Group 1 - The core viewpoint indicates a strong upward trend in the securities sector, with the Guozheng Securities Leading Index rising by 5.71% and key stocks like Huatai Securities and GF Securities showing significant gains of 10.01% and 9.59% respectively [1] - The brokerage sector is expected to experience sustained upward momentum due to high certainty in fundamentals as the fourth quarter approaches, alongside a recovery in valuations after a decline of approximately 8% in September [1][2] - Institutional funds are currently under-allocated in the brokerage sector, with positive quarterly report expectations and a shift in demand for absolute return allocations, suggesting a favorable environment for continued growth in the sector [1] Group 2 - Recent data shows that the trading volume in A-shares remains high, with a year-on-year increase of 206% and a month-on-month increase of 6%, reaching 2.44 trillion RMB [2] - The brokerage sector's profit expectations are optimistic, with projected net profit growth of 48% year-on-year and 13% quarter-on-quarter for Q3 2025, leading to an annual growth forecast of 41% [2] - As of September 26, the A-share and Hong Kong brokerage sectors are trading at 1.53x and 0.98x P/B respectively, indicating they are at the 41% and 66% percentiles of their historical valuations over the past decade [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index account for 79.16% of the index, with significant players including Dongfang Caifu, CITIC Securities, and Huatai Securities [3]

Group 1 - Tianfeng Securities has revised down the revenue forecasts for Green Leaf Pharmaceutical for 2025 and 2026 from 8.529 billion and 10.279 billion to 6.638 billion and 7.447 billion respectively, with an expected revenue of 8.162 billion in 2027 [1] - The net profit estimates have also been reduced from 1.373 billion and 1.678 billion to 672 million and 831 million for 2025 and 2026, with an expected net profit of 916 million in 2027 [1] - In the first half of 2025, the company reported a revenue of 3.181 billion, a year-on-year increase of 3.5%, while the net profit attributable to the parent company was 313 million, a year-on-year decrease of 19.3% [1] Group 2 - The company focuses on two major therapeutic areas: CNS and oncology, with multiple new products beginning commercialization and the sales proportion of new products increasing by 32% year-on-year [1] - In the oncology treatment sector, revenue reached 1.295 billion, a year-on-year increase of 13.5%, while CNS treatment revenue was 868 million, up 5.4%. Cardiovascular treatment revenue was 693 million, down 9.2%, and metabolic treatment revenue was 180 million, down 7.9% [1] Group 3 - The company has successfully commercialized two major products in the CNS field, with Ruxinlin being the first domestically developed antidepressant included in the 2024 medical insurance catalog, achieving over fourfold sales growth in the first half of 2025 [2] - ERZOFRI, a treatment for schizophrenia, was commercialized in the U.S. in April 2025, marking it as the first drug of its kind developed by a Chinese company with independent intellectual property rights [2] - The company has a rich pipeline of innovative drugs in development, including LY03017 for treating Parkinson's disease psychosis and Alzheimer's disease psychosis, with expected completion of Phase I trials in China by the end of 2025 [3]

