Core Viewpoint - Xiamen Yanjing New Materials Co., Ltd. has attracted significant attention from the capital market, as evidenced by recent institutional research activities, indicating strong investor interest in the company's development [1] Group 1: Company Overview - The company specializes in surface materials for disposable hygiene products, with a focus on 3D perforated non-woven fabric used in high-end diapers [1] - Since its listing, the company's main business has remained stable, establishing good partnerships with well-known brands and setting up overseas production bases in Egypt, the USA, and India since 2017 to cater to different markets [1] - The company is advancing its strategy of "exchanging technology for efficiency," deepening its domestic and international market presence, and launching high-end products, resulting in steady growth in operating scale [1] Group 2: Key Insights from Investor Relations Activity - Order expectations indicate steady growth in domestic orders, with optimistic growth in overseas demand, particularly for perforated hot air non-woven fabric [2] - The top two customers remain stable, while there have been changes among the third to fifth largest customers since 2023 [2] - The trend for hot air non-woven fabric is increasing, as the market penetration of perforated hot air non-woven fabric products rises due to e-commerce, leading to significant sales growth starting in 2025 [2] - Current production capacity includes approximately 15,000 to 20,000 tons/year for PE perforated film and 60,000 to 65,000 tons/year for hot air non-woven fabric [2] - The company's gross margins for hot air non-woven fabric and perforated non-woven fabric are generally stable, influenced by production costs and market positioning, with proprietary technologies providing a competitive edge [2] - The company is one of the few Chinese enterprises recognized as global brand suppliers with overseas supply chains, having taken 7 to 8 years to gain customer acceptance [2] - Tax rates are 15% for the parent company (high-tech enterprise), 22% for Egypt, and 18% to 20% for India/USA; the debt ratio is around 50%, with limited probability of significant increases in the future [2] - The company generates an annual operating cash flow of 100 to 200 million and has maintained positive net cash flow in recent years, planning to choose suitable financing methods for large capital expenditures [2] - The company has a unique R&D advantage, engaging in joint R&D with customers and developing its own process equipment [2]

（於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code 股份代號 : 6806.HK 000166.SZ 公司制定2025年度利潤分配方案時，將考慮本次已派發的中期利潤分配金額。如在本利潤分配方案披露之日起至 實施權益分派股權登記日期間，公司總股本發生變動的，公司擬維持分配總額不變，相應調整每股分配比例。 此預案尚需提請公司股東大會審議批准。 2025 INTERIM REPORT 中期報告 重要提示 第一節 重要提示、目錄和釋義 備查文件目錄 中期報告 2025 申萬宏源集團股份有限公司 3 一、 中期財務資料審閱報告文本（H股）。 二、 報告期內公開披露過的所有公司文件的正本及公告的原稿。 三、 在其他證券市場公佈的中期報告。 中期報告 2025 申萬宏源集團股份有限公司 1 一、 本公司董事會、監事會及董事、監事、高級管理人員保證中期報告內容的真實、準確、完整，不存在虛假記 載、誤導性陳述或重大遺漏，並承擔個 ...

Group 1 - The issuer of the bonds is China National Railway Group Co., Ltd., which is a government-supported entity [1][31] - The bond issuance scale is set at 5 billion yuan for the 2025 Eleventh Phase China Railway Construction Bonds [8][32] - The bonds will be issued through a single-rate (Dutch-style) bidding process, with the final interest rate determined based on market results [11][33] Group 2 - The bidding process will take place on September 17, 2025, with the results announced on September 18, 2025 [13][16] - The bonds have a term of 5 years, and the interest rate will be based on the Shibor benchmark rate plus a basic spread [32][33] - The final interest rate will be fixed and will not change during the bond's duration [33] Group 3 - The lead underwriter for this bond issuance is CITIC Securities [5][21] - The bonds will be registered and settled through the Central National Debt Registration and Settlement Co., Ltd. [20][33] - Institutional and individual investors will be able to participate in trading after the bonds are listed [33][34]

Core Viewpoint - Meilian Holdings has submitted a listing application to the Hong Kong Stock Exchange, with Shenwan Hongyuan (Hong Kong) as its sole sponsor [1] Company Overview - Meilian Holdings specializes in providing comprehensive services for prefabricated steel structure buildings, with business segments including subcontracting for prefabricated steel structures, general contracting for specialized engineering, and industrial environmental protection equipment [1] - In 2024, the company ranks third in China's prefabricated steel structure building industry, holding a market share of 3.5% [1] Production Facilities and Capacity - The company's production facilities are located in Shanghai, Suzhou, and Jiangmen, with the utilization rate of prefabricated steel structure components exceeding 100% for most of the reporting period [1] - The utilization rate for industrial environmental protection equipment is also high [1] Industry Application - Prefabricated steel structures are widely used in the industrial sector due to their advantages in large spans, rapid assembly, and scalability [1]

