Market Performance - As of October 21, the Shanghai Composite Index closed at 3916.33 points, with a gain of 1.36% [1] - The Shenzhen Component Index closed at 13077.32 points, with a gain of 2.06% [1] - The ChiNext Index closed at 3083.72 points, with a gain of 3.02% [1] Trading Volume and Activity - A total of 2858 stocks saw an increase in average transaction volume, with 110 stocks experiencing a rise of over 50% [1] - 1704 stocks reported a decrease in average transaction volume [1] - Notable stocks with significant increases in transaction volume include Wuhan Holdings (up 528.15%), Hubei Broadcasting (up 289.01%), and Qunxing Toys (up 230.03%) [1] Active Stocks - The most active stocks by transaction volume include Chaoxun Communication, Furi Shares, and *ST Dongyi, with substantial increases in transaction counts [1] - 43 stocks showed both transaction volume and transaction count increases exceeding 50% [1] Individual Stock Highlights - Wuhan Holdings reported a daily increase of 9.98% with an average transaction volume of 6687 shares [1] - Hubei Broadcasting saw a daily increase of 10.05% with an average transaction volume of 5222 shares [1] - Qunxing Toys experienced a daily decrease of 9.93% despite a high average transaction volume of 3156 shares [1] Additional Notable Stocks - Other notable stocks include Hunan Investment (up 9.93%), Financial Development (up 9.93%), and Guangji Pharmaceutical (up 9.97%) [1] - The stock with the highest increase in transaction count was Chaoxun Communication, which saw a rise of 2514.25% [1]

Core Viewpoint - Morgan Stanley remains optimistic about A-shares, suggesting potential upside for the CSI 300 index due to government support and policy adjustments, with a projected increase of 26% to 32% by the end of 2026 [1][2]. Market Analysis - The CSI 300 index is expected to see a revaluation, with target prices set at 4,757 to 6,247 RMB based on different standard deviations of earnings estimates [2]. - The market has shown resilience despite recent fluctuations, with a significant increase in trading volume and a broad rise in stock prices [13][14]. Sector Performance - The "deep earth economy" sector has gained attention, with stocks related to this theme experiencing substantial price increases [10][16]. - The Apple supply chain is performing strongly, with reports indicating that the iPhone 17 series has outperformed its predecessor in sales [16]. Company Earnings - New Strong Union reported a revenue of 3.618 billion RMB for the first three quarters of 2025, a year-on-year increase of 84.1%, with net profit soaring by 1,939.5% [21]. - Bubble Mart announced a revenue growth of 245%-250% for Q3 2025 compared to the same period in 2024, highlighting strong performance in both domestic and international markets [21]. Investment Trends - Significant net inflows were observed in the electronic sector, with major stocks like Zhongji Xuchuang and New Yisheng leading the gains [24]. - The report from Citigroup predicts a substantial increase in the demand for optical modules, potentially doubling the expected shipment volume by 2026 [11][24].

Market Overview - The environmental governance sector increased by 1.58% on October 21, with Donghu Gaoxin leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Gainers in Environmental Governance Sector - Donghu Gaoxin (600133) closed at 10.86, up 10.03% with a trading volume of 951,100 shares and a transaction value of 1.024 billion [1] - Fulongma (603686) closed at 25.11, up 9.99% with a trading volume of 757,200 shares and a transaction value of 1.828 billion [1] - Wuhan Holdings (600168) closed at 5.62, up 9.98% with a trading volume of 200,100 shares and a transaction value of 112 million [1] Other Notable Performers - Xianglong Electric (600769) closed at 14.35, up 7.17% with a transaction value of 426 million [1] - Tongyuan Environment (688679) closed at 24.03, up 6.90% with a transaction value of 105 million [1] - Huicheng Environmental Protection (300779) closed at 173.80, up 4.70% with a transaction value of 747 million [1] Market Capital Flow - The environmental governance sector saw a net inflow of 548 million from institutional investors, while retail investors experienced a net inflow of 67.88 million [2] - The sector had a net outflow of 616 million from speculative funds [2] Individual Stock Capital Flow - Fulongma (603686) had a net inflow of 301 million from institutional investors, but a net outflow of 134 million from speculative funds [3] - Donghu Gaoxin (600133) saw a net inflow of 233 million from institutional investors, with significant outflows from both speculative and retail investors [3] - Huicheng Environmental Protection (300779) had a net inflow of 104 million from institutional investors, while also experiencing outflows from speculative and retail investors [3]

Market Overview - On October 21, several stocks in Hubei, including Hubei Broadcasting, Huilv Ecology, Donghu Gaoxin, and others, experienced a collective surge, with many reaching their daily limit [1] - Notable increases were also observed in investment companies such as Luxin Venture Capital and China High-Tech [1] Event: Deepening State-Owned Asset Management Reform in Hubei - Hubei is focusing on the principles of assetization, securitization, and leveraging of state-owned resources, aiming to deepen the management reform of state-owned "three assets" [3] - As of the end of September, the total amount of state-owned "three assets" in Wuhan exceeded 6 trillion yuan, with 206.15 billion yuan of assets revitalized and 111.05 billion yuan in revitalization income achieved [3] Institutional Insights - The dividend retention effect of central enterprises is significant, with the proportion of local state-owned enterprises' securitization having greater potential for increase [4] - It is expected that mergers and acquisitions among central state-owned enterprises will progress during the 14th Five-Year Plan, driven by various factors including optimization of traditional businesses and exploration of new sectors [4] - The emergence of "state-owned + industry" acquisition models is noted, with an increase in local state-owned enterprises partnering with industrial capital to enter the A-share market [4] - In Xinjiang, state-owned enterprises are both beneficiaries of regional development and participants in business restructuring, with significant potential for asset integration and management optimization [4]

投资者可于 2025 年 10 月 10 日（星期五）至 10 月 16 日（星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 whkg@600168.com.cn 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 武汉三镇实业控股股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 10 月 17 日（星期五）09:00-10:00 举行 2025 年半年度业绩说明 会，就投资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2025 年 10 月 17 日（星期五）09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： 证券代码：600168 证券简称：武汉控股 公告编号：临 2025-056 号 武汉三镇实业控股股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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 ...

