重要全球投资论坛在港举办！11月6日至7日，"智见中国·扬帆未来"广发证券2025年全球投 资论坛在香港举办，论坛汇聚了国内顶尖上市公司领袖与全球知名投资机构，现场参会过千 人。 出海成为新时代的重要方向，也是券商国际化和卖方研究转型需要。作为知名头部券商，实 力卓著的广发证券研究业务，持续加大了海外业务推进力度，与全球顶尖投行同台竞技。 众多海内外知名机构投资者参会 对中国优质企业兴趣浓厚 11月6日至7日，"智见中国·扬帆未来"广发证券2025年全球投资论坛在香港举办，论坛汇聚 了国内顶尖上市公司领袖与全球知名投资机构，现场参会过千人。 据了解，论坛聚焦AI、机器人、新能源、创新药、新消费等赛道，共有约80家知名上市公司 应邀参会。约30位产业链龙头公司掌门人出席会议，与投资者进行深度交流，包括工业富 联、中际旭创、胜宏科技、蓝思科技、东山精密、领益智造、协创数据、万国数据、长春高 新、晶泰控股、晶晨股份、北京君正、大族数控、源杰科技、剑桥科技、峰岹科技、杰华 特、广和通、博瑞医药、聚辰股份、芯碁微装、劲方医药-B、秦淮数据、天辰生物医药、先 通国际医药、捷利交易宝等公司董事长、总经理。 11月6日上午的 ...

Core Viewpoint - The medical device sector is experiencing a steady inflow of funds, indicating a clear intention for low-price positioning, with the medical device ETF (562600) seeing a net inflow exceeding 60 million over the past seven trading days [1] Group 1: Market Performance - As of 9:51 AM on November 7, the medical device ETF (562600) slightly declined by 0.33% [1] - The ETF has recorded net inflows for seven consecutive trading days, totaling over 60 million [1] Group 2: Industry Events - The "China-Saudi Medical Device Industry Exchange Conference" and related inspection activities were successfully held, focusing on the prospects, regulations, and entry strategies of the Saudi market [1] - Several leading Chinese companies showcased innovative products and technologies in areas such as absorbable biomaterials, AI healthcare, and intelligent robotics during the conference [1] Group 3: Investment Insights - Guojin Securities suggests that overseas developed markets are experiencing stable prices, with leading companies showing significantly higher growth rates in overseas markets compared to domestic markets [1] - Companies with strong overseas product and channel capabilities are expected to achieve higher growth certainty and market valuation [1] - The domestic market's future development focus is shifting towards high-barrier innovation sectors, with policies supporting new products like brain-computer interfaces, which will catalyze the commercialization of new products [1] - High-quality companies venturing abroad are likely to undergo value reassessment [1]

Core Insights - "Innovation technology" and "going global" are identified as key themes for Hong Kong enterprises participating in the 8th China International Import Expo [1] - The Hong Kong Trade Development Council (HKTDC) has been actively organizing participation in the expo for eight consecutive years, with 380 Hong Kong companies attending this year [1] - The event aims to promote Hong Kong's quality brands and services to mainland and international buyers, encouraging mainland enterprises to utilize Hong Kong's professional services for global opportunities [1] Group 1 - The HKTDC hosted a promotional event titled "Hong Kong: The Preferred Platform for Mainland Enterprises Going Global," attracting over 500 business representatives [1] - This year, 54 out of the 380 participating Hong Kong companies joined through the HKTDC, showcasing diverse professional services [1] - The "Hong Kong Food Pavilion" and "Hong Kong Service Industry Pavilion" were highlighted as platforms for promoting Hong Kong's quality brands and products [1] Group 2 - Innovative technology companies from Hong Kong, such as Yiling Technology, showcased their latest products at the expo, demonstrating growth from initial market entry to a complete industrial chain [2] - Yiling Technology's new home-use liver fat measurement device represents an evolution of their previous portable medical equipment, aiming to enhance public health monitoring [2] - Hong Kong is recognized as a vital platform for Shanghai enterprises to expand overseas, with over 2,400 Shanghai companies investing in Hong Kong across various sectors [2] Group 3 - The Hong Kong SAR Government's Innovation and Technology Bureau and the Hong Kong Investment Promotion Agency held specialized meetings to foster collaboration between Hong Kong and Shanghai institutions and enterprises [3]

