中国证监会要求华勤技术补充说明三点事项。 一是，说明实际控制人支配的股东持有公司的股份存在质押的具体情况，并结合偿债能力等情况说明本次发行完成前后，股份质押情况是否可能导致控制权 发生变化，是否构成《境内企业境外发行证券和上市管理试行办法》第八条规定的境外发行上市禁止性情形。 二是，按照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求说明本次发行上市方案，以及募集资金的境内外具体用途及相 应比例，是否涉及具体的募投项目，是否已履行必要的审批、核准或备案程序。 三是，说明公司及下属公司业务涉及智能驾驶辅助控制器的具体情况及产品用途。 资料显示，华勤技术成立于2005年，是一家专业从事智能硬件产品的研发设计、生产制造和运营服务的平台型公司。公司产品线涵盖智能手机、笔记本电 脑、平板电脑、智能穿戴、AIoT产品及服务器等智能硬件产品。 今年9月初，华勤技术实际控制人邱文生在业绩说明会明确表示，港股市场上市会为公司带来几个层面的协同，包括"向国际资本市场传递华勤的核心价值， 促进国际业务拓展，提升全球范围内影响力"，以及"搭建国际资本运作平台"，"有助于公司在后续再融资、海外收并购等项目上的稳 ...

机构：交银国际 研究员：童钰枫/王大卫 手机毛利率或因存储涨价承压：2Q25 以来各类存储器价格普遍上涨。我们认为，本轮存储涨价在时间/ 幅度上或超我们/市场的预期。我们认为小米或通过价格调整部分抵消存储价格上涨压力。而AIOT 产品 毛利率韧性较强，或使手机x AIoT 业务总体毛利率水平保持相对稳定。我们下调2026 年智能手机毛利 率预测至9.4%（前值12.1%），预测手机x AIoT 总体毛利率为21.2%。 汽车业务2026 年订单或面临竞争，购置税减半一定程度影响毛利率：管理层称本周或完成之前全年35 万辆销售目标。基于北京工厂技改后的产能情况以及目前面临的订单竞争，下调2026 年销量至56.9 万 辆（前值70.0 万辆）。我们下调2025/26 年汽车毛利率预测至25.1%/24.5%（前值26.0%/27.1%），主要 考虑到明年购置税减半、原材料涨价及竞争加剧对毛利率的影响。 下调目标价至50 港元。考虑到手机业务受存储涨价周期影响，以及汽车业务面临的竞争，我们下调 2025/26 年收入预测至4,666/5,340 亿元，下调2025/26 年经调整EPS 至1.66/1.74 元。 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) with a target price of HKD 50.00, indicating a potential upside of 28.8% from the current closing price of HKD 38.82 [1][17]. Core Insights - The automotive business turned profitable in Q3 2025, while the smartphone segment's gross margin is expected to be impacted by rising storage prices [2][7]. - Revenue for Q3 2025 reached RMB 113.121 billion, a 22% year-on-year increase, while adjusted net profit was RMB 11.311 billion, up 81% year-on-year, exceeding market expectations [8][7]. - The report anticipates a decline in smartphone gross margin due to increased storage costs, projecting a smartphone gross margin of 9.4% for 2026, down from a previous estimate of 12.1% [7][9]. Financial Overview - Revenue projections for Xiaomi Group are as follows: RMB 270.97 billion in 2023, RMB 365.91 billion in 2024, RMB 466.58 billion in 2025, RMB 534.02 billion in 2026, and RMB 599.21 billion in 2027, with respective year-on-year growth rates of -3.2%, 35.0%, 27.5%, 14.5%, and 12.2% [3][18]. - Adjusted net profit is expected to grow from RMB 17.475 billion in 2023 to RMB 46.045 billion in 2027, with significant growth in 2025 projected at RMB 44.456 billion [3][18]. - The report highlights a decrease in the expected gross margin for the smartphone segment, projecting a gross margin of 22.3% for 2025, down from previous estimates [9][20]. Market Position and Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the total valuation for Xiaomi Group at approximately RMB 1,280.046 million for 2026, based on a P/E ratio of 23 times for the smartphone and AIoT segment and a P/S ratio of 2.0 for the automotive and AI segment [10][9]. - The automotive business is projected to face increased competition and a reduction in gross margin due to a half reduction in purchase tax and rising raw material costs [7][9].

