Core Viewpoint - The market is currently in a wait-and-see mode regarding the outcomes of the US-China trade negotiations and the upcoming meeting between the two presidents, which is expected to significantly influence future market trends [1] Market Sentiment - The meeting between the two leaders is anticipated to have a notable impact on market direction, with the Hang Seng Index expected to find substantial support around the 25,200 points level [1] - A positive outcome from the negotiations could lead to the index potentially reaching new highs for the year [1] Trading Volume and Trends - Current events are limiting market movement, resulting in low trading volumes, but a clear direction is expected to emerge following the announcement of the negotiation results, which will be crucial for Hong Kong stock performance in November [1] Economic Indicators - The expectation is that a certain level of agreement will be reached, although resolving all issues between the US and China will take time [1] - The Federal Reserve's recent interest rate cuts are factored into the market, and while there is speculation about Hong Kong following suit, the ultimate performance of the Hang Seng Index will depend on the progress of US-China negotiations [1] Investment Recommendations - It is suggested to consider high-dividend stocks, particularly Chinese telecom companies with growth prospects and oil stocks that have attracted ongoing interest from investors [2] - For those interested in technology stocks, it is advised to wait for the results of the US-China negotiations before making any investments [2]

Core Viewpoints - The market is transitioning from a defensive to an offensive stance, with the "15th Five-Year Plan" emphasizing proactive economic development and technological self-reliance, which is expected to support a long-term bullish trend in the A-share market [4][6][10]. Group 1: Market Sentiment and Trends - Recent adjustments in market positions indicate that the style switch has largely concluded, with a return to performance-driven market dynamics [3]. - The market sentiment has stabilized after a period of cooling, with signs of recovery in risk appetite due to easing U.S.-China trade tensions and potential interest rate cuts by the Federal Reserve [5][8]. - The "15th Five-Year Plan" is expected to enhance market risk appetite in the short term and provide a clear growth path for A-shares in the medium to long term [6][10]. Group 2: Sector Focus and Investment Opportunities - Key sectors to watch include AI, semiconductor, robotics, and innovative pharmaceuticals, which are aligned with the strategic directions outlined in the "15th Five-Year Plan" [4][6][7]. - The focus on industrial chain security suggests that manufacturing companies with competitive advantages may benefit from increased pricing power and profit margin recovery [3]. - The emphasis on new technologies such as quantum technology, hydrogen energy, and brain-computer interfaces presents thematic investment opportunities [4][7]. Group 3: Policy Implications and Economic Outlook - The "15th Five-Year Plan" outlines a modern industrial system and prioritizes technological innovation, which is expected to drive long-term economic resilience and market stability [10][12]. - The potential for improved corporate earnings in the upcoming quarters is anticipated to provide new momentum for the market, particularly in the TMT and advanced manufacturing sectors [8][9]. - The overall economic recovery is expected to be gradual, with domestic demand showing signs of resilience, which may exceed expectations [8].

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [1]. Core Insights - The report highlights that the banking sector is experiencing pressure on residential loan growth, while corporate loans continue to play a stabilizing role. Key sectors such as manufacturing, technology, and green finance maintain high levels of investment [1][4][6]. - As of the end of Q3 2025, the total new RMB loans added in the first three quarters reached 14.75 trillion, a year-on-year decrease of 1.27 trillion. The year-on-year growth rate of RMB loans was 6.6%, down 0.5 percentage points from the end of Q2 [3][4]. Summary by Sections Corporate Loans - Corporate loans continue to serve as a stabilizing force, with a year-on-year growth of 8.2% as of Q3 2025. The new corporate loans added in Q3 amounted to 1.83 trillion, accounting for 100% of all new loans [4][5]. - Key sectors such as manufacturing, technology, and green finance are seeing sustained high investment levels, supported by new policy financial tools [4][6]. Real Estate Loans - Real estate loans have shown a negative growth of 0.1% year-on-year, with a total balance of 52.8 trillion as of Q3 2025. The report indicates that the real estate market may face greater uncertainties in Q4, with mortgage loans likely to continue their negative trend [7][17]. - The report notes a significant decrease in mortgage loans, with a reduction of 2.9 trillion in the first three quarters compared to the previous year [7][17]. Household Loans - Household loans grew by 2.3% year-on-year as of Q3 2025, with a total balance of 82.05 trillion. The growth rate has decreased by 0.7 percentage points from Q2 [8][18]. - Business loans for households are a key driver of credit expansion, with a year-on-year growth of 4.8%. However, non-housing consumer loans are experiencing slower growth, indicating a lack of driving force for expansion [9][18].

