重續與華安基金就證券及金融產品交易及服務之新框架協議 獨立董事委員會及獨立股東的獨立財務顧問 重續新框架協議 茲提述本公司日期為2022年12月29日及2023年10月20日的公告以及日期為2023 年11月13日的通函，內容有關本公司與華安基金所訂立的原框架協議。由於原 框架協議將於2025年12月31日屆滿，且本集團預期有關交易將於此後持續進 行，2025年10月30日，董事會批准本公司與華安基金重續新框架協議，據此， 新框架協議的有效期為自2026年1月1日起至2028年12月31日止。 根據新框架協議，本集團與華安基金集團同意與對方在各自的日常業務過程 中，根據一般商業條款及市場慣例並按當時市價或費率進行證券及金融交易， 並互相提供證券及金融產品和金融服務。 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。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） ...

（股份代號：02611） 公告 持續關連交易 重續與國際集團就證券及金融產品交易及服務之新框架協議 重續新框架協議 茲提述本公司日期為2019年12月30日、2022年12月29日的公告，內容有關本 公司與國際集團所訂立的原框架協議。由於原框架協議將於2025年12月31日屆 滿，且本集團預期該等交易將於此後持續進行，於2025年10月30日，董事會批 准本公司與國際集團重續新框架協議，據此，新框架協議的有效期為自2026年1 月1日起至2028年12月31日止。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 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。 根據新框架協議，本集團與國際集團及╱或其聯繫人同意與對方在各自的日常 業務過程中，根據一般商業條款及市場慣例並按當時市價或費率進行證券及金 融交易，並互相提供證券及金融產品和金融服務。 上市規則的涵義 於 ...

Group 1 - The stock price of Minglida (301268.SZ) fell by 6.61% to 20.21 yuan, indicating it is currently in a state of decline since its IPO [1] - Minglida was listed on the Shenzhen Stock Exchange's ChiNext board on April 7, 2022, with an initial public offering (IPO) of 40.01 million shares at a price of 28.50 yuan per share [1] - The total amount raised from the IPO was 1.14 billion yuan, with a net amount of 1.042 billion yuan, exceeding the original plan by 261 million yuan [1] Group 2 - The company plans to use the funds raised from the IPO for projects including lightweight aluminum-magnesium alloy precision structural parts and plastic parts intelligent manufacturing, research and development center construction, and working capital [1] - The total issuance cost for the IPO was 98.3052 million yuan, with underwriting fees amounting to 69.5498 million yuan [1] Group 3 - On August 21, 2023, Minglida announced the issuance of convertible bonds totaling 1 billion yuan (10 million bonds) at a price of 100 yuan per bond [2] - The net proceeds from the convertible bond issuance will be used for projects including the construction of precision structural parts production bases in Anhui and Jiangxi, as well as for working capital [2] - The total amount raised by Minglida from both the IPO and the convertible bond issuance is 2.14 billion yuan [3]

Core Viewpoint - The report from Guotai Junan highlights that the "fog" of data releases due to the U.S. government shutdown, combined with the realities of economic and inflation trends, is a source of divergence in the Federal Reserve's monetary policy path, leading to increased uncertainty regarding future interest rate cuts [1][2]. Summary by Sections Federal Reserve Actions - The Federal Reserve lowered interest rates by 25 basis points as expected, but there was significant internal disagreement regarding this decision, with some members advocating for maintaining rates and others for a larger cut of 50 basis points [2] - The Fed will cease balance sheet reduction on December 1 to alleviate tightening liquidity in the money market [2] - The Fed expressed a more optimistic outlook on the economy and greater confidence in controlling inflation [2] Economic Conditions - The employment market is under significant pressure, with structural changes such as a rise in long-term unemployment and a decrease in immigrant participation affecting economic drivers [3] - The current logic for the Fed's rate cuts is that the downward pressure on employment outweighs the upward pressure on inflation [3] Market Expectations - The expectation for rate cuts in December has been adjusted downward following the recent meeting [1][2] - Major asset prices are expected to continue reflecting a preventive rate cut cycle, with U.S. Treasury yields likely to decline further but at a slower pace [3] - U.S. equities, particularly in technology and interest-sensitive sectors like real estate and banking, are expected to remain supported [3] - The U.S. dollar index is anticipated to experience fluctuations, while the long-term bull market for gold is expected to continue [3]

