Core Insights - The report from Guojin Securities highlights a strong demand for AI-related products, particularly in the AI-PCB and core computing hardware sectors, as well as the Apple supply chain and self-controllable industries [1][2][4] - The upcoming Q3 earnings reports are expected to exceed expectations, driven by robust demand in the AI computing supply chain [1][3] Industry Overview - The AI demand is surging, with companies in the global AI supply chain set to report impressive Q3 results, such as Shengyi Electronics, which anticipates Q3 revenue of 2.84-3.26 billion yuan, a year-on-year increase of 135-170%, and profits of 540-620 million yuan, a year-on-year increase of 504-592% [2] - North American companies are increasing their AI investments, leading to an upward revision of CoWoS demand and additional orders for 800G, 1.6T optical modules, and AI-PCB products [2][3] - TSMC is optimistic about AI demand, projecting a compound annual growth rate (CAGR) of around 45% for AI revenue from 2024 to 2029 [2] Market Dynamics - The demand for AI copper-clad laminates, PCBs, and BT substrates is strong, with some products experiencing price increases due to full production and sales [3][4] - The storage chip market is also seeing a price increase trend, with reports indicating that some manufacturers have paused quotes for DRAM and Flash products, leading to a supply-demand imbalance [3] - The current market conditions suggest that NAND Flash 512Gb wafer prices have reached $5.80, with TF card supply prices continuing to rise [3] Future Outlook - The AI server shipments from NVIDIA are expected to accelerate in Q4, with the supply chain actively increasing orders, indicating continued high growth in AI computing hardware performance [4] - Overall, the outlook remains positive for AI-PCB, core computing hardware, the Apple supply chain, and self-controllable industries [1][4]

国金证券股份有限公司 证券代码：600109 证券简称：国金证券 公告编号：临2025-84 国金证券股份有限公司 董事会 二〇二五年十月二十七日 关于2024年度第七期短期融资券兑付完成的公告 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。 国金证券股份有限公司（以下简称"本公司"）于2024年10月24 日发行了2024年度第七期短期融资券，发行金额为人民币10亿元，票 面利率为2.10%，发行期限为365天，兑付日为2025年10月24日。详见 公司于2024年10月25日在上海证券交易所网站（www.sse.com.cn）披 露的《关于2024年度第七期短期融资券发行结果公告》以及2025年10 月17日登载于中国货币网（www.chinamoney.com.cn）、上海清算所网 站（www.shclearing.com）的《国金证券股份有限公司2024年度第七 期短期融资券兑付公告》。 2025年10月24日，本公司兑付了该期短期融资券本息共计人民币 1,021,000,000.00元。 特此公告。 ...

| 债券名称 | | | 国金证券股份有限公司 | 2025 第九期短期融资券 | 年度 | | --- | --- | --- | --- | --- | --- | | 债券简称 25 | 国金证券 | CP009 | 债券流通代码 | 072510260 | | | 发行日 | 2025 年 | 10 月 23 日 | 起息日 | 2025 年 10 | 月 24 日 | | 兑付日 | 2026 年 | 10 月 23 日 | 期限 | 364 天 | | | 计划发行总额 10 | | 亿元人民币 | 实际发行总额 | 10 亿元人民币 | | | 票面利率 | 1.77% | | 发行价格 | 100 元/百元面值 | | 证券代码：600109 证券简称：国金证券 公告编号：临2025-85 国金证券股份有限公司 关于2025年度第九期短期融资券发行结果公告 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。 国金证券股份有限公司2025年度第九期短期融资券已于2025年10月 24日发行完毕，相关发行情况如下 ...

