追觅科技创立于2017年，目前业务已覆盖全球超120个国家和地区，开设超6500家旗舰店。在英国市 场，其扫地机品类市占率近30%，伯明翰旗舰店位于核心商圈New Street，与国际一线品牌毗邻。此次 受邀参与会议，彰显其全球化实力与品牌国际影响力，将进一步助力其全球智能生态布局。 1月29日，2026中英企业家委员会会议在京举行，中国高端科技品牌追觅科技作为行业代表受邀参会。 ...

近日，南华期货（603093）（603093.SH / 02691.HK）境外全资子公司横华国际旗下南华美国有限公司 （Nanhua USA LLC）正式获批北美 Nodal Exchange 交易会员资质。结合此前已拿下的 Nodal Clear 清算 会员资格，南华期货在Nodal Exchange实现 "交易 + 清算"服务闭环，全球化布局再添关键砝码。 北美市场精准破局 解锁跨资产服务新场景 Nodal Exchange 作为美国电力、天然气及环保衍生品领域的核心平台，凭借 1000 + 区位合约覆盖及 56% 的美国电力期货市场份额，允许交易者对冲特定地理位置的电价波动风险——这是传统区域性电 力合约（如"PJM West Hub"）无法实现的精准对冲。此外，Nodal Exchange 还提供天然气、环境权益 （如可再生能源证书REC）及碳信用相关产品，并由 Nodal Clear对Nodal Exchange上市的合约进行清 算。南华美国凭借Nodal Exchange交易资格及Nodal Clear的清算资格，可以为投资者参与美国电力、能 源市场提供"交易 + 清算"服务闭环。 欧洲：高价值赛 ...

1月30日，仙乐健康（300791.SZ）发布公告称，公司已正式向香港联交所递交主板上市申请，并同步披 露申请材料，开启"A+H"双资本平台布局。这家中国营养健康食品解决方案领域的龙头企业，正试图在 业绩短期承压的背景下，通过全球化资本运作寻找新的增长突破口。 从行业背景来看，全球营养健康食品市场正处于快速增长期。灼识咨询数据显示，2024年全球营养健康 食品商品交易总额达1900亿美元，预计2029年将增至2490亿美元；其中，营养健康食品解决方案市场增 速更优，2024-2029年复合年增长率预计为7.6%，而仙乐健康重点布局的软糖、软胶囊细分领域增速更 高，分别达10.3%、8.5%，显著跑赢行业平均水平。在此背景下，仙乐健康亟需通过资本补血，抓住全 球市场增长机遇。不过，本次发行并上市尚需取得中国证券监督管理委员会、香港证监会和香港联交所 等相关政府机关、监管机构、证券交易所的备案、批准和/或核准，该事项仍存在不确定性。 就在1月29日晚间，仙乐健康披露其2025年业绩预告，其归属于上市公司股东的净利润预计为1.01 亿-1.51亿元，较2024年的3.25亿元下降53%-69%；扣除非经常性损益后的 ...

Core Insights - The Chinese automotive industry is progressing steadily in 2025, characterized by a blend of policy guidance, market vitality, technological breakthroughs, and industry transformation [1] Policy Precision - The government has issued strong signals to stabilize the market and boost consumption, including a policy to expand the scope of vehicle scrappage and replacement subsidies [2] - Regulatory efforts have been intensified to address misleading advertising in the intelligent driving sector, emphasizing the need for compliance with product admission and software upgrade management [2][3] - New safety standards for hidden door handles are being developed to ensure their reliability and safety across various conditions, while regulations to protect the rights of small and medium-sized enterprises have been enacted [3] Market Restructuring - 2025 has seen accelerated market reshuffling, with significant events such as the bankruptcy of new energy vehicle companies like Hozon Auto and the restructuring of major players like Changan Automobile [4][6] - The merger of Geely Auto and Zeekr marks a strategic consolidation aimed at enhancing market coverage and diversifying powertrain options [7] Key Personnel Changes - A notable number of executive changes in the automotive sector reflect strategic realignments and the restructuring of talent ecosystems within the industry [8][9] Technological Innovation and Globalization - The rise of AI models like DeepSeek has spurred a wave of smart transformation among automakers, enhancing experiences in intelligent driving and smart cabins [10] - Toyota's establishment of a wholly-owned electric vehicle and battery production facility in Shanghai signifies a major step towards localizing production in China [10][12] - Volkswagen has completed the expansion of its testing facility in Hefei, marking a significant milestone in its R&D capabilities outside Germany [12] Conclusion - The Chinese automotive industry in 2025 has undergone a critical transition from quantity to quality, driven by policy guidance, technological innovation, and global collaboration, positioning itself for a more central role in the global automotive transformation [12]

