It aims to enhance work efficiency by providing a problem-oriented knowledge chain that connects various concepts and applications [8]. Group 3: Expert Endorsements - Experts in the field have praised the book for its forward-thinking approach and practical insights, indicating its potential to significantly improve work efficiency and provide a vision for the future of AGI [8][10].

Core Viewpoint - Zhongke Jincai has experienced a decline for four consecutive trading days, with a cumulative drop of -8.42% [1] Company Overview - Beijing Zhongke Jincai Technology Co., Ltd. was established in December 2003 and focuses on financial technology solutions, data center solutions, and core technology research in AGI, WEB3.0, digital RMB, and data elements [1] - The company aims to promote industrial digital transformation and is recognized as a leading digital economy technology empowerment platform in China [1] Financial Performance - The financial report indicates that Huabao Fund's Huabao CSI Financial Technology Theme ETF is among the top ten shareholders of Zhongke Jincai, which has reduced its holdings in the first quarter of this year [1] - The ETF has achieved a year-to-date return of 11.65%, ranking 497th out of 3359 in its category [2] Fund Manager Profile - Chen Jianhua, the fund manager of Huabao CSI Financial Technology Theme ETF, has a master's degree and has been with Huabao Fund Management since August 2007, holding various positions [3][4] - He has managed multiple funds, including the Huabao CSI 100 Index Securities Investment Fund and the Huabao Event-Driven Mixed Securities Investment Fund, among others [3][4]

Group 1 - The stock price of Zhongke Jincai (002657.SZ) experienced a rapid increase, reaching a peak of 23.76 CNY per share, with a daily gain of 7.9% on June 3 [1] - The stock price movement is attributed to the company's investor relations activity report, where it indicated strong capabilities in stablecoin-related business scenarios, technical reserves, and team building [3] - The company plans to explore stablecoin business in collaboration with banks, leveraging global assets and business scenarios while ensuring compliance [3] Group 2 - A company representative stated that the stock price fluctuation should be judged by the market, and the company does not engage in hype around stablecoin concepts [5] - The representative confirmed that there are existing partnerships with banks, and relevant business is in progress, but specific partners cannot be disclosed [5] - Stablecoins are defined as cryptocurrencies pegged to various fiat currencies, offering advantages in deep integration with blockchain projects [6] Group 3 - The Hong Kong government has enacted the "Stablecoin Regulation," establishing the first legal framework for fiat-backed stablecoin licenses in the Asia-Pacific region [6] - Companies issuing fiat stablecoins in Hong Kong must apply for a license from the Hong Kong Monetary Authority [6] - Zhongke Jincai has faced financial challenges, reporting a net profit loss of 61 million CNY for 2024, marking eight consecutive years of losses [6] - In Q1 2025, the company reported a revenue increase of 41.38% to 175 million CNY, but the net profit still declined by 28.41%, resulting in a loss of 40 million CNY [6]