值得注意的是，当前小米集团基本面较为亮眼。根据公司11月18日披露的2025年第三季度财报，本季度 收入1131亿元，同比增长22.3%；经调整净利润达到113亿元，同比增长80.9%，为历史最高季度水平。 业务进展方面，雷军于11月20日宣布，小米第50万辆汽车正式下线。小米汽车官方也表示，预计将在当 周内完成全年35万辆的交付目标。 （文章来源：21世纪经济报道） 11月25日，小米集团（01810.HK）港股迎来强势反弹，股价高开高走。截至上午9时53分，小米股价报 40.6港元/股，大幅上涨5.02%，公司总市值随之攀升至10568亿港元，重回万亿港元大关，一扫近期股 价持续走低的阴霾。 事实上，雷军的个人增持并非孤立事件。本月，小米集团分别于11月20日和21日连续两日实施大规模股 票回购，累计回购2150万股，总斥资超过8亿港元。据统计，今年以来，小米集团用于回购的总金额已 超过23亿港元，频率和力度均属罕见。 这一系列动作的背景是小米股价近几个月来的持续承压。自今年6月27日创下61.45港元的年内高点后， 小米股价便进入下行通道，累计跌幅一度超过35%，近期在38港元/股附近徘徊。 此番异动背 ...

11月24日，小米集团于港交所发布公告披露，小米集团创始人、董事长兼CEO雷军个人斥资超1亿港元增持小 米集团260万股，其个人持股比例增加至23.26%。 小米集团董事会认为，增持事项显示雷军对公司的发展前景及增长潜力充满信心。 图源：港交所 本月，小米集团连续两日大手笔回购公司股票，总金额超8亿港元。今年以来，小米集团累计回购金额已超23 亿港元。 11月18日，小米集团发布业绩公告：2025年第三季度实现营收约1131.21亿元，同比增长22.3%，连续4个季度突 破千亿元；经调整净利润为113亿元，创历史新高，同比增长80.9%。 11月20日，第50万辆小米汽车正式下线，创全球新能源车企50万辆下线的最快纪录。当天，雷军发微博长文表 示："行胜于言、以行践言，我们会用行动向大家交出更好的答卷。" （流程编辑：U072） ...

誉衡药业公告，公司董事、总经理兼财务负责人国磊峰及一致行动人西藏誉磐于2025年11月20日10:00 至2025年11月21日10:00在淘宝网司法拍卖中竞得公司股份合计2500万股，占总股本1.12%。其中国磊峰 增持2000万股，持股增至4198万股、1.88%；西藏誉磐增持500万股，持股达500万股、0.22%；合计持 股4698万股、2.10%。 ...

| 增持主体名称 | 陆鼎昌、张康德、干晴、程鹏飞、倪建峰、唐志锋 | | --- | --- | | 拟增持股份目的 | 基于对本行内在价值、未来战略规划及长远发展前景 | | | 坚定信心,坚信本行股票长期投资价值。 | | 拟增持股份种类 | 本行 A 股股份 | | 拟增持股份方式 | 通过上海证券交易所系统以集中竞价方式 | | 拟增持股份数量 | | | | 陆鼎昌拟增持不低于 20万股; 张康德拟增持不低于 5万股; | | | 干晴拟增持不低于 5万股; | | | 程鹏飞拟增持不低于 10万股; | | | 倪建峰拟增持不低于 10万股; | | | 唐志锋拟增持不低于5万股。 | | 拟增持股份价格 | 本次增持股份不设价格区间 | | 本次增持计划实施期间 | 自 2025 年 11 月 21 日起 6 个月内 | | 拟增持股份资金来源 | 自有资金 | | 拟增持主体承诺 | 增持主体在增持后的6个月内将不减持本次增持的 | | | 份。 | （常熟银行） 11月20日，常熟银行（601128）发布公告称，基于对该行内在价值、未来战略规划及长远发展前景的坚定信心，坚信该行股票长期投资 ...

香港联交所最新数据显示，11月12日，小摩增持时代天使(06699)228.0348万股，每股作价68.9303港 元，总金额约为1.572亿港元。增持后最新持股数目约为2527.71万股，持股比例为14.80%。 ...

Core Insights - The stock of Basestone Pharmaceuticals (02616) rose over 9% in early trading, reaching a price of 5.98 HKD with a trading volume of 20.69 million HKD [1] - Singapore's Government Investment Corporation (GIC) increased its stake in Basestone Pharmaceuticals by 1.7955 million shares at a price of 5.4692 HKD per share, totaling approximately 9.82 million HKD [1] - Following this acquisition, GIC's total shareholding in Basestone Pharmaceuticals increased to approximately 10.5 million shares, representing a 7.11% ownership [1] Company Developments - GIC has steadily increased its stake in Basestone Pharmaceuticals from 5.49% on August 18 to 6.00% on October 13, and now to 7.11% within a span of less than three months, indicating strong international capital recognition of the company's long-term value [1] - The company's internal confidence is also reflected in the actions of its CEO, Yang Jianxin, and other key executives, who have repeatedly purchased company shares since the second half of this year [1]

