从更长时间回溯，该行近5年的利润增速始终呈现出低位波动，有小幅上升趋势； 但营收增速波动幅度极大，2022年至2025年前三季度增幅分别为-7.99%、0.23%、18.09%、-9.66%。 多数商业银行在信贷"主战场"拼杀时，北京农商行曾选择过一条另类路径——用金融投资与同业资产，撑起万亿资产规模的半壁江山。 今年前三季度，北京农商行实现营收、净利119.26亿元、59.66亿元，同比增幅为-9.66%、1.53%。 "过山车"式的大起大落源于北京农商行独特的资产结构： 截至2024年末，该行金融投资、贷款和垫款净额分别为4912.67亿元、4802.59亿元，投资业务规模已超越作为商业银行传统主业的信贷。 这一选择曾帮助该行在2024年债牛中实现18%的营收猛增，也使得其在今年的债市震荡中深跌9.66%。 信风注意到，随着如今债市调整、区域竞争加剧，这位曾经的农信改制"领头羊"似乎又希望重拾信贷作为业绩支点。 投资、同业"撑起"资产端 不同于其他以放贷为核心的农商行，北京农商行的信贷业务并不强势： 2024年该行贷款、金融投资、同业资产（存放同业、拆出资金、买入返售金融资产）占总资产比重分别为39.08 ...

海博思创(688411.SH)发布公告，公司与宁德时代（300750）新能源科技股份有限公司(简称"宁德时代") 签订《战略合作协议》，在2026年1月1日至2035年12月31日合作期内，双方应于每年度末(12月1日前) 就未来三年的合作目标进行滚动式更新，并签署相应年限的合作备忘录予以确认。其中2026年1月1日至 2028年12月31日，公司采购电量累计不低于200GWh，宁德时代确保按公司需求量纲供应。 公司与宁德时代签署战略合作协议有利于双方建立长期、稳定的战略合作关系，打造协同竞争优势，促 进双方资源高效配置与共赢。本次合作符合公司的发展战略，有利于提升公司供应链的稳定性，保持行 业领先地位，提高公司整体竞争力和盈利能力，促进公司高质量发展。 ...

Core Viewpoint - Yonggui Electric has entered into a strategic cooperation intention with Zhiyuan Innovation (Shanghai) Technology Co., Ltd., focusing on the application of connectors and wiring harnesses in humanoid robots and vice versa [1][5]. Summary by Sections Framework Agreement Signing - Yonggui Electric and Zhiyuan Innovation have signed a framework cooperation agreement aimed at leveraging each other's core strengths through resource sharing and complementary advantages [5]. - The agreement is a framework agreement and does not require approval from the company's board of directors or shareholders [5]. Impact on Business Performance - The strategic cooperation agreement is based on the willingness to collaborate and is an intention-based arrangement, with specific cooperation details to be defined in future formal agreements [6]. - The agreement does not involve specific transaction amounts and is expected to have no significant impact on the company's current year operating performance; the impact on future years will depend on subsequent agreements and implementation [6].

Core Viewpoint - The company, Yonggui Electric, has entered into a strategic cooperation agreement with Zhiyuan Innovation (Shanghai) Technology Co., Ltd. to explore applications of connectors and wiring harnesses in humanoid robots, as well as innovations in the connector manufacturing sector [1][5]. Summary by Sections 1. Basic Situation of the Framework Agreement - Yonggui Electric and Zhiyuan Innovation have signed a framework cooperation agreement aimed at leveraging their core strengths through resource sharing and complementary advantages to achieve mutual development [5]. - The agreement is a framework type and does not require approval from the company's board of directors or shareholders [5]. 2. Nature of the Strategic Cooperation Agreement - The strategic cooperation agreement is based on the willingness of both parties and is an intention-based arrangement, with specific cooperation details to be defined in subsequent formal agreements [6]. - The agreement does not specify any transaction amounts and is expected to have no significant impact on the company's current year operating performance; future impacts will depend on the execution of subsequent agreements [6].

Core Viewpoint - The company has entered into a strategic cooperation agreement with Zhiyuan Innovation (Shanghai) Technology Co., Ltd. to explore applications of connectors and wiring harnesses in humanoid robots, as well as innovations in the connector manufacturing sector [1] Group 1 - The cooperation aims to leverage the core strengths of both parties, focusing on resource sharing and complementary advantages to achieve mutual development [1] - This collaboration aligns with the company's development strategy and is expected to enhance the utilization of both parties' resources [1] - The initiative represents a new business venture and is a strategic decision aimed at long-term benefits, facilitating the company's transformation and innovation [1] Group 2 - The partnership is anticipated to accelerate the commercial application of humanoid robots in intelligent manufacturing of connectors and their industry applications [1] - This collaboration is expected to positively impact the diversification of the company's product application areas [1]

