全球化产能布局，匹配市场需求 公司积极推进全球化产能布局以巩固行业龙头地位：2005年首次在柬埔寨建设工厂开启国际化，2013- 2019年间，越南、柬埔寨工厂不断建成投产。公司海外产能持续扩张推动境外产能占比提升，2023年海 外工厂的成衣产出约占公司总成衣产出的53%，同比增加7个百分点。公司位于柬埔寨的新建成衣工厂 已于2025年3月开始投产，目前已聘用约4000名员工。同时，公司位于越南西宁省的新面料工厂项目进 展顺利，预期在2025年底前逐步投产。该越南工厂规划面料产能为200吨/天，建成后将为公司东南亚成 衣工厂提供面料供给，以更快速地响应客户需求。 纵向一体化供应链，保证产品时效与质量 公司纵向一体化供应链模式覆盖从原材料采购到成品交付的全产业链，通过整合各生产环节提升效率。 其纵向一体化供应链模式覆盖了从原材料采购到成品交付的全产业链，通过深度整合各生产环节，实现 效率提升。在采购流程中，公司将多核心部门融入供应链管理流程，通过多部门合作以确保供应链的高 效运作与稳定发展。同时，公司推进近岸和本土化采购，提升原材料采购响应速度，确保订单快速生产 交付。 中国银河（601881）证券发布研报称， ...

Core Viewpoint - China Galaxy Securities initiates coverage on Shenzhou International (02313) with a "Buy" rating, highlighting its strong competitive advantages in R&D, supply chain management, production efficiency, and brand quality, along with deep partnerships with leading international brands [1] Group 1: Financial Performance - The company is a global leader in vertically integrated knit manufacturing, expecting revenue of 28.663 billion yuan in 2024, a 14.8% year-on-year increase, and a net profit of 6.241 billion yuan, up 36.9% [1] - In 2024, sportswear will be the main product line, generating 19.799 billion yuan, accounting for 69.1% of total revenue [1] - The gross margin for 2024 is projected at 28.10%, an increase of 3.83 percentage points, while the net margin is expected to be 21.77%, up 3.52 percentage points [1] - The management expense ratio has been decreasing since 2021, projected at 6.76% in 2024, down 0.77 percentage points [1] - Inventory turnover days are expected to be 114 days, and accounts receivable turnover days are projected at 70 days in 2024 [1] Group 2: Global Capacity Expansion - The company is actively expanding its global production capacity to strengthen its industry leadership, with overseas factories accounting for approximately 53% of total garment output in 2023, a 7 percentage point increase year-on-year [2] - A new garment factory in Cambodia began operations in March 2025, employing around 4,000 staff [2] - A new fabric factory in Vietnam is progressing well, expected to start production by the end of 2025, with a planned capacity of 200 tons per day [2] Group 3: Supply Chain Integration - The company employs a vertically integrated supply chain model that covers the entire industry chain from raw material procurement to finished product delivery, enhancing efficiency through deep integration of production processes [3] - The procurement process incorporates multiple core departments to ensure efficient supply chain management and stable development [3] - The company promotes nearshore and localized procurement to enhance the responsiveness of raw material sourcing, ensuring quick order production and delivery [3] Group 4: Client Relationships - The company has a strong client base in the sports and leisure apparel sector, with major clients like NIKE, ADIDAS, UNIQLO, and PUMA contributing 80.7% of total revenue in 2024 [4] - The company has been expanding its client portfolio by partnering with new brands such as lululemon and Lacoste [4] - Through a dedicated factory model and collaborative R&D, the company provides a comprehensive ODM "one-stop" service that integrates fabric development and garment manufacturing [4]

Group 1 - The market is expected to maintain a positive trend despite short-term fluctuations, with October A-shares likely entering a critical window period for risk appetite recovery [1][2][4] - Historical data suggests that the market typically performs well after the National Day holiday, with current valuations remaining reasonable and not overly stretched [1][3] - The technology sector is highlighted as a key area for investment, with opportunities for "high-low cut" strategies within this sector [6][7] Group 2 - The liquidity in the market is anticipated to remain favorable, supported by factors such as the upward trend in margin financing and potential seasonal inflows from foreign capital [1][4][5] - The focus on cyclical industries is expected to yield better performance in the fourth quarter, with over 65% probability of these sectors outperforming the CSI 300 index [3] - Areas with improving earnings or sustained high growth are projected to generate excess returns, particularly in mid-to-high-end manufacturing and the AI industry chain [7]

Group 1 - The central bank is expected to implement a 10-20 basis points interest rate cut in the fourth quarter [1] - A potential interest rate cut may deepen the inversion of the China-US interest rate differential, leading to capital outflows and depreciation pressure on the RMB [1] - Despite previous expectations, the interest rate differential has narrowed this year, and the RMB has appreciated following the central bank's easing measures [1] Group 2 - Even with a potential interest rate cut in the fourth quarter, the RMB is expected to maintain an appreciation trend for the year [1] - Under the baseline scenario, the USD/CNY exchange rate is projected to approach 7.0 by year-end [1] - In an optimistic scenario, where extraordinary counter-cyclical policies stimulate the economy or tariffs on Chinese imports are reduced by an additional 20%, the new equilibrium for the USD/CNY exchange rate is estimated to be around 6.7 [1]

