Core Viewpoint - Guotai Haitong Securities Co., Ltd. successfully issued its 9th short-term financing bond for 2024, indicating strong market confidence and liquidity management [1] Group 1: Financing Details - The total issuance amount of the short-term financing bond is RMB 3 billion [1] - The coupon rate for the bond is set at 1.90% [1] - The bond has a maturity period of 300 days, with a repayment date scheduled for September 23, 2025 [1] Group 2: Company Background - The company was previously known as Guotai Junan Securities Co., Ltd. [1] - The successful issuance reflects the company's ongoing efforts in capital raising and financial stability [1]

Core Viewpoint - Cathay Securities successfully issued its 9th short-term financing bond for 2024, raising a total of RMB 3 billion with a coupon rate of 1.90% and a maturity of 300 days [1] Group 1 - The total issuance amount of the short-term financing bond is RMB 3 billion [1] - The coupon rate for the bond is set at 1.90% [1] - The maturity period for the bond is 300 days, with a repayment date scheduled for September 23, 2025 [1] Group 2 - The company completed the principal and interest repayment for this short-term financing bond on the scheduled date [1]

Group 1 - The company successfully issued the 9th short-term financing bond for the year 2024 on November 27, 2024, with an issuance amount of RMB 3 billion [1] - The bond has a coupon rate of 1.90% and a maturity period of 300 days, with the repayment date set for September 23, 2025 [1] - The company completed the principal and interest repayment for this short-term financing bond on the scheduled date [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02611） 中國上海 2025年9月23日 截至本公告日期，本公司的執行董事為朱健先生、李俊傑先生以及聶小剛先生； 本公司的非執行董事為周杰先生、管蔚女士、鐘茂軍先生、陳航標先生、呂春芳 女士、哈爾曼女士、孫明輝先生以及陳一江先生；本公司的職工董事為吳紅偉先 生；及本公司的獨立非執行董事為李仁傑先生、王國剛先生、浦永灝先生、毛付 根先生、陳方若先生以及江憲先生。 茲載列本公司於上海證券交易所網站發佈之《國泰海通證券股份有限公司關於 2024年度第九期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 國泰海通證券股份有限公司 朱健 董事長 海外監管公告 本公告乃由國泰海通證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10 ...

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。 国泰海通证券股份有限公司（曾用名：国泰君安证券股份有限公司，以下简 称本公司）于 2024 年 11 月 27 日成功发行了国泰君安证券股份有限公司 2024 年度第九期短期融资券（以下简称本期短期融资券），本期短期融资券发行额为 人民币 30 亿元，票面利率为 1.90%，短期融资券期限为 300 天，兑付日期为 2025 年 9 月 23 日（详见公司于 2024 年 11 月 28 日登载于上海证券交易所网站 （http://www.sse.com.cn）的《国泰君安证券股份有限公司 2024 年度第九期短 期融资券发行结果公告》）。 国泰海通证券股份有限公司 证券代码：601211 证券简称：国泰海通 公告编号：2025-095 关于 2024 年度第九期短期融资券兑付完成的公告 特此公告。 国泰海通证券股份有限公司董事会 2025 年 9 月 24 日 2025 年 9 月 23 日，本公司完成了本期短期融资券的本息兑付工作。 ...

Group 1 - Cathay Pacific maintains revenue forecasts for Xiaomi Group-W (01810) at RMB 489.1 billion, 641.8 billion, and 758.4 billion for FY2025E-FY2027E respectively, with adjusted net profit estimates at RMB 45.4 billion, 68.1 billion, and 83.6 billion [1] - The stable delivery of Xiaomi vehicles, with over 30,000 units delivered in July and August, positions the company to potentially exceed its annual target of 350,000 deliveries for 2025 [2] - Xiaomi's air conditioning shipments exceeded 5.4 million units in Q2 2025, reflecting a year-on-year increase of 60%, with a focus on high-end market strategies to improve product structure [3] Group 2 - The upcoming launch of the Xiaomi 17 Pro and ProMax, featuring a customizable back screen, is expected to be a significant catalyst for future sales, with pre-orders doubling compared to the previous generation [4] - The new retail model and the upcoming production of the Wuhan home appliance factory are anticipated to enhance Xiaomi's competitive advantage in the home appliance sector [3]

Core Viewpoint - Cathay Securities maintains revenue forecasts for Xiaomi Group-W (01810) for FY2025E-FY2027E at RMB 489.1 billion, 641.8 billion, and 758.4 billion respectively, with adjusted net profit estimates at RMB 45.4 billion, 68.1 billion, and 83.6 billion. The stable delivery of Xiaomi cars, competitive advantage in home appliances, and the upcoming smartphone launches are seen as important catalysts. The target price remains at HKD 77.5 with a "Buy" rating [1]. Group 1: Automotive Performance - Xiaomi's car delivery volumes have remained stable at over 30,000 units in July and August, with expectations to exceed the annual target of 350,000 deliveries for 2025 [2]. - The second-phase factory is expected to ramp up production faster than the first phase due to accumulated supply chain and production line experience [2]. Group 2: Home Appliances - Xiaomi's air conditioner shipments exceeded 5.4 million units in Q2 2025, representing a year-on-year increase of 60%, with growth rates surpassing 50% for three consecutive quarters [3]. - The new Wuhan home appliance factory is set to enhance Xiaomi's competitive advantage in the home appliance sector, supported by a high-end strategy to narrow the price gap with leading brands [3]. Group 3: Smartphone Innovations - The upcoming launch of the Xiaomi 17 Pro and Pro Max, featuring a customizable back screen, is anticipated to be a significant catalyst for future growth [4]. - Pre-orders for the Xiaomi 17 series have doubled compared to the previous generation, indicating strong market interest [4]. - The company expects marginal improvements in smartphone revenue and gross margins in Q4 with the release of new Xiaomi and Redmi series products [4].

