12月5日，深交所披露公告，深交所上市审核委员会定于2025年12月12日召开2025年第29次上市审核委 员会审议会议，审议成都宏明电子股份有限公司(首发)。 尽管公司强调消费电子行业已呈现回暖趋势，但供应链格局的重构可能使其难以恢复原有市场份额，该 业务板块的复苏前景仍存在较大不确定性。 报告期内，宏明电子研发费用占营业收入比例始终保持在8%以上，显著高于行业平均水平，彰显其"技 术立身"的战略定位。然而，高强度的研发投入并未有效转化为营收的强劲增长。监管问询直指其核心 产品高可靠电容器正面临"销售单价、销量下降"的压力，暗示"量价齐跌"趋势可能长期存在。在军品定 价机制改革与行业竞争加剧的背景下，公司盈利能力受到持续挤压。 面对监管层关于"进一步论证成长性"的要求，公司目前的披露仍显薄弱。尤其在核心产品面临价格下行 压力的背景下，缺乏对业绩波动的敏感性分析，例如价格变动、核心客户订单变化对盈利能力的量化影 响。这削弱了投资者对公司未来业绩可预测性的判断依据。 为缓解收入压力，宏明电子在报告期内扩大了低价格区间客户的采购占比，并通过工业/商业级等低毛 利产品维持整体营收规模。这种"以量补价"的策略虽短期维 ...

值得深思的是，当海外科技巨头如谷歌、微软、Meta等将巨额资金与人才投向AI、云计算、量子计算等前沿 领域时，中国头部互联网企业仍在为"30分钟送达"而砸钱千亿元、陷入"内卷"。这折射出中国科技产业在战略 选择与创新引领上的某种滞后。 当然，巨头们也已在AI领域有所布局，例如阿里的通义大模型、美团的智能调度系统等。但与它们在本地生 活战场上动辄数百亿元的投入相比，其在底层技术、原创算法、全球性科技突破方面的投入与声量仍显不足。 外卖大战虽在一定程度上推动了配送效率的提升与场景数据的积累，但这种"内卷式竞争"很难形成具有全球竞 争力的技术壁垒。 外卖大战的阶段性"休战"，是一个理性回归的信号。但真正的挑战在于：中国科技企业能否将这种"理性"转化 为对硬科技与前沿创新的持续投入？当"补贴战"逐渐平息，企业是否敢于将资源投向那些短期内难见回报、却 决定长期竞争力的技术深水区？ 随着3家平台企业三季度财报陆续发布，外卖大战的"代价"也浮出水面：美团、阿里巴巴、京东集团三巨头合 计少赚近800亿元。这场以"0元购""满减狂欢"为表象的补贴大战，看似让消费者短期受益，但却让平台陷 入"增长与亏损"并存的尴尬局面。烧钱千亿 ...

Core Insights - The article highlights the transformation of the beauty economy in Gongshu District, Hangzhou, driven by technology and innovation, particularly through the development of AI-powered tools in the medical beauty sector [1][4][6]. Group 1: AI Technology in Beauty Industry - The AI Qizhi Design Robot developed by Jing Doctor can analyze over 80,000 facial data points, allowing for precise beauty assessments and personalized recommendations [1][2]. - The robot has become a key attraction in stores, significantly improving operational efficiency by enabling staff to serve multiple clients simultaneously [2][3]. Group 2: Investment and Development - Jing Doctor has invested over 100 million yuan in R&D since 2015, establishing a dedicated team of over 60 people to innovate in the beauty technology space [3]. - The establishment of a collaborative research platform, such as the Smart Medical Beauty Research Center, supports innovation and development in personalized medical beauty solutions [3][4]. Group 3: Industry Growth and Structure - Gongshu District has attracted nearly 300 medical beauty and related enterprises, creating a comprehensive ecosystem that includes production, sales, and professional services [5][6]. - The district has implemented a three-year action plan for the medical beauty industry, aiming to enhance its development and support through funding and talent policies [4][5]. Group 4: Consumer Confidence and Regulation - The introduction of the "Anxin Payment" system addresses consumer concerns about prepayment in beauty services, ensuring funds are securely managed [7]. - The establishment of the first district-level Medical Beauty Special Committee and the "Rights Protection Fund" enhances consumer protection and industry self-regulation [7]. Group 5: Economic Impact - The medical beauty industry in Gongshu has seen rapid growth, with revenues exceeding 3.8 billion yuan in 2023 and projected to surpass 4.55 billion yuan in 2024, reflecting a consistent growth rate of around 20% [6][8].

