Group 1: Guodian Power (国电电力) - The company is experiencing a positive earnings trend with an upward adjustment of EPS for 2025-2027 to 0.40/0.46/0.50 yuan, reflecting a valuation premium compared to peers [2][4] - In Q3 2025, the company's revenue was 476 billion yuan, a year-on-year decrease of 1.0%, while net profit increased by 24.9% to 30.9 billion yuan, indicating a recovery in profitability [2][3] - The company is optimizing its installed capacity structure, with a slowdown in new energy installations and an increase in thermal power installations, which is expected to enhance its dividend growth potential [4] Group 2: Kying Network (恺英网络) - The "996 Legend Box" is identified as a rare platform business with stable and growth potential, driven by established IP licensing and increased market penetration [11][12] - The company expects EPS for 2025-2027 to be 1.11/1.39/1.65 yuan, with an upward adjustment due to the positive progress of the Legend Box business [11] - The platform's revenue sources include advertising, platform functionality, live streaming, and transaction fees, indicating a diversified income stream [12][13] Group 3: Logistics and Express Delivery Industry - The express delivery industry saw a year-on-year increase of 12.7% in September 2025, with major players like SF Express leading the growth with a 31.81% increase [20][21] - The industry is experiencing a narrowing decline in express delivery prices, indicating a shift towards healthier competition and potential profitability recovery [22][23] - The market share of leading companies is increasing, with the CR8 for the express delivery industry rising to 86.9%, reflecting a trend towards industry consolidation [21][22] Group 4: Basic Chemicals Industry - The basic chemicals sector is witnessing a positive trend, with new Yangfeng's Q3 net profit increasing by 23.87% year-on-year, indicating strong performance in the sector [25] - The convertible bond market for basic chemicals is active, with several companies seeing significant price movements in their bonds [25][26] Group 5: Steel Industry - The steel industry is showing signs of recovery, with demand expected to gradually bottom out and supply-side adjustments beginning to take effect [27][28] - The average production profit for rebar has increased, while hot-rolled coil profits have decreased, indicating mixed performance across different steel products [30] - The industry is expected to benefit from improved market conditions and regulatory support for supply-side reforms [30][31]

Quantitative Factors and Construction Methods - **Factor Name**: Large Buy Order Transaction Amount Ratio **Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large buy orders in the total transaction amount for a given day[8] **Construction Process**: 1. Utilize tick-by-tick transaction data to identify buy and sell orders based on bid and ask sequence numbers[8] 2. Filter transactions by volume to identify large orders[8] 3. Calculate the proportion of large buy order transaction amounts to the total transaction amount for the day[8] **Evaluation**: This factor effectively reflects the behavior of large funds in the market[8] - **Factor Name**: Net Active Buy Transaction Amount Ratio **Construction Idea**: This factor measures the active buying behavior of investors by calculating the net active buy transaction amount as a proportion of the total transaction amount for a given day[8] **Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on the buy/sell flag[8] 2. Subtract the active sell transaction amount from the active buy transaction amount to obtain the net active buy transaction amount[8] 3. Calculate the proportion of net active buy transaction amount to the total transaction amount for the day[8] **Evaluation**: This factor effectively captures the active buying behavior of investors in the market[8] --- Factor Backtesting Results