A股复盘 | 谷歌链继续表演 / 2025.11.26 咱们这粉丝，都是凭实力炒股买债，昨天万科债跌，一个知道内幕消息的都没有！ 不过今天又大跌，各种小作文、报道啥的都来了！让我来梳理梳理这可怕的窟窿！ 一个消息说是ZY 初步指示， 考虑以"市场为导向"的方式处理 Vanke 的债务。 随后，咱们著名的REDD传来更详细的报道，两位知情人士透露，曾在以往地产重组中担任关键顾问的中金公司，正在重新处理重组 相关的 事宜。 SZ市已将一份由中金参与建议的 Vanke 报告提交至shengzhengfu，并进一步提交至BJ。 这份报告概述了未来几种可能的路径，建议包括由ZY或地方国企协调收购 资产，以及在必要时重组银行贷款。 其中一位消息人士称，深圳 方面"已无法"再单独支持 。 此前一个专项工作组曾在2024年12月估算资金缺口约1500亿元人民币（按当前汇率约合211亿美元）。 截至9月30日， Vanke 报告的全部有息负债约 3629亿元人民币（511亿美元），其中 3033亿元人民币（427.7亿美元） 为银行贷款（依 据三季度数据）。 根据彭博计算，万在明年6月底前将有约134亿元人民币的境内债券到期或 ...

Core Viewpoint - The article discusses the significant turnaround of Lingyi Zhizao (领益智造) from past financial troubles to projected strong growth, alongside plans for an H-share issuance to enhance its international strategy and competitiveness [3][9]. Group 1: Financial Performance - For the first three quarters of 2025, Lingyi Zhizao expects a net profit attributable to shareholders of 1.89-2.12 billion, representing a year-on-year growth of 34.1%-50.4% [5][6]. - The net profit after deducting stock incentive expenses is projected to be 2.13-2.36 billion, with a growth of 48.62%-64.67% compared to the previous year [6]. - The net profit after excluding non-recurring gains and losses is anticipated to be 1.46-1.69 billion, reflecting a growth of 23.04%-42.42% year-on-year [6]. Group 2: Strategic Developments - Lingyi Zhizao announced plans to issue H-shares and list on the Hong Kong Stock Exchange by the end of September, aiming to further implement its international strategy and enhance its overseas business layout [7][9]. - The company seeks to broaden its merger and financing channels, increase international visibility, and improve overall competitiveness through this strategic move [7].

Group 1: AI Industry Development - The establishment of a national AI application pilot base in Dongguan and Shenzhen aims to address common challenges in the large-scale application of AI technology, leveraging Dongguan's manufacturing supply chain and Shenzhen's R&D advantages for synergistic effects [4][6]. Group 2: Manufacturing Aesthetics - Dongguan showcased its "Manufacturing Aesthetics City" image at the 138th Canton Fair, emphasizing the integration of aesthetics into manufacturing to enhance product value and shift from cost competition to value creation [6][7]. Group 3: Education Reform - Dongguan's education bureau announced a reform plan for high school entrance examinations, reducing the total score from 800 to 680 starting in 2027, and implementing a grading system for biology and geography exams to alleviate academic pressure on students [9]. Group 4: Coastal Development - The Dongguan Binhai Bay area has transformed from wetlands to a vibrant urban space, with significant developments such as the OPPO global computing center and ongoing construction of the Shenzhen-Jiangmen railway, aiming to enhance connectivity within the Greater Bay Area [11]. Group 5: Rural Development Initiatives - The "Hundred-Thousand-Ten Thousand Project" in Dongguan focuses on diversifying village economies and shifting emphasis from real estate to technology and industry to achieve sustainable high-quality development [14]. Group 6: Listing Preparation - Dongguan announced its 19th batch of listing backup enterprises, with 19 companies recognized across various sectors, including high-end equipment manufacturing and semiconductors, indicating a robust pipeline for future public offerings [16][17]. Group 7: Audit Report - The latest audit report for Dongguan revealed a 95.54% completion rate for addressing 202 issues identified in the previous year's budget execution, with a total rectification amounting to 14.34 billion yuan [18].

Core Insights - The company, Guangdong Lingyi Intelligent Technology Co., Ltd., forecasts a significant increase in net profit for the first three quarters of 2025, with expected figures ranging from 1.89 billion to 2.12 billion yuan, representing a year-on-year growth of 34.10% to 50.42% [1] - The third quarter alone is projected to yield a net profit between 960 million to 1.2 billion yuan, showing a remarkable year-on-year increase of 32.35% to 65.44% [1] - The strong profit growth is attributed to the company's core supply capabilities in the AI terminal industry and the long-term value of its global layout, with expectations for continued profit growth driven by emerging businesses and overseas market expansion [1] Performance Drivers - The company identifies two main drivers for the explosive growth in performance during the first three quarters. Firstly, the third quarter coincides with the peak season for new AI terminal product launches, leading to accelerated mass production and delivery of new products, significantly increasing revenue and profit contributions from core businesses [2] - Secondly, the revenue from overseas factories has seen substantial growth, with scale effects and localized operations enhancing cost optimization and efficiency, thereby improving profitability [2]

