Core Viewpoint - The gaming industry in China is experiencing a significant increase in the issuance of domestic game licenses, with a total of 1,195 licenses granted in the first nine months of the year, surpassing the 959 licenses issued during the same period last year [1][3]. Group 1: License Issuance - In September, 145 domestic games were approved, contributing to a total of 1,195 domestic licenses issued this year, which is significantly higher than the 959 licenses issued in the same period last year [1][3]. - The average monthly issuance of licenses has increased from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year [1][3]. Group 2: Market Performance - The gaming market in August recorded a revenue of 29.263 billion yuan, showing a month-on-month growth of 0.61%, although it experienced a year-on-year decline of 13.01% due to high revenue from a major game in the previous year [4]. - Mobile game revenue reached 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decline of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [4]. Group 3: Key Products and Companies - Tencent's game "Delta Action" saw its daily active users rise to 30 million in September, topping the iOS sales chart, indicating strong profit contributions [4]. - The new game "Valorant: Energy Action" is expected to generate over 300 million yuan in its first month [4]. - Companies such as Tencent, NetEase, and Giant Network are highlighted for their strong product performance and market presence [4][5].

Group 1 - ZTE Corporation's stock increased by 5.32% on September 25, reaching 46.31 CNY per share, with a trading volume of 10.268 billion CNY and a turnover rate of 5.62%, resulting in a total market capitalization of 221.526 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. The company's main business includes investment in industrial ventures and sales of electronic and communication equipment components. The revenue composition is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Guotai Haitong Asset Management has ZTE Corporation as a significant investment. The Guotai Junan CSI 300 Index Enhanced Fund A (018257) held 662,900 shares, accounting for 1.23% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 1.5512 million CNY [2] - The Guotai Junan CSI 300 Index Enhanced Fund A (018257) was established on April 19, 2023, with a latest scale of 0.952 billion CNY. Year-to-date returns are 17.61%, ranking 2958 out of 4220 in its category; one-year returns are 36.19%, ranking 2627 out of 3820; and since inception, the return is 23.97% [2] Group 3 - The fund manager of Guotai Junan CSI 300 Index Enhanced Fund A (018257) is Hu Chonghai, who has been in the position for 3 years and 286 days. The total asset size of the fund is 8.512 billion CNY, with the best fund return during his tenure being 73.42% and the worst being -0.06% [3]

Group 1 - The stock price of Electric Wind Power has increased by 5.23% as of September 25, reaching 25.35 CNY per share, with a trading volume of 915 million CNY and a turnover rate of 2.80%, resulting in a total market capitalization of 33.8 billion CNY [1] - The stock has experienced a continuous rise for four days, accumulating a total increase of 24.88% during this period [1] - Shanghai Electric Wind Power Group Co., Ltd. was established on September 7, 2006, and went public on May 19, 2021, focusing on the design, research and development, manufacturing, and sales of wind power generation equipment, as well as providing aftermarket services [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Guotai Haitong Asset Management has a significant holding in Electric Wind Power [2] - The Guotai Junan SSE STAR Market Composite Price Index Enhanced A (023889) held 418,700 shares in the second quarter, accounting for 1.14% of the fund's net value, ranking as the ninth largest heavy stock [2] - The fund has generated an estimated floating profit of approximately 527,600 CNY today and a total floating profit of 2,009,800 CNY during the four-day increase [2]

Group 1 - OPEC+ increased production during the meeting on September 7 and announced an adjustment to the voluntary production cut of 1.65 million barrels per day starting from October 2025, with a reduction of 137,000 barrels per day [1][2] - There is a significant oversupply expectation in the crude oil market this year, with OPEC+ aiming to capture more market share [2] - The upcoming hurricane season and high operational activity may increase the likelihood of risk events that could support oil prices [1][2] Group 2 - The U.S. Federal Reserve is expected to lower interest rates by 25 basis points in September, with further rate cuts anticipated, indicating a shift towards domestic easing policies [3] - The industry concentration is expected to increase, benefiting leading companies such as New Fengming (603225) and Tongkun Co., Ltd. (601233) in the polyester filament sector [3] - In the context of increasing profit pressure, domestic low-cost ethylene leaders like Baofeng Energy (600989) and Satellite Chemical (002648) are expected to benefit from the reduction of overseas refining and ethylene capacity [3]