Investment Rating - The report maintains a "Buy" rating for Anta Sports (stock code: 2020.HK) [6][35]. Core Insights - Anta Sports plans to acquire a 29.06% stake in PUMA SE for €1.5 billion, which will make it the largest single shareholder of PUMA. This acquisition is aimed at enhancing its global footprint and brand matrix, following previous acquisitions of Amer Sports and Jack Wolfskin [6][8]. - The acquisition is expected to strengthen Anta's position in the mid-to-high-end professional sports sector and create new growth opportunities through global resource integration and synergy effects [6][8]. - PUMA is currently undergoing a strategic reset, which has led to a decline in its revenue and profits. The company reported a revenue of €5.974 billion in the first three quarters of 2025, down 8.5% year-on-year, and a net loss of €308 million [9][6]. - The report highlights that PUMA's footwear segment remains resilient, contributing approximately 53.7% of its revenue, and is expected to drive future growth despite current challenges [17][9]. Financial Projections - Anta Sports' projected total revenue for 2024 is ¥70.826 billion, with a growth rate of 13.58%. The net profit is expected to be ¥15.596 billion, reflecting a profit growth rate of 52.36% [2][36]. - The earnings per share (EPS) forecast for 2025 is adjusted to ¥4.66, with a corresponding price-to-earnings (PE) ratio of 15 [36][35]. - The report anticipates a gradual recovery in PUMA's performance post-acquisition, with long-term benefits expected from the integration of PUMA into Anta's operations [35][34].

Core Viewpoint - BlueDai Technology (002765.SZ) is expected to achieve a net profit of 180 million to 200 million yuan in 2025, representing a year-on-year growth of 44.83% to 60.93%, driven by the synergy of its two core business segments: power transmission and touch display [1][3]. Business Performance - The company has shown a strong recovery in its financial performance, with a significant improvement in 2024, achieving a revenue of 3.536 billion yuan, a 25.93% increase from 2023, and a net profit of 124 million yuan, marking a turnaround from a loss in 2023 [3][4]. - The projected net profit for 2025 indicates a continuation of this upward trend, with a robust growth outlook [3][4]. Business Segments - The growth in 2025 is attributed to the collaborative efforts of the power transmission and touch display segments, with a focus on enhancing production capacity and product quality in the power transmission business, particularly for new energy vehicle components [2][4]. - The touch display segment is concentrating on products such as cover glass, display modules, and automotive touch screens, which have seen effective margin improvements [4]. Global Expansion - BlueDai Technology is accelerating its global expansion, having established multiple subsidiaries in Thailand and Singapore in 2025, with a total investment in the Thailand base not exceeding 200 million yuan [2][6]. - The company aims to enhance its competitiveness in the Southeast Asian market by reducing production costs and improving product accessibility [6]. Financial Health - As of the third quarter of 2025, BlueDai Technology reported cash reserves of 535 million yuan and total assets of 5.96 billion yuan, indicating a solid financial foundation for growth and expansion [2][4]. - The company has consistently invested over 100 million yuan annually in research and development, with total R&D expenses from 2022 to the third quarter of 2025 reaching 514 million yuan, supporting innovation and product upgrades [6]. Market Position - BlueDai Technology has established itself as a key supplier for major automotive manufacturers such as SAIC, FAW, Toyota, Geely, Volkswagen, and BYD in the power transmission sector, and for companies like Corning, Innolux, BOE, and Foxconn in the touch display sector [4].

Investment Rating - The report assigns a "Collect" rating to the company, with a target price of 86.24 yuan based on a projected PE of 28 times for 2026 [73]. Core Insights - The company is a leading domestic player in the giant steel tire market, benefiting from increased market share and favorable mining conditions [1][3]. - The global giant tire market has been historically dominated by international giants, but the company is breaking this monopoly through technological advancements and local production [2][40]. - The growth in mining production is expected to drive demand for giant engineering tires, positioning the company favorably in the market [52][54]. - The company has outlined several fundraising projects aimed at expanding production capacity and enhancing research and development capabilities [67]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of giant steel radial tires for engineering machinery and provides management services for mining tires [3][12]. - It has developed a full range of giant steel tires (rim diameter of 49 inches and above) and has established a strong presence in both domestic and international markets [3][20]. Financial Performance - The company has shown significant revenue growth, with total revenue increasing from 498.46 million yuan in 2020 to 2,299.89 million yuan in 2024, representing a cumulative increase of 361% [12][14]. - The gross profit margin for giant steel tires improved from 46.70% in 2022 to 54.75% in 2023, driven by rising product prices and decreasing raw material costs [15][63]. Market Position and Strategy - The company has successfully increased its overseas market share, with international sales accounting for 65.19%, 76.16%, and 74.23% of total revenue in 2022, 2023, and 2024, respectively [20][23]. - It has established long-term partnerships with major mining companies globally, expanding its customer base significantly [23][59]. Technological Advancements - The company has developed a diverse technological reserve focused on enhancing the performance and production optimization of giant steel tires, which includes advanced materials and manufacturing processes [27][39]. - It has successfully produced a full range of giant steel tires from 49 inches to 63 inches, showcasing its technological capabilities [27][38]. Future Growth Potential - The company plans to invest in a new factory in Russia to further expand its production capacity and market reach, with an estimated investment of approximately 43.19 billion yuan [70]. - The demand for giant tires is expected to grow significantly due to the increasing production in the mining sector, particularly in resource-rich countries like Russia [52][54].

