Core Viewpoint - The acquisition plan by Qunxing Toys to purchase a majority stake in Hangzhou Tiankuan Technology has been terminated due to failure to reach agreement on key terms such as transaction price and scheme [1][4]. Group 1: Acquisition Details - Qunxing Toys intended to acquire at least 51% of Tiankuan Technology for a cash consideration, with an estimated valuation of Tiankuan's 100% equity not exceeding 800 million yuan, translating to approximately 400 million yuan for the stake [2][3]. - The termination of the acquisition is stated to not have a significant adverse impact on Qunxing Toys as the transaction was still in the planning stage and no substantial agreement was reached [1][4]. Group 2: Financial Performance - In 2024, Qunxing Toys reported revenue of 370 million yuan and a net loss of 18.4 million yuan, with cash reserves of only 30.2 million yuan, indicating a significant funding gap for the acquisition [2][4]. - The company has faced a continuous decline in performance, transitioning from profit to loss, with a net loss of 17.1 million yuan in the first half of 2025, nearing the total loss for 2024 [4][5]. Group 3: Historical Context - Since its listing in 2011, Qunxing Toys has attempted five major acquisitions across various sectors, including mobile gaming, nuclear power, and new energy, all of which have failed [3][4]. - The company's repeated attempts to pivot towards trending sectors have raised doubts about its strategic direction and execution capabilities [2][3]. Group 4: Future Strategy - Despite the termination of the acquisition, Qunxing Toys maintains that the computing power business remains a key focus, with plans for systematic strategic development in this area [5][7]. - The company has already engaged in contracts for computing power services, including a significant agreement with Tencent worth 113 million yuan, contributing to 10.32% of total revenue in the first half of 2024 [7].

每日晨报│2025 年 10 月 22 日 主要市场指数表现 主要货币表 | | 汇率 | 1M 升跌 | 6M 升跌 | | --- | --- | --- | --- | | 人民币指数 | 97.080 | +0.50% | -0.28% | | 美汇指数 | 98.865 | +1.25% | +0.60% | | 港币/人民币 | 0.916 | -0.07% | +2.54% | | 人民币/美元 | 0.140 | +0.07% | -2.36% | | 欧元/美元 | 1.162 | -1.55% | +0.91% | | 美元/日元 | 151.670 | -2.65% | -7.17% | | 英镑/美元 | 1.338 | -1.01% | -0.01% | | 美元/瑞士法郎 | 0.794 | -0.18% | +1.91% | | 主要商品表 | | | | | --- | --- | --- | --- | | (货币：美元) | 最新价 | 1M 升跌 | 6M 升跌 | | 布伦特原油(桶) | 60.970 | -7.57% | -3.87% | | 天然气(1mnBtu) ...

Market Overview - The early trading session saw a continuation of strength in the deep earth economy concept, with companies like CITIC Heavy Industries, Petrochemical Machinery, and ShenKong Co. achieving three consecutive trading limits [1][7] - On October 22, the A-share market opened lower, with all three major indices declining, particularly the ChiNext index which fell over 1% [1][10] - The Hong Kong stock market also opened lower, with the Hang Seng Index dropping over 1% and technology stocks experiencing declines [1][12] A-share Performance - As of the report, the Shanghai Composite Index was down 0.45% at 3898.54, the Shenzhen Component Index fell 0.77% to 12976.03, and the ChiNext Index decreased by 0.82% to 3058.43 [2][11] - The decline in the A-share market was attributed to significant drops in sectors such as gold, non-ferrous metals, and semiconductors, while infrastructure and real estate stocks showed some resilience [11] Hong Kong Market Performance - The Hang Seng Index was reported at 25793.92, down 0.90%, while the Hang Seng Technology Index fell 1.50% to 5918.06 [3][13] - The technology sector in Hong Kong faced widespread pullbacks, with gold stocks experiencing significant losses, particularly Zijin Mining and Shandong Gold, which dropped over 6% [13] Bond Market - The bond market showed a collective rebound, with the 30-year main contract rising by 0.19%, the 10-year contract up by 0.08%, and the 5-year contract increasing by 0.04% [3][4] Commodity Market - Domestic commodity futures mostly rose, with notable increases in indices such as shipping, pulp, lithium carbonate, and aluminum, while gold and silver saw declines exceeding 5% [4][5] - Specific commodities like copper and polysilicon experienced price drops, while soybean meal fell over 1% [5][17] Key Stocks - Bubble Mart saw a significant rise of over 8% in early trading, with third-quarter revenue expected to increase by 245%-250% year-on-year, prompting Jefferies to raise its target price to HKD 383.2 [14]