Core Insights - The fierce competition among Meituan, Alibaba, and JD Group in the food delivery sector has resulted in a combined loss of nearly 80 billion yuan in the third quarter, highlighting the high cost of the subsidy war [1] - Despite the apparent short-term benefits for consumers, the platforms are facing a challenging situation of simultaneous growth and losses, with significant financial implications [1] Financial Performance - Meituan reported its largest loss since going public, while Alibaba's operating profit plummeted by 85%, and JD's net profit was halved [1] - The three companies invested hundreds of billions in subsidies and marketing to capture market share but failed to achieve sustainable profit growth [1] Market Dynamics - The competition has accelerated user mindset formation and consumption habits, expanding instant retail from food to a broader range of categories [1] - JD's food delivery efforts helped it surpass 700 million annual active users, while Alibaba's initiatives through Taobao Flash and Hema Fresh contributed to business growth [1] Operational Efficiency - Intense competition has forced platforms to optimize operational efficiency and service systems, with Meituan maintaining a lead in high-ticket orders and Alibaba focusing on fulfillment efficiency and user experience [1] - These changes signify a necessary transition from extensive expansion to refined operations within the industry [1] Strategic Reflection - The ongoing investment in food delivery contrasts with global tech giants like Google and Microsoft, which are focusing on AI and cloud computing, indicating a strategic lag in China's tech industry [2] - While Chinese tech giants have made some advancements in AI, their investments in foundational technologies and global breakthroughs remain insufficient compared to their spending in local delivery services [2] Future Challenges - The temporary "ceasefire" in the food delivery war signals a return to rationality, but the real challenge lies in whether Chinese tech companies can convert this rationality into sustained investment in hard technology and frontier innovation [2] - The significance of the food delivery battle should extend beyond market share redistribution to a collective reflection on development models, urging companies to move beyond "traffic competition" to a "technology-driven" approach [2]

Core Viewpoint - The company, Yizhiming (伊之密), has demonstrated robust growth in its core business segments and is focusing on technological innovation and global expansion, as highlighted in its recent investor communication event [1]. Financial Performance - In the first three quarters of 2025, Yizhiming achieved a revenue of 4.306 billion yuan, representing a year-on-year increase of 17.21% [2] - The net profit attributable to shareholders reached 564 million yuan, with a growth of 17.45% compared to the previous year [2] - Revenue from injection molding machine sales was 3.098 billion yuan, up 18.42% year-on-year; die-casting machine revenue was 805 million yuan, an increase of 38.04%; and rubber machine sales amounted to 192 million yuan, growing by 15.73% [2] Research and Development - The company invested 200 million yuan in R&D during the first three quarters of 2025, a 9.55% increase from the same period last year [3] - Yizhiming has established a research team of over 900 members and holds 86 invention patents, with a total of over 400 various patent technologies [3] - The company successfully delivered the first domestic 6600-ton semi-solid magnesium alloy injection molding machine and received recognition for its A6 series intelligent injection molding machines and TP5 series in the high-end market [3] Global Operations - Yizhiming has set up subsidiaries in 12 countries and regions, with nearly 180 global service points [3] - The company leverages an industrial IoT platform to enhance equipment interconnectivity and data collaboration, providing predictive maintenance and remote services to improve operational efficiency globally [3] Recognition and Future Focus - Recently, Yizhiming was nominated for the fifth China Quality Award and recognized as a "National Enterprise Technology Center," with its Suzhou subsidiary also awarded as a "Provincial Enterprise Technology Center," reflecting its capabilities in high-end equipment R&D and industrialization [4] - The company aims to continue focusing on technology-driven and sustainable development, emphasizing innovation and quality to drive industry transformation and enhance customer value [4]