Core Viewpoint - The report from Everbright Securities emphasizes a focus on the TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors in the medium term, while suggesting a shift towards high-dividend and consumer sectors if market volatility occurs [1] Industry Focus - The TMT sector is expected to be a main focus due to several catalysts, including the onset of a Federal Reserve interest rate cut cycle and the ongoing development of the AI industry, which provides upward momentum [1] - In the event of a market shift towards fundamentals, advanced manufacturing is highlighted as a key area of interest, indicating its potential for growth in the current mid-term market phase [1] Market Conditions - If market turbulence arises, attention should be directed towards sectors that are lagging, such as high-dividend stocks and consumer sectors, which include industries like banking, utilities, food and beverage, and beauty care [1]

Core Viewpoint - The report from Everbright Securities emphasizes a focus on the TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors in the mid-term, while suggesting a shift towards high-dividend and consumer sectors if market volatility occurs [1] Industry Focus - Mid-term attention is directed towards the TMT and advanced manufacturing sectors, with TMT likely to be a main focus during liquidity-driven market conditions [1] - The TMT sector currently has several catalysts, including the onset of a Federal Reserve interest rate cut cycle and the ongoing development of the AI industry, which provide upward momentum [1] Market Conditions - If the market shifts towards being driven by fundamentals, advanced manufacturing should be a key area of focus, as the current market may be in a mid-term phase [1] - In the event of market turbulence, sectors that are lagging, such as high-dividend stocks and consumer sectors, should be monitored, including industries like banking, utilities, food and beverage, and personal care [1]

Core Viewpoint - The domestic sales of construction machinery in September 2025 continued to grow, with significant recovery in non-excavator categories, and strong export performance, indicating a positive outlook for the industry driven by equipment upgrades and internationalization [1][2][4]. Group 1: Domestic Sales Performance - In September 2025, excavator sales (including exports) reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units, up 21.5% [1]. - From January to September 2025, excavator sales (including exports) totaled 174,039 units, reflecting an 18.1% year-on-year growth, with domestic sales at 89,877 units, also up 21.5% [1]. - Non-excavator categories showed notable recovery, with loader sales up 25.6%, grader sales up 6.5%, truck crane sales up 40.7%, crawler crane sales up 66.7%, and truck-mounted crane sales up 29.8% in September 2025 [1]. Group 2: Market Drivers - The ongoing replacement cycle in the construction machinery sector is expected to support future excavator sales, with a projected compound growth rate of around 30% in replacement demand over the next few years [2]. - The export of used construction machinery to developing countries has reduced domestic ownership levels, further supporting new machine sales [2]. Group 3: Government Support and Infrastructure Investment - The government plans to issue 1.3 trillion yuan in long-term special bonds, increasing infrastructure investment, which is expected to boost demand for construction machinery [3]. - The government aims to enhance urban infrastructure, including underground engineering and municipal construction, which will sustain demand for construction machinery [3]. Group 4: Export Performance - In September 2025, excavator exports reached 10,609 units, a year-on-year increase of 29.0%, with total exports from January to September at 84,162 units, up 14.6% [4]. - The export value of construction machinery in September 2025 was $5.27 billion, reflecting a 29.6% year-on-year growth, with total export value from January to September at $43.86 billion, up 13.3% [4]. Group 5: Electrification Trends - In September 2025, electric loader sales surged to 2,586 units, a remarkable year-on-year increase of 176.0%, with an electrification rate of 24.6%, up 13.0 percentage points [5]. - From January to September 2025, electric loader sales totaled 21,407 units, up 157.2%, with an electrification rate of 22.8%, an increase of 13.6 percentage points [5][6]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery, with equipment demand projected to reach 120 to 180 billion yuan [7]. - The project will require various types of construction machinery, including large excavators and concrete machinery, further driving industry growth [7]. Group 7: Recommended Companies - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, along with component manufacturers like Hengli Hydraulic [8]. - Companies related to the Yarlung Tsangpo project, such as China Railway Engineering Corporation and others, are also suggested for attention [8].

