外资机构看好中国市场，增配行业龙头股 王滢建议长期关注高科技板块，包括人工智能、自动化、机器人、生物科技、高端制造等，同时建议投 资者持续配置高质量红利股，以抵御短期的市场波动。 瑞银最新研报指出，在新兴市场中继续给予中国超配评级，理由是与另一新兴市场印度相比，中国企业 营收增长更快，每股收益增长同样较快，当前估值较印度市场折价约33%。 摩根大通同样看好中国股市，估算至2026年底，沪深300指数有24%上行空间，MSCI中国指数则有35% 上行空间。 当前进入上市公司三季报披露季，记者梳理发现，行业龙头成为外资重仓和增仓主要品种。据数据统 计，截至9月底，贵州茅台、中国平安、五粮液最受外资青睐，3家的持股外资机构数量分别达85家、83 家和81家。顺丰控股、京东方A、恒瑞医药、立讯精密、工商银行、美的集团等11只股票也吸引了超过 70家外资机构持有。 从持股数量来看，银行股是外资重仓方向之一。截至9月底，外资持股数量前十的A股公司中，上市银 行占了7席。其中，32家外资合计持有南京银行22.36亿股，75家外资持有工商银行15.65亿股。农业银 行、招商银行、宁波银行的外资持股均超过10亿股。 从持仓市值 ...

证券代码：603239 证券简称：浙江仙通 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 第三季度财务报表是否经审计 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人叶未亮、主管会计工作负责人刘玲及会计机构负责人（会计主管人员）胡卫琴保证季度报告 中财务信息的真实、准确、完整。 □是 √否 一、主要财务数据 （二）非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 （三 ...

Group 1 - The core viewpoint is that foreign institutions are optimistic about the A-share market, predicting a slow bull market and advising investors to shift from "selling high" to "buying low" [1][2][3] - Goldman Sachs believes that the MSCI China Index has rebounded 80% from its cycle low at the end of 2022, indicating a more sustainable upward trend for the Chinese stock market [2][3] - Morgan Stanley maintains a positive outlook for the CSI 300 Index until the end of 2026, driven by a gradual shift of household asset allocation towards the stock market [3] Group 2 - Foreign institutions are focusing on the "14th Five-Year Plan," which is expected to bring new opportunities to the A-share market, emphasizing the importance of expanding domestic consumption [4][5] - Morgan Stanley highlights the theme of "anti-involution" as a potential key focus of the "14th Five-Year Plan," which may include strategic goals for promoting high-quality growth and new productive forces [5] - UBS analysts suggest that the growth style may outperform the value style in the medium term, with a favorable risk-return profile for investing in the ChiNext Index [6] Group 3 - The focus on technology growth and "anti-involution" themes is increasing among foreign institutions, with a recommendation to prioritize growth stocks, particularly in private enterprises and AI sectors [6][7] - The report indicates that while themes related to supply-side factors have been well captured this year, opportunities in "anti-involution" and service consumption remain as additional themes [7]

Summary of the Conference Call for Meinian Medical Company Overview - **Company**: Meinian Medical - **Industry**: Medical Devices and Healthcare Key Financial Metrics - **Revenue**: 4.61 billion CNY for Q3 2025, a year-on-year increase of 2.56% [2][3] - **Net Profit**: 93.90 million CNY for Q3 2025, a year-on-year increase of 5.89% [2][3] - **Net Profit (Excluding Non-recurring Items)**: 92.71 million CNY, a year-on-year increase of 9.56% [2][3] - **Cash Assets**: 16.18 billion CNY, accounting for 38.71% of total assets [2][3] - **Debt Ratio**: 11.43%, indicating low leverage [2][3] - **Gross Margin**: 39.34% for the first nine months of 2025, down 2.44 percentage points year-on-year, but Q3 gross margin improved to 42.24% [2][3] Business Performance and Challenges - **Impact of Tariff Policies**: The company faced challenges due to capacity transfer and tariff policies, affecting gross margins [2][3][6] - **Recovery in Gross Margin**: Q3 gross margin showed signs of recovery, indicating stabilization in profitability [2][3][6] - **Production Capacity Transfer**: Part of the production capacity was moved to Malaysia to mitigate tariff impacts, with expectations of normalizing margins as operations stabilize [2][6][19] Growth Opportunities - **New Business Segments**: Future growth is anticipated from new products such as insulin pens and Continuous Glucose Monitoring (CGM) systems, which are expected to contribute significantly to revenue starting next year [2][7][25] - **Brain-Computer Interface (BCI) and Robotics**: The company has established a strong technical foundation in BCI, particularly in invasive electrode manufacturing, and is exploring semi-invasive and non-invasive products [2][5][7][15] - **Insulin Injection Pens**: The insulin pen business is entering a growth phase, with new orders expected to generate substantial revenue starting in 2026 [4][11][25] Market Position and Collaborations - **Partnerships**: The company maintains stable collaborations with leading global respiratory device manufacturers, which is expected to support double-digit growth in the home respiratory device segment [4][9] - **BCI Commercialization**: The BCI product line is in early stages, with ongoing clinical trials and sample testing, indicating potential for rapid revenue generation from semi-invasive and non-invasive products [10][15] Operational Developments - **Manufacturing Capacity in Malaysia**: The first two phases of the Malaysian factory are fully operational, with the third phase expected to be completed by the end of 2025, supporting a production capacity of 10 to 20 billion CNY [19][20] - **Automation and Efficiency**: The company is focusing on enhancing automation in its production processes, particularly in the new Malaysian facility [23][24] Strategic Outlook - **Future Growth Drivers**: The primary growth drivers for the next two to three years will be the injection pen and CGM device segments, which are expected to play a crucial role in the company's overall business strategy [25] - **Management Confidence**: Despite challenges, management remains committed to achieving performance targets and enhancing shareholder value through strategic initiatives [13][14] Additional Insights - **Regulatory Challenges**: The company is navigating regulatory challenges related to rare earth exports, which have temporarily impacted the delivery of certain products [11][14] - **Stock Performance and Shareholder Management**: The company has outlined a cautious approach to share reduction post-IPO, adhering to regulatory guidelines to prevent significant sell-offs [22]

