Core Viewpoint - Lixun Precision's Q3 2025 net profit attributable to shareholders reached 4.9 billion yuan, a year-on-year increase of 32%, with revenue growth accelerating compared to the previous two quarters, partly due to the consolidation of the acquired Lainiwentai [1] Financial Performance - Q3 2025 net profit attributable to shareholders: 4.9 billion yuan, up 32% year-on-year [1] - Full-year guidance for 2025 net profit: 16.5 to 17.2 billion yuan, representing a year-on-year growth of 23.6% to 28.6% [1] Business Integration and Growth - Integration of Lainiwentai is progressing better than expected, with accelerated growth in the automotive business [1] - Current integration progress indicates operational improvements exceeding company expectations, with potential for early achievement of previously set operational targets [1] Future Outlook - Expected significant profit contribution from 2026 onwards due to successful integration [1] - Data center business is set to see major client expansion, with long-term growth potential in the AI era being underestimated [1] Valuation - Based on comparable companies, the target price for 2025 is set at 83.88 yuan, corresponding to a 36 times PE ratio, maintaining a "buy" rating [1]

Group 1 - The core viewpoint is that the non-ferrous metals sector is entering a new cycle driven by supply-demand balance, influenced by global monetary easing, strategic resource positioning, and the transformation of old and new industries, with a focus on gold, lithium/rare earths, and copper [1] - Gold is highlighted for its safe-haven properties and strategic resource status, performing well in a loose monetary environment [1] - The overall non-ferrous metals industry is showing structural opportunities in the new cycle, with an improved supply-demand pattern supporting price resilience [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects securities from companies involved in the development of copper, aluminum, lead-zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining industry [1] - The mining ETF (561330) has outperformed the CSI Non-Ferrous Index by nearly 10% this year, indicating a more concentrated leadership with a higher proportion of gold, copper, and rare earths [1]

Group 1: Investment Rating of the Report - The report has a neutral view on the convertible bond market, indicating that the market is expected to fluctuate around the current level, and the convertible bond trading opportunities are greater than the trend opportunities [6]. Group 2: Core Viewpoints of the Report - The convertible bond market is experiencing increased volatility at high absolute prices and valuations, with a greater likelihood of trading opportunities than trend opportunities. Institutions may increase their positions, and investors should lower their return expectations and actively allocate at low positions [6]. - Despite short - term market fluctuations, the slow - bull market under the technology theme remains unchanged [6]. Group 3: Summary by Directory 1. Convertible Bond Views - The convertible bond market has increased volatility, and trading opportunities are prominent. The market is expected to be neutral, and the key to the future trend lies in the equity market. Investors should lower return expectations and seize trading opportunities [6][9]. 2. Convertible Bond Review 2.1 Market Overall Performance - Most indices closed higher, and trading volume increased significantly. The Shanghai Composite Index fluctuated after breaking through 4000 points. The Northbound 50, CSI 1000, and other indices rose, while the CSI 300 and SSE 50 fell. The power equipment, non - ferrous metals, and steel industries led the gains, while the communication, beauty care, and banking industries led the losses. The average daily trading volume increased from 523.755 billion yuan to 2.32 trillion yuan [12]. - The top ten convertible bonds in terms of gains last week included Titan, Dazhong, Zhenhua, etc. In terms of trading activity, Dazhong, Guanzhong, Yiwei, etc. were frequently traded [12]. 2.2 Trading Volume Increased, and Low - price and High - price Convertible Bonds Performed Well - Convertible bonds performed well, following the significant upward movement of equities. The average daily trading volume slightly increased to 62.146 billion yuan. The CSI Convertible Bond Index rose 0.79%, the parity center increased by 0.4% to 113.2 yuan, and the conversion premium rate center decreased by 1.0% to 18.7%. In terms of style, low - price and high - price convertible bonds performed well, while low - price and AAA - rated convertible bonds performed weakly [6][14].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The central bank's resumption of treasury bond trading is not just a one - off benefit. It can continuously improve the bond market trading structure and enhance banks' willingness to allocate bonds, helping the bond market to continue its repair and the interest rate to decline in an oscillatory manner [6][10][11] - Although many investors interpret the central bank's resumption of treasury bond trading as a one - off benefit, as the market's expectation of monetary policy has returned to neutral in 2025, it is difficult for the bond market to replicate last year's fourth - quarter rally. However, it will still have a positive impact on the bond market [6] Summary by Directory 1. Bond Market Weekly Viewpoint - The central bank's resumption of treasury bond trading served as a catalyst for the decline in interest rates, which is in line with the previous judgment of bond market repair and interest rate peaking in the fourth quarter [6][9] - The trading structure of the bond market this year is characterized by funds "fighting alone", with banks showing low enthusiasm for participating in the bond market. The central bank's resumption of treasury bond purchases will promote banks to expand their balance sheets again and increase their willingness to allocate bonds [10] 2. This Week's Focus in the Fixed - Income Market 2.1 Concern about Domestic Inflation and Export Data - This week, China will release October's Caixin Manufacturing PMI, CPI, PPI, etc., and the US will release October's ISM Manufacturing PMI, ADP employment figures, etc. The Bank of England will announce its interest - rate decision [15][16] 2.2 This Week's Expected Interest - Rate Bond Issuance Volume - This week, the issuance scale of interest - rate bonds is expected to be 562.1 billion yuan, including 330.5 billion yuan of treasury bonds, 91.6 billion yuan of local bonds, and about 140 billion yuan of policy - bank bonds [16][17] 3. Review and Outlook of Interest - Rate Bonds 3.1 Net Open - Market Operation Injection of 1.4 Trillion Yuan - Last week, the central bank's reverse - repurchase net injection was 1.2 trillion yuan, and the MLF net injection was 200 billion yuan, with a total net injection of 1.4 trillion yuan in open - market operations. The funds were stable across the month [20][21] - The issuance scale of certificates of deposit (CDs) remained relatively high, mainly medium - term issuance. The prices in the primary and secondary markets decreased significantly with the improvement of market sentiment [27] 3.2 Rapid Decline in Bond Market Interest Rates - Last week, the bond market sentiment was optimistic, and yields declined rapidly. The central bank's resumption of treasury bond trading, successful Sino - US consultations, loose funds, and lower - than - expected October PMI all contributed to the decline [41] - The yields of 10 - year treasury bonds and active state - development bonds decreased by 5.3bp and 5.4bp respectively to 1.79% and 1.86%. The yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year ChinaBond treasury bonds decreased by 8.9bp, 11.5bp, 5.1bp, 9.6bp, and 5.3bp respectively [41] 4. High - Frequency Data - On the production side, the operating rates were divided. The blast - furnace and semi - steel tire operating rates decreased, while the PTA and asphalt operating rates increased. The year - on - year growth rate of the average daily crude - steel output in mid - October widened negatively [49] - On the demand side, the year - on - year growth rates of passenger - car manufacturers' wholesale and retail sales changed differently. The year - on - year growth rate of the commercial - housing transaction area weakened again. The SCFI and CCFI composite indexes increased by 10.5% and 2.9% respectively [49] - In terms of prices, crude - oil prices continued to decline, copper and aluminum prices increased, coal prices were divided, and prices of many mid - stream commodities increased. The prices of downstream consumer products such as vegetables, fruits, and pork also changed [50]

