智通财经APP获悉，据港交所11月18日披露，苏州东山精密制造股份有限公司(简称：东山精密，002384.SZ)递表港交所主板，瑞银集团、海通国际、广 发证券和中信证券为其联席保荐人。根据灼识咨询的资料，东山精密是全球第一大边缘AI设备PCB供应商，产品主要应用于智能手机、个人计算机、汽 车、工业与物联网设备，并正迅速将能力扩展至数据中心终端市场。 招股书显示，东山精密是一家专注于智能制造领域、具备全球化视野与布局的创新驱动型公司。自成立以来，东山精密在核心产品领域建立了领先的市 场地位。根据灼识咨询的资料，以2024年收入计，公司是全球第一大边缘AI设备PCB供应商、全球第二大软板供应商和全球前三大PCB供应商。 | [編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否 | | | --- | --- | | 面定) | | | 香港[编纂]數目 | [编纂]股H股(可予[编纂]) | | 國際[編纂]數目 .. | [编纂]股H股(可予[编纂]及視乎 | | [编纂]行使與否而定) | | | 最高编纂] : | 每股H股[編纂]港元,另加1.0%經紀佣金、 | | | 0.0027%證監 ...

Core Insights - The 2025 China International Graphene Innovation Conference highlighted the significant advancements in graphene technology, with China emerging as a global leader in the field [1] - Graphene technology is recognized as a sustainable development technology, currently applied in various sectors including batteries, electronics, and thermal management, while also making strides in carbon capture and hydrogen economy [1] Industry Focus Areas - Future applications of graphene are expected to concentrate on sustainable development, healthcare, and communication, with particular emphasis on emerging battery technologies and quantum communication [1] - Graphene materials are anticipated to play a crucial role in terahertz systems as 6G technology evolves, especially in antenna applications [1] Research and Development - Significant resources are being invested in Europe to explore graphene's applications in healthcare, with expectations for rapid advancements in areas such as artificial organs, clinical treatments, and new drug development [1] - The potential for future Nobel Prizes in the field of graphene remains high, with ongoing research into various types of graphene and other two-dimensional materials expected to yield surprising results [1] - Leading research centers in cities like Beijing, Nanjing, and Shenzhen are making notable contributions to graphene and new materials research [1]

Group 1: Market Performance - As of November 13, 2025, the A-share market closed with significant gains in the Hong Kong innovative drug and power equipment sectors, with increases of 4.50% and 4.31% respectively [1][6] - The A-share market saw a notable increase in the entrepreneurial board index, which rose over 2.7%, surpassing the 3200-point mark, driven by positive sentiment in the lithium battery industry [9] Group 2: Power Equipment Industry - The 2025 World Power Battery Conference opened in Yibin, Sichuan, with 180 signed projects totaling 861.3 billion yuan, focusing on green energy sectors such as power batteries and new energy vehicles [2] - The National Energy Administration released guidelines to promote the integration of new energy, which is expected to create new demand growth points for the lithium battery industry [2] Group 3: Lithium Battery Industry - The price of lithium hexafluorophosphate has rebounded strongly, rising from less than 50,000 yuan/ton in July to over 120,000 yuan/ton as of early November 2025, indicating potential for further increases [4] - The overall revenue of the lithium battery industry chain for the first three quarters of 2025 reached 636.19 billion yuan, a year-on-year increase of 16.12%, with net profit rising by 40.37% [4] - Demand from the new energy vehicle and energy storage sectors is driving significant growth in electrolyte procurement, while supply constraints are expected to enhance profitability across the industry [4] Group 4: Innovative Pharmaceuticals - The clinical progress of Innovent Biologics continues to exceed expectations, with Pfizer's aggressive clinical plans for its ADC therapy anticipated to start in November 2025 [5] - The domestic pharmaceutical industry's internationalization is accelerating, with transaction amounts related to innovative drugs reaching 93.7 billion USD in the first three quarters of 2025 [5] - The largest Hong Kong innovative drug ETF has seen continuous capital inflow, reaching a new high in scale at 25.347 billion yuan [5] Group 5: Communication Industry - The communication sector's revenue grew by 2.8% year-on-year in the first half of 2025, with net profit increasing by 7.8%, indicating steady performance [7] - The satellite internet industry is establishing a trend that is expected to gain traction, with continued growth anticipated in the fourth quarter of 2025 [7] Group 6: Oil and Petrochemical Industry - The current oil market faces oversupply, but OPEC+'s decision to slow production increases may help mitigate this risk [8] - The IEA projects a demand increase of 700,000 barrels per day in 2026, while supply is expected to grow by 2.4 million barrels per day, indicating a potential imbalance [8]

