Core Viewpoint - Guojin Securities initiates coverage on Meitu Inc. (01357) with a "Buy" rating and a target price of HKD 11.73, emphasizing the company's strong core value derived from its "functional depth + national recognition" in the AI era, which is difficult to disrupt [1] Group 1: Misconceptions in the Market - The market holds four major misconceptions about Meitu's products: 1. Error tolerance misconception: Scenarios involving face editing and character consistency generation have standard answers, but current multi-modal base model capabilities yield unstable results [1] 2. Efficiency in aesthetic activities misconception: Editing images is a self-pleasure activity, and while AI can solve accuracy issues, one-click editing may diminish user experience and satisfaction [1] 3. Natural language interaction misconception: The transition from command line to GUI means that functional buttons represent know-how, and the accuracy of natural language interaction is lower than the drag-and-drop interaction of Meitu's graphical interface [1] 4. Point function misconception: Meitu's products encapsulate a mature workflow in image tools, providing a comprehensive suite of features that meet user needs 100% [1] Group 2: Growth Potential and Revenue Model - The company has a broad long-term growth space, with the potential for a second growth curve driven by international expansion and productivity tools. Since launching Meitu Xiuxiu in 2008, the company has explored various business models, ultimately returning to subscription-based monetization for image editing software [2] - Subscription revenue has grown from CNY 50 million in 2018 to CNY 2.09 billion in 2024, with MAU, ARPU, and payment rate increasing approximately 2%, 25%, and 519% respectively from 2020 to 2024 [2] - Looking ahead, the combination of international expansion and productivity tools is expected to contribute to future MAU growth, while AI-enhanced features and changes in MAU structure may increase ARPU, pushing the payment rate ceiling for tool-based apps above 10% [2]

Core Insights - The report emphasizes the continuation of investment and financing coordination development in the securities industry, predicting a sustained industry boom in 2026 [8][16][20] - The report maintains a "market synchronization" investment rating for the securities sector, highlighting the expected strong performance of the equity market in 2026 [8][16][20] Group 1: "14th Five-Year Plan" Recommendations - The "14th Five-Year Plan" outlines the direction for capital market reform, emphasizing the need for a more inclusive and adaptable market system [14][15] - The plan aims to enhance the coordination of investment and financing functions within the capital market, promoting high-quality development [15][20] Group 2: 2025 Performance Review - In the first three quarters of 2025, listed securities firms showed significant recovery, with revenues increasing by 42.55% year-on-year and net profits rising by 62.38% [8][16][20] - The main drivers of this performance were retail brokerage, margin financing, and directional equity business, while fixed income and asset management businesses experienced declines [8][16][20] Group 3: 2026 Business Outlook - The brokerage business is expected to maintain high levels of activity, with average daily stock trading volumes remaining at historical highs [8][16][20] - Investment banking is projected to see a continued recovery in equity financing, while debt financing will also grow, contributing positively to overall revenue [8][16][20] - The asset management sector is anticipated to experience narrow fluctuations in revenue, with limited impact on overall performance [8][16][20] Group 4: Investment Strategy - The report suggests focusing on leading listed securities firms that are likely to play a pivotal role in the sector's recovery [8][16][20] - It also highlights the importance of mid-sized firms with differentiated competitive advantages and those with strong performance resilience [8][16][20] - Key recommended companies include CITIC Securities, Guotai Junan, GF Securities, Dongwu Securities, Caitong Securities, and Guojin Securities [8][16][20] Group 5: Market Trends - The securities sector is expected to experience wide fluctuations in 2026, with average valuations around 1.54 times P/B, consistent with the average over the past decade [8][16][20] - The report notes that the securities index has shown a range-bound performance, underperforming the CSI 300 index [8][16][20]

国金证券：维持名创优品"买入"评级，海外强势扩张。 ...

