截至发稿，步长制药市值为181亿元。 每经头条（nbdtoutiao）——灌水21万亿，高市早苗1.7万亿强化国防！日本负债率已远超债务危机时的 希腊，对美巨额投资致大规模资本外流，"卖出日元成国际趋势" 每经AI快讯，步长制药（SH 603858，收盘价：17.13元）11月27日晚间发布公告称，截至本公告披露 日，公司及控股子公司已提供的担保总额为人民币约22.96亿元，占2024年末经审计的公司净资产的 22.48%。 2024年1至12月份，步长制药的营业收入构成为：医药行业占比99.71%，其他业务占比0.29%。 （记者 张明双） ...

Investment Rating - The report maintains a "Buy" rating for Sands China (1928) with a target price of HKD 25.11, reflecting a potential upside of 27.9% from the current price [2][8]. Core Insights - Sands China's new promotional strategies are beginning to show results, with expectations for continued market share and EBITDA growth [5][7]. - The company reported a net revenue of USD 1.9 billion for Q3 2025, recovering to 90% of 2019 levels, with a year-on-year growth of 7.3% and a quarter-on-quarter growth of 6.1% [5]. - The adjusted EBITDA for Q3 2025 increased by 2.7% year-on-year and 6.2% quarter-on-quarter to USD 600 million, recovering to 80% of 2019 levels [5][7]. Summary by Sections Company Research - Sands China (1928) is rated "Buy" with a target price of HKD 25.11, reflecting a 12x EV/EBITDA for 2025 [2][8]. - The company’s market share in the gaming sector has rebounded to 25.4%, with a year-on-year increase of 0.5% and a quarter-on-quarter increase of 1.4% [5][7]. Financial Performance - Q3 2025 net profit increased by 1.5% year-on-year and 27.1% quarter-on-quarter to USD 270 million [5]. - The company holds approximately USD 1.13 billion in cash, with net debt reduced by USD 150 million to USD 5.79 billion [5][7]. Market Dynamics - The VIP segment saw a year-on-year decline of 16.3%, while the mass market segment grew by 12.1% year-on-year, indicating a shift in customer preferences [5][6]. - The company is benefiting from the full service of the Londoner project and new promotional strategies, which are expected to enhance market share and EBITDA further [7][8]. Other Key Points - The report highlights the importance of the new strategies and the expected growth in EBITDA to reach USD 2.7-2.8 billion in the short term [7]. - Sands China has repurchased USD 340 million worth of shares, increasing its ownership stake to 74.76% [7].

文 | 银行螺丝钉 （转载请注明出处） 前段时间，上市公司2025年三季报陆续公布了。 有朋友问，上市公司的定期报告有哪些，在哪里查看呢？ 过去几年，哪些公司赚钱了，哪些亏钱了？ 今年前3季度，上市公司盈利增长恢复了么？ 针对大家的这些疑问，螺丝钉也通过直播课，进行了讲解。 长按识别下面二维码，添加 @课程小助手 微信，回复「 1111 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 上市公司的定期报告及披露时间 A股上市公司每年会有4份定期报告，分别是一季报、半年报（中报）、三季报和年报。 港股与A股类似，港股上市公司定期报告，也主要是季报、年报等。 不同的是，港股对季报披露时间，并没有强制要求。 实际的披露时间，通常也会比A股要晚一些。 另外，港股的财政年度有可能不是自然年度，而是可以自定义的。 所以三季报，大家主要看A股指数的相关数据。港股指数的数据三季度还不完全，只是定性参考下，等年报数据看会更准确。 这些定期报告，各自的披露时间，如下表所示。 | | A服 | 港股 | | --- | --- | --- | | 季度报告 | 1个月内披露 | 港股对季度报告无强制要求 A + H股公司 ...

每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 曾健辉） 每经AI快讯，吉林敖东（SZ 000623，收盘价：19.02元）11月24日晚间发布公告称，公司第十一届第二 十一次董事会会议于2025年11月24日在公司六楼会议室以现场结合通讯方式召开。会议审议了《关于选 举公司第十一届董事会专门委员会成员的议案》等文件。 2025年1至6月份，吉林敖东的营业收入构成为：医药行业占比73.63%，连锁药店批发和零售占比 16.59%，食品占比7.39%，其他行业占比1.76%，其他业务占比0.62%。 截至发稿，吉林敖东市值为227亿元。 ...

Core Insights - The report by Galaxy Securities highlights that the strong rise of the innovative drug sector in 2025 is a result of the synergy between policy, industry, demand, and globalization [1] - The pharmaceutical "new" assets remain a long-term investment direction, encompassing innovative drugs, innovative devices, and medical AI [1] - The policy environment is expected to continue driving innovation and transformation in the pharmaceutical industry in 2026 [1] Investment Opportunities - The pharmaceutical industry is anticipated to see a rebound in 2026 after recent adjustments, with valuations having returned to relatively low levels [1] - Investment strategies should focus on hard technology in pharmaceuticals and incremental opportunities in niche segments [1] - Recommended areas for investment include innovative drugs (leading BIC and FIC pipelines), innovative devices (imaging, high-value consumables, consumer devices), and medical AI [1] Market Trends - There is an expectation of recovery in pharmaceutical consumption and growth in independent third-party ICL [1]

