Core Viewpoint - Dongfeng Motor's net profit attributable to shareholders for the first three quarters reached 1.05 billion yuan, representing a year-on-year increase of 12.5% [1] Financial Performance - In Q3, the net profit attributable to shareholders was 382 million yuan, showing a year-on-year growth of 21.0% and a quarter-on-quarter increase of 6.5% [1] - The company benefited from the comprehensive implementation of the vehicle replacement policy, increased penetration of new energy heavy trucks, and strong export performance [1] Industry Trends - The heavy truck industry experienced rapid year-on-year sales growth in Q3, with the company, as a leading player, benefiting significantly [1] - The company has a relatively full order book, and Q3 production and sales outperformed industry levels, with expectations for continued improvement in production and sales [1] Future Outlook - With the implementation of the "old-for-new" policy for aging operational trucks and the arrival of a small peak season for road freight, the heavy truck industry is expected to maintain an upward trend in Q4 [1] - New energy heavy truck sales continue to reach new highs, supported by policy backing, expanded application scenarios, and improvements in range and cost-effectiveness [1] Valuation - The company maintains a comparable company 25-year PE average valuation of 16 times, corresponding to a target price of 22.72 yuan, and maintains a "buy" rating [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The pre - profit - taking behavior of convertible bonds has eased, but under the current high absolute price and high valuation, the volatility has intensified and the bond nature has weakened. November may be the last wave of adding positions from the perspective of institutional behavior. The current high - valuation situation is expected to remain unchanged [5][8]. - The view on the future of convertible bonds is neutral. It is difficult for convertible bond valuations to have a logic of continuous strengthening. It is likely to fluctuate around the current point. The key to the subsequent trend lies in equities. Investors should appropriately lower the return expectations of convertible bonds, cash out and switch in a timely manner, and low - position institutions can actively allocate on dips. The trading opportunities of convertible bonds are greater than the trend opportunities [5][8]. - Despite the overseas capital market turmoil, the domestic market has slightly recovered this week, hovering around 4000 points, indicating sufficient market confidence. Some over - valued sectors have corrected in the short term, and the weight sectors have temporarily attracted attention. The technology - led slow - bull market remains unchanged, and the subsequent equity trend is still bullish [5][8]. Group 3: Summary According to the Directory 1. Convertible Bond Views: Double - Low Performance Stands Out, Style Slightly Switches - The pre - profit - taking behavior of convertible bonds has eased, but with high absolute prices and valuations, volatility has increased and bond nature has weakened. November may be the last chance for institutional position - adding. The high - valuation situation is expected to remain. The view on convertible bonds is neutral, with the key to subsequent trends in equities. Investors should adjust expectations, cash out and switch, and low - position institutions can allocate on dips. The domestic market has recovered slightly, and the technology - led slow - bull market remains [8]. 2. Convertible Bond Review: Index Approaches Previous High, Valuation Slightly Rises 2.1 Market Overall Performance: Most Indexes Close Higher, Trading Volume Declines - This week, most equity indexes closed slightly higher. The Shanghai Composite Index led the gains with a 1.08% increase, while the North - Bound 50 Index fell 3.79%. In terms of industries, power equipment, coal, and petroleum and petrochemicals led the rise, while beauty care, computer, and pharmaceutical biology led the decline. The average daily trading volume decreased by 3108.43 billion yuan to 2.01 trillion yuan. The top - ten rising convertible bonds last week were Zhongneng, Zhenhua, etc., and some convertible bonds were more active in trading [11]. 2.2 Trading Volume Continues to Increase, Double - Low and Large - Cap High - Rating Convertible Bonds Perform Well - This week, convertible bonds performed well, following the rise of equities. The average daily trading volume slightly increased to 68.526 billion yuan. The CSI Convertible Bond Index rose 0.86%, the parity center rose 1.0% to 114.4 yuan, and the conversion premium rate center remained flat at 18.7%. In terms of style, double - low and large - cap high - rating convertible bonds performed well, while high - price and small convertible bonds performed weakly [14].

Core Viewpoint - The report from Dongfang Securities predicts that the revenue of Hengrui Medicine (00013) will reach $600 million, $706 million, and $797 million in 2025, 2026, and 2027 respectively, maintaining a "buy" rating with a target price of HKD 33.29 for 2026 based on a PS ratio of 5.29 times [1] Group 1 - The original ATTC platform initiates a new wave of innovative drug development, combining monoclonal antibodies with targeted small molecule inhibitors for enhanced synergistic effects while reducing off-target toxicity [1] - The first candidate drug HMPL-A251 shows comprehensive anti-tumor activity, targeting both HER2 and PI3K pathways, with preclinical data indicating strong anti-tumor efficacy in HER2-positive and low-expressing tumor models [2] - HMPL-A251 is expected to enter clinical development by the end of this year, with potential for combination therapy with chemotherapy to expand clinical application value [2] Group 2 - The core pipeline of the company is progressing steadily, with the SAFFRON study of savolitinib in combination with osimertinib for second-line treatment of EGFR-mutant non-small cell lung cancer having completed enrollment [3] - Top-line data from the global Phase III study is anticipated to be released in the first half of next year, with plans to submit a marketing application to the FDA based on these results [3]

