Report Industry Investment Rating No relevant information provided. Core Viewpoints - Credit bond issuance volume increased month-on-month, and industry credit spreads generally declined [1][24] Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From October 20 to October 24, 2025, a total of 545 credit bonds were issued, with a total issuance scale of 578.28 billion yuan, a month-on-month increase of 33.45% [1][11] - Industrial bonds: 267 were issued, with a scale of 310.475 billion yuan, a month-on-month increase of 30.60%, accounting for 53.69% of the total issuance scale [1][11] - Urban investment bonds: 232 were issued, with a scale of 152.105 billion yuan, a month-on-month increase of 49.66%, accounting for 26.30% of the total issuance scale [1][11] - Financial bonds: 46 were issued, with a scale of 115.7 billion yuan, a month-on-month increase of 23.12%, accounting for 20.01% of the total issuance scale [1][11] - The average issuance period of credit bonds was 2.61 years, with industrial bonds at 2.09 years, urban investment bonds at 3.27 years, and financial bonds at 2.09 years [1][14] - The average issuance coupon rate of credit bonds was 2.24%, with industrial bonds at 2.14%, urban investment bonds at 2.40%, and financial bonds at 1.98% [2][18] 1.2 Cancellation of Issuance Statistics - Two credit bonds cancelled their issuance this week [3][23] 2. Secondary Market 2.1 Credit Spread Tracking - By industry, among Shenwan primary industries, the largest increase in AAA - grade industry credit spreads was in electronics (up 0.9BP), and the largest decrease was in communications (down 9.3BP); for AA + - grade, the largest increase was in textile and apparel (up 52.9BP), and the largest decrease was in steel (down 56.4BP); for AA - grade, the largest increase was in machinery and equipment (up 2.7BP), and the largest decrease was in media (down 17.4BP) [3][24] - By region for urban investment bonds, this week, the largest increase in AAA - grade credit spreads was in Yunnan (up 6.4BP), and the largest decrease was in Liaoning (down 9.7BP); for AA + - grade, the largest increase was in Yunnan (up 11.1BP), and the largest decrease was in Sichuan (down 10.8BP); for AA - grade, the largest decrease was in Hebei (down 11.7BP) [3][26] - Coal and steel credit spreads both declined. AAA and AA + - grade coal credit spreads decreased by 4.2BP and 4.4BP respectively; AAA and AA + - grade steel credit spreads decreased by 4.7BP and 56.4BP respectively [25] - Credit spreads of urban investment and non - urban investment at all levels declined. The three levels of urban investment credit spreads decreased by 6.2BP, 4.6BP, and 5.7BP respectively; the three levels of non - urban investment credit spreads decreased by 5.3BP, 5.7BP, and 5.2BP respectively [25] - Credit spreads of state - owned enterprises and private enterprises both declined. The three levels of central state - owned enterprise credit spreads decreased by 3.2BP, 3.1BP, and 5.3BP respectively; the three levels of local state - owned enterprise credit spreads decreased by 5.4BP, 5.7BP, and 5.6BP respectively; AAA and AA + - grade private enterprise credit spreads decreased by 5.3BP and 3.7BP respectively [25] 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1426.37 billion yuan, a month-on-month decrease of 2.16%. The top three in trading volume were corporate bonds, medium - term notes, and commercial bank bonds [4][27] - Commercial bank bonds: trading volume reached 354.669 billion yuan, a month-on-month decrease of 6.75%, accounting for 24.87% of the total trading scale [4][27] - Corporate bonds: trading volume reached 436.845 billion yuan, a month-on-month increase of 7.45%, accounting for 30.63% of the total trading scale [4][27] - Medium - term notes: trading volume reached 357.797 billion yuan, a month-on-month decrease of 0.91%, accounting for 25.08% of the total trading scale [4][27] 2.3 This Week's Actively Traded Bonds - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [29]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From January to October 24, 2025, the convertible bond market underperformed the equity market. In the long - term, convertible bonds remain relatively high - quality assets due to the persistent strong demand and weak supply. However, the current valuation is high, and investors need to focus on structure [1][4] 3. Summary by Relevant Catalogs Market行情 - From October 20 to October 24, 2025, the convertible bond and equity markets rose again. The CSI Convertible Bond Index increased by +1.5% (previous week: - 2.3%), and the CSI All - Share Index changed by +3.4% (previous week: - 3.5%). Since the beginning of 2025, the CSI Convertible