Core Viewpoint - Despite a noticeable market correction this week, the outlook for the energy storage and lithium battery industries remains positive, driven by multiple catalysts at this moment [1] Group 1: Energy Storage Industry - The global resonance of the energy storage industry trend remains unchanged [1] - In China, the core driver is the comprehensive market entry of new energy, which is widening the peak-valley electricity price difference, along with the introduction of capacity electricity pricing policies that enhance the internal rate of return (IRR) for energy storage [1] - In the U.S., there is a significant power gap in data centers, making the combination of solar and storage an irreplaceable and rapidly scalable energy source [1] Group 2: Lithium Battery Industry - The lithium battery sector is currently experiencing multiple catalysts, with recent market declines attributed to speculations regarding export control policy interpretations [1] - The decline is mainly due to some funds cashing out, but the industry fundamentals remain optimistic amid the ongoing impact of U.S.-China relations [1] - The production season is strong, with materials and energy storage batteries in short supply, leading to continuous price increases; demand clarity for 2026 is becoming more evident, with significant growth in lithium battery production in Q3 compared to previous quarters [1] - The focus remains on materials, particularly 6F, lithium iron phosphate, and opportunities within the battery segment [1]

Core Viewpoint - CITIC Securities believes that the bull market logic remains intact despite the recent market consolidation, driven by capital market reforms and structural prosperity [1] Market Conditions - Following a peak in trading activity in the computing power sector in early September, the market has entered a consolidation phase characterized by high capital rotation, index stagnation, and reduced trading volume [1] - The current market conditions are attributed to the failure to meet the criteria for ending the bull market consolidation, ongoing uncertainties in US-China relations, and reduced volatility ahead of key meetings [1] Investment Strategy - The company suggests a shift in investment style, with short-term focus on "countermeasures + risk aversion" and a year-end focus on dividend and technology styles [1] - Key sectors to watch include dividends, non-ferrous metals (rare earths, precious metals), large financials (banks, insurance), steel, agriculture, AI, batteries, chips, robotics, and innovative pharmaceuticals [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - After the holiday, the REITs market continued to adjust, but the overall liquidity has bottomed out and rebounded this week, with the most obvious improvement in the affordable housing sector [3]. - The enthusiasm for new subscriptions in the primary market of REITs remains high. The net subscription multiples of Huaxia Zhonghai Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have reached new highs [3]. - This week, the CSI REITs Total Return Index fell by 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points [4]. 3. Summary by Directory 3.1 Primary Market - A total of 3 single - issue public REITs made new progress this week. E Fund Guangxi Beitou Expressway REIT has been declared, while Huaxia Zhonghai Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have completed fundraising [4][15]. - As of October 10, 2025, 18 single - issue REITs have been successfully issued this year, with a issuance scale of 36.34 billion yuan, a year - on - year decrease of 21.5% [4]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index closed at 1043.46 points, down 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.81%, underperforming the CSI 300 by 6.91 percentage points and outperforming the CSI Dividend by 7.54 percentage points [4]. - By project attribute, equity - based REITs fell by 2.09% this week, and concession - based REITs fell by 1.64%. By asset type, the data center (+0.62%), transportation (-1.56%), environmental protection and water services (-1.70%), and park (-1.74%) sectors performed better [4]. 3.2.2 Liquidity - The average daily turnover rates of equity - based and concession - based REITs this week were 0.39% and 0.36% respectively, an increase of 8.58 and 4.88 basis points from last week. The weekly trading volumes were 366 million and 102 million shares respectively, a week - on - week increase of 28.35% and 15.87% [4][24]. - The affordable housing sector showed the most obvious improvement in liquidity [3]. 3.2.3 Valuation - The ChinaBond valuation yields of equity - based and concession - based REITs are 3.94% and 4.16% respectively. The affordable housing sector has a relatively high valuation [26][28]. 