Group 1 - The A-share market opened lower with the Shanghai Composite Index down 0.08% and the ChiNext Index down 0.2%, with sectors like AI data, quantum technology, and gold experiencing significant declines [1] Group 2 - Huatai Securities indicates a high probability of the index continuing to break upwards, suggesting that the "anti-involution" policies will lead to improvements in related industries. The current bull market is characterized by structural prominence and concentrated trading directions, with potential market stabilization expected after the end of October US-China negotiations [2] - Huajin Securities maintains that a slow bull market and a focus on technology remain unchanged, recommending investments in technology growth and certain cyclical and core asset sectors. Specific sectors to consider include telecommunications, electronics, media, machinery, computing, non-ferrous metals, and chemicals, as well as industries benefiting from the "14th Five-Year Plan" and improved Q3 performance [3] - Dongfang Securities notes that after the Shanghai Composite Index surpassed 4000 points, market trading enthusiasm has slightly decreased, with increased volatility among major indices. Despite potential trading disturbances, the overall trend remains upward [4]

Core Viewpoint - The company anticipates a global demand growth in the solar energy sector, with specific projections for both domestic and international markets, while also addressing its strategic plans for energy storage and product efficiency improvements [2][3][4][5][6]. Market Demand Projections - The company predicts that global new installations will range between 580 to 600 GW in 2025, with a slight decrease in growth rate compared to previous years. For the Chinese market, new installations are expected to be around 310 GW this year and between 270 to 300 GW next year. The overseas markets, particularly Europe, are expected to see stable growth, while regions like Asia-Pacific and Africa may experience accelerated growth [2]. Energy Storage Strategy - The company has already begun shipping energy storage products this year, covering residential, commercial, and large-scale storage solutions. It has established its own design and pre-sales teams and is adopting a light-asset operational model while leveraging its existing sales channels for market expansion [3]. Product Efficiency Goals - The company aims to achieve an efficiency ceiling of 650 to 670W for its Topcon technology, indicating significant potential for future improvements while balancing product economics [4]. Component Pricing Trends - In response to the ongoing anti-competitive policies, the company has adjusted its pricing strategy, leading to a recent upward trend in component prices in the domestic market. The overseas market, particularly in the Middle East and Europe, is also showing support for price increases. Although some long-term projects are still being fulfilled at lower prices, the overall trend indicates a rise in component prices, with expectations for a recovery in prices as market demand increases in the second quarter of next year [5]. High-Power Product Launch - The company has launched its latest product, DeepBlue 0, and is observing a price premium for high-power products. As production capacity is gradually released next year, the price premium is expected to increase further [6]. Financial Performance Overview - For the first three quarters of 2025, the company reported a main revenue of 36.809 billion yuan, a year-on-year decrease of 32.27%. The net profit attributable to shareholders was -3.553 billion yuan, down 633.54% year-on-year. The third quarter alone saw a revenue of 12.904 billion yuan, a decline of 24.05% year-on-year, with a net profit of -973 million yuan, down 349.58% year-on-year. The company’s debt ratio stands at 77.9% [7]. Analyst Ratings - In the past 90 days, 12 institutions have provided ratings for the stock, with 8 buy ratings and 4 hold ratings. The average target price set by analysts is 13.4 yuan [8].