中国国际金融股份有限公司 关于 武汉三镇实业控股股份有限公司 中国国际金融股份有限公司（以下简称"中金公司"、"本独立财务顾问"） 接受武汉三镇实业控股股份有限公司（以下简称"武汉控股"、"上市公司"或"公 司"）委托，担任本次发行股份及支付现金购买资产并募集配套资金暨关联交易 （以下简称"本次交易"）的独立财务顾问，就该事项向上市公司全体股东提供 独立意见，并制作本独立财务顾问报告。 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告 独立财务顾问 签署日期：二〇二五年九月 中国国际金融股份有限公司 独立财务顾问报告 独立财务顾问声明和承诺 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理 办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大 资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的 监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等法律法规及 文件的规定和要求，以及证券行业公认的业务标准、道德规范，经过审慎调查， 本着诚实信 ...

湖北瑞通天元律师事务所 关于武汉三镇实业控股股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易的法律意见书 鄂瑞天非诉字〔2025〕第 1070 号 | | | 地址：湖北省武汉市江汉区青年路 278 号武汉中海中心 19-20 层 电话：027-59625780 传真：027-59625789 | | 第一部分 前 | 言 | 2 | | --- | --- | --- | --- | | | 第二部分 释 | 义 | 4 | | | 第三部分 | 正文 | 6 | | | 一、本次交易方案概述 | 6 | | | | 二、本次交易各方的主体资格 | 16 | | | | 三、本次交易的性质 | 21 | | | | 四、本次交易的批准和授权 | 22 | | | | 五、本次交易涉及的重大协议 | 23 | | | | 六、本次交易的标的资产 | 24 | | | 七、本次交易涉及的债权债务处理 | | | 73 | | | 八、本次交易的披露和报告 | 73 | | | | 九、关联交易及同业竞争 | 75 | | | | 十、本次交易的实质条件 | 94 | | | | 十一、本次交易 ...

证券代码：600168 证券简称：武汉控股 上市地点：上海证券交易所 签署日期：二〇二五年九月 武汉三镇实业控股股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（申报稿） 上市公司声明 本公司及本公司全体董事、高级管理人员保证本报告书及其摘要内容的真实、 准确、完整，对报告书及其摘要的虚假记载、误导性陈述或者重大遗漏负相应的 法律责任。 本公司控股股东、董事、高级管理人员承诺，如本次交易所提供或披露的信 息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被中国证 监会立案调查的，在案件调查结论明确以前，本人/本公司不转让在武汉控股拥 有权益的股份（如有），并于收到立案稽查通知的两个交易日内将暂停转让的书 面申请和股票账户提交武汉控股董事会，由董事会代本人/本公司向上交所和登 记结算公司申请锁定；未在两个交易日内提交锁定申请的，授权董事会核实后直 接向上交所和登记结算公司报送本人/本公司的身份信息和账户信息并申请锁定； 董事会未向上交所和登记结算公司报送本人/本公司的身份信息和账户信息的， 授权上交所和登记结算公司直接锁定相关股份。如调查结论发现存在违法违规情 节，本人/本公司 ...

本次重组尚需上交所审核通过以及中国证券监督管理委员会同意注册后方可 实施，最终能否通过审核、取得注册，以及最终通过审核、取得注册的时间仍存在 不确定性。公司将根据本次重组的实际进展情况，严格按照有关法律法规的规定和 要求及时履行信息披露义务。有关信息均以公司发布的公告为准，敬请广大投资者 关注后续公告并注意投资风险。 特此公告。 武汉三镇实业控股股份有限公司（以下简称"武汉控股"、"上市公司"或"公 司"）拟通过发行股份及支付现金的方式向武汉市城市建设投资开发集团有限公司 购买其持有的武汉市政工程设计研究院有限责任公司（以下简称"标的公司"）100% 股权，并向不超过35名符合中国证券监督管理委员会规定条件的特定投资者发行股 份募集配套资金（以上交易事项简称"本次交易"）。本次交易不构成重大资产重 组，不会导致公司控制权发生变更，不构成重组上市，但构成关联交易。 2025年9月29日，武汉控股收到上海证券交易所出具的《关于受理武汉三镇实 业控股股份有限公司发行股份购买资产并募集配套资金申请的通知》【上证上审（并 购重组）〔2025〕81号】。上海证券交易所依据相关规定对公司报送的发行股份购 买资产并募集配套资 ...

Core Viewpoint - The company plans to acquire 100% equity of Wuhan Municipal Engineering Design and Research Institute Co., Ltd. from Wuhan Urban Construction Investment and Development Group Co., Ltd. through a combination of issuing shares and cash payment [1] Group 1 - The company intends to issue shares to no more than 35 specific investors to raise supporting funds for the acquisition [1] - On September 29, 2025, the company received a notice from the Shanghai Stock Exchange regarding the acceptance of its application for issuing shares to purchase assets and raise supporting funds [1] - The application documents were complete and met legal requirements, leading to the decision to accept and review the application [1] Group 2 - The restructuring is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [1]