零售银行及Citigold将由美国团队负责其日常银行业务，包括Citi Priority、Citigold、Citigold Private Client并由Kate Luft担任美国零售银行及Citigold的负责人。此举旨在通过实现跨关系层级的更多协同效 应来加速增长，同时统一管理消费者存款业务。 11月20日，花旗集团(C.US)宣布，Gonzalo Luchetti将自2026年3月起担任公司新首席财务官(CFO)。另 外，零售银行和Citigold将纳入花旗的财富管理业务范畴。Luchetti将接替现任CFO Mark Mason，后者将 出任公司的执行副主席、并担任董事长兼CEO Jane Fraser的高级执行顾问。 ...

根据收购协议及待获澳门经济财政司司长授权后，贷款协议将于完成前订立，据此，澳娱综合拟向梁安 琪女士提供三年期限本金金额177,525,000港元(即贷款差额)的贷款，以拨付彼就工商银行贷款的还款部 分。 澳博控股(00880)公布，于2025年11月20日，公司附属SJM–投资有限公司和澳娱综合度假股份有限公司 拟向梁安琪女士间接全资拥有的Goldarch Holdings Limited及Solar King Investments Limited收购凯旋门发 展有限公司全部已发行股本。订约方已同意：(i)收购协议项下目标公司全部已发行股份的购买价将为其 面值，即18万澳门元;及(ii)买方须于完成时安排偿还工商银行贷款，金额上限为1,749,825,243港元，该 金额相当于17.5亿港元(即凯旋门酒店物业的估值)减去股份购买价。买方于完成时应付的总金额为17.5 亿港元。 公告称，该收购事项符合澳娱综合整合资源并将其用于提供长期价值及协同效应的位置的战略目标。凯 旋门酒店位于澳门半岛，与市中心紧密相连，距离澳门外港码头五分鐘车程，交通便利。通过该收购事 项，该集团将受益于运营涵盖酒店住宿及餐饮业务的整个 ...

公告称，该收购事项符合澳娱综合整合资源并将其用于提供长期价值及协同效应的位置的战略目标。凯 旋门酒店位于澳门半岛，与市中心紧密相连，距离澳门外港码头五分鐘车程，交通便利。通过该收购事 项，该集团将受益于运营涵盖酒店住宿及餐饮业务的整个凯旋门酒店的协同效应。鉴于凯旋门酒店与本 集团现有娱乐场(如葡京娱乐场)位置邻近，该收购事项预期亦将与集团现有业务产生协同效应，这将进 一步增强集团的可持续增长基础，强化澳娱综合于澳门半岛的市场定位。凯旋门酒店的中心位置与良好 经营使其成为一项具有吸引力的资产，预期将提升营运效率。因此，董事会认为，该收购事项将对集团 的长期发展具有重要战略意义。 智通财经APP讯，澳博控股(00880)公布，于2025年11月20日，公司附属SJM–投资有限公司和澳娱综合 度假股份有限公司拟向梁安琪女士间接全资拥有的Goldarch Holdings Limited及Solar King Investments Limited收购凯旋门发展有限公司全部已发行股本。订约方已同意：(i)收购协议项下目标公司全部已发 行股份的购买价将为其面值，即18万澳门元;及(ii)买方须于完成时安排偿还工商银行贷 ...

马鞍山钢铁股份(00323)现跌超4%，截至发稿，跌4.23%，报2.72港元，成交额1761万港元。 消息面上，马钢股份（600808）此前公布前三季度业绩，公司营业收入为575.7亿元，同比下降6.4%； 归母净利润自去年同期亏损25.3亿元成功扭亏，实现归母净利润8363万元。瑞银发布研报称，马钢每吨 钢铁毛利升至180元人民币，在跑输市场四年后追至行业水平，受宝钢协同效应推动。 该行表示，纵使业绩符预期，第四季展望仍不利，因旺季需求提早至第三季，以及冬季或限制11月至12 月销售，马钢吨钢毛利或降至每吨约80元人民币。另外，包括高炉产量不稳、产品结构老化及内部竞争 等营运问题仍未解决。 ...

