华安证券研报指出，温氏股份1-9月实现归母净利润52.6亿元，同比-18.3%；2025Q3归母净利17.8亿元， 公司将坚持稳健发展策略，持续降低负债率至45%左右。全年肉猪出栏量有望顺利完成，Q3养猪业务 盈利约15亿元。年5-9月，国家召开数次生猪会议，调控政策持续加码，头部猪企需在年底前减产100万 头。随着猪价大幅回落，生猪养殖行业已全面进入亏损。判断生猪养殖业全面亏损叠加调控政策持续严 格落实，生猪行业去产能有望明显提速。该行修正了25-27年公司生猪出栏量、畜禽价格和养殖成本。 公司是全国第二大生猪养殖企业，第一大黄羽肉鸡养殖企业，成本始终处于行业前列，维持公司"买 入"评级不变。 ...

2025 年 10 月 22 日，公司兑付了 2025 年度第四期短期融资券本息共计人民 币 1,006,916,438.36 元。 特此公告。 华安证券股份有限公司 2025 年度第四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虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 华安证券股份有限公司（以下简称"公司"）于 2025 年 5 月 22 日发行了公 司 2025 年度第四期短期融资券，发行金额为人民币 10 亿元，票面利率为 1.65%， 发行期限为 153 天，兑付日为 2025 年 10 月 22 日，详见本公司于 2025 年 5 月 24 日刊登于上海证券交易所网站 www.sse.com.cn 的《华安证券股份有限公司 2025 年度第四期短期融资券发行结果公告》（公告编号：2025-037）。 证券代码：600909 证券简称：华安证券 公告编号：2025-065 2025 年 10 月 23 日 华安证券股份有限公司董事会 ...

| 短期融资券名称 | 华安证券股份有限公司 | 2025 | 年度第十期短期融资券 | | --- | --- | --- | --- | | 短期融资券简称 | 25 华安证券 CP010 | 期限 | 274 天 | | 短期融资券代码 | 072510251 | 发行日 | 2025 年 10 月 20 日 | | 起息日 | 2025 年 10 月 21 日 | 兑付日 | 2026 年 7 月 22 日 | | 计划发行总额 | 15 亿元 | 实际发行总额 | 15 亿元 | | 票面利率 | 1.75% | 发行价格 | 100 元/张 | 本期发行短期融资券的相关文件已在以下网站刊登： 1.中国货币网，http://www.chinamoney.com.cn； 华安证券股份有限公司 2025 年度第十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虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 华安证券股份有限公司 2025 年度第十期短期融资券已于 2025 年 10 月 21 日发行完毕，相关发行情况如下： 证券代码：600909 ...

华安证券发布研报称，根据世界白银协会的数据，2024年全球白银总供应量/需求量分别为31574/36207 吨，供需差-4633吨，全球白银自2021年以来均呈现供不应求的状况，且预计2025年仍有3660吨供需缺 口，供需差主要来自光伏需求的提升。金融属性上，黄金的金融及避险属性强于白银，但白银具备独特 的工业+金融双重属性，因此经济下行周期白银被动抛售叠加需求下行导致金银比扩大。2025年重启降 息，市场预期10月/12月美联储大概率连续降息，量化宽松叠加工业需求回升，白银价格有望维持上 涨。 ...

Group 1 - The core announcement is regarding the first dividend distribution for the Huazhong Securities Ju Ying One-Year Holding Period Bond Type Collective Asset Management Plan for the year 2025 [1] - The dividend distribution base date is set for October 10, 2025, with specific dividend plans outlined for different fund classes [1] - The dividend amounts for the fund classes are as follows: Huazhong Hui Quan Ju Ying - Year Special A (1.26 yuan per 10 shares) and Huazhong Securities Ju Ying - Year Holding B (1.23 yuan per 10 shares) [1] Group 2 - The eligible recipients for the dividend are all fund shareholders registered with the registration agency as of the equity registration date, which is October 24, 2025 [1] - Cash dividends will be distributed on October 28, 2025, and investors opting for reinvestment will have their shares calculated based on the net asset value on October 27, 2025 [1] - The distribution of fund income to investors is temporarily exempt from income tax according to relevant regulations issued by the Ministry of Finance and the State Administration of Taxation [1]