天眼查App显示，近日，蚌埠沐梵户外用品有限公司成立，法定代表人为张婉君，注册资本30万人民 币，经营范围为一般项目：户外用品销售；体育用品及器材制造；健身休闲活动；体育用品及器材批 发；体育消费用智能设备制造；塑料制品制造；塑料制品销售；工程塑料及合成树脂销售；玩具制造； 玩具销售；母婴用品制造；日用杂品制造；日用百货销售；日用品销售；日用杂品销售；租赁服务（不 含许可类租赁服务）；劳动保护用品生产；劳动保护用品销售；劳务服务（不含劳务派遣）；潜水救捞 装备销售；体育用品及器材零售；母婴用品销售；体育用品设备出租；互联网销售（除销售需要许可的 商品）（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis, the report predicts the trend of various futures contracts on October 22, 2025, including the expected performance of stock index futures, bond futures, precious metal futures, and commodity futures [2]. Summary by Related Catalogs 1. Macro News and Trading Tips - Trump plans to visit China early next year, and the Chinese Foreign Ministry has no specific information to provide [7]. - Chinese Commerce Minister Wang Wentao held video talks with EU officials and had a phone call with the Dutch economic minister, discussing issues such as export controls and the global supply chain [7]. - The Ministry of Commerce held a policy - interpretation round - table for foreign - funded enterprises, emphasizing the importance of export controls and the stability of the global supply chain [7]. - In the first three quarters, domestic tourism increased by 18% in terms of the number of travelers and 11.5% in terms of spending [8]. - European leaders support a cease - fire negotiation in the Russia - Ukraine conflict [8]. - Japan's new Prime Minister, Kōichi Kanasugi, is considering a supplementary budget to address rising prices [8]. - The net financial assets of EU member states have declined [8]. - On October 21, precious metals tumbled, oil prices rose, London base metals mostly increased, the yuan strengthened against the dollar, and the dollar index rose [8][9][10]. 2. Futures Market Analysis and Forecast Stock Index Futures - On October 21, IF2512, IH2512, IC2512, and IM2512 all showed an upward trend, but failed to break through key resistance levels [11][12]. - The A - share market rose strongly on October 21, with over 4600 stocks rising, and the trading volume increased [13]. - Hong Kong stocks rose on October 21, while US stocks were mixed, and European stocks rose slightly [14][15]. - From April to September, investor leverage increased by 32.4%, which may be a risky entry point [15]. - It is expected that in October 2025, IF, IH, IC, and IM will have a wide - range and mostly weak oscillation. On October 22, they will oscillate and consolidate [15][17]. Bond Futures - On October 21, the ten - year and thirty - year bond futures had a slight upward trend, with the central bank conducting reverse repurchase operations and a net capital injection [34]. - It is expected that on October 22, the ten - year and thirty - year bond futures will have a wide - range oscillation [36][40]. Precious Metal Futures - On October 21, the gold futures rose during the day but fell sharply at night. It is expected that in October 2025, it will oscillate strongly and break new highs, and on October 22, it will oscillate weakly [40][41][42]. - On October 21, the silver futures rose during the day but fell at night. It is expected that in October 2025, it will oscillate strongly and break new highs, and on October 22, it will oscillate weakly [49][50]. Commodity Futures - On October 21, copper futures rose slightly, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate weakly [53]. - On October 21, aluminum futures rose slightly, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate and consolidate [59][60]. - On October 21, alumina futures fell slightly, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [63]. - On October 21, rebar futures rose slightly, and it is expected that in October 2025, it will oscillate widely, and on October 22, it will oscillate and consolidate [67]. - On October 21, hot - rolled coil futures rose slightly, and it is expected that on October 22, it will oscillate and consolidate [70]. - On October 21, iron ore futures rose slightly, and it is expected that in October 2025, it will oscillate widely, and on October 22, it will oscillate strongly [74]. - On October 21, coking coal futures fell, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate strongly [78][79]. - On October 21, glass futures fell, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate widely [82]. - On October 21, soda ash futures fell, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [86]. - On October 21, crude oil futures rose slightly, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [90]. - On October 21, PTA futures rose slightly, and it is expected that on October 22, it will oscillate strongly [95][96]. - On October 21, methanol futures rose slightly, and it is expected that on October 22, it will oscillate weakly [98]. - On October 21, soybean meal futures fell slightly, and it is expected that on October 22, it will oscillate weakly [101].

