永豐金證券亞洲研究部晨訊 2025/10/15 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 1 永豐金證券亞洲研究部晨訊 今日市埸主要焦點 股市及產品投資策略 2 永豐金證券亞洲研究部 -今日市埸焦點及策略 • 美股震盪回穩｜科技股續弱，市場情緒受中美貿易緊張影響 • 特朗普出口禁令｜威脅封鎖食用油，報復中國拒買美國大豆 • 加密貨幣重挫｜比特幣曾跌至110159美元，以太幣插水至3893美元 • 金價再創新高｜避險資金湧入，現貨金衝上4179.7美元/盎司 • 美債殖利率下滑｜ 10年期債息跌至3.9976厘，市場預期降息升溫 • 配置建議｜短期貿易與政策不確定性，建議做好動態調整與適度防禦 • 結構性產品｜收益加強型結構票據，對沖科技板塊震盪 • 固定收益｜提高資產防禦性，傾向高流動性、短天期債券與優質公司 債 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部全球 ...

天眼查App显示，近日，长沙毅星昂玩具有限公司成立，法定代表人为朱尧成，注册资本5万人民币， 经营范围为一般项目：玩具销售;互联网销售（除销售需要许可的商品）;玩具、动漫及游艺用品销售;电 子产品销售;文具用品零售;文具用品批发;专业设计服务;塑料制品销售;工艺美术品及礼仪用品销售（象 牙及其制品除外）;母婴用品销售;木制玩具销售;技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活动）。 ...

Group 1: Hong Kong Stocks - Lao Pu Gold (06181) rose over 5%, with Morgan Stanley reaffirming an "overweight" rating due to clear brand value enhancement trends [1] - Pop Mart (09992) increased over 3%, as Apple CEO received a special gift, and Labubu is expected to become a world-class cultural IP brand [1] - Jitu Express-W (01519) rose over 3%, reporting strong growth in parcel volume in Southeast Asia and new markets for Q3 2025 [1] - Guoquan (02517) surged over 10%, with improved restaurant sentiment and expectations for Q4 store openings [1] - Geely Automobile (00175) increased over 4%, with Geely Holding Group's quarterly sales surpassing 1 million units for the first time [1] - Rongchang Bio (09995) rose over 3%, as the application for the marketing of Tai Tasi Pi for IgA nephropathy treatment was accepted and prioritized for review [1] - Mixue Group (02097) rose over 6%, with Mixue Ice City beer trending on Weibo, and institutions optimistic about the company's brand expansion [1] - Jinli Permanent Magnet (06680) fell over 1%, despite a projected net profit increase of over 157% for the first three quarters [1] - Bilibili-W (09626) rose over 3%, officially launching a "Double 11" promotion and achieving deep data integration with Alibaba and JD [1] Group 2: US Stocks - Navitas Semiconductor (NVTS.US) surged 26.08%, with advancements in 800VDC GaN and SiC power devices [3] - Ericsson (ERIC.US) rose 20.56%, reporting a net profit of 11.15 billion SEK for Q3, nearly doubling year-on-year and exceeding analyst expectations [3] - Tesla (TSLA.US) fell 1.53%, as the NHTSA announced an investigation into approximately 2.88 million Tesla vehicles equipped with "full self-driving" systems [3] - PayPal (PYPL.US) rose 0.42%, but Goldman Sachs downgraded its rating to "sell" due to margin pressures and a slowing growth path for 2026 [3] - BP (BP.US) fell 1.75%, with expectations of increased profitability driven by upstream production growth and refining margins [3] - Intel (INTC.US) dropped 4.27%, as Bank of America downgraded its rating from "neutral" to "underperform," maintaining the target price at $34 [3] - Target (TGT.US) rose 1.85%, with D.A. Davidson lowering the target price from $115 to $108 while reiterating a "buy" rating [4] - Albertsons (ACI.US) surged 13.63%, reporting Q2 FY2025 revenue of $18.9158 billion and adjusted EPS of $0.44, exceeding expectations [4] - Arm (ARM.US) fell 2.20%, as OpenAI announced a strategic partnership with Broadcom to develop custom AI chips and network systems [4] - Walmart (WMT.US) rose 4.98%, collaborating with OpenAI to allow consumers to browse and purchase Walmart products directly through ChatGPT [4]

