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].

Core Viewpoint - Meirui New Materials is actively engaging with institutional investors to discuss its business operations, product applications, and future plans, highlighting its focus on specialty isocyanates and polyurethane materials as key growth areas [1][3]. Group 1: Main Business and Product Applications - Meirui New Materials is a well-known domestic producer of polyurethane new materials and functional chemical raw materials, with core products including TPU, PUR, PUD, and PBS, which are widely used in various sectors such as consumer electronics, automotive manufacturing, and green energy [3]. - The company emphasizes ongoing technological innovation in specialty isocyanates within polyurethane materials, viewing this as a critical market for future development [3]. Group 2: Specialty Amine Product Matrix - The company’s specialty amine products include PNA, PPDA, and CHDA, with applications in high-end materials. PNA is a key chemical raw material for dyes and pigments, while PPDA is essential for aramid and polyimide production [4]. - CHDA is widely used in the synthesis of polyamides and polyureas, and as an epoxy curing agent, particularly in wind turbine blades and other advanced materials [4]. Group 3: Expansion of TPU in Footwear Market - The company is focusing on expanding its TPU products for the footwear market, particularly lightweight and high-rebound TPU used in sports shoe midsoles, which shows promising market potential and profitability [5]. - The core raw material for the foamed TPU is HDI, and the production from the company's Henan subsidiary will enhance the competitive advantage of foamed TPU through industry chain synergy [5]. Group 4: Future Investment Plans - The company plans to consider multiple factors, including strategic planning, market conditions, industry trends, and actual funding needs when making future investment decisions [6]. - The company commits to fulfilling its information disclosure obligations in accordance with regulatory requirements for any relevant investment plans [6].

Core Viewpoint - The liquor industry is experiencing significant pressure on demand due to external structural disturbances, with expectations of a bottoming out in the third quarter of 2025 and a potential turning point in the third quarter of 2026 [1][2]. Fundamental Analysis - Since the fourth quarter of 2024, some companies have begun to see declines, but the first quarter of 2025 showed resilience in sales, with leading brands still achieving growth [2]. - The demand environment has been notably pressured since the second quarter of 2025, with a significant loss of consumption scenarios, leading to accelerated clearing in the third quarter of 2025 [2]. - Sales volume is expected to decline by 20%-30% year-on-year in the third quarter of 2025, following a 30%-50% decline in the second quarter [2]. - High-end liquor prices continue to fall as the market seeks a balance between volume and price [2]. - The first quarter of 2026 is anticipated to still face double-digit declines in sales volume, with continued pressure on financial reports, but stabilization is expected in the second quarter and a turning point in the third quarter [2]. Valuation Analysis - As of October 31, 2025, the absolute PE level for the liquor sector is 18.7x, below the historical average of 27.6x since 2011 [3]. - The relative PE multiple compared to the Shanghai Composite Index is 1.14x, also below the historical average of 2.01x since 2011 [3]. - Future dividend rates for liquor companies are expected to increase, with leading companies disclosing three-year dividend return plans, and most companies currently offering dividend yields above 3%, indicating medium to long-term investment value [3]. Holdings Analysis - In the third quarter of 2025, the liquor sector's holding proportion fell to 5.52%, returning to levels seen in the second quarter of 2017 [4]. - The market value of heavy holdings in the liquor sector decreased by 1.26 percentage points compared to the previous quarter, below the average level since 2009 [4]. Investment Recommendations - The company suggests a strategic bullish outlook on the liquor sector, anticipating a fundamental turning point in the third quarter of 2026 [5]. - If the fundamentals recover as expected, a dual boost in valuation and performance is anticipated by the end of 2026 and into 2027 [5]. - It is recommended to begin long-term positioning in quality companies, while remaining patient regarding fundamental improvements and recognizing the potential for differentiated stock performance [5]. - Key recommended stocks include Luzhou Laojiao, Shanxi Fenjiu, Kweichow Moutai, and Wuliangye, with additional attention to Yingjia Gongjiu, Jinhui Jiu, Gujing Gongjiu, Jianshiyuan, and Yanghe Distillery [5].