Core Viewpoint - The U.S. government shutdown and the resulting data release "fog," combined with the realities of economic and inflation trends, contribute to the divergence in the Federal Reserve's monetary policy path, increasing uncertainty regarding future interest rate cuts [1][2][5]. Group 1: Federal Reserve's Rate Decision - The Federal Reserve lowered interest rates by 25 basis points (BP) as expected, but there was significant internal disagreement, with two members advocating for different stances on the rate cut [2][5]. - Powell's comments introduced greater uncertainty regarding future rate cuts, indicating that the path of monetary policy is becoming more divided [2][5]. - The Fed will stop balance sheet reduction on December 1 to alleviate tightening liquidity in the money market [6]. Group 2: Economic Outlook - The Fed expressed a more optimistic view of the economy, suggesting that the current data indicates moderate expansion [6]. - Confidence in controlling inflation has increased, with recent CPI data showing inflation pressures lower than expected [6]. Group 3: Employment and Market Dynamics - Employment pressures are expected to continue, with the logic for rate cuts being that downward pressure on employment outweighs upward pressure on inflation [3][7]. - The ongoing government shutdown has created a "fog" around employment data, complicating the Fed's ability to assess the economic situation accurately [3][7]. Group 4: Asset Price Expectations - It is anticipated that major asset prices will continue to reflect the logic of a preventive rate cut cycle, with U.S. Treasury yields expected to decline further but at a slower pace [8]. - U.S. equities are expected to remain supported, particularly in technology and interest-sensitive sectors like real estate and banking [9]. - The U.S. dollar index is projected to experience fluctuations but trend upwards as economic conditions stabilize [9]. Group 5: Gold Market Outlook - Gold prices may experience short-term fluctuations but are expected to maintain a long-term bullish trend due to ongoing geopolitical tensions and the narrative of de-dollarization [10].

Core Insights - Indonesia is a major producer and consumer of tea and coffee, with a thriving tea and coffee culture [1][2] - The country's economic growth, rising disposable income, and high internet penetration create significant opportunities for brand expansion [1][3] Group 1: Market Overview - Indonesia is the largest economy in ASEAN, with high GDP growth and rapidly increasing per capita disposable income [1][3] - The country is the world's third-largest coffee producer and seventh-largest tea producer, benefiting from its equatorial climate [2] - The tea and coffee market in Indonesia has seen rapid development, with local and international brands establishing a strong presence [2] Group 2: Opportunities for Chinese Brands - Opportunities for Chinese tea and coffee brands include a large, young population, low savings rates, and a strong acceptance of global brands [3] - The market has low education costs for tea and coffee culture, and there is still room for growth in per capita consumption [3] - Strengthening bilateral cooperation between China and Indonesia presents additional opportunities for market entry [3] Group 3: Localization Strategies - Localization is crucial for brand expansion and sustainable development, including organizational, product, marketing, and supply chain localization [4] - Understanding local tastes, such as preference for spicy and fried foods, and sweet, icy drinks can enhance product offerings [4] - High internet penetration and reliance on social media among young consumers make digital marketing and private domain operations essential [4] Group 4: Key Players in the Market - Chatime has successfully penetrated the Indonesian market through local partnerships and digitalization [5] - Heytea (蜜雪冰城) is the leading ready-to-drink tea brand in Southeast Asia, leveraging competitive pricing and quality models [5] - Starbucks dominates the high-end market with strong local partnerships and benefits from Indonesia's economic growth [5] Group 5: Emerging Brands - TOMORO, a brand with Chinese roots, has rapidly expanded to become the fourth-largest coffee chain in Indonesia by focusing on localization [6]

