Core Viewpoint - The report from Dongfang Securities predicts that the revenue of Hengrui Medicine (00013) will reach $600 million, $706 million, and $797 million for the years 2025-2027, respectively, and assigns a target price of HKD 33.29 for 2026 based on a PS ratio of 5.29 times [1] Group 1: ATTC Platform and Innovation - The original ATTC platform is set to initiate a new wave of innovative drug development, combining monoclonal antibodies with targeted small molecule inhibitors for enhanced synergistic effects [1] - Unlike traditional ADC platforms, drugs based on the ATTC platform demonstrate superior efficacy while reducing off-target toxicity, achieving both efficacy and safety [1] Group 2: Candidate Drug HMPL-A251 - HMPL-A251, the first candidate drug from the ATTC platform, shows comprehensive anti-tumor activity by targeting both HER2 and PI3K pathways [2] - Preclinical data indicates that HMPL-A251 exhibits strong anti-tumor activity in HER2-positive and low-expressing tumor models, achieving better or comparable efficacy to the mainstream HER2 ADC, Trastuzumab [2] - The company plans to initiate clinical development for HMPL-A251 by the end of this year, exploring its potential across various tumor types with different HER2 and PAM alteration statuses [2] Group 3: Core Pipeline Progress - The company has announced the completion of patient enrollment for the global Phase III study of Savolitinib in combination with Osimertinib for second-line treatment of EGFR-mutant non-small cell lung cancer, known as the SAFFRON study [3] - Top-line data from this study is expected to be released in the first half of next year, with plans to submit a marketing application to the FDA based on the results, indicating potential market expansion [3]

Core Viewpoint - Dongfang Securities' report indicates that Yongjin Co., Ltd. has experienced a decline in net profit for the first three quarters of 2025, but there is optimism regarding future performance due to demand recovery and new material developments [1] Financial Performance - For the first three quarters of 2025, Yongjin Co., Ltd. achieved a net profit attributable to shareholders of approximately 450 million yuan, representing a year-on-year decrease of 27.98% [1] - In Q3 2025 alone, the company reported a net profit of about 147 million yuan, which is a year-on-year decline of 6.01% and a quarter-on-quarter decline of 26.5% [1] Future Outlook - The company is expected to benefit from the recovery in demand for its products, particularly in the home appliance and daily necessities sectors, driven by the ongoing "old-for-new" policy [1] - The orderly advancement of the new materials sector, including titanium materials and cylindrical battery shells, is anticipated to provide new profit growth points for the company [1] - The company has maintained a mid-year dividend, indicating a commitment to returning value to the market, and is expected to stabilize its mid-term performance and continue generating stable profits [1] Valuation - Based on comparable companies' 2026 PE valuation of 13X, the target price for Yongjin Co., Ltd. is set at 26.26 yuan, with a maintained "buy" rating [1]

Core Viewpoint - Dongfang Securities report indicates that Mingtai Aluminum's production and sales of aluminum plates and foils for Q1-Q3 2025 were 1.1808 million tons and 1.1747 million tons respectively, with a strong focus on high-end, green, and intelligent development strategies [1] Production and Sales Performance - For Q3 2025, the company produced 384,200 tons and sold 396,900 tons of aluminum plates and foils [1] - The processing business's pre-tax profit per ton increased from approximately 1,300 RMB in Q1 2025 to over 1,500 RMB by Q3 2025 [1] Profitability and Strategic Focus - The company aims to enhance high-end product yield, which drives stable processing fees, while intelligent manufacturing contributes to cost reduction and efficiency improvement [1] - The processing profit per ton is expected to continue to rise steadily [1] Valuation and Investment Rating - Based on comparable companies' 2025 PE valuation levels, the company is assigned a 12X valuation, leading to a target price of 19.8 RMB, maintaining a "Buy" rating [1]

Core Viewpoint - The report from Dongfang Securities indicates that with the volatility of CBOE gold ETFs and the implied volatility of gold options returning to around 20%, gold prices are expected to stabilize. However, short-term fluctuations may occur due to weakened interest rate cut expectations and a stronger dollar. In the medium term, the total U.S. national debt may exceed $40 trillion, and overseas inflation is likely to rise, leading to a bullish outlook for gold prices, potentially breaking through $4,500 per ounce and aiming for $5,000 per ounce. The report suggests focusing on leading global copper and gold mining companies, particularly Zijin Mining (601899.SH), which is expected to see significant growth in its copper segment by 2026 [1]. Group 1: Central Bank Gold Reserves - As of October, the People's Bank of China has increased its gold reserves for the 12th consecutive month, adding 30,000 ounces to reach 74.09 million ounces. The value of gold assets, including gold deposits and swaps, is approximately $297.21 billion, reflecting a month-on-month increase of $13.92 billion [1]. - The monthly increase in gold reserves has slowed due to high gold prices, with October's addition being the smallest this year at 30,000 ounces, down from 40,000 ounces in September. However, the continuous increase indicates the importance of raising gold's proportion in foreign exchange reserves for the central bank [2]. Group 2: Gold's Proportion in Foreign Reserves - Gold now accounts for approximately 8.89% of the People's Bank of China's foreign exchange reserves, an increase of 0.5 percentage points from the previous month and a significant rise of 2.92 percentage points from the end of 2024. Despite this increase, China's gold reserve proportion remains lower than that of major countries, such as India's 15.17% and Thailand's 10.56%, indicating room for growth [3]. Group 3: Future Outlook - The central bank's strategy of increasing gold reserves aligns with the ongoing de-dollarization and the internationalization of the renminbi. The establishment of gold delivery warehouses in Saudi Arabia and designated warehouses in Hong Kong is expected to enhance the international influence of the renminbi through gold. The medium-term outlook for gold prices is supported by the continued deterioration of the dollar's credit and its weakening status as a universal currency in global metals [4].