Group 1 - The meeting will be held via communication method to discuss the proposal for changing the manager 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][27] - Voting will take place from November 17, 2025, to December 12, 2025, with specific submission methods for ballots outlined [1][6][8] - The rights registration date for participants is set for November 12, 2025, allowing registered holders to vote [4][16] Group 2 - The proposal includes changing the management from Shenwan Hongyuan Securities Asset Management Co., Ltd. to Shenwan Lingshin Fund Management Co., Ltd. and renaming the fund [19][30] - The fund's duration will change from a fixed term ending on December 31, 2025, to an indefinite term [20][30] - The proposal requires approval from two-thirds of the voting rights held by participants in the meeting for it to be valid [28][32] Group 3 - The management company will communicate with investors to ensure a successful meeting and will announce the revised fund contract and custody agreement after the meeting [33][34] - The management company may suspend subscription and redemption services during the transition period, with specific arrangements to be announced later [21][31] - The voting process will be supervised by authorized personnel to ensure transparency and validity [11][12][28]

Core Viewpoint - The construction materials industry is experiencing a narrowing revenue decline and profit improvement in the first three quarters of 2025, with notable performances in the cement and fiberglass sectors [1][2]. Group 1: Industry Overview - The construction materials industry sample companies achieved a total revenue of 432.25 billion yuan, a year-on-year decline of 3.1%, which is an improvement of 11.7 percentage points compared to the full year of 2024 [2]. - The net profit attributable to shareholders reached 24.44 billion yuan, a year-on-year increase of 27.8%, contrasting with a 49.1% decline in 2024 [2]. Group 2: Cement Industry - Cement sample companies reported a total revenue of 432.25 billion yuan, with a year-on-year decline of 3.1%, while net profit increased by 27.8% [2]. - Huaxin Cement showed the most significant growth, with strong performance in overseas cement and domestic aggregate businesses [2]. - Anhui Conch Cement contributed over half of the industry's profit due to its cost and scale advantages [2]. Group 3: Fiberglass Industry - The fiberglass sector saw a total revenue of 49.21 billion yuan, a year-on-year increase of 23.5%, and a net profit of 4.87 billion yuan, up 121.4% [3]. - The price recovery effects began to manifest in the first half of 2025, with a slight decline in Q3 profits compared to the previous quarter, but still showing year-on-year improvement [3]. - Companies like China National Materials, International Composites, and Honghe Technology are gradually contributing to revenue and profit through their special fabric layouts [3]. Group 4: Consumer Building Materials - The consumer building materials segment reported a revenue of 110.75 billion yuan, a year-on-year decline of 0.9%, and a net profit of 8.21 billion yuan, down 6.9% [4]. - Keda Manufacturing benefited from its long-term overseas layout and improved pricing in the overseas tile market, leading to significant revenue growth [4]. - Sanhe Tree is accelerating its unique channel advantages and new business layouts, responding to the demand from old residential areas and rural self-built houses [4]. Group 5: Glass Industry - The glass industry achieved a revenue of 38.09 billion yuan, a year-on-year decline of 11.0%, with a net profit of 0.94 billion yuan, down 63.2% [5]. - The photovoltaic glass sector experienced a phase of recovery, but profitability began to decline after May due to high base effects from the previous year [5]. - The construction glass sector remains under pressure due to weak real estate completions, necessitating attention to supply contraction and pricing effects [5]. Group 6: Early Cycle Industries - Early cycle sectors are still under pressure, with profitability constrained by cement price recovery [6]. - Leading companies like Subote have achieved both revenue and profit growth by expanding into major projects in the western regions [6]. Group 7: Investment Analysis - Investment opportunities are suggested in the fiberglass and cement sectors due to improving profitability [7]. - Recommended stocks include leading companies in the cement sector such as Huaxin Cement, Anhui Conch Cement, and Shangfeng Cement [7]. - In the fiberglass sector, companies like China Jushi, China National Materials, and Honghe Technology are highlighted for their performance recovery and growth expectations in special fabric businesses [7]. - Companies with alpha attributes in consumer building materials and early cycle sectors include Sanhe Tree, Keda Manufacturing, Dongpeng Holdings, and Subote [8].

Core Points - The company will close the Hezhou Jiangbei Middle Road Securities Business Department and transfer all clients to the Guilin Lijiang Road Securities Business Department [1][2] - Clients' account numbers, trading passwords, and fund passwords will remain unchanged after the transfer, ensuring no disruption in trading and fund transfers [1][2] - Clients who do not agree to the transfer must complete account closure procedures within three working days [2] Summary by Sections - **Closure Announcement**: The Hezhou Jiangbei Middle Road Securities Business Department will be closed, and its operations will cease [1] - **Client Migration**: All clients will be migrated to the Guilin Lijiang Road Securities Business Department, with services continuing seamlessly [1][2] - **Client Rights**: Clients have the option to refuse the migration and must act within a specified timeframe to close their accounts if they choose to do so [2] - **Service Continuity**: Agreements and services with the Hezhou Jiangbei Middle Road Securities Business Department will be inherited by the Guilin Lijiang Road Securities Business Department [2] - **Contact Information**: The company provides contact details for inquiries regarding the closure and migration process [2]

