Core Viewpoint - Zhongzhou Securities (01375.HK) announced that it will hold a board meeting on October 30, 2025, to review and approve the third-quarter performance for the nine months ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for October 30, 2025 [1] - The agenda includes the review and approval of the company's and its subsidiaries' third-quarter results [1] - The performance period under review is for the nine months ending September 30, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Central China Securities Co., Ltd. 董事會召開日期 （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） 中國，河南 2025年10月17日 於本公告日期，本公司董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生及田聖春先 生，陳志勇先生*、曾崧先生*及賀俊先生*。 * 本公司獨立非執行董事 中原證券股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈， 本公司將於二零二五年十月三十日（星期四）舉行董事會會議，其中議程包括 審議及批准本公司及其附屬公司截至二零二五年九月三十日止九個月之第三 季度業績及其刊發。 承董事會命 中原證券股份有限公司 董事長 張秋雲 （股份代號：01375） ...

Core Viewpoint - Baichuan Changyin reported a decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges despite improvements in cash flow [1] Financial Performance - The company achieved operating revenue of 205 million yuan, a year-on-year decrease of 10.79% [1] - The net profit attributable to shareholders was -38.27 million yuan, an improvement from -44.62 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -38.82 million yuan, compared to -43.68 million yuan in the previous year [1] - The net cash flow from operating activities was 46.39 million yuan, a significant increase from -3.16 million yuan in the same period last year [1] Future Projections - For 2023 and 2024, the company expects net profits attributable to shareholders to be -97.49 million yuan and -282 million yuan, respectively [1] - The projected net profit after deducting non-recurring gains and losses for the same years is -93.81 million yuan and -253 million yuan, respectively [1] Fundraising and Financial Strategy - Baichuan Changyin raised a total of 369 million yuan from its initial public offering, with a net amount of 328 million yuan after expenses, which was 325 million yuan less than planned [2] - The company initially aimed to raise 652 million yuan, allocating funds for various projects including landfill gas utilization and information management system development [2] - In 2023, the company issued convertible bonds, raising a total of 420 million yuan, with a net amount of approximately 411 million yuan after expenses [3] - The total fundraising from both the IPO and convertible bonds amounted to 789 million yuan [3]

Core Viewpoint - The company Zero Point Data (零点有数) reported a decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges despite a slight improvement in net loss compared to the previous year [1][2]. Financial Performance Summary - The company's operating revenue for the first half of 2025 was 88.97 million yuan, a decrease of 11.97% compared to 101.07 million yuan in the same period last year [2]. - The net profit attributable to shareholders was -38.04 million yuan, an improvement of 17.36% from -46.03 million yuan in the previous year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -39.20 million yuan, showing a 19.29% improvement from -48.58 million yuan year-on-year [2]. - The net cash flow from operating activities was -54.87 million yuan, which is an 18.91% improvement from -67.66 million yuan in the same period last year [2]. Historical Financial Data - From 2022 to 2024, the company reported operating revenues of 325 million yuan, 377 million yuan, and 343 million yuan respectively [2]. - The net profits attributable to shareholders for the same years were -10.58 million yuan, -53.28 million yuan, and -71.96 million yuan [2]. - The net profits after deducting non-recurring gains and losses were -17.83 million yuan, -59.20 million yuan, and -75.60 million yuan respectively [2]. - The net cash flow from operating activities for these years was 21.77 million yuan, -45.62 million yuan, and -35.82 million yuan [2]. IPO Information - Zero Point Data was listed on the Shenzhen Stock Exchange's ChiNext board on November 3, 2021, with an initial public offering of 18.06 million shares at a price of 19.39 yuan per share [3]. - The total amount raised from the IPO was 350 million yuan, with a net amount of 294 million yuan after expenses [3]. - The total issuance costs amounted to 56.25 million yuan, including underwriting and sponsorship fees of 29.77 million yuan [3].

