国庆期间户外品牌ONEWAY六店齐开，秋冬滑雪旺季销售表现值得期待。2013年公司收购芬兰户外品 牌ONEWAY大中华区运营权，经过近10年发展，疫情期间有所调整收缩。伴随户外消费热度高涨， 2024年品牌进行了焕新升级，2025年国庆假期ONEWAY品牌中国市场新增6家门店(位于郑州、济南、 西安、北京、大庆、拉萨六个北方城市)，门店面积100-120平，SKU约120个，包括NUUKSIO、SISU及 LUXE三条产品线，覆盖专业滑雪、专业户外及都市泛户外风格穿搭，以服装为主，未来有望丰富产品 线。 产品方面，25Q3迭代上新"雨屏9代"跑鞋、专业马拉松竞速跑鞋"飞燃4.5"、篮球鞋"DVD4"、跑鞋"狂飙 2PRO"，并推出户外新品系列"轻野"，女子健身系列"新肌PRO"、"新动"等，持续通过产品科技创新扩 大市场竞争力。品牌方面，25Q3携手NBA球星约基奇中国行、阿隆戈登亚洲行活动，与球迷深入互 动，巩固品牌专业形象的同时带动品类销售。 东吴证券发布研报称，361度(01361)2025Q3主品牌线下/童装线下/电商流水分别同比增长约10%/约10%/ 约20%，延续Q2表现。折扣接近7折，相对平稳 ...

智通财经APP获悉，东吴证券发布研报称，361度(01361)2025Q3主品牌线下/童装线下/电商流水分别同 比增长约10%/约10%/约20%，延续Q2表现。折扣接近7折，相对平稳。维持预测25-27年归母净利润 13.0/14.6/16.2亿元，对应PE8/8/7X，估值较低，维持"买入"评级。 国庆期间户外品牌ONEWAY六店齐开，秋冬滑雪旺季销售表现值得期待。2013年公司收购芬兰户外品 牌ONEWAY大中华区运营权，经过近10年发展，疫情期间有所调整收缩。伴随户外消费热度高涨， 2024年品牌进行了焕新升级，2025年国庆假期ONEWAY品牌中国市场新增6家门店(位于郑州、济南、 西安、北京、大庆、拉萨六个北方城市)，门店面积100-120平，SKU约120个，包括NUUKSIO、SISU及 LUXE三条产品线，覆盖专业滑雪、专业户外及都市泛户外风格穿搭，以服装为主，未来有望丰富产品 线。 产品方面，25Q3迭代上新"雨屏9代"跑鞋、专业马拉松竞速跑鞋"飞燃4.5"、篮球鞋"DVD4"、跑鞋"狂飙 2PRO"，并推出户外新品系列"轻野"，女子健身系列"新肌PRO"、"新动"等，持续通过产品科技创新 ...

Core Viewpoint - The report from Dongwu Securities indicates that the market will refocus on investment opportunities in intelligence during Q4, with a preference for Hong Kong stocks over A-shares, software over hardware, and B-end over C-end investments [1] Group 1: Market Trends - Since the AI market began in 2023, each subsequent phase has seen a spread towards intelligence applications, which are viewed as significant applications of AI in the physical world, with expectations for over-performance in the next 3-5 years [1] - The report highlights that Q4 will see continuous catalysts for intelligence, including the release of Tesla's V14 version, Xiaopeng's technology day in October, and the introduction of new autonomous vehicles by various companies [1] Group 2: Comparison of Q4 Trends - The similarities between this year's Q4 and last year's Q4 lie in the diffusion of AI, but the differences are notable: last year's focus was on the resonance between automotive logic and AI logic, while this year emphasizes the evolution of AI logic [2] - The report suggests that all players have improved their capabilities over the past year, particularly the first-tier players moving towards L4 capabilities, indicating stronger industry realization [2] - This year is expected to focus more on software opportunities and breakthroughs in the B-end market, contrasting with last year's emphasis on hardware opportunities and C-end sales [2]

Group 1 - The core viewpoint of the report is that the market will refocus on intelligent investment opportunities in Q4, with a preference for Hong Kong stocks over A-shares, software over hardware, and B-end over C-end [1] - The report highlights that since the AI market began in 2023, each subsequent phase has seen a spread towards intelligence, which is viewed as a significant application of AI in the physical world, with expectations for over-performance in the next 3-5 years [1] - The report identifies key catalysts for intelligent development in Q4, including the release of Tesla's V14 version, Xiaopeng's technology day in October, and the introduction of new autonomous vehicles by various companies [1] Group 2 - The report notes similarities between Q4 this year and last year in terms of AI diffusion, but emphasizes a shift in focus from automotive and AI logic resonance to the evolution of AI logic this year [2] - It points out that all players have improved their capabilities over the past year, particularly the first-tier players moving towards L4, indicating stronger industry realization [2] - The report suggests a shift in focus from hardware opportunities and C-end sales last year to software opportunities and breakthroughs in the B-end this year [2]

