Core Viewpoint - Hengyi Petrochemical is positioned as a leading integrated enterprise in the "refining-chemical-fiber" industry chain, focusing on technological innovation and green low-carbon upgrades to maintain its competitive edge in both domestic and international markets [2][8]. Group 1: Company Overview and Financial Performance - Hengyi Petrochemical achieved an operating revenue of 83.885 billion yuan and a net profit attributable to shareholders of 231 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.08% [2]. - As of September 30, 2025, the company reported total assets of 111.51 billion yuan and net assets attributable to shareholders of 24.458 billion yuan [2]. Group 2: Market Analysis - The Southeast Asian refined oil market is expected to see a growing supply-demand gap, with the International Energy Agency predicting oil demand in the region to increase from 5 million barrels per day to 6.4 million barrels per day by 2035 [3]. - The region's GDP growth is projected to remain at 4.5% in 2025, with Indonesia, the Philippines, and Vietnam expected to grow at rates of 5.1%, 6.1%, and 6.1% respectively, driving demand for refined products [3]. Group 3: Polyester Industry Insights - The polyester industry is anticipated to experience steady growth in downstream demand, with domestic retail sales increasing by 5% year-on-year in the first half of 2025 [4]. - The new capacity growth in the polyester sector is slowing, with only 650,000 tons of new polyester filament capacity added in the first half of 2025, leading to a higher market concentration among leading enterprises [4]. Group 4: Project Developments - The first phase of the Qinzhou project has successfully entered trial production, featuring a comprehensive integration of various production processes [6]. - The Brunei refining project is progressing smoothly, with updates to be announced in due course [6]. Group 5: Technological Advancements - As of June 30, 2025, Hengyi Petrochemical holds 566 effective patents, with 500 related to research and development, and 66 in intelligent manufacturing [7]. - The proportion of differentiated fibers in the company's product structure has increased to 27%, indicating a strong position in the industry [7].

申万宏源证券指出，科创100指数当前PE为241.8倍，PB为5.7倍，分别处于历史65%和94%分位。从行 业估值来看，科技TMT板块中半导体行业表现突出，2025年9月中国半导体销售额同比增长15.0%，增 速较8月提升2.6个百分点；全球半导体市场销售额同比增长25.1%，其中亚太除中日的其他地区 （47.9%）和美洲（30.6%）延续高增长。电子（半导体）和通信行业的PB估值均处于历史85%分位以 上，显示科技板块景气度维持高位。此外，计算机（IT服务、软件开发）的PE估值也处于历史85%分位 以上，反映市场对科技创新领域的长期看好。 科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅达20%，该指数从科创板中选 取市值较大、流动性较好的100只证券作为指数样本，覆盖新一代信息技术、生物医药、新材料等多个 高新技术产业和战略性新兴产业领域，以反映科创板中具有创新成长特性的上市公司证券的整体表现。 （文章来源：每日经济新闻） ...

Core Viewpoint - The photovoltaic industry is actively promoting anti-involution through polysilicon inventory management, but faces challenges due to the involvement of multiple companies and the need for substantial financial support. Technological iteration is seen as a less resistant option to clear excess capacity, with perovskite technology showing significant efficiency advantages over existing crystalline silicon technology, potentially accelerating the exit of outdated capacity and helping the industry recover from cyclical lows [1]. Group 1: Efficiency and Stability - Conversion efficiency of perovskite has significantly improved from 3.8% in 2009 to over 26% currently, with companies like GCL-Poly achieving 19.04% efficiency on 1m*2m panels and tandem cells nearing 30% efficiency [2]. - The stability of high-efficiency laboratory results is being addressed, with notable advancements in stability research, including a perovskite solar cell developed by the Chinese Academy of Sciences that exceeds 27% efficiency with controlled degradation [3]. Group 2: Commercialization and Policy Support - GW-level production lines are set to be launched by companies like Extreme Solar and GCL-Poly in 2025, with more planned capacity expected to come online by 2026. The first full-size perovskite module from GCL-Poly was produced on October 29, 2025, indicating a push towards commercial viability [4]. - Policy support for the development of new photovoltaic technologies is evident, with recent government initiatives focusing on perovskite materials and advanced photovoltaic technologies, which could enhance capacity iteration in the current anti-involution phase of the industry [5]. Group 3: Investment Opportunities - Companies to watch in the perovskite sector include equipment manufacturers such as Dier Laser, Jiejia Weichuang, and others, as well as perovskite module producers like Hangzhou Colin and GCL Technology. Additionally, TCO glass and perovskite encapsulant manufacturers are also highlighted as potential investment opportunities [6].