3.3 This Week's News and Important Announcements - On October 13, 2025, the Ministry of Civil Affairs supported the initial cultivation of elderly - care REITs, and carried out practical exploration work in 11 regions [32]. - On October 16, 2025, 9 departments including the Ministry of Housing and Urban - Rural Development supported eligible new urban infrastructure to issue REITs [32]. - On October 17, 2025, the bid - evaluation result of the financial advisor for Qingcheng Mountain - Dujiangyan Scenic Area REITs was announced, with CICC winning the bid at 5 million yuan [32]. - There were also important announcements such as dividends, operating conditions, and strategic placement share unlocks of some REITs [33].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The liquidity of the REITs market has bottomed out and rebounded, with two new projects attracting over 200 billion yuan in funds. The first - level market's new - issue enthusiasm remains high, and the overall liquidity has improved, especially in the affordable housing sector [3]. - As of October 10, 2025, 18 REITs have been successfully issued this year, with a scale of 36.34 billion yuan, a year - on - year decrease of 21.5%. Three new - issue and two expansion - issue REITs have made new progress this week [4]. - This week, the CSI REITs Total Return Index closed at 1043.46 points, down 1.44%. The liquidity of both property - type and franchise - type REITs has increased, and the data center sector is the most active. In terms of valuation, the warehousing and logistics, transportation, and park sectors rank among the top [5]. 3. Summary According to the Directory 3.1 First - level Market: Three New - issue Public REITs Made New Progress - As of October 17, 2025, 77 REITs have been issued, with a total issuance scale of 199.6 billion yuan, a total market value of 217.4 billion yuan, and a circulating market value of 108 billion yuan. Among them, property - type REITs account for a large proportion in terms of quantity and scale [16]. - This week, three new - issue REITs made progress: E Fund Guangxi Beitou Expressway REIT has been declared, and China AMC China Overseas Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have completed fundraising [4][17]. - Two expansion - issue REITs made progress: China AMC China Resources Commercial REIT has been accepted, and China AMC China Resources Youchao REIT has received feedback [4][18]. 3.2 Second - level Market: Liquidity Bottomed out and Rebounded this Week 3.2.1 Market Review: CSI REITs Total Return Index Fell 1.44% - This week, the CSI REITs Total Return Index closed at 1043.46 points, down 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points. Year - to - date, it has risen 7.81%, underperforming the CSI 300 by 6.91 percentage points and outperforming the CSI Dividend by 7.54 percentage points [5]. - By project attribute, property - type REITs fell 2.09%, and franchise - type REITs fell 1.64%. By asset type, the data center, transportation, environmental protection and water services, and park sectors performed better [5]. - Among individual bonds, 4 rose and 70 fell. The top three were Huatai - PineBridge Nanjing Jianye REIT, Southern Runze Technology Data Center REIT, and Huatai - PineBridge Baowan Logistics REIT, while the bottom three were Yin Hua Shaoxing Raw Water Conservancy REIT, Hongtu Shenzhen Anju REIT, and Huatai - PineBridge Baowan Logistics REIT [5]. 3.2.2 Liquidity: Turnover Rate Bottomed out and Rebounded, with the Affordable Housing Sector Improving Most Significantly - The average daily turnover rates of property - type and franchise - type REITs this week were 0.39% and 0.36% respectively, an increase of 8.58 and 4.88 basis points compared to last week. The trading volumes were 366 million and 102 million shares respectively, a week - on - week increase of 28.35% and 15.87% [5][27]. - The data center sector was the most active, and the affordable housing sector had the most significant improvement in liquidity [3][27]. 3.2.3 Valuation: The Affordable Housing Sector has a Higher Valuation - According to the China Bond valuation yield, the yields of property - type and franchise - type REITs are 3.94% and 4.16% respectively. The warehousing and logistics, transportation, and park sectors rank among the top [5][32]. 3.3 This Week's News and Important Announcements - News: The Ministry of Civil Affairs supports the cultivation of pension REITs; 9 departments including the Ministry of Housing and Urban - Rural Development support eligible new - type urban infrastructure to issue REITs; the bid - evaluation result of the financial advisor for Qingcheng Mountain - Dujiangyan Scenic Area REITs has been announced [36]. - Announcements: China AMC Joy City Commercial REIT will conduct a second dividend in 2025; the Q3 operating conditions of AVIC Shougang Green Energy REIT and CITIC Construction Investment Mingyang Smart New Energy REIT have been announced; the strategic placement shares of China Merchants Shekou Rental Housing REIT will be lifted from restrictions [37].

