蓝思科技生产的机器人关节电机 蓝思科技生产的灵巧手 ◎记者 夏子航 11月18日，蓝思科技旗下蓝思智能机器人永安园区投产 "当AI从云端走向端侧，'下沉'到各种设备上，一场万亿级的硬件革命已悄然来临。"近日，蓝思科技董 事长周群飞向上海证券报记者表示，当下正处在AI端侧硬件新爆发的临界点。这背后，是硬件产业从 交互形态、性能要求到市场格局的全方位重构。"我们坚信，2026年将成为真正的'AI端侧元年'。" 蓝思科技生产组装的"灵犀X2" 11月18日，在人形机器人的现场"擂鼓"和四足机器狗的"舞蹈"助威下，蓝思科技旗下蓝思智能机器人永 安园区启用。该园区启用后，蓝思科技将形成以长沙为核心、东南亚为支撑的机器人全球制造布局，加 速迈步具身智能赛道。 在周群飞看来，从AI手机、汽车智能座舱到人形机器人、AI服务器，都离不开硬件供应商的支持。"回 望科技浪潮，每一次技术革命，最终都要靠硬件落地生根。"周群飞说。 加速迈步具身智能赛道 11月初，蓝思科技斩获越疆机器人10000台四足机器狗整机组装订单。双方合作推出了全球首款家庭智 能体机器人Rover X1，售价为7499元。 根据协议，除整机组装外，蓝思科技还将成 ...

小米集团-W获南向资金连续16天净买入，累计净买入金额为130.55亿港元，股价累计下跌15.24%。 证券时报·数据宝统计显示，11月19日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 337.66亿港元，净买入金额为44.29亿港元。 11月19日上榜的成交活跃股中，小米集团-W通过港股通渠道成交金额为105.78亿港元，净买入金额为 23.94亿港元，不仅如此，该股已连续16日出现成交净买入，累计净买入金额为130.55亿港元，其间股价 下跌15.24%。（数据宝） （文章来源：证券时报网） ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 53.5 per share, indicating a potential upside of 31.2% from the recent closing price of HKD 40.78 [6]. Core Insights - The company achieved record high revenue and profit in Q3 2025, driven by effective execution of its "high-end, full ecosystem, and globalization" strategy, despite facing challenges from rising storage costs [5][6]. - The automotive segment reported its first profit in Q3 2025, with revenue growing by 199.2% year-on-year, contributing significantly to overall growth [2]. - The smartphone segment showed resilience with a slight revenue decline of 3.1%, while maintaining a strong market share in the high-end segment [3]. - Internet services continued to grow steadily, with revenue reaching a historical high, supported by increased advertising income and user engagement [4]. Summary by Sections Q3 Performance - Revenue for Q3 2025 increased by 22.3% year-on-year to HKD 1131.2 billion, slightly above market expectations [1]. - Gross margin was reported at 22.9%, exceeding expectations, while adjusted net profit surged by 80.9% to HKD 113.1 billion [1]. Automotive Business - The automotive segment generated revenue of HKD 290.1 billion in Q3 2025, accounting for 25.6% of total revenue, with a significant year-on-year growth of 199.2% [2]. - The company delivered 109,000 new vehicles in the quarter, marking a 173.4% increase year-on-year, with the XiaomiYU7 series leading domestic SUV sales [2]. Smartphone and AIoT - The smartphone division reported revenue of HKD 460.0 billion, a slight decline of 3.1%, with a shipment of 43.3 million units, reflecting a 0.5% increase [3]. - The IoT and lifestyle products segment achieved revenue of HKD 276.0 billion, growing by 5.6% year-on-year, with a gross margin of 23.9% [3]. Internet Services - Internet services revenue reached HKD 94.0 billion, a 10.8% increase year-on-year, with advertising revenue growing by 17.4% [4]. - The global monthly active users reached 741.7 million, reflecting an 8.2% year-on-year increase, indicating improved user engagement and monetization [4].