Core Insights - The report focuses on the development trends of the satellite internet industry, analyzing the global competitive landscape and opportunities for China, highlighting low Earth orbit (LEO) communication satellites as a core direction with significant investment value [1][2]. Group 1: Global Competition and China's Position - The competition for space resources is intensifying, with the US and China as the main competitors. As of September 2025, there are 15,621 satellites in orbit globally, with the US holding 10,490 (67.15%) and China only 951, indicating a significant gap [1][11]. - SpaceX's Starlink has over 10,000 satellites in orbit, covering more than 100 countries and regions, with 7 million active users, demonstrating a closed commercial model [1][6]. - China is accelerating its efforts with plans for the GW constellation and the Qianfan constellation, targeting over 25,000 satellite launches, with 188 satellites expected to be launched in 2024, entering a phase of intensive networking [1][2]. Group 2: Trends in Low Earth Orbit Communication Satellites - Low Earth orbit satellites are becoming the mainstream trend in the industry due to their low latency, high bandwidth, and cost-effective advantages, making up 89% of global satellites, with 73% being communication satellites [1][10]. - The implementation of direct satellite-to-phone technology is underway, with major manufacturers like Apple and Huawei deploying related features in high-end models. The Ministry of Industry and Information Technology plans for over 10 million satellite communication users by 2030 [1][2]. Group 3: Factors Driving China's Commercial Space Development - China's commercial space sector is entering a new phase driven by policies, capital, and technology. The government has classified commercial space as a strategic emerging industry, with numerous incentive policies introduced at both central and local levels [2][25]. - In 2023, over 22,000 new companies were registered in the commercial space sector, accounting for 82.4% of the total industry, indicating a strong influx of private capital [2][29]. - The launch of the Hainan commercial launch site enhances the efficiency of satellite launches, supporting the networking efforts [2][36]. Group 4: Investment Opportunities - Investment suggestions focus on three main areas: satellite internet networking and operators, satellite manufacturing companies, and core component manufacturers [2][10]. - Key components such as phased array antennas, inter-satellite laser communication, Hall-effect thrusters, and flexible solar wings are highlighted as high-value segments benefiting from industry growth [2][10].

Group 1 - The core point of the news is that Weicet Technology's stock has increased by 5.07%, reaching a price of 105.30 CNY per share, with a trading volume of 851 million CNY and a turnover rate of 5.55%, resulting in a total market capitalization of 15.684 billion CNY [1] - Weicet Technology, established on May 6, 2016, and listed on October 26, 2022, is primarily engaged in wafer testing, chip finished product testing, and related integrated circuit testing services. The revenue composition is as follows: wafer testing 55.40%, chip finished product testing 40.09%, and others 4.51% [1] Group 2 - From the perspective of fund holdings, a fund under Guotai Haitong Asset Management has Weicet Technology as one of its top ten holdings. The Guotai Haitong Technology Innovation Select Fund (017209) held 3,400 shares, accounting for 1% of the fund's net value, with an estimated floating profit of approximately 17,300 CNY [2] - The Guotai Haitong Technology Innovation Select Fund (017209) was established on November 16, 2022, with a latest scale of 19.6547 million CNY. Year-to-date, it has achieved a return of 45.3%, ranking 1063 out of 4216 in its category; over the past year, it has returned 46.86%, ranking 916 out of 3885; and since inception, it has returned 48.37% [2]

