中国证监会就《公开募集证券投资基金业绩比较基准指引（征求意见稿）》公开征求意见 中国证监会就《公开募集证券投资基金业绩比较基准指引（征求意见稿）》公开征求意见，《指引》共 六章二十一条，主要内容如下：一是突出业绩比较基准的表征作用，业绩比较基准应当体现基金合同约 定的核心要素和投资风格，一经选定则不得随意变更。二是强化业绩比较基准的约束作用，基金管理人 应当建立全流程内控机制，提高内部决策层级，确保投资风格稳定性。三是发挥业绩比较基准的评价作 用，规范薪酬考核、基金销售、基金评价等对业绩比较基准的使用要求。四是健全多道防线，在基金管 理人自我约束基础上，进一步加强信息披露和基金托管人监督。（证监会） 2025三季报盘点：近八成个股盈利 晶瑞电材登顶"增速王" 今年前三季度，A股上市公司合计归母净利润4.7万亿元，同比增长5.34%。从个股盈利情况上看，实现 盈利的公司占比达77%，其中，45%的个股在盈利的同时实现同比正增长。行业层面统计，钢铁、有色 金属、非银金融板块前三季度业绩增速较快，而房地产板块继续承压，亏损幅度较去年同期进一步扩 大。业绩高增股方面，剔除扭亏及低基数影响后，晶瑞电材以192倍的同比增 ...

以下文章来源于远川科技评论 ，作者何律衡 远川科技评论 . 刻画这个时代（的前沿科技） 来源丨 远川科技评论（ID：kechuangych） 作者丨何律衡 编辑丨李墨天 图源丨Midjourney 9月底小米17系列发布，脑路清奇的背屏方案不出意外衍生出社交媒体两极分化的评价。本以为是小 米灵机一动的花活，没想到只是行业整活大赛的开胃菜。 一个月后，oppo子品牌realme发布GT8系列，给镜头模组设计了4种不同的装饰件拼装方案。 无独有偶，同期荣耀发布robot phone，也是在镜头模组做文章，在手机里塞进了一个完整的机械臂 云台，极其炫酷。如果换成苹果发布，够库克说五遍"only Apple can do"，吹出至少十个微博热 搜。 不过，robot phone目前停留在概念阶段，官方口径是"明年量产"。 荣耀robot phone设计概念 Realme GT8系列的机械拼装设计 作为接班人，iPhone Air不仅搭载了C1的迭代版C1X，还集成了自研Wi-Fi芯片N1，自研程度创新 高。 不过，两者的市场定位完全相反。iPhone 16e首发价格4499元，在苹果产品线里已算亲民，接班的 iPho ...

以下文章来源于远川科技评论 ，作者何律衡 远川科技评论 . 刻画这个时代（的前沿科技） 9月底小米17系列发布，脑路清奇的背屏方案不出意外衍生出社交媒体两极分化的评价。本以为是小米 灵机一动的花活，没想到只是行业整活大赛的开胃菜。 一个月后，oppo子品牌realme发布GT8系列，给镜头模组设计了4种不同的装饰件拼装方案。 无独有偶，同期荣耀发布robot phone，也是在镜头模组做文章，在手机里塞进了一个完整的机械臂云 台，极其炫酷。如果换成苹果发布，够库克说五遍"only Apple can do"，吹出至少十个微博热搜。 不过，robot phone目前停留在概念阶段，官方口径是"明年量产"。 荣耀robot phone设计概念 哪里有个位数增长，哪里就有创新。终端厂商的花式整活既是市场格局固化多年后，竞争白热化的体 现，也是终端与供应链话语权博弈之下的阶段性成果。 Realme GT8系列的机械拼装设计 苹果也干了 这场整活大赛第一个交卷的选手，其实是苹果的iPhone Air。 同样是在手机形态上作文章，iPhone Air通过极致的零部件小型化与集成度，换来了近乎极限的轻薄。 代价是配置全面缩 ...

转自：智通财经 智通财经10月29日讯（编辑 童古）以下为各家机构对港股的最新评级和目标价： 国泰海通：维持小米集团-W增持评级 目标价65.7港元 国泰海通10月29日就小米集团-W(01810.HK)发布研报称，预计Q3汽车交付量接近10.9万台，规模化效 应显现，有望实现经营层面盈利；手机业务受存储涨价影响毛利率承压，但小米17系列高端化成效显 著，有望抵消成本压力。调整盈利预测，目标价65.7港元，维持增持评级。 交银国际：维持安踏体育买入评级 下调目标价至110.9港元 交银国际10月29日就安踏体育(02020.HK)发布研报称，受行业竞争加剧及恢复动能趋缓影响，管理层下 调安踏主品牌全年增速指引至低单位数。尽管短期承压，仍看好公司多品牌战略的长期潜力。基于更加 保守的利润率预期，下调未来三年净利润预测5-10%，目标价由117.9港元下调至110.9港元，维持买入 评级。 招商证券(香港)：维持安踏体育买入评级 下调目标价至105.3港元 招商证券(香港)10月29日就安踏体育(02020.HK)发布研报称，尽管公司长期前景积极，但短期面临宏观 不确定性、竞争加剧及电商业务改革拖累，管理层已下调 ...