Summary of Key Points Core Viewpoint - In the first ten months of 2025, a total of 87 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 901.23 billion yuan in funds, indicating a robust capital market activity in China [1]. Group 1: Listing and Fundraising - A total of 87 companies were listed, with 29 on the main board, 29 on the ChiNext, 11 on the Sci-Tech Innovation Board, and 18 on the Beijing Stock Exchange [1]. - The total fundraising amount reached 901.23 billion yuan, with Huadian New Energy leading at 181.71 billion yuan [1]. - Other notable fundraisers included Xi'an Yicai and Zhongce Rubber, raising 46.36 billion yuan and 40.66 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - 33 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a total of 44.59 billion yuan in fees [1]. - Guotai Junan ranked first in underwriting fees, earning 58.83 million yuan from sponsoring nine companies [1]. - CITIC Securities and CITIC Jianzhong followed in the ranking, earning 54.50 million yuan and 53.56 million yuan respectively [2]. Group 3: Detailed Underwriting Contributions - Guotai Junan sponsored nine companies, including Changjiang Nengke and United Power [1]. - CITIC Securities sponsored seven companies, including Xi'an Yicai and Ruili Kemi [2]. - CITIC Jianzhong sponsored seven companies, including Daosheng Tianhe and Zhongce Rubber [2]. Group 4: Overall Market Performance - The top five securities firms accounted for 50.77% of the total underwriting fees, amounting to 22.64 billion yuan [4]. - Other firms in the top ten included CICC, China Merchants Securities, and Shenwan Hongyuan, with fees ranging from 13.66 million yuan to 23.16 million yuan [4].

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The securities industry has shown significant growth, with a 62% year-on-year increase in net profit for the first three quarters of 2025, and a 59% increase in the third quarter alone [1][38] - Daily average stock trading volume reached 18,723 billion yuan, reflecting a 109% year-on-year growth [1][12] - The report anticipates a 47% year-on-year increase in industry net profit for the full year of 2025, driven by active market trading and improved performance across various business segments [7] Summary by Sections 1. Market Activity - The stock market has remained strong, with daily average stock trading volume of 18,723 billion yuan, up 109% year-on-year [12] - The number of new accounts opened in the Shanghai market increased by 46% year-on-year, averaging 2.47 million new accounts per month [12] - Margin financing and securities lending balances grew by 66% year-on-year, indicating increased investor confidence [15][17] 2. Performance of Listed Securities Firms - Listed securities firms reported a total revenue of 4,522 billion yuan, a 41% increase year-on-year, with net profit reaching 1,831 billion yuan, up 62% [38] - The average return on equity (ROE) for these firms was 5.51%, an increase of 2.65 percentage points year-on-year [39] - All firms reported positive growth or turned profitable, with significant increases in net profit for the third quarter [38] 3. Business Segment Performance - Brokerage commission income rose by 74% year-on-year, totaling 1,135 billion yuan, although the growth rate was lower than the trading volume increase [2] - Investment banking revenue increased by 23% year-on-year, benefiting from a recovery in refinancing activities [2] - Proprietary trading net income grew by 42% year-on-year, with total investment net income reaching 1,956 billion yuan [2] 4. Future Outlook - The report projects a 47% year-on-year increase in industry net profit for 2025, with expectations of growth across various business lines: brokerage income (+66%), investment banking (+18%), and proprietary trading (+50%) [7] - The report emphasizes the competitive advantages of large securities firms and recommends several key players, including CITIC Securities and China Galaxy [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469,482,864 | | 2. 股份分類 | 普通股 | 股 ...

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Alibaba-W (09988) with a target price of HKD 204.79, driven by the acceleration of AI-driven growth and cloud expansion [2]. E-commerce Segment - The e-commerce business is expected to achieve revenue of CNY 127.18 billion in FY26Q2, reflecting a year-on-year growth of 9.0% [3]. - The main site is projected to see a GMV growth of 7% year-on-year, supported by the Taobao flash purchase business, maintaining a steady trend from the previous quarter [3]. - CMR is anticipated to grow by 10% year-on-year, with the flash purchase contributing 2-3% to this growth, aided by improved advertising TR from enhanced ad algorithms [3]. - The launch of the AI-powered shopping assistant on Taotian in August is expected to enhance user conversion rates through personalized recommendations [3]. Instant Retail Segment - The instant retail business is projected to incur losses exceeding CNY 35 billion in FY26Q2, with an average loss of around CNY 5 per order [4]. - Daily orders stabilized at 80 million in August, with peak daily orders surpassing 100 million, indicating strong demand [4]. - Starting in September, the company plans to reduce delivery subsidies, expecting losses per order to decrease to CNY 2-3 in FY26Q3, while focusing on market share and long-term growth [4].