Core Viewpoint - The report from Dongfang Securities predicts that the revenue of Hengrui Medicine (00013) will reach $600 million, $706 million, and $797 million for the years 2025-2027, respectively, and assigns a target price of HKD 33.29 for 2026 based on a PS ratio of 5.29 times [1] Group 1: ATTC Platform and Innovation - The original ATTC platform is set to initiate a new wave of innovative drug development, combining monoclonal antibodies with targeted small molecule inhibitors for enhanced synergistic effects [1] - Unlike traditional ADC platforms, drugs based on the ATTC platform demonstrate superior efficacy while reducing off-target toxicity, achieving both efficacy and safety [1] Group 2: Candidate Drug HMPL-A251 - HMPL-A251, the first candidate drug from the ATTC platform, shows comprehensive anti-tumor activity by targeting both HER2 and PI3K pathways [2] - Preclinical data indicates that HMPL-A251 exhibits strong anti-tumor activity in HER2-positive and low-expressing tumor models, achieving better or comparable efficacy to the mainstream HER2 ADC, Trastuzumab [2] - The company plans to initiate clinical development for HMPL-A251 by the end of this year, exploring its potential across various tumor types with different HER2 and PAM alteration statuses [2] Group 3: Core Pipeline Progress - The company has announced the completion of patient enrollment for the global Phase III study of Savolitinib in combination with Osimertinib for second-line treatment of EGFR-mutant non-small cell lung cancer, known as the SAFFRON study [3] - Top-line data from this study is expected to be released in the first half of next year, with plans to submit a marketing application to the FDA based on the results, indicating potential market expansion [3]

Core Viewpoint - Dongfang Securities' report indicates that Yongjin Co., Ltd. has experienced a decline in net profit for the first three quarters of 2025, but there is optimism regarding future performance due to demand recovery and new material developments [1] Financial Performance - For the first three quarters of 2025, Yongjin Co., Ltd. achieved a net profit attributable to shareholders of approximately 450 million yuan, representing a year-on-year decrease of 27.98% [1] - In Q3 2025 alone, the company reported a net profit of about 147 million yuan, which is a year-on-year decline of 6.01% and a quarter-on-quarter decline of 26.5% [1] Future Outlook - The company is expected to benefit from the recovery in demand for its products, particularly in the home appliance and daily necessities sectors, driven by the ongoing "old-for-new" policy [1] - The orderly advancement of the new materials sector, including titanium materials and cylindrical battery shells, is anticipated to provide new profit growth points for the company [1] - The company has maintained a mid-year dividend, indicating a commitment to returning value to the market, and is expected to stabilize its mid-term performance and continue generating stable profits [1] Valuation - Based on comparable companies' 2026 PE valuation of 13X, the target price for Yongjin Co., Ltd. is set at 26.26 yuan, with a maintained "buy" rating [1]

Core Viewpoint - Dongfang Securities report indicates that Mingtai Aluminum's production and sales of aluminum plates and foils for Q1-Q3 2025 were 1.1808 million tons and 1.1747 million tons respectively, with a strong focus on high-end, green, and intelligent development strategies [1] Production and Sales Performance - For Q3 2025, the company produced 384,200 tons and sold 396,900 tons of aluminum plates and foils [1] - The processing business's pre-tax profit per ton increased from approximately 1,300 RMB in Q1 2025 to over 1,500 RMB by Q3 2025 [1] Profitability and Strategic Focus - The company aims to enhance high-end product yield, which drives stable processing fees, while intelligent manufacturing contributes to cost reduction and efficiency improvement [1] - The processing profit per ton is expected to continue to rise steadily [1] Valuation and Investment Rating - Based on comparable companies' 2025 PE valuation levels, the company is assigned a 12X valuation, leading to a target price of 19.8 RMB, maintaining a "Buy" rating [1]