Core Viewpoint - The real estate market is approaching stabilization, with expectations for a rebound in the first half of next year based on current adjustment trends [1][34]. Group 1: Second-hand Housing Transaction Proportion - Since 2022, the transaction area for new and second-hand residential properties has stabilized around 1.5 billion square meters, with second-hand homes increasingly replacing new homes [2][34]. - The average annual increase in the national second-hand housing transaction proportion is projected to be around 8-10 percentage points from 2022 to 2024, with signs of stabilization expected by 2025 [2][34]. - In 2023, the second-hand housing transaction proportion in 18 sample cities reached 57.2%, an increase of 5.8 percentage points year-on-year, indicating a potential approach to the stable range of 60-63% [11][34]. Group 2: Rental Yield and Price Stability - The rental yield is a key factor in determining property value, with a reasonable rental yield expected to be around 2.5%-2.6%, close to the public housing loan interest rate [15][19]. - As of September 2025, the national rental yield across 100 cities was 2.37%, indicating a gap of 10-20 basis points from the reasonable level [23][34]. - The rental price index has shown a declining trend, with an average monthly drop of 0.26% over the past six months, which is crucial for stabilizing the real estate market [28][34]. Group 3: Price-to-Income Ratio - The price-to-income ratio in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen is significantly higher than in cities like New York and Tokyo, indicating a potential overvaluation [30][31]. - Adjusted calculations show that the price-to-income ratios for these cities are now more reasonable, with Beijing at 12.3 and Shanghai at 9.6, reflecting a significant decrease from previous years [31][34]. - The overall price-to-income ratio has returned to levels seen in 2016, while disposable income has increased by nearly 70% during the same period, suggesting a correction in the housing market [31][34]. Group 4: Market Stabilization Timeline - The real estate market is expected to stabilize in the first half of next year, with the second-hand housing price still in a downward trend [34][36]. - The sequence of stabilization is anticipated to be new good houses first, followed by old small houses, improvement houses, and finally old existing houses [38][39]. - The rental yield of 2.5% serves as a benchmark for the overall real estate market stabilization, with variations expected across different city tiers [40][34].

Core Insights - The latest evaluation results for the quality of securities firms' practices have been released, showing a significant reshuffling in the rankings, with Guojin Securities taking the top spot from Shenwan Hongyuan [1][3] - The evaluation highlights a divergence in the strengths of large and small securities firms across different business lines, with large firms excelling in brokerage and market-making, while smaller firms show strength in research and investment banking [1][8] Evaluation Results - A total of 103 securities firms participated in the third quarter evaluation, which assesses professional service quality, compliance quality, and other significant factors, with a maximum score of 100 [3] - Only four firms maintained their positions in the top ten from the previous quarter, while six new firms entered the rankings, indicating a competitive landscape [3][4] - Notable improvements were seen for Northeast Securities, Zheshang Securities, and Minsheng Securities, which rose significantly in the rankings [3][4] Business Performance - The evaluation results indicate that Northeast Securities, Zheshang Securities, Minsheng Securities, and Ping An Securities improved their rankings due to strong performance in North Exchange sponsorship and merger issuance [4][8] - The top five firms in market-making for the North Exchange were dominated by large firms, while small firms led in the New Third Board market-making [8] - Brokerage business is primarily held by large securities firms, with significant contributions from firms like Dongfang Caifu and Guotai Junan [8] Compliance Quality - The evaluation also revealed compliance quality deductions, with Guojin Securities having the highest deductions but still ranking first overall due to strong performance in sponsorship and issuance [10][11] - The top ten firms with the most compliance deductions were primarily involved in North Exchange sponsorship and New Third Board issuance, indicating challenges in these areas [11]

