东吴证券日前研报指出，高能环境战略进军矿业，协同资源化打开第二成长曲线。拟收购三家公司估值1.4亿元（净资产1.54亿元），公司自有资金出资0.63亿元实现控股。项目探矿权延续材 ...

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for MINISO (09896), highlighting its position as a leader in private label and IP-driven retail, with significant growth potential from overseas expansion and IP strategies [1] Group 1: Performance Overview - In Q3 2025, the company achieved revenue of 5.8 billion yuan, a year-on-year increase of 28.17%, exceeding the company's guidance of 25-28% [1] - The net profit attributable to shareholders was 440 million yuan, a decrease of 31% year-on-year, primarily due to investment losses from Yonghui Supermarket and increased equity incentive costs [1] - Adjusted net profit, excluding certain expenses, was 767 million yuan, reflecting an 11.75% year-on-year increase [1] - Overall same-store GMV showed single-digit growth year-on-year [1] Group 2: Domestic Performance - Domestic MINISO revenue for Q3 2025 was 2.909 billion yuan, a year-on-year increase of 19.36%, with same-store GMV showing high single-digit growth [2] - The company continues to implement its strategy of "opening large stores and opening good stores," ending Q3 2025 with 4,407 domestic stores, a net increase of 105 stores during the quarter [2] Group 3: Overseas Performance - Overseas revenue for Q3 2025 reached 1.94 billion yuan, a year-on-year increase of 28.6%, with 117 new stores added, bringing the total to 3,424 [4] - Same-store GMV in overseas markets showed low single-digit growth [4] - The company plans to slow down the pace of new store openings in the U.S. while focusing on quality, with new stores expected to generate 1.5 times the sales of older stores [4] Group 4: Cost and Profitability - The gross margin for Q3 2025 was 44.7%, a decrease of 0.2 percentage points year-on-year, while the adjusted net profit margin was 13.23%, down 1.94 percentage points [3] - The sales and management expense ratios were 24.67% and 5.93%, respectively, reflecting increases of 2.63 and 0.71 percentage points year-on-year, attributed to the higher proportion of U.S. stores and equity incentives in the TOPTOY segment [3] - Adjusted operating profit margin was 17.2%, with a year-on-year decline that was smaller compared to Q1 and Q2 2025, aligning with company expectations [3] Group 5: Future Outlook - For Q4 2025, the company anticipates revenue growth of 25-30% year-on-year, with same-store growth in both China and the U.S. expected to be in the low double digits, indicating further acceleration compared to Q3 2025 [5]

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee approved Suzhou Shangsheng Electronics Co., Ltd.'s refinancing plan, confirming it meets issuance, listing, and information disclosure requirements [1]. Group 1: Financing Details - The company plans to issue convertible bonds with a total fundraising amount not exceeding 324.85 million yuan, which will be allocated to projects including speaker intelligent manufacturing technology upgrades, in-vehicle digital audio and video technology industrialization, and supplementing working capital [1][3]. - The total investment for the speaker intelligent manufacturing technology upgrade project is approximately 374.08 million yuan, with 260 million yuan planned to be funded from the bond issuance [3]. - The in-vehicle digital audio and video technology industrialization project has a total investment of 21.47 million yuan, with 20 million yuan from the bond issuance [3]. Group 2: Shareholder Structure - The company has no controlling shareholder or actual controller, with major shareholders holding more than 5% of shares including Shangsheng Investment (25.42%), Tongtai Investment (18.42%), Yuanhe Asset (17.80%), and Yuancan Factory (11.67%) [4]. - There is no concerted action among shareholders, and no single shareholder or related party can control the company's shareholder meeting or board of directors [4]. Group 3: Regulatory Process - The issuance of convertible bonds is subject to approval from the China Securities Regulatory Commission (CSRC), and the timeline for this approval remains uncertain [1]. - The company will fulfill its information disclosure obligations in accordance with relevant regulations as the situation progresses [1].

