该行指出，随着国际烟草龙头HNB产品登陆主流市场，公司相关新型烟草产品在新区域的销售有望贡 献增量；英国等欧洲地区有望向盈利能力更强的换弹式、开放式切换；美国电子烟执法力度显著加强， 合规产品份额恢复空间显著。建议关注思摩尔国际，公司雾化电子烟、HNB、雾化美容、雾化医疗等 多元业务逐步进入收获期，后续各类产品全球推出、多点催化可期。 消息面上，思摩尔国际近日公告，与亿纬锂能（300014）重续采购框架协议，自2026年1月至2028年12 月生效，协议采购亿纬锂能供应的电池产品。华福证券指出，制定采购协议主要考虑全球电子雾化产品 市场持续增长，公司相关产品订单有望持续增加。 思摩尔国际(06969)现涨超4%，截至发稿，涨4.6%，报12.96港元，成交额1.46亿港元。 ...

该行指出，随着国际烟草龙头HNB产品登陆主流市场，公司相关新型烟草产品在新区域的销售有望贡 献增量；英国等欧洲地区有望向盈利能力更强的换弹式、开放式切换；美国电子烟执法力度显著加强， 合规产品份额恢复空间显著。建议关注思摩尔国际，公司雾化电子烟、HNB、雾化美容、雾化医疗等 多元业务逐步进入收获期，后续各类产品全球推出、多点催化可期。 消息面上，思摩尔国际近日公告，与亿纬锂能重续采购框架协议，自2026年1月至2028年12月生效，协 议采购亿纬锂能供应的电池产品。华福证券指出，制定采购协议主要考虑全球电子雾化产品市场持续增 长，公司相关产品订单有望持续增加。 智通财经APP获悉，思摩尔国际(06969)现涨超4%，截至发稿，涨4.6%，报12.96港元，成交额1.46亿港 元。 ...

Core Points - The procurement framework agreement between Smoore International (06969) and EVE Energy (300014) established on November 4, 2022, will expire on December 31, 2025 [1] - A new procurement framework agreement has been signed between Smoore International and EVE Energy on November 20, 2025, for the supply of battery products [1] - The new agreement will be effective from January 1, 2026, to December 31, 2028, ensuring a reliable supply of battery products for Smoore International [1] - EVE Energy is recognized as a long-term reliable supplier with a good reputation for meeting quality standards required by Smoore International and its customers [1]

Core Viewpoint - The global energy storage and lithium battery industry has entered a high prosperity phase in Q3 2025, with leading companies experiencing simultaneous increases in both volume and price, driven by explosive demand in downstream sectors such as new energy grid integration and data center backup power [2] Group 1: Industry Performance - In Q3 2025, CATL reported a net profit of 49.034 billion yuan, a year-on-year increase of 36.20%, while EVE Energy's adjusted net profit was 3.675 billion yuan, up 18.40% year-on-year [2] - The surge in demand is attributed to the orderly release of production capacity and the rapid growth in downstream applications [2] Group 2: Company-Specific Challenges - In contrast, Narada Power's revenue for the first three quarters was 5.911 billion yuan, a decrease of 24.80% year-on-year, with a net loss of 220 million yuan compared to a profit of 247 million yuan in the same period last year, marking a decline of 189.22% [3][4] - The revenue decline is primarily due to strategic adjustments, including a proactive reduction in the low-margin recycled lead segment, which accounted for a revenue drop of approximately 2 billion yuan [4] Group 3: Strategic Adjustments and Future Outlook - Narada Power is focusing on high-margin energy storage and lithium battery businesses, with a significant improvement in the profitability of its core operations, as evidenced by a gross profit of 330 million yuan from battery products in Q3, up from 180 million yuan year-on-year [4] - The company reported a significant turnaround in operating cash flow, achieving a net cash flow of 860 million yuan in the first three quarters, an improvement of 1.58 billion yuan compared to the same period last year [4] Group 4: Order Backlog and Market Expansion - As of the end of Q3, Narada Power had an order backlog of 8.9 billion yuan, including 5.5 billion yuan in large storage orders, indicating strong future revenue growth potential [5] - The company has secured 1.67 billion yuan in data center lithium battery orders, all from overseas, and plans to expand its production capacity to 2.5 GWh by 2026 [6] Group 5: Technological Advancements - Narada Power has made strides in solid-state battery technology, winning a 2.8 GWh independent storage project, marking a significant milestone in commercializing gigawatt-level solid-state batteries [7] - The company’s research on solid-state batteries has achieved an energy density of 350 Wh/kg, showcasing its commitment to innovation in the battery sector [7]

