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].

Group 1 - The core viewpoint of the report is that Alibaba's cloud business is accelerating due to AI-driven initiatives and overseas expansion, with a target price set at HKD 204.79 and a "Buy" rating maintained [1] - The e-commerce segment is expected to generate revenue of CNY 127.18 billion in FY26Q2, reflecting a year-on-year growth of 9.0% [1] - The main platform's GMV is projected to grow by 7% year-on-year, benefiting from the Taobao flash purchase business and an increase in user retention time [1] Group 2 - The company’s instant retail business is estimated to incur losses exceeding CNY 35 billion in FY26Q2, with an average loss of around CNY 5 per order [2] - Daily orders stabilized at 80 million in August, with peak daily orders exceeding 100 million, but the company plans to reduce delivery subsidies starting in September [2] - The focus remains on market share and long-term healthy growth, with expectations that losses will be controllable as fulfillment capabilities improve and scale effects enhance [2]

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 - Zhongxin Special Steel achieved a net profit attributable to shareholders of approximately 4.33 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 12.88% [1] Financial Performance - In Q3 2025, the company reported a net profit of about 1.53 billion yuan, showing a year-on-year growth of 37.93% and a quarter-on-quarter increase of 8.32% [1] - The comprehensive gross profit margin for Q3 2025 reached 15.46%, marking the highest quarterly gross margin since mid-2022 [1] Market Outlook - The company benefits from sustained demand in downstream sectors, with both sales volume and gross profit per ton of special steel products increasing year-on-year, contributing to profit growth [1] - The optimistic outlook for the company's performance is supported by the expectation of continued favorable conditions in downstream markets [1] Valuation - Based on comparable companies' 2026 PE valuation of 17 times, the target price is set at 20.74 yuan, maintaining a "buy" rating [1]

Core Viewpoint - Industrial Fulian's net profit attributable to shareholders for the first three quarters of 2025 reached 22.49 billion yuan, representing a year-on-year increase of 49% [1] - In Q3 2025, the net profit attributable to shareholders was 10.37 billion yuan, showing a year-on-year growth of 62% and a quarter-on-quarter increase of 51%, with both revenue and profit hitting a historical high for the company in a single quarter [1] Financial Performance - The company's AI server business has shown significant growth, driven by the demand for enhanced performance in AI servers [1] - The demand for communication and mobile network equipment has been boosted by AI, with strong growth observed in 800G switches [1] Market Outlook - Some investors have shown insufficient attention to the company's communication and mobile network equipment business, which is expected to continue benefiting from AI demand [1] - The company is valued using a comparable company PE of 29 times for 2026, leading to a target price of 82.94 yuan, with a maintained "buy" rating [1]

Core Insights - In October, 10 A-share IPO companies were reviewed and all were approved, marking a significant achievement for the IPO market [1] - The number of terminated IPOs in October was only 2, the lowest this year, indicating a positive trend in the IPO process [2] - A total of 9 companies successfully completed their IPOs in October, raising a combined total of 12.869 billion yuan [1][8] IPO Termination - The two companies that terminated their IPO processes in October were Beijing Kunlun Unicom Technology Development Co., Ltd. and Zhuzhou Keno New Materials Co., Ltd. [2][4] - Kunlun Unicom faced scrutiny regarding the authenticity of its revenue and customer relationships during its IPO applications [3][4] - Zhuzhou Keno's application raised questions about its innovation attributes, with its R&D investment being just above the minimum requirement [5] Successful IPOs - In October, 9 companies raised a total of 12.869 billion yuan, with Xi'an Yicai-U raising the highest amount at 4.636 billion yuan [7][8] - Notably, several companies listed in October, including Xi'an Yicai-U and He Yuan Biology-U, reported fundraising amounts exceeding 1 billion yuan [8] - Dao Sheng Tian He had a notably high issuance cost rate of 12.89%, which was higher than its peers [8][9] Underwriting and Brokerage - From January to October, 87 companies successfully completed their IPOs, raising a total of 90.172 billion yuan, with 34 brokerages sharing the underwriting fees [11][14] - CITIC Securities led the underwriting with 12 companies and raised 12.827 billion yuan, followed by Guotai Junan and Huatai United Securities [12][14] - Notably, some brokerages, such as First Capital and Dongguan Securities, reported zero underwriting revenue in 2025 [15]