连续亏损多年后，被称为"中国版乐高"的布鲁可总算实现了盈利。 根据此前所发布的财报来看，布鲁可在今年上半年营收为13.38亿，同比增长27.9%；经调整净利润为3.2亿，同比增长9.6%，正式结束连续4年的净亏损。 不过细看财报不难发现，布鲁可扭亏为盈并非来自于消费市场表现更好，而是包括政府补贴在内非经常性收益的支撑。事实上，尽管布鲁可产品销量仍然 处在暴涨通道，只是其营收增长速度已明显下滑，靠低价打天下的营销策略已经开始让自身遭到反噬。 值得一提的是，或许是看到了泡泡玛特在海外市场备受追捧，布鲁可海外业务营收在今年上半年实现了同比近900%的暴涨。 那么，海外市场究竟能否帮助自身再造一个布鲁可？若短时间内无法如愿，未来又该走哪条路线才能实现二次腾飞呢？ 布鲁可，低价打天下？ 一个玩偶因炒作身价暴涨几十倍、一张奥特曼西游卡牌炒到上万元…最近两年，备受年轻人追捧的谷子经济热度可谓居高不下。有数据显示，2024年我国 谷子经济市场规模为1689亿，预计到2029年将会突破3000亿大关。 就在泡泡玛特等品牌借助潮玩市场的热度于全球迅速攻城略地之际，殊不知，来自国内的一家拼搭角色类玩具公司布鲁可也在幕后悄悄发育。 ...

国泰海通证券认为，短期波动不改港股四季度牛市行情，其中恒生科技空间最大。首先，港股互联网巨 头受益AI叙事发酵，港股资产结构优势有望凸显。其次，伴随美联储重启降息，港股外资力量回流存 在超预期可能。最后，南向资金有望继续流入，有望推动港股行情继续向上。结构上，AI驱动下，港 股科技仍是行情主线。此外，港股红利受益于政策强化分红+低利率，港股新消费、创新药资产较A股 同样稀缺，下半年或也值得关注。 前海开源基金首席经济学家杨德龙表示，目前板块之间也出现了轮动，前期涨幅较大的科技股，出现了 较大幅度调整，而低估值高股息板块，比如银行、电力等则出现逆势上涨，反映出投资者风险偏好下降 之后，从成长股切换到低估值的红利股的特征。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 恒生指数低开0.5%，恒生科技指数跌0.82%。黄金股大跌，紫金黄金国际、山东黄金跌超6%。泡泡玛特 涨近8%，公司第三季度整体收益同比增长245%-250%。 关于港股后市 银河证券指出，中美贸易谈判结果仍存很大变数，短期内市场风险偏好或持续偏低。当前港股估值整体 处于历史中高水平，预计未来港股市场或宽幅震荡。配置方面，建议关注以下板块：(1)海 ...