Market Overview - Major indices opened higher with Shanghai Composite Index up 0.10%, Shenzhen Component Index up 0.37%, and ChiNext Index up 0.60% [1] - The storage, HBM, and power grid sectors showed significant gains [1] Index Performance - Shanghai Composite Index: 3973.35, up 0.10%, with a trading volume of 83.35 billion [2] - Shenzhen Component Index: 13272.47, up 0.37%, with a trading volume of 101.14 billion [2] - ChiNext Index: 3185.13, up 0.60%, with a trading volume of 41.02 billion [2] External Market Influences - U.S. stock indices experienced slight gains, with S&P 500 up 0.37%, Nasdaq up 0.65%, and Dow Jones up 0.48% [3] - Chinese concept stocks rebounded, with notable performances from Alibaba, JD.com, and NIO, while Pinduoduo and others also showed mixed results [3] Sector Insights - Citic Securities anticipates multiple factors will likely drive gold prices upward, influenced by geopolitical tensions and U.S. economic performance [4] - CITIC Construction believes the medical device sector is at a turning point, with opportunities for valuation and performance recovery, especially in respiratory testing and home device sales [5] - China Merchants Securities highlights strong performance in the securities industry, with a year-on-year increase in revenue and net profit for listed brokerages [6] - CICC is optimistic about the recovery in the restaurant and tourism sectors, expecting policy expansion to boost demand [7][8]

Core Viewpoint - The pharmaceutical industry has shown a decline in revenue and net profit for the first three quarters of 2025, with a year-on-year decrease of 1.98% in revenue and 11.60% in net profit, although the decline has narrowed compared to the first half of the year [1][2]. Summary by Relevant Sections Overall Industry Performance - The overall revenue and net profit of the pharmaceutical sector continue to decline year-on-year, but the rate of decline has decreased compared to the first half of the year [2]. Subsector Performance - The biopharmaceutical upstream, medical information technology, CRO/CMO, and research reagents sectors have shown strong growth in net profit [1][2]. - The biopharmaceutical upstream, CRO/CMO, medical devices, and home appliances sectors have experienced both revenue and net profit growth [1][2]. Key Sector Insights - **Pharmaceuticals and Innovative Drugs**: The chemical pharmaceutical sector has seen a narrowing of revenue decline, while profits remain under pressure. Innovative drug companies are advancing commercialization and internationalization, leading to significant revenue growth and reduced losses, with leading companies performing steadily [2]. - **CXO**: The industry returned to positive growth in the first half of 2025, with trends continuing into Q3. The CDMO sector shows stable demand, and the CRO sector has seen a notable improvement in order quantity and pricing expectations [2]. - **Upstream Pharmaceutical Chain**: Q3 of 2025 shows signs of recovery with significant profit improvement and gross margin enhancement, benefiting from domestic substitution and demand recovery [3]. - **Medical Devices**: Q3 revenue growth has turned positive, with a noticeable reduction in the year-on-year decline in profits. Several companies are expected to continue improving their performance, with accelerated growth anticipated in 2026 compared to 2025 [3]. - **Medical Services**: Q3 revenue has slightly declined year-on-year, but some consumer medical service companies have stabilized and increased their average transaction value [3]. - **Traditional Chinese Medicine**: Q3 performance has shown a narrowing decline compared to previous quarters, with optimism for demand recovery in the year-end peak season [3]. - **Vaccines**: The sector has experienced a significant year-on-year decline in both revenue and profit for the first three quarters, with future focus on sales improvement and innovation pipeline progress [3]. - **Blood Products**: Revenue has remained stable, but profits are under continued pressure. There is an expectation for a balanced supply-demand situation to recover, with attention on plasma station expansion and industry mergers [3]. - **Pharmaceutical Retail**: Q3 revenue growth has improved quarter-on-quarter, with profits maintaining rapid growth; prior stock price reactions have been sufficient, and attention is on diverse catalysts [3]. - **Pharmaceutical Distribution**: Q3 revenue growth has improved quarter-on-quarter, with impairment provisions affecting profits. Leading companies are stabilizing operations, with future focus on payment recovery and long-term growth expectations from the 14th Five-Year Plan [3]. Investment Outlook for H2 2025 - The company continues to seek new growth and industry consolidation opportunities, with a focus on innovation, global competitiveness, and the assessment of international competitiveness in innovative drugs and medical devices [4][5].

