Core Viewpoint - The report from Xinda Securities indicates that Zhongchong Co., Ltd. achieved a net profit attributable to shareholders of 333 million yuan in Q1-Q3 2025, representing a year-on-year increase of 18.2% [1] Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of 130 million yuan, which is a year-on-year decrease of 6.6%. This decline is primarily due to a one-time investment income of over 30 million yuan in Q3 2024, which is unrelated to the core business [1] - The company's net profit excluding non-recurring items for Q3 2025 was 124 million yuan, reflecting a year-on-year increase of 18.9% [1] Business Outlook - The company is expected to see strong performance from its proprietary brands in Q3 2025, with notable contributions from the brands "Leading" and "Playful" [1] - The overseas business is anticipated to maintain steady performance, with significant progress in the international expansion of proprietary brands. The North American market remains the largest sales market for the company [1] - The company has established a collaborative operational framework among its factories in the United States, Canada, and Mexico, which enhances its local production capabilities. The second factory in the U.S. is expected to be completed by 2026, which will further solidify the company's overseas production advantages [1] - The company's profitability is improving, and its operational efficiency is continuously optimizing [1]

Core Viewpoint - The recent short-term market fluctuations do not alter the long-term bullish trend of the stock market, with dividend and technology assets expected to yield excess returns over time [1] Group 1: Market Trends - The long-term investment strategy emphasizes a barbell approach, combining dividend and technology assets, which are anticipated to benefit from increased equity market allocation by residents [1] - The Shanghai Stock Exchange 180 Index (000010) is structured with a 90% allocation to dividend assets and 10% to technology assets, making it a suitable choice for equity market investment [1] Group 2: Performance Data - As of October 16, 2025, the Shanghai Stock Exchange 180 Index rose by 0.45%, with notable increases in constituent stocks such as China Life (601628) up 4.37% and Zhaoyi Innovation (603986) up 4.17% [1] - The Shanghai 180 ETF Index Fund (530280) increased by 0.33%, with a current price of 1.23 yuan, and has shown a cumulative increase of 1.57% for the month as of October 15, 2025, ranking 1st among comparable funds [1] Group 3: Index Composition - The Shanghai 180 Index includes 180 large-cap, liquid stocks from the Shanghai market, with the top ten weighted stocks accounting for 26.75% of the index [2] - The top ten stocks by weight include Kweichow Moutai (600519), Zijin Mining (601899), and China Ping An (601318), among others [2][4]

Core Insights - Jiangsu Aipeng Medical Technology Co., Ltd. conducted a conference call with 13 institutions, including Cinda Securities and Southern Fund, to discuss its business and future strategies [1] Company Overview - Aipeng Medical focuses on medical devices, particularly in chronic pain management and upper airway management, while also expanding into brain-computer interface (BCI) innovations [1] - The company's BCI applications include perioperative brain state monitoring, treatment systems for refractory insomnia, and multi-modal ADHD behavior management systems [1] Product Development - In the non-invasive sector, Aipeng has developed a multi-modal ADHD behavior management system that connects data from hospital to home, utilizing scientific EEG monitoring and multi-modal interventions [2] - The company has launched an anesthesia treatment system for refractory insomnia and is in the preliminary research phase for an epilepsy warning platform [2] - Aipeng has established a partnership with Changzhou Ruishen'an, focusing on the development and production of neuro-regulation and intracranial electrode medical devices [2] Market Expansion - Hospitals in provinces such as Hubei, Zhejiang, and Guangdong have announced pricing for BCI medical services, facilitating clinical application [2] - The new generation ADM series anesthesia depth monitoring device has received three registration certificates and is now available for sale in over 20 provinces [2] - The refractory insomnia anesthesia treatment system has been implemented in hospitals for clinical treatment and promotion [2] Consumer Product Strategy - The refractory insomnia anesthesia treatment system and multi-modal ADHD behavior management system target both hospital and consumer markets [2] - The multi-modal ADHD behavior training products include UMind (hospital version) and SE (home version), initially promoted in serious medical settings before expanding to consumer markets [2] Data Infrastructure - The refractory insomnia anesthesia treatment system is designed to meet clinical needs, incorporating smart interaction between doctors and patients, and tracking clinical data [2] - The multi-modal ADHD behavior training system integrates multi-source data collection and analysis, collaborating with Fudan University Children's Hospital to enhance data infrastructure and clinical application [2] Research and Development - Aipeng is building a BCI technology application platform to advance clinical innovations in mental health diagnosis and treatment [2] - The company aims to enhance its R&D capabilities and strengthen collaborations with renowned universities and research institutions to promote technological innovation and industry integration [2]