Core Viewpoint - The telecommunications industry in China is experiencing growth in business volume and revenue, with a positive outlook for sectors such as optical communication, AI smartphones, and telecom operators [1][5]. Industry Performance - In September 2025, the telecommunications industry index underperformed the CSI 300 index, with a 0.96% increase compared to the CSI 300's 3.20% [2]. - From January to August 2025, the total telecommunications revenue reached 1,182.1 billion yuan, reflecting a year-on-year growth of 0.8% [2]. User Metrics - As of August 2025, 63.4% of mobile phone users were 5G subscribers, with a monthly data usage (DOU) of 20.87GB per user, up 14.3% year-on-year [2]. - The proportion of fixed broadband users with gigabit and above access reached 33.9% [2]. Market Trends - Retail sales of communication equipment in China increased by 7.3% year-on-year in August 2025 [3]. - Global smartphone shipments are projected to reach 1.22 billion units in 2025, with a 0.1% year-on-year growth [3]. - The penetration rate of AI smartphones is expected to reach 34% in 2025, driven by advancements in chip capabilities and model efficiency [3]. Export Data - In August 2025, China's optical module exports totaled 24.69 billion yuan, down 15.1% year-on-year [4]. - The export value of optical modules from Zhejiang and Guangdong provinces showed significant month-on-month increases of 68.2% and 24.0%, respectively [4]. Investment Recommendations - The telecommunications industry maintains a "stronger than market" investment rating, with a current PE ratio of 23.32, indicating favorable valuation levels [5]. - Key sectors to watch include optical communication, AI smartphones, and telecom operators, with specific companies recommended for investment [5]. - The anticipated growth in capital expenditure from major cloud providers and the increasing demand for optical devices in data centers are expected to drive the optical communication sector [5]. - AI smartphones are expected to enhance user experience and improve average selling prices and profit margins [5]. - Telecom operators are viewed as quality dividend assets, with potential for increased cash dividends and stable operational performance [5].

Group 1 - The Hong Kong IPO financing amount has increased by over 200% year-on-year, leading to a tight capacity for investment banks in the region [1] - Major international investment banks like Goldman Sachs and Morgan Stanley are shifting from a contraction strategy to accelerating talent recruitment in Asia-Pacific regions such as Hong Kong and India due to a rich project reserve [1] - Domestic and foreign brokers are actively developing wealth management businesses to capture investment opportunities arising from the favorable A-share and Hong Kong stock markets [1] Group 2 - As of now, the average daily trading (ADT) in the Hong Kong market is HKD 255 billion, a 93% increase compared to 2024; there have been 71 new listings raising HKD 1,873 billion [2] - In the third quarter of 2025, 25 new companies were listed in the Hong Kong market, raising a total of HKD 773 billion, which is an 83% year-on-year increase [2] - The brokerage sector is expected to see a net profit growth of over 50% year-on-year in the first half of 2025, continuing into the third quarter [1][2] Group 3 - Huatai Securities emphasizes the strategic allocation opportunities in the brokerage sector, driven by multiple factors including policy, funding, performance, and valuation [3] - The capital market is undergoing profound reforms, with a shift towards a new stage of co-development in investment and financing, leading to increased funds flowing into the equity market [3] - The brokerage sector's valuation remains relatively low, indicating a key period for strategic recovery opportunities [3] Group 4 - Notable Chinese brokerage firms listed in Hong Kong include CITIC Securities, CICC, GF Securities, Dongfang Securities, and Everbright Securities [4]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.05%), China Telecom (69.96%), and COSCO Shipping Energy (68.73%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are Zijin Mining (+1 billion), Kuaishou (+0.981 billion), and Pop Mart (+0.624 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are SMIC (-2.258 billion), Hua Hong Semiconductor (-1.222 billion), and Alibaba (-0.714 billion) [1][4] Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding of 283 million shares, representing 70.05% [2] - China Telecom (00728) has a holding of 9.711 billion shares, representing 69.96% [2] - COSCO Shipping Energy (01138) has a holding of 891 million shares, representing 68.73% [2] - Other notable companies include Changfei Optical Fiber (06869) at 68.48% and China Shenhua (01088) at 67.25% [2] Recent Increases in Holdings - Zijin Mining (02899) saw an increase of 1 billion in holding amount, with a change of 29.19 million shares [2][4] - Kuaishou (01024) experienced an increase of 0.981 billion, with a change of 12.19 million shares [2][4] - Pop Mart (09992) had an increase of 0.624 billion, with a change of 2.39 million shares [2][4] Recent Decreases in Holdings - SMIC (00981) had a decrease of 2.258 billion in holding amount, with a change of 28.18 million shares [4] - Hua Hong Semiconductor (01347) saw a decrease of 1.222 billion, with a change of 13.86 million shares [4] - Alibaba (09988) experienced a decrease of 0.714 billion, with a change of 4.39 million shares [4]