Core Viewpoint - The Chinese engineering machinery industry is experiencing a resurgence in growth driven by high-end equipment manufacturing upgrades and a global infrastructure demand recovery, yet it struggles to shed the label of being "constrained by industry cycles" in the capital market [1][3]. Group 1: Global Expansion - The industry needs to build new competitive advantages globally through "going abroad" to reduce "domestic reliance." Leading Chinese engineering machinery companies are already establishing new growth areas globally. For instance, in the first half of 2025, SANY Heavy Industry Co., Ltd. achieved overseas sales revenue of 26.302 billion yuan, accounting for 60.26% of its main business revenue. Zoomlion Heavy Industry Science and Technology Co., Ltd. reported that overseas revenue accounted for 57.36% of total revenue in the first three quarters, with a fully covered product range from overseas manufacturing bases and an initial European localized supply chain [1][2]. Group 2: Technological Innovation - The industry should leverage smart innovation to reshape the industrial value chain and address the traditional "efficiency bottleneck." For example, XCMG Construction Machinery Co., Ltd.'s unmanned mining trucks can achieve operational efficiency of up to 120%, enabling safe, efficient, and reliable production in complex mining conditions 24/7. Guangxi Liugong Machinery Co., Ltd. has successfully operated intelligent factories for loaders and excavators, with a 30% increase in automation rates, a 7% reduction in manufacturing costs, a 30% improvement in product reliability, and a manufacturing cycle shortened by over 50% [2]. Group 3: Deep Earth Economy - The industry must seize opportunities in the deep earth economy to expand growth in "scene extension." As the deep earth economy becomes a national strategy, engineering machinery companies should actively engage with deep earth resource development needs. For instance, China Railway Construction Heavy Industry Co., Ltd. developed the world's first 1,000-meter vertical hard rock full-face tunneling machine, capable of tunneling at depths exceeding 1,000 meters. Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd.'s dual-arm computer-controlled rock drilling rig is a powerful tool for tackling large-section tunneling challenges. These developments provide essential equipment support for resource extraction from deep within the Earth, opening a new blue ocean for the engineering machinery industry [2]. Group 4: Future Outlook - The transformation logic of the engineering machinery industry is clear, from expanding overseas markets to enhancing efficiency through technological innovation and forward-looking deep earth scene layouts. In the future, the Chinese engineering machinery industry is expected to break free from the constraints of industry cycles and completely shed the label of being "constrained by industry cycles" in the capital market [3].

Core Insights - The Hong Kong FinTech Week 2025 highlighted "AI" and "going global" as the most frequently mentioned topics among participants, indicating a strong focus on these areas in the financial technology landscape [1][3] - The Hong Kong government is actively promoting systematic support for mainland enterprises to expand internationally, establishing a "Mainland Enterprises Going Global Task Force" to facilitate this process [3][7] Group 1: Challenges in Going Global - Mainland enterprises face significant structural challenges when expanding overseas, including high costs and lengthy cross-border payment processes, as well as difficulties in recognizing domestic credit reports abroad [1][4] - A report by Dun & Bradstreet noted that Chinese companies face uncertainties related to tariffs and investment policies, along with opaque operational statuses of overseas partners [4] - Cross-border payment issues are particularly acute for small and medium-sized enterprises (SMEs), which often rely on traditional banking systems that involve lengthy and inefficient processes [4][6] Group 2: Technological Solutions - AI and blockchain technologies are being explored to address the pain points faced by enterprises going global, with a focus on optimizing specific processes such as approval workflows and ensuring the authenticity of cross-border trade documents [1][7] - The Hong Kong government plans to increase the adoption of generative AI among financial institutions to over 87% within the next 3 to 5 years, indicating a strong push towards technological integration in financial services [9][10] - A new cross-border data verification platform is being developed to enhance the efficiency and security of data transfer between Hong Kong and mainland China, utilizing blockchain technology [9][10] Group 3: Policy Support - The Hong Kong government is collaborating across departments to help mainland companies find overseas markets and global capital, positioning Hong Kong as a crucial "jumping-off point" for these enterprises [3][7] - Proposed policy measures include tax incentives to attract more mainland enterprises to establish financial centers in Hong Kong and support for local banks to set up regional headquarters [7][9] - The establishment of the "Mainland Enterprises Going Global Task Force" aims to discuss strategies and plans by the end of 2025, with a focus on empowering SMEs in their international ventures [7][8]

