Group 1 - As of October 16, 2024, 73 companies have successfully listed on the Hong Kong Stock Exchange, raising a total of 188.98 billion HKD in IPO funds, representing a year-on-year increase of 227.75%, making Hong Kong the leader in global new stock financing [1] - The total equity financing amount in the Hong Kong stock primary market, including IPOs and refinancing, reached 437.59 billion HKD this year, with a significant year-on-year growth of 260.41%, indicating a marked increase in market activity [2] - Chinese securities firms have shown a strong performance in the Hong Kong IPO underwriting and sponsorship business, with leading firms like CICC Hong Kong, CITIC Securities (Hong Kong), and Huatai Financial Holdings (Hong Kong) ranking high in the underwriting list [2] Group 2 - In the IPO business, CICC ranked first by sponsoring 25 IPOs, followed by CITIC Securities (Hong Kong) with 18 and Huatai Financial Holdings (Hong Kong) with 13 [2] - In terms of underwriting amounts, CICC led with 34.03 billion HKD, underwriting 32 deals, while CITIC Securities (Hong Kong) followed with 25.67 billion HKD for 28 deals [2] - The analysis indicates that high-quality issuer resources are increasingly concentrating among Chinese securities firms with comprehensive service capabilities, as "A+H" listed companies account for about half of the total IPO fundraising in Hong Kong [2] Group 3 - Chinese securities firms are accelerating their internationalization efforts, with Guolian Minsheng Securities' Hong Kong subsidiary obtaining a trading license from the Hong Kong Securities and Futures Commission on October 3 [3] - Several Chinese securities firms are establishing subsidiaries in Hong Kong, with firms like First Capital Securities, Western Securities, and Northeast Securities announcing plans to set up Hong Kong subsidiaries [3] - Firms such as GF Securities, Huatai Securities, and Dongwu Securities are increasing their investments in their Hong Kong subsidiaries, reflecting a focus on overseas business development [3]

Core Viewpoint - Cathay Securities has initiated coverage on Lepu Biopharma-B (02157) with a "Buy" rating, projecting significant revenue growth from 2025 to 2027, driven by a robust product pipeline and imminent approval of MRG003 [1][2] Group 1: Financial Projections - Revenue forecasts for Lepu Biopharma are set at 853 million, 1.204 billion, and 1.665 billion yuan for 2025, 2026, and 2027 respectively [1] - The company is assigned a target price of 9.55 to 10.38 HKD based on a cautious approach using both PS and PB valuation methods [1] Group 2: Product Pipeline and Development - Lepu Biopharma has developed a diverse pipeline of oncology products, focusing on immunotherapy, ADC targeted therapy, and oncolytic virus drugs [1] - The cornerstone of the company's immunotherapy is an anti-PD-1 antibody candidate, with advanced ADC technology being utilized for innovative drug development [1] Group 3: Regulatory Approvals and Clinical Trials - MRG003 has received priority review qualification from the CDE for the treatment of R/MNPC, with an NDA submission expected in March 2025 [2] - MRG003 has also been included in the list of breakthrough therapy drugs by the NMPA for use in combination with PD-1 antibody for specific cancer indications [2]

Core Viewpoint - Cathay Securities has initiated coverage on Lepu Biopharma-B (02157) with a "Buy" rating, projecting significant revenue growth from 2025 to 2027, driven by a robust product pipeline and imminent approval of MRG003 [1][2] Group 1: Financial Projections - Revenue forecasts for Lepu Biopharma are set at 853 million, 1.204 billion, and 1.665 billion yuan for 2025, 2026, and 2027 respectively [1] - The company is assigned a 2025 price-to-sales (PS) ratio of 23X, leading to a reasonable valuation of 10.87 yuan/11.81 HKD [1] - A price-to-book (PB) ratio of 25X is also applied, resulting in a valuation of 9.55 yuan/10.38 HKD [1] Group 2: Product Pipeline and Development - Lepu Biopharma has established a diverse pipeline in oncology, focusing on immunotherapy, ADC targeted therapy, and oncolytic virus drugs [1] - The cornerstone of its immunotherapy is the anti-PD-1 antibody candidate, with advanced ADC technology being utilized for innovative drug development [1] - The company is also exploring combination therapies involving PD-L1 and ADC drugs [1] Group 3: Regulatory Approvals - MRG003 has received priority review qualification from the CDE for the treatment of recurrent/metastatic nasopharyngeal carcinoma (R/MNPC) and is expected to be approved domestically soon [2] - MRG003, in combination with the PD-1 antibody, has been officially included as a breakthrough therapy by the NMPA for specific treatment indications [2]