Core Viewpoint - Juguang Technology (688167.SH) reported a revenue of 393 million yuan for the first half of 2025, marking a year-on-year increase of 26.20%, while the net profit attributable to shareholders was a loss of 24.94 million yuan, an improvement from the previous year's loss of 28.12 million yuan [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was 393,766,073.03 yuan, up 26.20% from 311,215,181.58 yuan in the same period last year [2]. - The total profit for the period was a loss of 51,541,526.48 yuan, compared to a loss of 31,669,050.27 yuan in the previous year [2]. - The net profit attributable to shareholders was a loss of 24,940,711.26 yuan, improving from a loss of 28,119,230.48 yuan year-on-year [2]. - The net profit after deducting non-recurring gains and losses was a loss of 26,980,758.30 yuan, compared to a loss of 32,478,787.71 yuan in the previous year [2]. - The net cash flow from operating activities was 15,894,520.38 yuan, a significant improvement from a negative cash flow of 3,950,289.27 yuan in the same period last year [2]. Asset and Equity Position - As of the end of the reporting period, the net assets attributable to shareholders were 2,144,638,529.39 yuan, an increase from 2,111,945,613.64 yuan at the end of the previous year [2]. - The total assets amounted to 2,970,287,552.46 yuan, reflecting a slight increase of 0.88% from 2,944,307,858.53 yuan at the end of the previous year [2]. Company Background - Juguang Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 24, 2021, with an initial public offering of 22.49 million shares at a price of 78.69 yuan per share [3]. - The total funds raised from the IPO amounted to 1.77 billion yuan, with a net amount of 1.63 billion yuan, exceeding the originally planned fundraising by 622 million yuan [3]. - The funds were intended for projects including the Dongguan Micro-Optics and Applications Project (Phase I), LiDAR Emission Module Industrialization Project, R&D Center Construction Project, and working capital [3].

Core Points - Longpan Technology has completed a non-public issuance of 82.9786 million A-shares, approved by the China Securities Regulatory Commission, with the issuance completed in May 2022 [1] - The company has appointed CITIC Securities as the new sponsor for its upcoming issuance of A-shares, following the termination of the previous agreement with Guotai Junan Securities [2] - The ongoing supervision of the remaining funds from the previous issuance will now be handled by CITIC Securities, as Guotai Junan Securities will no longer fulfill its supervisory responsibilities [2] Group 1 - Longpan Technology's non-public issuance was approved by the China Securities Regulatory Commission under document number 621 in 2022 [1] - The company has a continuous supervision period until the remaining funds from the previous issuance are fully utilized [1] - The fourth board meeting and the fifth extraordinary shareholders' meeting in 2025 approved the issuance of A-shares to specific targets [1] Group 2 - CITIC Securities has been appointed as the new sponsor for the upcoming issuance, taking over from Guotai Junan Securities [2] - The transition of supervisory responsibilities from Guotai Junan to CITIC Securities has been formalized, with designated representatives assigned for the oversight [2] - The regulatory framework requires the termination of the previous sponsorship agreement when a new sponsor is appointed [2]

智通财经APP讯，龙蟠科技(02465)发布公告，经中国证券监督管理委员会《关于核准江苏龙蟠科技股份 有限公司非公开发行股票的批复》(证监许可[2022]621号)核准，江苏龙蟠科技集团股份有限公司(以下 简称"公司")非公开发行人民币普通股(A股)8297.86万股(以下简称"前次非公开发行")，并已于2022年5月 完成发行。国泰君安证券股份有限公司(现国泰海通证券股份有限公司，以下简称"国泰海通证券")担任 前次非公开发行的保荐机构，持续督导期至2023年12月31日止。截至目前，因公司前次非公开发行募集 资金尚未使用完毕，持续督导机构仍需对上述剩余募集资金履行持续督导义务，持续督导期至上述剩余 募集资金使用完毕为止。 根据中国证券监督管理委员会《证券发行上市保荐业务管理办法》等相关规定，公司因再次申请发行证 券另行聘请保荐机构，应当终止与原保荐机构的保荐协议，由另行聘请的保荐机构完成原保荐机构尚未 完成的持续督导工作。因此，国泰海通证券尚未完成的持续督导工作将由中信建投证券承接，国泰海通 证券不再履行相应的持续督导职责。中信建投证券已委派保荐代表人周百川先生、史记威先生共同负责 公司的保荐及持续督导工 ...