Group 1 - The company successfully issued the 2025 third short-term financing bond with a total amount of RMB 1 billion and a coupon rate of 1.69%, maturing in 140 days [1] - The company completed the repayment of the principal and interest of the short-term financing bond, totaling RMB 1,006,482,191.78 on October 15, 2025 [2] Group 2 - The company held its first extraordinary general meeting on October 16, 2025, with no resolutions rejected [5] - The meeting was conducted in compliance with the Company Law and the company's articles of association, presided over by the chairman [5][6] - All 11 current directors and 6 supervisors attended the meeting, with some participating via video [7] Group 3 - All proposed resolutions regarding the issuance of A-shares to specific targets were approved, including the conditions for issuance, types of shares, pricing principles, and use of raised funds [8][9][10] - The meeting's resolutions were all special resolutions, requiring more than two-thirds of the voting rights held by attending shareholders for approval [11] - The meeting was witnessed by a law firm, confirming that the procedures and results were legal and valid [12]

证券代码：601555 股票简称：东吴证券 公告编号：2025-048 特此公告。 2025 年度第三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。 东吴证券股份有限公司（以下简称"公司"）于2025年5月28日 成功发行东吴证券股份有限公司2025年度第三期短期融资券,发行总 额为人民币10亿元，票面利率为1.69%，期限为140天，兑付日期为2025 年10月15日。 2025年10月15日，公司完成兑付本期短期融资券本息共计人民币 1,006,482,191.78元。 东吴证券股份有限公司 东吴证券股份有限公司董事会 2025 年 10 月 17 日 ...

证券代码：601555 证券简称：东吴证券 公告编号：2025-049 东吴证券股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： ● 东吴证券股份有限公司（以下简称"公司"）2025 年第一次临时股东大 会（以下简称"本次会议"）是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 10 月 16 日 （二）股东大会召开的地点：江苏省苏州工业园区星阳街 5 号 （三）出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 911 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,213,416,836 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例 | 44.5472 | | （%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次会议的召集、召开程序及表决方式符合《中华人民共和国公司法》和《东 吴证券股 ...

天津 成都 宁波 甲话/Tel: +862] 52341668 传真/Fax: +862] 5234 网址/Website: http://www.grandall.com.c 国浩律师(上海)事务所 关于东吴证券股份有限公司 2025年第一次临时股东大会的 法律意见书 致:东吴证券股份有限公司 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》")和中国证券监督管理委员会《上市公司 股东会规则》(以下简称"《股东会规则》")的规定,国浩律师(上海)事务所 接受东吴证券股份有限公司(以下简称"公司")董事会的聘请,指派律师出席并 见证了公司于 2025年 10 月 16 日召开的公司 2025 年第一次临时股东大会现场会 议,并依据有关法律、法规、规范性文件的规定以及《东吴证券股份有限公司章程》 (以下简称"公司《章程》"）的规定,对本次股东大会的召集、召开程序、出席 人员资格、大会表决程序和表决结果等事宜进行了审查,现发表法律意见如下: 師(上海)事務 一、股东大会的召集、召开程序 公司董事会已于 2025 年 10 月 1 日于上海证券交易所网站及中国 ...

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][5]. Group 1: Regulatory Environment - The new delisting regulations that came into effect at the beginning of the year have led to a historical high of 13 companies reaching the mandatory delisting criteria for major violations as of October 15 [1][5]. - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission (CSRC) enforcing stricter oversight on financial fraud and other illegal activities [4][6]. Group 2: Role of Investment Banks - Eleven investment banks are under scrutiny for their roles in the delisted companies, with only two, First Capital and Wumart Securities, currently facing regulatory action [2][7]. - The complexity of the investment banks' responsibilities is highlighted by the fact that many of the involved companies frequently changed their advisory firms during periods of fraud [4][9]. Group 3: Case Studies of Delisted Companies - Notable cases include *ST Dongtong, which was involved in fraudulent activities from 2019 to 2022, leading to warnings issued to its sponsor, First Capital [7][8]. - Guandao Digital inflated its revenue by 1.465 billion yuan through fraudulent contracts and invoices, resulting in penalties for Wumart Securities, which served as its sponsor [8]. Group 4: Investment Banks' Due Diligence - Many investment banks provided "no objection" reports during the supervision periods of companies that were later found to have committed fraud, raising questions about their diligence [4][12]. - National Securities was the only firm to explicitly warn of risks associated with a client, indicating a lack of proactive risk management among other firms [12][13]. Group 5: Changes in Oversight Practices - Investment banks are reportedly increasing their efforts in due diligence, particularly during the ongoing supervision phases, in response to heightened regulatory scrutiny [15]. - Accounting firms are also enhancing their audit processes, adding independent review steps and increasing personnel to ensure thorough examinations [15].

Group 1 - The brokerage sector is experiencing a narrow consolidation with mixed stock performance, as some stocks like Dongxing Securities and Xinda Securities have risen over 2% [1] - Dongwu Securities has announced a projected net profit of 2.748 billion to 3.023 billion yuan for the first three quarters, representing a year-on-year growth of 50% to 65% [3] - The A-share market has shown strong performance with significant growth in new account openings and trading volume, leading to predictions of rapid earnings growth for brokerages in Q3 [3] Group 2 - The brokerage ETF (512000) has seen a capital inflow of 1.643 billion yuan over the past five days, indicating strong investor interest [4] - The latest size of the brokerage ETF has reached 37.493 billion yuan, with an average daily trading volume exceeding 1 billion yuan, making it one of the largest and most liquid ETFs in the A-share market [6] - The ETF tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [6]