一是消费习惯改变，消费者愈发追求便捷，且临时需求激发后希望快速得到满足。二是契合性价比需 求，压缩流通环节的同时节省运营成本，叠加部分平台投入费用补贴，价格优势明显。三是供给侧驱 动，渠道方有意通过新兴渠道获取增量，品牌方为增加触达和收入愿意配合渠道进行推新、宣发等动 作。 即时零售是白酒变革期的一种尝试，预计将持续扩容 对白酒行业而言该行认为即时零售利弊兼具，利在于高效履约可创造一部分增量，且有助于品牌触达年 轻群体;弊在于线上渠道难以提供社交、鉴真服务及情绪价值，对产品价格体系有所影响，可能冲击品 牌形象。回顾历史，白酒周期更替通常伴随渠道变革，当前行业深度调整，较弱的价格和动销、较高的 库存冲击线下传统渠道利润和现金流，而线上渠道仍较为景气，拥抱即时零售不失为一种应变方式。中 外对比来看，海外国家亦有此类尝试，证明了酒水即时零售的可行性，考虑海外商品消费线上化率整体 低于国内、尤其欧美国家配送效率及成本优势一般，该行认为国内酒水即时零售还有较大发展空间。据 美团闪购测算2027年我国酒类即时零售市场规模有望达1000亿元、复合增速有望接近中双位数，白酒、 啤酒等核心品类有望受益。 风险提示：渠道转型及扩 ...

Core Insights - The "Insurance + Futures" project for sugar in Menghai County, Yunnan, has officially launched with strong support from the local government and guidance from Zhengzhou Commodity Exchange [1][3] - The project aims to enhance the income security of local farmers by reducing their insurance premium burden through financial support from various partners [3] Group 1: Project Overview - The project is led by Guotai Junan Futures and involves collaboration with multiple partners including Pacific Insurance and several futures companies [3] - A total of 2 million yuan in aid from Shanghai has been successfully introduced, along with 3 million yuan in premium support from Zhengzhou Commodity Exchange [3] Group 2: Agricultural Impact - Menghai County is a key area for sugarcane cultivation in Yunnan, contributing significantly to local farmers' income and rural revitalization efforts [3] - The project is part of a broader initiative that has seen over 40 similar projects in Yunnan, with insurance coverage exceeding 1.35 billion yuan, benefiting approximately 120,000 households [3] Group 3: Future Plans - Guotai Junan Futures plans to continue its efforts in Yunnan and other regions, enhancing the effectiveness of the "Insurance + Futures" model to provide stronger risk protection for farmers [3]

Group 1 - The number of registered securities analysts in China has reached a new high, surpassing 6,100, with 5,972 registered as of September 24, 2023 [1] - The growth in analyst numbers is attributed to the recent recruitment of new researchers by brokerage firms, as analysts must have at least two years of experience in the securities business to register [2] - Major brokerage firms like CICC, Guotai Junan, and CITIC Securities lead in analyst numbers, with 345, 302, and 302 analysts respectively, while several others have over 150 analysts [1] Group 2 - Despite the increase in analyst numbers, the brokerage research environment is changing due to the impact of public fund fee reforms, leading to a significant decline in net income from trading seat rentals [2] - The brokerage industry is shifting towards business transformation, focusing on specialization, digitalization, and internationalization, with an emphasis on attracting high-quality talent [3] - The future of the brokerage industry is expected to exhibit characteristics of significant polarization and premiumization, with research departments playing a crucial role in enhancing the competitiveness of various business lines [3]