根据汽车之家研究院公众号发布的9月乘用车零售价格监测月报，2025年9月国内乘用车平均零售价为 17.6万元，同比+6.8%，环比+3.6%，自2024Q4零售价格触底后持续提升。 分动力类型看 燃油车9月平均平零售价为17.8万元，同比+4.2%，环比+4.4%;纯电动车平均零售价为16.1万元，同比 +10.0%，环比+1.1%;插混&增程车平均零售价为19.9万元，同比+16.9%，环比+6.2%。该行认为，零售 价格的回升与高端新能源车型的投放有一定关系，同时也与反内卷改善了乘用车竞争环境有关。 智通财经APP获悉，国泰海通发布研报称，"金九银十"行业传统消费旺季的背景下，乘用车行业价格政 策依然稳定，终端平均零售价格持续回升。该行认为，乘用车价格反弹，说明供需状态有所改善;经销 商作为重要的渠道提供者，所面临的供需基本面与乘用车行业整体同向。该行预计，随着反内卷的继续 进行，经销商的新车业务毛利率有望有所回升，头部经销商的盈利改善确定性更大。另外，反内卷促使 主机厂回归价值竞争，有利于提升行业长期整体利润率，改善全产业链盈利环境。 国泰海通主要观点如下： 9月国内乘用车折扣减少，降价车系环比微升 根 ...

香港联交所最新数据显示，10月13日，易方达基金管理有限公司增持国泰海通（601211）(02611)444.86 万股，每股作价15.198港元，总金额约为6760.98万港元。增持后最新持股数目约为2.49亿股，持股比例 为7.09%。 ...

Core Viewpoint - China has initiated reciprocal measures against the U.S. 301 investigation to promote corrections from the U.S. and the exemption clauses are expected to help maintain the competitiveness of China's shipbuilding industry [1][2] Group 1: Reciprocal Measures - China will impose special port fees on U.S.-owned, operated, or built vessels docking at Chinese ports starting October 14, 2025, with a fee of 400 RMB per net ton, which is higher than the U.S. fee of 50 USD per net ton [2] - The reciprocal measures aim to maintain a fair competitive environment in international shipping and shipbuilding, countering the discriminatory practices of the U.S. [2] Group 2: Impact on Shipping Industry - The increase in non-industry costs on the U.S. routes may not lead to significant industry-wide cost increases, as companies may adjust their operations to mitigate impacts [3] - The Chinese Ministry of Transport has initiated an impact investigation, which may lead to compensatory measures to alleviate pressure on Chinese shipping companies [3] Group 3: Effects on Oil and Bulk Shipping - The reciprocal measures will extend to oil and bulk shipping, potentially leading to a reduction in effective capacity and increased freight rates [4] - Approximately 15% of oil tankers and 4% of bulk carriers are owned or operated by U.S. listed companies, which may face significant operational costs due to the new fees [4] - The expected increase in oil transportation rates is projected to be higher than market expectations, driven by the supply-demand dynamics and the ongoing rigidity in tanker supply [4]