Robotics - Dongfang Electric Heat has sent samples of electronic skin to leading robotics companies [1] - Hongjing Optoelectronics has initiated research and development on humanoid robots and has sent samples [1] - Baolong Technology plans to gradually invest resources to expand its business in the robotics field [1] Deep Earth Economy - Boying Special Welding's anti-corrosion and anti-wear welding technology can be applied to oil pipelines in deep earth oil and gas transportation [1] - Baotailong's coal and graphite resources are currently not classified under the "deep earth economy" category [1] Consumer Electronics - Longli Technology's LIPO technology products have achieved mass production in projects such as wristbands and mobile phones [1] Charging and Swapping - Green Energy Smart Charging has technical and business cooperation with CATL in the charging and swapping business [1] - Dazhong Transportation has not yet engaged in the charging and swapping business [1] Other Developments - Huagong Technology has seen bulk shipments of 400G/800G optical modules from overseas equipment and channel vendors [1] - Lingyi Zhi Zao has made bulk shipments of cooling modules for international clients such as AMD [1] - Farah Electronics' capacitors are used in ultra-high voltage transmission and transformation applications [1] - Huate Gas has supplied a small quantity of electronic specialty gases to Xinkai, with a minor business proportion [1] - Benchuan Intelligent's high-end PCB products have achieved small batch applications in CPO-related projects [1] - Fangda Special Steel has not yet collaborated with Huawei on "digital twin" projects related to blast furnaces [1] - Hengdian East Magnetic focuses its energy storage business on household storage, with a small portion of shipments in the European market [1] - Siwei Tuxin and Jianzhizhi Robot have collectively secured 5.85 million sets of intelligent driving solutions from 2024 to the first half of 2025 [1] - iFlytek maintains a good cooperation with Moore Threads in the field of artificial intelligence [1]

证券研究报告 | 公司点评 | 摩托车及其他 涛涛车业(301345) 报告日期：2025 年 10 月 22 日 单三季度业绩同比增长 121%，北美休闲车龙头有望强者恒强 ——涛涛车业点评报告 投资要点 ❑ 事件：公司发布 2025 年三季报，单三季度利润增长提速（归母净利润同比增长 121%） 1）2025 年前三季度，公司实现营业收入 27.7 亿元，同比增长 25%；实现归母净利润 6.1 亿元，同比增长 101%。前三季度加权 ROE 为 18.1%，同比提升 8.0pct；销售净利率为 21.9%，同比提升 8.0pct；销售毛利率为 42.3%，同比提升 6.0pct。 2）单三季度，公司实现营业收入 10.6 亿元，同比增长 28%；实现归母净利润 2.6 亿元， 同比增长 121%。单三季度 ROE 为 7.9%，同比提升 3.9pct；销售净利率为 25.0%，同比提 升 10.6pct；销售毛利率为 46.1%，同比提升 9.1pct。 ❑ 9 月 20 日公司发布公告称拟发行 H 股 公司拟首次公开发行 H 股股票并在香港联交所主板上市，以推动公司全球化战略布局、 提升国际品牌影响力 ...