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Shenwan Hongyuan (06806.HK) by purchasing 2.8176 million shares at an average price of HKD 3.4083 per share, totaling approximately HKD 9.6032 million [1][2] - After the purchase, E Fund's total shareholding in Shenwan Hongyuan increased to 226,147,200 shares, raising its ownership percentage from 8.92% to 9.03% [1][2]

Group 1 - The core point of the article is that E Fund Management has increased its stake in Shenwan Hongyuan (000166)(06806) by acquiring 2.8176 million shares at an average price of 3.4083 HKD per share, totaling approximately 9.6032 million HKD [1] - After the acquisition, E Fund Management's total holdings in Shenwan Hongyuan amount to approximately 226 million shares, representing a 9.03% ownership stake [1]

Group 1 - E Fund Management increased its stake in Shenwan Hongyuan (06806) by 2.8176 million shares on September 10, with an average price of HKD 3.4083 per share, totaling approximately HKD 9.6032 million [1] - After the increase, E Fund's total shareholding in Shenwan Hongyuan is approximately 226 million shares, representing a holding percentage of 9.03% [1]

Core Viewpoint - The credit rating agency has reaffirmed the AAA credit rating for Shenwan Hongyuan Securities Co., Ltd., indicating strong financial stability and risk management capabilities [1] Group 1: Credit Rating - The company’s long-term credit rating is confirmed as AAA, with the same rating for the current debt issue [1] - The rating outlook is stable, suggesting no anticipated changes in the near term [1] Group 2: Company Strengths - The company benefits from a strong shareholder background and brand influence, contributing to its robust capital strength [1] - The business is diversified, which helps mitigate risks associated with market fluctuations [1] - The company has a high level of risk management, essential in the current environment of frequent external credit risks [1] Group 3: Investment Business - The company has a significant scale in proprietary investment business, primarily focused on bonds [1] - There is a need to monitor the credit risk of the company’s investment assets, especially given the recent increase in external credit risks [1]

Group 1: Swine Industry - The average selling price of external three-yuan pigs in China on September 14 was 13.27 yuan/kg, a week-on-week decrease of 2.5% [1] - The average selling price of weaned piglets was 294 yuan/head, down 29 yuan/head week-on-week, marking a new low for the year [1] - The average selling price of two-yuan sows was 1595 yuan/head, down 1 yuan/head week-on-week, also a new low for the year [1] - The weak prices of piglets and sows reflect the industry's pessimistic expectations for pig prices in 2026 [1] - The expectation of upgraded capacity regulation in the industry is gaining traction, emphasizing the importance of the "anti-involution" process [2] - The industry is expected to enter a phase of stable and high-quality development, with improved profitability for leading pig companies [2] Group 2: Poultry Industry - The average selling price of white feather broiler chicks was 3.26 yuan/chick, down 1.21% week-on-week [3] - The average selling price of white feather broiler meat was 3.45 yuan/kg, down 1.15% week-on-week [3] - The average selling price of chicken meat cuts was 8687.95 yuan/ton, down 0.09% week-on-week [3] - The seasonal rebound in July-August has ended, with continued ample supply of white chickens expected to be a theme for 2025 [3] - The average selling price of Qingjiao Ma chicken was 5.75 yuan, down 0.3% week-on-week, maintaining a high level for the year [3] - The industry turned profitable in August, with further profit increases expected in September, suggesting a focus on companies' third-quarter performance [3] Group 3: Pet Food Industry - The total sales of pet food on platforms like Tmall, JD, and Douyin in August reached 2.34 billion yuan, a year-on-year increase of 8% and a month-on-month increase of 19% [4] - Cumulative sales from January to August 2025 reached 19.21 billion yuan, a year-on-year increase of 11% [4] - Leading domestic brands showed significant growth, with Blue's, Honest Bite, and Fresh Lang increasing by 42%, 33%, and 27% year-on-year, respectively [4] - Overseas leading brands also saw growth, with Pro Plan, Royal Canin, and Orijen increasing by 45%, 28%, and 17% year-on-year, respectively [4]

Core Insights - The central theme of the analysis is the notable shift in financial data released by the central bank, particularly highlighting the phenomenon of "deposit migration" as evidenced by a decline in resident deposits and an increase in non-bank deposits [1] Group 1: Financial Data Analysis - In August, resident deposits experienced a seasonal decline for two consecutive months, marking the first occurrence since 2025 [1] - Non-bank deposits saw an increase of 1.18 trillion, setting a new record for the same period since data collection began [1] - The relationship between resident and non-bank deposits has shown a "seesaw" effect, indicating a change in the asset structure of residents [1]