国金证券发布研报称，维持名创优品(09896)"买入"评级，其第三季度业绩稳健，营收同比增长28%。增 长主要由海外业务(尤其是北美市场)的强劲表现和TOPTOY品牌的快速扩张驱动，基于其清晰的全球化 与IP零售战略以及同店复苏趋势，预计25/26/27年公司调整后归母净利分别为29.6/34.2/42.1亿元，当前 股价对应P/E分别为15/13/11X。 国金证券主要观点如下： 行业竞争加剧，海外开店进度低于预期，门店拓展及子品牌发展不及预期。 国内名创：Q3同店高个位数正增、开店环比高增，积极打磨自有IP。Q1/Q2/Q3/M10国内名创同店中个 位数下降/低个位数上升/高个位数上升/低双位数上升，预计得益于积极开设IP大店、换址或扩建优化同 店;截至Q3门店数量达到4407家(同/环比+157/+102家)，其中一/二/三线门店同比+21/+46/+90家。截至11 月公司签约16位潮玩艺术家，并积极打磨自有IP糯米儿等。 海外名创：增长质量提升，北美同店增长超预期。3QGMV同比+27.5%，同店低个位数上升，截至3Q25 海外总门店数3424家，同/环比+488/+117家，亚洲(不含中国)/北美 ...

Core Viewpoint - Company maintains a "buy" rating for Miniso (09896) based on strong Q3 performance, with revenue growth of 28% year-on-year driven by robust overseas business, particularly in North America, and rapid expansion of the TOPTOY brand [1] Financial Performance - In Q3, the company reported revenue of 5.797 billion yuan (+28% year-on-year) and adjusted net profit of 767 million yuan (+11.7% year-on-year), with an adjusted net profit margin of 13.2% (down 2 percentage points year-on-year) [1] Operational Analysis - Domestic Miniso revenue reached 2.909 billion yuan (+19.3% year-on-year), overseas Miniso revenue was 2.312 billion yuan (+27.7% year-on-year), and TOPTOY revenue was 575 million yuan (+111.4% year-on-year) [2] - Domestic same-store sales showed a positive trend, with high single-digit growth in Q3, benefiting from the opening of IP flagship stores and store relocations or expansions [2] - As of Q3, the total number of stores reached 4,407, with a year-on-year increase of 157 stores [2] - Overseas Miniso showed improved growth quality, with North America exceeding same-store growth expectations [2] - TOPTOY's revenue growth was attributed to rapid store expansion and increased sales of self-developed and exclusive IPs, with a total of 307 stores as of Q3 [3] Cost and Investment - Q3 gross margin was 44.7% (down 0.2 percentage points year-on-year), with total expenses rising to 1.43 billion yuan (+43.5% year-on-year) due to investments in strategic overseas stores [3] - The company is focusing on optimizing channels and upgrading products domestically, while overseas, it aims to deepen its focused store opening strategy in North America [3]

Company Background - Xindong Company is a global game developer and publisher with extensive experience in research and development, publishing, and agency operations. The company's major games include "Let's Go, Muffin," "Xindong Town," "Iser," "Ragnarok M," and "Torchlight: Infinite." According to Sensor Tower, the company is expected to enter the global mobile game publisher revenue ranking TOP 100 by October 2025, ranking 22nd among Chinese mobile game publishers. The company also owns TapTap, the largest comprehensive game community platform in China, which provides a full-service experience for players and developers [1][2]. Self-Developed Game Performance - Since 2024, the company's self-developed games such as "Let's Go, Muffin," "Xindong Town," and "Iser" have shown impressive performance, reflecting the high success rate from refining quality games and precise product positioning. The international version of "Xindong Town" and new products like "Ragnarok RO: Guardians of Eternal Love 2" are expected to continue driving growth [2]. TapTap Platform Growth and Commercialization - TapTap exhibits a "user-game" dual-sided effect, with a zero-revenue-sharing policy and a considerable user base attracting many quality games to launch and promote on the platform. The ongoing opening of the iOS application ecosystem in China is expected to further expand TapTap's growth potential. The launch of the TapTap PC version will help broaden the user base and market for multi-platform games, including PC and independent games. The TapAND business has been successfully initiated and has vast market potential. In the first half of 2025, TapTap's revenue reached 1.01 billion, representing a year-on-year increase of 37.6%. The company forecasts TapTap's revenue growth of 35.5%, 25.0%, and 14.6% for 2025, 2026, and 2027, respectively [3]. Profit Forecast, Valuation, and Rating - As revenue scales grow, the operating leverage effect is expected to be released, leading to a net profit growth rate for the company that exceeds revenue growth. The forecast for the company's net profit attributable to shareholders is 1.7 billion, 2.12 billion, and 2.55 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 111.2%, 24.3%, and 20.0%. The corresponding EPS is projected to be 3.44, 4.28, and 5.16 yuan. Based on industry valuation, a target price of 103.2 HKD is set for 2026, with an initial "buy" rating [4].