Core Viewpoint - The acquisition of 100% equity in Guanglong Integration and 80% equity in Aojianwei by Yintang Zhikong is expected to create significant synergies in technology, market access, and production capabilities, enhancing the company's competitive position in the optical and semiconductor industries [1][2][3] Group 1: Acquisition Details - Yintang Zhikong is acquiring Guanglong Integration and Aojianwei through a combination of share issuance and cash payment [1] - The acquisition aims to leverage Guanglong's expertise in optical devices and Aojianwei's strengths in analog chip design to enhance Yintang's product offerings [1] Group 2: Synergies and Benefits - The acquisition is anticipated to create technological synergies, allowing for shared expertise in optical signal conversion, MEMS mirrors, and automotive chip design [1] - Yintang's strong distribution capabilities and customer resources are expected to accelerate market penetration for Guanglong's optical switch products and Aojianwei's high-end analog chips [1] - The collaboration is projected to enhance production capabilities, with Yintang providing MEMS mirror manufacturing capacity to Guanglong and integrating supply chain resources for Aojianwei [1] Group 3: Guanglong Integration Overview - Guanglong Integration is recognized as a national-level specialized "little giant" enterprise, focusing on high-end optical system solutions and advancing the development of OCS optical switching systems [2] - The company has achieved significant technical milestones in OCS, with capabilities to produce a full range of optical switch products across various speed levels [2] - Financial performance indicates a net profit of 17.46 million yuan in 2023, with projections showing strong growth in subsequent years [2] Group 4: Aojianwei Overview - Aojianwei specializes in power management chips, with a technical team comprising members from major international chip companies [3] - The company has successfully shipped over 100 million units in the consumer electronics sector and has made significant inroads into communication and medical markets [3] - Future product launches are expected to expand Aojianwei's presence in high-end markets, including automotive electronics and server applications [3]

2025年10月21日，国际黄金市场出现剧烈波动，现货黄金盘中一度跌至4080.87美元/盎司，单日跌幅超 6%，最终收盘跌幅收窄至5.31%，创下2020 年8月以来的最大单日百分比跌幅。这场突如其来的调整让 市场情绪陷入分化：渣打银行将波动归因于投资者从安全资产撤离，而摩根大通却坚定看涨，预测 2026年底金价均价将达5055美元/盎司，高盛也将同期预期上调至4900美元。 资源安全垫：三座矿山构筑的抗周期根基 矿业公司的价值终要回归资源本身，万国黄金经过二十年布局形成的 "国内稳基 + 海外增量 + 储备待 发" 矿山矩阵，成为抵御金价短期波动的核心屏障。 位于所罗门群岛的金岭金矿堪称核心增长引擎。这座地处环太平洋成矿带的矿山，截至2024年7月黄金 资源量已达227吨，较初期探明的103吨增长121.2%，平均品位1.17克 / 吨，可采储量40吨，预测矿区生 命周期约20年。作为所罗门群岛规模最大的矿业企业，金岭金矿 2022年11月正式投产，2023 年实现黄 金产量1143千克，金精矿29361吨，单位毛利达225.7元 / 克。目前金岭金矿持续放量，现有设计规模为 300万吨/年，达产后年产金 ...

智通财经APP获悉，2025年10月21日，国际黄金市场出现剧烈波动，现货黄金盘中一度跌至4080.87美 元/盎司，单日跌幅超6%，最终收盘跌幅收窄至5.31%，创下2020 年8月以来的最大单日百分比跌幅。这 场突如其来的调整让市场情绪陷入分化：渣打银行将波动归因于投资者从安全资产撤离，而摩根大通却 坚定看涨，预测 2026年底金价均价将达5055美元/盎司，高盛也将同期预期上调至4900美元。 在这场多空博弈中，万国黄金(03939)的表现尤其引人注目。这家手握所罗门群岛金岭金矿核心资产的 企业，2025年上半年实现营业收入12.4亿元，同比增长33.7%；归母净利润6亿元，同比激增136%。公 司仍稳步推进金岭金矿扩建，并于2025年4月成功纳入港股通，股票流动性较此前提升3倍以上。短期金 价波动为何未阻碍其扩张步伐？支撑其长期增长的确定性因素究竟是什么？ 资源安全垫：三座矿山构筑的抗周期根基 行业卡位：黄金需求红利下的价值锚点 短期金价回调并未改变全球黄金市场的长期趋势，黄金"货币属性回归 + 投资需求升级"的结构性特征， 为上游矿企提供了持续的需求支撑。 江西宜丰新庄矿则扮演着现金流 "压舱石"的 ...

25Q3 GMV 延续双位数增长趋势， 1P GMV 因国补基数拉平影响预计有所放缓慢，且由于外卖转化的 下单以日百为主，预计3P GMV 仍环比加速维持双位数高增长。 利润端，预计Q3 京东零售分部实现营业利润136.7 亿元，OPM 为5.5%，yoy+0.34%，主要系外卖协同 效应下主站流量增长使买量及C 补结构有所优化。整体京东零售稳中向好，在外卖UE 优化下有望凭借 协同效应带来的流量中短期延续稳健增长趋势。 其他业务：预计外卖UE 优化亏损环比收窄，物流稳健增长。1）新业务：我们预计25Q3 公司新业务分 部实现收入128.7 亿元，yoy+158.9%，新业务运营利润-150.1亿元。具体拆分看，Q3 起公司战略收缩外 卖补贴力度，且进一步提高补贴投放与履约端效率，单量环比Q2 延续健康增长趋势，而UE 的优化使 外卖总亏损环比Q2 有所收窄，然受到京喜及国际业务投入加码Q3 亏损仍环比增加。预计短期内外卖 UE仍将继续优化，新业务亏损Q4 起将开始收窄，整体外卖进入健康增长趋势且投入具有更好的持续 性。2）京东物流：我们预计25Q3 京东物流分部实现收入493.0 亿元，yoy+11.1%， ...