◇ 作者：广发银行资产托管部 田卫来 姚秋歌 ◇ 本文原载《债券》2025年10月刊 摘 要 近年来，我国资产托管业务规模持续增长，市场竞争日趋激烈，行业呈现多元化发展格局。利差缩窄对商业银行资产托管业务发展 形成一定冲击，主要表现为托管费率不断压缩、运营风险管理难度加大、行业竞争格局加速分化等。从国际市场来看，欧美资产托 管机构为应对低利率环境开展了积极的探索和实践。建议我国资产托管机构聚焦成本控制和业务结构优化，并通过技术赋能、服务 增值与生态协同，逐步实现从基础服务商向金融生态赋能者转变。 关键词 利差缩窄 资产托管 技术驱动 资产管理 自2024年以来，利差缩窄、债券收益率曲线扁平化及"资产荒"等现象，给金融机构尤其是商业银行的经营带来诸多挑战。根据万得 （Wind）数据，我国商业银行的净利差已从2021年的2.08%降至2024年末的1.52%，部分中小银行甚至低于1.40%，处于历史低位。 资产托管业务收入属于非息收入，可带来大量资金沉淀，具有低风险、轻资本、轻资产的特点。在经济周期下行阶段，非息业务表 现出较强的业务黏性，为商业银行提供了稳定的综合收益。资产托管属于资产管理的配套服务，利差变化可 ...

Core Insights - The high-end home appliance industry in China is focusing on six major directions driven by technology and health upgrades, as discussed at the "2025 China High-End Home Appliance Value Growth Summit" [1][2] - The market is expected to stabilize around 900 billion yuan, with high-end appliances being the only segment to achieve simultaneous growth in sales and prices, emphasizing "high value" over "high price" [2][3] - Key trends identified for the future of the home appliance industry include convenience, performance efficiency, health-oriented innovation, AI empowerment, experience optimization, and aesthetic integration of home appliances and furniture [2][3] Industry Trends - The high-end home appliance market is characterized by an increase in the proportion of high-end products, restructuring of channel ecosystems, competition among three major brand factions, and multi-category upgrades [1] - Companies are encouraged to focus on user needs, technological innovation, and value creation to overcome challenges and transition from "Made in China" to "Chinese brands" [4] - The demand for personalized customization is strong, particularly in the home renovation sector, with a significant portion of demand coming from large housing units [3] Company Strategies - Boss Electric is concentrating on the core cooking segment, avoiding blind expansion and low-price competition, while leveraging AI to enhance products and retail strategies [2] - Stone Technology has achieved significant technological breakthroughs, including the launch of the world's first robot vacuum with mechanical arm collaboration capabilities, addressing real user needs [3] - Companies are advised to adopt compliance-based strategies and differentiate their products for overseas markets, while also embracing instant retail as a new engine for home appliance channels [4]

Core Viewpoint - King’s Ray Biotechnology focuses on "technology-driven" and "global layout" as its core development strategy, aiming for long-term revenue growth and clear growth paths for various segments [1] Group 1: Financial Projections - The company maintains a "buy" rating, predicting revenue for its main business segments to be $939 million, $825 million, and $961 million for 2025-2027, with year-on-year growth rates of 58%, -12%, and 16% respectively [1] - The estimated PS valuation for the main business segment is based on a 6x PS multiple for 2026 revenue, leading to a valuation of 35.2 billion RMB [1] - The fair value of the company's stake in Legend Biotech, a US-listed company, is estimated at 17 billion RMB as of November 20, 2025 [1] Group 2: Strategic Goals - The company aims to be the global leader in biopharmaceuticals (antibody drugs, gene & cell therapy) and synthetic biology services and products [2] - The strategic plan includes solidifying cash flow to support life sciences, biopharmaceutical CRDMO, and synthetic biology, driving profit growth [2] - The long-term revenue target is set at $3 billion by 2035, with an operating profit margin exceeding 20% [2] Group 3: Business Development Focus - The company is focused on ensuring steady growth in its core businesses, particularly in gene & plasmid services, aiming to expand downstream applications [2] - The antibody protein business aims to enhance core competitiveness and capture the non-outsourcing market by providing innovative instruments and solutions [2] - The protein antibody drug CDMO aims to leverage the rebound in China's biotech sector, accumulate more projects, and enhance sales capabilities in Europe and the US [2] Group 4: Growth Strategy - The company seeks to consolidate its business capabilities by transforming mature services into one-stop solutions, accelerating productization for downstream clients [3] - There is a focus on high-margin products in enzyme preparations, particularly in starch sugar, alcohol, and home care sectors [3] - The company is looking for explosive industry opportunities through innovative protein/enzyme preparations and collaborative development of licensed products [3]