每经AI快讯，顺络电子（SZ 002138，收盘价：33.82元）发布公告称，2025年11月21日，顺络电子接受 国金证券等投资者调研，公司董事会秘书任怡、证券事务代表张易弛参与接待，并回答了投资者提出的 问题。 2025年1至6月份，顺络电子的营业收入构成为：电子元器件行业占比100.0%。 每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 胡玲） ...

本期债券发行工作已于2025年11月21日结束，实际发行规模6亿元，期限3年，票面利率为1.95%。 特此公告。 国金证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载，误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 根据中国证券监督管理委员会《关于同意国金证券股份有限公司向专业投资者公开发行公司债券注册的 批复》（证监许可[2024]77号），国金证券股份有限公司（以下简称"公司"）获准向专业投资者公开发 行公司债券面值总额不超过150亿元，批复有效期自同意注册之日起24个月内有效，公司在注册有效期 内可以分期发行公司债券。 根据《国金证券股份有限公司2025年面向专业投资者公开发行公司债券（第七期）发行公告》，公司 2025年面向专业投资者公开发行公司债券（第七期）（以下简称"本期债券"）发行规模不超过6亿元， 发行期限为3年期。 本期债券发行价格为每张人民币100元，全部采用网下面向专业投资者簿记建档的方式发行。 二〇二五年十一月二十四日 董事会 ...

Core Viewpoint - Guojin Securities has successfully issued corporate bonds aimed at professional investors, with a total issuance scale of 6 billion RMB and a maturity of 3 years at a coupon rate of 1.95% [3]. Group 1: Bond Issuance Details - The company has been approved by the China Securities Regulatory Commission to issue corporate bonds with a total face value not exceeding 15 billion RMB, valid for 24 months from the date of approval [1]. - The specific issuance of the seventh phase of corporate bonds is capped at 6 billion RMB, with a term of 3 years [1][3]. - The bonds were issued at a price of 100 RMB per bond, utilizing an online book-building method targeted at professional investors [2]. Group 2: Issuance Completion - The bond issuance process was completed on November 21, 2025, with the actual issuance scale reaching 6 billion RMB [3]. - The coupon rate for the bonds is set at 1.95% [3].

Group 1 - The core viewpoint is that the volatility of global risk assets is primarily due to liquidity issues and an over-reliance on AI narratives, leading to necessary valuation corrections when industrial development lags behind market expectations [1] - The recent adjustments in the A-share and Hong Kong stock markets may present opportunities for investors to reallocate towards equities, particularly in traditional manufacturing and resource sectors [1][5] - The market is currently experiencing a "three-phase overlap," characterized by a consolidation phase in the middle of a bull market, a critical period for verifying economic conditions, and a policy vacuum affecting performance [3] Group 2 - The Chinese stock market is expected to stabilize and potentially rally in the coming months, with a focus on AI applications, robotics, and domestic consumption as key themes [2] - The recent adjustments in the A-share market are attributed to weak domestic economic data, a strong dollar, and year-end profit-taking, with expectations for a recovery following important policy meetings in December [5][10] - The current market environment is marked by high volatility, necessitating a focus on safety margins in investment strategies, particularly in sectors like food and beverage, textiles, and cyclical industries [4][11]