Core Viewpoint - Tianfeng Securities has revised down the revenue and net profit forecasts for Green Leaf Pharmaceutical for 2025 to 2026 due to intense market competition and centralized procurement impacts, while maintaining a "Buy" rating [1] Group 1: Financial Performance - The revenue forecast for Green Leaf Pharmaceutical has been adjusted from 85.29 billion and 102.79 billion to 66.38 billion and 74.47 billion for 2025 and 2026 respectively, with an expected revenue of 81.62 billion for 2027 [1] - The net profit forecast has been revised down from 13.73 billion and 16.78 billion to 6.72 billion and 8.31 billion for 2025 and 2026 respectively, with an expected net profit of 9.16 billion for 2027 [1] - In the first half of 2025, the company reported revenue of 31.81 billion, a year-on-year increase of 3.5%, while the net profit attributable to the parent company was 3.13 billion, a year-on-year decrease of 19.3% [1] Group 2: Business Focus and Product Development - The company is focusing on two major areas: CNS (Central Nervous System) and oncology, with multiple new products beginning commercialization and an increasing sales proportion of new products (up 32% year-on-year) [1] - In the oncology treatment sector, revenue reached 12.95 billion, a year-on-year increase of 13.5%, while CNS treatment revenue was 8.68 billion, up 5.4%. Cardiovascular treatment revenue was 6.93 billion, down 9.2%, and metabolic treatment revenue was 1.80 billion, down 7.9% [1] Group 3: New Product Commercialization - The company has successfully commercialized two major products in the CNS field, with Ruxinlin being the first domestically developed antidepressant included in the 2024 medical insurance directory, showing over 4 times year-on-year sales growth [2] - ERZOFRI, a product for treating schizophrenia, entered the U.S. market in April 2025, being the first of its kind developed by a Chinese company with independent intellectual property rights [2] - ERZOFRI has a long patent period until 2039 and is currently in a favorable competitive landscape with only two companies in the market [2] Group 4: Innovation Pipeline - The company has a rich pipeline of innovative drugs in development, actively seeking business development collaborations with multinational corporations [3] - LY03017, aimed at treating Parkinson's disease psychosis and Alzheimer's disease psychosis, is expected to complete Phase I clinical trials in China by the end of 2025, with IND approval anticipated in Q3 2025 [3] - Other innovative drugs, including LY03015 for tardive dyskinesia and Huntington's disease, are in Phase II clinical trials, with data expected in the first half of 2026 [3]

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Shiyao Group, forecasting revenue and net profit growth from 2025 to 2027 despite a decline in 2025H1 performance due to comprehensive procurement execution and pressure on traditional medicine sales [1] Group 1: Financial Performance - In 2025H1, the company reported revenue of 13.273 billion yuan, a year-on-year decrease of 18.5%, and a net profit of 2.548 billion yuan, down 15.6% [1] - The traditional medicine business revenue was 10.248 billion yuan, including 1.075 billion yuan from licensing income, representing a year-on-year decline of 24.4% [2] - Excluding licensing income, product sales revenue fell by 32.3%, with significant declines in various therapeutic areas [1][2] Group 2: Licensing Income and Business Development - Licensing income has become a strong source of revenue and profit for the company, with a 120 million USD upfront payment for SYH2086 expected to contribute to future income [2] - The company has successfully executed six business development projects in 2024, highlighting the value of its eight R&D platforms [2] Group 3: Clinical Developments and Drug Approvals - SYS6010 has initiated overseas Phase III clinical trials, with positive early data recognized by regulatory authorities in both China and the U.S. [2] - The first domestic HER2 bispecific antibody, KN026, has had its new drug application accepted by the Chinese National Medical Products Administration, showing promising clinical trial results [3] - Multiple clinical data readouts are expected in 2025, with several ongoing trials across various cancer types [4]

EGFRADCSYS6010海外已启动EGFR mu III期临床，wtNSCLC注册路径积极沟通中 EGFRADCSYS6010早期数据得到中美药品监管认可，已拿到多项认证，期待后续注册临床进度。 SYS6010已获得美国FDA授予的三项快速通道资格(FTD)，分别为覆盖EGFR突变阳性、EGFR高表达鳞 状型以及不伴EGFR突变的非鳞状NSCLC患者。SYS6010已获得NMPA的BTD，适应症为单药用于经 EGFR-TKI和含铂化疗治疗失败的EGFR突变阳性晚期NSCLC患者。 首个国产HER2双抗KN026申报上市 公司与康宁杰瑞合作开发的HER2双抗KN026(安尼妥单抗注射液)的新药上市申请于2025年9月获中国国 家药监局受理，适应症为联合化疗用于至少接受过一种系统性治疗(必须包含曲妥珠单抗联合化疗)失败 的HER2阳性局部晚期、复发或转移性的胃/胃食管结合部腺癌。本次上市申请主要是基于一项关键II/III 期临床试验(KC-WISE)。III期临床研究的首次期中分析结果显示，与目前的标准治疗相比，KN026联合 化疗可显著提高临床疗效，延长无进展生存期和总生存期，且在安全性方面无新发安全性风险 ...