Group 1: Downstream Consumption - Real estate sales show marginal improvement, with transaction area in 30 major cities increasing by 20.3% year-on-year. First-tier, second-tier, and third-tier cities saw increases of 68.8%, 21.7%, and a decrease of 19.9% respectively [2] - Retail sales of passenger cars increased by 1.0% year-on-year during the week of September 8-14, 2025, indicating a slowdown in the price war in the car market [2] - Service consumption shows signs of recovery, with the tourism price index in Hainan rising by 1.3% month-on-month and movie box office revenue increasing by 364.6% month-on-month and 149.0% year-on-year due to the release of new films [2] Group 2: Midstream Manufacturing - Construction demand shows slight improvement, with policies supporting steel growth leading to small price increases in steel and glass, while cement prices have stabilized [3] - Manufacturing sector shows overall improvement in operating rates, particularly in the automotive and chemical industries, with stable hiring intentions among companies [3] Group 3: Upstream Resources - Coal prices have risen by 3.5% month-on-month due to tight supply and pre-holiday stockpiling demands [3] - Industrial metal prices are under pressure due to a hawkish stance from U.S. Federal Reserve officials following a rate cut, combined with weak domestic downstream demand [3] Group 4: Human Flow and Logistics - Long-distance passenger transport demand has slightly improved, with an increase in air transport demand month-on-month [3] - National highway freight truck traffic and railway freight volume increased by 1.9% and 0.2% respectively, indicating a recovery in logistics [3] - Dry bulk shipping prices continue to rise due to increased demand for bulk commodity transport in the Northern Hemisphere's autumn season [3]

| 甚稀序號 | 大股東鹽車/股票行政人員名 作出損擔的 買入/費出城形及的 梅板的平均價 | | 持有價益的設划數目 佔已發行的 角點事件的目點 相關法國股份 價價值價益 | | --- | --- | --- | --- | | LAME | 吸行财日 | | (磷参观上线 * 注 清视测量版(日/月/年) 螺基 | | CS20250924E00197 房方达基金管理有限公司 11010L) | | 159,600(L) | HKD 16 1861 245 536, 128(L) 7 00(L) 19/09/2025 ED 1000 | 增持后，易方达基金管理有限公司最新持股数目为245,536,128股，持股比例为7.00%。 | 股份代替 | 02611 | | --- | --- | | 上市法國各稱: | 国景海通道列 | | 日期(日/月/年): | 25/08/2025 - 2 | 格隆汇9月25日丨根据联交所最新权益披露资料显示，2025年9月19日，国泰海通(02611.HK)获易方达基 金管理有限公司在场内以每股均价16.1861港元增持15.96万股，涉资约258.33万港元。 ...

Core Viewpoint - The domestic heavy truck sales are expected to gradually recover due to economic recovery and the introduction of the "old-for-new" policy in 2025, with projected sales of 1.067 million units, representing an 18% year-on-year increase [1] Group 1: Sales Performance - In August, domestic heavy truck sales reached 92,000 units, a year-on-year increase of 47% and a month-on-month increase of 8% [2] - Cumulative sales from January to August reached 716,000 units, reflecting a 15% year-on-year growth [2] - The "old-for-new" policy has contributed to stable growth in the heavy truck market, leading to five consecutive months of rapid year-on-year growth [2] Group 2: Sales Structure - By August 2025, the sales distribution of semi-trailer trucks, cargo trucks, and incomplete vehicles is projected to be 50.6%, 27.8%, and 21.7% respectively [2] - In August, semi-trailer truck sales were 49,000 units, up 42% year-on-year and 14% month-on-month [2] - Heavy cargo truck sales in August were 24,000 units, showing a 54% year-on-year increase, although down 2% month-on-month [2] - Heavy incomplete vehicle sales reached 19,000 units in August, a 50% year-on-year increase and a 7% month-on-month increase [2] Group 3: Natural Gas Heavy Trucks - In August, domestic natural gas heavy truck sales were 16,000 units, a year-on-year increase of 32% and a month-on-month increase of 30% [3] - Cumulative sales from January to August for natural gas heavy trucks were 116,000 units, down 9% year-on-year [3] - The penetration rate of natural gas in heavy trucks was 17% in August, with 32% for semi-trailer trucks [3] Group 4: New Energy Heavy Trucks - In August, domestic new energy heavy truck sales reached 15,000 units, a significant year-on-year increase of 197% and a month-on-month increase of 13% [3] - Cumulative sales from January to August for new energy heavy trucks were 103,000 units, reflecting a 175% year-on-year growth [3] - The penetration rate of new energy in heavy trucks was 16% in August, with a cumulative rate of 14% from January to August [3]