本记者 毛艺融 12月16日，香港交易所集团行政总裁陈翊庭发表题为《谱写互联互通新篇章》的CEO网志。 "2025年的强劲反弹，对于香港市场的未来意味着什么？今年以来，在接受媒体采访和参加全球各地的 论坛和会议时，我们时常被问到这个问题。今年的确是香港交易所格外忙碌的一年，大型IPO纷至沓 来，多个市场成交创出新高，但大家更关心的是，接下来会怎么样呢？"陈翊庭表示。 2025年至今，香港新股市场已经迎来超过100家上市公司，融资总额已超过2700亿港元。陈翊庭介绍， 目前上市科正在处理的上市申请超过300家公司。 第一大战略重点是扩展和完善多元资产生态系统，提前布局全球资本配置格局重塑过程中投资者所需的 产品和工具。将探索推出更多适合亚洲客户（尤其是散户和专业散户投资者）的产品。长期来看，固定 收益和货币领域也有巨大成长空间。 同时，香港交易所将继续扩大上市公司的来源。今年随着内地企业加速出海，来香港上市的内地企业越 来越国际化，半数在香港上市的内地企业都有相当比例的业务收入来自境外。未来，香港交易所将继续 利用这一平台，吸引更多公司来上市，帮助全球投资者分享亚洲增长机遇。 第二大战略重点是持续在科技和运营上 ...

展望2026，上市科目前正在处理的上市申请超过300家公司。未来十年，港交所将聚焦三大战略：一是 扩展多元资产生态系统，发展固定收益、货币及大宗商品业务，并吸引更多国际企业来港上市；二是持 续布局科技和运营，包括就改革香港证券市场结算周期展开市场咨询，落实无纸证券市场措施，升级衍 生品交易平台，及在运营中采用AI等新兴技术等等；三是发展新兴业务，包括数据、分析、指数、数 字货币、代币化等业务。 12月16日，香港交易所集团行政总裁陈翊庭在网志发文表示，今年以来，来自内地各行各业的企业纷纷 利用香港交易所的融资平台加快出海战略。2025年至今，香港新股市场已经迎来超过100家上市公司， 包括今年全球最大的两宗IPO，融资总额已超过2700亿港元。 港交所将继续深化与中国内地的互联互通，并推动亚洲其他市场与中国资本对接，巩固香港作为全球金 融核心的地位。 本文源自：财华网 ...

点击注册小程序 本项目于2024年6月可研批复，7月基础设计获批，12 月中标 EPC 工程，2025年3月16日正式开工，9月28日顺 利中交，12月1日一次开车成功，实现了较快的建设速度。中油工程将精细化管理贯穿设计、采购、施工全过 程。面对交叉作业复杂、多专业协同要求高的挑战，建设团队优化资源配置、强化衔接配合，圆满达成各项建 设目标，体现了中油工程卓越的项目管理能力。 事件： 公司官方公众号消息，中油工程旗下昆仑工程公司EPC总承包的大庆石化1000 吨/年超细旦腈纶特种长丝项目 一次开车成功。 点评： 项目打破国外技术垄断，填补国内特种长丝产业化空白 该项目总投资1.1亿元，采用国内先进纺丝工艺，建成国际领先水平生产线，关键设备实现国产化配套。项目 团队自主开发的"双向切线进料+真空负压"复合脱泡工艺与装备在本项目中成功应用，实现了工艺自主化、设 备国产化的双重突破，解决了传统技术受原料粘度影响大、能耗高、局部气泡聚集的问题，生产出 150D/80F、75D/40F等牌号产品，填补了国内超细旦腈纶特种长丝产业化制造的空白，打破了国外的技术垄 断。在全球纺织新材料向绿色化、功能化、高端化变革的背景下， ...

2025 年 12 月 12 日 公司研究 总承包建设新材料装置投产，积极拓展新兴业务版图 要点 事件：公司官方公众号消息，中油工程旗下昆仑工程公司 EPC 总承包的大庆石 化 1000 吨/年超细旦腈纶特种长丝项目一次开车成功。 点评： 项目打破国外技术垄断，填补国内特种长丝产业化空白。该项目总投资 1.1 亿元， 采用国内先进纺丝工艺，建成国际领先水平生产线，关键设备实现国产化配套。 项目团队自主开发的"双向切线进料+真空负压"复合脱泡工艺与装备在本项目 中成功应用，实现了工艺自主化、设备国产化的双重突破，解决了传统技术受原 料粘度影响大、能耗高、局部气泡聚集的问题，生产出 150D/80F、75D/40F 等 牌号产品，填补了国内超细旦腈纶特种长丝产业化制造的空白，打破了国外的技 术垄断。在全球纺织新材料向绿色化、功能化、高端化变革的背景下，项目投产 将增强我国纺织产业链自主可控能力，同时为中国石油"炼化生精材"产业链升 级与化纤产业布局优化提供支撑。 项目建设追求速度，精细化管理助力建设目标达成。本项目于 2024 年 6 月可研 批复，7 月基础设计获批，12 月中标 EPC 工程，2025 年 3 ...

