Core Insights - Guojin Securities maintains a "Buy" rating for BeiGene (06160), highlighting its leadership in the domestic biopharma sector and significant global expansion, with both commercialization and R&D reaching critical inflection points [1] - The company’s core products are experiencing rapid growth, and its international strategy is beginning to yield results, with an anticipated increase in R&D catalysts [1] - For Q3 2025, the company reported total revenue of $1.4 billion, a year-on-year increase of 41%, and a GAAP net profit of $125 million [1] Financial Performance - The updated guidance for 2025 includes total revenue expectations of $5.1-5.3 billion, GAAP operating expenses of $4.1-4.3 billion, and a gross margin in the mid-to-high 80% range, with positive GAAP net profit and free cash flow for the year [1] - In Q3 2025, the sales of Zanubrutinib reached $1.04 billion, reflecting a year-on-year growth of 51% and a quarter-on-quarter increase of 10%, establishing it as a leader in the global BTKi market [1] - The U.S. market remains the primary revenue source for Zanubrutinib, generating $739 million, a year-on-year increase of 47% and a quarter-on-quarter increase of 8% [1] - The European market showed significant growth, with sales of $163 million, a year-on-year increase of 68% and a quarter-on-quarter increase of 8% [1] R&D Milestones - Upcoming R&D milestones include the submission of Sotigalimab in the U.S. in H2 2025, initiation of head-to-head trials for Zanubrutinib in CLL in H1 2026, and the start of Phase III trials for multiple indications [2] - The company plans to read out potential registration clinical data for BTKCDAC in H1 2026 and will not pursue second-line development for CDK4 inhibitors, instead focusing on first-line HR+HER2- breast cancer trials [2] - POC data readouts are expected in H1 2026 for FGFR2b ADC, pan-KRASi, EGFRCDAC, and CDK2i, with additional data readouts in H2 2026 for PRMT5i+MAT2Ai and EGFR/MET/MET tri-antibodies [2]

Core Viewpoint - Guojin Securities maintains a "Buy" rating for BeiGene (06160), highlighting its leadership in the domestic biopharma sector and significant global expansion, with both commercialization and R&D reaching critical turning points [1] Financial Performance - In Q3 2025, the company achieved total revenue of $1.4 billion, a year-on-year increase of 41%, and a GAAP net profit of $125 million [1] - The updated guidance for 2025 includes total revenue of $5.1-5.3 billion, GAAP operating expenses of $4.1-4.3 billion, and a gross margin in the high 80-90% range, with positive GAAP net profit and free cash flow for the year [1] Product Sales - In Q3 2025, the sales of Zanubrutinib reached $1.04 billion, showing a year-on-year growth of 51% and a quarter-on-quarter increase of 10%, establishing it as a leader in the global BTKi market [1] - The U.S. market contributed significantly, with sales of $739 million, a year-on-year increase of 47% and a quarter-on-quarter increase of 8%, while the European market saw a sales increase of 68% year-on-year, reaching $163 million [1] - Sales of Tislelizumab in Q3 2025 amounted to $191 million, reflecting a year-on-year growth of 17% [1] R&D Milestones - Upcoming R&D milestones include the submission of Sotigalimab in H2 2025 in the U.S., initiation of head-to-head clinical trials for Zanubrutinib and Acalabrutinib in H1 2026, and the start of Phase III trials for MM in H2 2026 [2] - The company plans to read out potential registration clinical data for BTKCDAC in H1 2026 and will not pursue second-line development for CDK4 inhibitors, instead focusing on first-line HR+HER2- breast cancer trials [2] - POC data readouts are expected in H1 2026 for FGFR2b ADC, pan-KRASi, EGFRCDAC, and CDK2i, with additional data readouts in H2 2026 for PRMT5i+MAT2Ai and EGFR/MET/MET tri-antibodies [2]

Group 1 - The Shanghai Composite Index opened lower but rebounded to surpass 4000 points during the morning session, closing down 0.16% [1] - The Securities ETF (159841) saw a decline of 0.79% with a half-day trading volume of 263 million yuan, making it the top performer among similar products in the Shenzhen market [1] - The Securities ETF has experienced net inflows for 15 out of the last 20 days, accumulating over 1 billion yuan in total [1] Group 2 - The A-share margin financing balance reached approximately 2.4916 trillion yuan as of November 4, representing 2.57% of the circulating market value, maintaining above 2.5% for 19 consecutive trading days [2] - The margin financing amount for listed brokers increased significantly from 1.56 trillion yuan at the end of June to over 2 trillion yuan [2] - Brokers are expected to benefit from improved policies and reforms, with opportunities for growth through both external and internal development strategies [2]

