Group 1 - The core viewpoint of the news is that ShenNan Circuit has seen a significant increase in stock price, rising by 5.09% to 211.11 CNY per share, with a total market capitalization of 140.756 billion CNY [1] - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards (60.01%), packaging substrates (16.64%), electronic assembly (14.14%), other supplementary products (5.80%), and other products (3.40%) [1] Group 2 - From the perspective of fund holdings, one fund under Zheshang Securities Asset Management has a significant position in ShenNan Circuit. The Zheshang Huijin Quantitative Selected Mixed A Fund (006449) held 44,000 shares in the third quarter, unchanged from the previous period, accounting for 5.2% of the fund's net value [2] - The Zheshang Huijin Quantitative Selected Mixed A Fund (006449) was established on March 25, 2019, with a current scale of 183 million CNY. Year-to-date returns are 56.72%, ranking 391 out of 8134 in its category, while the one-year return is 52.25%, ranking 605 out of 8056 [2]

Core Points - Ningbo Ocean announced that Zheshang Securities is the sponsor for its initial public offering (IPO) project, with a continuous supervision period from December 8, 2022, to December 31, 2024 [1] - Due to the existence of unsold shares that have not been fully unlocked, Zheshang Securities will continue to fulfill its supervisory duties related to the company's IPO project [1] - A change in the designated representatives for continuous supervision has occurred, with Wan Jun replacing Zheng Zhou, who is no longer able to serve due to job changes [1] Summary by Sections - **Company Announcement** - Ningbo Ocean has appointed Zheshang Securities as the sponsor for its IPO project [1] - The continuous supervision period is set from December 8, 2022, to December 31, 2024 [1] - **Supervisory Duties** - Zheshang Securities is required to continue its supervisory responsibilities due to pending matters related to unsold shares [1] - **Change in Representatives** - Wan Jun has been appointed to replace Zheng Zhou as the representative for continuous supervision [1] - The remaining representative for the project is Gao Xiaohong [1]

Core Viewpoint - The People's Bank of China announced the winners of the 2024 Financial Technology Development Award, with Zheshang Securities winning third place for its innovative investment education platform based on a large model engine, showcasing the integration of educational content and information technology [1] Group 1: Award Recognition - The "Golden Award" is the only provincial and ministerial-level technology award in China's financial industry, representing the highest industry recognition in the fintech sector [1] - The award's predecessor, established in 1992, was upgraded in 2021 to encompass the entire financial industry, highlighting the competitive nature of the award among top technological innovations in banking, securities, and insurance [1] Group 2: Technological Innovation - The company developed the "Shuidi Zhijing" AI model application platform, which significantly lowers the application threshold for large models through standardized interfaces [1] - This platform integrates an investment education data knowledge base, model management system, enhancement engine, and compliance risk control system, facilitating a shift from passive to active learning for investors [1] Group 3: Content and Format Innovation - The platform features the original investment education game "Xu Meng Jiao Tao Jin Ji," creating a four-dimensional immersive virtual education base that combines culture, business, education, and surrounding elements [2] - The platform employs three distinctive digital personas to enhance content delivery: "Xiao Kun" for financial knowledge, a cultural guide based on historical figures for local culture, and a persona focused on investor rights protection [2] - Since its launch, the game has attracted thousands of user registrations, distributed tens of thousands of physical items, and achieved over a million clicks on derivative content, validating the modern investment education philosophy [2] Group 4: Future Directions - The company plans to deepen the application of large model technology in investment education, expanding multi-modal interactions and personalized content delivery to enhance the accessibility and warmth of professional educational services [3]

浙商证券（601878）发布研报称，上调中通快递-W(02057)至"买入"评级，第三季度业绩稳健，在"反内 卷"背景下实现量价齐升。中通作为行业龙头，未来将更加专注网络稳定，强化竞争优势，推进高数量 向高质量的转型。该行预计2025-2027年归母净利润分别为96.2、110.2、120.8亿元，对应PE分别为 12.0、10.4和9.4倍。 浙商证券主要观点如下： 2025年Q3业绩调整后净利润同比+2.0% 2025Q3中通实现营业收入118.6亿元，同比+11.1%，毛利为29.6亿元，调整后净利润25.1亿元，同比 +5.0%。25Q3快递业务收入110.2亿元，同比+11.6%。该增长是由于包裹量增长9.8%及单票价格增长 1.7%带动。由直销机构产生的直客业务收入增长141.2%，这主要得益于电商退货包裹量的增加。物料 销售收入主要包括电子热敏纸面单销售收入，增长0.5%。25Q3经营活动产生的现金流为人民币32亿 元，同比基本持平，资本支出为11.9亿元。 25Q3单票调整后净利润0.26元，24Q3为0.27元;环比25Q2提升0.05元。快递反内卷背景下，第一轮涨价 已覆盖全国超90%区域 ...

