股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469,482,864 | | 2. 股份分類 | 普通股 | 股 ...

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Alibaba-W (09988) with a target price of HKD 204.79, driven by the acceleration of AI-driven growth and cloud expansion [2]. E-commerce Segment - The e-commerce business is expected to achieve revenue of CNY 127.18 billion in FY26Q2, reflecting a year-on-year growth of 9.0% [3]. - The main site is projected to see a GMV growth of 7% year-on-year, supported by the Taobao flash purchase business, maintaining a steady trend from the previous quarter [3]. - CMR is anticipated to grow by 10% year-on-year, with the flash purchase contributing 2-3% to this growth, aided by improved advertising TR from enhanced ad algorithms [3]. - The launch of the AI-powered shopping assistant on Taotian in August is expected to enhance user conversion rates through personalized recommendations [3]. Instant Retail Segment - The instant retail business is projected to incur losses exceeding CNY 35 billion in FY26Q2, with an average loss of around CNY 5 per order [4]. - Daily orders stabilized at 80 million in August, with peak daily orders surpassing 100 million, indicating strong demand [4]. - Starting in September, the company plans to reduce delivery subsidies, expecting losses per order to decrease to CNY 2-3 in FY26Q3, while focusing on market share and long-term growth [4].

Group 1 - The core viewpoint of the report is that Alibaba's cloud business is accelerating due to AI-driven initiatives and overseas expansion, with a target price set at HKD 204.79 and a "Buy" rating maintained [1] - The e-commerce segment is expected to generate revenue of CNY 127.18 billion in FY26Q2, reflecting a year-on-year growth of 9.0% [1] - The main platform's GMV is projected to grow by 7% year-on-year, benefiting from the Taobao flash purchase business and an increase in user retention time [1] Group 2 - The company’s instant retail business is estimated to incur losses exceeding CNY 35 billion in FY26Q2, with an average loss of around CNY 5 per order [2] - Daily orders stabilized at 80 million in August, with peak daily orders exceeding 100 million, but the company plans to reduce delivery subsidies starting in September [2] - The focus remains on market share and long-term healthy growth, with expectations that losses will be controllable as fulfillment capabilities improve and scale effects enhance [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469,482,864 | | 2. 股份分類 | 普通股 | 股 ...

Core Viewpoint - Zhongxin Special Steel achieved a net profit attributable to shareholders of approximately 4.33 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 12.88% [1] Financial Performance - In Q3 2025, the company reported a net profit of about 1.53 billion yuan, showing a year-on-year growth of 37.93% and a quarter-on-quarter increase of 8.32% [1] - The comprehensive gross profit margin for Q3 2025 reached 15.46%, marking the highest quarterly gross margin since mid-2022 [1] Market Outlook - The company benefits from sustained demand in downstream sectors, with both sales volume and gross profit per ton of special steel products increasing year-on-year, contributing to profit growth [1] - The optimistic outlook for the company's performance is supported by the expectation of continued favorable conditions in downstream markets [1] Valuation - Based on comparable companies' 2026 PE valuation of 17 times, the target price is set at 20.74 yuan, maintaining a "buy" rating [1]

Core Viewpoint - Industrial Fulian's net profit attributable to shareholders for the first three quarters of 2025 reached 22.49 billion yuan, representing a year-on-year increase of 49% [1] - In Q3 2025, the net profit attributable to shareholders was 10.37 billion yuan, showing a year-on-year growth of 62% and a quarter-on-quarter increase of 51%, with both revenue and profit hitting a historical high for the company in a single quarter [1] Financial Performance - The company's AI server business has shown significant growth, driven by the demand for enhanced performance in AI servers [1] - The demand for communication and mobile network equipment has been boosted by AI, with strong growth observed in 800G switches [1] Market Outlook - Some investors have shown insufficient attention to the company's communication and mobile network equipment business, which is expected to continue benefiting from AI demand [1] - The company is valued using a comparable company PE of 29 times for 2026, leading to a target price of 82.94 yuan, with a maintained "buy" rating [1]

