Core Viewpoint - The A-share market shows strong performance with active trading in the securities sector, highlighted by the significant inflow of funds into the securities ETF, indicating positive investor sentiment and potential for growth in the sector [1][2]. Group 1: Market Performance - On October 21, the three major A-share indices opened high and continued to rise, with the securities sector showing active trends [1]. - The securities ETF (159841) rose by 1.07%, with notable gains from stocks like Tianfeng Securities, which increased by over 4% [1]. - The securities ETF has seen a net inflow of over 1.2 billion yuan over the past eight trading days, reaching a total scale of 10.256 billion yuan, making it the only securities ETF in the Shenzhen market to exceed 10 billion yuan [1]. Group 2: Company Actions - Tianfeng Securities announced the cancellation of 67.787 million repurchased shares, representing 0.67% of the company's total share capital prior to the cancellation, reducing the total share capital from 10.142 billion shares to 10.074 billion shares [1][2]. - This move is seen as a recognition of the company's value, potentially enhancing earnings per share and boosting investor confidence [2]. Group 3: Industry Outlook - The current market environment places the securities sector's valuation at historical lows, suggesting that such actions may attract long-term capital and stabilize market sentiment [2]. - Huatai Securities reiterated the strategic allocation opportunities within the securities sector, citing multiple factors such as policy, funding, performance, and valuation [2]. - The capital market is undergoing profound reforms, transitioning into a new phase of joint development in investment and financing, with a low-interest-rate environment leading to increased capital flow into equity markets [2].

Group 1 - The A-share market opened higher on October 21, with the securities sector showing slight activity, particularly the broker ETF (159842) which rose by 0.17% [1] - The broker ETF has seen a continuous net inflow of funds for nine consecutive trading days, accumulating over 1.1 billion yuan [1] - Tianfeng Securities announced the cancellation of 67.787 million repurchased shares, which is 0.67% of the total shares before cancellation, reducing the total share capital from 10.142 billion shares to 10.074 billion shares [1] Group 2 - Guotai Haitong Securities expects a rapid growth in the performance of listed brokerages in Q3 2025, with a year-on-year increase in net profit attributable to shareholders of 58.63% [2] - The continuous inflow of incremental funds into the market is being driven by a new assessment method for insurance companies, which is expected to enhance their equity positions and benefit undervalued blue-chip stocks [2] - In the context of increased retail investor participation, it is recommended to focus on stocks with strong performance elasticity in Q3 [2]

Group 1 - The core viewpoint of the news highlights the active role of securities firms in issuing technology innovation bonds, with a total issuance nearing 60 billion yuan and an additional approved quota exceeding 100 billion yuan, indicating strong support for technological innovation under policy guidance [1] - As of October 20, 43 securities firms have issued technology innovation bonds totaling nearly 60 billion yuan, with 6 listed firms having an approved issuance quota of 114.8 billion yuan, showcasing a trend of larger firms dominating the market with low-interest, short to medium-term products [1] - The acceleration in the issuance of technology innovation bonds is expected to enhance the capital market's service efficiency for tech enterprises, benefiting the investment banking and fixed income businesses of securities firms, while injecting long-term funds into the technology sector to support economic transformation [1] Group 2 - Tianfeng Securities announced the cancellation of 67.787 million repurchased shares, which represents 0.67% of the company's total share capital, reflecting the company's recognition of its own value and potentially enhancing earnings per share [2] - The repurchase was completed at an average price of 3.73 yuan per share, with a total expenditure of approximately 252.57 million yuan, indicating a strategic move to optimize capital structure amid a historically low valuation for the brokerage sector [2] - This action may serve as a positive example for other securities firms, potentially attracting long-term capital and stabilizing market sentiment [2] Group 3 - The new fund issuance market remains active, with 29 new funds launched this week, predominantly equity funds, which account for over 80% of the total, indicating a sustained preference for equity assets [3] - Among the new funds, index equity funds are the main contributors, with 11 index funds and 4 enhanced index funds, suggesting a deepening trend towards passive investment strategies [3] - The concentrated launch of new funds, particularly on October 20, may lead to short-term capital diversion but overall injects liquidity into the market [3] Group 4 - Cambrian's recent completion of a nearly 4 billion yuan private placement reflects the capital market's recognition of its AI chip development prospects, with GF Fund receiving the largest allocation of 1.208 billion yuan [4] - The successful fundraising is expected to significantly enhance Cambrian's financial strength, accelerating technology iteration and market expansion, which could positively impact its stock price [4] - The ongoing investment in innovation within the technology sector, particularly in semiconductors, is likely to inject new vitality into the market and promote collaborative development across related industries [4]