2、 中国人民银行行长潘功胜会见南非储备银行行长康亚戈，双方就双边金融合作等议题交换了意见。 两国央行行长共同见证了中国银联股份 有限公司和跨境银行间支付清算公司与其南非合作伙伴签署相关合作备忘录。上述成果有助于提升中国银联在南非多种场景的支付服务能力，并便利南非 机构通过人民币跨境支付系统办理跨境人民币业务。 3、 上海成立新国企，市政府此前批复同意组建上海国茂控股有限公司。 11月20日，上海国茂的工商注册登记手续已完成，并取得了上海市市场监 督管理局颁发的《营业执照》，注册资本为130亿元，注册地位于上海市普陀区。 1、 中国常驻联合国代表傅聪21日致函联合国秘书长古特雷斯，就日本首相高市早苗涉华错误言行阐明中国政府立场。 傅聪在致函中表示，日本首 相高市早苗在国会答辩时公然发表涉台露骨挑衅言论。有关言论极其错误、极为危险，性质影响极其恶劣。在中方多次严正交涉和强烈抗议后，日 方仍不思悔改，拒不撤回错误言论。中方对此强烈不满、坚决反对。傅聪在致函中表示，台湾是中国的神圣领土，如何解决台湾问题是中国人自己 的事，不容任何外来干涉。如日方胆敢武力介入台海局势，将构成侵略行为，中方将坚决行使《联合国宪章》和国 ...

Core Viewpoint - The book "Companies in the 21st Century" by John Kay offers a new perspective on the nature, purpose, and operation of companies, emphasizing the importance of social relationships among stakeholders rather than purely profit-driven motives [1][3]. Group 1: Corporate Philosophy - The author argues that a purely instrumental view of others' interests as a means to an end can damage social relationships, which are crucial for modern business success [3]. - Examples such as Bear Stearns and Enron illustrate the detrimental effects of prioritizing profit over ethical considerations, leading to significant reputational damage and eventual collapse [3][4]. - The book critiques the notion of profit maximization, suggesting that excessive focus on profits can undermine a company's long-term success [4][6]. Group 2: Historical Context and Evolution - The author examines the development of various industries, including pharmaceuticals, manufacturing, and finance, using examples from companies like Ford, IBM, and Apple to propose a new theoretical framework for companies [4][6]. - The book anticipates the evolution of companies into platform organizations, ecosystem-based entities, and decentralized structures in the 21st century [4][6]. Group 3: Human Factors in Business - The importance of human factors in business is emphasized, contrasting with traditional theories that focus on transaction costs and profit maximization [5][6]. - The author posits that successful company governance relies on culture, reputation, and shared beliefs rather than incentive contracts [6]. - The concept of "organizational capability" as a core asset is introduced, highlighting its significance over tangible assets or financial capital [6]. Group 4: Market Mechanism and Company Role - The book does not reject market mechanisms but argues that companies should not merely function as profit-making machines; they should also harness human potential to enhance effectiveness [6][7]. - The author expresses optimism about decentralization, suggesting that modern companies' key characteristics include flexible boundaries and the ability to adapt, which enhances efficiency compared to market transactions [6].

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，普洛药业（SZ 000739，收盘价：15.29元）11月19日晚间发布公告称，普洛药业股份有限 公司拟使用自有资金及金融机构回购贷款通过深圳证券交易所交易系统以集中竞价交易方式回购公司股 份，主要内容如下。本次回购股份拟用于股权激励或员工持股计划。本次回购资金总额不低于人民币 1.8亿元（含）且不超过人民币3.6亿元（含）。本次回购股份价格不超过人民币23元/股（含），未超过 公司董事会通过回购股份决议前三十个交易日公司股票交易均价的150%。回购期限自公司董事会审议 通过本次回购股份方案之日起12个月内。 2025年1至6月份，普洛药业的营业收入构成为：医药行业占比99.6%，其他业务占比0.4%。 截至发稿，普洛药业市值为177亿元。 每经头条（nbdtoutiao）——炒股亏了保险兜底，月收益高达100%？"安我股保"宣称推出全网首款炒股 保险，两大机构连忙撇清关系 ...

Group 1 - The core point of the article is that Erkang Pharmaceutical held its first temporary board meeting of the sixth session on November 14, 2025, to discuss the election of the chairman of the board [1] - For the first half of 2025, Erkang Pharmaceutical's revenue composition was as follows: 79.38% from the pharmaceutical industry, 18.57% from the new energy sector, and 2.05% from other businesses [1] - As of the time of reporting, Erkang Pharmaceutical had a market capitalization of 8.1 billion yuan [1]

资金流向方面，今日该股主力资金净流入4062.18万元，其中，特大单净流入4471.16万元，大单资金净 流出408.98万元。近5日主力资金净流入9911.78万元。（数据宝） 民生健康11月14日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 深股通专用 | 2393.91 | 2367.30 | | 买二 | 机构专用 | 2013.49 | 1726.92 | | 买三 | 机构专用 | 1980.71 | 1282.13 | | 买四 | 机构专用 | 1937.24 | 1551.83 | | 买五 | 华泰证券股份有限公司北京东三环北路证券营业部 | 1438.29 | 3.71 | | 卖一 | 深股通专用 | 2393.91 | 2367.30 | | 卖二 | 机构专用 | 2013.49 | 1726.92 | | 卖三 | 机构专用 | 1937.24 | 1551.83 | | 卖四 | 机构专用 | 1216.47 | 1456.22 | | 卖五 | 招商证券股份有限公 ...