Group 1 - The controllable nuclear fusion industry is entering a capital expenditure expansion phase, with high-value segments characterized by significant technical barriers, benefiting core companies in the supply chain as project bidding progresses [1] - The strategic value of fusion energy is highlighted by AI-driven restructuring of electricity consumption, with significant acceleration in industry financing; global fusion industry financing reached $9.7 billion by July 2025, with 76% of surveyed fusion companies expecting to achieve grid connection by 2035 [1][2] - Domestic nuclear fusion projects are diversifying, with significant investments exceeding 150 billion yuan; the industry is expected to enter the engineering experimental reactor construction phase around 2027, further expanding the scale and investment in fusion devices [2] Group 2 - High-value segments such as magnet systems, vacuum chambers, and power systems are expected to benefit significantly from accelerated capital expenditure; these components account for 28%, 25%, and 15% of costs respectively in the ITER project [3] - The magnet system is crucial for magnetic confinement fusion devices, with superconducting materials expected to see widespread use; the vacuum chamber serves as the primary safety barrier for Tokamak devices, presenting design and manufacturing challenges [3]

Core Viewpoint - 微盟集团 has announced a partnership with Douyin's advertising platform, becoming a comprehensive advertising agent for 巨量引擎, which is expected to enhance its revenue streams in the coming years [1][2] Group 1: Advertising Revenue - The company is projected to have an advertising gross income of approximately 17 billion yuan in 2025, a slight decrease year-on-year due to the elimination of low-quality clients and optimization of client structure [1] - For 2026, the advertising gross income is expected to exceed 20 billion yuan, driven by improvements in Tencent channels and additional revenue from Douyin [1] - The net rebate rate improved from 2.1% in the same period last year to 3.85% in the first half of 2025, indicating a positive trend in rebate margins [1] Group 2: SaaS Business - The company's SaaS business is showing signs of stabilization, with expectations for a return to positive growth in 2026 [2] - Revenue growth in the SaaS segment is anticipated to be driven by AI-related products, which generated 34 million yuan in the first half of 2025, with further growth expected [2] - The company plans to expand into local lifestyle sectors, such as the pet industry, and enhance its smart retail solutions, which will contribute to revenue growth [2] Group 3: Business Adjustments - 微盟集团 has actively adjusted its business by reducing low-margin operations and optimizing its advertising client structure [2] - The partnership with Douyin is expected to provide incremental revenue, leading to slight upward revisions in revenue forecasts for 2026 and 2027 to 1.79 billion and 2 billion yuan, respectively [2] - The company maintains an "overweight" rating based on these adjustments and expected growth [2]

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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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 光大證券股份有限公司 Everbright Securities Company Limited （於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，光大證券股份有限公司（「本公司」）在上海 證券交易所網站( www.sse.com.cn )刊發了《光大證券股份有限公司關於召開2025 年第三季度業績說明會的公告》。茲載列如下，僅供參閱。 承董事會命 光大證券股份有限公司 董事長 趙陵 中國上海 2025年10月24日 於本公告日期，本公司董事會成員包括趙陵先生（董事長、執行董事）、劉秋明先 生（執行董事、總裁）、馬韌韜女士（非執行董事）、連涯鄰先生（非執行董事）、潘 劍雲先生（非執行董事）、尹岩武先生（非執行董事）、秦小徵先生（非執行董事）、 任永平先生（獨立非執行董事 ...