Group 1 - The issuance of technology innovation bonds by securities firms has reached nearly 60 billion yuan in 2023, with over 100 billion yuan in approved quotas, indicating strong support for technological innovation from financial institutions under policy guidance [1] - 43 securities firms have issued technology innovation bonds, with a total scale of nearly 60 billion yuan, and 6 listed securities firms have announced approved issuance quotas totaling 114.8 billion yuan [1] - The characteristics of the bond issuance include a focus on leading securities firms, a predominance of medium to short-term products, and relatively low coupon rates, which may enhance the profitability and debt structure of these firms [1] Group 2 - Tianfeng Securities plans to cancel 67.787 million repurchased shares, accounting for 0.67% of the total share capital before cancellation, which may enhance investor confidence and improve earnings per share [2] - The repurchase was completed at an average price of 3.73 yuan per share, with a total expenditure of approximately 252.57 million yuan, reflecting the company's recognition of its own value [2] - This move may serve as a positive example for other securities firms to optimize their capital structures, especially in a market environment where valuations are at historical lows [2] Group 3 - A total of 29 new funds were launched this week, with equity funds remaining the dominant category, comprising over 80% of the new offerings [3] - The concentration of new fund launches on specific days indicates a strong market preference for equity assets, particularly index and enhanced index funds [3] - The accelerated pace of new fund issuance may lead to short-term capital diversion but overall injects liquidity into the market [3] Group 4 - Cambrian's recent private placement raised approximately 3.985 billion yuan, with a net amount of about 3.953 billion yuan after deducting issuance costs, reflecting market confidence in its AI chip development prospects [4][5] - GF Fund Management received the largest allocation of shares, amounting to 1.0109 million shares and 1.208 billion yuan, indicating institutional investors' confidence in the company's long-term value [4][5] - This capital increase is expected to significantly enhance Cambrian's financial strength, accelerate technological iteration, and attract more attention to the AI chip sector [4][5]

Core Viewpoint - Tianfeng Securities has completed the cancellation of repurchased shares, reducing its total share capital by 67,786,990 shares, which is 0.67% of the total shares before cancellation [2][3]. Group 1: Share Repurchase Details - The company repurchased a total of 67,786,990 shares at an average price of RMB 3.73 per share, with a total expenditure of RMB 252.567452 million [2]. - The maximum repurchase price was RMB 4.01 per share, and the minimum was RMB 3.48 per share [2]. - The repurchase was approved by the board on October 29, 2021, and completed on October 28, 2022 [2][3]. Group 2: Approval Process for Cancellation - The board meetings on August 15, 2025, and September 3, 2025, approved the change of purpose for the repurchased shares to cancellation and reduction of registered capital [3]. - The company notified creditors about the cancellation of repurchased shares, and the notification period ended without any claims from creditors [4]. Group 3: Impact on Company Structure - After the cancellation, the total share capital will decrease from 10,141,772,224 shares to 10,073,985,234 shares [2][3]. - The cancellation of shares will not significantly impact the company's financial status or operational results, nor will it harm the interests of small investors [6]. Group 4: Future Arrangements - The company will complete the necessary legal procedures for business registration changes and timely fulfill information disclosure obligations following the cancellation [6].

（编辑 姚尧） 证券日报网讯 10月20日晚间，天风证券发布公告称，公司本次注销已回购股份67，786，990股，占本 次注销前公司总股本的0.67%。本次注销完成后，公司总股本由10，141，772，224股变更为10，073， 985，234股。 ...

Group 1 - The core viewpoint is that in the context of a fully realized profit effect for the year, funding behavior in the fourth quarter is likely to become conservative, with a market style shift towards "profit quality + valuation safety" in large-cap blue chips [1][2] - The overall market is expected to show a risk rebalancing characteristic in the fourth quarter, with the Shanghai and Shenzhen 300 and performance strategies showing positive excess returns relative to the entire A-share market, indicating a return to fundamental certainty as the trading focus shifts from "high elasticity" to "high stability" [2][3] - Leading sectors in the fourth quarter are concentrated in financial, stable, and cyclical sectors, reflecting a decline in investor risk appetite and a demand to lock in annual returns [2][3] Group 2 - Two logical scenarios are observed for the fourth quarter: one is the "lagging recovery + profit-taking from high gains" logic, where previously underperforming sectors may recover, while high-performing assets may see a pullback; the second is the stability of main lines, where certain sectors maintain their strength [3] - Attention should be paid to whether the conditions for switching to undervalued sectors are maturing and whether the prosperity of high-valued sectors can be sustained; currently, some financial, cyclical, and consumer sectors remain at historically low valuations, indicating potential for switching [3]