Bond Index has risen by +16.1%, and the CSI All - Share Index has risen by +23.0% [1] - By rating, high - grade bonds (AA+ and above), medium - grade bonds (AA), and low - grade bonds (AA - and below) rose by +2.30%, +2.22%, and +2.53% respectively this week, with low - grade bonds having the highest increase [1] - By convertible bond size, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) rose by +0.12%, +2.36%, and +2.66% respectively this week, with large - scale convertible bonds having the lowest increase [1] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) rose by +4.58%, +2.88%, +1.64%, +1.35%, and +1.16% respectively this week, with ultra - high - parity bonds having the highest increase [2] Current Convertible Bond Valuation Level - As of October 24, 2025, there were 410 outstanding convertible bonds (413 at the end of last week), with a balance of 556.823 billion yuan (566.693 billion yuan at the end of last week) [3] - The average convertible bond price was 131.06 yuan (130.61 yuan at the end of last week), with a percentile of 98.6%; the average convertible bond parity was 104.86 yuan (103.82 yuan at the end of last week), with a percentile of 94.8%; the average convertible bond conversion premium rate was 27.6% (27.7% at the end of last week), with a percentile of 56.0%. The conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 29.3%, higher than the median of medium - parity convertible bonds since 2018 (20.4%) [3] Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Yingliu Convertible Bond, Chenfeng Convertible Bond, and Jingda Convertible Bond, with increases of 73.08%, 27.32%, and 25.11% respectively [22]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The total bond custody volume increased less month - on - month. As of the end of September 2025, the total bond custody volume of CCDC and SHCH was 175.46 trillion yuan, with a net monthly increase of 0.92 trillion yuan, 0.58 trillion yuan less than the month - on - month increase at the end of August [1][11]. - The custody volume of interest - rate bonds and credit bonds increased net month - on - month, while that of financial bonds and inter - bank certificates of deposit (NCDs) decreased net month - on - month [1][11]. - This month, the total custody volume of major bonds of allocation accounts continued to increase month - on - month, while that of trading accounts and overseas institutions continued to decrease month - on - month [2][27]. - The balance of bonds to be repurchased increased seasonally, and the bond market leverage ratio rose month - on - month. As of the end of September 2025, the estimated balance of repurchase - style repo was 11.33 trillion yuan, a month - on - month increase of 99.39 billion yuan, and the leverage ratio was 106.90%, a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 1.05 percentage points [4][53]. 3. Summary According to Relevant Catalogs 3.1 Bond Custody Volume and Structure - As of the end of September 2025, the total bond custody volume of CCDC and SHCH was 175.46 trillion yuan, with a net monthly increase of 0.92 trillion yuan, 0.58 trillion yuan less than the month - on - month increase at the end of August [1][11]. - In September 2025, the interest - rate bond custody volume was 122.01 trillion yuan, accounting for 69.54% of the inter - bank bond market custody volume, with a net monthly increase of 1.29 trillion yuan; the credit bond custody volume was 18.74 trillion yuan, accounting for 10.68%, with a net monthly increase of 5.0986 billion yuan; the non - policy financial bond custody volume was 12.76 trillion yuan, accounting for 7.27%, with a net monthly decrease of 4.823 billion yuan; the NCD custody volume was 19.97 trillion yuan, accounting for 11.38%, with a net monthly decrease of 0.41 trillion yuan [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Changes in Custody Volume by Institution Month - on - Month - Policy banks and commercial banks increased their holdings of interest - rate bonds and credit bonds and reduced their holdings of NCDs [2][27]. - Insurance institutions increased their holdings of interest - rate bonds, NCDs, and credit bonds across the board [2][27]. - Securities companies increased their holdings of credit bonds and reduced their holdings of interest - rate bonds and NCDs [2][27]. - Credit unions, non - legal entity products, and overseas institutions increased their holdings of interest - rate bonds and reduced their holdings of NCDs and credit bonds [2][27]. 