每经编辑｜程鹏 11月30日，全球最大的光伏组件公司晶科能源（688223）发布公告，披露关于2024年4月26日全资子公司山西晶科能源贰号智造有限公司（下称"山西晶 科"）发生的火灾事故的进展情况。 公告显示，该事故导致部分设备及资产受损，公司已在2024年年度报告中计提相应损失。山西晶科与承保保险公司签订了《二次预付赔款协议》，近日已 收到预付赔款2亿元，截至本公告披露日，累计收到预付赔款2.2亿元。 公司表示，已对本次火灾事故所涉保险赔偿款计提了坏账损失，收到的预付赔款将对2025年业绩产生一定积极影响，最终的会计处理及其对财务报表的影 响需待会计师事务所审计确认。 需要注意的是，此预付赔款并不代表承保公司认可事故属于保险责任，是否构成保险责任仍需依据法律法规、保险合同及事故调查报告等进行确认 2024年，晶科能源营业收入为924.71亿元，同比下降22.08%；归母净利润为9892.76万元，同比下降98.67%。 今年前三季度，晶科能源营业收入为479.86亿元，同比下降33.14%；归母净利润为-39.20亿元，同比下降422.67%。公司表示，期内亏损主要系光伏市场竞 争加剧，光伏产品价格持续下 ...

2025 年 11 月 30 日 中小盘研究团队 控制权交易浪潮迭起，关注明星企业和产业资本买家 ——中小盘周报 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 本周观点：控制权交易浪潮迭起，关注一级明星企业和大型产业资本买家 整体情况："并购六条"后控制权交易活跃度提升，近四成交易已完成。从整体 市场活跃度看，截至 2025 年 9 月 24 日，"并购六条"落地一年以来累计新披露 控制权交易已达 118 起，数量较"并购六条"前一年实现翻倍以上增长。从交易 进展看，截至 2025 年 9 月 24 日，"并购六条"一年来交易性控制权交易中已完 成的共 46 家次，占比近 4 成。 参与主体：卖方方面，30 亿以下市值公司占比超四成，科创板控制权交易日益 活跃。从市值、板块和企业属性看，标的 ...

北交所策略专题报告 2025 年 11 月 30 日 我国氢能行业进入关键发展阶段，关注北交所氢能产业链相关标的 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 我国氢能行业发展进入关键阶段，关注北交所氢能相关公司 我国氢能产业在"十四五"夯实基础后，正进入从"试点探索"向"示范应用" 迈进的关键阶段。"十五五"期间有望迎来破局，预计将呈现"市场竞争加剧、 技术创新加速、应用场景加大、商业模式加快"的"四加"格局，全产业链成本 有望显著下降，行业可能迎来拐点；氢能下游应用呈现"多点开花"态势，示范 应用扩展至交通、化工、冶金、电力(储能)、建筑等多个领域。燃料电池是氢能 源下游重要的应用发展方向，市场规模以及应用场景都呈现出不断扩大的趋势。 2019-2023 年我国氢燃料电池市场规模由 16.3 亿元增长至 39.3 亿元，年复合增长 率达 24.61%。预计 2024 年我国氢燃料电池市场规模达 59.9 亿元，同比增长 52.4%。 截至 2025 年 11 月 28 日，北交所有多家氢能相关公司，覆盖制、储、运、电 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [28]. Core Insights - The report highlights a 2.7% increase in the Shenwan Pharmaceutical and Biological Index, outperforming the Shanghai Composite Index, which rose by 1.4% [3][5]. - The report emphasizes the importance of monitoring changes in flu epidemics and their impact on the pharmaceutical sector, particularly regarding vaccine and treatment demand [2]. - Key domestic developments include the approval of new indications for innovative drugs and significant stock purchases by company executives, indicating confidence in the sector [12][13]. Market Performance - The Shenwan Pharmaceutical and Biological Index rose by 2.7% this week, ranking 17th among 31 Shenwan first-level sub-industries [3][5]. - The overall valuation of the pharmaceutical sector stands at 29.5 times earnings, placing it 10th among 31 Shenwan first-level industries [5][10]. Recent Key Events Domestic Developments - The State Council meeting discussed enhancing the basic medical insurance system, which is expected to improve the efficiency of fund management and healthcare resource allocation [11]. - Major companies like Mindray Medical and Huyuan Bio are making significant moves, such as stock buybacks and new product approvals, which are seen as positive indicators for the industry [12][13]. International Developments - The report notes the approval of groundbreaking drugs, including the first siRNA drug for treating familial chylomicronemia syndrome, and highlights the challenges faced by other drugs in clinical trials [15][16][17]. Investment Recommendations - The report suggests focusing on innovative drug sectors and companies with strong performance metrics, including Heng Rui Pharmaceutical, Changchun High-tech, and Mindray Medical, among others [2][12]. - It also recommends monitoring companies involved in flu vaccines and treatments as flu activity increases [2].

