Core Viewpoint - The report from Guojin Securities highlights optimism regarding the AI-PCB and computing hardware sectors, driven by strong demand for ASICs and the ongoing upgrades in Nvidia's technology, which are expected to lead to significant growth in performance and sales in the second half of the year [1][2][3]. Summary by Sections AI-PCB Industry - The AI-PCB industry is experiencing robust order growth, with many companies operating at full capacity and expanding production [3]. - The demand for AI copper-clad laminates is strong, and due to slow expansion overseas, leading domestic manufacturers are expected to benefit significantly [1][3]. - The strong demand for AI copper-clad laminates and PCBs is also driving the need for supporting equipment such as drilling machines and direct-write lithography equipment, as well as upstream materials like electronic cloth and copper foil [1]. Performance Expectations - Guojin Securities anticipates that the performance of the AI-PCB industry will continue to exceed expectations in the third quarter, driven by several factors including increased shipments of Nvidia's NVL72 racks and ASIC demand from Google and Amazon [2]. - The report predicts a significant increase in the value of PCBs carrying CPX, with new PCB demand from CX9 network cards and a notable rise in the value of VR NVL144 CPX PCBs [2]. - Nvidia is advancing the development of orthogonal backplanes, which could potentially double the value of PCBs per rack if implemented [2]. Apple Supply Chain - The iPhone 17 series has shown strong sales, and the performance of the Apple supply chain is expected to exceed expectations in the third and fourth quarters [3]. - The semiconductor wafer fabrication rate is continuously improving, and domestic substitution is likely to benefit semiconductor materials, maintaining high growth trends from previous quarters [3]. Semiconductor Sector - The semiconductor sector, including equipment, SOC chips, and materials, is expected to see continued positive performance [3]. - The report notes that the technology for ASIC chip PCBs is evolving from high-layer to HDI, with future advancements anticipated from M8 to M9, leading to sustained value increases [3]. Industry Indicators - The report indicates a positive outlook for various segments: consumer electronics (steady upward), PCB (accelerating upward), semiconductor chips (steady upward), semiconductor foundry/equipment/materials/components (steady upward), display (bottoming out), passive components (steady upward), and packaging/testing (steady upward) [4].

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2025年5月26日发行了2025年度第三期短期融资券，发 行金额为人民币5亿元，票面利率为1.65%，发行期限为116天，兑付日为2025年9月19日。详见公司于 2025年5月27日在上海证券交易所网站（www.sse.com.cn）披露的《关于2025年度第三期短期融资券发 行结果公告》以及2025年9月12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2025年度第三期短期融资券兑付公告》。 国金证券股份有限公司 董事会 二〇二五年九月二十二日 2025年9月19日，本公司兑付了该期短期融资券本息共计人民币502,621,917.81元。 特此公告。 ...

Core Viewpoint - The report from Guojin Securities suggests that a bull market driven by the recovery of China's profit fundamentals may be emerging, with two main opportunities to focus on: the potential rebound of Hong Kong stocks and a shift in growth investment from technology-driven sectors to export-oriented sectors [1][4]. Group 1: Economic Context - The "preventive rate cuts" by the Federal Reserve have historically led to a "soft landing" for the U.S. economy, with GDP growth reversing downward trends and a slight decrease in unemployment rates [1]. - The Fed has slightly raised its GDP growth forecast for 2025-2027 while lowering unemployment rate predictions for 2026-2027, indicating a more stable economic outlook [1]. Group 2: Impact on Emerging Markets - The impact of U.S. rate cuts on emerging markets occurs through two main channels: alleviating currency depreciation pressures and providing more room for domestic monetary policy [2]. - If the U.S. achieves a "soft landing," emerging markets, particularly net-exporting countries like China, may benefit from increased external demand driven by U.S. capital expenditures [2]. Group 3: Export Opportunities - Historical data shows that export-oriented A-share companies have outperformed the CSI 300 index during previous rate cut cycles, indicating a potential for similar performance in the current cycle [3]. - Guojin Securities has identified 18 sub-industries that may benefit from the current "preventive rate cuts," categorized into three main types: capital goods related to investment, intermediate goods linked to manufacturing recovery, and consumer and pharmaceutical sectors with their own industry trends [3]. Group 4: Investment Recommendations - The report emphasizes that the bull market may be supported by improved operating conditions due to domestic economic adjustments and recovery in manufacturing activities following rate cuts [4]. - Recommended sectors include upstream resources (copper, aluminum, oil, gold), capital goods (engineering machinery, heavy trucks, lithium batteries, wind power equipment), and raw materials (basic chemicals, fiberglass, paper, steel) [4]. - Additionally, sectors related to domestic demand recovery, such as food and beverage, pork, tourism, and scenic spots, are expected to present opportunities as profit recovery progresses [4].

