深圳市水务规划设计院股份有限公司（简称"深水规院"）于2025年11月20日通过全景网互动平台参与 2025年度深圳辖区上市公司投资者网上集体接待日活动，与广大投资者就公司业务发展等话题展开交 流。活动中，公司明确了在新兴产业领域的发展方向，聚焦水利水务行业场景的智慧化升级及AI技术 应用。 调研基本信息 投资者关系活动类别为"其他（2025年度深圳辖区上市公司投资者网上集体接待日活动）"，活动时间为 2025年11月20日（周四）下午14:30-17:00，地点设为全景网"投资者关系互动平 台"（https://ir.p5w.net）。参与单位为通过"全景路演"网站远程参与的广大投资者，公司接待团队包括 副总经理兼董事会秘书李战、财务负责人雷冬梅、董事李文坤及独立董事李志平、郭晋龙、曾繁军等。 本次活动附件清单无特殊内容，相关信息已于2025年11月20日通过公告披露。 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 ...

又一A股公司筹划发行H股，并在港交所挂牌上市。 11月20日晚，卓易信息(688258)公告，公司正在筹划发行境外股份（H股）并在香港联交所上市事宜。 公司正与相关中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定，本次H股上市不 会导致公司控股股东和实际控制人发生变化。 卓易信息专注于云计算产业链业务，主营业务是为CPU和计算设备厂商提供云计算设备核心固件 （BIOS、BMC）产品和服务，为政企客户提供端到端的云服务解决方案，2019年12月9日在上交所科创 板上市。 卓易信息称，本次H股上市，旨在充分借助国际资本市场的资源优化资本结构，拓宽融资渠道，进一步 推进公司全球化发展战略及海外业务布局的需要，提升品牌影响力与核心竞争力，巩固行业领先地位， 全面提升公司综合实力。 2025年前三季度，卓易信息营收2.63亿元，同比增长8.03%，净利润4460万元，同比增长122.02%。 记者注意到，卓易信息近日接受机构投资者调研时剧透了其未来发展规划。卓易信息称，未来3年至5 年，公司将持续关注业务经营及技术研发，坚持走自主研发、技术创新道路，不断突破国外技术垄断， 在计算设备核心固件、集成化开发工 ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.871 billion CNY, representing a year-on-year growth of 56.71% [2] - The net profit attributable to shareholders reached 277 million CNY, with a year-on-year increase of 83.55% [2] - The third quarter alone generated a revenue of 657 million CNY, up 69.98% compared to the same period last year [2] - The net profit for the third quarter was approximately 97.68 million CNY, showing a significant year-on-year growth of 182.23% [2] Industry Insights - The company’s machine tool products are heavily supported by the growth in downstream industries, particularly in consumer electronics (25% share), molds (6% share), and engineering machinery (5% share), all of which experienced over 100% growth [2][3] - The automotive and motorcycle parts sector, primarily related to new energy vehicles, saw an increase of approximately 80% [3] 3C Business Growth - The consumer electronics sector is currently experiencing high demand, driven by several factors including structural adjustments in orders, equipment upgrades, and innovations in terminal products [3][4] - The company’s core product, the drilling and tapping machine, is expected to see increased sales due to enhanced production capacity and favorable market conditions [3][4] Capacity and Production Management - New production capacities in Dongguan and Nanjing are expected to alleviate capacity constraints significantly over the next two to three years [4] - The company has established an efficient, modular production management system that allows for rapid capacity expansion in response to market demands [4] Market Characteristics and Competitive Advantage - The Chinese metal cutting machine tool market is large but fragmented, with many small enterprises facing challenges in high-end markets [5] - The company has developed a competitive edge through a comprehensive product range, a strong R&D team of over 250 members, and a robust sales service system with over 300 personnel [5] Profitability and Stability - Since 2022, the company's gross margin has remained stable between 29% and 30%, supported by product upgrades and improved manufacturing efficiency [6] - The company has effectively countered price declines in the industry through cost management and operational efficiency, leading to an increase in net profit margin [6]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 估值大幅上涨 根据媒体报道，字节跳动估值在近期交易中呈现显著上升趋势。知情人士指出，该公司去年9月推出的 员工股票回购计划对应估值约为3300亿美元。他们还补充说，该公司此后一直在筹备面向机构股东的年 度股票回购计划。 此前，包括软银集团和富达投资在内的多家主要投资者，已将其持有的字节跳动股份估值上调至超过 4000亿美元。 据CB Insights数据显示，若以当前市场估值计算，字节跳动已超越SpaceX（估值约4000亿美元），成为 全球估值排名第二的初创企业，仅次于估值达5000亿美元的OpenAI。 风险提示及免责条款 "风投女王"徐新创立的风投机构今日资本，在股权拍卖中以4800亿美元估值收购字节跳动部分股份，资 本市场对TikTok母公司仍持续看好。 11月20日，据媒体报道，今日资本在竞拍中击败多家机构，从字节跳动早期投资方中银集团投资有限公 司手中收购相应股权。今日资本曾投资美团、京东等多家互联网巨头。 据媒体援引知 ...