中国基金报记者 莫琳 伴随着证券行业数智化转型、财富管理转型进入"深水区"，证券行业人才需求旺盛。9月以来，各大券 商纷纷启动2026届校园招聘，以最大诚意吸引人才。 截至目前，包括中信证券、中金公司、中国银河证券在内的超20家国内券商发布了2026校园招聘公告， 还有高盛、摩根士丹利、野村证券、Point72、Jane Street等知名国际金融机构也在国内各大高校开启"抢 人模式"。 "缺乏相关工作经验" 成应届生软肋 金融科技岗仍然是重中之重。中信证券的招聘海报上排列首位的就是AI、QUANT和FinTech，其次是产 品销售、投行等一线业务岗位。 据了解，相比于往年，中信证券今年对金融科技类岗位的要求提高不少。例如，AI岗要跟踪最新AI技 术，并根据业务做相关场景的研发；QUANT岗要用数据模型预测量化投资，FinTech岗负责业务系统的 开发和平稳运行。虽然以计算机为代表的理工类专业都能投，但有技术经验和实践项目经历的学生更受 青睐。 广发证券则采用"以赛代选"的创新机制，已正式启动"2026届Fintech校园招聘暨Quant & AI挑战赛"，从 中选拔"技术大神"。虽然报名时间截至10月24日 ...

Core Viewpoint - The surge in bond issuance by securities firms in China reflects a strong demand for capital, driven by increased market activity, expansion of capital-intensive businesses, and favorable financing conditions in a low-interest-rate environment [1][4]. Group 1: Bond Issuance Scale - As of September 28, 2023, the total bond issuance by securities firms has exceeded 1.18 trillion yuan, marking an 83.27% year-on-year increase, with 616 bonds issued compared to 366 in the same period last year [2]. - Monthly issuance saw a significant increase, with July reaching 142.99 billion yuan and August further rising to 275.5 billion yuan, setting new records for both volume and scale [2]. - Leading firms dominate the issuance, with seven firms surpassing 50 billion yuan in bond issuance, including China Galaxy, which issued over 100 billion yuan [2]. Group 2: Use of Funds - The bond issuance is characterized by a diverse allocation of funds, including debt repayment, liquidity support, and targeted investments, particularly in margin trading and derivatives [3]. - A significant portion of the funds is used for refinancing high-interest debt, optimizing debt structures, and enhancing operational capital for business expansion [3]. Group 3: Factors Driving Demand - The increase in bond issuance is attributed to multiple factors, including a strong A-share market, lower financing costs, and a supportive regulatory environment [4]. - The A-share market's performance, particularly the Shanghai Composite Index surpassing key thresholds, has led to a surge in trading activity, boosting demand for capital [4]. Group 4: Issuance Costs - The average interest rates for bond issuance have decreased compared to the previous year, with company bonds averaging 1.89%, subordinate bonds at 2.25%, and short-term financing bonds at 1.77% [5]. - Debt financing is favored over equity financing due to its larger funding capacity, lower costs in the current environment, and flexibility in meeting different business funding cycles without diluting equity [5]. Group 5: Future Outlook - The demand for capital among securities firms is expected to remain strong, with projections indicating continued high bond issuance in the fourth quarter [6]. - Leading firms are likely to strengthen their competitive positions due to capital and cost advantages, potentially intensifying the "Matthew Effect" in the industry [6].

（四）采用诋毁其他证券公司等不正当竞争方式招揽投资者； 中国经济网北京9月26日讯 中国证券监督管理委员会贵州监管局近期发布关于对邹文瑾采取出具警 示函措施的决定（〔2025〕30号）。经查，邹文瑾在中国银河证券贵阳长岭北路证券营业部从业期 间，存在委托证券经纪人以外的个人从事客户招揽活动的行为。 上述行为违反了《证券经纪业务管理办法》(证监会令第204号)第八条第七项的规定。根据《证券 经纪业务管理办法》第四十四条的规定，贵州监管局决定对邹文瑾采取出具警示函的行政监管措施并记 入证券期货市场诚信档案。 天眼查工商信息显示，中国银河证券股份有限公司（简称"中国银河"，601881.SH，06881.HK） 成立于2007年，位于北京市，是一家以从事资本市场服务为主的企业。企业注册资本1093440.2256万 人民币，实缴资本600100万人民币。 《证券经纪业务管理办法》(证监会令第204号)第八条规定：证券公司及其从业人员从事证券经纪 业务营销活动，应当向投资者介绍证券交易基本知识，充分揭示投资风险，不得有下列行为： （一）诱导无投资意愿或者不具备相应风险承受能力的投资者开立账户、参与证券交易活动； （二 ...