Core Points - Guojin Securities Co., Ltd. will begin paying the principal and final interest of its publicly issued corporate bonds on November 14, 2025 [2][3] - The bonds have a total issuance amount of 1 billion yuan and a maturity period of 3 years with a coupon rate of 2.85% [4][5] Summary by Sections Bond Issuance Details - The bond is named "Guojin Securities Co., Ltd. 2022 Publicly Issued Corporate Bonds (First Phase)" with the code 138566.SH [4] - The total issuance amount is 1 billion yuan [4] - The bond has a maturity of 3 years and a coupon rate of 2.85% [4] Payment Schedule - The interest payment period for the current year is from November 14, 2024, to November 13, 2025 [3] - The principal repayment amount per bond is 1,000 yuan, with an interest payment of 28.50 yuan (including tax) [3] - The bond registration date is November 13, 2025, and the payment date is November 14, 2025 [4][5] Taxation Information - Individual investors are required to pay a personal income tax on the interest income from the bonds at a rate of 20% [8] - The tax will be withheld at the time of interest payment by the respective payment institutions [8] - Foreign institutional investors are temporarily exempt from corporate income tax and value-added tax on interest income until December 31, 2025 [7]

| | | 债券代码：138566 债券简称：22 国金 G1 国金证券股份有限公司 1、债券名称：国金证券股份有限公司 2022 年面向专业投资者公 开发行公司债券(第一期) 2022 年面向专业投资者公开发行公司债券（第一期） 2025年本息兑付及摘牌公告 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。 重要内容提示： 国金证券股份有限公司 2022 年面向专业投资者公开发行公司债 券(第一期)（以下简称"本期债券"），将于 2025 年 11 月 14 日开始 支付自 2024 年 11 月 14 日至 2025 年 11 月 13 日期间的最后一个年度 利息和本期债券本金。为保证还本付息工作的顺利进行，现将有关事 宜公告如下： 2、债券简称：22 国金 G1 3、债券代码：138566.SH 4、发行人：国金证券股份有限公司 债权登记日：2025 年 11 月 13 日 本息兑付日：2025 年 11 月 14 日 债券摘牌日：2025 年 11 月 14 日 5、发行总额：10 亿元 一、本期债券的基本情况 6 ...

- The artificial intelligence global asset allocation model applies machine learning to asset allocation problems, using factor investment ideas to score and rank assets, ultimately constructing a monthly quantitative equal-weighted strategy for global asset allocation[38][39][40] - The dynamic macroeconomic event factor-based stock-bond rotation strategy includes three risk preference models (conservative, balanced, and aggressive), utilizing macro timing modules and risk budgeting frameworks to determine stock and bond weights[43][44][45] - The dividend style timing model uses 10 indicators from economic growth and monetary liquidity dimensions, constructing a timing strategy for the dividend index, which shows significant stability improvement compared to the CSI Dividend Total Return Index[51][54][55] Model Backtesting Results - Artificial intelligence global asset allocation model: annualized return 38.76%, Sharpe ratio 1.07, maximum drawdown -6.56%, year-to-date return 6.81%[39][40][42] - Dynamic macroeconomic event factor-based stock-bond rotation strategy: aggressive model annualized return 20.14%, Sharpe ratio 1.30, maximum drawdown -13.72%, year-to-date return 14.42%; balanced model annualized return 10.92%, Sharpe ratio 1.19, maximum drawdown -6.77%, year-to-date return 4.13%; conservative model annualized return 5.94%, Sharpe ratio 1.50, maximum drawdown -3.55%, year-to-date return 0.97%[43][49][50] - Dividend style timing model: annualized return 16.52%, Sharpe ratio 1.07, maximum drawdown -13.77%, year-to-date return 0%[51][54][55]

Core Viewpoint - Guojin Securities announced the issuance of corporate bonds aimed at professional investors, with specific payment dates and details outlined for the bond's interest and principal repayment [1] Group 1 - The company will issue bonds (Phase I) in 2022, with the final interest payment and principal repayment scheduled for November 14, 2025 [1] - The bond's interest payment period is from November 14, 2024, to November 13, 2025 [1] - Key dates include the debt registration date on November 13, 2025, and the bond delisting date also on November 14, 2025 [1]

