Core Viewpoint - The Chinese aviation industry is entering a "super cycle" due to the recovery of supply and demand, with passenger load factors exceeding 2019 levels and expected to continue improving [1][2] Group 1: Market Dynamics - The market for airline ticket prices is becoming more liberalized, allowing for better transmission of high load factors to ticket prices [2] - The growth rate of airline fleets is slowing, reducing the negative impact of increased investment in third and fourth-tier cities on ticket prices [2] - The demand for air travel in China is still in its early stages, with low frequency and penetration, indicating a long-term growth trend [2] Group 2: Seasonal Performance - In Q3, despite a temporary decline in business and commercial demand, profitability is still expected to exceed that of Q3 2019 [3][4] - The recovery of business demand in September is anticipated to set a historical high for the month, with domestic ticket prices turning positive year-on-year [4] Group 3: Future Outlook - The upcoming National Day and Mid-Autumn Festival are expected to drive strong travel demand, with airlines optimistic about pre-sale volumes and prices [5] - Continuous monitoring of business demand recovery post-October meetings is crucial, as sustained recovery could significantly elevate airline profitability by 2026 [5] - The Chinese aviation sector is expected to maintain strict control over flight schedules, which will help airlines reduce losses and improve profitability in the medium term [5] Group 4: Investment Recommendations - The long-term logic of the aviation "super cycle" suggests significant potential for performance and valuation growth, recommending strategic investment in high-quality airline networks [6] - Preferred stocks include China National Aviation (601111.SH), Juneyao Airlines (603885.SH), China Southern Airlines (600029.SH), China Eastern Airlines (600115.SH), and Spring Airlines (601021.SH) [6]

Company Overview - UCloud Technology Co., Ltd. is located at 619 Longchang Road, Yangpu District, Shanghai, established on March 16, 2012, and listed on January 20, 2020. The company specializes in neutral third-party cloud computing services, providing a secure and reliable cloud computing service platform for clients [1]. Business Segmentation - The revenue composition of UCloud is as follows: Public Cloud 50.63%, Hybrid Cloud 35.41%, Cloud Communication 8.26%, Private Cloud 2.75%, Solutions and Others 1.90%, and Edge Cloud 1.05% [1]. Stock Performance - On September 23, UCloud's stock fell by 5.02%, closing at 25.16 CNY per share, with a trading volume of 676 million CNY and a turnover rate of 6.43%. The total market capitalization is 11.481 billion CNY [1]. Fund Holdings - UCloud is a significant holding in one fund managed by Guotai Asset Management. The Guotai Junan Quantitative Stock Mixed Fund A (016466) held 275,100 shares in the second quarter, accounting for 0.67% of the fund's net value, ranking as the fourth-largest holding. The estimated floating loss today is approximately 365,900 CNY [2]. Fund Performance - The Guotai Junan Quantitative Stock Mixed Fund A was established on August 18, 2022, with a current size of 458 million CNY. Year-to-date, it has returned 31.76%, ranking 2795 out of 8172 in its category. Over the past year, it has achieved a return of 68.83%, ranking 1793 out of 7995, and since inception, it has returned 45.67% [2]. Fund Manager - The fund manager of Guotai Junan Quantitative Stock Mixed Fund A is Hu Chonghai, who has been in the position for 3 years and 284 days. The total asset size under management is 8.512 billion CNY, with the best fund return during his tenure being 71.61% and the worst being -0.53% [3].

Core Viewpoint - The report from Guotai Junan maintains a "Buy" rating for Nuo Cheng Jian Hua (09969), projecting revenue growth from 2025 to 2027 at 14.43 billion, 18.59 billion, and 26.91 billion yuan, representing year-on-year growth of 43%, 29%, and 45% respectively. A target price of 24.53 to 26.70 HKD is set for 2025 based on a 30x PS ratio [1]. Group 1: Performance - In the first half of 2025, the company achieved revenue of 7.31 billion yuan, a year-on-year increase of 74.26%, with a net profit attributable to shareholders of -0.30 billion yuan, narrowing losses by 88.51% [2]. - In Q2 2025, revenue reached 3.50 billion yuan, up 37.91% year-on-year, while the net profit attributable to shareholders was -0.48 billion yuan, with losses narrowing by 59.76%. The revenue growth was primarily driven by increased sales of Obinutuzumab and recognition of licensing income, with pharmaceutical sales rising by 53.47% [2]. Group 2: Blood Cancer Leadership - The company continues to solidify its leadership in the blood cancer sector, with strong sales growth of Obinutuzumab, which generated 6.37 billion yuan in sales in the first half of 2025, a 52.84% increase year-on-year. The NDA application for 1LCLL/SLL was approved in April 2025 [3]. - The commercialization of Tanshizumab is set to begin, with approval for the indication of unsuitable ASCT r/r DLBCL received in April 2025, and sales expected to start between Q3 and Q4 of 2025 [3]. - ICP-248 is advancing in multiple registrations in both domestic and U.S. markets, with ongoing patient recruitment for 1LCLL/SLL and BTKi-treated MCL indications in China, and steady progress in AML and MDS studies in the U.S. The addition of new indications is expected to further boost Obinutuzumab's sales [3]. Group 3: Autoimmune Pipeline - The company has multiple pipelines in autoimmune diseases entering Phase III trials, with two Phase III clinical trials for Obinutuzumab (PPMS and SPMS) expected to start patient recruitment in the second half of 2025. The Phase III registration trial for ITP in China has successfully completed patient enrollment, with NDA submission anticipated in the first half of 2026. Data readout for SLE is expected in Q4 2025 [4]. - For ICP-332, patient recruitment for the AD Phase III trial is accelerating, and the Phase II/III trial for vitiligo began patient recruitment in May 2025. The global Phase II trial for PN is expected to start in the second half of 2025 [4]. - The Phase III registration trial for plaque psoriasis with ICP-488 is currently recruiting patients [4].

