Group 1 - The company, China Everbright Holdings, announced a proposal to issue debt financing instruments totaling up to RMB 20 billion [1] - The company has entered into two underwriting agreements with Everbright Bank and Everbright Securities for the proposed issuance [1] - The main underwriters for the debt financing instruments are Everbright Bank and Everbright Securities [1]

Core Viewpoint - China Everbright Holdings (00165) has announced its proposal to issue debt financing instruments totaling up to RMB 20 billion, aimed at enhancing its financial flexibility and capital structure [1] Group 1: Debt Financing Proposal - The company is applying to the Association of Dealers for the registration of a total amount not exceeding RMB 20 billion in multi-variety debt financing instruments [1] - The issuance is scheduled for September 26, 2025, indicating a strategic timeline for capital raising [1] Group 2: Underwriting Agreements - The company has entered into two underwriting agreements with Everbright Bank and Everbright Securities, appointing them as the lead underwriters for the proposed debt financing instruments [1]

以下文章来源于债券人 ，作者光大证券固收研究 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2、债券持有者结构及变动 本月配置盘主要券种托管总量环比续增，交易盘和境外机构托管总量环比续减： 政策性银行持续增持利率债、同业存单和信用债； 商业银行、信用社增持利率债和信用债，减持同业存单； 保险机构、证券公司、非法人类产品增持利率债，减持同业存单和信用债； 境外机构持续持续减持利率债、同业存单和信用债。 分券种托管量环比变化： 国债托管量本月环比续增，商业银行持续大幅增持，非法人类产品持续减持； 地方债托管量本月环比续增，政策性银行持续增持，商业银行转变为减持； 政金债托管量本月环比续增，商业银行持续增持，政策性银行转变为减持； 同 ...

Group 1 - The core viewpoint is that American Antimony has secured a significant contract with the U.S. Department of Defense for antimony ingots, with the first delivery expected to be completed this week, highlighting the strategic importance of antimony in the supply chain [1][2] - The contract reflects U.S. concerns over antimony supply chain security and emphasizes the metal's strategic value, as antimony is classified as a critical mineral by multiple countries, including the U.S., EU, and Japan [2][3] Group 2 - Antimony prices experienced fluctuations this year, rising from 143,000 CNY/ton to 240,000 CNY/ton between January 1 and April 17, 2025, a 68% increase, before declining to 176,000 CNY/ton by September 22, 2025, due to high prices leading to negative feedback on demand [3] - The increase in antimony prices was driven by low inventory levels, difficulties in raw material replenishment, and strong demand from the photovoltaic sector, particularly following new policies that boosted demand for photovoltaic glass [3][4] Group 3 - China's antimony export volume accounted for 35% of its production in 2023, but exports significantly declined from May to July 2025 due to government crackdowns on smuggling, with exports recovering to 198 tons in August, a 168% increase month-on-month [4] - The outlook for domestic antimony prices is positive, with expectations of price increases as compliance-based exports resume, despite limited supply growth due to resource constraints [5]

中国经济网北京9月25日讯盟科药业(688373.SH)今日收报8.61元，跌幅10.96%。 光大证券股份有限公司研究员王明瑞、叶思奥9月23日发表研报《盟科药业-U(688373)：海鲸药业十亿 元定增控股助力研发销售生产全链条》称，维持公司"买入"评级。 ...

9月25日，光大证券盘中上涨2.29%，截至13:09，报18.79元/股，成交4.91亿元，换手率0.68%，总市值 866.37亿元。 资金流向方面，主力资金净流出867.50万元，特大单买入5262.09万元，占比10.71%，卖出5545.11万 元，占比11.29%；大单买入1.19亿元，占比24.21%，卖出1.25亿元，占比25.40%。 光大证券今年以来股价涨4.38%，近5个交易日涨1.51%，近20日跌7.71%，近60日涨4.21%。 资料显示，光大证券股份有限公司位于上海市静安区新闸路1508号,香港湾仔告士打道108号光大中心12 楼，成立日期1996年4月23日，上市日期2009年8月18日，公司主营业务涉及主要从事证券经纪业务、投 资银行业务、证券投资业务及资产管理业务等四大业务。主营业务收入构成为：财富管理51.86%，投 资交易12.07%，机构客户11.34%，资产管理11.06%，其他8.81%，企业融资7.48%。 光大证券所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：期货概念、证金汇金、参股 基金、央企改革、长三角一体化等。 截至6月30日，光大证券股东 ...