Core Viewpoint - The Shenzhen Stock Exchange's M&A Review Committee approved the asset purchase by Del Automotive Parts Co., Ltd. (德尔股份) on November 7, 2025, confirming compliance with restructuring conditions and information disclosure requirements [1]. Group 1: Transaction Details - Del Automotive plans to issue shares to acquire 70% of Aizhuo Technology from Shanghai Deri, with a zero-cost acquisition of the remaining 30% from Xing Baichang Partnership [2][3]. - The total transaction price for the equity of Aizhuo Technology is set at 270 million yuan, reflecting a significant increase in value compared to previous assessments [3]. - The share issuance will consist of 19,081,272 shares at a price of 14.15 yuan per share, which is at least 80% of the average trading price over the last 120 trading days [3]. Group 2: Fundraising and Use of Proceeds - Del Automotive intends to raise up to 82.7 million yuan through the issuance of shares to no more than 35 specific investors, with the fundraising contingent on the successful completion of the asset purchase [4]. - The proceeds will be allocated to projects including the smart upgrade of automotive decorative parts at Aizhuo Intelligent Technology and the establishment of a research and development center [5][6]. Group 3: Related Party Transactions - The transaction involves related parties, as both Shanghai Deri and Xing Baichang Partnership are controlled by the company's actual controller, Li Yi [6][7]. - The transaction does not meet the criteria for a major asset restructuring as defined by relevant regulations, and there will be no change in the company's actual control [6][7]. Group 4: Advisory and Compliance - The independent financial advisor for this transaction is Dongfang Securities Co., Ltd., with project leaders Lu Guochun and Zhu Wei overseeing the process [8].

Core Viewpoint - The article emphasizes that green initiatives are not merely an enhancement but an intrinsic variable of production systems, requiring grounding in verification platforms, infrastructure, technical details, and real-world applications [2][17]. Group 1: Event Overview - The "Carbon Index Plan" event, co-hosted by 36Kr and Dongfang Securities, took place in the Daxing International Hydrogen Energy Demonstration Zone, showcasing new ideas and industrial logic related to carbon neutrality [4]. - The event featured key figures from government and industry, highlighting the collaborative efforts in the hydrogen energy sector [5]. Group 2: Industry Development - Daxing has become a significant hub for the hydrogen energy industry, with over 200 hydrogen enterprises and more than 80 leading companies established, covering critical segments such as fuel cells and detection systems [9]. - The Daxing International Hydrogen Energy Demonstration Zone is recognized as a core area for hydrogen development in Beijing, having implemented a comprehensive policy framework to support various industry segments [11]. Group 3: Infrastructure and Ecosystem - The establishment of a one-stop service platform for the hydrogen energy industry, including the National Hydrogen Fuel Cell Vehicle Quality Inspection and Testing Center, is pivotal for driving standards and collaboration [9][10]. - The Daxing area is building a green verification system that supports operational and regulatory frameworks for hydrogen enterprises [11]. Group 4: Technological Maturity and Market Readiness - The article notes that the maturity of hydrogen technology is no longer the primary concern; instead, the focus is on rapid validation from laboratory to commercial applications [12]. - The transition from "technology validation" to "system implementation" is highlighted, with a diverse range of technological paths being explored [14]. Group 5: Company Highlights - Several companies showcased their innovations during the event, including Hydrogen Aviation Technology, which focuses on hydrogen fuel cell applications, and Zhongdian Engineering, which specializes in titanium alloy hydrogen storage devices [18]. - The event featured seven companies presenting their technologies, covering various aspects of the hydrogen energy supply chain, from storage to application [13].