Core Viewpoint - The report from Shenwan Hongyuan indicates that Hong Kong stocks have outperformed A-shares during two phases: the industrial trend fermentation phase and the phase where Chinese assets are generally superior with clear structural main lines. The outlook remains positive for a rebound in the fourth quarter, particularly favoring high elasticity in the Hang Seng Technology Index [1]. Short-term Market Structure Characteristics - The technology growth sector currently lacks long-term cost-effectiveness, experiencing high volatility while awaiting industrial trend catalysts. The Shanghai Composite Index has been fluctuating narrowly, with the technology growth sector showing wide fluctuations. The absence of a dominant structure to lead the market breakout is noted, similar to previous years when long-term low cost-effectiveness areas struggled to gain valuation [2][3]. Mid-term Market Judgments - The "two-stage bull market" theory is maintained, with the first stage of the technology structure bull market occurring in 2025. The spring of 2026 may present challenges, including a critical verification period for demand and sensitivity to performance disturbances and liquidity shocks in low cost-effectiveness areas. The market is expected to experience a structural breakthrough, but the timing and conditions for a comprehensive bull market are still developing [4]. Upcoming Market Trends - The market is anticipated to see a rotation in sectors, particularly with the PPI turning positive and the emergence of price increase catalysts. The sectors of energy storage and photovoltaics are expected to show early signs of recovery, with potential for further upward movement in the AI industry, humanoid robots, innovative pharmaceuticals, and defense industries [5]. Quantitative Indicators - Various quantitative indicators show a continued expansion of profit effects across sectors, with significant participation from coal, oil and petrochemicals, and steel. However, sectors like non-ferrous metals and transportation are experiencing contraction [9]. ETF Market Overview - The ETF market reflects varied performance across sectors, with notable changes in share volumes and price fluctuations. For instance, the Huatai-PineBridge CSI Photovoltaic Industry ETF has seen a 1.6% increase in share volume over five trading days, while the Southern CSI New Energy ETF has experienced a 1.2% decrease [10].

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with a revenue of 19.499 billion yuan, up 55.22%, and a net profit of 8.793 billion yuan, up 86.64% [1] - The company aims to become a trusted first-class investment bank and investment institution, focusing on wealth management, institutional trading, and investment banking [3] - The company is enhancing its financial technology capabilities through the development of its digital wealth management platform, "Shencai Youdao PP" [3] Financial Performance - For the first three quarters of 2025, the company achieved a consolidated operating income of 19.499 billion yuan, a year-on-year increase of 55.22% [1] - The net profit reached 8.793 billion yuan, reflecting an 86.64% year-on-year growth [1] - The weighted average return on equity was 7.41%, an increase of 3.63 percentage points compared to the previous year [1] Shareholder Structure - As of October 31, 2025, the company had issued 2.504 billion H-shares and 22.536 billion A-shares, with no changes in the number of shares [2] - The total issued share capital amounts to 25.040 billion yuan [2] Strategic Focus - The company is concentrating on three main business areas: wealth management, institutional trading, and investment banking, aiming for collaborative development [3] - It is also focusing on the integration of research, sales, and trading to enhance its capital intermediary business [3] International Expansion - The company is building a fully licensed overseas platform centered in Hong Kong to expand its international presence [4] - It aims to enhance its capabilities in wealth management, asset management, and investment banking while supporting enterprises in their internationalization efforts [4] Recent Announcements - The company completed the issuance of a short-term corporate bond worth 3.4 billion yuan, which is now listed on the Shenzhen Stock Exchange [6] - The bond issuance includes two varieties, with a total of 1.2 billion yuan for a 135-day term at a rate of 1.67% and 2.2 billion yuan for a 254-day term at a rate of 1.72% [6]

在"十四五"收官与"十五五"启动的关键节点，党的二十届四中全会、十五五规划为中国式现代化新征程 擘画蓝图，期货市场作为金融体系重要组成部分，对健全资本市场功能、服务高质量发展具有重要意 义。10月31日，由申万宏源证券主办、申银万国期货承办的第十七届申万宏源衍生品会议在上海举办， 百余家机构客户参会共同探讨衍生品服务资本市场双向开放与资产配置话题。中国金融期货交易所会员 管理部相关负责人出席本次会议。 申万宏源党委副书记、证券公司总经理张剑代表会议主办方致辞，他表示，申万宏源证券始终积极践行 金融"五篇大文章"，立足主责主业，不断打磨各项业务核心竞争力，构建综合金融服务生态圈，当好资 本市场"看门人"、直接融资"服务商"、社会财富"管理者"，致力于成为值得长期信赖的一流投资银行与 投资机构，为金融高质量发展服务中国式现代化贡献力量。申银万国期货作为控股子公司，是申万宏源 成为"一流投资银行与投资机构"不可或缺的重要组成部分，将在申万宏源支持下全力打造"一流期货及 衍生品服务商与风险管理专业机构"。 申银万国期货举办了品牌发布仪式，公司党委副书记、总经理陆三江对服务品牌进行了说明。公司使命 为"风险管理，产业赋 ...