Core Insights - Southbound funds reduced their holdings in Zhongzhou Securities (01375.HK) by 5.405 million shares on October 13, 2025, marking a decrease of 0.73% [1] - Over the past five trading days, there were four days of reductions, totaling a net decrease of 15.261 million shares [1] - In the last twenty trading days, there were eleven days of reductions, with a cumulative net decrease of 25.856 million shares [1] - As of now, southbound funds hold 731 million shares of Zhongzhou Securities, accounting for 61.16% of the company's total issued ordinary shares [1] Trading Data Summary - On October 13, 2025, total shares held were 731 million, with a reduction of 5.405 million shares [2] - On October 3, 2025, total shares held were 737 million, with a reduction of 4.482 million shares [2] - On October 2, 2025, total shares held were 741 million, with a reduction of 5.634 million shares [2] - On September 30, 2025, total shares held were 747 million, with a reduction of 989,000 shares [2] - On September 29, 2025, total shares held were 748 million, with an increase of 1.249 million shares [2] Company Overview - Zhongzhou Securities Co., Ltd. is a Chinese company engaged in securities brokerage services, operating eight divisions [2] - The brokerage division handles client transactions in stocks, funds, and bonds [2] - The proprietary trading division focuses on equity and fixed income investments [2] - The investment banking division includes equity underwriting and bond product underwriting [2] - The credit division provides margin financing and stock pledge services [2] - The investment management division encompasses asset management, private fund management, and alternative investments [2] - The futures division covers futures brokerage, trading consulting, and risk management services [2] - The company also operates overseas and has other business divisions [2]

Key Points - Zhongyuan Securities (601375) closed at 4.62 yuan on October 10, 2025, with no change in price, a turnover rate of 1.59%, a trading volume of 547,900 shares, and a transaction amount of 254 million yuan [1] - On the same day, the net outflow of main funds was 8.42 million yuan, accounting for 3.32% of the total transaction amount, while retail investors saw a net inflow of 3.72 million yuan, accounting for 1.47% [1][3] Company Announcement - Zhongyuan Securities received approval from the China Securities Regulatory Commission (CSRC) for the public issuance of subordinated corporate bonds, with a total face value not exceeding 1.2 billion yuan [1][3] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in installments within this period [1]

Core Viewpoint - Zhongyuan Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue subordinated bonds totaling no more than 1.2 billion yuan to professional investors [1] Group 1: Stock Performance - As of October 10, 2025, Zhongyuan Securities closed at 4.62 yuan, reflecting a 0.87% increase from the previous week's closing price of 4.58 yuan [1] - The stock reached a weekly high of 4.68 yuan on October 10 and a low of 4.53 yuan on October 9 [1] - The current total market capitalization of Zhongyuan Securities is 21.45 billion yuan, ranking 45th out of 50 in the securities sector and 898th out of 5,158 in the A-share market [1] Group 2: Company Announcements - The CSRC has approved Zhongyuan Securities to issue subordinated bonds with a total face value of up to 1.2 billion yuan [1] - The registration approval for this issuance is valid for 24 months from the date of effectiveness, allowing the company to issue the bonds in tranches within this period [1] - The company is required to strictly adhere to the fundraising prospectus submitted to the Shanghai Stock Exchange and must report any significant events that occur before the bond issuance concludes [1]