Core Viewpoint - Company Seres has successfully listed on the Hong Kong Stock Exchange (HKEX) with an issue price of HKD 131.5, becoming a dual-listed company in both A-shares and H-shares markets, joining other Chinese automotive companies like NIO and BYD [2][27]. Financial Performance - On its first trading day, Seres' stock opened at HKD 128.9, a 2% drop from the issue price, with a maximum decline exceeding 5% [6]. - For Q3 2025, Seres reported a revenue increase of 15.75% year-on-year, but net profit decreased by 1.74% [8]. - In the first three quarters of 2025, total revenue reached CNY 110.5 billion, a 3.67% increase, while net profit was CNY 53.12 billion, up 31.56% [8][14]. Market Position and Strategy - Seres is uniquely positioned in the Chinese electric vehicle (EV) market due to its long-standing partnership with Huawei, which has significantly benefited its performance [10]. - The company achieved a remarkable revenue growth of 305.5% in 2024, reaching CNY 145.1 billion, and turned a net profit of CNY 59 billion, marking a turnaround from a loss of CNY 2.4 billion in 2023 [11]. - Despite a challenging start in 2025, with Q1 revenue down 27.91%, Seres is focusing on product development and market expansion, including plans for new models and increased R&D investment [13][19]. R&D and Innovation - In the first half of 2025, Seres invested CNY 5.198 billion in R&D, a 154.9% increase, and secured 6,826 patents, reflecting a commitment to innovation [19]. - The company has developed several advanced technologies, including a high-efficiency electric drive system and a new technology platform showcased at the 2025 China Automotive Engineering Society conference [20]. International Expansion - Seres aims to enhance its international presence, having already begun deliveries of its SERES 5 model in Europe and planning to expand into various global markets [29]. - The company is also focusing on localizing production and operations in international markets, with plans to introduce new models under the AITO brand [30][32]. Brand Development - The AITO brand is positioned to lead Seres' international expansion, although challenges exist in gaining recognition in overseas markets compared to its domestic success [33]. - Seres has seen increasing brand recognition, with its AITO models receiving high scores in brand confidence and customer recommendations [22]. Production Capacity - To support the growth of the AITO brand, Seres has established a highly automated super factory, enhancing production capabilities and achieving significant delivery milestones for its models [25]. - The company has delivered over 800,000 vehicles across its AITO brand, with notable sales figures for the AITO M9 and M8 models [25]. Conclusion - Overall, Seres is navigating a complex landscape of financial performance, market positioning, and international expansion, with a focus on innovation and brand development as it seeks to solidify its place in the global automotive market [26][29].

Core Viewpoint - The WISE 2025 conference highlights the resilience and innovative potential of China's business landscape amidst global economic uncertainties, emphasizing a structural transformation rather than a typical cyclical fluctuation [4][7]. Group 1: Economic Indicators - China's GDP grew by 5.3% year-on-year in the first half of the year, with high-tech industries increasing their added value by 9.5% [7]. - R&D investment accounted for nearly 2.7% of GDP, indicating a strong focus on innovation [7]. Group 2: Technological Advancements - Emerging technologies such as AI, new energy, and biotechnology are becoming central to China's economic narrative, shifting from storytelling to being the main drivers of growth [8]. - Advanced technologies are transitioning from laboratories to industrial applications, marking a critical point for innovation [8]. Group 3: Market Dynamics - Chinese companies are evolving from mere product exporters to becoming system exporters of technology standards and business models, leveraging flexible supply chains and advanced technologies [8]. - Consumer behavior is shifting towards valuing "technological appeal" and "emotional value," as seen in retail innovations [8]. Group 4: WISE 2025 Conference Structure - The conference is designed as a seven-act "tech drama," each act addressing different aspects of the evolving business landscape, including challenges, consumer behavior, and global collaboration [12][13][14][15][16][17]. - The event aims to foster genuine dialogue by inviting practitioners from various fields to pose real questions to industry leaders [21][22]. Group 5: Conference Goals - WISE 2025 seeks to provide a platform for creators and action-takers, emphasizing the importance of facing real challenges rather than offering standard answers [26][27].

Core Viewpoint - The capital market is expected to transition from "asset revaluation" to "profit recovery" around 2026, likely resulting in a "flat slow bull" market rather than a "sharp short bull" [1][2] Group 1: Market Outlook - The market is anticipated to experience a "flat slow bull" phase post-2025, with a focus on profit recovery as the new stable center for the capital market [2] - The securities ratio is a key indicator for assessing the market's bull or valuation space, with a ratio of 1.1 being a significant threshold [2] - Profit recovery is expected to follow a "factory-shaped" recovery pattern, with earnings bottoming out by the end of 2025 or early 2026 [2] Group 2: Investment Opportunities - Key investment opportunities are identified in sectors such as technology growth, PPI improvement, anti-involution trends, global competitiveness, and domestic consumption recovery [3][5] - The "technology first" theme is highlighted as a dominant trend in the current bull market, with a focus on relative profitability advantages and global semiconductor cycles [3] - The transition from valuation-driven investments to factor-based investments is emphasized, with important factors including marginal changes in profit growth, revenue growth, and return on equity [3] Group 3: Economic Policy and Consumer Trends - The macroeconomic policy is expected to be more proactive, with moderate monetary easing and potential increases in the broad deficit scale [6] - The "14th Five-Year Plan" is seen as crucial for stimulating domestic demand and consumption, particularly in services and rural areas [5][6] - Supply-side adjustments are necessary, including enhancing service supply and addressing excess capacity through anti-involution measures [7]