长桥证券（香港）持有赤子城科技最近1年来持股变化图中显示，最近半年，通过长桥证券（香港）操 作的资金，在股价冲高时减仓，在股价回调时买入，做了一套清晰的逆向操作，动作迅速不拖泥带水。 作为中东社交泛娱乐头部公司，赤子城科技日前获得了花旗的首次覆盖。花旗研报指出，公司强劲的增 长得益于几个方面支撑：一是"产品复制"策略的成功；二是全球业务尤其是在中东北非、东南亚地区的 稳固增长；三是游戏、社交电商和短剧的潜在增长；四是战略投资得到了很好验证；五是AI对业务的 赋能。 此外，摩根士丹利国际、UBS SECURITIES (HK) LTD 席位亦增持了赤子城科技 79.48 万股和 22.83 万 股。 上述 5 个席位，期内合计买入 1399.09 万股赤子城科技股份。 业内人士分析，国际资金选择在最近两周内增持，或与股价低估有关。 除国际资本外，还有港资最近通过长桥证券（香港）增持了赤子城科技。11 月 7 日至 11 月 21 日，该 席位持仓从 117.20 万股，提升至 126.80 万股。持仓量接近 1 年以来的高点。 根据 龙虎榜数据，过去两周间（11 月 7 日至 11 月 21 日），有国际资本通 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 107.73 CNY [7][12]. Core Insights - The company's financial stability is supported by diverse business segments driving growth, with a significant increase in revenue projections for PC and data center businesses [3][11]. - The forecasted net profit attributable to the parent company for 2025-2027 is 41 billion, 52 billion, and 63 billion CNY respectively, reflecting an upward revision from previous estimates [3][12]. - The company is expected to maintain growth in its ODM (Original Design Manufacturer) business, particularly in the smartphone and PC sectors, with a notable increase in shipments and revenue [11][12]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: 85,338 million CNY, 109,878 million CNY, 158,374 million CNY, 194,316 million CNY, and 233,809 million CNY, with growth rates of -7.9%, 28.8%, 44.1%, 22.7%, and 20.3% respectively [5][14]. - The operating profit is projected to grow from 2,831 million CNY in 2023A to 6,978 million CNY in 2027E, with corresponding growth rates of 1.0%, 6.7%, 49.7%, 28.0%, and 20.5% [5][14]. - The net profit attributable to the parent company is expected to increase from 2,707 million CNY in 2023A to 6,280 million CNY in 2027E, with growth rates of 5.6%, 8.1%, 39.2%, 28.0%, and 20.5% [5][14]. Business Performance - The company has a strong foothold in the consumer electronics sector, with a solid base that is expected to withstand short-term industry fluctuations [11]. - The PC ODM business is projected to see significant growth, with an expected revenue of over 300 billion CNY in 2025 and a shipment target of 1.8 million units [11]. - The data center business is anticipated to achieve over 40 billion CNY in revenue for 2025, with continued growth expected in AI servers and general servers [11].

Core Insights - The article emphasizes the importance of investment tools in determining returns in the digital finance era, with mobile trading expected to account for 83% of transactions by 2025 [1] - The Sina Finance APP has emerged as a leading decision-making tool for professional investors, achieving a comprehensive score of 9.56 in industry evaluations [1][6] Market Landscape - By 2025, the financial APP ecosystem has developed a clear differentiation, categorized into three main types: comprehensive information APPs, professional APPs, and trading APPs [2][5] - Comprehensive information APPs, led by Sina Finance, have an average user engagement time of 48 minutes per day, providing extensive decision support through global market data and real-time news [3] - Professional APPs, represented by Tonghuashun and Dongfang Caifu, cater primarily to institutional investors, with a high average customer price of 87,000 yuan per year despite only capturing 3% of the market [3] - Trading APPs, such as Futu NiuNiu and Huashengtong, dominate with a user share of 61%, offering a complete service cycle from account opening to trading and settlement [5] Sina Finance APP: Comprehensive Advantages - In 2025, Sina Finance APP is recognized as the best stock trading APP, excelling in data coverage, information quality, intelligent tools, trading experience, and community ecosystem [6] - It supports real-time trading across over 40 markets with a refresh rate of 0.03 seconds, maintaining performance during high volatility periods [6] - The APP provides timely analysis of significant events, such as the People's Bank of China's rate cuts, with a lead time of 5-10 seconds over competitors [6][7] AI Empowerment: Core Competitive Edge - Intelligent tools are identified as a core competitive advantage, with the "Xina AI Assistant" capable of summarizing lengthy reports and identifying risk and opportunity points [8] - The AI can generate automated strategies based on market conditions, enhancing decision-making efficiency for users [8] Information Speed: Decision-Making Advantage - The fast information dissemination system of Sina Finance allows for timely alerts and analyses, providing users with critical decision-making time during market fluctuations [10] - For instance, during a sudden drop in Hong Kong stocks, Sina Finance issued a warning 8 seconds before significant price changes occurred [10] Community Ecosystem: Balance of Professionalism and Interaction - The APP integrates insights from certified analysts, filtering out noise and enhancing the quality of discussions [11][12] - Users can complete transactions swiftly, significantly improving decision-making efficiency during market events [12] Overview of Top Financial APPs - Besides Sina Finance, other notable financial APPs include: - Zhitong Finance, known for rapid notifications [13] - Wall Street Watch, focusing on cross-market analysis [13] - Tonghuashun, with a large user base and AI trading models [13] - Dongfang Caifu, combining securities and financial data services [13] - Xueqiu, leading in community engagement but lagging in information speed [14] Selection Recommendations - Investors are advised to match their needs with appropriate financial APPs, with Sina Finance being suitable for both short-term and long-term strategies [20] - The APP's comprehensive features allow users to consolidate multiple functions into one platform, enhancing overall efficiency [20] Conclusion - As the cross-border ETF market surpasses one trillion yuan by 2025, investment software is expected to integrate AI and big data technologies [21] - Sina Finance APP stands out as a versatile tool meeting diverse investor needs, combining global data, compliant AI, and social interaction [21]