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, highlighting potential growth opportunities in the sector [4][13]. Core Insights - The cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by only 0.5% from November 21 to November 28, 2025, which is lower than the overall market performance [5][4]. - The sixth China Cosmetics Annual Conference emphasized the importance of multi-brand globalization and AI empowerment for future development, with industry leaders discussing strategies for growth and market adaptation [10][4]. - The report anticipates that domestic brands will thrive during the industry's consolidation phase, leveraging innovation and consumer demand to drive growth [11][4]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance, with the Shenwan Cosmetics Index increasing by 1.4%, which is 1.6 percentage points lower than the Shenwan A Index [5][4]. - Key stocks in the sector include Yanjiang Co. (+22.0%), Mingchen Health (+17.9%), and Lihe Technology (+9.9%) [6][4]. Market Trends - The report identifies trends such as the need for brands to localize when expanding internationally, the role of AI in upgrading the industry, and the focus on men's skincare and body care segments [10][4]. - The medical beauty market is expected to see growth driven by new products and consumer demand, despite some economic pressures [12][4]. Company Analysis - Qingmu Technology is highlighted as a leading player in the full-service e-commerce operation sector, with a strong focus on data and technology to drive growth [16][4]. - The report notes that the company has shown significant revenue growth, with projected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025-2027, respectively [19][4]. Investment Recommendations - Recommended stocks include brands with strong channel and brand matrices such as Maogeping, Shuangmei, and Proya, as well as companies in the medical beauty sector like Aimeike [13][4]. - The report suggests focusing on companies with strong R&D capabilities and a broad product pipeline, particularly in the medical beauty segment [13][4].

I am a personal investor specializing in equities and diversified portfolios. In this diversification, I like to build a balanced portfolio where no client misses out on the rise of technology stocks -for example- but at the same time, they can keep a portion of their savings invested in more defensive options.I'm very fond of established technology companies and those focused on consumer staples and discretionary goods, always prioritizing company value over circumstances, which can sometimes be adverse. T ...

Core Insights - The company focuses on building a balanced investment portfolio that includes both technology stocks and defensive options, ensuring clients benefit from market rises while maintaining stability [1] - Emphasis is placed on established technology companies and those in consumer staples and discretionary goods, prioritizing intrinsic company value over external circumstances [1] - The company has been actively managing third-party portfolios for seven years, with a strong focus on macroeconomic trends, stock valuation, and the interplay between politics and markets [1] Investment Strategy - The investment approach is centered around finding opportunities in companies with strong catalysts and intrinsic value [1] - The company acknowledges the challenges of the investment strategy "buying low and selling high," particularly during market crises [1] - Experience in public tenders has provided insights into market pressures and the stress associated with stock market fluctuations [1] Social Responsibility - The company promotes financial inclusion programs for women, highlighting the importance of expanding opportunities in finance [1] - Efforts have been made to integrate and advocate for women's financial inclusion in public organizations [1] - The company aims to contribute positively to the finance sector by addressing gender disparities [1]

