Core Viewpoint - The report from Everbright Securities indicates that as of September 29, 2025, Shengmei Shanghai has an order backlog of 9.072 billion yuan, representing a year-on-year growth of 34.10% [1] Industry Summary - Since 2025, the demand for semiconductor equipment in China has remained strong, driven by technological advantages, product maturity, and market recognition [1] - The company continues to deepen its existing market and expand into new markets [1] Company Summary - The company is a leading player in domestic semiconductor cleaning equipment and is expected to benefit from performance growth driven by domestic production [1] - The company's products are continuously iterated and upgraded, with successful market promotion of new products [1] - Profit forecasts for the company are as follows: 2025 net profit of 1.476 billion yuan, 2026 net profit of 1.829 billion yuan, and a new forecast for 2027 net profit of 2.285 billion yuan, corresponding to PE ratios of 59x, 47x, and 38x respectively [1] - The company maintains a "buy" rating [1]

Core Viewpoint - The article discusses the trends in China's loan issuance and social financing in September, highlighting a seasonal recovery in loan issuance but a year-on-year decline in growth, indicating ongoing economic challenges and weak demand [4][8]. Group 1: Loan Issuance Trends - In September, new RMB loans amounted to 1.29 trillion, a year-on-year decrease of 300 billion, with a growth rate of 6.6%, down 0.2 percentage points from August [4]. - Cumulatively, from January to September, new RMB loans totaled 14.75 trillion, a year-on-year decrease of 1.27 trillion [4]. - The manufacturing PMI for September was 49.8%, indicating continued contraction in the manufacturing sector, with demand issues persisting [4]. Group 2: Corporate Loan Dynamics - New corporate loans in September reached 1.22 trillion, a year-on-year decrease of 270 billion, accounting for 95% of new loans [5]. - The weighted average interest rate for new corporate loans remained around 3.1%, stable compared to the previous month and at historical lows [5]. - The structure of loans is shifting, with an increase in short-term loans and a decline in bill financing, indicating a need for balance in loan types [5]. Group 3: Household Loan Activity - In September, new household loans totaled 389 billion, a year-on-year decrease of 111 billion, showing some seasonal improvement [6]. - The cumulative household loans for the first three quarters amounted to 1.1 trillion, a year-on-year decrease of 840 billion, reflecting weak consumer demand [6]. - Employment and income variables have not shown substantial improvement, leading to low growth in mortgages, consumer loans, and credit cards [6]. Group 4: Social Financing Overview - New social financing in September was 3.53 trillion, a year-on-year decrease of 229.7 billion, with a growth rate of 8.7%, down 0.1 percentage points from August [7][8]. - The social financing growth rate may continue to decline in the coming months due to high base effects, potentially falling below 8.5% by year-end without new special government bond issuances [8]. Group 5: Monetary Indicators - In September, M2 growth was 8.4%, while M1 growth was 7.2%, with the gap between M2 and M1 narrowing [9]. - New RMB deposits in September were 2.2 trillion, a year-on-year decrease of 1.5 trillion, with a month-end growth rate of 8% [9]. - Cumulatively, from January to September, new deposits reached 22.7 trillion, an increase of 6.1 trillion year-on-year, exceeding the average increase for the same period from 2020 to 2024 [9].

Core Insights - The public fund license, once highly sought after, is losing its appeal as evidenced by the recent withdrawal of Shanghai Guangda Securities Asset Management Co., Ltd. from the public fund management qualification approval list [1][2] - Guangda Securities Asset Management is not the only firm to withdraw; in August, GF Asset Management also exited the application process, leaving only two firms, Guozheng Asset Management and Guojin Asset Management, still awaiting approval [1][3] Summary by Sections License Withdrawal - Guangda Securities Asset Management has been removed from the list of institutions applying for public fund management qualifications, marking a significant shift in the industry [2] - The firm submitted its application in June 2023 but faced a stagnant approval process, leading to the decision to pause its application after over two years of waiting [2][4] Industry Context - 2023 was anticipated to be a peak year for public fund license applications, initiated by regulatory changes in May 2022 that allowed more firms to apply [2][4] - Despite the initial surge in applications, only two firms, China Merchants Asset Management and Everbright Securities Asset Management, received approvals, while the rest faced delays or withdrew their applications [2][3] Strategic Considerations - The withdrawals reflect a strategic shift among firms, as regulatory requirements mandate that collective asset management products must complete public transformation by the end of 2025 [4][5] - Firms like Guangda Securities Asset Management are opting for alternative strategies, such as transferring their products to affiliated public fund platforms, to mitigate transformation pressures [4][5] Market Dynamics - The competitive landscape for asset management firms is changing, with a focus on high-value services like private fund of funds and alternative investments becoming more attractive compared to the lengthy and costly public fund license application process [5] - Regulatory tightening, increased capital thresholds, and evolving governance structures present substantial challenges for firms seeking public fund licenses, leading to a more stable competitive environment where larger firms may solidify their positions [5]