Group 1 - The core viewpoint of the news is that 百望股份 (Baiwang Co., Ltd.) is advancing its AI business and digital tax management through strategic partnerships, aiming for significant revenue growth in the coming years [1][2] - 百望股份 has established a strong client ecosystem, processing approximately 231 billion invoices with a total transaction amount of 10,551 trillion yuan as of June 30, 2025 [1] - The company has successfully turned a profit in the first half of the year, with AI business revenue reaching 60.86 million yuan, accounting for 17.5% of total revenue [2] Group 2 - The company's "Data Intelligence" transformation strategy is showing initial success, with the "AI agent + data intelligence base" dual-engine strategy expected to continue driving value release from data elements [2] - The core business is experiencing robust growth, with local deployment solution revenue increasing by 93.1% year-on-year, and gross margins improving significantly [2] - Future projections indicate that the company's net profit attributable to shareholders is expected to grow significantly from 10.31 million yuan in 2025 to 112 million yuan in 2027 [2]

Core Viewpoint - The Chinese aviation industry is entering a "super cycle" due to the recovery of supply and demand, with passenger load factors exceeding 2019 levels and expected to continue improving [1][2] Group 1: Market Dynamics - The market for airline ticket prices is becoming more liberalized, allowing for better transmission of high load factors to ticket prices [2] - The growth rate of airline fleets is slowing, reducing the negative impact of increased investment in third and fourth-tier cities on ticket prices [2] - The demand for air travel in China is still in its early stages, with low frequency and penetration, indicating a long-term growth trend [2] Group 2: Seasonal Performance - In Q3, despite a temporary decline in business and commercial demand, profitability is still expected to exceed that of Q3 2019 [3][4] - The recovery of business demand in September is anticipated to set a historical high for the month, with domestic ticket prices turning positive year-on-year [4] Group 3: Future Outlook - The upcoming National Day and Mid-Autumn Festival are expected to drive strong travel demand, with airlines optimistic about pre-sale volumes and prices [5] - Continuous monitoring of business demand recovery post-October meetings is crucial, as sustained recovery could significantly elevate airline profitability by 2026 [5] - The Chinese aviation sector is expected to maintain strict control over flight schedules, which will help airlines reduce losses and improve profitability in the medium term [5] Group 4: Investment Recommendations - The long-term logic of the aviation "super cycle" suggests significant potential for performance and valuation growth, recommending strategic investment in high-quality airline networks [6] - Preferred stocks include China National Aviation (601111.SH), Juneyao Airlines (603885.SH), China Southern Airlines (600029.SH), China Eastern Airlines (600115.SH), and Spring Airlines (601021.SH) [6]

Company Overview - UCloud Technology Co., Ltd. is located at 619 Longchang Road, Yangpu District, Shanghai, established on March 16, 2012, and listed on January 20, 2020. The company specializes in neutral third-party cloud computing services, providing a secure and reliable cloud computing service platform for clients [1]. Business Segmentation - The revenue composition of UCloud is as follows: Public Cloud 50.63%, Hybrid Cloud 35.41%, Cloud Communication 8.26%, Private Cloud 2.75%, Solutions and Others 1.90%, and Edge Cloud 1.05% [1]. Stock Performance - On September 23, UCloud's stock fell by 5.02%, closing at 25.16 CNY per share, with a trading volume of 676 million CNY and a turnover rate of 6.43%. The total market capitalization is 11.481 billion CNY [1]. Fund Holdings - UCloud is a significant holding in one fund managed by Guotai Asset Management. The Guotai Junan Quantitative Stock Mixed Fund A (016466) held 275,100 shares in the second quarter, accounting for 0.67% of the fund's net value, ranking as the fourth-largest holding. The estimated floating loss today is approximately 365,900 CNY [2]. Fund Performance - The Guotai Junan Quantitative Stock Mixed Fund A was established on August 18, 2022, with a current size of 458 million CNY. Year-to-date, it has returned 31.76%, ranking 2795 out of 8172 in its category. Over the past year, it has achieved a return of 68.83%, ranking 1793 out of 7995, and since inception, it has returned 45.67% [2]. Fund Manager - The fund manager of Guotai Junan Quantitative Stock Mixed Fund A is Hu Chonghai, who has been in the position for 3 years and 284 days. The total asset size under management is 8.512 billion CNY, with the best fund return during his tenure being 71.61% and the worst being -0.53% [3].