3.2.2 Changes in Custody Volume by Bond Type Month - on - Month - The custody volume of treasury bonds continued to increase month - on - month. Commercial banks continued to significantly increase their holdings, while policy banks continued to reduce their holdings [3][29]. - The custody volume of local government bonds continued to increase month - on - month. Except for commercial banks reducing their holdings, other major institutions increased their holdings [3][29]. - The custody volume of policy - financial bonds continued to increase month - on - month. Commercial banks continued to increase their holdings, while securities companies and non - legal entity products changed to reducing their holdings [3][29]. - The custody volume of NCDs continued to decrease month - on - month. Except for insurance institutions increasing their holdings, other major institutions reduced their holdings [3][29]. - The custody volume of enterprise bonds continued to decrease month - on - month. Commercial banks and non - legal entity products were the main entities reducing their holdings [3][30]. - The custody volume of medium - term notes continued to increase month - on - month. Commercial banks continued to significantly increase their holdings, while non - legal entity products changed to reducing their holdings [3][31]. - The custody volume of short - term financing bills and super - short - term financing bills continued to decrease month - on - month. Non - legal entity products were the main entity reducing their holdings [3][31]. - The custody volume of non - publicly - oriented debt instruments continued to decrease month - on - month. Non - legal entity products were the main entity reducing their holdings [3][31]. 3.2.3 Holder Structure of Major Bond Types - As of the end of September 2025, for treasury bonds, commercial banks held 69.91%, overseas institutions held 5.41%, policy banks held 10.29%, etc. [34]. - For policy - financial bonds, commercial banks held 55.25%, non - legal entity products held 31.66%, overseas institutions held 2.95%, etc. [36]. - For local government bonds, commercial banks held 73.38%, non - legal entity products held 9.50%, policy banks held 10.66%, etc. [39]. - For enterprise bonds, non - legal entity products held 54.98%, commercial banks held 32.02%, securities companies held 9.02%, etc. [41]. - For medium - term notes, non - legal entity products held 60.71%, commercial banks held 24.15%, securities companies held 4.88%, etc. [43]. - For short - term financing bills and super - short - term financing bills, non - legal entity products held 63.46%, commercial banks held 29.83%, etc. [46]. - For non - publicly - oriented debt instruments, non - legal entity products held 62.06%, commercial banks held 20.31%, etc. [49]. - For NCDs, non - legal entity products held 60.68%, commercial banks held 23.57%, etc. [51]. 3.3 Bond Market Leverage Ratio Observation - As of the end of September 2025, the estimated balance of repurchase - style repo was 11.33 trillion yuan, a month - on - month increase of 99.39 billion yuan. The leverage ratio was 106.90%, a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 1.05 percentage points [4][53].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 4.501 billion yuan for the first three quarters of 2025, a year-on-year decrease of 5.38%, and a net profit attributable to the parent company of 168 million yuan, down 73.17% year-on-year [1]. - The company is actively launching new products and focusing on cost trends, with a notable performance in the nut category during the Mid-Autumn Festival and National Day periods [2]. - The increase in raw material costs has pressured profits, with gross margins decreasing significantly [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.749 billion yuan, a decrease of 5.91% year-on-year, and a net profit of 79 million yuan, down 72.58% year-on-year [1]. - The gross margin for Q1-Q3 2025 was 21.94%, while for Q3 it was 24.52%, reflecting a year-on-year decline of 8.59 percentage points [3]. Product and Market Development - The nut product line showed positive sales momentum, while the sunflower seed category faced pressure due to inventory control measures [2]. - New products, including the "All Nuts" series and konjac products, are being introduced to expand the product matrix and enhance market presence [2]. Cost and Expense Analysis - The company faced increased costs due to rising raw material prices and promotional activities, leading to a decline in net profit margins [3]. - The sales expense ratio for Q1-Q3 2025 was 11.33%, reflecting increased investment in market expenses during the new product rollout phase [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 390 million yuan, 634 million yuan, and 738 million yuan respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 28x for 2025, 17x for 2026, and 