Large Buy Order Transaction Amount Ratio - **Top 10 Stocks (20251020-20251024)**: 1. Stone Machinery (000852.SZ): 88.4%, 99.2% time-series percentile[10] 2. ShenKai Shares (002278.SZ): 87.0%, 100.0% time-series percentile[10] 3. Oriental Garden (002310.SZ): 86.4%, 96.7% time-series percentile[10] 4. Wuhan Holdings (600168.SH): 86.1%, 97.1% time-series percentile[10] 5. Guangtian Group (002482.SZ): 85.5%, 91.4% time-series percentile[10] 6. Zhengbang Technology (002157.SZ): 85.4%, 99.2% time-series percentile[10] 7. Oriental Electric Heating (300217.SZ): 85.4%, 97.5% time-series percentile[10] 8. Nengte Technology (002102.SZ): 85.3%, 83.6% time-series percentile[10] 9. Xianfeng Holdings (002141.SZ): 85.3%, 97.5% time-series percentile[10] 10. Qingsong Jianhua (600425.SH): 85.1%, 93.4% time-series percentile[10] Net Active Buy Transaction Amount Ratio - **Top 10 Stocks (20251020-20251024)**: 1. Tangshan Port (601000.SH): 20.7%, 97.1% time-series percentile[11] 2. Changqing Shares (603768.SH): 17.0%, 100.0% time-series percentile[11] 3. Shuangyuan Technology (688623.SH): 16.3%, 99.6% time-series percentile[11] 4. Guotou Power (600886.SH): 16.3%, 98.0% time-series percentile[11] 5. Fenglong Shares (002931.SZ): 16.0%, 100.0% time-series percentile[11] 6. Gongdong Medical (605369.SH): 14.9%, 99.2% time-series percentile[11] 7. Zhaoxun Media (301102.SZ): 14.8%, 100.0% time-series percentile[11] 8. Fantuo Digital Creation (301313.SZ): 14.6%, 100.0% time-series percentile[11] 9. Huali Group (300979.SZ): 14.6%, 99.6% time-series percentile[11] --- Broad Index Backtesting Results - **Large Buy Order Transaction Amount Ratio (20251020-20251024)**: 1. Shanghai Composite Index: 75.2%, 61.5% time-series percentile[13] 2. SSE 50: 73.9%, 23.0% time-series percentile[13] 3. CSI 300: 75.5%, 77.9% time-series percentile[13] 4. CSI 500: 76.0%, 68.4% time-series percentile[13] 5. ChiNext Index: 75.2%, 76.6% time-series percentile[13] - **Net Active Buy Transaction Amount Ratio (20251020-20251024)**: 1. Shanghai Composite Index: -0.8%, 78.7% time-series percentile[13] 2. SSE 50: 3.3%, 96.3% time-series percentile[13] 3. CSI 300: 2.3%, 95.1% time-series percentile[13] 4. CSI 500: 0.8%, 86.9% time-series percentile[13] 5. ChiNext Index: 5.3%, 100.0% time-series percentile[13] --- Industry Backtesting Results - **Large Buy Order Transaction Amount Ratio (20251020-20251024)**: 1. Banking: 80.7%, 91.0% time-series percentile[14] 2. Steel: 79.5%, 3.3% time-series percentile[14] 3. Non-Banking Finance: 79.2%, 33.2% time-series percentile[14] 4. Comprehensive: 79.1%, 35.7% time-series percentile[14] 5. Real Estate: 78.7%, 34.0% time-series percentile[14] - **Net Active Buy Transaction Amount Ratio (20251020-20251024)**: 1. Electronics: 8.0%, 74.2% time-series percentile[14] 2. Communication: 7.4%, 96.3% time-series percentile[14] 3. National Defense and Military Industry: 3.5%, 35.7% time-series percentile[14] 4. Computers: 2.6%, 89.3% time-series percentile[14] 5. Automobiles: 2.6%, 60.2% time-series percentile[14] --- ETF Backtesting Results - **Large Buy Order Transaction Amount Ratio (20251020-20251024)**: 1. Bosera China Education ETF: 91.2%, 100.0% time-series percentile[16] 2. Huaxia Growth ETF: 90.5%, 97.1% time-series percentile[16] 3. Fortune Shanghai Composite ETF: 90.0%, 94.7% time-series percentile[16] 4. Fortune Tourism Theme ETF: 89.6%, 97.5% time-series percentile[16] 5. Guotai Shanghai Composite ETF: 89.3%, 92.2% time-series percentile[16] - **Net Active Buy Transaction Amount Ratio (20251020-20251024)**: 1. Bosera Chip ETF: 15.6%, 93.0% time-series percentile[17] 2. E Fund Dividend ETF: 15.2%, 94.3% time-series percentile[17] 3. Huatai-PineBridge 2000 ETF: 15.0%, 100.0% time-series percentile[17] 4. Tianhong Growth ETF: 13.7%, 82.4% time-series percentile[17] 5. Huaxia Sci-Tech ETF: 13.6%, 91.4% time-series percentile[17]

