Core Viewpoint - Pacific Securities announced the convening of its second employee representative assembly for 2025 on November 17, 2025, to elect Mr. Feng Yibing and Ms. Du Xiaoli as employee directors [1] Group 1 - The company will hold the employee representative assembly on November 17, 2025 [1] - Mr. Feng Yibing and Ms. Du Xiaoli have been nominated for election as employee directors [1]

Quantitative Models and Construction Methods 1. **Model Name**: Industry Crowding Monitoring Model **Model Construction Idea**: This model is designed to monitor the crowding levels of industries on a daily basis, focusing on the Shenwan First-Level Industry Index. It identifies industries with high or low crowding levels to provide actionable insights for investors. [3] **Model Construction Process**: The model calculates the crowding level of each industry based on specific metrics, such as fund flows and other market indicators. The daily crowding levels are ranked, and industries with significant changes in crowding levels are highlighted. For example, the model identified that the crowding levels of military and media industries experienced significant changes recently. [3] **Model Evaluation**: The model provides a useful tool for identifying industry trends and potential investment opportunities by analyzing crowding dynamics. [3] 2. **Model Name**: Premium Rate Z-Score Model **Model Construction Idea**: This model is used to screen ETF products by identifying potential arbitrage opportunities based on the Z-score of their premium rates. [4] **Model Construction Process**: The Z-score is calculated using rolling measurements of the premium rate of ETF products. The model flags ETFs with significant deviations from their historical averages, indicating potential arbitrage opportunities or risks of price corrections. [4] **Model Evaluation**: The model effectively identifies ETFs with potential arbitrage opportunities, but it also warns of potential price correction risks. [4] --- Model Backtesting Results 1. **Industry Crowding Monitoring Model**: No specific numerical backtesting results were provided in the report. [3] 2. **Premium Rate Z-Score Model**: No specific numerical backtesting results were provided in the report. [4] --- Quantitative Factors and Construction Methods No specific quantitative factors were explicitly mentioned or constructed in the report. --- Factor Backtesting Results No specific quantitative factor backtesting results were provided in the report.

Core Functions: Building an Efficient Cross-Border Logistics Fulfillment System - The primary value of U.S. overseas warehouses lies in addressing industry pain points such as slow logistics, high costs, and challenging after-sales service, providing stable and efficient logistics solutions for companies [2] - Overseas warehouses are strategically located in key U.S. logistics hubs, offering flexible storage services through standardized facilities and digital management systems, enabling precise inventory control and dynamic adjustments based on sales data [3] - Leveraging the mature local logistics network, overseas warehouses can achieve efficient fulfillment with same-day or next-day delivery, enhancing consumer shopping experiences and reducing risks associated with cross-border shipping [4] - Localized return and after-sales support services are provided, allowing consumers to return products directly to U.S. warehouses, thus minimizing costs and time associated with cross-border returns [5] Value-Added Services: Extending from Logistics Fulfillment to Business Flow Empowerment - As the needs of outbound enterprises evolve from "fast delivery" to "effective sales," U.S. overseas warehouses are expanding their auxiliary business flow services, becoming localized partners for market expansion [6] - Quality overseas warehouses can offer diverse marketing support, including connections with local retailers and participation in industry exhibitions, facilitating direct engagement with the U.S. market [7] - To assist in brand localization, overseas warehouses can provide compliance consulting and collaborate with local media for brand promotion, helping companies adapt to the U.S. market [8] - Customized solutions are available for different industries, such as assembly services for large items and localized technical support for smart devices, catering to specific cross-border fulfillment needs [9] Core Advantages: Why They Are Essential for Outbound Enterprises - By pre-positioning inventory, overseas warehouses reduce international logistics costs and enhance delivery efficiency, improving consumer experience and increasing product repurchase rates [13] - They help mitigate risks associated with international logistics fluctuations and localize after-sales services to reduce customer complaints and ensure stable operations in the U.S. market [14] - The resource integration capabilities of overseas warehouses allow companies to quickly penetrate the U.S. market, saving time and capital costs associated with local establishment [15] Industry Trends: Upgrading Towards Integration, Intelligence, and Scenario Customization - U.S. overseas warehouses are evolving towards integrated services that combine logistics, business flow, financial flow, and information flow, offering comprehensive solutions [16] - Management will become more intelligent through big data technologies, enhancing operational efficiency with precise inventory forecasting and optimized logistics paths [16] - There will be a focus on scenario customization, providing targeted vertical services for different industries and company sizes, positioning overseas warehouses as tailored partners for outbound enterprises [16]

Group 1 - The company, Pacific Shipping (02343), announced a share buyback plan, committing to repurchase 110,000 shares at a total cost of HKD 289,300 [1]

证券代码：601099 证券简称：太平洋 公告编号：临 2025-31 太平洋证券股份有限公司 关于选举职工董事的公告 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。 根据《公司法》和《公司章程》等相关规定，太平洋证券股份有限公司（以 下简称"公司"）于 2025 年 11 月 17 日召开 2025 年第二次职工代表大会，选举 冯一兵先生、杜晓丽女士为公司职工董事，任期自选举通过之日起至公司第四届 董事会换届之日止。 冯一兵先生、杜晓丽女士未持有公司股票，与公司其他董事、高级管理人员 及持股 5%以上的股东不存在关联关系，不存在《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》第 3.2.2 条所列情形，其任职资格符合相关法律 法规、规范性文件及《公司章程》的规定。 二〇二五年十一月十九日 附件：职工董事简历 1. 冯一兵先生简历 1968 年出生，大学本科学历。曾任公司董事会办公室副主任、总经理办公 室副主任、太证资本管理有限责任公司监事、公司职工监事。现任公司行政总监 兼总经理办公室主任、公司工会主席、太证非 ...