Core Insights - The conference aims to inject strong momentum into the innovation and development of the cosmetics industry by focusing on the integration of Nobel Prize-winning technologies and industrial transformation [1][5] - The Nobel Prize serves as a significant driver for innovation in the cosmetics sector, with recent awards influencing the development of nucleic acid-based raw materials and AI applications in product formulation [2] Group 1: Conference Overview - The "7th Seminar on Frontier Technology Transformation of Bioactive Peptides" was held on November 18 in Jiaxing, Zhejiang, co-hosted by Zhejiang Tsinghua Yangtze River Delta Research Institute and Hemei Biotechnology [1] - The theme of the conference was "Nobel Prize Inspiring New Momentum for Innovation in the Cosmetics Industry," gathering Nobel laureates, researchers, and representatives from leading brands [1] Group 2: Nobel Prize Impact - The 2024 Nobel Prize in Physiology or Medicine is expected to stimulate a surge in the development of nucleic acid-based raw materials in functional skincare [2] - The recognition of AI technology in the 2024 Nobel Prize in Physics is anticipated to accelerate the application of AI in daily chemical formulation design and efficacy validation [2] Group 3: Academic and Industry Collaboration - The conference featured a keynote speech by Michael Levitt, 2013 Nobel Prize winner in Chemistry, discussing the potential for infinite technological innovation through bioactive molecules [3] - Discussions included the integration of basic research in immunology with applications in skin and hair anti-aging regulation [3] Group 4: Practical Applications and Innovations - Various industry experts shared case studies on the application of AI in discovering innovative ingredients and the differentiation of PDRN in product development [4] - The conference highlighted the importance of innovative technologies in establishing long-term competitive advantages for brands in the cosmetics industry [4] Group 5: Industry Development and Challenges - The seminar successfully created a high-quality exchange platform for the integration of academia, industry, and research, addressing challenges such as the difficulty of technology implementation and homogenization of efficacy mechanisms [5] - The event aims to facilitate a shift from raw material competition to technology and innovation competition, contributing to the high-quality development of the cosmetics industry [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant increase in net profit by 31.28% year-on-year for the first three quarters of 2025, reaching 3.209 billion yuan, driven by improved operational efficiency and reduced financial costs [2][5] - The drilling business has seen a substantial improvement in day rates due to the commencement of high-day-rate projects, contributing to the overall revenue growth [2][5] - The company is committed to a "technology-driven" strategy, which is expected to support stable growth in its oilfield technology services business in the future [2][5] - The potential of offshore oil and gas resources is significant, and the company is expected to benefit from China National Offshore Oil Corporation's (CNOOC) ongoing efforts to increase reserves and production [2][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 34.854 billion yuan, a year-on-year increase of 3.54% [2][5] - The net profit attributable to the parent company for the third quarter was 1.246 billion yuan, reflecting a 46.13% year-on-year growth [2][5] - The gross profit margin for the first three quarters reached 18.20%, an increase of 0.96 percentage points year-on-year [11] Drilling Business - The company’s drilling platforms operated for 14,784 days in the first three quarters, a 12.3% increase year-on-year [11] - The average day rate for platforms in the first half of 2025 was 91,000 USD/day, up 5.8% year-on-year, with semi-submersible platform day rates increasing by 27.6% [11] Technology and Market Strategy - The oilfield technology service business has seen a growth in operational volume despite a slight decline in market size [11] - The company aims to increase the revenue share of its oilfield technology services from 57% in 2024 to 60% by 2030 [11] Market Outlook - The global exploration and development of offshore and unconventional oil and gas resources are expected to be key growth areas, with CNOOC's capital expenditure budget for 2025 set between 125 billion and 135 billion yuan [11]