众所周知，马斯克是全世界最有影响力的企业家（没有之一），很多人都是在模仿他，有几个人学得还很成功。 但所谓学我者生，似我者死，马斯克只有一个，你哪怕学得再像也不会取得很大的成就。 后知后觉也比无知无觉好，现在国内有些老板也在做自媒体IP，真正形成影响力的其实不太多，为什么？ 这就像投机，大家看有人成功了就想复制成功，可对其中的门道还不清楚。 下面我们就来讲透其中的关键。 首先，马斯克有自己明确的梦想，为了实现目标他坚韧不拔，永不放弃。 "我之所以去做，不是因为这些事可以成功，仅仅是因为我想去做，那是我对于世界未来的主张。" 这就是资质，也是层次的差别。 有个企业家曾说过一句实话，他表示自己这些人干的事好像别人都能干，而马斯克干的事，他们想都不敢想。 这就是发上等愿，向高处立，心性有上乘、中乘和下乘之分，如果说马斯克是上乘，那很多老板都是中下乘，当然还有一些老板是连下乘都算不上。 所以还是要看自己的动机是什么，没有好的动机，就绝不可能建立起顶级的IP。这是所谓流量技巧、方法和套路所力不能及的地方，大家不要本末倒置了。 从第一性原理看，马斯克大概是把互联网当成了工具和放大器，他认为互联网是一种介质，可以将互联网视 ...

本文自南都·湾财社。 野 平安 · 华与华创始人称西贝遭算计, 罗永浩要其公开道歉!华杉未道歉 · 供应链去中国化? 特斯拉陶琳辟谣:原产国不构成排除性标准 白酒行业已经全面进入"存量竞争"的深度调整期, 茅台面临的机遇始终大于挑战,对未来依然信心十 足。茅台将坚持高质量发展,创造可持续价值,不会" 唯指标论"。 茅台董事长陈华 · 擅权妄为,证监会原党委委员王会民被开除党籍 · 柳州银行原董事长黎敦满被查! 此前已有两位"一把手"落马 · 任职近40年,原纪委书记退休后被查! 东风系反腐持续加码 · 18年"老将"退场, 国投证券首席经济学家高善文离职 · 宇树科技王兴兴、智元机器人彭志辉,有新身份 ·一人管12只基金,招商基金经理发朋友圈求"减负" ·茅台总经理王莉回应茅台酒投放节奏: 按照市场承载量进行决策 【头条】 前"华为天才少年"，任上纬新材董事长 11月25日，上纬新材发布公告称，董事会会议选举彭志辉为第四届董事会董事长，田华为首席执行官（CEO），并担任法定代 表人。彭志辉的网名为"稚晖君"，在B站上拥有283.6万粉丝，曾被称为"华为天才少年"，其目前是智元机器人的联合创始人、 总裁兼CTO ...

9月的坦桑尼亚阳光依然灼热，但在Ngualla山脚下，却上演了一场全球资源博弈的静悄悄胜利。澳大利亚的矿业公司Peak Rare Earths最终同意被中国的盛和 资源收购，交易金额为1.58亿澳元。此次收购让盛和资源掌控了年产3.7万吨钕镨矿石的资源。对于普通人来说，这也许只是一次商业并购，但对美国和欧洲 的政治精英来说，却是一场战略滑铁卢。他们一直期盼的不依赖中国的稀土供应链被现实打得体无完肤。很多人没有意识到，这不仅仅是买下了一座矿山， 而是在买下未来全球制造业的命脉。那么，为什么西方看到了，却始终无法抢占先机呢？ 首先来看这场矿石争夺战的由来。Ngualla矿项目并不是什么新的发现。早在2010年，Peak公司就已经意识到这块土地上埋藏着88.7万吨的高品位稀土矿，主 要是用于制造高性能永磁材料的钕和镨两种关键元素。理论上来说，开采这种资源能够支撑一个国家的电动车和军工产业发展好几年。Peak公司本想自己进 行开发，甚至计划在英国建一个冶炼厂。然而，问题随之而来：冶炼稀土不仅工艺复杂、成本高，而且技术门槛极高。仅凭澳大利亚的资金根本无法支持。 于是，他们曾尝试向美国的海外私人投资公司（OPIC）借款， ...