1、腾讯、京东等中概股财报超预期!中国资产大涨 重要程度：★★★★★ 11月13日，多家知名上市公司密集披露2025年第三季度财务报告，引发市场广泛关注。具体来看下： 腾讯控股第三季度业绩报告显示，公司实现营收1928.7亿元，同比增长15%;经营利润(Non-IFRS)725.7亿 元，同比增长18%。 京东集团三季度收入为2991亿元，同比增长14.9%，超出市场预期。三季度归属净利润53亿元。 中芯国际第三季度营收为171.62亿元，同比增长9.9%;净利润为15.1亿元，同比增长43.1%，盈利能力显著 提升。 哔哩哔哩第三季度净营业额总额为76.9亿元，同比增长5%;经调整净利润为7.86亿元，同比增长233%，盈 利能力大幅提升。 在财报发布后，京东和哔哩哔哩股价美股盘前均直线上涨，京东一度大涨超4%，哔哩哔哩一度大涨超 6%。 2、10月金融数据出炉，解读来了 重要程度：★★★★ 11月13日，中国人民银行发布10月金融数据。数据显示，10月M2和社会融资规模同比增速均保持在较高水 平，持续为经济回升向好创造适宜的货币金融环境;贷款规模保持合理增长，信贷结构持续优化。数据要点 如下： 截至202 ...

大公司： 京东仿人机器人及其类脑预测相关专利已获授权 36氪获悉，爱企查App显示，近日，郑州大学、京东科技信息技术有限公司"一种基于虚拟现实的无接 触穿戴式仿人机器人及其类脑预测控制方法"专利获授权。该专利的机器人通过控制台结合类脑预测算 法控制身体装置、手部装置和腿部装置工作，以完成高效的仿人运动控制；通过虚拟现实套装和传感 器，实现外骨骼装甲的无接触操控与反馈力和助力的可控可调，实现操作者操控感受的虚拟现实化，使 在虚拟现实中操控外骨骼装甲达到和现实中相同的效果。 比亚迪：比亚迪电子业务已开始大规模应用AMR智能物流机器人 SL ，比亚迪在互动平台表示，针对智能机器人领域，公司凭借完善的新能源产业链布局、领先的技术 创新能力和丰富的场景应用经验，积极布局未来产业；亦通过与业内头部企业达成股权和业务等多维度 合作实现资源协同，从而赋能业务提质增效，加速培育新业态、新模式与新动能。此外，比亚迪电子业 务已开始大规模应用AMR智能物流机器人，这有助于提升生产效率，强化制造端竞争力。 星巴克工会发起无限期罢工，波及至少40座城市 星巴克员工联合工会（Starbucks Workers United）在该连锁品牌 ...

证券日报网讯 比亚迪11月13日在互动平台回答投资者提问时表示，针对智能机器人领域，公司积极关 注，凭借完善的新能源产业链布局、领先的技术创新能力和丰富的场景应用经验，积极布局未来产业； 亦通过与业内头部企业达成股权和业务等多维度合作实现资源协同，从而赋能业务提质增效，加速培育 新业态、新模式与新动能。此外，比亚迪电子业务已开始大规模应用AMR智能物流机器人，有助于提 升生产效率，强化制造端竞争力。 （编辑 楚丽君） ...

Core Viewpoint - The company maintains its net profit forecast for BYD Electronics at 4.935 billion CNY for 2025 and 6.184 billion CNY for 2026, with current stock prices reflecting P/E ratios of 18.4x and 14.5x respectively for those years, and has raised the target price by 7.5% to 50 HKD, indicating a potential upside of 13.4% from current levels [1] Group 1: Financial Performance - In 1H25, the company achieved revenue of 80.606 billion CNY, a year-on-year increase of 2.58%, and a net profit attributable to shareholders of 1.73 billion CNY, up 13.97% year-on-year, aligning with expectations [2] - For Q2 2025, the company reported revenue of 43.725 billion CNY, reflecting a year-on-year growth of 3.86% and a quarter-on-quarter increase of 18.56%, with net profit of 1.108 billion CNY, up 22.07% year-on-year and 78.04% quarter-on-quarter [2] Group 2: Business Segments - The company's revenue growth in 1H25 was driven by a 60.5% increase in the new energy vehicle segment, while the consumer electronics and new intelligent products segments saw declines of 3.72% and 4.15% respectively, attributed to increased shipments of smart cockpit products and the ramp-up of intelligent driving assistance systems [3] - The gross margin improved by 0.54 percentage points to 7.36% in 1H25, primarily due to enhanced automation in the consumer electronics segment and increased revenue from automotive electronics [3] Group 3: Cost Management and R&D Investment - The company has actively reduced costs, with sales, management, and financial expense ratios showing slight changes, indicating a stable overall expense ratio excluding R&D [4] - R&D expenses for 1H25 were 2.231 billion CNY, reflecting a commitment to long-term investments in new energy vehicle products and AI servers [4] Group 4: AI and Robotics Initiatives - The company is capitalizing on AI opportunities, with rapid growth in AI server shipments and successful certification of several liquid cooling and power products by industry leaders [5] - The company has begun large-scale deployment of AMR intelligent logistics robots, enhancing efficiency in warehousing and distribution [5]

Group 1 - The core viewpoint of the report maintains BYD's net profit forecast for 2025/2026 at 4.935 billion and 6.184 billion respectively, with current stock prices corresponding to 18.4x and 14.5x P/E ratios for those years [1] - The target price for the company has been raised by 7.5% to HKD 50, reflecting an upward adjustment in industry valuation, with a potential upside of 13.4% from the current stock price [1] Group 2 - In 1H25, the company achieved revenue of 80.606 billion, a year-on-year increase of 2.58%, and a net profit attributable to shareholders of 1.73 billion, up 13.97% year-on-year, aligning with expectations [2] - For Q2 25, the company reported revenue of 43.725 billion, showing a year-on-year growth of 3.86% and a quarter-on-quarter increase of 18.56%, with net profit of 1.108 billion, up 22.07% year-on-year and 78.04% quarter-on-quarter [2] Group 3 - The company's revenue growth in 1H25 was driven by a 60.5% increase in the new energy vehicle segment, while the consumer electronics and new intelligent products segments saw declines of 3.72% and 4.15% respectively [3] - The rapid growth in the new energy vehicle segment is attributed to increased shipments of smart cockpit products and the ramp-up of smart driving assistance systems and thermal management products [3] Group 4 - The company is actively reducing costs and controlling expenses, with sales, management, and financial expense ratios showing slight changes, indicating a stable overall expense ratio [4] - R&D expenses for 1H25 were 2.231 billion, reflecting a commitment to long-term investments in new energy vehicle products and AI servers [4] Group 5 - The company is capitalizing on AI development opportunities, with rapid growth in AI server shipments and successful certification of several liquid cooling and power products by industry leaders [5] - The company has begun large-scale use of AMR intelligent logistics robots and is actively developing AI robots and core components, enhancing efficiency in warehousing and distribution [5]