Core Insights - The report indicates an overall increase in stock positions for active mixed equity funds, with a slight reduction in active positions, particularly in the dual innovation board [1][2] - The top 5% of heavily held stocks accounted for approximately 38.78% of the total stock investment value, reflecting a significant increase in "herding" behavior among funds [3] Group 1: Position Analysis - Overall stock positions have increased, but active positions have decreased slightly. The weighted average equity fund position is 87.38%, up 1.64 percentage points from the previous quarter [2] - The increase in stock positions is primarily driven by market gains, with an estimated active reduction of about 0.43% when adjusted for the performance of the CSI 800 index [2] Group 2: Sector Allocation - There is a notable increase in allocation to the dual innovation board, with the proportion of main board stocks decreasing by 6.53% to approximately 58.97%, while allocations to the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange increased by 4.53%, 1.92%, and 0.08% respectively [2] - The allocation to Hong Kong stocks in active Hong Kong-Shanghai-Shenzhen funds is approximately 33.43%, down 2.89 percentage points from the previous quarter [2] Group 3: Heavyweight Stock Characteristics - The top ten heavily held stocks include three from the electronics sector, two from internet Hong Kong stocks, and two from the AI computing sector, with significant increases in holdings for stocks like New Yisheng and Alibaba [2][3] - The overall trend shows a preference for large-cap growth stocks, with the "herding" degree among funds increasing [3] Group 4: Industry Trends - Active increases in holdings are observed in the electronics, communication, and retail sectors, while reductions are noted in banking and automotive sectors [3][4] - The top five industries for heavy holdings are electronics, pharmaceuticals, electric equipment, communication, and non-ferrous metals, with a notable increase in the electronics sector by approximately 5.25% [3]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: October 29, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The closing price of CSI 1000 was 7,569.12, up 1.20%. The total trading volume of the four IM contracts was 187,636 lots, a decrease of 23,657 lots from the previous day; the total open interest was 348,768 lots, a decrease of 5,250 lots from the previous day [4][5]. - The main contract of IM rose 1.42% to close at 7,446.4 points. The main contract was at a discount of 122.72 points, an increase of 20.9 points from the previous day; the annualized basis rate was -11.57% [4][5]. 2.2 Main Seats Analysis - In IM2511, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 38,281 lots, a decrease of 6,917 lots from the previous day. In terms of long positions, CITIC Futures (on behalf of clients) held 26,244 lots, a decrease of 1,382 lots; in terms of short positions, CITIC Futures (on behalf of clients) held 36,616 lots, a decrease of 1,639 lots [18]. 3. IF Futures 3.1 Daily Quotes - The closing price of CSI 300 was 4,747.84, up 1.19%. The total trading volume of the four IF contracts was 100,933 lots, a decrease of 11,905 lots from the previous day; the total open interest was 258,558 lots, an increase of 439 lots from the previous day [23][25]. - The main contract of IF was at a discount of 15.24 points, an increase of 7.13 points from the previous day; the annualized basis rate was -2.26% [25]. 3.2 Main Seats Analysis - In IF2511, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 8,593 lots, a decrease of 1,079 lots from the previous day. In terms of long positions, CITIC Futures (on behalf of clients) held 6,959 lots, an increase of 107 lots; in terms of short positions, CITIC Futures (on behalf of clients) held 9,299 lots, a decrease of 510 lots [36]. 4. IC Futures 4.1 Daily Quotes - The closing price of CSI 500 was 7,480.97, up 1.91%. The total trading volume of the four IC contracts was 134,767 lots, an increase of 8,363 lots from the previous day; the total open interest was 252,815 lots, an increase of 9,663 lots from the previous day [41][42]. - The main contract of IC rose 2.12% to close at 7,390 points. The main contract was at a discount of 90.97 points, an increase of 19.06 points from the previous day; the annualized basis rate was -8.64% [41][42]. 4.2 Main Seats Analysis - In IC2511, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 30,054 lots, an increase of 426 lots from the previous day. In terms of long positions, Guotai Junan (on behalf of clients) held 21,066 lots, an increase of 1,034 lots; in terms of short positions, CITIC Futures (on behalf of clients) held 23,669 lots, an increase of 1,098 lots [56]. 5. IH Futures 5.1 Daily Quotes - The closing price of SSE 50 was 3,063.02, up 0.41%. The total trading volume of the four IH contracts was 45,105 lots, a decrease of 6,016 lots from the previous day; the total open interest was 94,975 lots, a decrease of 762 lots from the previous day [62]. - The main contract of IH rose 0.39% to close at 3,064.8 points. The main contract was at a premium of 1.78 points, an increase of 0.6 points from the previous day; the annualized basis rate was 0.41% [62][63]. 5.2 Main Seats Analysis - In IH2511, the top five seats in terms of trading volume were led by Guotai Junan (on behalf of clients), with a trading volume of 8,637 lots, a decrease of 1,557 lots from the previous day. In terms of long positions, Guotai Junan (on behalf of clients) held 8,450 lots, a decrease of 241 lots; in terms of short positions, Guotai Junan (on behalf of clients) held 8,943 lots, a decrease of 186 lots [75].