Core Viewpoint - Haocen Software (688657.SH) has experienced a significant decline in stock price, closing at 53.30 yuan, down 7.05%, indicating a state of underperformance since its IPO [1] Group 1: IPO Details - Haocen Software was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 10, 2023, with an issuance of 11,218,200 shares at a price of 103.40 yuan per share [1] - The total funds raised from the IPO amounted to 1,159.96 million yuan, with a net amount of 1,050.31 million yuan after deducting issuance costs [1] - The final net fundraising amount exceeded the original plan by 303.25 million yuan [1] Group 2: Fund Utilization - The company plans to use the raised funds for several projects, including the development of a cross-terminal CAD cloud platform, upgrades to the 2D CAD platform software, development of a 3D BIM platform software, and the establishment of a global marketing and service network [1] Group 3: Financials and Dividends - The total issuance costs for the IPO were 109.65 million yuan, with underwriting and sponsorship fees accounting for 79.81 million yuan [1] - A dividend plan was announced for May 16, 2024, proposing a distribution of 10 yuan (pre-tax) for every 10 shares, along with a bonus issue of 4.6 shares, with the ex-dividend date set for May 23, 2024 [1]

Core Viewpoint - Invech (002837.SZ) experienced a significant stock price drop, closing at 68.87 yuan, with a decline of 10.00% [1] Group 1: Company Performance - Citic Securities analysts predict Invech's revenue for 2025, 2026, and 2027 to be 6.51 billion yuan, 9.36 billion yuan, and 13.29 billion yuan respectively [1] - The expected net profit attributable to shareholders for the same years is projected to be 630 million yuan, 1.09 billion yuan, and 1.68 billion yuan respectively [1] - Corresponding price-to-earnings ratios (PE) are forecasted to be 115X, 67X, and 43X for the years 2025, 2026, and 2027 [1] Group 2: Analyst Rating - The analysts maintain a "Buy" rating for Invech despite the short-term fluctuations in growth [1]

Core Viewpoint - Jebang Technology (301326.SZ) reported a revenue of 438 million yuan for the first half of 2023, marking a year-on-year increase of 27.51%, but faced significant net losses [1][2]. Financial Performance - The company's revenue for the first half of 2023 was 437,563,581.36 yuan, up 27.51% from 343,161,782.76 yuan in the same period last year [2]. - The net profit attributable to shareholders was -38,023,569.68 yuan, a decline of 572.70% compared to -5,652,381.96 yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was -42,653,207.11 yuan, representing a decrease of 195.19% from -14,449,608.02 yuan [2]. - The net cash flow from operating activities was -65,423,440.64 yuan, a drop of 537.21% from -10,267,235.33 yuan [2]. Future Projections - For 2024, the company is projected to achieve a revenue of 792,805,238.89 yuan, a 16.90% increase from 678,193,574.22 yuan in 2023 [3]. - The net profit attributable to shareholders is expected to improve to -19,348,460.60 yuan, a 65.33% reduction from -55,803,415.39 yuan in 2023 [3]. - The net profit after deducting non-recurring gains and losses is projected to be -33,129,566.38 yuan, a 53.10% improvement from -70,641,707.56 yuan [3]. - The net cash flow from operating activities is anticipated to be 20,799,161.98 yuan, a significant decrease of 85.85% from 146,987,913.70 yuan in 2023 [3]. IPO and Fundraising - Jebang Technology raised a total of 936.132 million yuan from its initial public offering, with a net amount of 836.9503 million yuan after deducting issuance costs [4]. - The final net fundraising amount exceeded the original plan by 28.69503 million yuan [4]. - The funds are intended for the construction of a high-precision electronic functional structural component production base, a research and development center, and to supplement working capital [4].