中国中铁 20251126 摘要 中国中铁前三季度营业总收入同比下降 5.4%，但基建板块贡献最大， 占比 85%。装备制造业收入同比增长 8.7%，资产经营新增合同同比增 长 108.6%，主要因去年同期基数较低，受 PPP 新政影响，未来将更严 格要求项目收益率。 工程建造板块中，铁路新签订单增长近 50%达 2,500 亿，但公路、市 政、城轨和房建均有不同程度下降。房地产策略为以销定产，不增加预 算外投入，城市布局集中在一二线城市，拐点预期尚不明确。 为应对国资委市值管理考核，中国中铁推出中期分红并进行回购注销操 作。公司希望逐步提升分红比例，但受制于现金流，难以大幅提高分红 金额，将努力保证分红比例逐步提升。 海外订单增长 35%，铁路等领域增速显著，具有一定持续性。公司高度 重视海外业务，尤其在铁路和工程承包领域。中吉乌铁路已获得 60 多 亿元合同份额，将继续参与后续招标。 基建板块整体毛利率较低，约为 8.85%，工程建造部分约为 7.6%，铁 路毛利率接近 4.7%。矿产资源业务贡献净利润约 40 亿元，公司积极寻 找成熟标的扩展资源储备。 Q&A 请介绍一下中国中铁在 2025 年前三季度 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The brokerage business remains robust, and the profitability of emerging businesses is improving. The company has a strong platform barrier and is enhancing its brokerage framework while securing housing resources [7] - The company faces significant GTV pressure in Q4 2025 due to a noticeable decline in transaction activity in both the primary and secondary markets, which may impact brokerage revenue [7] - The company has adjusted its revenue forecasts downward for 2025-2027, with net profit estimates revised to 3.6 billion, 5.4 billion, and 6.4 billion yuan respectively [7] Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 77.777 billion yuan - 2024: 93.457 billion yuan - 2025E: 94.606 billion yuan - 2026E: 94.464 billion yuan - 2027E: 100.799 billion yuan - Net profit attributable to ordinary shareholders is forecasted as: - 2023: 5.883 billion yuan - 2024: 4.065 billion yuan - 2025E: 3.585 billion yuan - 2026E: 5.361 billion yuan - 2027E: 6.371 billion yuan - The company’s earnings per share (EPS) is projected to be: - 2023: 1.63 yuan - 2024: 1.15 yuan - 2025E: 1.04 yuan - 2026E: 1.55 yuan - 2027E: 1.84 yuan [6][8]

Core Viewpoint - The company is experiencing a recovery in traditional business growth, with emerging businesses gradually ramping up, leading to improved profitability quarter by quarter [1] Financial Performance - For Q1-Q3 2025, revenue reached 2.544 billion yuan, a year-on-year increase of 19.7%, with a net profit attributable to shareholders of 79.92 million yuan, marking a turnaround from losses [2] - In Q3 alone, revenue was 923 million yuan, up 19.4% year-on-year, and net profit was 52.86 million yuan, significantly improving from losses, with a quarter-on-quarter growth of 68.7% [2] - The gross margin for Q1-Q3 2025 was 28.86%, an increase of 5.6 percentage points year-on-year, while Q3 gross margin was 31.02%, stable year-on-year and up 2.1 percentage points quarter-on-quarter [2] Business Segments - Revenue from small molecule APIs for Q1-Q3 2025 was 2.350 billion yuan, a year-on-year increase of 19.4%, while emerging business revenue was 190 million yuan, up 23.4% [3] - The small molecule formulation CDMO segment generated 101 million yuan, remaining flat year-on-year, while CGT CDMO revenue was 43 million yuan, up 7.1% [3] - New molecular businesses, including peptides, oligonucleotides, and ADCs, saw revenue of 46 million yuan, a substantial increase of 254.8% year-on-year [3] Market Performance - Overseas market revenue for Q1-Q3 2025 was 1.805 billion yuan, a year-on-year increase of 17%, while domestic market revenue was 739 million yuan, up 21% [3] Profitability Trends - The gross margin for the overseas market was approximately 40%, an increase of 5 percentage points year-on-year, driven by high-value commercial projects [4] - The domestic market gross margin was around 1%, improving from -3% in H1 2025; excluding emerging business impacts, the domestic gross margin was about 18% [4] - Overall gross margin for the company was approximately 35%, showing a trend of improvement [4] Emerging Business Impact - The new business segments negatively impacted the net profit attributable to shareholders by approximately 164 million yuan, with a total reduction in losses of about 17.5 million yuan [4] - The small molecule formulation, gene cell therapy, and new molecular businesses contributed to the net profit reductions of 67.69 million yuan, 38.67 million yuan, and 57.25 million yuan, respectively [4] Catalysts - There is an unexpected growth in orders and terminal demand for new businesses, indicating positive market dynamics [5]