Investment Rating - The report assigns an "Increase" rating for the industry [4]. Core Viewpoints - The report highlights the performance of New Yangfeng, which reported a third-quarter revenue of 4.077 billion yuan, a year-on-year increase of 3.25%, and a non-net profit of 415 million yuan, up 15.4% year-on-year. For the first three quarters, the total revenue reached 13.475 billion yuan, reflecting an 8.96% year-on-year growth, while the non-net profit totaled 1.326 billion yuan, marking a 23.87% increase year-on-year [4][5]. - The report emphasizes the focus on convertible bonds in the basic chemical sector, specifically mentioning the bonds of companies such as New Yangfeng, which are currently under observation [4][5]. Summary by Relevant Sections Convertible Bonds Performance - The report provides a review of the convertible bond market in the basic chemical sector, noting that the issued convertible bonds such as Montai Bond, Yanggu Bond, and Zhenhua Bond have seen increases of 23.45%, 10.26%, and 7.18% respectively, while Tongcheng Bond, Youcai Bond, and Shuiyang Bond have decreased by 8.42%, 6.43%, and 6.39% respectively [5][6]. - As of October 24, 2025, several companies, including Jiangshan Co., Shuangle Co., and Bailong Chuangyuan, have had their convertible bond proposals approved by shareholders [4][13][14]. Key Announcements - Important announcements include the impending cessation of trading for Enjie Bond, which will stop trading after October 23, 2025, and will be forcibly redeemed at a price of 101.44 yuan per bond if not converted by October 30, 2025 [4]. - The report also notes that Shennong Co. has triggered conditional redemption clauses for its bonds due to stock price performance exceeding 130% of the conversion price [4].

Investment Rating - The report maintains an "Overweight" rating for the express delivery industry [4]. Core Viewpoints - The price decline in the express delivery sector has narrowed, and the "anti-involution" efforts are stronger than expected, leading to a temporary easing of competitive pressure. The report remains optimistic about the performance growth of leading express delivery companies and the valuation recovery opportunities in e-commerce logistics [2][4]. Summary by Relevant Sections Industry Overview - In September 2025, the national express delivery volume reached 16.88 billion pieces, a year-on-year increase of 12.7%. The industry revenue was 127.37 billion yuan, up 7.2% year-on-year, with a single ticket revenue of 7.55 yuan, down 4.9% year-on-year [7][36]. Company Performance - SF Express showed remarkable growth with a business volume increase of 31.81% year-on-year in September 2025. For the first nine months of 2025, its business volume grew by 28.3% [4][28]. Other major players like YTO, Yunda, and Shentong also reported year-on-year increases in business volume of 13.6%, 3.6%, and 9.5%, respectively [4][28]. Market Concentration - The market concentration in the express delivery industry continues to rise, with the CR8 index reaching 86.9 in the first nine months of 2025, an increase of 1.7 compared to the previous year [24][4]. The market shares of leading companies such as SF Express, YTO, Yunda, and Shentong have shown a steady increase in Q3 2025 [29][4]. Pricing Trends - The report indicates that the price decline in the express delivery sector has slowed down, with the industry revenue growth outpacing the decline in single ticket revenue. The single ticket revenue for the industry decreased by 4.9% year-on-year in September 2025, reflecting a moderation in price competition [4][12]. Investment Recommendations - The report suggests focusing on the leading express delivery companies with confirmed performance growth and the potential for valuation recovery in e-commerce logistics. It maintains an "Overweight" rating for SF Express and recommends monitoring regulatory efforts from the postal administration [4][51].