国金证券股份有限公司（以下简称"本公司"）于2025年5月26日 发行了2025年度第三期短期融资券，发行金额为人民币5亿元，票面利 率为1.65%，发行期限为116天，兑付日为2025年9月19日。详见公司于 2025年5月27日在上海证券交易所网站（www.sse.com.cn）披露的《关 于2025年度第三期短期融资券发行结果公告》以及2025年9月12日登载 于中国货币网（www.chinamoney.com.cn）、上海清算所网站（www.shcle aring.com）的《国金证券股份有限公司2025年度第三期短期融资券兑 付公告》。 2025年9月19日，本公司兑付了该期短期融资券本息共计人民币 502,621,917.81元。 特此公告。 证券代码：600109 证券简称：国金证券 公告编号：临2025－75 国金证券股份有限公司 关于2025年度第三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 董事会 二〇二五年九月二十二日 ...

Core Insights - The 42 listed securities firms reported a total operating revenue of 251.9 billion yuan for the first half of 2025, a year-on-year increase of 31%, and a net profit attributable to shareholders of 104 billion yuan, up 65% [1] - All 42 firms achieved positive growth in net profit, with 10 firms experiencing a doubling of their profits [1] Group 1: Overall Performance - The total operating revenue for the 42 listed securities firms reached 251.9 billion yuan, marking a 31% increase year-on-year [1] - The net profit attributable to shareholders was 104 billion yuan, reflecting a 65% increase compared to the previous year [1] - Notably, all firms reported positive growth in net profit for the first half of 2025 [1] Group 2: Individual Firm Performance - Among the firms, 10 achieved a doubling of their net profit, including Huaxi Securities, Guolian Minsheng, Northeast Securities, and others [1] - Guojin Securities reported a significant increase in operating revenue to 38.62 billion yuan, up 44.28%, and a net profit of 11.11 billion yuan, up 144.19% [4] - Despite overall growth, Guojin Securities' investment banking revenue declined significantly, with a 17.94% drop in revenue and a negative operating profit [7] Group 3: Business Segment Analysis - Wealth management, proprietary investment, and other segments saw substantial revenue growth, with proprietary investment revenue increasing by 301.68% [5][6] - Guojin Securities' investment banking revenue fell to 3.77 billion yuan, down 17.94%, with a negative operating profit of approximately 0.98 billion yuan [7] - The firm’s equity underwriting revenue dropped significantly, with a 80.63% decline in equity financing underwriting amount [8] Group 4: Market Position and Challenges - Guojin Securities' market position weakened, with its equity underwriting amount falling to 16.39 billion yuan, ranking 13th in the market for initial public offerings (IPOs) [8][9] - The firm faced challenges in its IPO business, with a reported 84% decline in IPO underwriting revenue and a high withdrawal rate of IPO projects [9] - Regulatory issues also impacted Guojin Securities, as it faced penalties for serious violations during the IPO process of a client [9]