高端之上价值领航 转自：中国质量报 凛冬之下行业求变 石头科技产品总监陈莹回顾了该品牌10年发展历程，陈莹表示，从LDS导航技术突破扫地机行业痛点， 到如今推出全球首款具备机械手协作能力的扫拖一体机器人，一个个技术突破都是从持续解决用户的真 实需求角度出发。 企业AI获客实战专家杨奇玮指出，AI+员工混合办公时代已来临，企业需从"管人"升级为"管理AI与员 工"。成都理工大学研究员彭浩表示，未来健康家电将走向地域、人群、场景"三定制"，健康监测可视 化成为标配，通过可穿戴设备联动饮水设备实现智能补水。 家装下午茶创始人许春阳指出，家装行业进入存量深耕期，100平方米以上大户型装修需求占比达 41%。行业呈现"龙头蛇尾"格局，用户主权时代下，个性化定制需求强烈，品牌商应按装企规模分级合 作，聚焦15年以上老小区存量换新需求，通过户型适配挖掘精准商机。 亚马逊全球开店大客户拓展与运营高级经理Shelly Xu建议中国品牌以合规为基础，通过差异化产品与 本土化运营，把握海外线上零售的增长红利。蓝皓集团副总经理黄存正指出，即时零售成为家电渠道核 心新引擎，其核心价值在于"近距离、高时效、强曝光"。目前小米、苏泊尔等品 ...

金吾财讯 | 网易(NTES)盘前股价上扬，暂升3.69%，报138.51美元。 开源证券研报指出，公司2025Q3实现营业收入284亿元（同比+8.2%，环比+1.7%），归母净利润86亿 元（同比+31.8%，环比+0.2%）。Q3毛利率为64.1%（同比+1.2pct），销售/管理/研发费率分别为 15.7%/4.1%/16.0%（同比+1.2/-0.1/-0.9pct），净利率为31.0%（同比+5.4pct），盈利能力提升主要得益 于股票投资公允价值变动收益及较低的净汇兑损失。 来源：金吾财讯 截至2025Q3末，公司合同负债达195亿元（同比+25%，环比+15%），递延收入逐步释放或驱动业绩延 续高增。基于Q3业绩，该机构下调2025-2027年业绩预测，预计2025-2027年归母净利润分别为 357/383/429（前值375/405/464）亿元，当前股价对应PE分别为16.6/15.5/13.8倍，该机构看好储备游戏 逐步上线、优质产品出海、AI赋能深化共同驱动公司业绩增长，维持"买入"评级。 ...

晨 会 纪 要 [2025]第 216 号 整理记录：聂孟依 研究所今日晨会要点如下: 一、行业与公司 1、商贸零售行业（聂孟依） 2025 年双十一全网电商销售总额同比增长 14.2% 根据星图数据显示，2025 年"双十一"购物节，全网电商销售总额为 16950 亿元，同比 增长 14.2%。其中综合电商销售总额为 16191 亿元，同比增长 12.3%，即时零售销售额为 670 亿元，同比增长 138.4%，社区团购销售额为 90 亿元，同比减少 35.3%。分品类表现来看，综 合电商平台销售额 TOP5 品类分别为：TOP1 家用电器，销售额占比为 16.5%；TOP2 手机数 码，销售额占比为 14.6%；TOP3 服装，销售额占比为 14.0%；TOP4 个护美妆，销售额占比 为 8.2%；TOP5 女鞋/男鞋/箱包，销售额占比为 6.5%。消费趋势也呈现出一定的变化，本次 双十一，消费者更理性，愿为真正价值付费，呈现"按需分级"特点，此外品牌带给消费者 的价值共鸣也越来越重要，国产品牌、新生代原创品牌通过原创设计和内容创新，获得消费 者青睐。 主 题：对近期重要经济金融新闻、行业事件、公司公告等 ...