15x for 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - Domestic excavator sales continued to grow in September 2025, with a total of 19,858 units sold, representing a year-on-year increase of 25.4%. Domestic sales reached 9,249 units, up 21.5% year-on-year [3][4] - The report highlights a significant recovery in non-excavator machinery categories, with loader sales increasing by 30.5% year-on-year in September 2025 [3][4] - The government is expected to support infrastructure investment through the issuance of long-term special bonds and local government bonds, which will drive demand for construction machinery [5] - The report notes that the electric loader sales surged by 176.0% year-on-year in September 2025, indicating a strong trend towards electrification in the machinery sector [7][8] - The commencement of the Yarlung Tsangpo River hydropower project is anticipated to further boost demand for construction machinery, with potential equipment needs estimated between 120 billion to 180 billion RMB [9][10] Summary by Sections Sales Performance - In September 2025, excavator sales reached 19,858 units, with domestic sales at 9,249 units, both showing significant year-on-year growth [3][14] - Non-excavator machinery categories also showed strong performance, with loaders up 30.5% and truck cranes up 40.7% in domestic sales [3][14] Market Trends - The report emphasizes the ongoing recovery in domestic demand for construction machinery, driven by equipment replacement cycles and government infrastructure initiatives [4][5] - The electric machinery segment is gaining traction, with electric loader sales increasing significantly, reflecting a shift towards greener technologies [7][8] Export Opportunities - Excavator exports in September 2025 totaled 10,609 units, marking a 29.0% increase year-on-year, with total export value reaching 5.27 billion USD [6][14] - The report identifies opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [6] Investment Recommendations - The report recommends several leading machinery manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a positive outlook for these companies [10][11]

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding the market benchmark index by over 15% in the next 6-12 months [1]. Core Insights - The third quarter report reveals that despite market fluctuations, the banking wealth management scale has achieved a year-on-year increase, with an estimated scale reaching 33 trillion yuan [4]. - The report highlights three anomalies in the wealth management data, prompting further analysis of the underlying factors affecting asset allocation and market dynamics [7]. Summary by Sections Wealth Management Scale and Growth - As of the end of Q3 2025, the wealth management scale recorded 32.13 trillion yuan, with a quarterly increase of 1.46 trillion yuan, reflecting a year-on-year growth of 9.4%, which is an improvement of 1.9 percentage points compared to the end of Q2 2025 [4][18]. Product Structure and Asset Allocation - The structure of wealth management products remains stable, with fixed-income products maintaining a 97% share. As of Q3 2025, the balance of fixed-income products was 31.21 trillion yuan, with open-ended and closed-end products maintaining an 80:20 ratio [5][20]. - The asset allocation as of Q3 2025 shows a significant increase in cash and deposits, contributing to a total asset allocation of 34.33 trillion yuan, with cash and deposits accounting for 27.5% of the total, marking a recent high [6][27]. Market Position and Distribution Channels - Wealth management companies have strengthened their market position, with a scale of 29.28 trillion yuan, representing 91.1% of the market share, an increase of 1.5 percentage points from Q2 2025 [7]. - The number of distribution channels for wealth management products has expanded to 583, reflecting a year-on-year increase of 35 channels [7]. Anomalies in Wealth Management Data - The report raises questions regarding the increase in wealth management scale despite pressures on net asset values and declining yields in the bond market, suggesting a "price comparison effect" leading to a shift from deposits to wealth management products [9][10]. - Despite a bullish stock market, the allocation to equity assets in wealth management decreased, attributed to the need for companies to dispose of older products and the common practice of investing through public funds [11][12]. Future Outlook - The report suggests that as the valuation rectification approaches completion, wealth management products will need to enhance their strategies to manage net value volatility while capitalizing on market opportunities [14].