Core Viewpoint - The battery box business of Minth Group is in a high growth phase, driving performance growth and valuation enhancement, with a target price raised from HKD 42 to HKD 50, corresponding to a forecasted P/E ratio of 15.2 times for 2026 [1][2] Group 1: Business Development - Minth Group's liquid cooling products are set for mass production, including immersion cooling cabinets, CDU, cooling plates, and distributors [1] - The subsidiary, Precision Industry, has received orders from a Taiwanese AI server manufacturer for the design, development, and production of immersion cooling cabinets, with deliveries expected to start in mid-November 2025 [1] - Minth Group has also passed technical validation for distributors from another Taiwanese AI server liquid cooling system manufacturer, with the first batch of products expected to be delivered by the end of December 2025 [1] Group 2: Emerging Business Potential - The company is focusing on two main product systems in low-altitude flight, collaborating with several flying car/eVTOL companies, and has signed a strategic agreement with EHang for mass production orders [2] - In the robotics sector, the company is concentrating on integrated joint modules, robotic electronic skin, smart masks, wireless charging systems, and limb structures, having signed a strategic cooperation agreement with Zhiyuan Robotics [2] - The projected net profit for the company is expected to reach CNY 2.76 billion, CNY 3.39 billion, and CNY 4.15 billion for 2025-2027 [2]

Investment Rating - The investment rating for the company is downgraded to "Recommended" with a target price of 7.00 CNY [2][7]. Core Views - The company's short-term performance is under pressure, but there is an expectation for gradual recovery in profitability [7]. - The revenue for Q3 2025 was 5.41 billion CNY, a year-on-year decrease of 18.5%, while the net profit attributable to the parent company was 340 million CNY, down 26.6% year-on-year [7]. - The decline in revenue is attributed to ongoing global trade disputes impacting the television ODM business and a high base effect from the previous year [7]. - The company has increased its production capacity in Vietnam to 11 million units annually, which is expected to enhance supply during peak seasons [7]. - The gross margin for Q3 2025 was 14.4%, showing a slight year-on-year increase of 0.01 percentage points, supported by a higher proportion of revenue from emerging businesses [7]. - The overall expense ratio has increased, leading to a decline in profitability, with the net profit margin for Q3 2025 at 6.3%, down 0.7 percentage points year-on-year [7]. - The company is expected to recover its profitability as overseas production efficiency improves and trade disputes ease [7]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 20,326 million CNY, 18,793 million CNY, 21,332 million CNY, and 23,466 million CNY respectively, with a year-on-year growth rate of -7.5% in 2025E [3][8]. - Net profit attributable to the parent company is forecasted to be 1,602 million CNY in 2024A, 1,322 million CNY in 2025E, 1,622 million CNY in 2026E, and 2,082 million CNY in 2027E, reflecting a year-on-year decline of 17.5% in 2025E [3][8]. - Earnings per share (EPS) are projected to be 0.35 CNY for 2024A, 0.29 CNY for 2025E, 0.36 CNY for 2026E, and 0.46 CNY for 2027E [3][8]. - The price-to-earnings (P/E) ratio is expected to be 21 for 2025E, decreasing to 13 by 2027E [3][8].

Core Insights - The financial performance of China's three major telecom operators shows a mixed outlook, with revenue growth slowing down while profit growth remains positive [2][3][4] Revenue Performance - For the first three quarters of 2025, China Mobile, China Telecom, and China Unicom reported revenues of 794.7 billion, 394.3 billion, and 293 billion yuan respectively, with growth rates declining from 2.0%, 2.9%, and 3.0% in 2024 to 0.4%, 0.6%, and 1.0% [2] - Only China Mobile achieved a 2.5% year-on-year revenue growth in Q3 2025, while China Unicom's revenue remained flat and China Telecom's revenue decreased by 0.91% [2] Profitability - Net profits for the three operators reached 115.4 billion, 30.8 billion, and 20 billion yuan respectively, with growth rates of 4.0%, 5.0%, and 5.1%, although these rates have slowed compared to the previous year's figures [2][3] - The telecom industry as a whole saw a 0.9% year-on-year increase in telecom business revenue, totaling 1,327 billion yuan for the first three quarters of 2025 [2] Traditional Business Challenges - The decline in revenue growth is attributed to the weakness in traditional business segments, which have seen their revenue share drop from 92% in 2020 to 78% in Q3 2025 [3][4] - China Mobile has 1.009 billion mobile users, but its average revenue per user (ARPU) fell to 48 yuan, a 3% decrease from 49.5 yuan in 2024 [3] Emerging Business Growth - AI-related emerging businesses have become a significant profit driver, with China Unicom's AI-related revenue contributing over 60% to its "smart network" business, and its cloud revenue reaching 52.9 billion yuan, a 20.6% increase [6][7] - China Telecom's smart revenue surged by 62.3%, significantly outpacing its overall revenue growth of 0.59% [7] Investment in AI and R&D - The three operators have shifted their focus from traditional "pipeline thinking" to "computing power and service thinking," with R&D expenditures exceeding 22 billion yuan in the first three quarters of 2025, of which over 40% is allocated to AI-related investments [10][11] - The operators are expected to see long-term returns from these investments, despite short-term pressures on cash flow and profitability [10] Industry Transformation - The growth logic of the telecom industry is changing, with AI and computing power becoming central to future growth strategies [10][11] - The operators are forming a sustainable payment loop around "bandwidth + computing power + data + models," indicating a significant shift in the industry's revenue generation model [11]