Group 1 - The core point of the article is that Longqi Technology (SH 603341) announced the convening of its fourth board meeting on November 20, 2025, to discuss the granting of reserved restricted stocks under the 2025 restricted stock incentive plan [1] - For the first half of 2025, Longqi Technology's revenue composition is as follows: 70.44% from smartphone products, 16.68% from AIoT products, 9.55% from tablet computers, and 3.33% from other businesses [1] - As of the time of reporting, Longqi Technology has a market capitalization of 18.7 billion yuan [1]

长城久嘉创新成长混合A（004666）成立日期2017年7月5日，最新规模19.74亿。今年以来收益 28.14%，同类排名2831/8136；近一年收益27.9%，同类排名2635/8055；成立以来收益108.04%。 长城久嘉创新成长混合A（004666）基金经理为尤国梁。 截至发稿，尤国梁累计任职时间6年30天，现任基金资产总规模42.62亿元，任职期间最佳基金回报 134.3%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月20日，龙旗科技跌0.82%，截至发稿，报39.82元/股，成交1.65亿元，换手率1.54%，总市值186.91 亿元。龙旗科技股价已经连续5天下跌，区间累计跌幅6.39%。 资料显示，上海龙旗科技股份有限公司位于上海市徐汇区漕宝路401号1号楼一层,香港湾仔皇后大道东 183号合和中心46楼，成立日期2004年10月27日，上市日期2024年3月1日，公司主营业务涉及智能产品 研发设计、生产 ...

IT之家 11 月 20 日消息，小米集团 11 月 19 日晚发布公告宣布，公司根据 2023 年股份计划奖励合共 29366734 奖励股份予 3334 名选定 参与者，包括集团雇员及服务供应商。 以小米集团当日的港股收盘价每股 38.82 港元测算，本次授予股份的总价值约 11.4 亿港元（IT之家注：现汇率约合 10.41 亿元人民 币），平均每名选定参与者 34.19 万港元（现汇率约合 31.2 万元人民币）。 此外，小米香港根据 2024 年小米香港股份计划授出合共 496300 份小米香港购股权予 3 名为小米香港集团雇员的小米香港选定参与 者。 据IT之家此前报道，小米集团第三季度营收 1131.2 亿元人民币，同比增长 22.3%，预估 1125 亿元人民币；经调整净利润为人民币 113 亿元，创历史新高，同比增长 80.9%。 业务分部来看，2025 年第三季度，小米集团手机 ×AIoT 分部收入为人民币 841 亿元，同比增长 1.6%；小米集团的「智能电动汽车及 AI 等创新业务」分部收入为人民币 290 亿元，创历史新高，同比增长 199.2%。 ...

Group 1: Macro Economic Overview - The broad fiscal deficit is expected to remain within a controllable range, with October's general public budget revenue at 22,614 billion yuan, and expenditure at 17,761 billion yuan [7] - Tax revenue showed stable growth, with October's tax revenue totaling 20,700 billion yuan, reflecting an 8.6% year-on-year increase [8] - Fiscal expenditure in October decreased by 9.8% year-on-year, indicating a slowdown in spending growth, particularly in infrastructure-related expenditures [9] Group 2: Fixed Income Market Insights - The total bond custody amount at the Shanghai Clearing House reached 49.70 trillion yuan, with a monthly net increase of 10,427.42 billion yuan, indicating a significant rebound in bond market activity [13][14] - The increase in bond custody was primarily driven by negotiable certificates of deposit, which contributed a net increase of 7,214.10 billion yuan [15] - The overall leverage ratio in the bond market remained stable at 106.90%, with commercial banks showing an increase in leverage [17] Group 3: Banking Sector Analysis - Listed banks are under pressure to sell off AC (Asset Classification) bonds to realize floating profits, with a significant decline in AC account investment growth since 2024 [19] - It is estimated that listed banks sold approximately 2 trillion yuan in bonds to realize floating profits in the first three quarters of 2025, with state-owned banks having the highest floating profits [20] - For Q4 2025, it is projected that listed banks will need to sell around 900 billion yuan in bonds to maintain non-interest income levels [21] Group 4: Chemical Industry Outlook - The chemical industry is expected to enter a new prosperity cycle, driven by the end of capital expenditure and a recovering supply-demand balance [25][26] - The industry is witnessing a dual uplift in performance and valuation, with major chemical product prices at historically low levels, indicating potential for recovery [26] - The "anti-involution" measures are being implemented across various sectors, providing a framework for other sub-industries to follow, which may lead to further optimization of the supply-demand structure [27] Group 5: Electronics Sector Insights - Transsion Holdings, a leading brand in emerging markets, is focusing on high-end and AI-integrated products, with a projected net profit of 3.147 billion yuan for 2025 [29][30] - The company is expanding its market presence in Africa and other emerging regions, leveraging its brand and channel advantages [30][31] - The diversification into AIoT and home appliances is expected to create additional growth opportunities for the company [32]

