Core Viewpoint - Jiufang Zhituo Holdings (09636.HK) experienced a significant intraday increase of over 5%, with a current rise of 4.62%, trading at HKD 63.45, and a transaction volume of HKD 286 million [1] Summary by Category - **Stock Performance** - Jiufang Zhituo Holdings saw an intraday increase exceeding 5% [1] - As of the latest update, the stock is up 4.62% at HKD 63.45 [1] - The trading volume reached HKD 286 million [1]

Group 1 - The stock of Jiufang Zhitu Holdings (09636) rose over 5% during trading, currently up 4.62% at HKD 63.45, with a trading volume of HKD 286 million [1] - As of October 24, the margin trading balance reached CNY 2.45 trillion, accounting for 2.55% of the A-share market capitalization and 11% of the A-share trading volume, setting a new historical high [1] - The company's performance is highly correlated with market trading activity, with higher trading volumes leading to faster growth in orders and revenue [1] Group 2 - According to the company's semi-annual report, revenue for the first half of 2025 increased significantly by 133% year-on-year, with confirmed revenue orders primarily from the second half of the previous year [1] - Pacific Securities noted that the company is one of the earliest domestic securities advisory institutions to utilize a media matrix for large-scale customer acquisition, establishing strong channel and traffic barriers [1] - The company is actively expanding its product matrix and has initiated a globalization strategy through the acquisition of a Hong Kong brokerage and the layout of digital asset business, which is expected to open up new growth opportunities [1] Group 3 - Huaxi Securities expressed optimism about the performance of the capital market and the brokerage sector in the fourth quarter, driven by active capital market conditions [1] - Industry highlights include the expansion of brokerage and wealth management businesses due to active market trading, with Jiufang Zhitu Holdings identified as a beneficiary [1]

Group 1 - The stock of Jiufang Zhitu Holdings (09636) rose over 5% during trading, currently up 4.62% at HKD 63.45, with a trading volume of HKD 286 million [1] - As of October 24, the margin trading balance reached CNY 2.45 trillion, accounting for 2.55% of the A-share market capitalization and 11% of the A-share trading volume, setting a new historical high [1] - The company's performance is highly correlated with market trading activity, with higher trading volumes leading to faster growth in orders and revenue [1] Group 2 - According to the company's semi-annual report, revenue for the first half of 2025 increased significantly by 133% year-on-year, with confirmed revenue orders primarily from the second half of the previous year [1] - Pacific Securities noted that the company is one of the earliest domestic securities advisory institutions to utilize a media matrix for large-scale customer acquisition, indicating strong channel and traffic barriers [1] - The company is actively expanding its product matrix and has initiated a globalization strategy through the acquisition of a Hong Kong brokerage and the layout of digital asset business, which is expected to open up new growth opportunities [1] Group 3 - Huaxi Securities expressed optimism about the performance of the capital market and the brokerage sector in the fourth quarter, highlighting the expansion of brokerage and wealth management businesses due to active market trading [1] - Industry development highlights include the growth of brokerage and wealth management businesses driven by active market trading, with Jiufang Zhitu Holdings identified as a beneficiary [1]

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Summary by Category Increased Holdings - China Aluminum International (02068) saw an increase of 4.32%, bringing its latest holding percentage to 20.94% [2]. - Shandong Molong (00568) experienced a 2.69% increase, with a current holding of 63.27% [2]. - Beijing Beichen Industrial Holdings (00588) increased by 2.59%, now holding 41.93% [2]. - In the last five trading days, Shandong Molong (00568) had the highest increase at 8.40%, with a holding of 63.27% [3]. - Other notable increases in the last five days include Ying En Bio-B (09606) at 7.65% and Derin Holdings (01709) at 5.55% [3]. Decreased Holdings - Dreamland (01119) reported a decrease of 1.69%, with a current holding of 13.11% [2]. - Chifeng Jilong Gold Mining (06693) decreased by 0.71%, now at 46.23% [2]. - Jiufang Zhitu Holdings (09636) saw a reduction of 0.55%, with a holding of 17.45% [2]. - In the last five trading days, Haotian International Investment (01341) had the largest decrease at -7.78%, now holding 51.05% [3]. - Other significant decreases include Ocean Park (02255) at -5.92% and Goldwind Technology (02208) at -3.19% [3]. Long-term Trends - Over the past 20 days, Canggang Railway (02169) had the highest increase at 31.12%, with a holding of 43.18% [4]. - The largest decrease over the same period was seen in Haotian International Investment (01341) at -9.50%, with a holding of 51.05% [4].

