Core Viewpoint - Guanghetong (00638.HK) plans to globally offer approximately 135 million H-shares, with a pricing range of HKD 19.88 to HKD 21.50 per share, aiming to raise around HKD 2.689 billion for various strategic initiatives [1][3] Group 1: Share Offering Details - The company will offer about 13.51 million shares in Hong Kong and approximately 122 million shares internationally, with the subscription period from October 14 to October 17, 2025 [1] - The expected pricing date is October 20, 2025, and shares are anticipated to start trading on October 22, 2025 [1] Group 2: Company Overview - Guanghetong is a leading provider of wireless communication modules, with products including data transmission modules, smart modules, and AI modules [1] - The company is the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from ongoing operations in 2024 [1] Group 3: Use of Proceeds - Approximately 55% of the net proceeds from the global offering will be allocated for R&D, focusing on AI and robotics technology innovation and product development [3] - About 15% is expected to be used for building manufacturing facilities in Shenzhen over the next five years [3] - The remaining proceeds will be allocated for repaying bank loans (10%), strategic investments or acquisitions (10%), and working capital or other general corporate purposes (10%) [3] Group 4: Cornerstone Investment - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares worth approximately HKD 1.253 billion, contingent on certain conditions [2] - If the share price is set at HKD 20.69, cornerstone investors will acquire around 60.57 million shares [2]

的太平洋短吻海豚宝宝在海豚妈妈的陪伴下亮相横琴长隆海洋王国。长隆海洋王国 供图 据了解，太平洋短吻海豚俗称"太平洋白边海豚"，体背呈黑灰色，腹部为白色，体型较其他海豚偏小， 但动作灵敏、游速快，性格外向。 "作为高度群居的动物，太平洋短吻海豚幼崽在群体中学习成长尤为重要。"徐忠祥介绍，目前，三对海 豚母子/女共同生活，为幼崽提供了良好的社会化学习环境。随着海豚幼崽健康成长，游客现可在长隆 海洋王国的"海豚岛"近距离观赏可爱的太平洋短吻海豚，体验人与自然和谐共处的美好场景。(完) 长隆海洋王国海豚保育员徐忠祥介绍，太平洋短吻海豚的孕期约为11至12个月，这三头海豚幼崽分别于 今年6月和7月出生，包括两只雌性幼崽"朵朵""跃跃"以及一只雄性幼崽"浪浪"。目前，三头小海豚生长 发育良好，经常跟随母亲在水中游动、跳跃和嬉戏，展现出日益精湛的活动能力与活泼好动的天性。 据介绍，在海洋生物保育领域，太平洋短吻海豚一直被视为繁育难度较高的物种。它们对生活环境的要 求极为严苛，存活率较低。为模拟其自然栖息环境——北太平洋温带水域，长隆保育团队将水温严格控 制在22至23摄氏度，并精准监测水质的盐度、酸碱度等多项指标，并实施2 ...

太平洋航运(02343)发布公告，(1)Kristian Helt先生已获委任为公司执行董事;及(2)张日奇先生已辞任公司 非执行董事。两项变动均自2025年10月13日起生效。 ...

Group 1 - The company announced the appointment of Mr. Kristian Helt as an executive director [1] - Mr. Zhang Riqi has resigned from his position as a non-executive director [1] - Both changes will take effect on October 13, 2025 [1]

Group 1 - The core business of the company consists of three main segments: digital goods comprehensive operation, IoT traffic operation, and cloud terminal technology and computing power operation [2] - The company plans to raise 984 million yuan through a private placement, which will be allocated to three strategic projects: cloud terminal computing power center, IoT terminal intelligent upgrade, and SoC chip technology research and development [2] - The cloud terminal computing power center project will receive an investment of 550 million yuan, aimed at providing computing power support for B-end customers [2] Group 2 - The company is focusing on developing cloud terminal technology applications, with various scenarios including cloud gaming services and private domain operation for banks [3] - The company aims to develop highly customized SoC chips to address the high costs and redundancy issues faced by AI hardware manufacturers, integrating specialized functions like voice processing [4] - The cloud phone business, a form of cloud terminal technology, is currently being developed in collaboration with major telecom operators, contributing to revenue growth [5] Group 3 - The company is extending AI technology from cloud to edge, participating in ecosystem construction through self-developed SoC chips, and adopting an internet service model for business operations [6]

Core Viewpoint - The announcement from Pacific Shipping (02343.HK) includes the appointment of Kristian Helt as an executive director and the resignation of Zhang Riqi as a non-executive director, both effective from October 13, 2025 [1] Group 1 - Kristian Helt has been appointed as the executive director of the company [1] - Zhang Riqi has resigned from his position as a non-executive director [1] - Both changes will take effect on October 13, 2025 [1]