Core Viewpoint - Nvidia's stock price surged by 4.9% on October 28, reaching a market capitalization of $4.94 trillion, marking a historical high, before closing at $4.89 trillion [1] Group 1: Company Developments - The GTC conference in Washington D.C. acted as a catalyst for Nvidia's stock increase, where CEO Jensen Huang delivered a two-hour keynote highlighting technological innovations and industry collaboration plans across AI, quantum computing, autonomous driving, and communications [1] - Nvidia is transitioning from being an "AI chip manufacturer" to a "computing ecosystem platform" [1] Group 2: Technological Innovations - CEO Jensen Huang emphasized Nvidia's pivotal role in the future of quantum computing, introducing the NVQLink interconnection system, which connects quantum processors to the AI supercomputers necessary for their efficient operation [1] - Huang described NVQLink as the "Rosetta Stone" for linking quantum and classical supercomputers [1]

Group 1: Market Stability and Reform - The capital market is crucial for national development and economic flow, serving the mission of building a "financial power" [1] - The "14th Five-Year Plan" emphasizes the need for capital markets to fulfill their role in financing the real economy, making high-quality development timely [1] - Internal stability must be reinforced through mergers and acquisitions to enhance the quality of listed companies [1] Group 2: Investment Opportunities - Focus on sectors benefiting from the reform of the Science and Technology Innovation Board, particularly in chips, artificial intelligence, and communications [1] - Opportunities for mergers and acquisitions are highlighted against the backdrop of high-quality development of listed companies [1] - Long-term capital is expected to favor high-dividend stocks such as banks, coal, and public utilities [1] Group 3: International Investment Trends - Over $150 billion of international funds flowed into emerging markets in the first nine months of the year, indicating a growing interest in Chinese assets [2] - The quality of Chinese assets is being re-evaluated, with northbound capital inflows reflecting global investor confidence [2] - The optimization of the Qualified Foreign Institutional Investor (QFII) system aims to lower barriers for foreign investment [11] Group 4: Regulatory and Risk Management - The meeting emphasized the importance of risk prevention and regulatory enforcement to maintain a healthy capital market environment [11] - Continuous efforts to protect the rights of small and medium investors are crucial for sustainable market development [11]

Market Performance - The A-share market experienced a strong upward trend this week, with the technology growth sector outperforming [1] - According to Go-Goal ETF data, technology-related ETFs, particularly in artificial intelligence and communication sectors, saw significant gains, with most rising over 12% [1] ETF Performance - The top-performing ETFs included: - Southern China A-share AI ETF, up 13.98% with a latest scale of 272 million [2] - Huabao A-share AI ETF, up 13.77% with a scale of 3.49 billion [2] - Huaxia A-share AI ETF, up 13.71% with a scale of 637 million [2] - Communication ETF, up 13.57% with a scale of 9.64 billion [2] - Conversely, gold-related ETFs experienced the largest declines [1] Fund Flows - The overall net inflow in the ETF market was 12.923 billion, with stock ETFs seeing a net outflow of 30.676 billion [2] - Cross-border ETFs, money market ETFs, and commodity ETFs recorded net inflows of 9.127 billion, 13.754 billion, and 15.348 billion respectively [2] Upcoming ETFs - Six new ETFs are set to be issued next week, including Hong Kong stock information technology ETF and Hong Kong stock technology ETF [3] - One ETF, the Shanghai 180 ETF, is scheduled to be listed next week [4]

Core Viewpoint - The company Jingda Co., Ltd. (stock code: 600577) has highlighted its subsidiary Hengfeng Special Conductors' main products, which include silver-plated conductors, nickel-plated conductors, and tin-plated conductors, indicating a focus on advanced materials for various high-tech applications [1] Product Overview - The main products of Hengfeng Special Conductors include silver-plated copper conductors and silver-plated alloy conductors [1] - Silver-plated copper conductors are primarily used in data centers and AI servers [1] - The silver-plated copper conductors and silver-plated alloy conductors have significant applications in military, aerospace, and communication sectors [1]