Investment Rating - The report maintains a "Buy" rating for the company [5][14]. Core Insights - The company, Huiju Technology (1729.HK), is positioned as a supplier of high-density optical fiber products, benefiting from the booming demand in AI computing and data center infrastructure [6][10]. - The company has shown significant revenue growth, with total revenue for the first half of 2025 reaching HKD 48.54 billion, a year-on-year increase of 82.1% [6]. - The report highlights the company's strong manufacturing capabilities in high-density optical fiber connectors, particularly the MPO connectors, which are essential for data center applications [8][9]. Summary by Sections Company Overview - Huiju Technology operates in the precision cable solutions sector, with production bases for copper and optical fiber products located in Huizhou, Guangdong [5]. Financial Performance - For the first half of 2025, the company reported a net profit of HKD 3.14 billion, up 47.1% year-on-year, driven by the high demand for data center wire components and server assembly [6]. - The revenue breakdown shows that server business accounted for 52.8% of total revenue, with a staggering growth of 318.1% year-on-year [11]. Market Position and Growth Potential - The company is expanding its overseas production capacity, with plans to increase overall capacity by approximately 80% by 2026 to meet the growing demand for AI data centers and high-density cabling [10]. - The MPO connector market is expected to grow significantly due to the increasing demand for high-speed data transmission in data centers, with the company positioned to benefit from this trend [8][9]. Business Segments - The main business segments include wire components, digital wires, and server assembly, with the server assembly segment showing the most rapid growth [6][11]. - The report notes that the company is also integrating Leoni K's automotive cable solutions, which is expected to enhance its competitive position in the automotive supply chain [12][14]. Future Outlook - The company is projected to achieve net profits of HKD 6.58 billion, HKD 11.12 billion, and HKD 14.12 billion for the years 2025 to 2027, reflecting growth rates of 46.0%, 68.9%, and 26.9% respectively [14][15].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is expected to achieve revenue of 7.65 billion RMB in Q3 2025, representing a year-over-year increase of 4.7%. The revenue breakdown by business segment includes gaming at 1.52 billion RMB (down 16.5% YoY), VAS at 3.12 billion RMB (up 10.5% YoY), advertising at 2.52 billion RMB (up 20% YoY), and e-commerce at 490 million RMB (down 14% YoY) [1] - The self-developed game "Escape from Duckkov" has exceeded expectations with sales surpassing 1 million copies within a week of its global release, potentially generating over 150 million RMB in revenue [2] - The company is actively enhancing its AI product functionalities, including AI translation and video generation tools for content creators, as well as integrating AI capabilities into its advertising offerings to improve efficiency and effectiveness [3] Revenue Forecast and Valuation - The company is projected to generate revenues of 22.53 billion RMB in 2023, increasing to 36.42 billion RMB by 2027, with a compound annual growth rate of approximately 8.8% [4] - Adjusted net profit forecasts for 2025, 2026, and 2027 are revised to 2.44 billion RMB, 3.77 billion RMB, and 4.83 billion RMB respectively, reflecting an upward adjustment of 14%, 7%, and 4% compared to previous estimates [3]

Investment Rating - The mechanical industry is rated as "Buy" (Maintain) [1] Core Views - The report highlights a continued cooling trend in U.S. exports, while machine tools and engineering machinery exports show marginally positive performance [1] - Exports of electric tools, hand tools, and lawn mowers to North America are under pressure due to tariff impacts, with significant declines noted in 2025 [2][7] - Emerging markets, particularly in Africa and Latin America, are driving growth in forklift and industrial sewing machine exports [5][8] Summary by Sections Consumer Goods - Electric tools, hand tools, and lawn mowers primarily target high-end markets in Europe and the U.S. [2] - From January to September 2025, the export growth rates for electric