Core Insights - The Securities ETF (159841) has reached a new high, surpassing 10 billion yuan in scale, making it the largest product of its kind in the Shenzhen market [2][3] - The ETF has seen significant capital inflow, with a net subscription of nearly 130 million shares in a single day, and a total of 670 million yuan in net inflow over the past four days [2][5] - The securities sector is characterized by strong beta attributes, closely linked to capital market performance, and is recommended for investors looking to capitalize on market opportunities [3][6] Market Performance - As of October 15, 2025, the Securities ETF (159841) closed up 0.97% with a turnover rate of 5.56% and a transaction volume of 549 million yuan [2] - Key stocks in the ETF, such as GF Securities and Citic Securities, have shown significant price increases, contributing to the overall performance of the ETF [2] Industry Trends - In Q3 2025, the securities market has shown positive trends, with average daily trading volume reaching 2.11 trillion yuan, a year-on-year increase of 211% [5] - The margin financing balance has also increased to 2.39 trillion yuan, up 66% year-on-year, indicating a growing interest in leveraged trading [5] Institutional Perspectives - Huatai Securities has reiterated the strategic allocation opportunities in the brokerage sector, citing multiple factors such as policy, funding, performance, and valuation [6] - The capital market is undergoing profound reforms, with a shift towards a new phase of co-development in investment and financing, leading to increased profitability for brokerage firms [6]

Core Viewpoint - Yiyi Co. plans to issue shares and pay cash to acquire assets while raising matching funds to establish a second growth curve, focusing on expanding its presence in the pet industry [1] Group 1: Company Strategy - Yiyi Co. is recognized as a high-quality domestic pet brand, experiencing dual growth in both food and supplies [1] - The company aims to deepen its external expansion and strengthen brand positioning [1] Group 2: Investment and Financial Projections - In August 2021, Yiyi signed an agreement with Beijing Fangyuan Jinding to participate in the establishment of Suqian Tuobo, enhancing its investment layout in the pet industry [1] - Suqian Tuobo has become the fourth largest shareholder of Gaoye Family, with Yiyi holding an indirect stake of 2.4% [1] - The company is expected to see significant profit contributions from the management team after increasing its stake in Gaoye Family, projected to add important profit increments by 2026 [1] - Yiyi's overseas customer structure is of high quality, with production capacity in Cambodia accelerating [1] - The projected net profit attributable to the parent company for 2025-2027 is expected to reach 240 million, 290 million, and 360 million yuan respectively, with corresponding PE valuations of 27.4X, 22.1X, and 18.2X [1]

Group 1 - The core point of the news is the initial surge in brokerage stocks, with notable increases in specific companies [1] - Xinda Securities and GF Securities both rose over 3% [1] - Other companies such as Huatai Securities, China Galaxy, Dongfang Securities, and Hatou Shares also experienced upward movement [1]

Core Insights - Zhuhai Bojie Electronics Co., Ltd. held an important research event on October 14, with participation from 10 institutions including Cinda Securities and E Fund [1] Group 1: Business Development - Liquid cooling server testing business is gaining interest from clients beyond the N client, with the company actively expanding its market [2] - Liquid cooling components are a future development direction for the company, with self-developed liquid cooling module products already applied in testing equipment [2] - The company's core advantage in transitioning from testing to component supply lies in its high-quality customer resources, allowing it to accurately address customer needs [2] Group 2: Revenue and Orders - The big data and cloud server testing sector accounts for approximately 25% of the company's revenue [2] - Optimistic order expectations for AI server-related testing equipment based on demand from the N client and others; rapid growth in automotive electronics orders; stable orders in the 3C sector; and a quick increase in MLCC equipment orders due to industry recovery [2] - Revenue growth in the semiconductor slicing machine equipment is noted, although its overall volume remains relatively small [2]