调研基本信息投资者活动关系类别：特定对象调研时间：2025年9月24日（周三）地点：河北省石家庄 市鹿泉经济开发区昌盛大街21号参与单位名称：光大证券、中国银河证券、信达澳亚基金、长江证券、 兴业证券、东北证券、国信证券、浙商证券、中信证券、海通通信上市公司接待人员姓名：副总经理邹 勇明；副总经理、财务总监、董事会秘书董惠；证券部相关工作人员 9月24日，河北中瓷电子科技股份有限公司（证券代码：003031，证券简称：中瓷电子）接待了包括光 大证券、中国银河证券等在内的10家机构的特定对象调研。公司副总经理邹勇明、副总经理兼财务总监 及董事会秘书董惠等相关人员参与接待。以下为本次调研的详细情况： 调研精彩要点上半年净利润增长原因：2025年上半年净利润增长得益于高端产品放量，同时降本增效成 果显著，公司盈利能力大幅提升。行业发展机遇：AI算力需求增长推动数字经济发展，带动半导体、 通信等行业持续增长，光模块等电子元器件和半导体设备市场规模上升。在第三代半导体氮化镓通信基 站射频芯片与器件领域，公司将进一步提升市场占有率；碳化硅功率模块领域，上半年碳化硅芯片晶圆 工艺线由6英寸升级为8英寸，已通线，处于产品升级 ...

Group 1 - The Guozheng Securities Leading Index (399437) increased by 0.91% as of September 24, 2025, with notable gains from constituent stocks such as Guotai Junan Securities (600061) up 3.73% and Changjiang Securities (000783) up 2.31% [1] - Despite a decline of over 8% in the Securities ETF Leader (159993) in September, there was a net inflow of 5.67 million units by September 23, indicating continued investor interest [1] - China Galaxy Securities believes that the government's policies aimed at "stabilizing growth and the stock market" will continue to shape the sector's future, supported by a moderately loose liquidity environment and improved investor confidence [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index accounted for 79.16% of the index, with major players including Dongfang Caifu (300059) and CITIC Securities (600030) [2]

Group 1 - Deutsche Bank indicates that the continuous rise in gold prices reflects underlying panic in the stock market [1] - Credit Suisse states that comments regarding a "150 basis point rate cut" in Milan have minimal impact, with the market choosing to vote with its feet [1] - ING holds a neutral view on US Treasuries in the short term, while looking for opportunities to short 10-year Treasuries [1] Group 2 - CICC reports that the trend of deposit migration continues, but the pace has slowed [1] - Huatai Securities notes that the semiconductor equipment market in China is experiencing an "east rising, west declining" trend in the second half of the year [1] - CITIC Securities points out that the Democratic Republic of Congo has announced cobalt export quotas, which may lead to a strong increase in cobalt prices [1] Group 3 - CITIC Jinpu is optimistic about robots becoming a main line for technology growth allocation [1] - CITIC Securities reminds that the road testing for all-solid-state batteries has begun, and attention should be paid to their improvement and vehicle pressure [1] - CITIC Jinpu expects global investment in power grids to exceed $400 billion by 2025, indicating sustained high prosperity [1] Group 4 - Galaxy Securities believes that positive factors for banks are continuously accumulating, with mid-term performance expected to improve, signaling a potential turning point [1] - Galaxy Securities continues to favor computing-related PCB, domestic computing, IP licensing, and chip inductors in the second half of the year [1] - Everbright Securities states that the domestic engineering machinery market in August is "not dull in the off-season," with significant recovery in the non-excavator category [1]

Group 1 - Chinese brokerage stocks collectively declined, with Zhongzhou Securities down 4.81% to HKD 2.57, China Merchants Securities down 4.47% to HKD 15.82, Everbright Securities down 3.91% to HKD 10.33, and CITIC Securities down 3.75% to HKD 12.85 [1] - According to Zhongtai Securities, the market has fully priced in the Federal Reserve's interest rate cut expectations, leading to a decline in investor sentiment and a temporary cooling of risk appetite [1] - Guotai Junan Securities noted that the non-bank sector has underperformed the index in the past month, but this is mainly due to trading factors, with the non-bank fundamentals continuing to improve [1] Group 2 - Morgan Stanley reported that the average daily trading volume (ADT) in the A-share market remains high, increasing confidence in the annual ADT forecast, raising the 2025 ADT prediction by 53% to RMB 1.53 trillion [1] - The forecast for ADT growth for 2026 and 2027 is expected to maintain an annual increase of 5% to 6% [1] - As a result, the average earnings forecast for covered Chinese brokerages for 2025, 2026, and 2027 has been raised by 25%, 23%, and 20% respectively [1]