Core Viewpoint - Zheshang Securities upgraded ZTO Express (02057) to a "Buy" rating, citing robust Q3 performance with simultaneous volume and price growth in the context of "anti-involution" [1] Financial Performance - In Q3 2025, ZTO achieved revenue of RMB 11.86 billion, a year-on-year increase of 11.1%, with a gross profit of RMB 2.96 billion and an adjusted net profit of RMB 2.51 billion, up 5.0% year-on-year [1] - The express delivery business revenue reached RMB 11.02 billion, reflecting a year-on-year growth of 11.6%, driven by a 9.8% increase in package volume and a 1.7% rise in unit price [1] - Cash flow from operating activities was RMB 3.2 billion, remaining stable year-on-year, with capital expenditures of RMB 1.19 billion [1] Market Position and Growth - In Q3 2025, the company completed 9.57 billion express deliveries, a year-on-year increase of 9.8%, capturing a market share of 19.4% [2] - The volume of scattered goods business grew nearly 50% year-on-year, contributing positively to profits [2] - The annual package volume forecast for 2025 is adjusted to between 38.2 billion and 38.7 billion, representing a year-on-year growth of 12.3% to 13.8% [2] Network and Infrastructure - As of September 30, 2025, ZTO had over 31,000 collection and delivery points and approximately 6,000 direct network partners [3] - The company operates around 10,000 self-owned trunk vehicles and has 95 sorting centers, 91 of which are operated by the company [3] Pricing and Cost Management - The core unit revenue in Q3 2025 was RMB 1.22, an increase of RMB 0.02 year-on-year, with a rise in key account customer pricing offsetting some cost impacts [4] - The combined sorting and transportation costs per unit decreased by RMB 0.05, attributed to improved transportation cost efficiency [4] - The management expense ratio remained stable at 5.3% of revenue [4] - The first round of price increases has covered over 90% of regions, with a second round expected post-National Day, supporting express delivery prices during the peak season [4]

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

Core Viewpoint - Zhejiang Securities maintains a "Buy" rating for Yuanyuan Group, highlighting that despite a decline in shipment volume due to a high base, product mix optimization has driven an increase in average selling price (ASP) and improved profit margins beyond expectations [1] Performance Summary - For the first three quarters of 2025, the company reported revenue of $6.02 billion, a year-on-year decrease of 1.0%, and a net profit attributable to shareholders of $280 million, down 16.0%. Manufacturing business revenue was $4.23 billion, up 2.3%, with a net profit of $260 million, down 12.6%. Retail business revenue was $1.79 billion, down 7.9%, with a net profit of $2.367 million, down 50.3%. In Q3 2025, revenue was $1.96 billion, down 5.0%, and net profit was $110 million, down 27.0% [1][2] Manufacturing Business Insights - In the first three quarters of 2025, manufacturing revenue increased by 2.3% to $4.23 billion, with shipment volume reaching 189 million pairs (up 1.3%). The ASP was $20.88 (up 3.2%). In Q3 2025, manufacturing revenue was $1.43 billion, down 4.5%, with shipment volume of 62.7 million pairs (down 5.3%) and an ASP of $21.4 (up 3.4%). The decline in shipment volume is attributed to a high base from Q3 2024, while ASP growth is due to an increased proportion of high-priced products [2][3] - Regionally, for the first three quarters of 2025, revenue from the U.S. increased by 5.4% (28.5% share), Europe by 11.7% (27.7% share), while revenue from mainland China decreased by 25.9% (13.4% share). Other regions saw a 9.2% increase (30.4% share). The decline in China is primarily due to trade friction and weak demand, while the U.S. and Europe experienced double-digit growth [2] Profitability Analysis - The capacity utilization rate for the first three quarters of 2025 was 93%, up 1 percentage point year-on-year. The gross margin was 18.3% (down 1.3 percentage points), mainly due to rising labor costs and lower-than-expected production efficiency. The SG&A expense ratio was 10.2% (down 0.2 percentage points), indicating effective cost control. The net profit margin was 6.2% (down 1.1 percentage points) [3] - In Q3 2025, the gross margin improved to 19.4% (down 1.2 percentage points year-on-year, up 1.6 percentage points quarter-on-quarter), attributed to improved factory production efficiency and product mix optimization. The SG&A expense ratio remained at 10.2% (up 0.1 percentage points), with net profit of $110 million (down 25.7%) and a net profit margin of 7.6% (down 2.2 percentage points) [3] Retail Business Performance - Retail business revenue for the first three quarters of 2025 was $1.79 billion (down 7.9%), impacted by a weak retail environment and intensified competition, with same-store sales declining by double digits. The number of offline stores was 3,338 (down 3.5%). However, online revenue grew by 13% (accounting for 33% of total revenue), with live-streaming revenue more than doubling year-on-year [4] - In Q3 2025, retail revenue was $520 million (down 6.3%), with a significant improvement in the decline rate. October revenue showed a year-on-year decrease of only 0.7%. The gross margin for the first three quarters was 33.5% (down 0.5 percentage points), primarily due to increased discounts. The SG&A expenses decreased by 6.1% year-on-year, but the SG&A expense ratio increased by 0.7 percentage points to 32% due to negative operating leverage [4] - The proportion of old inventory was 9%, with inventory turnover days at 161 days (up 9 days year-on-year), indicating a slowdown in turnover due to weaker-than-expected sales, but still within a healthy range [4]