Core Insights - In October, 10 A-share IPO companies were reviewed and all were approved, marking a significant achievement for the IPO market [1] - The number of terminated IPOs in October was only 2, the lowest this year, indicating a positive trend in the IPO process [2] - A total of 9 companies successfully completed their IPOs in October, raising a combined total of 12.869 billion yuan [1][8] IPO Termination - The two companies that terminated their IPO processes in October were Beijing Kunlun Unicom Technology Development Co., Ltd. and Zhuzhou Keno New Materials Co., Ltd. [2][4] - Kunlun Unicom faced scrutiny regarding the authenticity of its revenue and customer relationships during its IPO applications [3][4] - Zhuzhou Keno's application raised questions about its innovation attributes, with its R&D investment being just above the minimum requirement [5] Successful IPOs - In October, 9 companies raised a total of 12.869 billion yuan, with Xi'an Yicai-U raising the highest amount at 4.636 billion yuan [7][8] - Notably, several companies listed in October, including Xi'an Yicai-U and He Yuan Biology-U, reported fundraising amounts exceeding 1 billion yuan [8] - Dao Sheng Tian He had a notably high issuance cost rate of 12.89%, which was higher than its peers [8][9] Underwriting and Brokerage - From January to October, 87 companies successfully completed their IPOs, raising a total of 90.172 billion yuan, with 34 brokerages sharing the underwriting fees [11][14] - CITIC Securities led the underwriting with 12 companies and raised 12.827 billion yuan, followed by Guotai Junan and Huatai United Securities [12][14] - Notably, some brokerages, such as First Capital and Dongguan Securities, reported zero underwriting revenue in 2025 [15]

专题：第二届新浪财经金麒麟最佳投资顾问评选 【股市热议】专业投顾市场观点：看好哪些板块？概念轮动节奏如何？ 【相关阅读】银华基金投顾每日观点 新浪财经主办、银华基金独家合作的"第二届金麒麟最佳投资顾问评选"活动火热进行中！财富管理最后 一公里，谁是优秀的"引路人"？新浪财经与银华基金共同寻找优秀投资顾问，赋能投顾IP建设，共建展 业平台！ ETF组10月月榜丨南京证券张尧收益13.6%居榜首 东兴证券葛奇、东兴证券刘前军居第2、3位 基金组10月榜：光大证券周建华收益8.1%居首位 中金财富白江波、中银证券凌通龙居第2、3位 目前金麒麟最佳投资顾问评选火热进行中！股票模拟交易、场内ETF模拟交易、公募基金模拟配置、社 交服务评比……万名投顾大PK，10月月榜数据（周期为10月1日-10月31日）显示，股票模拟组合评比 中，招商证券投顾刘梓里（来自梧州冬湖路证券营业部）以收益率19.79%居月榜榜首； 其次，银泰证券投顾周娟（来自合肥凤台路证券营业部）以月收益率18.95%居月榜第二位；长江证券 投顾全文东（来自回龙观西大街证券营业部）以月收益率17.35%居月榜第三位。 | 排名 | 名字 | 机构名称 | ...

华泰证券表示，本轮牛市结构性突出，市场的交易方向比较集中。因为主线抱团的存在，意味着后续行 情更可能受交易结构风险的扰动。短期来看，在10月底中美谈判之后，牵制市场的利空因素有望落地消 化，如果谈判并未出现进一步不利因素，届时市场或将走出震荡调整区间，随着风险偏好的提升，指数 选择继续突破向上的概率较大。与此同时，"十五五"作为顶层规划，为未来五年的国家发展指明了方 向，后续就看具体政策的落实了。未来一段时间是政策密集期，相关的事件驱动机会值得关注。 A股三大股指集体低开，沪指跌0.02%，创业板指跌0.26%。盘面上，可控核聚变板块表现活跃，存储芯 片、培育钻石、CPO等板块跌幅居前。 机构看后市 华泰证券：指数继续突破向上的概率较大，"反内卷"政策下，相关行业将迎来好转 华金证券：慢牛走势和科技主线不变，配置科技成长和部分周期、核心资产等行业 华金证券表示，慢牛走势和科技主线不变。行业配置：短期继续逢低配置科技成长和部分周期、核心资 产等行业。短期建议逢低配置：一是政策和产业趋势向上的通信（算力）、电子（半导体、消费电 子）、传媒（游戏、AI应用）、机械设备（机器人）、计算机（AI应用、自动驾驶）、有色金 ...

Core Points - The Beijing Stock Exchange has decided to terminate the review of Kunlun Lian Tong Technology Development Co., Ltd.'s initial public offering (IPO) and listing application [1][2] Company Overview - Kunlun Lian Tong is a professional IT infrastructure solution provider, offering IT infrastructure solutions, IT operation and maintenance services, and IT value-added supply services tailored to the different development stages of enterprises [2] - The company’s IT infrastructure solutions include digital office solutions, cloud computing solutions, and information security solutions [2] IPO Details - Kunlun Lian Tong originally planned to issue no more than 24 million shares (including the base number, excluding the over-allotment option) in the IPO [3] - The company intended to raise approximately 458.44 million yuan (approximately 45.84 million) for business expansion, service system construction, intelligent operation and maintenance platform upgrades, and research and development center construction projects [4][5] - The total investment for the planned projects is 458.44 million yuan, with specific allocations as follows: - Business expansion and service system construction project: 272.07 million yuan - Intelligent operation and maintenance platform upgrade project: 100.32 million yuan - Research and development center construction project: 86.05 million yuan [5]