Core Insights - JOYY Inc. reported Q3 2025 revenue of $540 million, a 6.4% increase quarter-over-quarter, with live streaming revenue at $388 million, up 3.5% [1] - Advertising revenue grew by 29.2% year-over-year, increasing the non-live revenue share to 28.1% of total revenue [1] - BIGO Ads revenue reached $104 million, marking a 33.1% year-over-year and 19.7% quarter-over-quarter growth [1] Financial Performance - Non-GAAP operating profit for Q3 was $41 million, a 16.6% year-over-year and 6.1% quarter-over-quarter increase [1] - EBITDA for the quarter was $51 million, reflecting a 16.8% year-over-year and 4.9% quarter-over-quarter growth [1] - Monthly active users (MAU) for global social products reached 266 million, a 1.4% increase quarter-over-quarter [1] Business Strategy - JOYY implemented various initiatives in Q3 to optimize the Bigo Live platform, including enhancing the anchor incentive mechanism and leveraging AI technology for content production [2] - The management indicated a clear path for positive revenue growth for the year, with stable recovery in live streaming and strong growth potential in advertising [2] - AI technology is being integrated into Bigo Live for content distribution and user experience, improving user engagement metrics [2] Advertising Growth - BIGO Ads has seen accelerated revenue growth for three consecutive quarters, driven by increased traffic, product innovation, and algorithm efficiency [3] - The platform upgraded its IAA D7 ROAS smart bidding product, enhancing advertising effectiveness and efficiency [3] - Core advertisers increased their budgets by 30% quarter-over-quarter, with a 17% increase in the number of core advertisers [3] Future Outlook - For 2026, BIGO Ads plans to focus on expanding traffic scale, increasing advertising budgets, optimizing data systems, and regional market expansion [4]

Core Insights - The 30th United Nations Climate Change Conference (COP30) was held in Belém, Brazil, where Xianyu showcased its digital empowerment in the circulation of idle goods, reporting that 7 million idle items are posted daily on its platform, with a 30% year-on-year increase in daily transaction volume [1][3]. Group 1: Digital Empowerment and AI Integration - Xianyu's Public Affairs Director, Tong Shuting, highlighted that approximately two-thirds of global carbon emissions are related to household consumption, making it crucial to reduce carbon emissions on the consumption side. The trading and reuse of idle goods can significantly mitigate resource and energy consumption associated with new product manufacturing [3]. - The integration of AI technology has lowered the barriers for ordinary people to participate in idle trading, with features like AI publishing and AI intelligent management addressing sellers' concerns about posting items and managing sales. AI tools such as "AI Smart Search" and "AI Market Trends" alleviate buyers' worries about selection and pricing [3]. - The AI capabilities have led to a 10% increase in the sales of newly listed items on the same day, enhancing the efficiency of idle goods transactions by addressing the non-standardization of items and the non-professionalism of both buyers and sellers [3]. Group 2: Sustainable and Engaging Participation Mechanisms - Xianyu has developed a sustainable and engaging green participation mechanism by embedding philanthropy into idle trading. The "Charity Baby" feature allows users to select donation proportions and projects when posting idle items, resulting in over 3.91 million yuan donated from 3.85 million charity items posted by approximately 5.6 million users over two years [4]. - The collaboration with Ant Forest introduced the "Magical Fish Pond," which converts users' green behaviors in idle trading into measurable green energy, generating nearly 1,400 tons of green energy in just two months, equivalent to planting 7,700 saxaul trees [7]. - The "Give Goods Society" initiative, launched in partnership with Alibaba Public Welfare and the China Environmental Protection Foundation, facilitates precise matching of idle goods to those in need, with over 90% of users claiming two or more charitable needs since its launch [7]. Group 3: Long-term Goals and Climate Action - This year marks Xianyu's third participation in the UN Climate Conference, aiming to enable every individual to easily engage in climate action through its "SEED" carbon reduction model and advanced AI technology. The company aspires to help society reduce carbon emissions by 55 million tons by 2030, allowing more people to participate in idle circulation with zero barriers [8].

Core Insights - NetEase reported a net revenue of 28.4 billion yuan for Q3 2025, with a non-GAAP net profit attributable to shareholders of 9.5 billion yuan, and R&D investment reaching 4.5 billion yuan, representing an R&D intensity of 16% [1] - The gaming segment, including classic IPs and new releases, contributed significantly to revenue, with net income from games and related services at 23.3 billion yuan [1] - AI technology has become a crucial driver for business growth and user experience enhancement across various segments [1][2] Gaming and Revenue Performance - NetEase's gaming and related services net revenue was 23.3 billion yuan in Q3, with the classic IP "Fantasy Westward Journey" achieving record online user numbers [1] - New game "Destiny: Stars" topped the iOS download charts in 19 regions on its launch day, indicating strong market reception [1] AI Integration and Growth - NetEase Youdao's net revenue reached 1.6 billion yuan, with a nearly 150% year-on-year increase in operating profit for the first three quarters of 2025, driven by an "AI-native" strategy [1][2] - AI subscription service sales approached 100 million yuan, marking a historical high, with AI-powered features significantly enhancing user engagement and revenue [2] Music and Content Innovation - NetEase Cloud Music launched the "AI Tuning Master," providing personalized audio experiences, showcasing the impact of AI in the music sector [3] - The generative recommendation model "Climber" received a global academic award and is applied across various recommendation scenarios, improving user music discovery [3] Other Business Segments - NetEase's innovative and other businesses generated 1.4 billion yuan in net revenue, with a focus on brand youthfulness and collaborations in gaming and music [2] - The community content volume on the NetEase News app grew by 31%, reflecting increased user engagement and content creation [2]