天眼查App显示，近日，通许县序鹏玩具有限公司成立，法定代表人为杨斌，注册资本10万人民币，经 营范围为一般项目：玩具销售；木制玩具销售；玩具、动漫及游艺用品销售；日用杂品销售；宠物食品 及用品批发；文具用品批发；互联网销售（除销售需要许可的商品）；教学用模型及教具销售；纸制品 销售；办公用品销售；文具用品零售（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

| | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | -4.3% | -7.36 | 131.44Z | 阿里巴巴-W | | 中芯国际 | -8.5% | -3.24 | 80.15 Z | 中心国际 | | 腾讯控股 | -2.8% | 1.61 | 43.40 Z | 腾讯控股 | | 华虹半导体 | -13.1% | 2.28 | 41.09 Z | 来可半导体 | | 小米集团-W | -0.9% | 7.23 | 33.09 Z | 小米集团-W | | 中兴通讯 | -9.5% | -5.04 | 24.52 Z | 快手-W | | 晶泰控股 | -2.6% | 2.66 | 20.50亿 | 中兴通讯 | | 盈富县金 | -1.6% | -2.39 | 19.14亿 | 南方恒生科技 | | 泡泡玛特 | 0.8% | 3.99 | 17.62 Z | 信达生物 | | 快手-W | -6.8% | 0.39 | 14.31 Z | 面乘控股 | 据统计，南下 ...

浙江义乌第六代市场亮相 港澳商人争相"探市" "从今年年初开始，很多客户和朋友就不断打听项目情况、行业分布、投资利好等信息。这些年，义乌 给了港澳商人很大的发展空间，当好推荐官是发自内心的事情。"吴国术说。 据悉，义乌港澳总商会自2021年成立以来，已组织多场经贸对接、青年交流活动。今年7月，该商会与 义乌官方联合举办港澳青年商贸实训班，吸引一批香港高学历人才参与。 10月14日，义乌港澳总商会监事、玩具行业从业者周玲玲展示店内热销产品。董易鑫 摄 "全球数贸中心不仅是义乌的新地标，也为港澳企业对接国际市场提供了更广阔的舞台。"义乌港澳总商 会会长、香港国际玩具科技有限公司董事长洪俊伟表示，包括他在内，不少港澳商人已签约入驻，还有 香港商人专程来义乌，只为第一时间"探市"。 "我们看中的是义乌市场的创新速度，更是它连接世界的能力。"洪俊伟说。 中新社义乌10月14日电 (董易鑫)浙江义乌第六代市场标志性项目全球数贸中心10月14日正式开业。 "前几天，我用AI(人工智能)辅助拍摄了多语种介绍新店的短视频，不少外籍合作商看到后都预约来店 看样，从今天开始就陆续抵达。"义乌港澳总商会监事、玩具行业从业者周玲玲说， ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 86.03 billion HKD on October 14, 2023, indicating strong investor interest in certain stocks while others faced selling pressure [1]. Group 1: Stock Performance - The top net bought stocks included Southern Hang Seng Technology (03033), Xiaomi Group-W (01810), and Tencent (00700) [1]. - The most sold stocks were Semiconductor Manufacturing International Corporation (00981), Alibaba Group-W (09988), and Innovent Biologics (01347) [1]. - Alibaba Group-W had a net outflow of 7.36 billion HKD, while Semiconductor Manufacturing International Corporation saw a net outflow of 3.24 billion HKD [2]. Group 2: Trading Activity - Northbound trading through the Shanghai Stock Connect accounted for a net buy of 49.73 billion HKD, while the Shenzhen Stock Connect recorded a net buy of 36.31 billion HKD [1]. - Notable net inflows included 11.47 billion HKD for Southern Hang Seng Technology and 6.62 billion HKD for Tencent, while Alibaba faced a net sell of 7.95 billion HKD [4]. Group 3: Company-Specific News - Xiaomi Group-W faced scrutiny after a fire incident involving its vehicle, leading to a net buy of 9.23 billion HKD, while the company also repurchased 400 million shares for 1.97 billion HKD [5]. - Crystal Technology Holdings (02228) received a net buy of 4.26 billion HKD, with analysts highlighting its potential in robotics and AI pharmaceuticals [5]. - Semiconductor stocks, including Hua Hong Semiconductor (01347) and Semiconductor Manufacturing International Corporation (00981), faced significant selling pressure, with net outflows of 1.1 billion HKD and 9.57 billion HKD, respectively [6][8].