Core Insights - The automotive delivery volume is steadily increasing, indicating potential profitability at the operational level [1] - The smartphone gross margin is expected to be under pressure due to rising storage costs, with hopes that the high-end shift of the Xiaomi 17 series will mitigate this impact in Q4 [2] Financial Projections - Adjusted revenue forecasts for Xiaomi Group (1810.HK) for FY2025E-FY2027E are set at RMB 482.3 billion, 634.7 billion, and 750.6 billion respectively, down from previous estimates of RMB 489.1 billion, 641.8 billion, and 758.4 billion [1] - Adjusted net profit forecasts are revised to RMB 43.6 billion, 67.9 billion, and 83.3 billion for the same period, compared to prior estimates of RMB 45.4 billion, 68.1 billion, and 83.6 billion [1] - The target price for Xiaomi Group is adjusted to HKD 65.7, maintaining a "Buy" rating [1] Automotive Sector Performance - The automotive delivery volume is expected to reach approximately 109,000 units in Q3, with an anticipated increase in average selling price (ASP) due to the ramp-up of Yu7 deliveries, leading to an estimated automotive sales revenue of around RMB 29.2 billion [1] - Xiaomi's automotive division is projected to achieve operational profitability in Q3 due to scale effects and cost reduction measures [1] Smartphone Market Dynamics - In Q3 2025, global smartphone shipments increased by 2.6% year-on-year, with Xiaomi's shipments rising by 1.8% to 43.5 million units, capturing a market share of 13.5%, a slight decline of 0.1 percentage points year-on-year [2] - In the Chinese market, Xiaomi's smartphone shipments decreased by 1.7% to 10 million units in Q3 2025 [2] - The smartphone gross margin is expected to decline by 0.5 percentage points to 11% in Q3 due to the impact of rising storage costs and a decrease in sales proportion from the Chinese market [2] IOT and Internet Revenue - IOT revenue is projected to grow by 6% year-on-year to RMB 27.7 billion in Q3, although it is expected to decline quarter-on-quarter due to seasonal factors and subsidy reductions [2] - The IOT gross margin is anticipated to increase by 0.5 percentage points to 23% [2] - Internet revenue is expected to rise by 7.7% year-on-year, maintaining a gross margin of 75.4% quarter-on-quarter [2]

消息面上，当前存储芯片市场面临涨价潮，小米集团创始人雷军24日在微博上直言，"最近内存涨价实 在太多"。国泰海通证券认为，受中国区销售占比环比下滑、存储涨价影响，预计Q3小米手机毛利率环 比小幅下滑0.5 pct至11%。据卢伟冰10月23日披露，9月底发布的小米17系列总销量同比上代增长30%、 Pro版本占比超过80%，高端化成效显著，该行判断或将一定程度抵消Q4存储涨价影响。此外，汽车交 付量稳步提升，有望迎来经营层面盈利。 花旗研报指出，小米集团预计将于11月18日公布2025年第三季度业绩。总体而言，业绩可能略低于该行 预期，主要因智能手机毛利率及物联网(IoT)收入低于预期，而互联网业务及电动车业务则大致符合预 期。花旗现在预计，集团调整后净利润达102亿元人民币(按年增长64%，按季度减5%），受智能手机毛 利率因地区组合不利及记忆体价格上涨而拖累，以及物联网收入因中国补贴效应减弱所影响。 小米集团-W(01810)跌超3%，近一个月股价累跌25%。截至发稿，跌3.01%，报44.42港元，成交额59.94 亿港元。 ...

Core Viewpoint - Xiaomi Group's stock has dropped over 3% and has seen a cumulative decline of 25% in the past month, attributed to rising memory chip prices and a decrease in sales in the Chinese market [1] Group 1: Financial Performance - As of the latest report, Xiaomi's stock is trading at 44.42 HKD with a trading volume of 5.994 billion HKD [1] - Citigroup forecasts that Xiaomi's adjusted net profit will reach 10.2 billion RMB, reflecting a year-on-year growth of 64% but a quarter-on-quarter decline of 5% [1] - The anticipated gross margin for Xiaomi smartphones is expected to decline by 0.5 percentage points to 11% in Q3 due to the impact of rising memory prices and a decrease in sales in the Chinese market [1] Group 2: Product Performance - The total sales of the recently launched Xiaomi 17 series have increased by 30% year-on-year, with the Pro version accounting for over 80% of sales, indicating successful high-end product positioning [1] - The performance of the electric vehicle segment is showing steady improvement, which may contribute positively to the company's overall profitability [1] Group 3: Market Outlook - Xiaomi is set to announce its Q3 2025 earnings on November 18, with expectations that overall performance may slightly underperform due to lower-than-expected smartphone gross margins and IoT revenue [1] - The decline in IoT revenue is attributed to the weakening effect of subsidies in China [1]

