该行指，巨子生物的投资逻辑已由增长转向战略调整，该行认为当前尚缺乏明显的反弹催化剂。在企稳 迹象更加明朗之前，持观望态度。该行将2025-27年收入预测平均下调30%，以反映管理层最新指引及 该行对2026年更加审慎的展望。该行将销售费用率预测从36%上调至38%，以反映调整阶段下的执行挑 战。目标价基于由原来的2026年预测市盈率21.5倍降至16倍。 招商证券国际发布研报称，将巨子生物评级由"增持"下调至"中性"，将目标价从64港元下调45%至35港 元。报告指，公司正面临诸多挑战，包括一系列声誉危机，以及核心品牌可复美在双11大促期间出现两 位数下滑。虽然该行认为公司股价已基本消化相关问题及随后下调2025年销售指引，但该行对2026年前 景仍持谨慎态度。该行认为，当前市场一致预期可能过于乐观。 巨子生物(02367)午后跌超3%，截至发稿，跌2.95%，报33.54港元，成交额2.46亿港元。 ...

实际上，自今年8月以来，采用同类12V-2×6 16针接口的AMD RX 9070 XT显卡已多次报告烧毁案例。8月，首例烧毁事件出现在华擎Taichi型号上；10月， 蓝宝石RX 9070 XT NITRO+型号出现首宗16Pin接口烧毁案例；进入11月，短短数日内蓝宝石同款显卡再添两宗烧毁案例。 尽管Crisler在之前的回应中称蓝宝石的事故比例"低于NVIDIA那边的情况"，但他也无奈承认，16Pin接口已在消费者中形成难以扭转的负面印象，这种声誉 危机可能影响厂商未来继续采用该接口的决定。 公开资料显示，蓝宝石（Sapphire）是蓝宝科技旗下显卡品牌，1994年创立，总部位于中国香港，生产基地设于广东东莞，长期深耕AMD显卡领域，为 AMD全球最大合作伙伴。 近日，蓝宝石北美公关经理Edward Crisler首度公开回应了其RX 9070 XT显卡的供电接口烧毁事件。Crisler强调，他所知的三起案例均涉及16Pin转接线，因 此个人认为问题核心在于转接线，而非16Pin原生接口、显卡PCB或电源本身。他表示，RX 9070 XT约350W的功耗对16Pin接口而言"相对安全"，只要正确 插接并 ...

Core Points - Larry Summers, former Harvard president, faces a significant reputational crisis and career turmoil following the release of private communications with deceased sex offender Jeffrey Epstein [1] - Summers has resigned from his position on the board of OpenAI and announced his withdrawal from all public commitments [1] - Harvard University will initiate a new investigation into its ties with Epstein, prompted by the recent disclosures [2] Group 1 - The newly released documents reveal that Summers sought advice from Epstein regarding personal matters involving a female student [1][2] - Harvard previously conducted an investigation in 2020, which uncovered that Epstein donated $9.179 million to the university through 22 transactions [2] - The new investigation will examine hundreds of communications between Summers and Epstein related to women, politics, and Harvard initiatives [2] Group 2 - The scandal has implications for Summers' family members and other Harvard faculty, including his wife, Elisa New, who interacted with Epstein [3] - New sought funding from Epstein for her projects even after Harvard claimed to have ceased accepting donations from him [3] - The documents also mention Harvard Law School professor Alan Dershowitz in connection with the scandal [3]

Core Viewpoint - PwC Hong Kong has been reprimanded and fined a total of HKD 1.6 million for significant deficiencies in its audit work for Dynasty Fine Wines, highlighting a severe trust crisis facing the firm amid multiple regulatory penalties in recent years [1][5]. Group 1: Audit Failures and Penalties - PwC failed to obtain sufficient and appropriate audit evidence regarding revenue recognition during the audits of Dynasty Fine Wines for the years 2010 and 2011, despite issuing an unqualified opinion [1][3]. - The firm faced a record penalty of RMB 441 million from the Ministry of Finance and the China Securities Regulatory Commission for its role in Evergrande's financial misstatements, marking the most severe punishment in Chinese auditing history [5][6]. - The internal investigation into Dynasty Fine Wines revealed that a significant amount of claimed sold wine products had not been delivered and remained in third-party warehouses [1][3]. Group 2: Financial Performance and Client Loss - PwC's revenue in the Chinese market dropped from CNY 7.925 billion in 2022 to CNY 7.137 billion in 2023, reflecting a broader decline in its financial performance [2][8]. - Since the penalty related to Evergrande was imposed in March 2024, all eight of PwC's major A-share audit clients have announced their termination of contracts, collectively contributing CNY 478 million in audit fees, which accounted for over half of its audit revenue [2][7]. - The firm has seen a 5.6% decline in revenue in the Asia-Pacific region for the fiscal year 2024, amounting to USD 9.3 billion, attributed to a slowdown in demand in mainland China [2][8]. Group 3: Industry Impact and Competitive Landscape - The exposure of the Dynasty Fine Wines case coincides with a period of unprecedented client attrition for PwC, leading to significant restructuring within the firm, including layoffs across multiple offices [7][8]. - Over 60% of clients lost by PwC have shifted to other "Big Four" firms, with significant numbers moving to Ernst & Young, KPMG, and Deloitte [8]. - Domestic accounting firms such as Lixin, Tianjian, and Xinyongzhonghe have begun to benefit from this reshuffling, breaking the long-standing dominance of the "Big Four" in securing high-quality clients [9].