Core Viewpoint - The report from Guotai Junan Securities indicates that the performance of listed securities firms is expected to maintain rapid growth in Q3 2025, with a year-on-year increase in net profit attributable to shareholders of 58.63% [1][2]. Group 1: Performance Forecast - It is anticipated that the adjusted operating revenue of 42 listed securities firms will increase by 32.02% year-on-year to 395.48 billion yuan in Q1-Q3 2025, with net profit attributable to shareholders reaching 165.15 billion yuan, reflecting a year-on-year increase of 58.63% [2]. - For Q3 2025 alone, the adjusted operating revenue is projected to be 148.15 billion yuan, with a quarter-on-quarter increase of 11.45% and a year-on-year increase of 27.15%. The net profit attributable to shareholders is expected to be 61.13 billion yuan, showing a quarter-on-quarter increase of 17.94% and a year-on-year increase of 48.74% [2]. Group 2: Business Contributions - The growth in overall performance is driven by improved market conditions and trading activity, with brokerage business contributing the most to revenue growth at 48.32%, primarily due to a significant year-on-year increase in market trading volume [2]. - Investment business is expected to contribute 38.14% to the adjusted operating revenue growth, as the equity market shows marginal improvements compared to the high base in Q3 2024 [2]. Group 3: Investment Opportunities - The investment banking sector is benefiting from a marginal recovery in IPO activities, with investment banking revenue increasing by 21.84% year-on-year to 24.82 billion yuan, driven by financing recovery in A-shares and Hong Kong stocks [3]. - Asset management revenue, however, has decreased by 0.81% year-on-year to 32.2 billion yuan, primarily due to a decline in management fees [3]. - The net interest income has surged by 92.86% year-on-year to 4.23 billion yuan, attributed to the growth in margin financing business [3]. - The new assessment method implemented by the Ministry of Finance is expected to encourage insurance companies to increase their equity positions, benefiting undervalued blue-chip stocks with high ROE [3].

Core Viewpoint - The Shanghai Municipal Economic and Information Commission has issued the "Action Plan for the High-Quality Development of the Intelligent Terminal Industry (2026-2027)", which aims to accelerate the AI transformation of Shanghai's intelligent terminal industry and promote the industrialization of various strategic and consumer-grade intelligent terminals, leading to the optimization of the entire industry chain ecosystem and the formation of industrial agglomeration effects [1][2]. Group 1: Industry Growth Targets - By 2027, the overall scale of Shanghai's intelligent terminal industry is expected to exceed 300 billion, with the goal of creating more than three globally influential consumer terminal brands and nurturing two leading enterprises [2]. - The plan aims to achieve a scale of over 10 million units for artificial intelligence computers, smartphones, and new AI terminals [2]. Group 2: Key Product Development - The action plan emphasizes the acceleration of AI transformation for ten types of terminal products, including intelligent computing power, robots, smart glasses, industrial terminals, and intelligent computers [2]. - It focuses on promoting the smart and industrial breakthroughs of strategic terminal products like computers and satellite internet, while also enhancing the penetration of consumer-grade products such as smartphones and robots into the consumer market [2]. Group 3: Technology and Ecosystem Optimization - The plan highlights the need to strengthen the layout of edge AI chips and improve model performance, including the rapid development of core chips like SoC and CPU across three major technology routes: X86, ARM, and RISC-V [3]. - It aims to create a large-scale production base for intelligent terminals in Shanghai, fostering a competitive environment for innovative enterprises and driving the overall scale of the intelligent terminal industry [3].

Group 1 - E Fund Management Co., Ltd. increased its stake in Cathay Pacific Airways (02611) by 4.4486 million shares at a price of HKD 15.198 per share, totaling approximately HKD 67.6098 million [1] - After the increase, E Fund's total shareholding in Cathay Pacific is approximately 249 million shares, representing a holding percentage of 7.09% [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的內容概不負責，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分內容而產生或因倚賴 該等內容而引致的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） 董事長 國泰海通證券股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會會 議將於2025年10月30日（星期四）舉行，藉以（其中包括）考慮及批准本公司及其 附屬公司截至2025年9月30日止第三季度未經審計的業績。 中國上海 2025年10月16日 承董事會命 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。 國泰海通證券股份有限公司 朱健 董事會會議通知 ...