Core Insights - The report from Dongwu Securities highlights the positive impact of AI on Baidu Group's business, emphasizing the company's commitment to shareholder returns through ongoing buybacks and maintaining a "buy" rating. The third quarter showed comprehensive growth, driven by a 21% year-on-year increase in AI cloud revenue and a significant surge in AI-native marketing services revenue, which has become a new engine for advertising business [1]. Group 1: AI Cloud Business Growth - The strong demand for AI services and Baidu's full-stack AI capabilities, along with the ramp-up of self-developed AI chips, are driving rapid growth in the company's AI cloud business. In Q3 2025, Baidu's AI cloud revenue reached 6.2 billion, a 21% year-on-year increase, with intelligent cloud infrastructure revenue at 4.2 billion, up 33% [2]. - The company is solidifying its computing power foundation through self-developed capabilities, supporting stable operations for large model training and inference, which helps various industries internalize AI capabilities at manageable costs [2]. Group 2: AI Native Marketing Services - The revenue from AI-native marketing services, including intelligent agents and digital humans, reached 2.8 billion in Q3, marking a 262% year-on-year increase and accounting for 18% of Baidu's core online marketing revenue, up from 4% in Q3 2024 [3]. - The growth of AI-native advertising services is expected to contribute positively to the company's advertising business stability in the long term [3]. Group 3: Autonomous Driving Business Expansion - The autonomous driving service "萝卜快跑" recorded 3.1 million fully autonomous driving orders in Q3, a 212% year-on-year increase, with an average of over 250,000 weekly orders in October. As of November, the service has completed over 17 million cumulative orders [4]. - Following successful domestic operations, the company is accelerating its global expansion, having received the first commercial operation license for fully autonomous driving in Abu Dhabi, marking its first large-scale operation outside China [4].

Group 1: International Capital Confidence in Hong Kong - International investors are reassessing asset risk and adjusting strategies, with Hong Kong emerging as a safe haven for capital [3] - Hong Kong has seen significant fundraising from major new stocks this year, attracting cornerstone investors from the West and the Middle East [3] - The total bank deposits in Hong Kong have increased by over 10% this year, surpassing 19 trillion HKD, indicating strong confidence in the market [3] Group 2: Economic Resilience Beyond Finance - Hong Kong's shipping and trade sectors are demonstrating strong resilience, with a 11.3% year-on-year increase in goods exports over the first three quarters [4] - The Hong Kong government is actively promoting the advantages of its shipping industry, including strategic partnerships with ports in the Belt and Road regions [4] Group 3: Recovery of the Exhibition Industry - The recent hosting of the International Exhibition Association's global annual meeting in Hong Kong highlights the city's recognition as an international exhibition hub [5] - Hong Kong's connectivity and favorable business environment support its exhibition industry, with over 1,100 flights daily to more than 200 destinations [5] Group 4: International Private Equity Expansion - Adams Street, a leading global private equity firm, has opened a new office in Hong Kong, marking its sixth office in Asia and indicating a strategic focus on the Chinese market [6][7] - Ardian, another prominent investment firm, has also established a Hong Kong office, enhancing its penetration into the Chinese market [9] Group 5: Return of Dollar Funds to China - The return of dollar funds to China is driven by a restructuring of global asset valuations, with international capital focusing on sectors like technology and high-end manufacturing [10] - The recent fundraising activities of dollar funds indicate a renewed interest in the Chinese market, with significant participation from international investors [10] Group 6: Increased Competition Among Chinese Securities Firms - Chinese securities firms are intensifying their presence in Hong Kong, with several firms announcing the establishment of subsidiaries and significant capital increases [11] - The total capital increase by Chinese securities firms in Hong Kong has exceeded 5 billion HKD since 2025, reflecting their strategic focus on market opportunities [11][12] - The demand for IPO sponsorship, cross-border mergers, and wealth management services is driving the expansion of Chinese firms in Hong Kong [12]

东吴证券股份有限公司董事和 高级管理人员所持公司股份及其变动管理制度 （2025 年 11 月修订） 第一章 总 则 第一条 为加强对东吴证券股份有限公司（以下简称"公司"）董事和高 级管理人员所持本公司股份及其变动的管理，根据《中华人民共和国公司法》（以 下简称《公司法》）《中华人民共和国证券法》（以下简称《证券法》）《上市 公司股东减持股份管理暂行办法》和《上市公司董事和高级管理人员所持本公司 股份及其变动管理规则》等法律、法规、规章和规范性文件以及《东吴证券股份 有限公司章程》（以下简称《公司章程》）的规定，结合公司实际情况，制订本 制度。 第二条 本制度适用于公司董事和高级管理人员所持本公司股份及其变动 的管理。其所持本公司股份是指登记在其名下和利用他人账户持有的所有本公司 股份；从事融资融券交易的,还包括记载在其信用账户内的本公司股份。 第三条 董事和高级管理人员在买卖公司股票及其衍生品种前，应知悉《公 司法》《证券法》等法律、行政法规、部门规章及规范性文件关于内幕交易、操 纵市场等禁止行为的规定，不得进行违法违规的交易。 董事和高级管理人员就其所持股份变动相关事项作出承诺的，应当严格遵 守。 第二 ...