Core Viewpoint - The company, Yonggui Electric (300351.SZ), has established a strategic cooperation intention with Zhiyuan Innovation (Shanghai) Technology Co., Ltd. to explore applications of connectors and wiring harnesses in humanoid robots, as well as innovative applications of humanoid robots in the connector manufacturing sector and its upstream and downstream industries [1] Group 1 - The strategic cooperation aims for resource sharing and complementary advantages between the two companies [1] - A framework cooperation agreement has been signed to formalize the partnership [1] - The collaboration focuses on achieving mutual development and win-win outcomes in their respective fields [1]

Core Viewpoint - Yonggui Electric (300351) has announced a strategic cooperation intention with Zhiyuan Innovation (Shanghai) Technology Co., Ltd. (referred to as "Zhiyuan Robotics") to explore applications of connectors and wiring harnesses in humanoid robots and innovations in the connector manufacturing sector [1] Group 1 - The companies have signed a framework cooperation agreement to leverage their core advantages [1] - The collaboration aims for resource sharing, complementary strengths, and a win-win development model [1] - The focus will be on the application of connectors and wiring harnesses in humanoid robots and innovative applications in the connector industry [1]

11月10日，CPE源峰宣布与汉堡王品牌达成战略合作，该品牌由餐饮品牌国际集团（Restaurant Brands International，RBI）全资持有。双方将成立合资企业（“汉堡王中国”）。在本次交易中，汉堡王中国旗下全资关联企业将签署一份为期20年的主开发协议，该协议将授予其在中国独家开发汉堡王品牌的权利。交易完成后，CPE源峰将持有汉堡王中国约83%的股权，RBI将保留约17%的股权。根据整体规划，双方计划将汉堡王在中国市场的门店规模从目前的约1250家，拓展至2035年的4000家以上，并实现可持续的同店增长。外汇交易员 (@myfxtrader):星巴克宣布，与中国另类资产管理公司博裕投资达成战略合作，双方将成立合资企业，共同运营星巴克在中国市场的零售业务，目标将门店数量增加至20000家。 https://t.co/OBiu48uDrg ...

Major Events - Bluestar Jiahe Services (02606.HK) plans to repurchase up to 10% of its issued H-shares [1] - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - Hengteng Network (00136.HK) signed a strategic cooperation agreement with Evergrande Tourism Group [1] Financial Data - New Star Printing (01975.HK) achieved a net profit of 27.5 million HKD in the interim period, with an interim dividend of 1.5 HKD cents [1] Earnings Forecast - Qihua Environmental Protection (00976.HK) expects an increase in annual net loss [1] - Zhuyou Intelligent Manufacturing Technology (00726.HK) anticipates a net profit increase of approximately 40.8% for the year [1] - Birmingham Sports (02309.HK) raised its earnings forecast, expecting a mid-term profit of 70 million HKD [1] - Huazhang Technology (01673.HK) expects a mid-term profit of 15 to 20 million yuan, turning from loss to profit year-on-year [1] - Raffles Interior (01376.HK) anticipates a net loss of 4.5 million Singapore dollars for the 2020 fiscal year [1] - Fengcheng Holdings (08216.HK) expects a net profit increase of over 50% for the year [1] - New Fengtai Group (01771.HK) forecasts a net profit growth of approximately 20% for the year [1] - Yefeng Group (01695.HK) expects an annual loss not exceeding 4 million Malaysian ringgit [1] Operational Data - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - New China Life Insurance (01336.HK) reported original premium income of 34.63 billion yuan in January, a year-on-year increase of 12.78% [1] - China Property & Casualty Insurance (02328.HK) reported original insurance premium income of 53.112 billion yuan in January, a year-on-year increase of 1.2% [1] - China Metallurgical Group (01618.HK) signed new contracts worth 103.59 billion yuan in January, a year-on-year increase of 129.7% [1] - China Eastern Airlines (00670.HK) reported a 60.59% year-on-year decline in passenger turnover in January [1] - Sinopec Oilfield Services (01033.HK) recently signed overseas contracts worth 2.323 billion yuan [1] - China Southern Airlines (01055.HK) reported a 59.16% year-on-year decline in passenger turnover in January [1] - Huili Group (00806.HK) reported total managed assets of approximately 14.8 billion USD at the end of January [1]

Core Insights - Starbucks has announced a strategic partnership with Chinese alternative asset management firm Boyu Capital to establish a joint venture for its retail operations in China [2][3] - Boyu Capital will hold up to 60% equity in the joint venture, while Starbucks retains 40% and continues to own and license its brand and intellectual property [2] - The estimated enterprise value of the joint venture is approximately $4 billion, with Starbucks projecting its total retail business value in China to exceed $13 billion [2] Group 1 - Boyu Capital, founded in 2011, has a diversified investment management platform and extensive experience in the consumer retail sector, having invested in over 200 companies [3] - The collaboration aims to leverage Boyu's local market insights and Starbucks' global leadership in the coffee industry to enhance product offerings and customer experiences in China [3] - Starbucks has over 60% of its stores located in the U.S. and China, with China being its second-largest market globally [3] Group 2 - In the most recent quarter, Starbucks reported a 1% increase in global same-store sales, marking the first positive growth in seven years, with a 2% increase in same-store sales in China contributing significantly [3]