Core Viewpoint - The company focuses on the design, research and development, manufacturing, and sales of energy storage batteries and systems, aiming to provide integrated smart power solutions for various sectors including communication, data centers, and energy storage [2]. Group 1: Company Overview - The company is recognized as an international and domestic leader in green energy solutions [2]. - Its battery products are widely used in diverse applications such as communication base station storage, data center storage, and electric power storage [2]. - The company also serves end-user markets including construction machinery, electric tools, and smart home devices [2].

Core Viewpoint - The company, Funeng Technology (688567.SH), stated that its operational performance remains normal and that the recent export control measures by the Ministry of Commerce on lithium batteries have minimal impact on its current business activities [1] Summary by Relevant Sections Impact of Export Control Measures - The majority of the battery products currently exported by the company are not included in the recent export control list, meaning core export categories are unaffected [1] - The company's Turkish facility has successfully ramped up its 6GWh capacity, providing a stable supply of high-quality batteries for overseas markets, thus reducing reliance on direct exports from China [1] - The export control measures do not prohibit the export of related products; eligible companies can continue their export activities by completing the necessary application and reporting procedures [1] Future Outlook - The company will continue to monitor changes in export control policies and align its operations with overseas market demand and production capacity to ensure smooth export business progression [1]

Company News - China Mobile (00941.HK) reported a total operating revenue of 794.7 billion yuan for the first three quarters, a year-on-year increase of 0.4%, with a net profit of 115.4 billion yuan, up 4% [1] - As of September 30, communication service revenue was 683.1 billion yuan, a 0.8% increase year-on-year, while sales of products and others were 111.5 billion yuan, a decrease of 1.7% [1] - Mobile internet traffic increased by 8.3% year-on-year, with a mobile ARPU of 48.0 yuan [1] - Contemporary Amperex Technology Co., Ltd. (宁德时代) (03750.HK) achieved revenue of approximately 283.07 billion yuan from January to September, a year-on-year increase of 9.28%, with a net profit of approximately 49.03 billion yuan, up 36.2% [1] Financing and Buyback Dynamics - HSBC Holdings (00005.HK) repurchased 4.64 billion HKD worth of shares, totaling 4.5664 million shares, at prices ranging from 100.6 to 102.4 HKD [6] - Mengniu Dairy (02319.HK) repurchased shares worth 10.14 million HKD, totaling 700,000 shares, at prices between 14.37 and 14.52 HKD [6] - Lianyi Technology (09959.HK) repurchased shares worth 743.93 million HKD, totaling 2.45 million shares, at prices ranging from 2.97 to 3.07 HKD [7]

Core Viewpoint - The high industry prosperity positively impacts the company's operations [1] Group 1: Financial Performance - The increase in accounts receivable is related to revenue growth, influenced by customer structure, settlement methods, and cycles [1] - The company emphasizes the management and risk control of accounts receivable, ensuring timely collection [1] Group 2: Customer Base - The company's main customers are communication operators and high-quality clients in the data center industry, characterized by strong payment capabilities and good credit [1] Group 3: Company Strengths - The company has over 30 years of development, leveraging competitive technology research and development capabilities, a comprehensive product system, and efficient supply chain management [1] - The company aims to provide battery products, energy storage systems, and integrated intelligent power solutions for global clients in communication, data/computing centers, energy storage, and power sectors [1]

