Core Insights - The recent cyber attack on Kuaishou highlights the vulnerability of digital platforms to automated attacks by hacker organizations [1][3] - The incident serves as a wake-up call for the entire industry regarding the need for advanced security measures in the face of evolving threats [5] Group 1: Attack Details - Kuaishou experienced a severe attack on December 22, where hackers infiltrated the system within 60 to 90 minutes, leading to a collapse of the platform's security [1] - Approximately 17,000 zombie accounts were used to create live streams that broadcasted illegal content, with some streams attracting nearly 100,000 viewers [1] Group 2: Security Challenges - The attack was facilitated by the shift to an "automated attack" era, where traditional manual defense mechanisms are inadequate [3] - The rapid influx of violating content overwhelmed manual review processes, resulting in a "ban not keeping up with new additions" scenario [4] Group 3: Recommendations for Improvement - Experts emphasize the need for companies to adopt a dual defense strategy that addresses both external attacks and internal vulnerabilities [4] - The implementation of AI-driven automated security measures is crucial to counteract the increasing sophistication of cyber threats [4][5] - A zero-trust architecture is recommended to strengthen internal defenses against insider threats and unauthorized access [5]

机构：开源证券 研究员：高超/卢崑 公司是2C 金融信息服务行业龙头，以投顾牌照为基础，坚持"投研+科技"双轮驱动，以"内容+流量"获 客展业。董事长于投顾行业从业20 余年、经验丰富，公司股权结构稳定，客群定位清晰，市场空间广 阔。公司已建立起多维度产品矩阵、"1+N"投研体系和三位一体的流量运营体系，重视研发投入、探索 全方位AI 赋能。我们认为公司规模效应已初步显现，短期高beta 属性受益于资本市场活跃；中长期"小 单化"、"平台化"战略有望提高用户粘性，学习机销售态势良好，公司收购香港券商扩充国际业务版 图。我们预计公司2025-2027 年归母净利润11.9/11.0/14.8 亿元，同比+338%/-8%/+35%，对应PE 为 17.9/19.4/14.4 倍，低于可比公司。我们认为公司作为行业龙头，盈利能力突出，牛市弹性突出，新战 略有望带来估值提升，首次覆盖给予"买入"评级。 "投研+科技"双轮驱动，MCN 精细化流量运营（1）收入短期受交易量影响，牛市释放业绩弹性。公司 订单收入与市场交易量具有较强相关性，我们认为牛市氛围下，公司获客效率、付费转化率有望提高， 业绩弹性充分释放，增速有望 ...

毫无生气的AI赋能该休矣 近日，麦当劳荷兰分部紧急撤下一则号称"投入7周高强度制作"的AI圣诞广告，片中人物形象诡异失 真、情节莫名消极，引来网友"群嘲"。无独有偶，可口可乐品牌为圣诞节推出的AI广告亦难逃"视觉灾 难""毫无生气"的评价，尽管相关负责人放出幕后制作视频，辩称每个环节都费尽心血、精益求精，仍 被网友调侃为"给对手百事的免费宣传"。 审视这两起事件，其症结不在于AI技术本身，而在于应用导向与心态——广告本身是情感共鸣与品牌 叙事的艺术，而节日主题尤其需要传递温情和喜悦。然而，两则广告制作耗费大量人力物力，却陷入只 顾"炫技"的窠臼。角色生硬的动作、逻辑断裂的叙事、缺乏人情味的氛围，无不暴露对"人"的理解匮 乏，折射出当下内容生产领域一种令人忧心的倾向：AI赋能，本该是水下推动创意巨轮前行的"引擎"， 却时常浮出水面，成了甲板上"最喧哗的表演"。 在新质生产力浪潮奔涌的今天，AI正从技术工具蜕变为关键基础设施，"人工智能+"生态蔚然成势。然 而，在内容创作的滩头，一种本末倒置的苗头也悄然滋生——技术本为赋能，旨在"降本、增效、提 质"，如今却在某些环节异化为徒具其表的"技术景观"。刻意保留的画面模 ...

Core Insights - The article highlights the digital transformation of Jining Port, which is becoming a significant hub for bulk commodity trading through the launch of the "Ronghui Shuyi" supply chain platform, marking a shift in inland shipping history [1] Group 1: Digital Transformation - The "Ronghui Shuyi" platform integrates previously isolated data across various sectors such as port operations, shipping, logistics, finance, and trade, enabling a one-stop service for bulk commodity transactions [1] - The platform allows shippers to complete the entire process from order placement to delivery and settlement online, achieving a "single order" closed-loop service [1] Group 2: Benefits to Stakeholders - All participants in the logistics ecosystem benefit from the platform, with ports able to predict cargo volumes and optimize scheduling, logistics companies reducing empty runs, and small traders accessing financial services to address cash flow issues [2] - The platform has achieved full-process digital control from shipment to delivery, resulting in an average cost reduction of over 15% for customers [2] Group 3: Platform Architecture and Security - The platform employs a "1+3+5N" architecture, integrating bulk commodity trading, multimodal transport, port systems, and supply chain finance into a comprehensive digital framework [2] - A full-link security assurance system is established, including encrypted data transmission, multiple backups, and strict access management to protect transaction data and logistics information [2] Group 4: Future Developments - Future iterations will focus on enhancing AI capabilities, expanding service scenarios, and strengthening ecosystem collaboration [3] - AI algorithms will be introduced for intelligent scheduling, optimizing logistics routes based on port efficiency and traffic conditions [3] - The platform will also explore blockchain technology for applications in cargo traceability and credit certification, aiming to provide more precise and reliable digital services [3]