Core Viewpoint - The latest evaluation results of securities firms' professional quality reveal significant changes in rankings, with Guojin Securities taking the top spot, indicating a shift in competitive dynamics within the industry [1][2]. Group 1: Evaluation Results - A total of 103 securities firms participated in the third quarter evaluation, with the scoring based on professional service quality, compliance quality, and other influential factors [2]. - The top ten rankings saw a major reshuffle, with only four firms maintaining their positions from the previous quarter, while six new firms entered the top ten [2][4]. - Notable improvements were seen in the rankings of Northeast Securities (from 29th to 2nd), Zheshang Securities (from 65th to 6th), and Minsheng Securities (from 97th to 7th) [2][4]. Group 2: Business Performance - The evaluation results indicate a divergence in the strengths of large and small securities firms, with large firms excelling in brokerage and market-making, while smaller firms are more active in research [1][6]. - The top five firms in market-making for the Beijing Stock Exchange were dominated by large firms, while the New Third Board market-making was led by smaller firms [6]. - In brokerage services, large firms like Dongfang Caifu and Huatai Securities performed significantly well, while smaller firms excelled in research services [6]. Group 3: Compliance Quality - Guojin Securities had the highest compliance quality deductions but still ranked first overall due to strong performance in underwriting and advisory services [7]. - The firms with the most compliance quality deductions included Guojin Securities, CITIC Securities, and Zhongjin Securities, primarily due to issues in their underwriting and advisory services for the Beijing Stock Exchange and New Third Board [7].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week (2025/10/20 - 2025/10/24), the REITs weighted index rose 0.09% to 97.53 points. The performance of major asset classes from high to low was: crude oil > stocks > convertible bonds > REITs > pure bonds > gold. Among REITs, data centers, ecological environmental protection, and highways showed better performance [2]. - In terms of valuation, as of this Friday, the top three products in terms of internal rate of return (IRR) for equity - type REITs were CICC Hubei Ketou Optics Valley REIT, E Fund Guangkai Industrial Park REIT, and Huaxia Heda Gaoke REIT, with corresponding IRRs of 8.09%, 7.21%, and 6.89% respectively. For franchise - type REITs, the top three were Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 9.93%, 9.35%, and 7.08% respectively [4][28][31]. Group 3: Summary According to Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - **Overall Market Performance**: The REITs weighted index rose 0.09%, while equity - type REITs fell 0.04% and franchise - type REITs rose 0.42%. By industry type, data centers, ecological environmental protection, and highways had relatively high returns [2]. - **Equity - Type REITs**: The top five in terms of increase were AVIC Yishang Warehouse Logistics REIT (3.58%), Huatai Suzhou Hengtai Rental Housing REIT (2.30%), Huaxia Beijing Affordable Housing REIT (2.21%), Hongtu Innovation Shenzhen Affordable Housing REIT (2.18%), and Hua'an Zhangjiang Industrial Park REIT (2.11%). High - turnover products included Huatai Baowan Logistics REIT, China Merchants Fund Shekou Rental Housing REIT, etc. [3][12]. - **Franchise - Type REITs**: The top five in terms of increase were ICBC Inner Mongolia Energy Clean Energy REIT (4.06%), Zheshang Shanghai - Hangzhou - Ningbo REIT (3.23%), Yin Hua Shaoxing Raw Water Hydraulic REIT (3.23%), Harvest China Power Construction Clean Energy REIT (2.42%), and Huatai Jiangsu Expressway REIT (1.85%). High - turnover products included Huatai Jiangsu Expressway REIT, Huaxia Tebian Electric Apparatus Stock Co., Ltd. New Energy REIT, etc. [3][14]. - **Block Trading**: There were 5 block trading days this week, with the highest block trading volume on Wednesday at 38.4782 million yuan. The top five in terms of block trading turnover were CICC Chongqing Liangjiang REIT, Southern SF Logistics REIT, Huaxia China Communications Construction REIT, China Merchants Fund Shekou Rental Housing REIT, and Hongtu Innovation Shenzhen Affordable Housing REIT [23]. 3.2 Secondary Market Valuation Situation - **Equity - Type REITs**: The top three in terms of IRR were CICC Hubei Ketou Optics Valley REIT, E Fund Guangkai Industrial Park REIT, and Huaxia Heda Gaoke REIT. Some products had lower P/FFO than the industry average. The top three undervalued products in terms of P/NAV were E Fund Guangkai Industrial Park REIT, Huatai - PineBridge Shanghai Real Estate Rental Housing REIT, and CICC China Green Development Commercial REIT [4][28]. - **Franchise - Type REITs**: The top three in terms of IRR were Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT. Some products had lower P/FFO than the industry average. The top three undervalued products in terms of P/NAV were Huaxia Yuexiu REIT, Huaxia Huadian Clean Energy REIT, and Huaxia Nanjing Transportation Expressway REIT [4][31]. 3.3 Market Correlation Statistics - REITs had the highest correlation coefficient with the Shanghai Composite Index this week, at 0.20. The correlation coefficients with other major asset classes were also provided, such as 0.18 with the CSI 300, 0.11 with the ChiNext Index, etc. [32]. 3.4 Primary Market Tracking - As of October 24, 2025, there were 9 REIT products still in the exchange acceptance stage and 3 approved but not yet listed [5].

