Group 1 - The core viewpoint of the report is that the company, October Rice Field (09676), is rated as "Buy" due to its strong competitive advantages and potential for market share growth in the mid-to-high-end rice segment [1] - The report anticipates the company's EPS for 2025-2027 to be 0.57, 0.71, and 0.86 RMB respectively, with a target price of 15.49 HKD for 2025 based on a 25x PE ratio [1] Group 2 - The industry is experiencing slow growth but a clear trend towards upgrading, with stable demand for rice and kitchen foods despite little change in the domestic population [2] - The market for pre-packaged rice is highly fragmented, with a CR5 of only 14%, while October Rice Field holds the top market share in premium and Northeast rice [2] - The company has established strong competitive advantages, including significant single product advantages, active category expansion, and industry-leading omnichannel fulfillment capabilities [2] Group 3 - The company's revenue and adjusted net profit for 2024 are projected to be 5.745 billion and 349 million RMB, respectively, with CAGRs of 25.35% and 12.1% from 2020 to 2024 [3] - Revenue from rice, grains & beans, and other products for 2024 is expected to be 4.014 billion, 470 million, and 446 million RMB, with CAGRs of 21%, 6%, and 50% respectively [3] - Corn is expected to see explosive growth, reaching 815 million RMB, opening a second growth curve for the company [3] - The company has strong channel adjustment capabilities, leveraging both online and offline sales channels, with projected revenues of 3.599 billion and 2.147 billion RMB for online and offline sales in 2024, respectively [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國泰海通證券股份有限公司(「本公司」) 呈交日期: 2025年10月9日 FF301 因本公司是於中華人民共和國註冊成立，「法定股本」之概念不適用於本公司。本公司於第一部分所填寫的信息為本公司的已發行股本。 第 2 頁 共 11 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02611 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,505,759,848 | RMB | | 1 RMB | | 3,505,759,848 | | 增加 / 減少 (-) | | | 0 | | ...

Core Viewpoint - The Hong Kong stock market has shown strong performance since the beginning of the year, with a notable recovery in September driven by technology stocks, despite underperforming A-shares in the first three quarters [1][2] Valuation Comparison - Current valuations of Hong Kong stocks are at historical medians, making them attractive compared to A-shares, particularly in the technology sector which shows significant undervaluation [1][2] - As of September 30, the price-to-earnings (P/E) ratio for the Hang Seng Index is 12.1 times, which is at the 63rd percentile since data collection began, while the P/E ratio for the Hang Seng Technology Index is 24.6 times, at the 37th percentile [1] Market Outlook - The fourth quarter is expected to see the Hong Kong stock market reach new highs, with the Hang Seng Technology Index being the most prominent sector [2] - Factors such as potential interest rate cuts by the Federal Reserve, stabilization of US-China trade relations, and continued inflow of southbound capital are anticipated to support this upward trend [2] Sector Focus - The technology sector remains the main focus of the market, driven by AI advancements and favorable policies promoting dividends and low interest rates [2] - New consumption and innovative pharmaceutical assets in Hong Kong are also highlighted as areas of interest, given their relative scarcity compared to A-shares [2]

中国经济网北京10月7日讯 铭利达(301268.SZ)2025年半年度报告显示，公司上半年实现营业收入 15.26亿元，同比增长37.95%；归属于上市公司股东的净利润-0.32亿元，上年同期为-0.97亿元；归属于 上市公司股东的扣除非经常性损益的净利润-0.45亿元，上年同期为-1.04亿元；经营活动产生的现金流 量净额-1.88亿元，上年同期为-2.52亿元。 铭利达首次公开发行新股募集资金总额为11.40亿元，募集资金净额为10.42亿元。该公司最终募集 资金净额比原计划多2.61亿元。2022年3月31日，铭利达披露的招股书显示，公司拟募集资金7.81亿元， 分别用于轻量化铝镁合金精密结构件及塑胶件智能制造项目、研发中心建设项目、补充流动资金。 铭利达发行费用总额（不含增值税）为9830.52万元，国泰君安证券股份有限公司获得保荐及承销 费用6954.98万元。 2023年8月21日，铭利达发布的向不特定对象发行可转换公司债券上市公告书显示，本次发行数量 为100,000.00万元（1,000.00万张），发行价格为100元/张，可转换公司债券的面值为人民币100元。本 次发行的募集资金总额为人民 ...