业绩简述 收入增长稳健，25H1收入10.84亿元(同比+11.0%)，归母净利润2.73亿元(同比+30.7%)，利润率表现亮 眼;随功能性&定制化镜片收入占比稳步提升，盈利能力持续优化。 光学镜片业务 智通财经APP获悉，浙商证券发布研报称，首次覆盖，给予康耐特光学(02276)"买入"评级，全球领先的 光学树脂镜片龙头，国内外自有品牌快速发展，产品升级趋势明确，先发布局智能眼镜赛道、卡位稀 缺。1996年起家于国际品牌代工，2013年开始向自有品牌转型，当前自有品牌已成为主力增长点。 浙商证券主要观点如下： 差异化SKU矩阵+高效C2M服务推动自主品牌快速发展，定制化车房能力+研发能力奠定智能眼镜卡 位。在国内市场依托差异化产品全面满足细分需求，1.74原料合作&产线生产壁垒较高、长期占据国内 头部份额，赋能B端推广;海外市场依托C2M服务高效、赋能客户、同时全球产能布局。智能眼镜卡位稀 缺，依托定制化车房制造能力、全球最大镜片企业的美誉度背书、配合大厂持续研发迭代以及领先的一 体化贴合技术，陆续突破国内外大厂合作。 风险提示 关税波动超出预期，下游需求不及预期，智能眼镜合作推进不及预期 AI赋能产业， ...

浙商证券（601878）发布研报称，首次覆盖，给予康耐特光学(02276)"买入"评级，全球领先的光学树 脂镜片龙头，国内外自有品牌快速发展，产品升级趋势明确，先发布局智能眼镜赛道、卡位稀缺。1996 年起家于国际品牌代工，2013年开始向自有品牌转型，当前自有品牌已成为主力增长点。 浙商证券主要观点如下： 业绩简述 收入增长稳健，25H1收入10.84亿元(同比+11.0%)，归母净利润2.73亿元(同比+30.7%)，利润率表现亮 眼;随功能性&定制化镜片收入占比稳步提升，盈利能力持续优化。 AI赋能产业，产品端快速迭新，镜片环节有望量价齐升。AI眼镜25Q1-3全球销量312万台，Rayban Meta快速放量，国内外供给端百花齐放;AR眼镜25Q1-3全球销量56万台，AI赋能下产品力快速迭代。当 前智能眼镜近视方案主要分两种，一是目前仍为主流的外挂式，平整&轻薄为迭代方向;二是大厂正在 推进研发的贴合式方案，一体成型方案使得佩戴更为轻便。近视配镜是智能眼镜落地重要环节，随产品 迭代，镜片企业份额及ASP有望显著提升。 光学镜片业务 全球镜片行业千亿规模，保持稳健增长。根据弗若斯特沙利文，2024年全 ...

证券研究报告 | 公司深度 | 文娱用品 康耐特光学(02276) 报告日期：2025 年 12 月 21 日 全球光学树脂镜片龙头，XR 眼镜赛道卡位稀缺 ——康耐特光学深度报告 投资要点 ❑ 盈利预测与估值 我们预计公司 2025~2027 年收入分别为 23.01、26.16、29.79 亿元（同比 +11.3%、+13.7%、+13.8%），归母净利润 5.5、6.8、8.2 亿元（同比+29%、 +23%、+20%），对应 PE 分别为 42x、34x、29x，若考虑 2026 年智能眼镜业务贡 献利润增量（若贡献 2 亿增量对应约 9 亿利润，27x），估值仍具性价比。首次覆 盖，给予"买入"评级。 ❑ 风险提示 关税波动超出预期，下游需求不及预期，智能眼镜合作推进不及预期。 | 财务摘要 | | | | | | --- | --- | --- | --- | --- | | [单位Table_Forcast] /百万 | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 2061 | 2301 | 2616 | 2979 | | (+/-) (%) | 17% | ...