- The report constructs an industry congestion monitoring model to monitor the congestion levels of Shenwan First-Level Industry Indexes on a daily basis[3] - The report constructs a Z-score model based on premium rates to screen ETF products for potential arbitrage opportunities[4] - The industry congestion monitoring model indicates that the congestion levels of the power equipment, electronics, and non-ferrous metals industries were high on the previous trading day, while the congestion levels of social services, food and beverage, and retail industries were relatively low[3] - The Z-score model provides signals for ETF products that may have potential arbitrage opportunities, but also warns of the risk of price corrections[4]

Core Viewpoint - Chongqing Bank is expected to achieve steady growth in its corporate business driven by regional strategic initiatives, with effective cost control supporting its net interest margin and improving asset quality indicators. The bank's projected operating revenue for 2025-2027 is 145.16, 155.15, and 166.77 billion yuan, with net profit attributable to shareholders at 53.63, 57.47, and 62.14 billion yuan respectively, leading to a PB valuation of 0.40, 0.37, and 0.34 times based on the closing price on October 10 [1]. Group 1 - The bank's corporate loans have shown significant growth, increasing by 20.65% year-to-date to 377.64 billion yuan, driven by the "Chengdu-Chongqing Economic Circle" strategy, while retail loan growth remains modest at 2.03% [2]. - The bank's net interest margin expanded by 8 basis points to 1.35%, primarily due to a substantial reduction in the average cost of interest-bearing liabilities, which decreased by 36 basis points to 2.29% [3]. - Non-interest income has faced pressure, with net commission and fee income dropping by 28.62% to 365 million yuan, largely due to a 59.77% decline in income from agency wealth management services [4]. Group 2 - The asset quality of the bank is improving, with the non-performing loan ratio decreasing by 8 basis points to 1.17%, and both the attention and overdue loan ratios have declined [5]. - The bank's provision coverage ratio increased by 3.19 percentage points to 248.27%, indicating a stronger safety buffer [5].

Core Viewpoint - Pacific Securities reports that Chongqing Bank is experiencing steady growth in corporate business driven by regional strategic initiatives, effective management of liability costs supporting margin performance, and continuous improvement in asset quality. The bank's projected operating revenue for 2025-2027 is 14.516 billion, 15.515 billion, and 16.677 billion yuan, with net profit attributable to shareholders of 5.363 billion, 5.747 billion, and 6.214 billion yuan, respectively, leading to a PB valuation of 0.40, 0.37, and 0.34 times based on the closing price on October 10. The initial coverage rating is "Buy" [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 7.527 billion yuan, a year-on-year increase of 8.24%, and a net profit attributable to shareholders of 3.190 billion yuan, up 5.39% year-on-year. The annualized weighted average ROE was 11.52%, a decrease of 0.25 percentage points year-on-year [2]. Loan Growth and Corporate Business - The company benefits significantly from regional strategies such as the "Chengdu-Chongqing Economic Circle," with strong loan growth. Total loans increased by 13.63% from the beginning of the year, with corporate loans rising by 20.65% to 377.638 billion yuan, becoming the main driver of scale expansion. Retail loan growth was more moderate, increasing by 2.03% [3]. Liability Cost Management - The company effectively managed liability costs, resulting in a net interest margin increase of 8 basis points to 1.35%. This was driven by a significant reduction in the average cost of interest-bearing liabilities, which fell by 36 basis points to 2.29%, exceeding the decline in the average yield on interest-earning assets by 28 basis points. The net interest spread for the first half of 2025 was 1.39%, down 3 basis points, with a notable decrease in customer deposit costs [4]. Non-Interest Income Challenges - Non-interest income has become a drag on performance, with net fee and commission income declining by 28.62% to 365 million yuan, primarily due to a 59.77% drop in income from agency wealth management services. The company faced challenges in its wealth management business amid the transition to net value-based products. However, it achieved 1.255 billion yuan in net trading and securities investment income, an increase of 7.63%, partially offsetting the decline in non-interest income [5]. Asset Quality Improvement - As of the end of the reporting period, the company's non-performing loan ratio decreased by 8 basis points to 1.17%, with both the proportion of special mention and overdue loans declining. The special mention ratio and overdue ratio were 2.05% and 1.58%, down 59 basis points and 15 basis points, respectively. The non-performing loan ratio for corporate loans decreased by 15 basis points to 0.75%, while the retail loan non-performing ratio increased by 30 basis points to 3.01%, mainly due to personal operating loans and credit cards. The provision coverage ratio increased by 3.19 percentage points to 248.27%, further strengthening the safety cushion [6].

（记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，太平洋10月13日发布研报称，给予苏州银行（002966.SZ）"买入"评级。评级理由主要包 括：1）营收增速保持平稳，中收表现亮眼；2）公司贷款驱动规模扩张，主动优化信贷结构；3）息差 延续下行趋势，负债成本管控成效显现；4）不良率保持平稳，个贷质量有所承压。风险提示：经济复 苏不及预期、净息差持续下行、资产质量大幅恶化。 每经头条（nbdtoutiao）——AI技术滥用调查：明星可被"一键换装"，"擦边"内容成流量密码，技术防 线为何形同虚设？ ...