Core Viewpoint - Company maintains a "buy" rating for Giant Bio (02367) based on breakthroughs in its medical aesthetics business and steady growth in medical dressings and functional skincare products, with EPS forecasts for 2025-2027 at 2.35, 2.83, and 3.38 yuan respectively [1] Group 1: Regulatory Approval and Product Development - The approval of the recombinant type I α1 collagen freeze-dried fiber medical device marks a significant regulatory breakthrough for the company, opening new growth avenues in the medical aesthetics sector [1] - The approved product utilizes a human-derived sequence, demonstrating excellent biocompatibility and safety, suitable for facial dermal tissue filling to correct dynamic wrinkles [1] - The company is expanding its product matrix with liquid, gel, and cross-linked gel formulations, enhancing its competitive edge in the recombinant collagen field [2] Group 2: Technological Differentiation and Market Position - The company has developed a diverse molecular library of over 50 types of recombinant collagen, achieving extensive coverage in type research, including full-length chains and truncated segments [2] - The approved type I collagen product fills a market gap in the injection field, differentiating itself from existing type III collagen products [2] - The company is also advancing type IV and type XVII collagen for applications in thermal injury repair and hair regeneration, showcasing its comprehensive technical accumulation and product layout capabilities [2] Group 3: Commercial Prospects and Financial Impact - The approval will elevate the company's medical device business from class II auxiliary materials to class III injections, significantly boosting revenue in this segment [3] - Future injection products are expected to see price increases based on existing class II products, driving gross margin improvements [3] - The existing class II product, Collagen Star Light Bottle, has a terminal price of approximately 2000 yuan for 4ml, indicating strong market willingness to pay and brand recognition for the company's recombinant collagen products [3] - With established channel foundations and market recognition, the company's new injection products are anticipated to gain rapid acceptance and commercialization, driving overall performance and valuation upward [3]

Core Viewpoint - Guojin Securities maintains a "buy" rating for Juzhi Biotechnology (02367), citing breakthroughs in the medical aesthetics business and steady growth in medical dressings and functional skincare products, alongside the gradual dissipation of short-term public sentiment impacts. The forecasted EPS for 2025-2027 is 2.35/2.83/3.38 yuan [1]. Group 1: Regulatory Approval and Product Development - The approval of the solid lyophilized fiber preparation marks a significant breakthrough in regulatory barriers for the company, being the first approved drug-device combination product in its Class III medical device pipeline [1]. - The approved product utilizes a human-derived sequence with 753 amino acids, demonstrating excellent biocompatibility and safety, suitable for facial dermal tissue filling to correct dynamic wrinkles [1]. - The company is expanding its product matrix with liquid, gel, and cross-linked gel formulations, enhancing its comprehensive competitiveness in the field of recombinant collagen [1]. Group 2: Technological Differentiation and Market Positioning - The company has established a diverse library of over 50 recombinant collagen molecules, achieving extensive layout in type development, including full-length chains and truncated segments [2]. - The approved Type I collagen fills a market gap in the injection field, creating clear differentiation from existing Type III collagen products [2]. - The company is also advancing Type IV and Type XVII collagen for applications in thermal injury repair and hair regeneration, showcasing comprehensive technical accumulation and product layout capabilities across multiple indications [2]. Group 3: Commercial Prospects and Financial Performance - The approval of the Class III medical device will elevate the company's medical device business from Class II auxiliary materials to Class III injections, significantly boosting revenue in this segment [3]. - Future injection products are expected to achieve price increases based on existing Class II products, driving gross margin improvements [3]. - The existing Class II product, Keli Gold Star Bottle, has an average terminal price of 2000 yuan/4ml, validating the market's high willingness to pay and brand recognition for the company's recombinant collagen products [3]. - With established channel foundations and market recognition for recombinant collagen, the company's new injection products are anticipated to rapidly gain acceptance and commercialize faster than the industry average, driving overall performance and valuation upward [3].

Group 1 - The core viewpoint of the article is that Guohua Technology (000988.SZ) has been given a "buy" rating by Guojin Securities due to its potential for future performance growth despite a decline in revenue in Q3 [1] - The report highlights that the company's revenue has decreased both year-on-year and quarter-on-quarter, but the growth in contract liabilities lays a foundation for future performance expansion [1] - The company's profitability is steadily improving, supported by active investment in research and development [1] Group 2 - Guohua Technology is advancing its optical module business both domestically and internationally, with plans to consider a listing in Hong Kong [1] - The article also mentions the broader context of the Chinese innovative drug market, noting that overseas licensing has generated $80 billion this year, while the primary market is experiencing a fundraising slowdown [1]