Core Viewpoint - The report from Guotai Junan maintains a "Buy" rating for Nuo Cheng Jian Hua (09969), projecting revenue growth from 14.43 billion to 26.91 billion CNY from 2025 to 2027, with year-on-year growth rates of 43%, 29%, and 45% respectively. The target price is set at 24.53 CNY/26.70 HKD based on a 30x PS for 2025 [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 7.31 billion CNY, a year-on-year increase of 74.26%, and a net profit attributable to shareholders of -0.30 billion CNY, with losses narrowing by 88.51%. In Q2 alone, revenue reached 3.50 billion CNY, up 37.91%, with net profit of -0.48 billion CNY, a 59.76% reduction in losses. The revenue growth is primarily driven by increased sales of Aobutini and revenue from licensing agreements, with pharmaceutical sales rising by 53.47% [1][2]. Market Position and Pipeline Development - The company continues to solidify its leadership in the hematology sector, with strong sales growth of Aobutini, which reached 6.37 billion CNY in the first half of 2025, a 52.84% increase. The NDA application for 1LCLL/SLL was approved in April 2025. Additionally, the commercialization of Tansizhuo monoclonal antibody is expected to begin in Q3 to Q4 of 2025. The ICP-248 clinical trials are progressing in both domestic and U.S. markets, with new indications anticipated to further boost Aobutini's sales [2][3]. Immunology Pipeline Advancements - The company has multiple immunology pipelines entering Phase III trials. Aobutini's Phase III trials for PPMS and SPMS are expected to start patient recruitment in the second half of 2025. The ITP Phase III trial in China has successfully completed patient enrollment, with NDA submission anticipated in the first half of 2026. Data for SLE is expected to be read out in Q4 2025. ICP-332 is accelerating patient recruitment for AD Phase III trials, while the Phase II/III trial for vitiligo began in May 2025. The global Phase II trial for PN is set to start in the second half of 2025 [3].

Core Viewpoint - Guotai Junan Securities experienced a decline in stock price, with a current trading price of 18.48 CNY per share, reflecting a 2.01% drop on September 23. The company has seen a net outflow of funds and a significant decrease in stock performance over various time frames [1]. Financial Performance - As of June 30, Guotai Junan reported a net profit of 15.737 billion CNY, marking a year-on-year increase of 213.74%. However, the company recorded zero operating revenue for the first half of 2025 [2]. - Cumulatively, the company has distributed 42.636 billion CNY in dividends since its A-share listing, with 14.520 billion CNY distributed over the past three years [3]. Shareholder Information - The number of shareholders decreased by 5.05% to 376,700 as of June 30, while the average circulating shares per person increased by 5.54% to 35,848 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 463 million shares, a decrease of 30.0112 million shares compared to the previous period [3]. Market Activity - The stock has seen a 0.60% increase year-to-date, but has declined by 3.60% over the last five trading days, 13.69% over the last twenty days, and 2.69% over the last sixty days [1]. - The trading volume on September 23 was 693 million CNY, with a turnover rate of 0.28% [1].

+ CCS3412 GTSH + Registered shareholders will automatically receive their cash dividends in Hong Kong dollars unless they elect to receive them in Renminbi. No action is required if you wish to receive your cash dividends in Hong Kong dollars. NAME(S) AND ADDRESS OF REGISTERED SHAREHOLDER(S) 登記股東之姓名及地址 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. (a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） （Stock Code／股份代號: 02611） DIVIDEND C ...