Group 1 - The core viewpoint of the report is that OSL Group (00863) is projected to achieve revenues of HKD 6.7 billion, HKD 11.9 billion, and HKD 18.1 billion for the years 2025, 2026, and 2027 respectively, with a target price set at HKD 21 and an initial "Buy" rating [1] - OSL's revenue composition is primarily driven by digital asset trading income, which accounted for 51% of total revenue in H1 2025, with a trading volume of HKD 68.2 billion, representing a year-on-year increase of 200% [1] - As of the end of H1 2025, OSL's custodial assets reached HKD 5.7 billion, reflecting a year-on-year growth of 50% [1] Group 2 - OSL is recognized as the first compliant digital asset exchange in Hong Kong, having obtained the first digital asset trading platform license issued by the SFC, positioning itself ahead in the compliance process [1] - The company is expected to benefit directly from the ongoing prosperity of the Web 3.0 ecosystem in Hong Kong, being the only platform in the market that offers a full suite of customizable solutions including RFQ and Orderbook [1] - OSL has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, leading in trading volume market share, with its partnered ETFs accounting for approximately 64% of the managed assets in the Hong Kong digital asset spot ETF market as of December 31, 2024 [1] Group 3 - The company's growth is driven by both organic growth and strategic acquisitions, with the new business OSLPay officially launched in April 2025, generating revenue of HKD 55.9 million in H1 2025, which constitutes 29% of total revenue, primarily from Europe [2] - Payment services are expected to become a key focus area for the company, covering deposit and withdrawal channels as well as cross-border payments [2] - OSL has obtained licenses in regions such as Australia, Japan, and Italy, and plans to acquire Banxa in June 2025, which holds over 40 licenses/registrations globally [2]

Group 1 - The core viewpoint of the report is that OSL Group is expected to see significant revenue growth in the coming years, with projected revenues of HKD 6.7 billion, HKD 11.9 billion, and HKD 18.1 billion for 2025, 2026, and 2027 respectively, and a target price of HKD 21, initiating coverage with a "Buy" rating [1] - OSL's revenue composition is primarily driven by digital asset trading income, which accounted for 51% of total revenue in the first half of 2025, achieving a trading volume of HKD 68.2 billion, representing a year-on-year increase of 200% [1] - As of the end of the first half of 2025, OSL's custodial assets reached HKD 5.7 billion, reflecting a year-on-year growth of 50% [1] Group 2 - The company is the first compliant digital asset exchange in Hong Kong, having obtained the first digital asset trading platform license from the SFC, positioning itself favorably in the growing Web 3.0 ecosystem in Hong Kong [1] - OSL is the only platform in the Hong Kong market that offers a full suite of customizable solutions including RFQ and Orderbook, and has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, leading in trading volume market share [1] - As of December 31, 2024, OSL's partnered ETFs accounted for approximately 64% of the managed assets in the Hong Kong digital asset spot ETF market [1] Group 3 - The company is driven by both organic growth and strategic acquisitions, with the new business OSLPay set to launch in April 2025, which generated HKD 55.9 million in revenue in the first half of 2025, accounting for 29% of total revenue, primarily from Europe [2] - OSL is expanding its global exchange footprint, having obtained licenses in Australia, Japan, and Italy, and plans to acquire Banxa, which holds over 40 licenses/registrations globally [2] - In August 2025, OSL officially received a full license for digital asset business from the Bermuda Monetary Authority and launched a global exchange [2]