伯克希尔-哈撒韦第三季度出售了120亿美元股票，延续了多年来的净卖出趋势。苹果和美国银行成为最 主要的减持对象，同时该公司也购入64亿美元股票，多数新增持仓集中在商业和工业类别。 伯克希尔第三季度最新10-Q报告显示出售股票124亿美元、购入股票64亿美元，实现资本利得约100亿 美元。据媒体周五估算，截至6月30日持有2.8亿股苹果股票的伯克希尔，在三季度可能减持约3500万 股；而美国银行的持仓则从6月底的略高于6亿股中减持了5000万至1亿股。这一估算基于伯克希尔第三 季度10-Q报告中披露的相关财务数据。 伯克希尔预计将在周五晚间发布季度13-F报告，详细披露截至9月30日的美国上市证券持仓情况。周五 是13-F文件提交的最后期限，而伯克希尔通常会等到最后一天才提交。 多年净卖出趋势持续 另一关键线索来自伯克希尔"消费品"类别股票成本基础在三季度减少约12亿美元。苹果很可能被归入这 一类别——伯克希尔将其约3000亿美元股票持仓分为三大类：消费品、金融、商业工业及其他。 根据几年前的披露，伯克希尔持有苹果股票的成本基础约为每股35美元，出售约3500万股正好与12亿美 元的成本基础减少相吻合。 新增持 ...

Core Viewpoint - Jiangsu Cable announced a stock repurchase plan supported by a loan commitment from its controlling shareholder, Jiangsu Cultural Technology Holding Group, in response to national policies aimed at promoting stock buybacks and market stability [1] Group 1: Company Actions - Jiangsu Cable received a notification from its controlling shareholder regarding a stock repurchase initiative [1] - The loan commitment from Industrial Bank Co., Ltd. is capped at RMB 135 million, with a repayment period of three years [1] - The remaining funds for the stock repurchase will come from the controlling shareholder's own resources [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's total power generation from its six domestic hydropower stations in the third quarter was approximately 108.47 billion kWh, a decrease of 5.84% year-on-year. Consequently, the company's operating revenue in the third quarter decreased by 7.78% year-on-year. However, through cost reduction and efficiency improvement, the net profit attributable to the parent company in the third quarter decreased by 9.13% year-on-year, with the impact of water inflow on revenue being somewhat smoothed out, resulting in a year-on-year growth of 0.6% in net profit for the first three quarters. The report emphasizes that short-term power generation performance cannot be linearly extrapolated, as water inflow in the Yangtze River basin has improved significantly since the autumn flood began [2][6][10]. Summary by Sections Financial Performance - In the third quarter of 2025, the company achieved operating revenue of 29.044 billion yuan, a year-on-year decrease of 7.78%, and a net profit attributable to the parent company of 15.137 billion yuan, a decrease of 9.13% [6][10]. - The total water inflow for the Wudongde Reservoir in the first three quarters was approximately 83.489 billion cubic meters, a decrease of 6.04% year-on-year, while the Three Gorges Reservoir's water inflow was approximately 298.880 billion cubic meters, a decrease of 4.54% year-on-year [10]. Operational Insights - The company managed to smooth the impact of water inflow on its revenue through cost reduction measures, resulting in a gross profit of 20.478 billion yuan in the third quarter, a decrease of 8.36% year-on-year, closely aligned with the revenue decline. Despite a 60.18% increase in taxes and surcharges, the company effectively mitigated the amplification effect of revenue fluctuations on profits [10]. - The financial expenses for the third quarter were 2.298 billion yuan, a decrease of 18.03% year-on-year, and investment income reached 1.648 billion yuan, an increase of 19.95% year-on-year [10]. Future Outlook - The report indicates that the autumn flood has led to a significant improvement in water inflow, with the average outflow from the Three Gorges Reservoir increasing by 141.47% year-on-year as of October 30, and the water level reaching 174.21 meters, an increase of 6.3 meters year-on-year. This abundant water inflow in the fourth quarter is expected to further support annual performance growth [2][10]. - The company has announced a profit distribution plan for 2026-2030, committing to a cash dividend of no less than 70% of the net profit attributable to the parent company each year, reflecting a strong emphasis on shareholder returns [10].

Core Viewpoint - Temasek Holdings (Private) Limited has increased its stake in SANY Heavy Industry Co., Ltd. to 10.09% by purchasing 2.5942 million shares at an average price of HKD 23.5668 per share, totaling approximately HKD 61.137 million [1]. Group 1 - Temasek Holdings acquired 2.5942 million shares of SANY Heavy Industry on November 3, 2025 [1]. - The average purchase price per share was HKD 23.5668, leading to a total investment of about HKD 61.137 million [1]. - Following this transaction, Temasek's total shareholding in SANY Heavy Industry increased to 63.7134 million shares, raising its ownership percentage from 9.68% to 10.09% [1].