Core Viewpoint - The recent sharp decline in the A-share market, particularly in technology stocks, is attributed to a combination of valuation corrections, external economic factors, and structural issues within the market [3][5][8]. Group 1: Market Performance - The Shanghai Composite Index fell nearly 1%, while the ChiNext Index dropped 4.5%, indicating a significant market downturn [1]. - Semiconductor stocks, which had previously seen strong performance, experienced a sharp sell-off, with companies like SMIC facing extreme valuation pressures [1][3]. Group 2: Valuation Concerns - The dynamic price-to-earnings ratio of the Sci-Tech 50 Index exceeded 180 times, and the semiconductor sector's price-to-book ratio reached 99.3%, indicating a severe valuation bubble [3]. - Concerns over the sustainability of AI investments were raised by Goldman Sachs, contributing to market fears regarding potential returns on high-valuation tech stocks [3]. Group 3: External Economic Factors - The U.S. dollar index surpassed 99, and rising U.S. Treasury yields, along with delayed expectations for Federal Reserve rate cuts, led to a capital outflow from emerging markets [3]. - A net outflow of 18.7 billion yuan from northbound capital further exacerbated volatility in the A-share market [3]. Group 4: Market Structure Issues - High trading concentration in semiconductor and AI hardware stocks resulted in significant sell-offs triggered by algorithmic trading once the Shanghai Composite Index fell below the 3,250-point support level [5]. - The shift of funds from high-valuation tech stocks to low-valuation defensive sectors, such as cement and utilities, indicates a change in market sentiment from aggressive to defensive [5]. Group 5: Investment Strategies - Investors holding high-valuation tech stocks are advised to reduce their positions, as these stocks are highly susceptible to market sentiment shifts [5][6]. - Companies with strong fundamentals, such as Yangtze Power and Midea Group, may present buying opportunities despite recent declines, suggesting a selective approach to reinvestment [6][10]. Group 6: Future Outlook - The upcoming third-quarter earnings reports and policy developments are critical variables that could influence market recovery [8]. - Structural issues, such as the dominance of retail investors and insufficient hedging tools, may continue to pose risks for the market in the face of external shocks [8][10].

Group 1 - Company provides cooling systems for packaging lithography machines for Shanghai Micro Electronics Equipment Group, with a revenue increase from 625.83% to 756.71% [2] - Company offers lithography objectives, contributing to the optical industry [2] - Major US storage leaders have reached historical highs; Taiwanese manufacturers have fully booked DDR4 production capacity for Q4 [2] - Company’s enterprise-level storage is primarily used in servers, data centers, and cloud computing [2] - Huawei plans to launch the world's strongest super node in Q4, with a computing power scale of 8192 cards [2] - Company is a leading player in the global fiber optic cable industry, with advanced hollow core technology [2] - Company’s Micro TEC products have been validated by leading enterprises and are now in mass production [2] - Company is expanding its business in the energy storage sector through precision box systems [2] Group 2 - Company’s controlling shareholder has changed to Yang Gongyi Fan [3] - Company develops chips using the CK802 32-bit core architecture from Pingtouge [3] - Company’s photoresist substrate products are currently in the customer engagement phase [3] - Company has signed a strategic cooperation agreement with Suzhou Nengda to jointly develop flexible electronic skin [3] - Company focuses on the development of intelligent cleaning robots based on a skateboard chassis [3] - Company invests in smart elderly care robot projects, integrating AI with home care [3] Group 3 - Company is a hardware supplier for Leju Robotics [4] - Company participates in the information technology project for the C919 large aircraft [4] - Company is a leading cinema investment and operation brand in China [4] - Company has signed a strategic cooperation framework with Huawei to collaborate in network, cloud computing, and big data [4] Group 4 - Company is a major player in the historical cultural scenic area development, managing several national 5A scenic spots [5] - Company is the second-largest shareholder of Tianke He Da, which is a global leader in SiC chip manufacturing [5] - Company’s main products include silicon carbide crystal growth furnaces [5] - Company has seen price increases in express delivery services across multiple regions [5] Group 5 - Company has been awarded a project for intelligent cockpit domain controllers, with a total amount of approximately 5.6 billion [6] - Company is a leading construction firm in Xinjiang with comprehensive qualifications [6] - Company’s controlling shareholder has changed to Yang Gongyi Fan [6] - Company is deeply involved in AI computing server connections and assembly for Apple hardware [6] Group 6 - Company has a long-standing partnership with Huawei on smart water projects [7] - Company’s subsidiary has mining rights for a gold mine, with an expanded mining scale approved [7] - Company produces silver ion antibacterial fabrics using SILVER+ technology [7]