Core Points - Weimars (688612.SH) closed at 34.87 yuan, with a decline of 1.41%, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 26, 2023, with an issuance of 42.1 million shares at a price of 47.29 yuan per share [1] - On the first day of trading, Weimars reached a peak price of 62.00 yuan, marking the highest price since its listing [1] - The total funds raised from the initial public offering (IPO) amounted to 199.09 million yuan, with a net amount of 183.58 million yuan after deducting non-tax issuance costs, exceeding the original plan by 50.35 million yuan [1] - The funds are intended for projects including the production base for new energy vehicle power products, the establishment of a new experimental center for new energy vehicle power in Longgang Baolong, and to supplement working capital [1] - The total issuance costs for the IPO were 15.51 million yuan (excluding VAT), with underwriting and sponsorship fees amounting to 11.55 million yuan [1]

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Geely Automobile (00175.HK), forecasting EPS of 1.49, 1.75, and 2.12 yuan for 2025-2027, with a target price of 24.51 HKD [1] Group 1: Analyst Ratings and Target Prices - As of November 7, 2025, Geely Automobile closed at 17.69 HKD, down 1.06%, with a trading volume of 30.71 million shares and a turnover of 546 million HKD [1] - In the past 90 days, 26 investment banks have issued "Buy" ratings for Geely, with an average target price of 26.82 HKD [1] - The latest report from Dongfang Securities sets a target price of 24.51 HKD for Geely Automobile [1] Group 2: Market Position and Financial Metrics - Geely Automobile has a market capitalization of 180.92 billion HKD, ranking second in the automotive manufacturing industry [2] - Key financial metrics for Geely compared to industry averages include: - ROE: 17.88% vs. industry average of -2.12% [3] - Revenue: 283.17 billion HKD vs. industry average of 128.07 billion HKD [3] - Net Profit Margin: 6.29% vs. industry average of -107.97% [3] - Gross Margin: 16.45% vs. industry average of 15.88% [3] - Debt Ratio: 66.4% vs. industry average of 48.56% [3]

Core Viewpoint - WuXi AppTec's net profit attributable to shareholders for Q3 2025 reached 3.52 billion yuan, representing a 53.3% increase, while the net profit for the first three quarters of 2025 was 12.08 billion yuan, up 84.8%, indicating strong performance from the industry leader and prompting an upward revision of the annual guidance [1] Group 1: Financial Performance - The company reported a significant increase in net profit for Q3 2025, reaching 3.52 billion yuan, which is a 53.3% year-on-year growth [1] - For the first three quarters of 2025, the net profit attributable to shareholders was 12.08 billion yuan, reflecting an 84.8% increase compared to the previous year [1] - The company has adjusted its revenue guidance for ongoing operations from 42.5-43.5 billion yuan to 43.5-44 billion yuan, with growth rates revised from 13-17% to 17-18% [1] Group 2: Business Operations - The company continues to see growth in new orders for small molecule D&M and TIDES businesses, particularly in late-stage clinical and commercialization [1] - The company has reached an agreement with Hillhouse Capital to sell 100% of its China clinical service research business for 2.8 billion yuan, which includes clinical CRO and SMO operations, contributing 3.5% to revenue and 0.7% to net profit in the first three quarters [1] Group 3: Market Outlook - The company expects further improvement in adjusted non-IFRS net profit margin for the full year due to ongoing capacity release and operational efficiency enhancements [1] - Based on comparable companies, a target price of 137.75 yuan is set, applying a 29x PE ratio for 2026, with a maintained "Buy" rating [1]

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Geely Automobile, forecasting EPS for 2025-2027 to be 1.49, 1.75, and 2.12 RMB respectively, with a target price of 22.35 RMB (24.51 HKD) based on a PE average of 15 times for comparable companies [1] Sales Performance - In October, Geely's total sales reached 307,100 units, a year-on-year increase of 35.5% and a month-on-month increase of 12.5%, setting a new monthly sales record [2] - New energy vehicle sales for October were 177,900 units, showing a year-on-year growth of 63.6% and a month-on-month growth of 7.7% [2] - From January to October, total sales amounted to 2,477,300 units, reflecting a year-on-year increase of 44.3% [2] - The company is expected to outperform the industry average, with a strong likelihood of achieving its annual sales target of 3 million units [2] Brand Development - Geely's brand sales in October reached 245,500 units, a year-on-year increase of 43.9% and a month-on-month increase of 10.6% [3] - The Galaxy brand achieved sales of 127,500 units in October, marking a year-on-year increase of 100.8% and surpassing its annual sales target of 1 million units ahead of schedule [3] - The launch of new models, such as the 2026 Geely Xingyuan and Galaxy Xingyao 6, is expected to enhance the product matrix and contribute to future sales growth [3] - Geely signed an agreement with Renault to acquire 26.4% of Renault's Brazilian operations, which will facilitate the introduction of new energy vehicles in Brazil [3] Lynk & Co Brand Performance - Lynk & Co's sales in October reached 40,200 units, a year-on-year increase of 29.4% and a month-on-month increase of 22.2% [4] - The brand's weighted average price exceeded 200,000 RMB, with new energy vehicle sales accounting for 72.1% of total sales [4] - Key models such as Lynk & Co 900 and Lynk & Co 10EM-P have shown strong initial sales performance, indicating potential for future growth [4]