Core Insights - The report from Huazhong Securities indicates that Haida Group's net profit attributable to shareholders for the first nine months of 2025 reached 4.14 billion yuan, representing a year-on-year increase of 14.3%, with Q3 profit growth slowing due to losses in the pig farming business [1][2] - The company has announced a plan for a spin-off listing, focusing on deepening its development in overseas markets [1] Group 1: Sales Performance - In the first half of 2025, the company's feed sales amounted to approximately 14.7 million tons (including 1.05 million tons of domestic sales), reflecting a year-on-year increase of 25% [1] - The external sales of feed increased by approximately 2.84 million tons, with poultry feed external sales up 24%, pig feed external sales up 43%, and aquatic feed external sales up 16% [1] Group 2: Future Projections - The company aims for a total external feed sales increase of over 5 million tons for the entire year, with overseas feed sales expected to maintain a high growth rate of 40% [2] - Projections for external feed sales from 2025 to 2027 are 29.53 million tons, 32.46 million tons, and 35.67 million tons, with year-on-year growth rates of 20.9%, 9.9%, and 9.9% respectively [2] - The expected number of pigs slaughtered is 6.48 million heads for 2025 and 2026, and 6.8 million heads for 2027, with year-on-year growth rates of 8%, 0%, and 5% respectively [2] Group 3: Financial Performance - The company is projected to achieve main business revenues of 141.48 billion yuan, 159.84 billion yuan, and 181.16 billion yuan from 2025 to 2027, with year-on-year growth rates of 23.5%, 13.0%, and 13.3% respectively [2] - The net profit attributable to shareholders is expected to be 5.01 billion yuan, 5.80 billion yuan, and 6.22 billion yuan for the same period, with year-on-year growth rates of 11.3%, 15.7%, and 7.3% respectively [2] - The previous estimates for net profit in 2025, 2026, and 2027 were 5.16 billion yuan, 5.50 billion yuan, and 5.91 billion yuan, with the downward adjustment mainly due to changes in feed sales, feed profit per ton, pig slaughter volume, and pig price expectations [2]

英美烟草公司BAT于2025年6月9日，宣布在日本推出全新高端加热产品线glo Hilo，且于9月1日在日本 全境出售。glo Hilo(含glo Hilo、glo Hilo Plus与配套消耗品virto)在宫城县先行发售试点，官网介绍了其 TurboStart(5秒预热)与Quartz加热元件、AMOLED EasyView屏幕及myglo应用等技术与功能。随后将在9 月1日通过零售与体验店、线上myglo实现日本全境推广。日本市场一直是英美烟草公司加热烟草产品 APMEA(Asia-Pacific,MiddleEast and Africa)地区的主要市场，2025年推动公司新类别收入增长了2.5%。 思摩尔国际(06969)2025年Q3收入延续复苏趋势，其中HNB业务成为核心增长引擎。截至9月30日期间公 司实现收入约人民币41.968亿元，创下单季度收入的历史新高，较上年同期增长约27.2%，较本年二季 度增长约27.5%，面向企业客户业务及自有品牌业务收入同比及环比均实现良好增长。英美烟草计划 2025年全球推广Hilo，并预计其支撑2026年3%-5%的集团收入增长，思摩尔有望持续受益于大客户 ...

