Core Viewpoint - China Jinmao (00817) has demonstrated strong brand influence and impressive sales growth, leading to an upward revision of net profit forecasts for 2025-2027. The current stock price corresponds to a PE valuation of 13.7/12.0/10.8 times for 2025-2027. The rating is maintained as "Buy" [1]. Sales Performance - In September 2025, the company achieved a signed sales amount of 98.0 billion yuan, with a signed sales area of 493,000 square meters. For the first nine months of 2025, the signed sales amount reached 806.9 billion yuan, with a signed sales area of 3.675 million square meters, excluding rental income [1]. - Monthly signed sales amounts for July, August, and September 2025 were 84.6 billion, 90.8 billion, and 98.0 billion yuan, showing year-on-year increases of +49.5%, +46.5%, and +39.9% respectively. The total signed sales amount for Q3 2025 was 273.4 billion yuan, up from 188.6 billion yuan in the same period of 2024 [2]. - Cumulatively, for the first nine months of 2025, the sales amount was 806.9 billion yuan, representing a year-on-year increase of +27.3%, with a sales area of 3.675 million square meters, up +6.0% year-on-year, and an average sales price of 21,958 yuan per square meter, up +20.1% year-on-year [2]. Operating Efficiency - The company's mid-year report for 2025 indicated that management expenses for the first half of the year were 1.22 billion yuan, down from 1.29 billion yuan in 2024, resulting in a management expense ratio of 4.8%, compared to 5.8% in 2024. Sales expenses were 830 million yuan, down from 980 million yuan in 2024, with a sales expense ratio of 3.3%, compared to 4.5% in 2024 [3]. - The significant decrease in expense ratios amidst rising sales performance reflects the company's organizational optimization and improved operational efficiency, showcasing the value of the "Jinmao brand" [3].

近日，根据证监会最新公示，上海光大证券资产管理有限公司（以下简称光证资管）已从"资 产管理机构开展公募基金管理业务资格审批"名单中移除。 今年8月，广发资管同样退出资格审批名单。目前，只有安信资管（现国证资管）和国金资管 正在排队申请公募牌照。 【导读】光证资管"撤回"公募牌照申请 中国基金报记者 含章 又一家券商资管申请公募牌照，按下"暂停键"。 近日，证监会披露信息显示，光证资管已从"资产管理机构开展公募基金管理业务资格审 批"名单中移除。 | | | | | | 表12:资产管理机构开展公募基金管理业务资格审批 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 发展 | | | 断查 | | 审核期限:20个工作日 | | 序号 | ■请人 | 取造材料接 217 | 好吃山 | 交通作运 27122 | 第一次找愤露见目 | 瑞欣测 这反播材料 | ■ 武反 | | | | Call of Aniel Color States 变相任静资产 管理有限公司 | 2023/7/18 | 2023/7/25 | 2 ...

Core Viewpoint - The withdrawal of public fund license applications by both Guangfa Asset Management and Everbright Securities Asset Management highlights challenges in the asset management industry, particularly in the context of regulatory scrutiny and market conditions [1][5][8]. Group 1: Company Developments - Everbright Securities Asset Management (光证资管) has been removed from the list of institutions approved for public fund management qualifications by the China Securities Regulatory Commission (CSRC) [1][8]. - Guangfa Asset Management was the first to withdraw from the public fund license application process in August 2025, followed by Everbright Securities Asset Management, marking the end of a two-year and four-month application journey for the latter [5][8]. - As of the end of 2024, Everbright Securities Asset Management reported a revenue of 675 million yuan and a net profit of 219 million yuan, with a total asset management scale of 311.4 billion yuan, reflecting a growth of 3.71% from the beginning of the year [2][4]. Group 2: Industry Context - The "one participation, one control, one license" policy implemented in May 2022 has accelerated the process for securities firms to apply for public fund licenses, with several firms submitting applications [7]. - Currently, only two firms, Guozheng Asset Management (国证资管) and Guojin Asset Management (国金资管), remain in the queue for public fund licenses after the withdrawals of Guangfa and Everbright [8][9]. - A total of three securities firms and eleven subsidiaries have been granted public fund management qualifications, indicating a competitive landscape in the asset management sector [9][10].

Core Viewpoint - The report from Everbright Securities highlights a significant increase in the sales volume of Ninebot's two-wheeler segment from 2020 to 2025, with strong brand momentum and improving profit margins [1] Sales Performance - Projected sales volumes for 2024 and the first half of 2025 are 2.6 million and 2.39 million units respectively, representing year-on-year growth of 77% and 100% [1] - The company is expected to maintain a leading position in the industry regarding sales performance [1] Profitability - Gross margins are anticipated to rise due to scale effects and product structure optimization, with expected margins of 21.1% and 23.7% for 2024 and the first half of 2025 respectively [1] - This positions the company favorably within the industry [1] Strategic Focus - Ninebot is concentrating on short-distance transportation and robotics, demonstrating high efficiency in R&D investment and commercialization [1] - The company's internationalization and diversification strategies are expected to ensure growth opportunities [1] Financial Forecast - The forecast for Ninebot's net profit attributable to shareholders for 2025, 2026, and 2027 is projected at 2 billion, 2.7 billion, and 3.5 billion yuan respectively [1] - The current price corresponds to a price-to-earnings ratio of 23, 18, and 14 times for the respective years [1] - The rating for the company is maintained at "Buy" [1]

每经AI快讯，当升科技发布公告称，2025年10月11日14:30-15:20，当升科技接受光大证券等投资者调 研，公司固态锂电材料事业部负责人邵宗普等人参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——AI技术滥用调查：明星可被"一键换装"，"擦边"内容成流量密码，技术防 线为何形同虚设？ （记者 王瀚黎） ...