Core Viewpoint - Pacific Securities initiates coverage on Jiufang Zhitu Holdings (09636) with a "Buy" rating, projecting revenue growth from 39.78 billion to 53.05 billion CNY and net profit growth from 14.88 billion to 20.80 billion CNY from 2025 to 2027 [1] Financial Performance - In the first half of 2025, the company achieved revenue of 21.0 billion CNY, a year-on-year increase of 133.8%, and net profit of 8.65 billion CNY, marking a return to profitability [1] - The gross margin reached 88.2%, up 8.3% year-on-year, while the net margin was 41.2%, indicating effective profit release amid scale expansion [1] - Sales, management, and R&D expenses were 6.6 billion, 2.4 billion, and 1.5 billion CNY respectively, with year-on-year changes of +19.7%, +20.1%, and -4.5%, demonstrating effective cost control [1] Core Business Growth - In the first half of 2025, financial software sales and service revenue grew significantly, with order amounts reaching 16.1 billion CNY, a year-on-year increase of 74.3%, and paid users increasing to 102,000, up 152.7% [2] - Customer satisfaction and retention rates improved, with the refund rate decreasing to 24.6%, down 5.9 percentage points year-on-year, indicating a strong position in investment education and subscription services [2] Technology and Product Innovation - R&D expenditure for the reporting period was 1.47 billion CNY, with 505 R&D personnel, reflecting a 15.6% increase since the beginning of the year [3] - The company holds 139 software copyrights and patents, an increase of 21 year-on-year, showcasing continuous accumulation of R&D achievements [3] - The intelligent investment advisory system served 373,000 clients with a total of 13.515 million service instances, leveraging AI technology for product upgrades and improved customer conversion efficiency [3] Marketing and Brand Operations - The company operates 994 accounts across platforms like Douyin, Kuaishou, Xiaohongshu, and Bilibili, a year-on-year increase of 103.69%, with a total follower count of 63.06 million, up 38% [4] - Enhanced user coverage and brand exposure provide a solid foundation for acquiring new customers and driving product sales [4]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [3][8]. Core Views - The securities sector is expected to see a recovery in performance due to active market trading in the third quarter, with valuations currently at reasonable levels, indicating potential for valuation recovery [8][28]. - The average daily stock trading volume in the two markets reached 25,869 billion yuan, a significant increase of 19% week-on-week, reflecting a strong recovery in trading activity post-holiday [6][15]. - In September, the equity financing scale reached 43.7 billion yuan, a year-on-year increase of 109%, indicating robust activity in the investment banking sector [7][20]. Summary by Sections Market Review - The report notes that during the first week after the holiday, the securities sector performed actively, with the broker index rising by 0.5%, outperforming the CSI 300 index by 1 percentage point [5][10]. - The broker index's price-to-book ratio stands at 1.48x, maintaining a level consistent with the previous week and within the 48th percentile of the past decade [5][10]. Industry Weekly Data - **Brokerage Business**: The average daily stock trading volume in September was 23,927 billion yuan, reflecting a month-on-month growth of 5% and a year-on-year increase of 154% [6][15]. - **Investment Banking**: In September, 28 companies engaged in equity financing, with a total financing scale of 437 billion yuan, marking a year-on-year increase of 109% [7][20]. - **Capital Intermediation**: As of October 10, the margin trading balance reached 24,456 billion yuan, a 2.1% increase from the previous period, continuing to set new highs for the year [7][23]. Investment Recommendations - The report suggests focusing on internet brokers with strong beta attributes, such as Zhina Compass, and recommends attention to Jiufang Zhitu Holdings in the Hong Kong market due to their strong performance certainty amid active trading [8][28].