第二条 公司应当保证关联交易的合法性、合规性、必要性、合理性和公允 性，保持公司的独立性，不得利用关联交易调节财务指标，损害公司利益。交易 各方不得隐瞒关联关系或者采取其他手段，规避公司的关联交易审议程序和信息 披露义务。 （一）诚实信用原则； （二）不损害公司及非关联股东合法权益的原则； 东吴证券股份有限公司关联交易管理制度 （2025 年 11 月修订） 第一章 总 则 第一条 为规范东吴证券股份有限公司（以下简称"公司"）的关联交易， 维护公司及公司全体股东的合法权益，保证公司与关联人之间的关联交易符合公 正、公平、公开的原则，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上海证券交易所股票上市规则》（以下简称《股票上市规则》）、《上海 证券交易所上市公司自律监管指引第5号——交易与关联交易》（以下简称《监 管指引5号》）《上海证券交易所上市公司自律监管指引第1号——规范运作》《企 业会计准则第36号——关联方披露》等相关法律、法规、部门规章、规范性文件 和《东吴证券股份有限公司章程》（以下简称《公司章程》）的有关规定，结合 公司实际情况，制订本制度。 公司董事会应当准确、全面识别公司的关联方 ...

东吴证券股份有限公司董事会议事规则 （2025 年 11 月修订） 第一条 宗旨 为了进一步规范东吴证券股份有限公司（以下简称"公司"）董事会的议事 方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范运作和 科学决策水平，根据《中华人民共和国公司法》（以下简称《公司法》）、《中 华人民共和国证券法》（以下简称《证券法》）、《上市公司治理准则》《上海 证券交易所股票上市规则》（以下简称《上市规则》）和《东吴证券股份有限公 司章程》（以下简称《公司章程》）等有关规定，制订本规则。 第二条 董事会办公室 公司董事会下设董事会办公室，处理董事会日常事务。 董事会办公室负责人负责保管董事会和董事会办公室印章。 第三条 董事会例会和临时会议 董事会会议分为例会和临时会议。 董事会每年应当至少召开两次会议。 第四条 例会的提案 在发出召开董事会例会的通知前，董事会办公室应当充分征求各董事的意见， 初步形成会议提案后交董事长拟定。 董事长在拟定提案前，应当视需要征求总裁和其他高级管理人员的意见。 第五条 临时会议 （三）提议会议召开的时间或者时限、地点和方式； （四）明确和具体的提案； （五）提议人的联系方式和 ...

东吴证券股份有限公司内幕信息知情人登记管理制度 （2025 年 11 月修订） 第一章 总 则 第四条 本制度所称内幕信息，是指《证券法》所规定的，涉及公司的经营、 财务或者对公司股票及其衍生品种交易的市场价格有重大影响的尚未公开的信 息，包括但不限于招股说明书、募集说明书、上市公告书、定期报告、月度经营 情况、业绩预告、业绩快报等涉及公司重要经营信息且尚未披露的文件，以及《证 券法》第八十条第二款、第八十一条第二款所列重大事件。 第五条 发生下列重大事件，可能对公司的股票、债券交易价格产生较大影 响，投资者尚未得知时，公司应当立即将有关该重大事件的情况向国务院证券监 督管理机构和证券交易场所报送临时报告，并予公告，说明事件的起因、目前的 状态和可能产生的法律后果： （一）公司的经营方针和经营范围的重大变化； 第一条 为加强东吴证券股份有限公司（以下简称"公司"）内幕信息管理， 做好内幕信息保密工作，维护信息披露的公平原则，保护广大投资者的合法权益， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国 证券法》（以下简称"《证券法》"）《证券公司监督管理条例》《上市公司信 息披露管理办法》 ...

东吴证券股份有限公司董事会秘书工作制度 （2025 年 11 月修订） 第一章 总 则 第一条 为了规范公司董事会秘书的行为，保护投资者合法权益，根据《中 华人民共和国公司法》（以下简称《公司法》）《上海证券交易所股票上市规则》 《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》《东 吴证券股份有限公司章程》（以下简称《公司章程》）的有关规定，制定本工作 制度。 第二条 公司应当设立董事会秘书一名，作为公司与上海证券交易所（以下 简称"证券交易所"）之间的指定联络人。公司设立董事会办公室，作为董事会 秘书负责管理的信息披露事务部门。 第二章 任职条件及任免程序 第三条 董事会秘书的应具备的基本条件： （四）具有证券从业资格； （五）具有大学本科以上学历或取得学士以上学位； （六）曾担任证券机构部门负责人以上职务不少于 2 年，或者曾担任金融机 构部门负责人以上职务不少于 4 年，或者具有相当职位管理工作经历； （七）通过中国证监会认可的资质测试。 董事会秘书须取得证券交易所颁发的董事会秘书培训合格证书，经中国证监 会依法核准其任职资格后，由董事会聘任，报证券交易所备案并公告。 第四条 董事会秘 ...