Investment Rating - The investment rating for China Pacific Insurance is "Buy" with a target price of HK$40.50, implying an expected share price return of 17.7% and an expected total return of 21.3% [5][8]. Core Insights - The growth for 2026 is anticipated to be driven by both agency and banca channels, with the banca channel expected to achieve 20-30% year-on-year growth due to increased collaboration with state-owned banks [2]. - The company plans to shift its product strategy towards protection products in 2026, anticipating a compound annual growth rate (CAGR) of 8-15% in the health insurance space over the next 3-5 years [4]. - The dividend per share (DPS) growth is linked to operating profit after tax (OPAT) growth, with management expecting single-digit OPAT growth in the coming three years [5][7]. Summary by Sections Growth Channels - Management expects single-digit growth in regular first-year premiums (FYP) from the agency channel, while the banca channel is projected to grow by 20-30% year-on-year [2]. - The agency channel's productivity has seen a double-digit uplift, contributing over 90% to the agency channel's new business value (NBV) [2]. Investment Portfolio - The sector allocation among high dividend stocks is well diversified, with 7-9% in banks, transportation, urban public utilities, telecom, metals, and oil and gas sectors, and 5-6% in food and beverage and utilities sectors [3]. - H shares account for approximately 20-30% of total equity investments, representing a low single-digit percentage of the total investment portfolio [3]. Product Strategy - The shift towards protection products is driven by the lack of anticipated pricing rate cuts and regulatory guidance on health insurance development [4]. - There is potential for growth in critical illness (CI) product sales by increasing the sum insured, as these products are long-term plans [4]. Valuation - The target price of HK$40.50 is derived using a sum-of-the-parts (SOTP) approach, projecting a first-stage growth of 13% over three years, followed by 5% and a terminal growth of 2% [8].

Core Viewpoint - The report from Pacific Securities indicates that Fabon Information's net profit attributable to shareholders for the first three quarters is 85 million yuan, a year-on-year decrease of 22.70% [1] - Despite the decline in net profit, the company's Q3 revenue reached 1.359 billion yuan, reflecting a year-on-year growth of 25.49% [1] Financial Performance - The net profit for Q3 is 27 million yuan, down 24.45% year-on-year, while revenue growth is accelerating [1] - The company is expected to achieve EPS of 0.36, 0.45, and 0.57 yuan for the years 2025, 2026, and 2027 respectively [1] Business Operations - Fabon Information provides a full-stack solution that includes domestic SoC, supporting chips, and self-developed FarcarOS for automotive applications [1] - The company has established partnerships with over 70 automotive manufacturers and Tier 1 suppliers, including SAIC, Geely, Great Wall, NIO, Xiaopeng, and Desay SV [1] Product Development - Continuous investment in the FarAI artificial intelligence platform has led to the development of products such as FarAIGPTCoder, FarAIGPTBrain, FarAIGPTRecruit, and FarAIGPTLabel [1] - Some of these products have already been applied in various industries, including telecommunications and banking [1]

Core Viewpoint - The report from Pacific Securities indicates that the company's profitability improved in the third quarter of 2025, despite a decrease in revenue compared to the previous year [1] Financial Performance - In Q3 2025, the company reported revenue of 297 million yuan, a year-on-year decrease of 23.83% [1] - The net profit attributable to the parent company was 32 million yuan, showing a year-on-year increase of 12.81% [1] - The gross profit margin for Q3 was 32.05%, an increase of 4.25 percentage points compared to the same period last year [1] - The net profit margin was 10.92%, up by 3.55 percentage points year-on-year [1] Order Backlog - As of the first half of 2025, the company secured new orders totaling 2.143 billion yuan, with traditional industries such as renewable energy, tobacco, and petrochemicals accounting for 1.869 billion yuan [1] - Orders from other potential industries amounted to 275 million yuan [1] - The unrecognized revenue from traditional industries was 3.977 billion yuan, while the unrecognized revenue from other potential industries was 771 million yuan, totaling 4.758 billion yuan [1] Strategic Initiatives - The company collaborated with Huawei to launch the SMART solution for smart logistics and warehousing [1] - The company has a robust order backlog, with rapid growth in orders from potential industries [1] Earnings Forecast - The expected earnings per share (EPS) for the company from 2025 to 2027 are projected to be 0.55 yuan, 0.73 yuan, and 1.07 yuan, respectively [1] - The company maintains a "buy" rating [1]

一、同意中国太平洋财产保险股份有限公司阿拉山口支公司营业场所变更为：新疆维吾尔自治区博尔塔 拉蒙古自治州阿拉山口市天山街7号二楼203室。 2025年11月7日，博尔塔拉金融监管分局发布批复称，《关于中国太平洋财产保险股份有限公司阿拉山 口支公司变更营业场所的请示》（博太保产〔2025〕18号）收悉。经审核，现批复如下： 二、中国太平洋财产保险股份有限公司阿拉山口支公司应按照有关规定及时办理变更及许可证换领事 宜。 ...

一、同意中国太平洋财产保险股份有限公司第五师八十六团营销服务部营业场所变更为：新疆维吾尔自 治区双河市八十六团东城农贸综合市场3号楼18号二楼。 二、中国太平洋财产保险股份有限公司第五师八十六团营销服务部应按照有关规定及时办理变更及许可 证换领事宜。 2025年11月7日，博尔塔拉金融监管分局发布批复称，《关于中国太平洋财产保险股份有限公司第五师 八十六团营销服务部变更营业场所的请示》（双河太保产〔2025〕2号）收悉。经审核，现批复如下： ...