Core Viewpoint - Mingyue Lens announced a change in the designated sponsor representative for its ongoing IPO supervision due to the work shift of the original representative, ensuring continued compliance with regulatory obligations [1] Group 1 - Mingyue Lens received a notice from Dongfang Securities regarding the replacement of the sponsor representative for its IPO supervision [1] - The original designated representatives were Zheng Rui and Liu Junqing, with the supervision period ending on December 31, 2024 [1] - Dongfang Securities appointed Mao Linyong to replace Liu Junqing to ensure orderly supervision as the company has not fully utilized the raised funds [1]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 於本公告日期，董事會成員包括執行董事龔德雄先生、魯偉銘先生和盧大印先生； 非執行董事楊波先生、石磊先生、李芸女士、徐永淼先生、任志祥先生及孫維東先 生；以及獨立非執行董事吳弘先生、馮興東先生、羅新宇先生、陳漢先生和朱凱先 生。 董事會會議召開日期 東 方 證 券 股 份 有 限 公 司（「公 司 」）董 事 會（「董事會 」）謹 此 宣 佈 ，董 事 會 會 議 將 於 二 零 二 五 年 十 月 三 十 日（星 期 四 ）舉 行 ，藉 以（其 中 包 括 ）審 議 及 批 准 公 司 及 其 附 屬 公 ...

Core Viewpoint - Dongfang Securities (03958.HK) announced that its board meeting will be held on October 30, 2025, to review and approve the third-quarter performance for the nine months ending September 30, 2025 [1] Summary by Relevant Sections - Company Announcement - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on reviewing and approving the third-quarter results for the period ending September 30, 2025 [1]

董事會會議召開日期 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 東 方 證 券 股 份 有 限 公 司（「公 司 」）董 事 會（「董事會 」）謹 此 宣 佈 ，董 事 會 會 議 將 於 二 零 二 五 年 十 月 三 十 日（星 期 四 ）舉 行 ，藉 以（其 中 包 括 ）審 議 及 批 准 公 司 及 其 附 屬 公 司截至二零二五年九月三十日止九個月的第三季度業績及其刊發。 承董事會命 董事長 龔德雄 中國•上海 二零二五年十月十六日 於本公告日期，董事會成員包括執行董事龔德雄先生、魯偉銘先生和盧大印先生； 非執行董事楊波先生、石磊先生、 ...

Core Viewpoint - The compound fertilizer industry is undergoing structural changes, with leading companies enhancing their competitive advantages, making them typical cash cow assets with potential for increased dividends in the future [1][2]. Group 1: Dividend Potential - The long-term dividend potential of leading compound fertilizer companies is underestimated, as the market often focuses on the industry's low asset intensity and manufacturing barriers, overlooking the competitive advantages of leading firms [1][2]. - The expected increase in dividends is driven by steady profit growth, supported by the enhanced competitiveness of leading companies [2][3]. Group 2: Competitive Advantages - Leading companies are experiencing increased brand loyalty, which supports sales growth, as they reduce uncertainty for channels and farmers, ensuring mutual benefits amid price fluctuations [2]. - The continuous improvement of integrated layouts enhances product profitability, with leading firms investing in upstream integration and differentiating terminal products to increase pricing power [2]. Group 3: Capital Expenditure and Cash Flow - The phase of significant capital expenditure is coming to an end, with leading companies having healthy operating cash flows and ample cash on hand, which allows for potential increases in dividends as investment becomes more restrained [3].

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]

Core Viewpoint - Zhejiang Taihong Wanli Technology Co., Ltd. has announced a change in its continuous supervision sponsor representative, with Zhou You replacing Liu Junqing due to work changes, while Zheng Rui remains as a representative [1]. Group 1: Announcement Details - The company received a notice from Dongfang Securities regarding the change of its continuous supervision sponsor representative [1]. - Liu Junqing will no longer be responsible for the company's continuous supervision due to work changes, and Zhou You has been appointed as the new representative [1]. - The continuous supervision period will last until the obligations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange are fulfilled [1]. Group 2: Acknowledgment and Background - The company's board expresses gratitude for Liu Junqing's contributions during the IPO and continuous supervision period [1]. - Zhou You is a director at Dongfang Securities' investment banking headquarters, a registered accountant, and holds a bachelor's degree in management from Fudan University, with extensive experience in investment banking [3].

Core Points - 博俊科技 announced that 东方证券 will continue to act as the sponsor for the company's 2024 stock issuance under a simplified procedure [1] - The originally designated sponsor representative, 刘俊清, will no longer be responsible for the ongoing supervision due to a job change [1] - 毛林永 has been appointed as the new sponsor representative to fulfill the sponsorship duties [1]

Core Viewpoint - The report from Dongfang Securities indicates that the recent adjustments in LPR and deposit rates have a neutral to positive impact on banks' net interest margins, with expectations for stable interest income performance in the near term [1][2]. Group 1: Net Interest Margin and Income - The net interest margin is expected to stabilize, supporting stable interest income performance. The LPR and deposit rate adjustments are projected to have a neutral to positive effect on net interest margins, with new loan rates remaining relatively firm [1][2]. - For Q3 2025, the growth rate of interest income for listed banks is forecasted to decline by 0.8% year-on-year, but will increase by 0.5 percentage points quarter-on-quarter, with state-owned banks showing a growth of 0.8 percentage points [2]. Group 2: Non-Interest Income Performance - Non-interest income is expected to show differentiation, with state-owned banks likely performing better due to significant growth in equity fund products and a shift in deposits from general to interbank deposits [3]. - The forecast for Q3 2025 indicates a 3.4% year-on-year growth in net fee income for listed banks, with state-owned banks expected to see a growth of 0.3 percentage points [3]. Group 3: Asset Quality and Credit Costs - Asset quality is anticipated to remain stable, with credit costs potentially returning to a downward trend. Despite a decline in loan growth, the write-off rate remains steady, which may support stable non-performing loan indicators [4]. - For Q3 2025, the forecast for impairment losses is a year-on-year decrease of 1.2%, with net profit growth of 0.7% year-on-year for listed banks [4]. Group 4: Investment Recommendations - The report suggests focusing on two investment themes: high-quality small and medium-sized banks with stable fundamentals, and large state-owned banks with good defensive value [5].

Core Viewpoint - Recent policies are expected to boost market demand for Hikvision's products, despite concerns about the company's reliance on government security business, which may have limited growth potential [1] Group 1: Policy Impact - Government initiatives such as the resilient city construction opinions, central urban work conference, and AI+ action opinions are likely to enhance demand for Hikvision's video surveillance products [1] - The company's self-developed "Guanlan" large model significantly expands its AI application capabilities [1] Group 2: Business Growth - Hikvision has cultivated leading industry application capabilities and an efficient AI engineering implementation system over the years, allowing for rapid response to industry demands [1] - Innovative business revenue has grown from 650 million yuan in 2016 to 22.5 billion yuan in 2024, with a compound annual growth rate of 56%, and is projected to reach nearly 11.8 billion yuan in the first half of 2025, accounting for 28% of total revenue [1] Group 3: Valuation - Based on comparable companies' 26x to 27x PE valuation levels, the target price is set at 46.98 yuan, maintaining a "buy" rating [1]