记者从天猫方面了解到，双11已经让全球品牌商家动起来了。格鲁吉亚高加索山脉火山深处，泉水从地下8000米自然涌向地表，BORJOMI矿泉水品牌在 这里诞生，历史已超过130年。环绕火山的四五十个井口，汲取源自大地深处的天然活水，其中41号井专供天猫双11消费者。 在土耳其安纳托利亚高原的"无花果之乡"艾登地区，Happy Village有机农业项目下的3000多户果农同样为双11奔忙。这里的无花果每年仅产一季，果农们 手工摇树采摘，将果实进行20天自然晾晒。受地缘影响，海运航线需要绕行好望角，Happy Village工厂提早准备、加急生产，让上万件最新鲜的有机果干 以空运加海运的方式，按时赶赴中国。 这是BORJOMI第一次参加双11，为应对激增的订单，当地工厂临时招聘了50多名员工。50万瓶矿泉水在两周内生产、包装、空运，深夜工厂依然灯火通 明。 格鲁吉亚工人深夜挥汗时，在被称为"玫瑰之都"的保加利亚卡赞勒克，Lema家族也在全力"冲刺"。这家百年品牌承包了56公顷玫瑰园，为双11储备了30 万公斤玫瑰原料，这意味着要消耗上千万朵大马士革玫瑰。 早在5-6月花期，500多名采花工人破晓下地、正午收工，因为 ...

建银国际发表报告指，美国总统特朗普宣布将对中国进口商品额外征收100%关税，预计对纺织品、家 电及IP玩具影响有限，纯内需消费股具备估值支持。报告指，纯国产股获估值支持，预期新宣布的关税 政策将影响近期市场情绪，但影响程度较4月份为低。在该行覆盖范围内，安踏体育、李宁、江南布 衣、 农夫山泉、康师傅、蜜雪集团、华润啤酒、蒙牛及伊利均可能受惠。美国经济可能放缓仍是主要 的下行风险，尽管该行认为现时机率不高。 ...

Core Viewpoint - The company Brikoo (00325) has launched new product lines at the WF2025 exhibition, showcasing its commitment to a diverse product ecosystem and global strategy [1] Group 1: Product Launch and Strategy - Brikoo's new product categories include "Building Cars" and "Building Figures," with three new series: "Natural Collection," "Miracle Q Version," and "Encounter Version," along with over 40 new building figures catering to various consumer needs [1] - The launch reflects Brikoo's strategy of "full demographics, full price range, and globalization," aiming to meet the demands of different players worldwide [1] Group 2: Market Reaction and Analyst Insights - The stock price of Brikoo increased by over 5%, reaching 102.5 HKD, with a trading volume of 83.96 million HKD [1] - Citigroup has initiated a positive catalyst observation for Brikoo, setting a target price of 128 HKD and rating it as "Buy," indicating confidence in the company's expanding target customer base [1] - The expectation is that Brikoo will introduce more new products at the upcoming 2025 China Toy Expo [1]