Core Viewpoint - Zheshang Securities maintains a "Buy" rating for Yuanyuan Group (00551), highlighting that despite a decline in shipment volume due to a high base, the company has improved its profit margins through product mix optimization and strong growth in online channels [1] Performance Overview - For the first three quarters of 2025, the company reported revenues of $6.02 billion, a year-on-year decrease of 1.0%, and a net profit of $280 million, down 16.0%. Manufacturing revenue was $4.23 billion, up 2.3%, while retail revenue was $1.79 billion, down 7.9% [2] - In Q3 2025, the company achieved revenues of $1.96 billion, a year-on-year decline of 5.0%, with a net profit of $110 million, down 27.0%. Manufacturing revenue in Q3 was $1.43 billion, down 4.5% [2] Manufacturing Business Insights - In the first three quarters of 2025, manufacturing revenue reached $4.23 billion, with shipment volume at 189 million pairs (up 1.3%) and an average selling price (ASP) of $20.88 (up 3.2%). In Q3, manufacturing revenue was $1.43 billion, with shipment volume at 62.7 million pairs (down 5.3%) and an ASP of $21.4 (up 3.4%) [3] - Revenue by region showed a 5.4% increase in the U.S. (28.5% share), 11.7% in Europe (27.7% share), a 25.9% decline in mainland China (13.4% share), and a 9.2% increase in other regions (30.4% share) [3] Profitability and Efficiency - The manufacturing capacity utilization rate was 93%, up 1 percentage point year-on-year, with a gross margin of 18.3% (down 1.3 percentage points). The SG&A expense ratio was 10.2% (down 0.2 percentage points) [4] - In Q3 2025, the gross margin improved to 19.4% (down 1.2 percentage points year-on-year, up 1.6 percentage points quarter-on-quarter), driven by enhanced production efficiency and product mix optimization [4] Retail Business Performance - Retail revenue for the first three quarters was $1.79 billion, down 7.9%, affected by a weak retail environment and intensified competition. Same-store sales declined by double digits, with 3,338 direct-operated stores (down 3.5%) [5] - Online sales grew by 13% (33% share), with live-streaming revenue more than doubling year-on-year. In Q3, retail revenue was $520 million, down 6.3%, showing a narrowing decline [5] - The gross margin for retail was 33.5% (down 0.5 percentage points), with old inventory accounting for 9% and inventory turnover days at 161 days (up 9 days) [5]

格隆汇11月24日｜浙商证券研报指出，海光信息首次授予激励对象，产业链合作深化。截至2025 年6 月 30 日，公司共有员工2803 人，激励对象占比超30%。本次激励授予范围广，股权价值高，回报力度 大，有利于加深员工与公司的深度绑定，巩固核心人才壁垒，为公司长期发展注入持久动能。根据公司 官方微信公众号， 公司与信安世纪共建AI密算联合实验室，依托双方在算力和密码领域的深厚积累， 将密码技术深度嵌入算力芯片底层，为AI应用提供内生安全能力。算力领军企业的强强联合或将实现 技术发展成果的共享，促进产业链上下游优质资源的整合，进一步推动国产算力做大做强。维持"买 入"评级。 ...

Group 1 - The core viewpoint of the news highlights the positive performance of the securities sector, with the National Securities Leading Index (399437) rising by 0.86% and several constituent stocks, including Industrial Securities (601377) and Huatai Securities (601688), showing significant gains of 2.60% and 2.57% respectively [1] - The Securities ETF Leader (159993) has also seen an increase of 0.87%, with the latest price reported at 1.27 yuan, indicating strong market interest [1] - Over the past week, the Securities ETF Leader has experienced continuous net inflows, with a peak single-day net inflow of 52.51 million yuan, totaling 107 million yuan in net inflows, averaging 15.22 million yuan daily [1] Group 2 - In terms of fiscal performance, the national stamp duty revenue reached 378.1 billion yuan in the first ten months of this year, reflecting a year-on-year growth of 29.5%, with securities transaction stamp duty contributing 162.9 billion yuan, marking an impressive 88.1% increase [1] - The announcement of the merger between CICC and Dongxing Securities, as well as Xinda Securities, is expected to significantly enhance comprehensive strength and improve asset efficiency through synergies, indicating a positive outlook for the sector [1] - The ongoing supply-side reforms are viewed as a crucial long-term change in the industry, with expectations for valuation recovery in the sector driven by market activity and potential inflows from retail investors [1]