Core Insights - The article provides an overview of fund managers' perspectives and strategies based on their recent quarterly reports, highlighting different investment styles and market outlooks [1][2]. Group 1: Fund Manager Perspectives - Fund managers express varying views on market conditions, with some maintaining optimism about equity assets due to low interest rates and the potential for corporate earnings recovery [17][18]. - Different investment styles are categorized, including deep value, growth value, balanced, and growth styles, each with distinct characteristics and focus areas [19][35][51]. Group 2: Deep Value Style - Deep value managers focus on low valuation metrics such as low P/E ratios and high dividend yields, primarily investing in sectors like finance, real estate, and energy [10][12]. - Historical performance shows that this style performed well in 2016-2017 and 2021-2024, while underperforming in 2019-2020 [15][16]. Group 3: Growth Value Style - Growth value managers prioritize companies with strong profitability and stable cash flows, often holding stocks for the long term [20][22]. - Concerns about market risks and valuation levels are noted, with some managers highlighting the extreme valuation disparities across sectors [22][24]. Group 4: Balanced Style - Balanced style managers seek a combination of growth and value, focusing on companies with favorable PEG ratios and exploring opportunities across various sectors [35][36]. - They emphasize the importance of maintaining a diversified portfolio while identifying high-quality investment opportunities [40][46]. Group 5: Growth Style - Growth style managers focus on high revenue and earnings growth, often investing in emerging industries such as AI, renewable energy, and technology [51][62]. - The article notes a shift in focus from technology to consumer sectors as the market stabilizes, with an emphasis on identifying companies with strong growth potential [55][58]. Group 6: Market Outlook - The overall market sentiment is cautiously optimistic, with expectations of continued structural opportunities despite potential short-term volatility [40][62]. - Fund managers are adjusting their portfolios in response to macroeconomic conditions, focusing on sectors with strong growth prospects and managing risks associated with high valuations [31][70].

证券日报网讯创维数字（000810）11月19日在互动平台回答投资者提问时表示，公司VR/MR目前定位 及聚焦垂直行业客户，如：教育、培训、医疗、影视等应用场景，在海外相关国家、地区在批量供货 中，TOC零售渠道的合作仍在评估中。具体情况请投资者留意公司披露的定期报告、法定的信息披露媒 体披露的内容。 ...

字母榜 . 让未来不止于大 以下文章来源于字母榜 ，作者苗正 本文来自微信公众号： 字母榜 ，作者：苗正，编辑：王靖，题图来自：视觉中国 苹果公司即将迎来一场重大的权力交接。据彭博社报道， 现年64岁的蒂姆·库克最早可能在2026年卸 任CEO一职， 结束他长达15年的掌舵生涯。 所以无论最终是谁接任CEO，首要任务都已经非常明确： 在保持业务平稳运行的前提下，扭转苹果 在AI领域被动落后的局面。 可这个任务说起来简单，做起来却异常艰难。 按照苹果的一贯风格，CEO的接班人选会从内部高管中产生。 一 彭博社在文章中指出， 硬件工程高级副总裁约翰·特努斯 （John Ternus） 现在被普遍认为是最有可 能的人选。 一位接近苹果高管团队的人士表示，"蒂姆非常喜欢他，因为他擅长做演示，性格温和，从不在邮件 中留下争议性内容，而且做决策时极为谨慎。他在很多管理特质上与蒂姆非常相似。"库克也曾公开 称赞特努斯拥有 "深厚的专业知识和广泛的经验"。 但对于消费者乃至整个科技圈来说，最关心的问题是： 谁将接过这家市值超过4万亿美元的科技巨 头？ 库克治下的苹果创造了商业史上的奇迹。从2011年接任至今，苹果市值从350 ...

Core Viewpoint - The company, Shunluo Electronics, reported a steady growth in its consumer electronics business, driven by an increase in new product share and overall market share, supported by a recovering industry environment [2] Company Overview - Shunluo Electronics has a strong market position and high product market share in the consumer electronics sector [2] - The company maintains deep strategic partnerships with numerous core consumer electronics enterprises both domestically and internationally [2] Industry Insights - The consumer electronics sector is experiencing a recovery in industry sentiment, which is expected to positively impact the company's performance [2] - The company anticipates maintaining a business growth level that exceeds the overall industry growth rate in the consumer electronics field [2]

（文章来源：证券日报） 证券日报网讯九联科技11月19日在互动平台回答投资者提问时表示，公司的扫地机器人及其部件产品、 部分物联网通信模块及部分新能源电池属于或应用于消费电子领域，并已形成销售。 ...