证券代码：601162 证券简称：天风证券 公告编号：2025-059号 天风证券股份有限公司 关于回购股份注销实施暨股份变动的公告 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： 天风证券股份有限公司（以下简称"公司"）本次注销已回购股份 67,786,990股，占本次注销前公司总股本的0.67%。本次注销完成后，公司总股 本由10,141,772,224股变更为10,073,985,234股。 回购股份注销日：2025年10月21日。 一、回购股份情况 2021年10月29日，公司召开第四届董事会第九次会议审议通过了《关于以集 中竞价交易方式回购公司A股股份方案的议案》，具体内容详见公司于2021年11 月3日披露的《天风证券股份有限公司关于以集中竞价交易方式回购A股股份的回 购报告书》（公告编号：2021-071号）。 2022年10月28日，公司完成回购，实际回购公司股份67,786,990股，回购最 高价格为人民币4.01元/股，回购最低价格为人民币3.48元/股，回购均价为人民 币3.73元/股，使 ...

Core Insights - Shenghui Integrated reported a net profit attributable to shareholders of 96 million for the first three quarters, representing a year-on-year increase of 29.1% [1] - The net profit for Q3 alone was 33 million, showing a significant year-on-year growth of 93.9%, primarily driven by a substantial increase in new orders and the conversion of overseas projects [1] Order Backlog - As of September 30, 2025, the company's order backlog stood at 2.214 billion (excluding tax), which is a 21.21% increase compared to the same period last year [1] - The order backlog in the IC semiconductor industry, precision manufacturing, and optoelectronics sectors was 1.633 billion, 464 million, and 117 million respectively, with year-on-year changes of +103%, -42%, and -46% [1] Market Trends - The rapid development of AI applications continues to drive high-end chip demand, providing abundant business opportunities for cleanroom engineering service providers, including the company [1] - The company plans to expand its business around core areas such as semiconductors and related sectors, high-end PCBs, precision manufacturing, and optoelectronic panels [1] Earnings Forecast - Due to the high prosperity in downstream markets and the advance in orders, the earnings forecast for the company for 2026 and 2027 has been adjusted upwards [1] - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 134 million, 170 million, and 200 million respectively, with corresponding P/E ratios of 32, 26, and 22 times [1]

Core Viewpoint - Tianfeng Securities maintains a "buy" rating for 361 Degrees (01361) and keeps the profit forecast unchanged for 2025-2027, expecting revenues of RMB 11.3 billion, RMB 12.8 billion, and RMB 14.5 billion respectively, with net profits of RMB 1.3 billion, RMB 1.4 billion, and RMB 1.6 billion respectively, and corresponding EPS of RMB 0.61, RMB 0.69, and RMB 0.79, with PE ratios of 9x, 8x, and 7x [1] Group 1: Operational Performance - In Q3 2025, the main brand's offline retail sales increased by approximately 10%, children's clothing brand's offline retail sales also increased by about 10%, and e-commerce platform revenue grew by 20% [1] Group 2: Product Innovation - The company continues to innovate its product matrix by launching new technology products in running, basketball, and outdoor categories, including the "Rain Shield 9" and "Flying Burn 4.5" in running, and the "DVD4" basketball shoe [2] Group 3: Brand Development - As an official partner of the 20th Asian Games, the company will provide professional equipment for torchbearers, runners, and over 32,000 volunteers, significantly enhancing its international brand influence [3] Group 4: Channel Innovation - The company has partnered with Meituan Flash Purchase and group buying services to integrate online and offline channels, and has opened its first women's sports concept store, increasing the number of super brand stores to 93 [4] Group 5: ONEWAY Brand Revitalization - ONEWAY, established in Finland in 2004, is undergoing a complete brand revitalization by 2024, with its first offline store in Zhengzhou opening on September 9, and plans for further expansion in cities like Beijing, Jinan, Daqing, Lhasa, and Xi'an [5]