Core Insights - The "Second Jin Qilin Best Investment Advisor Selection" event is actively seeking outstanding investment advisors to enhance wealth management and build a collaborative platform [1][12] - The event features various competitions, including stock simulation trading and public fund simulation allocation, with a focus on identifying top-performing advisors [1] ETF Group Rankings - In the ETF group for October, Nanjing Securities' Zhang Yao achieved a return of 13.6%, ranking first, followed by Dongxing Securities' Ge Qi and Liu Qianjun in second and third places respectively [1] Fund Group Rankings - The top performer in the fund group for October was Guangda Securities' Zhou Jianhua with a return of 8.1%, while Zhongjin Wealth's Bai Jiangbo and Bank of China Securities' Ling Tonglong secured the second and third positions [1] Stock Simulation Trading Rankings - The top three in the stock simulation trading for October are: - Liu Zili from China Merchants Securities with a return of 19.79% - Zhou Juan from Yintai Securities with a return of 18.95% - Quan Wendong from Changjiang Securities with a return of 17.35% [1][2][7]

Group 1 - A-shares opened lower with the Shanghai Composite Index down 0.02% and the ChiNext Index down 0.26%, while the controllable nuclear fusion sector showed active performance, and storage chips, cultivated diamonds, and CPO sectors experienced significant declines [1] Group 2 - Huatai Securities indicates a high probability of the index continuing to break upwards, suggesting that the "anti-involution" policy will lead to improvements in related industries [2] - The current bull market is characterized by structural prominence, with concentrated trading directions, implying that future market movements may be influenced by trading structure risks [2] - Following the Sino-US negotiations at the end of October, negative market factors are expected to be digested, potentially leading to a breakout from the current adjustment phase [2] Group 3 - 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 [3] - Suggested sectors for short-term investment include communication (computing power), electronics (semiconductors, consumer electronics), media (gaming, AI applications), machinery (robots), computers (AI applications, autonomous driving), non-ferrous metals, and chemicals [3] - Industries benefiting from the "14th Five-Year Plan" and improved Q3 performance include new energy, pharmaceuticals, consumption (food, retail), and military (commercial aerospace) [3] Group 4 - Dongfang Securities notes that after the Shanghai Composite Index surpassed 4000 points, market trading enthusiasm has slightly decreased, with increased volatility among major indices [4] - Despite potential trading fluctuations, the overall trend suggests that the index will continue to rise [4]

Core Points - The Beijing Stock Exchange has decided to terminate the review of Kunlun Lian Tong Technology Development Co., Ltd.'s initial public offering (IPO) and listing application [1][2] Company Overview - Kunlun Lian Tong is a professional IT infrastructure solution provider, offering IT infrastructure solutions, IT operation and maintenance services, and IT value-added supply services tailored to the different development stages of enterprises [2] - The company’s IT infrastructure solutions include digital office solutions, cloud computing solutions, and information security solutions [2] IPO Details - Kunlun Lian Tong originally planned to issue no more than 24 million shares (including the base number, excluding the over-allotment option) in the IPO [3] - The company intended to raise approximately 458.44 million yuan (approximately 45.84 million) for business expansion, service system construction, intelligent operation and maintenance platform upgrades, and research and development center construction projects [4][5] - The total investment for the planned projects is 458.44 million yuan, with specific allocations as follows: - Business expansion and service system construction project: 272.07 million yuan - Intelligent operation and maintenance platform upgrade project: 100.32 million yuan - Research and development center construction project: 86.05 million yuan [5]