Macroeconomic Insights - In September 2025, the profits of industrial enterprises continued to recover, primarily due to a low base from the previous year and an increase in working days, with a notable "volume-price rise" pattern driven by anti-involution policies and external demand recovery[6] - Structural issues remain, with significant industry differentiation and unclear demand signals, necessitating efforts to address supply-demand transmission blockages for sustained recovery[6] Market Strategy Observations - The average daily trading volume in the A-share market decreased to 1.8 trillion yuan, with the proportion of stocks rising to 81.2% and the median weekly return increasing to 3.1%[8][9] - Public fund issuance increased to 12.15 billion yuan, while private fund confidence slightly declined, nearing the highest levels of the year[9] Industry Trends - In the steel sector, the average spot price of rebar fell by 20 yuan/ton to 3190 yuan/ton, while hot-rolled coil prices rose by 20 yuan/ton to 3300 yuan/ton, indicating mixed price movements[30] - The operating rate of blast furnaces in 247 steel mills rose to 84.71%, with profitability rates at 47.62%, reflecting a slight decline from the previous week[31] Investment Recommendations - The report suggests a focus on technology growth sectors, cyclical materials, and financial stability, with specific recommendations for companies like Baosteel and Hualing Steel, which are expected to benefit from industry consolidation and high-quality development trends[32][23] Risk Factors - Potential risks include uncertainties in trade dynamics, insufficient implementation of anti-involution policies, and the possibility of a significant decline in demand[7][24][33]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.48 CNY, reflecting a positive outlook on the company's growth potential and performance [14][20]. Core Insights - The "996 Legend Box" is identified as a rare platform business with both stability and growth potential, driven by established IP licensing, increased market penetration, and enhanced bargaining power [2][14]. - The company is expected to see significant earnings per share (EPS) growth from 1.11 CNY in 2025 to 1.65 CNY in 2027, with an upward revision in forecasts due to positive developments in the Legend Box business [14][16]. Financial Summary - Total revenue projections for the company are as follows: - 2023: 4,295 million CNY - 2024: 5,118 million CNY - 2025: 6,111 million CNY - 2026: 7,769 million CNY - 2027: 8,994 million CNY - The revenue growth rates are projected at 15.3% for 2023, 19.2% for 2024, 19.4% for 2025, 27.1% for 2026, and 15.8% for 2027 [4][16]. - Net profit attributable to the parent company is forecasted to grow from 1,462 million CNY in 2023 to 3,533 million CNY in 2027, with a notable increase of 42.6% in 2024 [4][16]. Business Segmentation - The report outlines three main business segments: 1. **Mobile Games**: Expected revenue growth of 10% in 2025 and 20% in 2026, with stable gross margins [15]. 2. **Information Services**: Revenue from the 996 Legend Box is projected to grow by 65% to 15.5 billion CNY in 2025, continuing to grow by 50% and 30% in the following years [15][16]. 3. **Web Games**: This segment is expected to decline, with revenue decreasing by 20% in 2025 and 10% in the subsequent years [15]. Market Positioning - The "996 Legend Box" serves as a unique platform connecting players and content providers, generating revenue through advertising, platform features, live streaming, and transaction fees [30][33]. - The platform is positioned as a "Legend Application Store," catering to diverse player needs and providing a centralized selection of game versions [36][37]. - The report highlights the potential for horizontal expansion into more IPs and vertical exploration of industry chain value, leveraging the company's existing IP portfolio [14][24].

Investment Rating - The investment rating for the company is "Accumulate" [6][13]. Core Insights - The company is experiencing significant growth driven by its konjac product line, with expectations for continued growth in new products and channel expansion [2][13]. - The financial performance shows robust revenue growth and profit increases, with a projected revenue of 61.7 billion yuan in 2025, reflecting a 16.3% year-on-year growth [5][13]. - The company has optimized its product structure, leading to a notable increase in profitability, with a net profit margin of 15.6% in Q3 2025, up 3.2 percentage points year-on-year [13]. Financial Summary - Total revenue is projected to grow from 41.15 billion yuan in 2023 to 85.91 billion yuan in 2027, with a compound annual growth rate (CAGR) of 17.9% [5]. - Net profit attributable to the parent company is expected to rise from 5.06 billion yuan in 2023 to 12.64 billion yuan in 2027, with a CAGR of 24.3% [5]. - Earnings per share (EPS) is forecasted to increase from 1.85 yuan in 2023 to 4.63 yuan in 2027 [5]. Market Data - The current stock price is 70.35 yuan, with a target price set at 98.75 yuan [6][7]. - The company has a market capitalization of 19.19 billion yuan and a price-to-earnings (P/E) ratio of 37.94 [7][13]. - The stock has shown a 28% increase over the past 12 months [11]. Product and Channel Development - The konjac product line is expected to continue its strong growth, supported by brand recognition and consumer demand [13]. - The company is actively reducing low-margin products and focusing on high-potential channels, which is anticipated to enhance profitability [13].