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on global action, innovation, and sustainable growth [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [1] - Approximately 500 prominent guests, including 100 international attendees, will participate, featuring political figures, Nobel laureates, and leaders from Fortune 500 companies [1] Company Initiatives - Everbright Securities has financed green industries with a total of 65.82 billion since the 14th Five-Year Plan [1] - The company has organized over 1,000 events in the first half of the year, reaching an audience of 200,000, to promote inclusive finance [2] - In 2023, Everbright Securities has underwritten rural revitalization bonds worth 7.5 billion, enhancing the insurance and futures business model to support farmers and small enterprises [2]

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） 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（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年10月30日（星期四）舉行董事會會議，以考慮及批准本公司及其附屬公司截 至2025年9月30日止未經審計的第三季度業績及╱或其他議題（如適用）。 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16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）、殷俊明先生（獨立非執行董事）、劉應彬先 生（獨立非執行董事）、陳選娟女士（ ...

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则基金会（IFRSFoundation）北京办公室协办，新浪财经 与世界绿色设计组织北京代表处承办，上海市黄浦区人民政府支持。大会以"携手应对挑战：全球行动、创新与可持续增长"为核心主题，汇聚全球智慧力 量，共探可持续发展新路径，为全球可持续治理注入澎湃的"中国动能"。 本届可持续大会在以往四届"ESG全球领导者大会"的基础上进一步升级！嘉宾阵容强大，可持续大会组委会邀请约500位中外重磅嘉宾，其中约100位为海外 嘉宾，不仅有政要、前政要、国际组织的代表，还包括了诺贝尔奖得主、图灵奖得主、全球500强企业负责人等国际顶尖学者与业界领军代表。 以下是刘秋明发言全文： 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。光大证券总裁刘秋明出席2025可持续全球领导者大会并主题演讲。 刘秋明表示，光大证券正秉持金融央企的使命担当，锚定建设"中国一流的服务型投 ...

Group 1 - The 2025 Sustainable Global Leaders Conference took place from October 16 to 18 in Shanghai, focusing on sustainable development and innovation [5] - The president of Everbright Securities, Liu Qiuming, shared the company's implementation of the "Five Major Articles" strategy, highlighting progress in technology and green finance [1][3] - In technology finance, the company has developed a unique direct financing system, supporting high-tech enterprises and specialized small and medium-sized enterprises through various financial services [1][3] Group 2 - In green finance, Everbright Securities has actively promoted the issuance and underwriting of green bonds, achieving a financing scale of 65.82 billion yuan since the 14th Five-Year Plan [1] - The company has also established a one-stop service system in inclusive finance, underwriting rural revitalization bonds totaling 7.5 billion yuan in 2023 [2] - Efforts in pension finance include enhancing the pension wealth management system and participating in the construction of the third pillar of pension [2] Group 3 - In digital finance, the company is enhancing its "Jin Yang Guang APP" and exploring the application of new technologies like AI to improve service and management efficiency [3] - The "Five Major Articles" strategy serves as a practical guide for embedding specific actions across various business lines, demonstrating the company's role in guiding capital towards key national areas and promoting inclusive economic growth [3]

格隆汇10月16日丨光大证券(06178.HK)宣布，公司将于2025年10月30日(星期四)举行董事会会议，以考 虑及批准公司及其附属公司截至2025年9月30日止未经审计的第三季度业绩及╱或其他议题(如适用)。 ...

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 刘秋明强调，服务国家战略、践行金融使命，是证券行业发挥其功能性的根本路径。在当前我国金融业从"做大"转为"做优做强"的关键时期，资本市场正迎 来高质量发展的新机遇。证券行业作为连接资本市场与实体经济的核心枢纽，承担着市场化引导要素向先进制造业和战略性新兴产业集聚的重任。 他介绍，光大集团作为金融与产业融合发展的先行者，已形成了综合金融与特色实业协同发展的战略优势。旗下不仅拥有银行、证券、保险、资管等核心金 融业务，还培育了光大环境、光大水务等一批在环保、文旅、康养领域的实业上市公司，实现了经济效益与社会效益的有机统一。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。光大证券总裁刘秋明出席2025可持续全球领导者大会并主题演讲。 刘秋明深入阐述了证券行业在新时代背景下，如何通过扎实做好金融"五篇大文章"，实现自身可持续发展并构筑行业新生态。刘秋明指出，实体是根基，金 融是血脉，可持续发展离不开金融与实体经济的同频共振。 "光大证券作为一家拥 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 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 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16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）、殷俊明先生（獨立非執行董事）、劉應彬先 生（獨立非執行董事）、陳選娟女士（獨立非執行董事）及呂隨啟先生（獨立非執行 董事）。 董事會會議召開日期 光大證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年10月30日（星期四）舉行董事會會議，以考慮及批准本公司及其附屬公司截 至 ...