Group 1: Market Overview - The market experienced a rebound with all three major indices closing in the green, with the Shanghai Composite Index up 0.23%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 1.03% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.87 trillion yuan, a decrease of 45.3 billion yuan compared to the previous trading day [1] Group 2: Medical Device Sector - CITIC Securities believes that the medical device sector is at a turning point, with both valuation and performance undergoing recovery [2] - The upcoming flu season in Q4 presents opportunities in respiratory testing-related businesses, and online sales trends for home medical devices during "Double 11" should be monitored [2] - There are expected performance and valuation recovery opportunities for companies projected to improve by 2026, with several leading firms in the medical device sector anticipated to experience accelerated growth [2] - Long-term investment opportunities in the medical device industry stem from innovation, international expansion, and mergers and acquisitions, with a focus on innovative device sectors and technologies such as brain-computer interfaces and surgical robots [2] Group 3: Renewable Energy Sector - Guojin Securities confirms that the bottoming out of the renewable energy sector is evident, with a recovery in the photovoltaic and energy storage sectors, and a 9.7 GW increase in new installations in September [3] - The hydrogen energy sector is also showing signs of recovery, with Bloom achieving profitability in Q3 and significant cost reductions in SOFC [3] - The electricity grid sector is benefiting from government initiatives to enhance energy channels and accelerate smart grid construction, with a reported revenue of 93.6 billion yuan and a net profit of 8.2 billion yuan in Q3, reflecting year-on-year growth of 10% and 15% respectively [3] Group 4: Catering and Tourism Sector - CICC anticipates a stabilization in the social service industry in 2025 after experiencing price pressures and declines in same-store sales in 2024, with signs of bottoming out [4] - The focus for 2026 should be on the recovery of domestic demand and policy expansion, particularly for comprehensive leading companies with strong growth potential [4] - In the catering sector, attention should be paid to high-quality brands that are expected to achieve stable performance growth despite competitive pressures [4] - The hotel industry is expected to see a rebalancing of supply and demand, with a potential turning point for RevPAR contingent on the recovery of business demand [4]

Group 1 - The core viewpoint indicates that the photovoltaic energy storage sector is experiencing a narrowing of losses in Q3 due to anti-involution measures, with some segments turning profitable. The newly installed capacity in September reached 9.7 GW, showing a month-on-month increase, and a slight tailwind is expected in Q4. The performance of Sungrow exceeded expectations, boosting energy storage, while the data center's storage upgrades are enhancing both volume and profit [1] - In the hydrogen energy sector, Bloom achieved profitability in Q3, with a double-digit decrease in SOFC costs and potential orders from data centers, leading to continuous profit margin improvements. Green hydrogen, ammonia, and fuel cells are included as new growth drivers in the 14th Five-Year Plan [1] - In the power grid sector, the 14th Five-Year Plan emphasizes optimizing energy channels and accelerating the construction of smart/micro grids, with a long-term positive outlook for ultra-high voltage and intelligent systems. Haixing reported a 30% increase in net profit in Q3, exceeding expectations, driven by overseas expansion and high growth in data centers. The sector's Q3 revenue reached 93.6 billion, with a net profit of 8.2 billion, reflecting year-on-year growth of 10% and 15% respectively [1]

Group 1 - The core viewpoint indicates that the photovoltaic energy storage sector is experiencing a reduction in losses in Q3, with some segments turning profitable, and a notable increase in newly installed capacity of 9.7 GW in September, showing a month-on-month recovery [1] - The performance of Sunshine Power exceeded expectations, boosting energy storage, while the data center's storage upgrades are contributing to both volume and profit [1] - In the hydrogen energy sector, Bloom achieved profitability in Q3, with a double-digit decrease in SOFC costs and continuous improvement in profit margins; green hydrogen and fuel cells are included in the new growth drivers for the 14th Five-Year Plan [1] Group 2 - The power grid sector is focusing on optimizing energy channels and accelerating the construction of smart/micro grids during the 14th Five-Year Plan, with a long-term positive outlook for ultra-high voltage and intelligent technologies [1] - HaiXing reported a 30% increase in net profit in Q3, exceeding expectations, driven by overseas expansion and high growth in data centers, with the sector's Q3 revenue reaching 93.6 billion and net profit 8.2 billion, representing year-on-year growth of 10% and 15% respectively [1]