Group 1 - As of October 16, 2024, 73 companies have successfully listed on the Hong Kong Stock Exchange, raising a total of 188.98 billion HKD in IPO funds, representing a year-on-year increase of 227.75%, making Hong Kong the leader in global new stock financing [1] - The total equity financing amount in the Hong Kong stock primary market, including IPOs and refinancing, reached 437.59 billion HKD this year, with a significant year-on-year growth of 260.41%, indicating a marked increase in market activity [2] - Chinese securities firms have shown a strong performance in the Hong Kong IPO underwriting and sponsorship business, with leading firms like CICC Hong Kong, CITIC Securities (Hong Kong), and Huatai Financial Holdings (Hong Kong) ranking high in the underwriting list [2] Group 2 - In the IPO business, CICC ranked first by sponsoring 25 IPOs, followed by CITIC Securities (Hong Kong) with 18 and Huatai Financial Holdings (Hong Kong) with 13 [2] - In terms of underwriting amounts, CICC led with 34.03 billion HKD, underwriting 32 deals, while CITIC Securities (Hong Kong) followed with 25.67 billion HKD for 28 deals [2] - The analysis indicates that high-quality issuer resources are increasingly concentrating among Chinese securities firms with comprehensive service capabilities, as "A+H" listed companies account for about half of the total IPO fundraising in Hong Kong [2] Group 3 - Chinese securities firms are accelerating their internationalization efforts, with Guolian Minsheng Securities' Hong Kong subsidiary obtaining a trading license from the Hong Kong Securities and Futures Commission on October 3 [3] - Several Chinese securities firms are establishing subsidiaries in Hong Kong, with firms like First Capital Securities, Western Securities, and Northeast Securities announcing plans to set up Hong Kong subsidiaries [3] - Firms such as GF Securities, Huatai Securities, and Dongwu Securities are increasing their investments in their Hong Kong subsidiaries, reflecting a focus on overseas business development [3]

Core Insights - Bailong Chuangyuan achieved a net profit attributable to shareholders of 265 million yuan in the first three quarters of 2025, representing a year-on-year increase of 44.93% [1] - In Q3 2025, the company reported a net profit of 94.85 million yuan, marking a year-on-year growth of 50.48% and a quarter-on-quarter increase of 7.34% [1] Revenue and Profitability - The company's revenue and gross margin have both increased due to capacity expansion and a decline in raw material prices [1] - The implementation of domestic allulose policies has allowed Bailong Chuangyuan to leverage its technological, cost, and capacity advantages to capture new market opportunities [1] Strategic Developments - The optimization of the cost structure at the Thailand factory enhances the company's competitiveness in the European, American, and Southeast Asian markets [1] - Upon project completion, the company will establish a dual capacity hub in Shandong and Thailand, further solidifying its market share in the global health food raw materials sector through cost optimization and a regional supply network [1] Investment Rating - The report maintains an "Overweight" rating for Bailong Chuangyuan [1]

Core Insights - The enthusiasm for share buybacks and increases in holdings among A-share listed companies and their major shareholders remains strong since 2025, with significant amounts being repurchased and increased [1][2][3] Group 1: Share Buybacks - As of October 15, 2023, several listed brokerages, including Dongfang Securities and Xibu Securities, have repurchased shares totaling over 2.3 billion yuan, a significant increase compared to the previous year [1][2] - Hongta Securities has repurchased 221.69 million shares, accounting for 0.047% of its total share capital, with a total expenditure of approximately 20.01 million yuan [2] - Guotai Junan led the buyback efforts among brokerages, repurchasing 67.52 million shares for a total of 1.21 billion yuan, representing 0.383% of its total share capital [3] Group 2: Shareholder Increases - Major shareholders of listed brokerages are also increasing their holdings, with Huaneng Capital increasing its stake in Changcheng Securities by 6.37 million shares, amounting to approximately 50.17 million yuan [3][4] - Hubei Hongtai Group has increased its holdings in Tianfeng Securities by 179 million shares, representing 2.06% of the total share capital, with a total investment of 502 million yuan [4] Group 3: Investor Confidence and Value Management - Many brokerages are focusing on enhancing investor confidence through new annual action plans aimed at improving returns and establishing effective shareholder return mechanisms [5][6] - Longjiang Securities has outlined plans for value creation, maintenance, and communication to enhance its investment value and investor relations [6]