Financial Performance Expectations - Tesla is expected to report Q3 revenue of $26.4 billion, a 17% increase quarter-over-quarter, driven by a surge in purchases before the expiration of U.S. electric vehicle tax credits [2] - The company delivered 497,099 vehicles in the quarter, a 7.4% year-over-year increase, surpassing market expectations of 456,000 units [2] - Adjusted earnings per share are projected to be $0.55, a 38% increase from the previous quarter but a 24% decrease year-over-year [3] Business Segments and Revenue Sources - Tesla's automotive revenue is anticipated to be $19.6 billion, including $417 million from regulatory credits, with a projected automotive gross margin of 16.3%, up from 15% in the previous quarter [2] - Revenue from carbon credits has been declining and is expected to continue this trend due to changes in regulations that reduce the incentive for other automakers to purchase credits from Tesla [2] Future Growth and Strategic Focus - Investors are particularly interested in Tesla's future, especially regarding its dominance in the electric vehicle market and CEO Elon Musk's ambitions in robotics and AI [4] - Musk has emphasized that Tesla is more of an AI company than a traditional automaker, with significant growth expected from humanoid robots and autonomous driving technologies [4] - Analysts predict Tesla's market value could rise from $1.5 trillion to $2 trillion by early next year, and potentially reach $3 trillion by the end of 2026, driven by advancements in robotics and autonomous driving [4] Autonomous Driving and Robotics Developments - Tesla aims to achieve commercialized autonomous driving by 2026, with Musk forecasting "millions" of Teslas equipped with autonomous capabilities by the second half of next year [5] - The Cybercab, designed without a steering wheel or pedals, is expected to begin production next year at a price of approximately $30,000 [5] - However, some analysts express skepticism about Musk's ambitious timelines, citing potential legal risks and challenges in rapidly scaling the autonomous taxi service [6] Corporate Governance and Executive Compensation - As Tesla's annual shareholder meeting approaches, discussions around Musk's compensation plan are expected, which includes proposals for stock grants and performance-based incentives potentially worth up to $1 trillion [7] - Analysts anticipate that shareholders will approve Musk's new compensation plan, as his vision is closely tied to Tesla's success, and there are concerns that failure to approve could shift his focus away from Tesla [7] - Over the past year, Tesla's stock has surged over 100%, largely driven by AI expectations and signals of Musk's continued leadership [7][8]

Core Viewpoint - The Chinese market is becoming a focal point for global investors, with experts from top investment institutions expressing optimism about investment opportunities despite a complex global macro environment [1]. Group 1: Market Outlook - The current bull market in A-shares is believed to be in its second phase, driven by fundamental improvements rather than just policy [3]. - The bull market is compared to the "5·19 market" of 1999, indicating a similar macro policy shift and market sentiment recovery [3]. - The market is expected to continue its upward trajectory, with technology as the main driver and value sectors like real estate and liquor showing potential for revaluation [4]. Group 2: Investment Strategies - Investment strategies recommended include focusing on high-tech sectors such as AI, automation, and biotechnology, while also considering high-quality dividend stocks to mitigate short-term volatility [9]. - The MSCI China index is projected to exceed a net asset return of 12% by the end of 2026, indicating a positive long-term outlook for Chinese equities [9]. - Gold is highlighted as a valuable asset for diversification and risk hedging, with expectations of a 5% price increase due to geopolitical uncertainties and central bank purchases [12]. Group 3: Global Economic Context - The global investment landscape is shifting, with long-term capital from Europe, Latin America, and the Middle East increasingly entering the Chinese market [11]. - The Federal Reserve's interest rate cuts are expected to influence global asset allocation, with a projected total reduction of 75 basis points by the first quarter of next year [11].

Core Viewpoint - Heertai (002402.SZ) reported a strong performance in Q3 2025, with significant revenue and profit growth, indicating effective strategic initiatives and investment in high-growth sectors [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 8.27 billion yuan, representing a year-on-year increase of 17.47% [1] - The net profit for the same period was 603 million yuan, showing a substantial year-on-year growth of 69.66% [1] Strategic Initiatives - The company has increased its R&D investment and is optimizing its customer and product structures [1] - Since 2025, Heertai has focused on high-growth emerging fields such as robotics and is strategically expanding upstream in the supply chain, particularly in sensors [1] - The dual-driven investment strategy of "finance and strategy" aims to cultivate new growth areas and enhance industrial synergy, laying a solid foundation for sustainable growth and long-term market value stability [1]

今日，机器人板块逆势上涨，截至收盘，国证机器人产业指数上涨0.3%，中证物联网主题指数下跌0.7%，中证消费电子主题指数下跌0.8%，中证智能电动 汽车指数下跌1.0%，机器人ETF易方达（159530）全天获近1.3亿份净申购。 | 令日 | 该指数 该指数自202 | | --- | --- | | 该指数涨跌 | 滚动市盈率 发布以来估值: | | -0.8% | 64.2倍 99.0% | | 今日 | 该指数 | 该指数自201 | | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | 发布以来估值 | | -0.7% | 33.0倍 | 49.4% | 每日经济新闻 ...