tools, hand tools, and lawn mowers were 1%, -4%, and 43% respectively, with significant declines in exports to North America [2] - Lawn mower exports to Europe accounted for 71% of total exports in the first nine months of 2025, with a year-on-year growth of 22% [3] Capital Goods - Industrial sewing machines are mainly exported to Asia, with a 67% share in the first nine months of 2025 [4] - Forklifts and machine tools also show strong export performance, particularly in Asia, Europe, and Latin America, with respective shares of 34%, 29%, and 16% for forklifts [4] - Engineering machinery exports grew by 16% year-on-year in the first nine months of 2025, with Africa showing the fastest growth at 59% [4][5] Engineering Machinery - Exports of major engineering machinery categories, including excavators and tractors, maintained double-digit growth rates in 2025 [6][8] - Excavators and tractors saw year-on-year growth rates of 27% and 32% respectively in the first nine months of 2025 [8] - The report suggests a positive outlook for global mining capital expenditure, recommending attention to specific companies in this sector [8]

Group 1: High-end Manufacturing - The controllable nuclear fusion industry is entering a capital expenditure expansion phase, with high-value segments characterized by significant technological barriers [1] - Companies directly involved in project construction and those in high-value, high-tech supply segments are recommended, including Hezhong Intelligent, Yingliu Co., Ice Wheel Environment, Wangzi New Materials, and Parker New Materials [1] - Additional companies to watch include Lianchuang Optoelectronics, Yongding Co., Sichuang Electronics, Xuguang Electronics, Guoguang Electric, and Antai Technology [1] Group 2: Automotive - Tesla's Q3 2025 revenue recovery aligns with expectations, but Non-GAAP performance fell short, leading to a downward revision of 2025/2026 Non-GAAP net profit estimates to $6 billion and $8.7 billion respectively [2] - Anticipation of humanoid robots ramping up production from 2026 supports an upward revision of 2027 Non-GAAP net profit to $12.1 billion [2] - Tesla's leading AI technology iteration and commercialization capabilities are viewed positively, maintaining an "Overweight" rating [2] Group 3: Electronics - In Q3 2025, Yingzi Network reported a net profit of 120 million yuan, a year-on-year increase of 28.73%, with a gross margin of 43.71%, up 1.7 percentage points [3] - The company is enhancing its competitive edge in smart home solutions with the launch of the Yingzi Blue Ocean Model 2.0 [3] - The current market valuation corresponds to PE ratios of 41x, 35x, and 29x for 2025-2027, maintaining an "Overweight" rating [3] Group 4: Computer - iFLYTEK's revenue for the first three quarters of 2025 reached 16.99 billion yuan, a year-on-year increase of 14.4%, while net profit narrowed to a loss of 66.675 million yuan, improving by 80.6% [4] - The company’s Q3 2025 net profit was 172 million yuan, a year-on-year growth of 202.4%, indicating significant improvement in financial quality [4] - Revenue forecasts for 2025-2027 are maintained at 27.1 billion, 31.7 billion, and 37.3 billion yuan, with net profit estimates of 790 million, 1.032 billion, and 1.335 billion yuan respectively, sustaining an "Overweight" rating [4] Group 5: Textile and Apparel - Tabo's revenue and net profit for the first half of the 2026 fiscal year decreased by 5.8% and 9.7% year-on-year, respectively, with a dividend payout ratio of 102.2% [6] - The main brand and retail business revenues fell by 4.8% and 3.0%, with a net reduction of 332 stores [6] - Profit forecasts for 2026-2028 have been slightly lowered, with EPS estimates of 0.20, 0.22, and 0.24 yuan, and PE ratios of 15, 14, and 12 times, maintaining an "Overweight" rating [6] Group 6: Education Services - Action Education achieved Q3 2025 revenue of 220 million yuan, a year-on-year increase of 27.9%, and a net profit of 80 million yuan, up 42.8% [7] - The significant recovery in enrollment rates has driven high growth in Q3 performance, with order backlog ensuring future growth [7] - Profit forecasts for 2025-2027 are maintained at 294 million, 334 million, and 371 million yuan, with corresponding PE ratios of 16x, 14x, and 13x, sustaining an "Overweight" rating [7]