二、重要提示 经东方基金管理股份有限公司（以下简称"本公司"）与申万宏源证券有限公司（以下简称"申万宏源证 券"）、申万宏源西部证券有限公司（以下简称"申万宏源西部证券"）及兴业证券股份有限公司（以下 简称"兴业证券"）协商一致，自2025年11月17日起，新增申万宏源证券、申万宏源西部证券、兴业证券 三家机构办理本公司旗下部分基金的销售业务（仅限前端申购模式）。现将有关事项公告如下： 一、新增销售基金及业务范围 ■ 1.上述基金费率请详见基金的《基金合同》、《招募说明书（更新）》、《基金产品资料概要》等相关 法律文件及本公司发布的最新业务公告。 2.定期定额投资业务不额外收取手续费用，定期定额申购费率与相关基金的日常的申购费率相同。 3.基金转换是指投资者可将其持有的本公司旗下某只开放式基金的全部或部分基金份额转换为本公司管 理的另一只开放式基金份额的交易行为。上述基金列表中的基金，若同时采用前端收费和后端收费，则 只开通前端收费模式下的转换业务。 4.业务办理的业务规则和流程以上述机构的安排和规定为准。相关活动的具体规定如有变化，以上述机 构网站或平台的最新公告为准，敬请投资者关注。 三、投资者可通过以下 ...

Core Viewpoint - The announcement details the addition of new sales institutions for certain funds managed by Ping An Fund Management Co., effective from November 13, 2025, allowing investors to conduct various transactions through these institutions [1][8]. Group 1: New Sales Institutions - Ping An Fund Management Co. has signed a sales agreement with Shenwan Hongyuan Securities Co., Ltd. and Shenwan Hongyuan West Securities Co., Ltd. to add them as sales institutions for its products starting from November 13, 2025 [1][8]. - Investors will be able to open accounts, subscribe, redeem, invest regularly, and convert funds through these institutions from the specified date [2][8]. Group 2: Fee Discounts - Investors who subscribe or regularly invest through the new sales institutions will enjoy fee discounts, with the specifics of these discounts determined and executed by the sales institutions [3][12]. - The company does not impose any discount limits on subscription fees, regular investment fees, or conversion fees, and any changes to the discount activities will be based on the announcements from the sales institutions [3][12]. Group 3: Important Notes - Regular investment is a method of fund subscription where investors can set up automatic deductions for fund purchases through the sales institutions [10]. - Fund conversion allows investors to exchange their holdings in one fund for shares in another fund managed by the same fund manager, subject to the rules outlined in the fund contract [4][11].

Meeting Overview - The meeting will be held via communication method to discuss the proposal for changing the management of the Shenwan Hongyuan Tian Tian Li Money Market Fund and transforming it into the Shenwan Lingshin Tian Tian Li Money Market Fund [1][3][28] - Voting will take place from November 17, 2025, to December 12, 2025, with specific submission methods for ballots [1][6][9] Voting Procedures - Shareholders can submit votes via mail or SMS, with detailed requirements for both individual and institutional investors [5][7][8] - The voting process will be supervised by designated personnel and will be validated by a notary [11][12] Proposal Details - The proposal includes changing the fund manager from Shenwan Hongyuan Securities Asset Management Co., Ltd. to Shenwan Lingshin Fund Management Co., Ltd. and renaming the fund [20][29] - The fund's category will change from a money market collective asset management plan to a money market fund, with an indefinite duration post-December 31, 2025 [30][31] Legal and Technical Feasibility - The proposal requires a two-thirds majority approval from participating shareholders to be valid, in accordance with relevant laws [32][34] - The management has established a working group to ensure the smooth execution of the meeting and has communicated with investors to facilitate participation [33] Risk Management - The management has outlined measures to mitigate risks associated with the potential failure to convene the meeting or obtain the necessary approvals [35][36]