Core Insights - The company, Lingyi Zhizao, forecasts a net profit attributable to shareholders of 1.89 billion to 2.12 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 34.10% to 50.42% [1] - The third quarter net profit is expected to reach 960 million to 1.2 billion yuan, with a year-on-year growth of 32.35% to 65.44% [2] Financial Performance - The company's net profit for the first three quarters, excluding stock incentives, is projected to be 2.13 billion to 2.36 billion yuan, reflecting a year-on-year increase of 48.62% to 64.67% [1] - The third quarter's net profit, excluding stock incentives, is expected to be 950 million to 1.18 billion yuan, with a year-on-year growth of 53.08% to 90.15% [2] Growth Drivers - Two main drivers for the strong performance are identified: the launch of new AI terminal products during the peak season and significant revenue growth from overseas factories, which enhances profitability through scale effects and localized operations [2] - The company’s core business revenue and profit contributions have significantly increased due to improved production line utilization and accelerated mass production of new products [2] Market Position and Future Outlook - The strong earnings growth underscores the company's core supply capabilities in the AI terminal industry and the long-term value of its global layout [1] - Continued expansion into emerging businesses such as humanoid robots, AI glasses, smart wearables, foldable screens, and server cooling and power solutions is expected to sustain profit growth [1]

Core Viewpoint - The company, Lingyi Zhizao, is expected to report a significant increase in net profit for the first three quarters of 2025, driven by strong performance in the AI terminal supply chain and global expansion efforts [1][2] Financial Performance - The projected net profit for the first three quarters is between 1.89 billion to 2.12 billion yuan, representing a year-on-year increase of 34.10% to 50.42% [1] - The net profit for the third quarter is expected to reach between 960 million to 1.2 billion yuan, showing a year-on-year growth of 32.35% to 65.44% [1][2] - The adjusted net profit, excluding stock incentive effects, for the first three quarters is projected to be between 2.13 billion to 2.36 billion yuan, with a year-on-year increase of 48.62% to 64.67% [1] - The third quarter adjusted net profit is expected to be between 950 million to 1.18 billion yuan, reflecting a year-on-year growth of 53.08% to 90.15% [1][2] Growth Drivers - The company identifies two main drivers for the substantial profit growth: the launch of new AI terminal products and increased production capacity, leading to higher revenue and profit contributions [2] - The overseas factory revenue has significantly increased, benefiting from scale effects and localized operations, which enhance cost optimization and efficiency [2] Business Outlook - The company’s strong profit growth is expected to continue, supported by emerging businesses such as humanoid robots, AI glasses, smart wearable devices, foldable screens, and server cooling and power components [1] - The ongoing expansion into overseas markets is anticipated to further sustain profit growth [1]

Group 1 - The company expects an upward trend in performance for the period from January 1, 2025, to September 30, 2025 [2] - The performance forecast for the first three quarters of 2025 indicates growth compared to the same period last year [2] - The company has communicated with the accounting firm regarding the performance forecast, and there are no significant discrepancies in financial data [2] Group 2 - The main reason for the performance increase in the first three quarters of 2025 is the launch of new AI terminal products, which began mass production and delivery in the third quarter, leading to improved overall profitability [3] - Revenue from overseas factories has significantly increased, contributing to enhanced profitability [4]

Core Viewpoint - Leading Technology (002600.SZ) expects a significant increase in net profit for the first three quarters, indicating strong growth driven by new product launches and increased overseas revenue [1] Financial Performance - The company anticipates net profit attributable to shareholders to be between 1.89 billion and 2.12 billion yuan, representing a year-on-year growth of 34.10% to 50.42% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 1.46 billion and 1.69 billion yuan, reflecting a year-on-year increase of 23.04% to 42.42% [1] Growth Drivers - The primary reasons for the growth in performance compared to the same period last year include: 1. The launch season for AI terminal products in the third quarter, leading to new product mass production and improved production line utilization, which contributed to rapid profit growth [1] 2. Significant revenue growth from overseas factories, enhancing overall profitability [1]

Core Viewpoint - The company, Lingyi iTech (002600.SZ), anticipates a significant increase in net profit for the first three quarters of 2025, driven by new product launches and improved production efficiency [1] Financial Performance - The expected net profit attributable to shareholders ranges from 1.89 billion to 2.12 billion yuan, representing a year-on-year growth of 34.10% to 50.42% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 1.46 billion and 1.69 billion yuan, with a year-on-year increase of 23.04% to 42.42% [1] Product and Operational Highlights - The third quarter marks the launch season for AI terminal products, contributing to the company's overall profit growth [1] - New products are set to begin mass production and delivery in the third quarter, alongside an increase in production line utilization rates [1] - Revenue from overseas factories has seen substantial growth, leading to improved profitability [1]

Core Viewpoint - Linying Intelligent Manufacturing expects a significant increase in net profit for the first three quarters of 2025, projecting a growth of 34.10% to 50.42% compared to the same period last year [1] Financial Performance - The estimated net profit attributable to shareholders is between 1.89 billion yuan and 2.12 billion yuan [1] - The basic earnings per share are projected to be between 0.27 yuan and 0.30 yuan [1] Growth Drivers - The growth in performance is primarily attributed to the launch of AI terminal products during the third quarter, which has led to increased production and delivery, as well as improved production line utilization [1] - Significant revenue growth from overseas factories has also contributed to enhanced profitability [1]