Group 1 - Nvidia is set to release its Q3 earnings report, while Xiaomi and Pinduoduo have recently reported their financial results, with Xiaomi's stock dropping nearly 5% due to market concerns about ongoing negative sentiment affecting new orders [1] - Pinduoduo's management has cautioned that current profits should not be seen as a guide for future performance, indicating potential fluctuations in upcoming quarters, leading to a drop of over 7% in its stock price [1] - The article highlights the volatility of Pinduoduo's stock performance following earnings releases, noting significant declines in previous quarters, with the latest drop being relatively smaller compared to past performances [1] Group 2 - Despite facing short-term pressure, Hong Kong stocks have led global indices since the beginning of the year, with the Hang Seng Index and Hang Seng Tech Index showing returns of 25-30% [5] - The article discusses the sensitivity of Hong Kong stocks to changes in interest rate expectations, particularly in light of the global market downturn, which is attributed to a slower-than-expected interest rate cut process [10] - The article emphasizes that the recent declines in Hong Kong stocks are not indicative of systemic issues, as the high dividend yield sectors remain attractive for investment [17][19] Group 3 - The article points out that the current valuation of Hong Kong's large tech stocks is not considered expensive compared to US and A-share tech stocks, suggesting potential investment opportunities [15] - High dividend-paying stocks in Hong Kong are highlighted as a solid investment choice, with comparisons made to bond yields indicating significant investment potential [19] - The article mentions the recent increase in capital inflows into Hong Kong banks, suggesting a positive shift in market sentiment and investment strategies [21]

Core Viewpoint - The article discusses the recent agreement between Apple and Tencent regarding the revenue sharing of WeChat mini-programs, marking a significant development in the ongoing debate over Apple's App Store commission, often referred to as the "Apple Tax" [5][6][19]. Group 1: Apple and Tencent Agreement - Apple and Tencent have reached an agreement where WeChat mini-program developers will be included in Apple's payment system, allowing iPhone users to make purchases through a familiar iOS interface [5][6]. - As part of the agreement, Tencent has accepted Apple's commission on WeChat mini-programs, while Apple has reduced its standard commission from 30% to 15% for these transactions [6][18]. - This agreement reflects a compromise that allows Apple to continue generating significant revenue from services amid stagnating hardware profits [7][30]. Group 2: Financial Implications - In 2023, Apple's "Apple Tax" generated approximately $22.34 billion (about 158.8 billion RMB) globally, indicating the substantial revenue potential from app commissions [13]. - The report titled "Apple Ecosystem in China" suggested that Apple's App Store ecosystem generated sales of 3.763 trillion RMB in China, with digital goods and services accounting for less than 4% of this total [13][15]. - The estimated commission Apple collected in China exceeded 40 billion RMB, comparable to BYD's total profit for the previous year [15]. Group 3: Broader Context of Apple's Revenue Model - Apple's revenue model has shifted towards software services as hardware growth has stagnated, with service revenue increasingly contributing to overall profits [30][32]. - The gross margin for software services has risen from 55% to 75% since 2016, highlighting the profitability of this segment compared to hardware, which has remained around 35% [45]. - As of September 2023, services accounted for 42% of Apple's net profit, surpassing the iPhone's contribution of 41% for the first time [47]. Group 4: Regulatory and Competitive Landscape - Apple faces increasing regulatory scrutiny regarding its App Store practices, particularly from the European Union, which has mandated changes to its commission structure [26][27]. - The ongoing legal battle with Epic Games has highlighted the tensions surrounding Apple's payment policies, culminating in a court ruling that allowed Epic's return to the iOS platform after a five-year dispute [25][29]. - The agreement with Tencent may reflect Apple's need to adapt to external pressures and maintain its revenue streams in a challenging market environment [29][30].