Group 1 - Tianfeng Securities' stock price increased by 2.12% on September 29, reaching 5.29 CNY per share, with a trading volume of 619 million CNY and a turnover rate of 1.37%, resulting in a total market capitalization of 53.65 billion CNY [1] - Year-to-date, Tianfeng Securities' stock price has risen by 18.08%, but it has decreased by 2.94% over the last five trading days and by 8.79% over the last twenty days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on June 27 [1] Group 2 - Tianfeng Securities operates in the non-bank financial sector, specifically in the securities industry, and is involved in various business segments including securities brokerage, investment consulting, and asset management [2] - As of June 30, the number of shareholders increased to 563,700, with an average of 15,372 shares held per shareholder, a decrease of 5.70% from the previous period [2] - For the first half of 2025, Tianfeng Securities reported zero operating revenue but achieved a net profit attributable to shareholders of 31.39 million CNY, representing a year-on-year growth of 109.69% [2] Group 3 - Since its A-share listing, Tianfeng Securities has distributed a total of 171 million CNY in dividends, with no dividends paid in the last three years [3] - Among the top ten circulating shareholders as of June 30, 2025, the Guotai Zhongzheng All-Index Securities Company ETF holds 109 million shares, a decrease of 8.96 million shares from the previous period [3] - The Southern Zhongzheng 500 ETF increased its holdings to 105 million shares, up by 16.53 million shares, while the Hong Kong Central Clearing Limited increased its holdings to 99.54 million shares, up by 25.75 million shares [3]

Core Viewpoint - Tianfeng Securities maintains a "buy" rating for Yaoshi Bang (09885) and raises the forecast for net profit attributable to shareholders for 2025-2027 from 1.56/3.73/6.02 billion to 1.79/4.03/6.50 billion, driven by strong performance in platform and self-operated businesses, as well as breakthroughs in proprietary brand business [1] Group 1: Platform Business - In H1 2025, the company's platform business generated revenue of 4.36 billion, reflecting a year-on-year increase of 11.66% [1] - The company enhanced the richness of its platform business products, increasing the average monthly SKU count to approximately 4 million, significantly meeting diverse user needs [1] - The company focused on the core value extraction of traditional Chinese medicine pieces, providing 125,000 SKUs to downstream customers, a year-on-year increase of 22.5% [1] Group 2: Self-Operated Business - In H1 2025, the self-operated business achieved revenue of 93.89 billion, a year-on-year increase of 12.5% [2] - The self-operated business provided an average monthly SKU count of 480,000, an increase of 58,000 SKUs in H1 2025 [2] - The proportion of same-city orders delivered within half a day increased to 70%, while the return rate decreased to 0.4% [2] - The company strengthened the direct supply model from manufacturers, optimizing procurement channels to reduce operational costs [2] Group 3: Proprietary Brand Business - In H1 2025, the transaction scale of the proprietary brand business reached 1.08 billion, a year-on-year increase of 115.6% [3] - The proprietary brand business contributed significantly to the high-quality growth of the self-operated business, with a transaction scale of 852 million, a year-on-year increase of approximately 473.4% [3] - The major product, Le Yaoshi Huoxiang Zhengqi Oral Liquid, achieved substantial breakthroughs in coverage at grassroots medical terminals [3]