Financial Performance - In the first half of 2023, the company's operating revenue was 171 million yuan, a decrease of 34.74% year-on-year [1][2] - The net profit attributable to shareholders was -86.41 million yuan, compared to -82.56 million yuan in the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -97.21 million yuan, slightly worse than -96.10 million yuan in the previous year [1][2] - The net cash flow from operating activities was 52.54 million yuan, a significant improvement from -19.74 million yuan in the same period last year [1][2] Future Projections - The company projects operating revenues of 449 million yuan and 574 million yuan for 2023 and 2024, respectively [2] - The net profit attributable to shareholders is expected to be -169 million yuan in 2023 and -181 million yuan in 2024 [2] - The net profit after deducting non-recurring gains and losses is projected to remain at -224 million yuan for both 2023 and 2024 [2] Company Background - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 6, 2022, with an initial stock issuance of 60 million shares at a price of 41.98 yuan per share [3] - The total funds raised from the initial public offering amounted to 2.519 billion yuan, with a net amount of 2.262 billion yuan after deducting issuance costs [3] - The company plans to use the raised funds for various projects, including cloud information security chip design and RISC-V architecture CPU core design [3]

Core Insights - Saudi Arabia's economic vitality has improved significantly in recent years, with the non-oil economy contributing over 70% to GDP [1][2] - The relationship between China and Saudi Arabia is strengthening in the context of global multipolarity and economic globalization, with cooperation expanding into various strategic sectors [1][4] Economic and Regulatory Environment - The growth of the non-oil economy is driven by private sector expansion, upgrades in key sectors, and accelerated growth in emerging industries [2] - Saudi Arabia is transitioning from an export-driven economy to one driven by domestic demand, with increased contributions from investment and consumption [2] - The unemployment rate has dropped to a historical low, supported by a young population, rising female employment, and high educational attainment [2][3] Regional and Geopolitical Context - Saudi Arabia plays a dual role as an economic engine and stabilizer in the Middle East, crucial for stabilizing international oil prices and facilitating regional cooperation [3] - The geopolitical landscape is shifting towards cooperation, with Saudi Arabia's "Vision 2030" becoming a central national strategy that transcends traditional security dependencies [4] Industry Transformation and Investment Opportunities - Under "Vision 2030," Saudi Arabia's manufacturing, consumption, and high-tech industries are accelerating, with significant progress in digital economy, green energy, and high-end manufacturing [5] - The country is attracting foreign direct investment (FDI), particularly in manufacturing, construction, and financial services, indicating a growing investment potential [5]

Group 1: Economic Overview - The UAE is the second-largest economy in the Gulf region, leveraging its oil and gas resources along with its trade hub advantages to accelerate economic diversification [1][2] - As of Q4 2024, the oil sector is projected to account for 20% of the UAE's GDP, indicating a strong reliance on energy resources while the government pushes for economic diversification [2][3] Group 2: Economic Transformation - The UAE has significantly reduced its dependence on oil, with industrial, construction, real estate, and financial services sectors showing comprehensive development [3] - The service sector has increasingly contributed to economic growth, with domestic demand, private consumption, and fixed capital formation becoming key drivers [3] Group 3: Demographics and Labor Market - The UAE has the highest percentage of foreign immigrants in the Middle East at 88%, with a well-educated labor force and high labor participation rates, supporting industrial transformation and domestic market expansion [4] - The country’s favorable demographic structure and inclusive business environment attract international talent and capital inflows [4] Group 4: Trade Relations with China - The UAE is a significant energy supplier to China and the largest export market in the Middle East, with increasing trade cooperation, particularly in machinery, automobiles, and home goods [5] - The relationship is evolving from traditional oil purchases to include clean energy and new economic collaborations, reflecting a shift in Chinese enterprises' overseas expansion strategies [5]

Group 1 - The overall market sentiment is expected to improve with the return of funds after the National Day holiday and rising policy expectations for the "14th Five-Year Plan" from the upcoming Fourth Plenary Session [1][3] - The A-share market showed mixed performance, with the Shanghai Composite Index down 1.30% and the CSI 300 Index down 0.44%, while the Shenzhen Component Index and ChiNext Index rose by 1.14% and 2.34% respectively [1] - The trading volume increased, with an average daily turnover of approximately 2.52 trillion yuan, peaking at 3.17 trillion yuan on Thursday before dropping to 2.35 trillion yuan on Friday [1] Group 2 - The convertible bond market is experiencing a downward adjustment, with the China Convertible Bond Index down 1.55% and the convertible bond equal-weight index down 1.29% [2] - The median price of convertible bonds fell from 132.30 yuan to 129.51 yuan, and the median conversion premium rate shrank to 23.77% [2] - The market is expected to remain in a volatile state for the remainder of September, with potential risk aversion as the National Day holiday approaches [2] Group 3 - In October, the convertible bond market is anticipated to receive support and repair opportunities, with a focus on stocks with solid fundamentals and compressed conversion premiums, particularly in technology growth and cyclical sectors [3] - The market's overall tight supply-demand balance is likely to continue supporting convertible bond valuations [3]