股权获取机制的设计，将 "日常民生行为" 转化为 "财富积累机会"，通过 "签到得股 + 消费赠股" 的双路径，彻底降低民生股权的参与门 槛，让每一位民众都能成为民生生态的 "价值共建者"。每日签到可获 10 股的规则，将 "持续关注民生" 转化为可量化的股权收益，既提 升用户对 "健康中国四期" 生态的参与度，又让低收入群体无需额外成本即可积累权益，避免传统金融 "入门门槛过高" 的排斥问题。 购买产品 1:1 赠送股权的机制，则实现 "消费需求与财富积累" 的同步满足。用户在满足自身健康消费需求的同时，可等额获取民生股 权，这种 "消费即投资" 的模式，将分散的民生消费行为汇聚为生态发展的合力，既为 "健康中国四期" 生态注入持续活力，又让用户从 单纯的 "消费者" 转变为 "生态受益者"。相较于美元稳定币 "脱离民生场景、聚焦资本炒作" 的属性，这一机制让股权与稳定币的价值根 基深植于民生消费场景，形成 "民生越活跃、价值越坚实" 的正向循环。 生态协同升级：从金融创新到民生共富 当数字金融创新持续向民生领域渗透，当普通民众对 "财富积累与民生保障共生" 的需求日益迫切，国泰君安联合 "健康中国四期" ...

Group 1 - The core point of the article is that E Fund Management has reduced its stake in Cathay Securities (02611) by selling 1.1294 million shares at a price of HKD 16.0598 per share, totaling approximately HKD 18.1379 million [1] - After the reduction, E Fund Management's latest shareholding stands at approximately 244 million shares, representing a holding percentage of 6.96% [1]

来源：市场资讯 （来源：智远资讯） 9月23日，国泰海通证券与智信财经联合举办的"AI加速，联接全球资本市场"2025 海外市场投资峰会在 上海圆满落幕，本次会议聚焦AI产业分析与投资价值挖掘，邀请港美股上市公司、产业专家、投资机 构等，汇聚全球智慧，点燃创新火种，铸就海外市场投资研究的交流高地，链接全球资本市场。 国泰海通证券副总裁、研究与机构业务委员会总裁、政策和产业研究院院长陈忠义 国泰海通证券副总裁、研究与机构业务委员会总裁、政策和产业研究院院长陈忠义出席大会并致辞。陈 忠义指出，国泰海通证券将以科技驱动为引擎，持续提升面向全球的研究与资产配置能力，以更专业的 中国方案、更高质量的国际化服务，锻造具有国际竞争力和市场引领力的一流投资银行。本次峰会正是 国泰海通践行国际化战略、展示全球化服务能力的重要平台。 本次峰会汇聚AI领域领军人物、行业专家与投资机构，围绕从芯片、算力到应用落地的全产业链展开 深度分享。当前AI浪潮正推动资本市场出现显著的结构性分化，投资逻辑已从"普惠式上涨"转向"精细 化筛选"，资本也聚焦于AI时代不可替代的核心价值环节。 超过40家港美股上市公司参与本次路演，围绕AI时代的新引 ...