报告中称，公司IOT盈利能力优先，互联网贡献稳定收入及毛利。受Q3传统淡季及国补退坡影响，该行 预计IOT收入同比+6%至277亿，环比有所下滑，预计IOT毛利率环比+0.5pct至23%。互联网贡献稳定收 入及毛利，预计Q3互联网收入同比+7.7%，毛利率75.4%环比持平。 该行表示，汽车交付量逐月爬坡，预计Q3小米汽车交付量接近10.9万台。ASP方面，随着Yu7交付放 量，该行预计Q3汽车ASP环比有所提升，对应Q3汽车销售收入约292亿元。规模化效应凸显叠加产线降 本增效效果显著，该行预计小米汽车有望在Q3实现经营利润层面盈利。 国泰海通发布研报称，调整小米集团-W(01810)FY2025E-FY2027E的营业收入分别为4823/6347/7506亿 人民币(前值为4891/6418/7584亿人民币);调整经调整净利润预测为436/679/833亿人民币(前值为 454/681/836亿人民币)。调整小米集团目标价至65.7港元，维持"增持"评级。 据IDC，25Q3全球智能手机出货量同比+2.6%，其中小米手机全球出货量同比+1.8%至4350万台，市场 份额13.5%，同比-0.1pct。 ...

智通财经APP获悉，国泰海通发布研报称，调整小米集团-W(01810)FY2025E-FY2027E的营业收入分别 为4823/6347/7506亿人民币(前值为4891/6418/7584亿人民币);调整经调整净利润预测为436/679/833亿人 民币(前值为454/681/836亿人民币)。调整小米集团目标价至65.7港元，维持"增持"评级。 据IDC，25Q3全球智能手机出货量同比+2.6%，其中小米手机全球出货量同比+1.8%至4350万台，市场 份额13.5%，同比-0.1 pct。中国市场方面，25Q3小米手机出货量同比-1.7%至1000万台。受中国区销售 占比环比下滑、存储涨价影响，该行预计Q3小米手机毛利率环比小幅下滑0.5 pct至11%。据卢伟冰10月 23日披露，9月底发布的小米17系列总销量同比上代增长30%、Pro版本占比超过80%，高端化成效显 著，该行判断或将一定程度抵消Q4存储涨价影响。 该行表示，汽车交付量逐月爬坡，预计Q3小米汽车交付量接近10.9万台。ASP方面，随着Yu7交付放 量，该行预计Q3汽车ASP环比有所提升，对应Q3汽车销售收入约292亿元。规模化效应凸显 ...

Core Insights - The article highlights the rapid development and adoption of glass-plastic hybrid lens technology in smartphones, particularly with the recent launch of the REDMI K90 Pro Max, which achieved over 130,000 sales on its first day, marking a 120% increase compared to its predecessor [1] - The technology is gaining traction among manufacturers, with significant breakthroughs in imaging quality, module thickness control, and mass production feasibility expected by 2025 [3][5] Group 1: Product Launch and Sales - REDMI's K90 Pro Max is the first Pro Max model, featuring a large 1/1.31-inch main camera and a 1G6P glass-plastic hybrid lens, contributing to its strong sales performance [1] - The K90 series is the fourth flagship model to utilize the WLG glass-plastic hybrid lens technology from AAC Technologies in less than six months, following the launches of Xiaomi MIX Flip 2, Huawei Pura 80 series, and Xiaomi 17 series [1] Group 2: Technical Advantages - The glass-plastic hybrid lens offers superior optical performance with fewer lens elements, reducing the overall length and thickness of the lens module by approximately 10% compared to traditional designs [5] - The high light transmittance of glass lenses enhances overall light intake, improving low-light performance and bokeh effects, while also significantly reducing glare and ghosting artifacts [5] Group 3: Industry Trends and Future Outlook - The glass-plastic hybrid lens technology has transitioned from an observational phase to a rapid development phase, with nearly 20 smartphone models adopting this technology across brands like Xiaomi, Sony, and vivo [7] - AAC Technologies is expected to ship over 10 million WLG lenses in 2025, indicating a substantial increase in production capacity and market acceptance [10] - The technology is also expanding beyond smartphones into automotive applications, particularly in advanced driver-assistance systems (ADAS), where it offers cost and weight advantages while maintaining thermal stability and imaging quality [10]