Core Viewpoint - The report from Dongfang Securities indicates that with the volatility of CBOE gold ETFs and the implied volatility of gold options returning to around 20%, gold prices are expected to stabilize. However, short-term fluctuations may occur due to weakened interest rate cut expectations and a stronger dollar. In the medium term, the total U.S. national debt may exceed $40 trillion, and overseas inflation is likely to rise, leading to a bullish outlook for gold prices, potentially breaking through $4,500 per ounce and aiming for $5,000 per ounce. The report suggests focusing on leading global copper and gold mining companies, particularly Zijin Mining (601899.SH), which is expected to see significant growth in its copper segment by 2026 [1]. Group 1: Central Bank Gold Reserves - As of October, the People's Bank of China has increased its gold reserves for the 12th consecutive month, adding 30,000 ounces to reach 74.09 million ounces. The value of gold assets, including gold deposits and swaps, is approximately $297.21 billion, reflecting a month-on-month increase of $13.92 billion [1]. - The monthly increase in gold reserves has slowed due to high gold prices, with October's addition being the smallest this year at 30,000 ounces, down from 40,000 ounces in September. However, the continuous increase indicates the importance of raising gold's proportion in foreign exchange reserves for the central bank [2]. Group 2: Gold's Proportion in Foreign Reserves - Gold now accounts for approximately 8.89% of the People's Bank of China's foreign exchange reserves, an increase of 0.5 percentage points from the previous month and a significant rise of 2.92 percentage points from the end of 2024. Despite this increase, China's gold reserve proportion remains lower than that of major countries, such as India's 15.17% and Thailand's 10.56%, indicating room for growth [3]. Group 3: Future Outlook - The central bank's strategy of increasing gold reserves aligns with the ongoing de-dollarization and the internationalization of the renminbi. The establishment of gold delivery warehouses in Saudi Arabia and designated warehouses in Hong Kong is expected to enhance the international influence of the renminbi through gold. The medium-term outlook for gold prices is supported by the continued deterioration of the dollar's credit and its weakening status as a universal currency in global metals [4].

Group 1 - The core viewpoint of the news highlights the recovery of the brokerage industry in China, with significant growth in investment banking revenues amid a favorable capital market environment [1] - As of the third quarter, 42 A-share listed brokerages (excluding Guosheng Securities) achieved a net income of 25.151 billion yuan from investment banking fees, representing a year-on-year increase of 23.46% [1] - The market's focus on brokerages is shifting back to sustainable fundamentals, with future relative returns depending more on profit quality and the recovery of Return on Equity (ROE) [1] Group 2 - The top ten weighted stocks in the Guozheng Securities Leading Index (399437) include Dongfang Caifu, CITIC Securities, Huatai Securities, and others, collectively accounting for 78.89% of the index [2]

Investment Rating - The report maintains a positive outlook on the non-bank financial industry, with specific recommendations for securities and insurance sectors [4][30]. Core Insights - The report highlights a favorable operating environment for the securities industry, with key indicators showing sustained growth in trading activities and capital raising [4][19]. - The insurance sector is positioned for growth, particularly with the "going out" strategy of major players like China Insurance, which aims to expand overseas operations [4][20]. Market Review - The Shanghai Composite Index closed at 4,678.79 with a weekly change of +0.82%, while the non-bank index decreased by 0.17% [7]. - The securities sector index fell by 0.72%, while the insurance sector index rose by 1.25% [7][9]. Non-Bank Industry Key Data - As of November 7, 2025, the average daily trading volume in the stock market was 20,126.24 billion yuan, reflecting a decrease of 13.46% week-on-week [19][43]. - The margin trading balance reached 24,988.49 billion yuan, an increase of 34% compared to the end of 2024 [19][46]. Non-Bank Industry News and Key Announcements - The Financial Regulatory Bureau is developing guidelines for the high-quality development of technology insurance, indicating a significant growth opportunity in this sector [20]. - The establishment of a network security insurance industry collaboration mechanism aims to enhance the awareness and utilization of network security insurance services [21]. Investment Analysis Recommendations - For the securities sector, the report recommends focusing on leading firms with strong competitive positions, such as GF Securities and CITIC Securities [4]. - In the insurance sector, the report suggests investing in companies like China Life and Ping An, which are expected to benefit from improved interest margins and capital market conditions [4][30].

Core Viewpoint - The Shenzhen Stock Exchange's M&A Review Committee approved the asset purchase by Del Automotive Parts Co., Ltd. (德尔股份) on November 7, 2025, confirming compliance with restructuring conditions and information disclosure requirements [1]. Group 1: Transaction Details - Del Automotive plans to issue shares to acquire 70% of Aizhuo Technology from Shanghai Deri, with a zero-cost acquisition of the remaining 30% from Xing Baichang Partnership [2][3]. - The total transaction price for the equity of Aizhuo Technology is set at 270 million yuan, reflecting a significant increase in value compared to previous assessments [3]. - The share issuance will consist of 19,081,272 shares at a price of 14.15 yuan per share, which is at least 80% of the average trading price over the last 120 trading days [3]. Group 2: Fundraising and Use of Proceeds - Del Automotive intends to raise up to 82.7 million yuan through the issuance of shares to no more than 35 specific investors, with the fundraising contingent on the successful completion of the asset purchase [4]. - The proceeds will be allocated to projects including the smart upgrade of automotive decorative parts at Aizhuo Intelligent Technology and the establishment of a research and development center [5][6]. Group 3: Related Party Transactions - The transaction involves related parties, as both Shanghai Deri and Xing Baichang Partnership are controlled by the company's actual controller, Li Yi [6][7]. - The transaction does not meet the criteria for a major asset restructuring as defined by relevant regulations, and there will be no change in the company's actual control [6][7]. Group 4: Advisory and Compliance - The independent financial advisor for this transaction is Dongfang Securities Co., Ltd., with project leaders Lu Guochun and Zhu Wei overseeing the process [8].