2025 年 10 月 22 日星期三 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 报 告 欧洲领导人发表联合声明，支持通过谈判推动俄乌停火 日本迎来首位女首相，高市内阁正式成立 我国核聚变领域最大制冷功率氦制冷机成功投产 2026 年国考热门岗位已两千挑一 广东：支持工业智能算力应用 培育工业软件和智能装备 上海：稳定房地产投资规模 筑牢上海建筑市场基本盘 广州：推进利用专项借款购买存量商品房作为安置房 泡泡玛特：2025 年 Q3 整体收益同比增 245%-250% OpenAI 推出 AI 浏览器 Atlas 苹果可折叠 iPad 或推迟至 2029 年发布 2 年期美债收益率跌 0.64 个基点报 3.445% 5 年期美债收益率跌 1.91 个基点报 3.552% 10 年期美债收益率跌 2.49 个基点报 3.953% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | -- ...

New Stock Offerings - Dana Biological's subscription code is 920009, with an issue price of 17.10 yuan per share and a subscription limit of 360,000 shares [1] Economic and Trade Relations - China's stance on Sino-U.S. economic and trade issues is consistent and clear, emphasizing that trade wars do not benefit either side and should be resolved through equal and respectful negotiations [3] - A video conference was held between China's Minister of Commerce and the EU's Trade Commissioner to discuss key economic and trade issues, including export controls and the EU's anti-subsidy case against Chinese electric vehicles [3] Artificial Intelligence Development - Guangdong Province's action plan aims to enhance high-quality development in manufacturing through artificial intelligence, focusing on various sectors such as consumer electronics and biomedicine, and providing funding support for benchmark projects [4] - Zhejiang Province's draft action plan aims to cultivate leading intelligent development platforms and achieve over 70% application penetration of intelligent systems by 2027, with a goal of over 90% by 2030 [5] Tourism and Consumption - Guizhou Province's implementation plan aims to enhance tourism consumption by creating world-class destinations and promoting deep experience tourism products, alongside policies to optimize travel services [6] - Guangzhou's action plan focuses on boosting consumption by enhancing the management of state-owned listed companies and promoting income growth through various measures [7] Company Performance Highlights - Pop Mart reported a year-on-year revenue increase of 245%-250% in Q3 [11] - Jin Gu shares received a project designation from a global leading automotive company for low-carbon wheels [12] - China Telecom's net profit for the first three quarters increased by 5.03% year-on-year [13] - Shiyida's net profit for Q3 surged by 471.34% year-on-year [14] - Wancheng Group's net profit for the first three quarters increased by 917.04%, with a proposed dividend of 1.5 yuan per share [15] - Shengnong Development's net profit for the first three quarters rose by 202.82%, proposing a dividend of 3 yuan per share [16] - China National Materials' net profit for Q3 increased by 234.84% year-on-year [17] - Grebo received significant orders from a leading U.S. home improvement retailer for lithium battery outdoor power equipment [18]

宏观热点 商务部召开专场外企圆桌会 2025年前三季度，国内居民出游花费4.85万亿元，比上年同期增加0.50万亿元，同比增长11.5%。其 中，城镇居民出游花费4.05万亿元，同比增长9.3%；农村居民出游花费0.80万亿元，同比增长24.0%。 事关建筑行业，上海最新发文 据上海市人民政府网站消息，10月21日，上海市人民政府办公厅印发《上海市促进建筑业高质量发展加 快培育增长新动能行动方案》，其中提出，推动建筑企业整合升级，鼓励建筑企业同质化业务整合，实 现错位竞争、链条互补。推动企业联合出海，鼓励国有企业发挥国际市场开拓优势，携手中小型和民营 建筑企业以总分包形式共同"走出去"。 产量激增1.2倍！机器人核心部件国产化高歌猛进 商务部10月21日消息显示，10月20日，商务部副部长兼国际贸易谈判副代表凌激在京主持召开政策解读 专场外资企业圆桌会，170余家外资企业及在华外国商协会代表参会。与会外资企业表示，当前国际贸 易投资面临挑战增多，中国政府持续扩大开放，在稳外资、促发展方面展现出坚定决心与务实举措，期 待"十五五"规划为外资企业提供更大发展空间，愿继续加大在华投入，深化合作，助力中国高质量发 展 ...