【导读】公募基金行业发展十大展望：明年规模将冲击40万亿元大关 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 中国基金报记者 李树超 张玲 王思文 2025年接近尾声，2026年即将起航。 过去的一年，证监会印发《推动公募基金高质量发展行动方案》，发布指数化投资高质量发展行动方案，出台基金管理公司绩效考核管理 指引；业绩比较基准新规落地，公募费率改革三阶段收官……行业生态不断优化。 展望2026年，公募基金行业将有哪些新动向、新发展？中国基金报采访了多位业内人士，共同展望即将到来的2026年行业变迁。 展望一： 公募基金规模冲击40万亿元大关 低利率环境下，资管行业将持续受益。行业机构和人士预计，2026年公募基金规模有望保持增长。 博时基金认为，2026年公募基金规模继续增长的核心逻辑在于三个方面：一是保险、个人养老金、社保基金等长期资金持续入市，形成增 量支撑；二是低利率推动储蓄"搬家"，ETF、固收类等多元产品精准承接居民与理财资金；三是费率改革、长周期考核等政策红 ...

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating a sustained high level of market activity and potential for price increases [11][30][55]. Core Insights - Copper prices have increased by 2.75% to $11,870.5 per ton on the LME, while domestic prices have slightly decreased. Supply constraints and weak demand are expected to lead to a slight reduction in inventory levels [12]. - Aluminum prices rose by 2.80% to $2,955.50 per ton on the LME, with domestic production remaining stable despite high inventory levels. The market is experiencing a seasonal downturn, but there are signs of recovery [13]. - Gold prices increased by 0.79% to $4,368.7 per ounce, driven by geopolitical risks and market volatility. The SPDR gold holdings have also increased, indicating a positive sentiment towards gold as a safe-haven asset [14]. - The rare earth sector is expected to see upward price movements due to supply constraints and favorable export conditions. Companies like China Rare Earth and Northern Rare Earth are highlighted as potential investment opportunities [31]. - Antimony prices have decreased by 2.37%, but the long-term outlook remains positive due to expected recovery in exports and stable demand [32]. - Tin prices have increased by 1.86%, supported by low inventory levels and strong demand from sectors like semiconductors and photovoltaics [33]. - Lithium prices have risen by 3.66% to 96,700 CNY per ton, with production levels stable and demand from the energy sector remaining strong [56]. - Cobalt prices have shown mixed trends, with a slight increase in some products, but overall market activity is subdued due to seasonal factors [59]. Summary by Sections Copper - LME copper price increased by 2.75% to $11,870.5 per ton, while domestic prices decreased slightly. Supply constraints and weak demand are expected to lead to a slight reduction in inventory levels [12]. - The smelting sector is experiencing a decrease in operational rates, with a forecasted decline in production due to year-end inventory control [12]. Aluminum - LME aluminum price rose by 2.80% to $2,955.50 per ton, with domestic production remaining stable despite high inventory levels. The market is experiencing a seasonal downturn, but there are signs of recovery [13]. - The operating rate of downstream processing enterprises has decreased, indicating a continuation of weak demand [13]. Precious Metals - Gold prices increased by 0.79% to $4,368.7 per ounce, driven by geopolitical risks and market volatility. The SPDR gold holdings have also increased, indicating a positive sentiment towards gold as a safe-haven asset [14]. Rare Earths - The rare earth sector is expected to see upward price movements due to supply constraints and favorable export conditions. Companies like China Rare Earth and Northern Rare Earth are highlighted as potential investment opportunities [31]. Antimony - Antimony prices have decreased by 2.37%, but the long-term outlook remains positive due to expected recovery in exports and stable demand [32]. Tin - Tin prices have increased by 1.86%, supported by low inventory levels and strong demand from sectors like semiconductors and photovoltaics [33]. Lithium - Lithium prices have risen by 3.66% to 96,700 CNY per ton, with production levels stable and demand from the energy sector remaining strong [56]. Cobalt - Cobalt prices have shown mixed trends, with a slight increase in some products, but overall market activity is subdued due to seasonal factors [59].

出品：新浪财经上市公司研究院 作者：君 两次巨额股份支付或涉嫌利益输送 米多多是一家以技术为驱动的全球互联网整合营销服务商和跨境电商综合服务平台型企业，旗下拥有谷多多、客多多和聚多多三大事业部，为客户提供专业 的数字营销服务（广告投放、品牌策划、社媒运营、多语种建站、广告充值、独立站代运营等）、跨境电商数据整合服务、展会活动策划服务、出口流程服 务、产业孵化、行业培训相结合的跨境电商整体解决方案。公司初创团队成立于2012年，总部位于福建福州，在长三角和珠三角实现本地化布局。 | | 米多多融资历程 | | | | | --- | --- | --- | --- | --- | | 协议日期 | 支付代价目期 | 投资者 | 已认购股份数目 | | | 2025年9月30日 (于2025 年11月14日补充) | 2025年10月6日 东兴资产 | | 28,000,000 | 40,000,000 港元 | | 2025年11月14日 | 2025年11月24日 | Beta Strategy Limited Partnership Fund ( [Beta Strategy] ) | 7,793,814 ...