Core Viewpoint - Guolian Minsheng successfully acquired 81.543 million shares of Minsheng Securities, increasing its stake from 99.26% to 99.98%, nearing full ownership [2][5] Group 1: Acquisition Details - The shares were acquired through judicial auction for approximately 171 million yuan [2] - The shares are currently under a court seal and pledge by the Beijing Second Intermediate People's Court [5] Group 2: Business Integration - The integration of core businesses between Guolian Minsheng and Minsheng Securities has progressed significantly this year, with a focus on achieving synergistic effects [5] - As of September 23, Minsheng Securities' investment banking projects have been merged into Guolian Minsheng Securities [6] - A successful transition of the brokerage business's trading system was completed in early October, allowing seamless access for 1.92 million clients and processing 640,000 transactions worth 9.476 billion yuan on the first day [6] Group 3: Financial Performance - Guolian Minsheng reported a third-quarter revenue of 2.027 billion yuan, a year-on-year increase of 120.55%, and a net profit of 636 million yuan, up 106.24% [6] - For the first three quarters, the company achieved a revenue of 6.038 billion yuan, reflecting a growth of 201.17%, and a net profit of 1.763 billion yuan, a significant increase of 345.30% [6] Group 4: Market Outlook - Industry analysts are optimistic about the integration prospects of Guolian Minsheng, noting significant growth in brokerage revenue and orderly business integration [7] - The completion of the consolidation is expected to enhance scale and synergy effects, particularly in investment banking and wealth management, thereby strengthening the company's core competitiveness [7]

Financial Data and Key Metrics Changes - Quanterix reported total revenue of $40.2 million for Q3 2025, representing a 12% year-over-year increase [11] - The company ended the quarter with $138 million in cash, cash equivalents, marketable securities, and restricted cash [14][16] - Adjusted EBITDA was a loss of $11.9 million, compared to a loss of $5.5 million in the same quarter of the previous year [14] Business Line Data and Key Metrics Changes - Simoa contributed $23 million in revenue, reflecting a 36% organic revenue decline, while Spatial reported $17.2 million, down 9% year over year [11] - Consumable revenue totaled $18.8 million, with $12.3 million from Simoa and $6.5 million from Spatial [12] - Accelerator Lab revenue was $8 million, with $5 million from Simoa and $3 million from Spatial, showing a sequential increase of $1 million [12] Market Data and Key Metrics Changes - U.S. academic revenue declined approximately 30%, tracking the decline in academic grants, while pharma revenue declined 23% year over year [12] - Demand across the broader industry remains uneven, but signs of stabilization are noted, particularly in academic, government, and pharma markets [6] Company Strategy and Development Direction - The company is focused on integrating operations following the acquisition of Akoya, having realized $67 million of the targeted $85 million in synergies [5][8] - Significant investments are being made in Alzheimer's diagnostics and new assays across Simoa Spatial franchises, with approximately $27 million invested in R&D year to date [6][9] - The integration of Simoa and Spatial is expected to unlock new growth avenues, particularly in oncology and multimodal biomarker strategies [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow breakeven in 2026 and expects to finish the year with around $120 million in cash and no debt [6][9] - The company anticipates continued improvement in the operating environment, with a focus on capturing synergies and enhancing profitability [10][16] - Management remains cautious about the impact of the government shutdown on Q4 guidance, but believes risks have bottomed out [40] Other Important Information - The company is preparing for the launch of an early access program for Simoa ONE, which is expected to be a catalyst for future instrument growth in Alzheimer's diagnostics [9][67] - Diagnostics-related revenue was $2.4 million in the quarter, with expectations for stronger traction in 2026 based on established pricing recommendations [9][50] Q&A Session Summary Question: What is the outlook for Simoa consumables given the decline? - Management noted that while order volume was consistent, the order size was smaller due to a challenging academic grant environment, but expects smaller projects to scale in 2026 [20][22] Question: What are the plans for Q4 regarding integration and synergies? - Management confirmed that a single manufacturing team has been implemented and lab services are being combined, with expectations to capture remaining synergies in early 2026 [24][25] Question: How is the Akoya business expected to perform in Q4? - Management modeled a slight step down in Akoya's revenue for Q4 due to market uncertainty but noted strong execution in Q3 [28][29] Question: What is the competitive landscape and how is the company addressing it? - Management acknowledged competition in high sensitivity platforms but emphasized their unique position in the four to five marker space, which is expected to benefit from discovery progress [41][43] Question: What is the expected ramp-up for LucentAD in 2026? - Management indicated that established pricing will support stronger traction and growth in diagnostics revenue, with ongoing partnerships in Asia contributing positively [50][70]