券商风波接连来：天风立案、东财减持，2.4亿散户扛得住吗？ 二、东方财富减持潮：高管+实控人家族，2025年套现超90亿 这边天风证券刚被立案，那边"券茅"东方财富就传来了高管减持的消息，同样是11月28日公司官网发布 的公告，信息真实可查 。公告里说，程磊、黄建海、杨浩三位高管，计划在公告披露后15个交易日后 的3个月内，通过集中竞价或大宗交易减持股份，合计最多不超过334.99万股，占公司总股本的 0.022%。 2025年的A股市场，一边是机构资金持续加仓的结构性机会，一边是个别龙头券商的突发风险事件，让 咱们普通散户有点措手不及。根据中登公司2025年最新数据，A股活跃个人投资者已经突破2.4亿户，其 中93%以上都是资产50万元以下的中小散户，他们贡献了市场82%的成交量，却只分到了不到9%的盈利 份额 。 就在11月下旬，两件牵动市场神经的大事接连落地：天风证券突然收到证监会立案通知，东方财富三位 高管扎堆披露减持计划，而这两家公司背后，是上百万重仓散户的真金白银。这些消息可不是自媒体瞎 传的，全是上市公司官网、证监会公告实打实披露的信息，咱们今天就顺着官方线索，聊聊这波风波里 散户到底面临着啥压 ...

Core Insights - Smoore International (06969) experienced a stock price increase of over 8% post-earnings report, currently trading at HKD 23.12 with a transaction volume of HKD 297 million [1] Financial Performance - For the first half of the year, the company reported revenue of RMB 6.013 billion, representing a year-on-year increase of 18.3% [1] - Adjusted profit for the period was RMB 737 million, a decrease of 2.1% year-on-year, while net profit fell to RMB 492 million, down 27.96% year-on-year [1] Market Dynamics - Revenue growth was primarily driven by effective enforcement actions against non-compliant products in major global markets, alongside the company's agile ability to launch innovative compliant products to meet market demand [1] - The company's ToB (business-to-business) segment generated approximately RMB 4.739 billion in revenue, reflecting a year-on-year growth of about 19.5% [1] Brand Performance - The self-branded electronic vaporization business achieved revenue of approximately RMB 1.274 billion, marking a year-on-year increase of 14.1%, supported by the strong performance of the industry-leading brand VAPORESSO [1]

Core Viewpoint - The introduction of a whitelist policy in Egypt's smartphone market aims to reduce gray market shipments and enhance market transparency and predictability, despite short-term inconveniences for OEMs and consumers [1][2][8]. Group 1: Market Changes - The new whitelist policy mandates that only legally imported and registered smartphones can be activated on local networks, significantly challenging gray market channels [2]. - In January 2025, smartphone shipments dropped by 18% year-on-year, from 780,000 units to 642,000 units, due to initial policy disruptions, but signs of recovery emerged in February [3]. - The Egyptian government aims for local production to meet 80% of domestic demand, with a target to increase production from 3 million units in 2024 to 9 million units by 2026 [4]. Group 2: Local Production and Challenges - Local assembly lines are operational, but achieving production goals requires sustained incentives, infrastructure investment, and OEM confidence [4]. - Local assembled devices are still 20% to 30% more expensive than gray market imports due to high operational costs and tariffs on SKD components [5]. - The demand for international brands remains strong, with a 6.4% year-on-year increase in mobile imports in the first seven months of 2024, indicating slow progress in local production capabilities [5]. Group 3: Competitive Landscape - Samsung is well-positioned to leverage government support and has experience in adjacent product categories, enhancing its market position [6]. - Xiaomi has initiated local production through partnerships with local assemblers, aligning with government policies to reduce import dependency [6]. - Interest in local assembly investments is rising, particularly among Chinese OEMs looking to establish Egypt as a distribution hub for North and East Africa, despite challenges related to infrastructure and high setup costs [6]. Group 4: Future Outlook - The whitelist policy represents a structural reset in the smartphone market, shifting from gray imports to legitimate, traceable channels, which may enhance device reliability and after-sales service [8]. - The broader digital agenda in Egypt, including fintech and digital education, is expected to drive smartphone adoption, with a projected market growth of 8% in 2025 [8]. - Manufacturers that align with regulatory frameworks and expand local operations are likely to thrive in the new market environment [8].