Core Viewpoint - Tianfeng Securities maintains a "buy" rating for Yaoshi Bang (09885) and raises the forecast for net profit attributable to shareholders for 2025-2027 from 1.56/3.73/6.02 billion to 1.79/4.03/6.50 billion [1] Group 1: Platform Business - In H1 2025, the company's platform business generated revenue of 436 million, reflecting a year-on-year increase of 11.66% [1] - The company has enhanced the product richness of its platform business, increasing the average monthly SKU count to approximately 4 million, significantly meeting diverse user needs [1] - The company focused on the core value extraction of traditional Chinese medicine pieces, providing 125,000 SKUs to downstream buyers, a year-on-year increase of 22.5% [1] Group 2: Self-operated Business - In H1 2025, the self-operated business achieved revenue of 9.389 billion, a year-on-year increase of 12.5% [2] - The self-operated business provided an average monthly SKU count of 480,000, an increase of 58,000 SKUs [2] - The proportion of same-city orders delivered within half a day increased to 70%, and the return rate decreased to 0.4% [2] - The company strengthened its direct supply model and optimized procurement channels to reduce operational costs [2] Group 3: Proprietary Brand Business - In H1 2025, the transaction scale of the proprietary brand business reached 1.08 billion, a year-on-year increase of 115.6% [3] - The proprietary brand contributed significantly to the high-quality growth of the self-operated business, with a transaction scale of 852 million, a year-on-year increase of approximately 473.4% [3] - The major product, Le Yaoshi Huoxiang Zhengqi Oral Liquid, achieved substantial breakthroughs in coverage at grassroots medical terminals [3]

Market Performance Analysis - The market is experiencing a short-term overheating phase driven by increased trading activity after reaching new highs, with a recommendation for cautious investment strategies [1][4] - Historical data shows that the market typically performs poorly in the days leading up to the National Day holiday, with a median return of -0.81% in the five trading days before the holiday, while the first phase after the holiday shows a strong median return of 2.27% [1][2] Index and Style Performance - Major indices showed weak performance before the holiday, with only the ChiNext Index recording a positive return of 0.34%, while small-cap indices faced the largest declines [2] - Post-holiday, all major indices experienced positive returns, with the ChiNext Index leading in the first phase, followed by a general pullback in the second phase, and a resurgence of small-cap stocks in the third phase [2] - In terms of style indices, only the consumer sector recorded a positive return before the holiday, while all styles saw gains afterward, particularly growth and financial sectors [2] Industrial Profit Trends - Industrial enterprise profits saw a significant year-on-year increase in August, with cumulative profits turning positive, indicating a recovery in the industrial sector [3] - The profit margins in mining, manufacturing, and public utilities showed slight increases compared to the previous month, reflecting a positive trend in industrial profitability [3] Investment Strategy Recommendations - The investment focus should be on three main areas: breakthroughs in AI technology, valuation recovery in consumer stocks, and the rise of undervalued dividend stocks [4] - The core factor for investing in the consumer sector is valuation, with current low valuations, declining interest rates, and policy support indicating a potential recovery phase, albeit weak [4]

出品 | 妙投APP 作者 | 段明珠 编辑 | 关雪菁 以下文章来源于妙投APP ，作者段明珠 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 头图 | 视觉中国 在大A炒股就像玩游戏"打怪升级"，需要有一个从新手到终极玩家的攻略指南。 假如有这个指南，去年924行情时以5万元入市，理论上，4个月就有机会翻倍到千万级别，年后资金 体量更是能突破亿元。 原理很简单，根据每个副本的 背景和目标 （ 阶段趋势 ）， 分配资源制定策略 （ 抓强势股 ）。 事实上，这段小资金升级之旅在近一年中会经过三个重要阶段： 当然，妙投并非鼓励大家要"赌性坚强"，只是借此研究 A股的赚钱门道 ，更关键的是，发现 资本市 场底层密码，以及动能变化的关键要素 。 或许，如今"小登股"和"老登股"冰火两重天，慢牛也是一脚刹车一脚油门走得颠簸，这些现象的原因 也藏在其中。而不管是否炒股，只要有理财需求（ ETF、银行理财、保险 ），也很难绕过大A。 924普涨期（新手村）：重点是熟悉大A机制，获得初始装备； 年末混沌期（"妖股"大世界）：关键在掌握大A炒作逻辑，快速壮大资金实力； 结构行情 ...