Group 1 - The capital market in 2025 is influenced by multiple variables, revealing both regulatory determination and industry challenges [2] - A conflict between analysts and fund managers highlights two investment logics: traditional valuation discipline versus growth narratives driven by AI [3] - The stock price of Zhongji Xuchuang dropped by 9.09% following the public dispute, indicating the fragility of confidence in high-valuation assets [3] Group 2 - The reduction of shares by Tonghuashun's chairman, which was framed as "market opportunity sharing," faced backlash from investors due to its timing and context [4] - Investors are advised to scrutinize the true intentions behind share reductions by examining timing, reasoning, and consistency among shareholders [4] Group 3 - The incident involving Guojin Securities during the IPO of Xiangnian Foods exposed significant lapses in the responsibilities of intermediary institutions [5] - The penalties imposed on Guojin Securities serve as a warning to the industry regarding the importance of diligence in capital market entry quality [5] Group 4 - The disparity in broker compensation reflects deeper changes during the industry's transformation, with some firms experiencing salary reductions while others see growth [7] - Investors should consider the core business strengths of brokerage firms rather than just their size when selecting investment services [7] Group 5 - Regulatory enforcement has intensified, with 12 companies facing forced delisting due to financial fraud, marking a significant increase [8] - Continuous regulatory actions are seen as a protective measure for investors, emphasizing the need for compliance and caution against gray market activities [8]

Core Viewpoint - The tire industry is experiencing a mixed performance with stable overall demand but structural differentiation, influenced by external factors such as tariffs and raw material prices [1][5]. Revenue and Profitability - In the first half of 2025, the tire sector achieved total revenue of 55.6 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders fell by 30% to 4 billion yuan [3]. - The overall gross profit margin was 18.4%, down 5.2 percentage points year-on-year, and the net profit margin was 7.5%, down 4.1 percentage points year-on-year [3]. - In Q2 2025, total revenue reached 28.6 billion yuan, a 9.9% year-on-year increase, while net profit was 2 billion yuan, down 33% year-on-year [3]. Market Demand and Export Trends - Global tire market demand grew by 2% year-on-year in the first half of 2025, reaching 918 million units, with all-steel tires increasing by 1% to 106 million units and semi-steel tires rising by 2% to 812 million units [1]. - China's passenger car tire exports remained flat at 17.2 million units, while truck and bus tire exports grew by 2% to 6.3 million units in the first half of 2025 [2]. Competitive Landscape - Leading domestic tire companies are expected to continue increasing their market share, with companies like Sailun Tire reporting a 16% year-on-year revenue growth to 17.6 billion yuan, despite a 14.9% decline in net profit [4]. - Many overseas tire companies are reducing production capacity, while domestic firms are expanding their international presence, which may allow them to capture more global market share [4]. Policy and Trade Environment - The potential implementation of anti-dumping duties by the EU could tighten short-term overseas supply, benefiting tire companies with global operations and increasing order volumes and prices [5]. - The U.S. market's import demand remains strong despite tariff impacts, with passenger car tire imports growing by 3% year-on-year in the first half of 2025 [2].

Core Viewpoint - The total scale of asset management products in China reached 75.38 trillion yuan as of Q2 2025, with significant contributions from securities companies and their subsidiaries [1][2]. Group 1: Asset Management Product Overview - The total scale of asset management products managed by securities companies and their subsidiaries is approximately 6.14 trillion yuan, with 10,903 collective asset management plans totaling about 30,866.67 billion yuan [1][2]. - As of September 17, 2025, 22 securities firms disclosed their collective asset management plan scales, with nine firms, including CITIC Securities and Guotai Junan, managing over 100 billion yuan each [2]. Group 2: Performance of Securities Asset Management Products - The average return for collective asset management products that have been established for over a year is 9.78%, with a median return of 3.53% [5]. - Among the various types of collective asset management products, stock-type products have the highest average return of 42.03%, while bond-type products have the most significant number at 1,930, with an average return of 3.89% [5][11]. Group 3: Top Performing Products - The top-performing mixed-type asset management products include "Guotai Junan Junxiang Yuanjian" and "Shiji Tianyi No. 1," with significant returns over the past year [6][7]. - The leading stock-type product is "CITIC Securities Zhisheng 500 Index Enhanced No. 1," which has shown impressive returns [11][13]. - The top FOF product is "Guojin Xinxiang Citaong No. 9 FOF," which has also demonstrated strong performance [14][20]. - The best-performing bond-type product is "Diyi Chuangye Convertible Bond Flexible Allocation No. 1," which has achieved notable returns [21][22].