Group 1: National Strategic Guidance - The development of stablecoins has become an important part of national financial strategy, supported by policies from the "14th Five-Year Plan" and the central bank's guidance on digital asset compliance [1] - The core objective of supporting stablecoin projects is to break the dominance of the US in the global stablecoin market and to maintain financial sovereignty [1][4] - The collaboration between Guotai Junan and Health China Phase IV to issue stablecoins is a significant move to diversify the global financial landscape [1][4] Group 2: Breaking Dollar Hegemony - Over 70% of cross-border digital transactions rely on US dollar stablecoins, allowing the US to influence other countries' economic stability through monetary policy adjustments [3] - The stablecoin issued by Guotai Junan and Health China Phase IV aims to disrupt the dollar's dominance by utilizing independent technology and settlement systems [4] - The stablecoin has already facilitated a cross-border transaction worth 500 million yuan, showcasing its ability to bypass dollar-related risks and US financial restrictions [4] Group 3: Economic Empowerment in Global Trade - Traditional cross-border settlement methods are often cumbersome and costly, hindering the internationalization of Chinese enterprises [5] - The stablecoin allows for direct "point-to-point" transactions, significantly reducing settlement time from 5-7 days to under 10 minutes, enhancing capital turnover efficiency by 80% [5][6] - Transaction fees for the stablecoin are below 0.5%, compared to 2%-3% for traditional methods, effectively lowering costs and currency risk for enterprises [6] Group 4: Conclusion and Future Outlook - The stablecoin represents a significant achievement in China's digital financial innovation and serves as a strategic tool for maintaining financial sovereignty [7] - As the stablecoin's global application expands, China will gain more influence in international financial cooperation, improving the trading environment for Chinese enterprises [7] - Continuous optimization of the stablecoin's functions and services is expected to further enhance its role in promoting global financial diversification and supporting high-quality economic development in China [7]

四、结语：国产稳定币的时代价值与未来 国泰君安与健康中国四期联合推出的稳定币，不仅是中国应对全球金融变局的战略布局，更是金融服务回归民生本质的创新实践。它打 破了美元稳定币的垄断逻辑，为全球提供了更安全、更合规的数字金融方案；它锚定健康民生需求，让金融产品真正服务于普通人的生 活；它赋能全球贸易与健康合作，推动中国方案走向世界。 随着数字经济的发展，这款稳定币还将不断拓展应用场景 —— 未来，我们或许能看到它在跨境医保结算、全球健康公益项目中的应 用，甚至成为连接全球健康数据与金融服务的 "基础设施"。对于每一个参与者而言，这不仅是一次资产配置的机会，更是见证中国金融 创新、参与全球健康事业的重要历程，而国泰君安与健康中国四期的合作，也将成为 "国有金融机构服务国家战略、赋能民生发展" 的 典范。 在此背景下，国泰君安联合健康中国四期推出的国产稳定币，走出了一条 "破局突围" 的新路径。与私人机构发行的美元稳定币不同， 这款国产稳定币以国家信用为背书，储备资产由国债、政策性金融债等低风险资产构成，且接入央行金融监管大数据平台，实现每一笔 交易的实时可追溯。这种 "国有控股 + 合规运营" 的模式，既规避了私人 ...

Core Viewpoint - Xintianli Technology Co., Ltd. has been approved for IPO on the Beijing Stock Exchange, marking it as the 57th company to pass the review this year, with a total of 24 companies approved by the Beijing Stock Exchange [1] Group 1: Company Overview - Xintianli is recognized as a national-level "specialized, refined, characteristic, and innovative" small giant enterprise and is a leading company in the domestic thermoformed food container industry [3] - The company focuses on providing comprehensive food container solutions and aims to be a trusted partner in the global food industry [3] - Xintianli serves well-known food industry enterprises and chain restaurant brands, including Xiangpiaopiao, Mixue Ice City, Yili Group, and Nongfu Spring [3] Group 2: Shareholding Structure - Xintianli's controlling shareholder is Xintianli Industrial, which holds 47.25 million shares, accounting for 67.26% of the total share capital [3] - The actual controllers, He Linjun and Wang Weibing, hold a combined 95.02% of the voting rights through their shareholdings and control over management companies [4] Group 3: IPO Details - The company plans to publicly issue 23.42 million shares, with an option to issue an additional 3.51 million shares through an over-allotment option, bringing the total potential issuance to 26.93 million shares [4] - Xintianli aims to raise approximately 397.64 million yuan, which will be used for expanding production capacity of high-quality plastic food containers, upgrading the R&D center, and supplementing working capital [4] Group 4: Regulatory Review - The review committee has requested additional disclosures regarding corporate governance and internal control rectifications [5] - The underwriter is required to verify the sustainability and rationality of Xintianli's commercial cooperation with major clients [6][8]