JF SmartInvest Holdings Ltd 九方智投控股有限公司 2025年股份激勵計劃 （經本公司股東於2025年[10]月[27]日舉行的股東大會上批准並採納） 1. 計劃及目的 1.1 本計劃旨在吸引並挽留傑出人才以及嘉許經選定人士為本集團的成功提供的 服務及作出的貢獻，並激勵彼等繼續為本集團作出貢獻。 2. 釋義及詮釋 2.1 於本計劃中，除文義另有所指外，下列詞彙分別具有與其相對應的涵義： | 「管理人」 | 指 | 董事會不時指定的任何人士，以行使其於本計 | | --- | --- | --- | | | | 劃下的權力及授權； | | 「採納日期」 | 指 | 本計劃獲本公司股東大會正式批准並採納之日 | | | | 期； | | 「組織章程」 | 指 | 本公司經不時修訂的組織章程大綱及細則； | | 「獎勵」 | 指 | 根據本計劃授予承授人的受限制股份單位及╱ | | | | 或購股權獎勵； | 1 「董事會」 指 本公司董事會； 「行使期」 指 由董事會及╱或管理人釐定之本計劃項下購股 權的行使期限，且在所有情況下，所有購股權 將不遲於授予日期後10年期間的最後一日屆滿 並 ...

此乃要件 請即處理 閣下如對本通函或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他持牌證券交易商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有九方智投控股有限公司的股份，應立即將本通函及隨附的代表委任表 格送交買主或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承 讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 JF SmartInvest Holdings Ltd （於開曼群島註冊成立的有限公司） （股份代號：9636） 採納2025年股份激勵計劃； 建議宣派中期股息； 及 股東特別大會通告 九方智投控股有限公司謹訂於2025年10月27日（星期一）上午十時正假座中國上海市青浦區徐涇鎮 會恆路399弄51號舉行股東特別大會，大會通告載於本通函第20至21頁。隨函亦附奉股東特別大 會適用的代表委任表格。此代表委任表格亦刊載於聯交所網站( www.hkexnews.hk )及本公司網站 ...

JF SmartInvest Holdings Ltd 九 方 智 投 控股有限公司 或倘其未出席，則委任股東特別大會主席為本人╱吾等之代表，代表本人╱吾等出席將於2025年10月27日（星期一）上午 十時正假座中國上海市青浦區徐涇鎮會恆路399弄51號舉行的股東特別大會（「股東特別大會」）及其任何續會，並於會上投 票，以審議及酌情通過股東特別大會之通告所載的決議案（不論有否修訂），並代表本人╱吾等按照以下指示投票，或倘無 指示，則本人╱吾等之代表可自行酌情投票。本人╱吾等之代表亦有權自行酌情就妥為提呈股東特別大會之任何事項投 票。 | | （附註4） 普通決議案 | 贊成 | （附註5） | 反對 | （附註5） | | --- | --- | --- | --- | --- | --- | | 1 | 批准採納2025年股份激勵計劃。 | | | | | | 2 | 批准建議宣派中期股息。 | | | | | 日期：2025年 月 日 簽署 （於開曼群島註冊成立的有限公司） （股份代號：9636） 將於2025年10月27日舉行之股東特別大會的代表委任表格 本人╱吾等 （附註1） 地址為 （附註1） 乃九 ...

股東特別大會通告 JF SmartInvest Holdings Ltd 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 茲通告九方智投控股有限公司（「本公司」）謹訂於2025年10月27日（星期一）上午 十時正假座中國上海市青浦區徐涇鎮會恆路399弄51號舉行股東特別大會（「股東特別 大會」），以處理下列事項： 1. 審議及酌情通過（不論有否修訂）下列決議案為普通決議案： 「動議，批准及採納本公司日期為2025年10月10日的通函附錄一所載本公 司2025年股份激勵計劃（「2025年股份激勵計劃」）（其註有「A」字樣之副本 已提呈本大會，並由本大會主席簡簽以資識別）的概要，並授權董事進行一 切必要事宜以實施2025年股份激勵計劃。」 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何損失承擔任何責任。 註冊辦事處： Cricket Square, Hutchins Drive PO Box 2681 Grand Cayman, KY1-1 ...