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。 报告摘要 3Q25以来需求不振对信贷投放压制持续，景气度相对偏弱，读数延续同比少增。对公发挥"压舱石"作用， 居民端购房与消费需求疲软，零售贷款读数持续偏弱。9月作为3Q季末月份，信贷投放季节性加码，读数 将环比提升，但冲量强度不大。社融层面，表内贷款、政府债仍是主要贡献项，增速在较高基数上有所回 落。货币方面，财政开支强度加大对一般存款形成补充；股市交投活跃，居民存款"跑步入市"或有延续， M1增速或在低基数上延续上行，M2在较高基数上增速或有所回落，M2-M1剪刀差进一步收窄，货币活化 程度提升。我们对9月金融数据预测如下： 一、 预计9月人民币贷款新增1.3~1.5万亿左右，同比少增900~2900亿 二、 预计9月新增社融3~3 ...

10月10日，证监会发布的公告显示，光证资管已从"资产管理机构开展公募基金管理业务资格审批"名单 中移除，这意味着这场历时2年零4个月的公募牌照申请历程画上句号。 《每日经济新闻》记者注意到，上述事件并非孤例，两个月前，广发资管已率先退出。 自2022年"一参一控一牌"新规落地，券商资管跑步入场申请公募牌照的热潮，正迎来肉眼可见的"分化 时刻"。当招商资管、兴证资管已顺利拿牌，开启公募化新征程之际，光证资管的离场，使其旗下超300 亿元参公产品的转型路径面临重构。 广发资管率先退出 《每日经济新闻》记者注意到，光证资管的公募牌照申请，始于行业政策松绑的关键节点。2022年5 月，"一参一控一牌"政策正式落地，为行业打开新空间。进入2023年，券商资管申请公募牌照迎来高 峰，招商资管、广发资管、兴证资管、光证资管、国证资管和国金资管先后递交申请材料。其中，光证 资管递交的材料于2023年6月19日获证监会接收，成为当时第四家启动申请的券商资管。 从最初的布局规划来看，若申请顺利获批，光大证券将在已控股光大保德信基金、参股大成基金的基础 上，再添一张光证资管的公募牌照。更重要的是，光证资管可与光大保德信基金形成业 ...

| | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 439,594,393.01 | 507,867,412.04 | -13.44% | 627,826,046.18 | | 归属于上市公司股东的净利润(元) | 11,526,130.51 | 12,655,757.53 | -8.93% | 57,211,078.25 | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | -2,527,036.76 | 3,335,418.12 | -175.76% | 45,103,767.89 | | 经营活动产生的现金流量净额(元) | 62,120,784.40 | -29,696,148.46 | 309.19% | -45,195,514.79 | 金现代于2020年5月6日在深交所创业板上市，公开发行股票8602.50万股，占发行后总股本的20%，发行价格为4.40元，保荐人（主承 销商）为光大证券股份有限公司，保荐代表人为孙丕湖、任永刚。 金现代上市募集资金总额为37851.0 ...

| | | | | | 表12:资产管理机构开展公募基金管理业务资格审批 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 审核期限:20个工作日 | | | | | | 受理 | | | 审查 | | | | | | 序号 | 申请人 第1页 | 申请材料接 收目 | 到亚版 | 受理决定 或者不手 受理决定 H | 第一次反馈意见日 | 接收第一次反馈材料日 | 第二次反 馈意见日 | 接收第二 次反馈材 料日 | 决定 | 价注 | | | 安信证券资产 管理有限公司 | 2023/7/18 | 2023/7/25 | 2024/2/8 | 2024/3/11 | | | | | | | | 国金证券资产 管理有限公司 | 2023/10/16 | 2023/10/23 | | | | | | | | 光证资管暂停申请公募牌照 | 基金管理人名称 | 上海光大证券资产管理有限公司 | | --- | --- | | 公告依据 | 《证券基金经营机构董事、监 ...

光大证券发布研报称，短期内，市场或进入宽幅震荡阶段。一方面，经过前期的上涨，市场估值处于近 几年相对高位，部分资金相对谨慎，叠加中美关系仍然存在较大不确定性，市场风险偏好或将有所回 落。另一方面，党的二十届四中全会临近，市场的政策预期有望升温，叠加美联储年内仍有降息空间， 或将对市场形成支撑。因此，多重因素交织下，短期内，市场或进入宽幅震荡阶段。行业配置方面，短 期内关注高股息及消费板块，中期关注TMT和先进制造板块。 ...