北京商报讯（记者 陶凤 王天逸）小米交出了一份稳健增长的业绩，在2025年这个舆论纷扰、流言缠身 的多事之秋。 11月18日晚间，小米集团披露了2025年三季报。从数据层面看，这是一份营收同比增长超两成、经调整 净利润同比暴涨超八成的优异成绩单。 北京商报记者曾就相关问题多渠道联系小米集团方面，但截至发稿未能得到回复。 汽车业务的爆发式增长成为集团核心引擎的同时，其作为高敏感消费品，任何产品宣传与实际体验的落 差都可能引发舆论风暴。产品之外，公关体系如何适配跨行业舆情的应对同样是小米不得不直面的考 题。 科方得智库研究负责人张新原此前向北京商报记者分析称，科技领域头部厂商近些年纷纷开辟第二战 场，单点和生态层面的技术储备、用户洞察能力将成为决定性因素。 汽车引擎的轰鸣不足以盖过所有杂音，小米用三季报证明了人车家全生态战略的正确性，但业务的扩展 同样意味着对手的增多、舆论的复杂。 财报中最亮眼的板块当属"智能电动汽车及AI等创新业务"，三季度小米该项目业务营收290亿元，创历 史新高，同比暴增199.2%，占总营收比重从去年同期的10.5%倍增至25.6%，并首次实现了单季度经营 盈利，金额为7亿元。汽车贡献了 ...

Core Insights - Xiaomi Group reported Q3 2025 revenue of 113.12 billion yuan, representing a year-on-year growth of 22.3% [1] - Adjusted net profit for the quarter was 11.31 billion yuan, showing a significant year-on-year increase of 80.9% [1] Business Segments - Revenue from the mobile and AIoT segment reached 84.11 billion yuan, with a modest year-on-year growth of 1.6% [1] - The smart electric vehicle and AI innovation segment achieved a record revenue of 29.01 billion yuan, marking a substantial year-on-year growth of 199.2% [1]

Core Insights - Xiaomi Group reported a strong Q3 performance with revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of exceeding 100 billion yuan in revenue [3] - Adjusted net profit reached 11.3 billion yuan, a significant year-on-year increase of 80.9%, setting a new historical high [3] - For the first three quarters, total revenue reached 340.4 billion yuan, nearing last year's total, with adjusted net profit of 32.8 billion yuan, surpassing last year's total [3] Smartphone Business - Xiaomi's smartphone business showed steady growth with global shipments of 43.3 million units, achieving year-on-year growth for nine consecutive quarters [4] - Revenue from the smartphone segment was 46 billion yuan, maintaining a position among the top three globally for 21 consecutive quarters [4] IoT and Consumer Products - Revenue from IoT and consumer products in Q3 was 27.6 billion yuan, reflecting a year-on-year growth of 5.6% [4] - As of September 30, Xiaomi's AIoT platform connected over 1 billion IoT devices, with users having five or more connected devices reaching 21.6 million, a year-on-year increase of 26.1% [4] Internet Services - Internet services revenue in Q3 reached 9.4 billion yuan, a year-on-year increase of 10.8%, with a gross margin of 76.9% [4] - Global monthly active users reached 742 million, with 187 million from mainland China; overseas internet service revenue grew by 19.1% to 3.3 billion yuan, accounting for 34.9% of total internet revenue [4] Innovative Business Segments - Revenue from the smart electric vehicle and AI-related innovative business segment was 29 billion yuan, with a year-on-year increase of over 199% [4] - Smart electric vehicle revenue was 28.3 billion yuan, and for the first time, this segment achieved a positive operating profit of 700 million yuan in a single quarter [4] R&D Investment - Xiaomi's R&D investment for the first three quarters reached 23.5 billion yuan, nearing the total planned for 2024, with an expected annual investment exceeding 30 billion yuan [5] - In Q3 alone, R&D investment was 9.1 billion yuan, reflecting a year-on-year increase of 52.1% [5] Market Outlook - Major international institutions like Goldman Sachs and Morgan Stanley remain optimistic about Xiaomi's long-term growth potential [5] - Goldman Sachs highlights Xiaomi's strong balance sheet and cost advantages in the electric vehicle supply chain as key competitive factors [5] - Morgan Stanley notes the synergistic effects of "smartphones + electric vehicles + AIoT" as a driver for strong long-term growth in Xiaomi's AIoT business [5]