信达证券股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：601059 证券简称：信达证券 公告编号：2025-036 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 董事长：林志忠先生 投资者可于 2025 年 10 月 13 日（星期一）至 10 月 20 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@cindasc.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 信达证券股份有限公司（以下简称公司）已于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经 营成果、财务状况，公司计划于 2025 年 10 月 21 日（星期二）11:00-12:00 举行 2025 年半年度业绩说明会（以下简称说明会），就投资者关心的问题进行交流。 一、说明会类型 本次说明会 ...

Group 1 - The company has signed sales agreements with multiple securities firms to offer a new fund called "Wanjia Zhisheng Quantitative Stock Selection Fund" starting from October 13, 2025 [1][4] - The fund will be publicly offered from October 13 to October 24, 2025, through designated sales institutions, allowing investors to open accounts and subscribe [1] - After the fund is established, investors can also engage in subscription, redemption, and regular investment activities, with specific fees determined by the sales institutions [1] Group 2 - Investors can consult various securities firms for more details, including contact numbers and websites for each firm [2]

- The report introduces the **Cinda-VIX volatility index**, which reflects investors' expectations of future volatility in the options market. The index is calculated based on methodologies adapted from international practices and tailored to China's options market. It includes a term structure to show volatility expectations over different time horizons. As of October 10, 2025, the 30-day Cinda-VIX values for major indices are: 20.50 for SSE 50, 20.30 for CSI 300, 26.71 for CSI 500, and 24.66 for CSI 1000[62][64][65] - The **Cinda-SKEW index** measures the skewness of implied volatility across different strike prices of options. It captures market expectations of potential tail risks, with higher values indicating increased concerns about significant downside risks. As of October 10, 2025, the SKEW values for major indices are: 99.06 for SSE 50, 105.08 for CSI 300, 101.31 for CSI 500, and 104.27 for CSI 1000[69][70][77] - The report evaluates **basis-adjusted futures hedging strategies** for major indices (CSI 500, CSI 300, SSE 50, CSI 1000). The strategies include continuous monthly hedging, continuous quarterly hedging, and minimum basis strategies. The strategies are tested over the period from July 22, 2022, to October 10, 2025, with specific parameters such as holding periods, rebalancing rules, and capital allocation between spot and futures positions[44][45][46] - **Performance of IC hedging strategies** (CSI 500 futures): The annualized returns are -3.09% for monthly continuous hedging, -2.20% for quarterly continuous hedging, and -1.49% for minimum basis strategy, compared to 5.22% for the index. Volatility ranges from 3.88% to 4.79%, and maximum drawdowns range from -7.97% to -9.77%. Net values are 0.9045, 0.9314, and 0.9532, respectively[47][48] - **Performance of IF hedging strategies** (CSI 300 futures): The annualized returns are 0.45% for monthly continuous hedging, 0.66% for quarterly continuous hedging, and 1.22% for minimum basis strategy, compared to 2.72% for the index. Volatility ranges from 2.96% to 3.31%, and maximum drawdowns range from -3.95% to -4.06%. Net values are 1.0145, 1.0213, and 1.0395, respectively[49][53] - **Performance of IH hedging strategies** (SSE 50 futures): The annualized returns are 1.07% for monthly continuous hedging, 1.95% for quarterly continuous hedging, and 1.70% for minimum basis strategy, compared to 1.37% for the index. Volatility ranges from 3.04% to 3.45%, and maximum drawdowns range from -3.75% to -4.22%. Net values are 1.0344, 1.0637, and 1.0553, respectively[54][57] - **Performance of IM hedging strategies** (CSI 1000 futures): The annualized returns are -6.21% for monthly continuous hedging, -4.53% for quarterly continuous hedging, and -4.10% for minimum basis strategy, compared to 1.16% for the index. Volatility ranges from 4.77% to 5.80%, and maximum drawdowns range from -11.11% to -14.00%. Net values are 0.8294, 0.8511, and 0.8658, respectively[58][59]