Core Insights - Lenovo's Chairman and CEO, Yang Yuanqing, highlighted that the rapid development of AI technology has led to a surge in global demand for critical components such as memory, flash storage, and solid-state drives, resulting in short-term price volatility [1] - Lenovo has established long-term stable partnerships with core suppliers to secure the supply of key components and effectively manage cost fluctuations impacting profits [1] - The upgrade cycle for PCs based on Windows 10 is not yet over, and its driving effect will continue for several quarters, with AI PCs being a significant growth driver [1] Financial Performance - Lenovo reported a 15% year-on-year revenue growth for the second quarter of the 2025/26 fiscal year, reaching 146.4 billion RMB, marking a historical quarterly high [2] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB, with AI-related business revenue now accounting for 30% of total revenue [2] - The Intelligent Devices Group (IDG) generated revenue of 108.1 billion RMB, a 12% increase year-on-year, with PC market share exceeding 25% for the first time [2] - The Infrastructure Solutions Group (ISG) achieved approximately 29.3 billion RMB in revenue, up 24% year-on-year, while the Solutions and Services Group (SSG) saw an 18% year-on-year revenue increase [2]

Core Insights - The 2025 Double 11 shopping festival is set to start earlier, showcasing a long-cycle normalization trend, with e-commerce platforms simplifying promotional rules to boost user engagement in October [1][2] - The overall retail sales during the Double 11 period are projected to reach nearly 1.8 trillion yuan, marking a year-on-year growth of over 10%, and a staggering increase of approximately 35,000 times since the inaugural event in 2009 [1] Group 1: E-commerce Growth and User Engagement - The early launch of the Double 11 marketing campaign has led to a synchronized increase in user scale across platforms, with significant growth in monthly active users for major apps like Taobao, Douyin, Pinduoduo, and JD [2] - As of October 2025, the monthly active user counts for these platforms reached 1 billion for Taobao, 948 million for Douyin, 720 million for Pinduoduo, and 648 million for JD, indicating robust user engagement [2] Group 2: Strategic Shifts and AI Integration - E-commerce platforms are transitioning towards a comprehensive ecosystem, integrating AI technologies throughout the consumer journey, with Taobao launching six AI shopping applications and JD implementing advanced logistics solutions [3] - JD's user orders increased by over 117% year-on-year, while the overall order volume grew by more than 125%, reflecting the effectiveness of their new strategies [3] Group 3: Instant Retail and New Consumption Drivers - Platforms are exploring instant retail strategies to drive new consumption growth, with Meituan reporting an average daily order volume of 14 million for its flash purchase service [4] - Taobao's flash purchase initiative has already attracted over 1 million new users during the Double 11 period, with significant sales growth in non-food brands [4] Group 4: Investment Opportunities - Companies to watch include BlueFocus Communication Group, InGravity Media, Tianyu Digital Technology, Chinese Online, Tianxia Show, and Zhidema, indicating potential investment opportunities in the evolving e-commerce landscape [5]

11月20日，游戏板块早盘高开后震荡下挫，游戏ETF（159869）现跌超0.5%。持仓股中，富春股 份、名臣健康、星辉娱乐、游族网络、姚记科技等跌幅居前，仅奥飞娱乐、北纬科技、三七互娱等逆势 上涨。截至11月19日，该ETF规模已达114.61亿元，为投资者布局A股游戏龙头提供了便捷工具。 当前游戏行业景气度持续攀升，龙头公司业绩表现强劲：完美世界三季度营收与利润大幅增长且前 三季度扭亏为盈；世纪华通单季收入突破百亿，移动游戏业务实现高速增长；腾讯游戏业务增速亮眼， 国际市场表现尤为突出。行业驱动力充沛：四季度新游密集上线，腾讯、网易、字节等大厂重磅产品集 中亮相；政策环境友好，文化出海受鼓励；AI技术催化产品创新，助力估值修复。 招商证券认为，当前游戏龙头公司（如世纪华通、三七互娱等）估值处于低位（明年预估市盈率不 足15倍），安全边际高；同时，预计明年一季度业绩将保持高增长，成为短期催化剂，加之AI技术有 望在游戏领域实现应用突破，机构坚定看好该板块的投资价值。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠 ...