Core Viewpoint - Tianfeng Securities has upgraded the rating of ZhiZi City Technology (09911) to "Buy" based on its diversified product matrix and significant AI-driven business growth, projecting continued revenue and profit growth in the coming years [1] Group 1: Financial Performance - For the first half of 2025, ZhiZi City Technology reported a revenue of 3.181 billion yuan, a year-on-year increase of 40.0% [1] - The social business segment generated approximately 2.834 billion yuan, reflecting a year-on-year growth of 37.0% [1] - The adjusted EBITDA for the first half of 2025 reached 650 million yuan, representing a year-on-year increase of 44.0% [2] Group 2: Product and Market Development - The company has seen over 100% revenue growth in the SUGO product, driven by enhanced user engagement and content supply [1] - The flagship game, "Alice's Dream: MergeGames," has entered a long-term operational phase, marking the beginning of its profitability recovery period [2] - The company has launched an AI creative content community, Aippy, which allows users to generate interactive content using natural language [3] Group 3: Strategic Expansion - ZhiZi City Technology is actively expanding its market presence in the Middle East and North Africa, with a reported business scale growth of over 60% in these regions [3] - The establishment of regional headquarters in Riyadh and a global headquarters in Hong Kong signifies the company's commitment to its globalization strategy [3] - The company is focusing on deepening the integration of AI technology with business scenarios to enhance its market development efforts [3]

Core Viewpoint - The report from Tianfeng Securities highlights the diversified product matrix of Zhibo City Technology (09911) and the significant impact of AI technology on its business, suggesting that the company's performance is expected to continue growing in the future [1] Group 1: Financial Performance - For the first half of 2025, the company's revenue reached 3.181 billion yuan, representing a year-on-year increase of 40.0% [1] - The adjusted EBITDA for the first half of 2025 was 650 million yuan, reflecting a year-on-year growth of 44.0% [2] - Revenue forecasts for FY2025-FY2027 have been revised to 6.91 billion, 8.55 billion, and 10.25 billion yuan, respectively, while net profit forecasts have been adjusted to 1.018 billion, 1.291 billion, and 1.551 billion yuan [1] Group 2: Business Segments - The social business segment generated approximately 2.834 billion yuan in revenue, with a year-on-year increase of 37.0% [1] - The innovative business segment achieved revenue of about 347 million yuan, marking a year-on-year growth of 70.5% [1] - The flagship game, "Alice's Dream: MergeGames," has entered a long-term operational phase, contributing to the profitability of the premium game business [2] Group 3: Market Expansion and Strategy - The company is actively exploring new opportunities in social entertainment, with significant growth in the core products in the Middle East and North Africa, where business scale increased by over 60% year-on-year [3] - The establishment of regional headquarters in Riyadh and a global headquarters in Hong Kong signifies the company's commitment to strengthening its presence in the Middle East and advancing its global strategy [3] - The company is leveraging AI technology to enhance its product offerings and localize operations, which is expected to bolster its growth in key markets [2][3]

导语：技术派官员与资本市场的"寻租媾和"，操作手法低调隐秘，尺度也更为精妙。 证监系统沉浮二十余年、颇具专业口碑的"发审老将"，最终走到了被调查的结局。 10月10日，据中央纪委国家监委驻中国证监会纪检监察组、浙江省纪委监委消息:中国证监会原发行审核委员会主任委员、发行监管部副主任、一 级巡视员郭旭东涉嫌严重职务违法，主动投案，目前正接受中央纪委国家监委驻中国证监会纪检监察组和浙江省台州市监委监察调查。 郭旭东曾是发审委"五届元老"。南开大学会计学毕业后，郭旭东进入中华会计师事务所审计部工作，1998年2月入职中国证监会会计部，历任会计 部会计师监管处处长、非上市公众公司部副巡视员/副主任、发行监管部副主任。其于2007年-2009年、2017年-2019年多次担任证监会发审委 委员，2017年起出任证监会发行监管部副主任，开始主管发审委工作。2019年9月，郭旭东从证监会离职。2020年7月，证监会发布公告免去其 第十八届发审委委员职务。 对于郭旭东案，业内有一种观点，将其与天风证券和"当代系"联系起来。 去年坊间已有郭旭东被带走的传言，后郭旭东发朋友圈澄清。去年1月，原天风证券董事长余磊请求辞去在天风证券 ...

Core Viewpoint - The report from Tianfeng Securities emphasizes the challenges in the third phase of the "Saidian 2.0" initiative, highlighting the importance of Hang Seng Internet amidst economic recovery and market liquidity [1][7]. Industry Trends - Overall industry sentiment shows an upward trend in sectors such as electric equipment, machinery, electronics, food and beverage, light manufacturing, real estate, and retail, while sectors like oil and petrochemicals, construction materials, pharmaceuticals, textiles, automotive, public utilities, and environmental protection are experiencing a downward trend [2]. - The report predicts strong performance in specific sub-industries over the next four weeks, including automotive services, commercial vehicles, automotive parts, rail transit equipment, lighting equipment, household appliance parts, chemical pharmaceuticals, non-metallic materials, plastics, consumer electronics, chemical fibers, electronic chemicals, and motors [2]. Key Data Points - In the automotive sector, the operating rate for semi-steel tires in China is reported at 46.51%, reflecting a week-on-week decrease of 27.07 percentage points [3]. - In the machinery sector, the factory price for liquid oxygen in Shandong is reported at 270.0 CNY per ton, with a week-on-week increase of 3.85% [4]. - In the transportation sector, the weekly subway passenger volume in Beijing is 10.5665 million, showing a week-on-week increase of 52.78%, while in Suzhou, the volume is 1.896 million, reflecting a week-on-week decrease of 21.94% [4]. - In the pharmaceutical sector, the market price for domestic vitamin E (50%) is reported at 47.5 CNY per kilogram, with a week-on-week decrease of 5.94% [5]. - In the basic chemical sector, the spot price for acetic acid is 2500.0 CNY per ton, with a week-on-week increase of 1.63% [5]. - In the electronics sector, the average spot price for DRAM DDR3 (4Gb) is reported at 2.58 USD, with a week-on-week increase of 6.71% [6]. - In the electric equipment sector, the price for lithium hexafluorophosphate is reported at 67,500 CNY per ton, with a week-on-week increase of 10.66%, while the average price for lithium iron phosphate is 33,700 CNY per ton, reflecting a week-on-week decrease of 0.3% [6]. Investment Strategy - The investment focus is categorized into three main directions: 1) breakthroughs in Deepseek and leadership in open-source technology AI, 2) internal and external resonance with gradual economic recovery, favoring a "stronger gets stronger" bull market style, though cyclical stocks may perform better in the latter half, and 3) the continued rise of undervalued dividends [1][7]. - The report suggests that during the early stages of a bull market, funds tend to favor a few high-sentiment sectors, while in later stages, funds concentrate on main lines, making it harder for new funds to profit [7].

2025年10月10日，公司兑付了本期短期融资券本息共计人民币2,051,287,671.23元。 证券代码：601162 证券简称：天风证券 公告编号：2025-055号 天风证券股份有限公司 2024年度第一期短期融资券兑付完成的公告 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。 天风证券股份有限公司（以下简称"公司"）于2024年10月15日成功发行天风证券股份有限公司2024年度 第一期短期融资券（以下简称"本期短期融资券"），本期短期融资券发行规模为人民币20亿元，票面利 率为2.6%，短期融资券期限为360天，兑付日期为2025年10月10日。具体内容详见公司于2024年10月17 日登载于上海证券交易所网站（www.sse.com.cn）的《天风证券股份有限公司关于2024年度第一期短期 融资券发行结果公告》（公告编号：2024-044号）。 特此公告。 天风证券股份有限公司董事会 2025年10月14日 ...

Core Points - Tianfeng Securities successfully issued its first short-term financing bond for 2024 on October 15, 2024, with a total issuance scale of RMB 2 billion and a coupon rate of 2.6% [1] - The bond has a maturity period of 360 days, with the repayment date set for October 10, 2025 [1] - On the repayment date, the company will pay back a total of RMB 2,051,287,671.23, which includes both principal and interest [1]

Core Points - Tianfeng Securities (601162) closed at 5.27 CNY on October 13, 2025, down 0.75% from the previous trading day, with a total market capitalization of 53.447 billion CNY [1] - The stock opened at 5.15 CNY, reached a high of 5.29 CNY, and a low of 5.15 CNY, with a trading volume of 1.074 billion CNY and a turnover rate of 2.37% [1] - The company successfully issued the first phase of short-term financing bonds for 2024 on October 15, 2024, with a total issuance size of 2 billion CNY, a coupon rate of 2.6%, and a maturity of 360 days [1] - The principal and interest payment for this bond was completed on October 10, 2025, totaling 2,051,287,671.23 CNY [1] - The board of directors guarantees the authenticity, accuracy, and completeness of the announcement, ensuring no false records, misleading statements, or significant omissions [1] Announcement Summary - The announcement confirms the completion of the payment for the first phase of short-term financing bonds issued by Tianfeng Securities for 2024 [2]

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。 天风证券股份有限公司（以下简称"公司"）于 2024 年 10 月 15 日成功发 行天风证券股份有限公司 2024 年度第一期短期融资券（以下简称"本期短期融 资券"），本期短期融资券发行规模为人民币 20 亿元，票面利率为 2.6%，短期 融资券期限为 360 天，兑付日期为 2025 年 10 月 10 日。具体内容详见公司于 2024 年 10 月 17 日登载于上海证券交易所网站（www.sse.com.cn）的《天风证券股份 有限公司关于 2024 年度第一期短期融资券发行结果公告》（公告编号：2024-044 号）。 天风证券股份有限公司 2024 年度第一期短期融资券兑付完成的公告 证券代码：601162 证券简称：天风证券 公告编号：2025-055号 天风证券股份有限公司董事会 2025年10月14日 2025 年 10 月 10 日 ， 公 司 兑 付 了 本 期 短 期 融 资 券 本 息 共 计 人 民 币 2,051,287,671.23 元。 特此公 ...

Core Viewpoint - Tianfeng Securities' report indicates that Jiama Clothing's net profit attributable to shareholders in the first half of the year was 60 million, a decrease of 31% year-on-year, with Q2 net profit down 50% to 20 million [1] Group 1: Financial Performance - Jiama Clothing's net profit for the first half of the year was 60 million, reflecting a year-on-year decline of 31% [1] - In Q2, the net profit attributable to shareholders was 20 million, representing a significant decrease of 50% compared to the same period last year [1] Group 2: Business Strategy and Outlook - The company began self-operating the Hush Puppies men's and women's clothing line from mid-last year, with the revenue contribution from this segment expected to reach 10.06% by the end of 2024 [1] - In the first half of this year, the revenue contribution from the men's and women's clothing segment increased to 22.87% [1] - The company is optimistic about the future market potential of the Hush Puppies brand, supported by product upgrades, channel image renewal, and structural adjustments [1] Group 3: Investment Rating - Following the acquisition of Hush Puppies, the company has intensified store upgrades and marketing efforts, leading to an adjustment in profit forecasts while maintaining a "Buy" rating [1]

Core Viewpoint - Tianfeng Securities maintains a "buy" rating for Jiu Xing Holdings (01836), adjusting profit forecasts based on the performance in the first half of 2025 and considering last year's high base effect and operational efficiency from new capacity deployment [1] Group 1: Financial Performance - The net profit forecasts for 2025-2027 are adjusted to $160 million, $180 million, and $190 million, respectively, down from previous estimates of $180 million, $200 million, and $220 million [1] - Earnings per share (EPS) estimates are revised to $0.20, $0.21, and $0.23 for the same period, compared to earlier projections of $0.22, $0.24, and $0.26 [1] Group 2: Strategic Planning - The company is currently in a stable position, a direct result of its three-year plan (2023-2025), which aims to improve product category mix, diversify and expand the customer base, and optimize manufacturing base layout [1] - The company has set two main profit targets: achieving a 10% operating profit margin and a low double-digit annual growth rate in after-tax profit over the three-year period [1] - The company has already exceeded these targets in 2023 and 2024, expressing confidence in achieving them by the end of 2025 [1] Group 3: Operational Challenges - The company faces short-term challenges in profitability due to two main factors: a high base effect from customers advancing orders to meet demand before the Paris Olympics and operational efficiency issues related to increased capacity in Indonesia and the Philippines [2] - To meet demand and ensure customer goals, the company has shifted some production to a factory in Vietnam, resulting in increased costs, including overtime expenses [2] - Despite initial challenges, the company expects conditions to improve in the second half of the year [2] Group 4: Future Growth Plans - As the company prepares to finalize its next three-year plan (2026-2028), it remains on a growth trajectory [2] - The new plan includes an expansion of total capacity by 20 million pairs, achieved through increasing capacity at the new factory in Solo, Indonesia, starting operations at a second factory in Bangladesh, and accelerating the construction of a dedicated factory for its largest sports client in Indonesia [2] - Another focus of the upcoming three-year plan is the development of handbag and accessory manufacturing, which the company aims to establish as a significant long-term growth driver [2] - The company has recently acquired a small but experienced handbag factory in Vietnam to enhance product quality and production efficiency in its handbag business [2] - The next three-year plan will enable the company to meet cross-product category demands from brand customers, positioning itself as an ideal partner that combines high-quality standards with added value [2]