Core Viewpoint - The chemical industry is transitioning from a state of overcapacity to a supply-demand rebalancing, driven by global economic recovery and targeted domestic policies, with 2026 identified as a critical year for establishing a turning point in the industry [2][3]. Supply Side Analysis - Capital expenditure in the chemical industry has peaked, with fixed asset and new capacity growth rates declining to around 7%, a significant drop from double-digit growth in 2021-2022 [3]. - New capacity for traditional bulk chemicals like methanol, ethylene, and PTA has decreased by over 30% year-on-year, while smaller capacities are exiting the market due to environmental and safety constraints, leading to increased industry concentration [3]. Demand Side Analysis - The recovery in demand is driven by both domestic and international factors, including the U.S. entering a rate-cutting cycle, which is expected to boost global chemical product export demand growth to 8%-10% by 2026 [3]. - In China, key demand engines such as real estate, textile exports, and agricultural chemicals are gradually gaining momentum, with chemical product export growth showing signs of recovery [3]. Policy Impact - The "anti-involution" policy is accelerating the industry's turnaround, with the Ministry of Industry and Information Technology emphasizing three key measures: controlling new capacity, reducing existing capacity, and managing processes [4]. - The old capacity assessment has been completed, and the implementation of these policies is in the countdown phase, with industry associations and leading companies actively participating in these initiatives [4]. Sector-Specific Insights - The chlor-alkali industry is expected to see a gradual slowdown in supply growth due to restrictions on traditional production methods [5]. - The textile chain, particularly the nylon industry, is projected to improve profitability as operating rates rise above 90% [5]. - The organic silicon sector is nearing a turning point as the period of intensive capacity investment ends, with strong demand support anticipated [5]. High-Elasticity Core Enterprises - The textile chain is highlighted as a primary focus, with significant improvements in supply-demand dynamics expected to lead to concentrated profit releases in 2026 [6]. - The agricultural chemical chain is benefiting from food security strategies, with a tight supply-demand situation projected for phosphate chemicals until at least 2028 [7]. - The overseas real estate chain is expected to benefit from global economic recovery, particularly in the fluorochemical sector, where demand for refrigerants is strong [8]. New Materials and Technologies - New materials are identified as a critical area for investment, with a focus on semiconductor materials, OLED panel materials, and solid-state batteries among others [9]. - The chemical industry is witnessing a consolidation of leading companies, with the number of top firms increasing from 3-4 to around 20 over the past decade, indicating a strengthening competitive landscape [10].