通宇通讯Macro WiFi产品批量出海，行业出海品类再拓展 智通财经APP获悉，中国银河证券发布研报称，通宇通讯(002792.SZ)同澳大利亚客户正式签署Macro WiFi产品批量采购协议，订单数量1000副。该行认为此次通宇通讯Macro WiFi产品的出海，扩充了卫星 互联网行业的出海品类，实现从"技术创新"到"海外输出"的进化，高可靠性+成本可控的技术及产业链 优势逐步明晰。全球化是巨型低轨卫星星座的重要特征，我国卫星互联网产业链构建较为完善，且全球 化布局能力较强。该行预计随着我国卫星互联网组网完整度的进一步加强，全球化市场将在当前基础上 实现较快增长，我国卫星互联网产业链相关厂商具备较大发展潜力。 Macro WiFi是通宇通讯专为偏远地区设计的远距离无线通信解决方案，适用于农场、山区和矿区等无网 络覆盖环境。产品采用高增益双波束天线阵列和内置带外滤波器，能有效减少信号干扰，具备2公里超 远距离传输和200个以上用户同时接入能力，并支持接入卫星网络，如StarLink网络等。该订单是Macro WiFi产品在海外实现规模化商用的重要范例，不仅验证了该产品在海外市场的竞争力和商用可行性， 也为该 ...

Core Insights - The end of the visual dividend has led to a simultaneous downward shift in both the supply and payment curves, resulting in a decline in cloud computing SaaS valuations. The narrative around AI has transitioned from "model innovation" in the Internet+ era to "factor monetization," creating space for a "value reassessment" in the 14th Five-Year Plan [1][2] Group 1: AI Industry Transformations - During the 14th Five-Year Plan, the AI industry has undergone five significant qualitative changes, establishing a foundation for "factorization." These changes include a shift from "technology" to "factors," driven by global and domestic transformations alongside the fourth industrial revolution [2] - Key qualitative changes in the AI industry include: 1) Technological transformation with the end of visual dividends and the emergence of the Transformer architecture as a unified engine for AIGC, establishing a foundation for general intelligence [2] 2) Computational transformation with domestic AI chips gradually closing the efficiency gap with foreign counterparts, and a shift in data center forms from IDC to AIDC [2] 3) Data transformation with public data becoming a tradable fiscal element, filling the gap left by land revenue [2] 4) Policy transformation with AI being integrated into social governance, elevating its role from an "industrial tool" to a "transformation engine" [2] 5) Market transformation with a decline in cloud computing SaaS valuations and a shift in AI narratives towards "factor monetization" [2] Group 2: Future Outlook and Investment Opportunities - The 15th Five-Year Plan is expected to see AI factorization manifest through "price discovery, scale trading, and cross-border output," with Agents as the core vehicle [3] - Key aspects of this outlook include: 1) Product dimension changes where interaction paradigms shift to CUI, and Agents evolve from "passive execution" to "autonomous collaboration," marking the first market-based price discovery for factors [3] 2) Supply dimension with a complete domestic closed-loop system for Agents, enabling the definition of "Agent instruction sets" and achieving factor pricing power [3] 3) Demand-side expansion into global southern markets, with a significant population and a projected 9.2% annual growth rate in the digital economy [3] 4) Expansion of five key scenarios over the next five years, with a shift from "project-based" to "subscription-based" consumption frequency [3] Group 3: Investment Recommendations - Investment in the AI industry can follow four main lines: 1) Computational infrastructure, including domestic AI chips, AI servers, intelligent computing centers, and green computing facilities [4] 2) AI Agents and MaaS services, covering vertical industry software, low-code platforms, and system integrators [4] 3) Intelligent terminals and embodied intelligent robots, including smart connected vehicles, AI smartphones/PCs, AR/VR, and the associated industry chain [4] 4) AI and green low-carbon initiatives, involving smart grids, industrial energy conservation, carbon management software, and system integration [4]

Core Viewpoint - Microsoft collaborates with Corning and Heraeus to scale up the production of hollow-core fiber (HCF), aiming to enhance the performance and reliability of AI networks and meet the growing demand for network infrastructure [1][2] Group 1: Industry Trends - The trend towards industrialization of hollow-core fiber is clear, with significant potential for demand growth in long-distance data transmission and applications requiring high reliability and low latency [3][4] - Hollow-core fiber can significantly increase transmission speed and reduce latency, achieving approximately one-third lower latency compared to traditional glass-core fibers [3] Group 2: Company Developments - Microsoft acquired Lumenisity in 2022 and launched the world's first hollow-core fiber factory in the UK, with plans to deploy 15,000 kilometers of hollow-core fiber over the next two years [2] - Corning's manufacturing facility in North Carolina will produce HCF for Microsoft, expanding global fiber production and supporting Azure's network deployment [1][2] Group 3: Competitive Landscape - Domestic and international enthusiasm for the industrialization of hollow-core fiber is high, with companies like China Mobile launching commercial lines and Microsoft and Amazon actively promoting its use [4] - The current market for hollow-core fiber is relatively small, but companies with technological and patent advantages are expected to lead, with domestic firms like Hengtong Optic-Electric and Zhongtian Technology positioning themselves well for market share [4][5]