当消费电子迎来AI赋能的迭代浪潮，当新能源产业驶入高质量发展的快车道，捷邦科技(301326.SZ)正 以精密制造为基、以技术创新为翼，在两大黄金赛道上"换挡加速"，从精密制造领军者向多元化科技创 新企业跃升。 锚定高增长黄金赛道，打造新的业绩增长极 精准的赛道布局是捷邦科技未来持续成长的关键。目前，公司已构建起"消费电子精密制造+新能源新 材料"的双轮驱动格局。与此同时，捷邦科技还紧抓算力基础设施升级机遇，推出液冷散热模组产品， 获得了北美大客户送样资格，未来或有望成为公司新的利润增长点。 在消费电子领域，捷邦科技通过收购赛诺高德，实现了VC均热板蚀刻加工技术的突破，成为少数进入 果链的散热部件厂商之一。据了解，赛诺高德是国内手机VC均热板蚀刻加工领域的头部企业，在过去 多年的经营发展中沉淀了不少优质客户，也积累了过硬的技术能力与充足的产能储备，并且获得北美A 客户一级供应商代码。 随着赛诺高德进入并表带来的消费电子业务发力，捷邦科技的经营业绩从今年第三季度开始扭转。财报 显示，公司今年第三季度实现营收5.24亿元，同比增幅109.33%，实现归属于上市公司股东的净利润 2,544.72万元，同比激增加29 ...

Core Viewpoint - The report from Open Source Securities maintains a "Buy" rating for NetEase-S (09999), highlighting robust third-quarter performance with both revenue and net profit showing year-on-year growth, particularly a significant net profit increase of 31.8% driven by core games and AI technology applications [1] Group 1: Performance Overview - In Q3 2025, the company achieved revenue of 28.4 billion yuan, representing an 8.2% year-on-year increase and a 1.7% quarter-on-quarter increase, with net profit reaching 8.6 billion yuan, up 31.8% year-on-year and 0.2% quarter-on-quarter [1] - The gross margin for Q3 was 64.1%, an increase of 1.2 percentage points year-on-year, while the net margin was 31.0%, up 5.4 percentage points year-on-year, indicating improved profitability driven by fair value changes in stock investments and lower foreign exchange losses [1] - The company forecasts net profits for 2025-2027 to be 35.7 billion, 38.3 billion, and 42.9 billion yuan respectively, with current price-to-earnings ratios of 16.6, 15.5, and 13.8 times [1] Group 2: Gaming and New Releases - Revenue from games and related value-added services in Q3 reached 23.3 billion yuan, reflecting an 11.8% year-on-year increase and a 2.3% quarter-on-quarter increase, driven by titles like "Dream of the Red Chamber" and new games [2] - The gross margin for this segment was 69.3%, up 0.5 percentage points year-on-year, with "Dream of the Red Chamber" achieving record high concurrent users [2] - The company is expanding its overseas product offerings, with "Destiny: Stars" topping iOS download charts in multiple regions and new titles like "Yanyun Sixteen Sounds" performing well internationally [2] Group 3: AI and Music Business - Cloud Music reported a revenue of 1.96 billion yuan in Q3, with a gross margin increase of 2.6 percentage points to 35.4%, driven by the launch of the "AI Tuning Master" [3] - Youdao's revenue reached 1.63 billion yuan in Q3, primarily due to over 40% growth in online marketing services, with a user retention rate exceeding 75% [3] - AI-driven subscription service revenue reached approximately 100 million yuan, marking a year-on-year increase of over 40%, indicating strong growth potential in music and education sectors [3]

今天分享的是：2025年中国出口跨境电商发展趋势白皮书 报告共计：8页 中国出口跨境电商迈入价值创造新阶段 自主创新与AI赋能成关键引擎 近年来，中国出口跨境电商行业正经历从"价格竞争"到"价值创造"的深刻转型。根据《2025年中国出口跨境电商发展趋势白皮书》，随着全球消费市场尤其 是Z世代网购人群比例预计攀升至90.3%，中国卖家不再依赖低价策略，而是通过产品创新、技术升级和品牌建设，推动行业向高质量发展迈进。在供应 端，已有64%的中国卖家将选品重点转向全新品类或现有产品的迭代更新，35%的销量来自一年内新选品，显示出创新已成为出海增长的核心动力。 在产品创新方面，中国企业展现出强劲的自主研发实力与市场敏锐度。白皮书指出，超过88%的出海产品为自主创新，32%为全球首发品类，涵盖AI智能硬 件、新一代信息技术等前沿领域。品牌通过挖掘用户真实需求，从使用场景中提炼创新方向，例如推出免换水扫地机器人、口袋无人机、柔美机械键盘等产 品，不仅解决了传统产品的痛点，还开辟了全新细分市场。这些创新产品在亚马逊等平台上获得平均4.3分以上的用户评价，超过60%的品牌产品斩获国际 奖项，显示出全球消费者对中国智造的认可。 ...

Group 1 - The core point of the article is that the agricultural products company (SZ 000061) announced an investor research meeting scheduled for November 21, 2025, where the company’s board secretary Jiang Jiang will participate and address investor inquiries [1] - For the first half of 2025, the revenue composition of the agricultural products company is as follows: agricultural product support services account for 55.52%, agricultural wholesale market business accounts for 44.96%, agricultural production processing and breeding business accounts for 1.81%, and internal offsets account for -2.29% [1] - As of the time of reporting, the market capitalization of the agricultural products company is 19.8 billion yuan [1]