Investment Dynamics - Yonghui Supermarket has established a new trading company in Beijing with a registered capital of 10 million yuan, focusing on food internet sales, telecommunications, and internet information services, which could create additional revenue streams for the company in the long term [3] - Third Space, a luxury gym in London, secured a £75 million bank loan from OakNorth, following a previous loan of £38.5 million in June 2023, indicating investor confidence in the gym's growth potential amid increasing consumer health demands [5] - Guizhou Southern Dairy announced the suspension of its listing application on the Beijing Stock Exchange due to the need for supplementary audit matters, with projected 2024 revenue of 1.817 billion yuan and net profit of 209 million yuan, ranking 20th among 36 listed dairy companies [7] - Eight Horse Tea has passed the listing hearing at the Hong Kong Stock Exchange, aiming for a main board listing with projected revenues of 1.818 billion yuan, 2.122 billion yuan, and 2.143 billion yuan from 2022 to 2024, showing growth rates of 16.8% and 1.0% for 2023 and 2024 respectively [10][11] - Haidilao has opened a budget conveyor sushi restaurant in Hangzhou, indicating its strategy to diversify into the sushi market, leveraging its supply chain to create a differentiated product offering [13] Brand Dynamics - Luckin Coffee has launched a venue leasing cooperation across 39 cities, focusing on school locations, which is expected to enhance brand coverage in a rapidly growing coffee market [19] - LOEWE and Swiss sports brand On have collaborated to launch a limited edition Cloudsolo sneaker, which is anticipated to generate high-margin revenue for LOEWE while attracting high-net-worth customers for On [16] Personnel Dynamics - Cargill appointed Andrew MacPherson as the new CEO of Teys, coinciding with Cargill's acquisition of Teys, which is expected to enhance operational capabilities and market reach [22][23] - China Resources Beer announced a management reshuffle, appointing Jin Hanquan as executive director and president, which aims to strengthen leadership amid increasing competition in the premium beer segment [26] - The global luxury fashion group, Richemont, announced the resignation of its CEO and CFO, Chen Jiyu, who will leave on October 27, 2025, raising questions about the future leadership and performance of the group [28]

Group 1: ETF Market Overview - The total scale of ETFs in the market reached a historical high of 5.63 trillion yuan as of September 30 this year [1] - Stock ETFs surpassed 3.7 trillion yuan, while bond ETFs exceeded 690 billion yuan, both marking record highs [1] - Stock ETFs saw an increase of 820.82 billion yuan this year, making it the segment with the highest growth [1] - Bond ETFs exhibited significant growth, being the fastest-growing ETF segment [1] - Commodity ETFs and cross-border ETFs also experienced growth rates exceeding 100% [1] Group 2: Public Fund Issuance - A total of 1,138 new funds were issued in the market this year, representing a year-on-year increase of 31.87% compared to 863 last year [2] - Equity funds were the focal point of new issuances, with 823 equity funds accounting for over 70% of the total new funds [2] - The number of stock funds issued reached 644, a remarkable increase of 96.34% compared to 328 in the same period last year [2] Group 3: FOF Products - Although the overall issuance of FOF products is low, there is a strong growth momentum, with 49 FOF products issued this year, marking a 113.04% increase from last year [4] Group 4: Fund Performance - As of September 26, 37 funds in the equity and QDII categories have doubled their returns this year [5] - Among actively managed A-share equity funds, those heavily invested in AI led in returns, with the highest single fund return approaching 190% [5] - In the QDII category, funds targeting the Hong Kong market, particularly in innovative pharmaceuticals, performed well, with four funds exceeding 100% returns [5] Group 5: Gold ETF Growth - Since September, gold ETFs have seen an increase of over 20.9 billion yuan [7] - As of October 9, the total scale of gold ETFs reached 169.485 billion yuan, reflecting a growth of 20.9 billion yuan since early September [8] - Five gold ETFs have surpassed 10 billion yuan in scale [8] Group 6: Public Fund Participation in Private Placements - Public funds have shown increasing enthusiasm for participating in private placements, with total subscription amounts exceeding 30 billion yuan this year, surpassing the total for the previous year [9]

Core Insights - The ETF market has seen significant growth in 2023, with industry and thematic ETFs increasing from less than 600 billion yuan at the beginning of the year to over 1 trillion yuan, marking a growth of over 77% [4][5][6] - Investment strategies have shifted, with some investors buying more of underperforming ETFs while others are taking profits from high-performing ones [4][9][10] ETF Market Overview - As of September 30, there are 483 thematic ETFs and 84 industry ETFs, with total assets surpassing 1 trillion yuan [5][6] - The combined scale of these ETFs has increased by 462.77 billion yuan this year, contrasting sharply with the 330 billion yuan increase in broad-based ETFs [5][6] Performance Analysis - 16 industry and thematic ETFs have seen gains exceeding 80% this year, with 150 products yielding over 50% returns [7] - The top-performing ETF, Guotai Chuangye Board AI ETF, has surged by 121.53%, while other notable performers include ETFs focused on communication and gold [7][8] Fund Flow Dynamics - The market has shown a clear trend of "buying the dip," with funds flowing into underperforming ETFs like the coal ETF, which despite a 5.65% decline, saw its scale increase by nearly 300% [9][10] - Conversely, some high-performing ETFs have experienced a decrease in scale, indicating a "take profit" strategy among investors [10] Sector Performance - The top-performing ETFs are primarily in technology sectors such as AI, communication, and chips, while energy and coal ETFs have faced declines [8] - Notably, the performance of the Huatai-PineBridge CSI Innovation Drug ETF was surprising, as it launched mid-September and did not perform as expected [8]