Core Viewpoint - The company maintains a "buy" rating due to its increasing market share in the brokerage business, stable industry position, and advantageous valuation compared to smaller competitors [1] Financial Performance - In Q3 2025, the company reported a total transaction value (GTV) of 736.7 billion yuan, unchanged year-on-year; net revenue was 23.05 billion yuan, up 2.1% year-on-year; and adjusted net profit was 1.29 billion yuan, down 27.8% year-on-year [2] - The company's gross profit margin for Q3 2025 was 21.4%, a decrease of 1.3 percentage points year-on-year; the combined sales, management, and R&D expense ratio was 18.4%, down 1.1 percentage points year-on-year [2] Market Segmentation - The company experienced a 5.8% year-on-year increase in second-hand housing GTV, totaling 505.6 billion yuan, while new housing GTV decreased by 13.7% to 196.3 billion yuan [3] - The company’s home decoration and rental businesses saw significant revenue growth, with home decoration revenue at 4.3 billion yuan (up 2.1% year-on-year) and rental revenue at 5.73 billion yuan (up 45.3% year-on-year) [3] Operational Insights - The number of active stores reached 59,000, an increase of 26% year-on-year, and the number of active brokers was 472,000, up 11.4% year-on-year [3] - The company’s rental business achieved a profit contribution of 500 million yuan, a substantial increase of 185.9% year-on-year, indicating strong growth in the rental segment [3] Future Outlook - The company faces significant GTV pressure in Q4 2025 due to declining transaction activity in both the primary and secondary markets, leading to a downward revision of revenue and profit forecasts for 2025-2027 [4] - The adjusted net profit forecasts for 2025, 2026, and 2027 are 3.6 billion yuan, 5.4 billion yuan, and 6.4 billion yuan, respectively, reflecting a decrease from previous estimates [4]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "Buy" rating for Beike-W (02423), citing its increasing market share in brokerage services and promising growth in home decoration and rental businesses, while its valuation remains attractive compared to smaller competitors like Wo Ai Wo Jia [1] Financial Performance Summary - In Q3 2025, Beike reported a total transaction volume (GTV) of 736.7 billion yuan, unchanged year-on-year; net revenue was 23.05 billion yuan, up 2.1% year-on-year; and adjusted net profit was 1.29 billion yuan, down 27.8% year-on-year [2] - The company’s cumulative net revenue for the first three quarters of 2025 reached 72.39 billion yuan, a 16% increase year-on-year, while adjusted net profit was 4.5 billion yuan, down 23% year-on-year [2] - The gross margin for Q3 2025 was 21.4%, a decrease of 1.3 percentage points year-on-year, with total sales, management, and R&D expense ratio at 18.4%, down 1.1 percentage points year-on-year [2] Business Segment Analysis - In Q3 2025, the second-hand housing GTV was 505.6 billion yuan, up 5.8% year-on-year, while new housing GTV was 196.3 billion yuan, down 13.7% year-on-year; the monetization rates for second-hand and new housing were 2.53% and 3.4%, respectively [3] - The home decoration and rental businesses showed significant growth, with home decoration revenue at 4.3 billion yuan, up 2.1% year-on-year, and rental revenue at 5.73 billion yuan, up 45.3% year-on-year, both achieving profitability before headquarter expenses [3] Investment Outlook - The company faces significant GTV pressure in Q4 2025 due to declining transaction activity in both the primary and secondary markets; revenue from brokerage services is expected to be under pressure, and growth in the home decoration segment may slow down [4] - The forecast for net profit for 2025-2027 has been revised downwards to 3.6 billion, 5.4 billion, and 6.4 billion yuan, respectively, reflecting a decrease from previous estimates [4]

Core Viewpoint - The 2025 Securities Industry High-Quality Development Conference and the Golden Bull Award Ceremony highlighted the achievements of Shenwan Hongyuan Securities Asset Management Co., which received multiple awards for its outstanding asset management capabilities and comprehensive strength [1][3]. Group 1: Awards and Recognition - Shenwan Hongyuan Securities Asset Management Co. was awarded the "Five-Year Golden Bull Securities Collective Asset Management Person" and two product awards: "Three-Year Active Mixed Golden Bull Asset Management Plan" and "One-Year Medium to Long-Term Pure Bond Golden Bull Asset Management Plan" [1][3]. - The "Golden Bull Award" is known for its fair and scientific evaluation system, aimed at identifying outstanding securities companies with strong performance and management standards [1]. Group 2: Business Strategy and Development - The company emphasizes a customer-first approach and aims for steady long-term growth, focusing on enhancing active management capabilities and professional reforms [3]. - In response to the low-interest-rate environment, the company is upgrading its fixed-income product line and actively developing "fixed income+" multi-strategy products to meet market demands [3]. - Shenwan Hongyuan is committed to asset allocation business development, customizing strategies for rights-containing products, and exploring the issuance of QDII products in line with international trends [3]. - The company aims to align its business with national strategic directions through asset securitization and is focused on enhancing research capabilities to improve investment efficiency [3].