- The report discusses the construction of Smart Beta portfolios based on three styles: Value, Growth, and Small Cap, aiming for high beta elasticity and long-term stable excess returns[6] - The Value Smart Beta portfolio includes two configurations: Value 50 and Value Balanced 50, with respective annual returns of 15.59% and 20.85% as of October 24, 2025[4][7][8] - The Growth Smart Beta portfolio consists of Growth 50 and Growth Balanced 50, achieving annual returns of 26.78% and 29.68% respectively by October 24, 2025[4][7][17] - The Small Cap Smart Beta portfolio features Small Cap 50 and Small Cap Balanced 50, with annual returns of 45.58% and 42.21% respectively as of October 24, 2025[4][7][22] - Performance metrics for the portfolios include absolute returns, excess returns, and maximum relative drawdowns, with Small Cap 50 showing the highest excess return of 17.88% and maximum relative drawdown of 10.89%[7][22][26]

Investment Rating - The investment rating for the company is "Accumulate" [5][12]. Core Views - The company is undergoing active adjustments, reducing ineffective channel expenditures and cutting back on long-tail products, which has led to short-term profit pressure but is expected to improve gradually [3][12]. - Revenue for Q1-Q3 2025 reached 7.759 billion, a year-on-year increase of 8.22%, while net profit attributable to the parent company was 161 million, a year-on-year decrease of 52.91% [12]. - The company is focusing on strengthening its supply chain and exploring offline channels, with expectations for marginal improvements in the future [12]. Financial Summary - Total revenue projections are as follows: - 2023A: 7,115 million - 2024A: 10,622 million - 2025E: 11,699 million - 2026E: 13,842 million - 2027E: 16,304 million - Year-on-year growth rates are projected at -2.4%, 49.3%, 10.1%, 18.3%, and 17.8% respectively [4][13]. - Net profit attributable to the parent company is projected as follows: - 2023A: 220 million - 2024A: 408 million - 2025E: 197 million - 2026E: 430 million - 2027E: 563 million - Year-on-year growth rates are projected at 69.9%, 85.5%, -51.6%, 118.1%, and 30.9% respectively [4][13]. - Earnings per share (EPS) estimates are: - 2023A: 0.55 - 2024A: 1.02 - 2025E: 0.49 - 2026E: 1.07 - 2027E: 1.40 [4][12]. Market Data - Current stock price is 23.36 yuan, with a target price set at 30.00 yuan [5][6]. - The market capitalization is 9,383 million yuan, with a total share capital of 402 million shares [6][12]. - The price-to-earnings ratio (P/E) for the current price and latest diluted share capital is 42.69 for 2023A, projected to decrease to 16.66 by 2027E [4][12].

Investment Rating - The report maintains a "Buy" rating for Nanjing Bank with a target price of 13.40 CNY [2][6]. Core Insights - Nanjing Bank is experiencing strong asset expansion and improved interest margins, which significantly support its performance. The volatility in the bond market has limited impact, and profitability continues to enhance [2]. - The bank's net interest income has increased by 29%, and the non-performing loan ratio for personal loans has decreased by 10 basis points [1]. Financial Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 45,160 million CNY in 2023 to 61,488 million CNY by 2027, with a CAGR of approximately 7.9% [4]. - Net profit attributable to the parent company is expected to rise from 18,502 million CNY in 2023 to 27,456 million CNY in 2027, reflecting a CAGR of about 11.5% [4]. - **Key Financial Ratios**: - The bank's net asset value per share is forecasted to increase from 13.34 CNY in 2023 to 17.81 CNY in 2027 [4]. - The return on equity (ROE) is expected to stabilize around 11.2% by 2027 [4]. Performance Metrics - **Interest Income**: - Net interest income growth is projected at 28.52%, significantly supporting overall performance [12]. - **Fee Income**: - Net fee and commission income is expected to grow by 8.52%, with notable performance in agency commissions, which increased by 47.2% year-on-year [12]. - **Cost Efficiency**: - The cost-to-income ratio has improved, decreasing by 2.0 percentage points to 23.27% [12]. Asset Quality - As of Q3 2025, the non-performing loan ratio stands at 0.83%, with a marginal improvement in retail asset quality [12]. - The bank's provisioning coverage ratio is reported at 313.22%, indicating a strong buffer against potential loan losses [12].