Core Viewpoint - Lantu is making a strong push into the high-end new energy vehicle market with a dual strategy of "capital foundation building + product showcasing" [1] Group 1: Listing Process - Lantu has received the overseas listing approval from the China Securities Regulatory Commission (CSRC) for its introduction listing on the Hong Kong Stock Exchange [1] - The listing process has been efficient, with key steps completed in under six months, including the restructuring into a joint-stock company and obtaining necessary approvals from various government bodies [1][2] Group 2: Listing Methodology - The introduction listing method does not involve new share issuance, avoiding dilution of equity and aligning with Lantu's current shareholder structure [2] - This approach supports Dongfeng Group's capital strategy, optimizing resource allocation and reshaping valuation logic [2] Group 3: Product Planning - Lantu announced its product plan for 2026, which includes four new models: the Lantu Taishan Ultra (China's first mass-produced L3-level SUV), the five-seat SUV Lantu Taishan X8, a new FUV (code-named "FE"), and an MPV (code-named "Zhu Feng") [2] - The product lineup aims to cover various segments, including SUVs, MPVs, and FUVs, addressing market gaps and reinforcing existing advantages [4] Group 4: Technological Strategy - Lantu's advancement relies on a "self-research + collaboration" technology strategy, with 2,692 patents showcasing its R&D capabilities [5] - Collaboration with Huawei enhances Lantu's access to advanced driving and cabin technologies, creating a synergistic effect [5] Group 5: Global Expansion - Lantu has exported products to over 40 countries and is actively penetrating the European market, achieving compliance with stringent EU certifications [5] - The upcoming listing on the Hong Kong Stock Exchange is expected to enhance Lantu's international brand influence, positioning it favorably in the global high-end new energy market [5] Group 6: Market Challenges - The challenge for Lantu will be to continuously realize value in the Hong Kong market and convert its new product matrix into tangible market share [7] - The company is recognized for its combination of systemic advantages and technological vitality, aiming to reshape the competitive landscape of the high-end new energy market [7]

在政策层面，越南政府为新能源汽车发展提供了全方位支持。在2050年实现零碳排放目标的指引下，越南政府将电动车首次注册费豁免政策延长至2027年， 还推出消费税减免、充电桩建设补贴等一系列优惠措施。这些政策为新能源汽车市场营造了良好的发展环境，有望持续助推越南新能源汽车市场增长。 对比亚迪而言，在越南建设电池工厂是其东南亚战略的深化之举。2024年，比亚迪在越南开设了首批门店，并计划到2026年将门店数量扩展至约100家。此 外，其子公司已在越南富寿省建设电子工厂，并计划投资超2.5亿美元建造汽车零部件工厂。此次合资建厂，标志着比亚迪从终端销售、零部件制造到核心 电池供应的全产业链本土化布局在越南初步成形。 1月27日，越南政府披露一则消息：中国电池巨头比亚迪与越南金龙汽车（Kim Long）正式签约，将在越南中部建设一座专注商用车配套的电动汽车电池工 厂，项目总投资1.3亿美元。据查，越南金龙汽车是一家越南本土私营汽车制造商，专注于商用卡车、客车及专用车辆的研发、组装、生产和销售。 根据协议，该电池工厂项目将分两期推进：一期工程将建设占地4.4公顷的厂房，规划年产能为3吉瓦时（GWh）。此阶段产能将主要定向供 ...

Q&A 请介绍一下开源证券北交所研究中心的背景和特点。 开源证券北交所研究中心是业内较早设立的专门针对新三板和北交所的研究团 队。我们从 2015 年新三板开板时就开始进行研究，经历了十多年的发展。我 们的特点主要体现在三个方面：首先，我们的研究起步较早，积累了丰富的经 验；其次，我们覆盖的公司数量较多，包括新三板和北交所的大量企业；最后， 我们的研究深度较高，长期跟踪并深入了解许多细分行业中的公司。 苏州股份 2026 年前三季度毛利率达 37%，较 2022 年提升显著，净利 率从 14.86%升至 22%，ROE 保持较高水平，负债率稳定在 10%- 14%，财务状况良好。 苏州股份未来发展重点包括机器人、新能源汽车、航空航天及全球化布 局和产能扩张，尤其是在人形机器人领域，精密轴承需求将显著增加， 公司致力于研发超薄精密滚针谐波传动装置，实现进口替代。 中国汽车制造业和工业机器人行业对滚针轴承需求持续增长，国家政策 大力支持关键零部件产业发展，苏州股份作为细分行业龙头，有望受益 于汽车以旧换新、新能源汽车及人形机器人等高景气赛道，实现高速增 长。 为什么会推出"龙头集结号"系列电话会议？ 推出"龙头集 ...