精实测控已向香港交易所提交上市申请。中金公司（601995）、浦银国际为联席保荐人。 公司在工业领域拥有十余年的测控技术研发和集成能力，服务于消费电子、汽车、家电等行业，提供全 流程的测控与工艺装备及数据增值服务。 按2024年收入计，精实测控是中国国内第二大的消费电子PCBA功能及性能测试装备与服务提供商。公 司致力于构建智能化柔性制造技术平台，结合测控技术与AI技术，并积极拓展消费领域的第二增长曲 线，打造"创作即定制"的新消费体验。 精实测控在全球设有六大研发中心和五个制造基地，客户遍布约20个国家和地区，并获得多项国家级和 省级荣誉。 ...

聚水潭建立了覆盖全国的客户服务网络，LTV/CAC比率在2022年至2024年间持续提升，2024年达到9.3 倍，远高于行业平均约3倍的水平。客户交叉销售效果显著，购买两款及以上产品的客户贡献的SaaS收 入占比逐年提升。 公司拥有超过25年的行业经验，其云端电商SaaS产品能够连接超过400个电商平台，远高于行业平均水 平。 截至2024年，聚水潭服务的SaaS客户数量达8.84万名，净客户收入留存率为115%。公司的技术基础设 施稳定，曾在2024年双11期间处理约16亿份订单。 聚水潭已通过港交所上市聆讯，中金公司（601995）、摩根大通为其联席保荐人。 聚水潭是中国最大的电商SaaS ERP提供商，2024年市场份额为24.4%，该市场规模为人民币31亿元。在 电商运营SaaS市场中，聚水潭按2024年SaaS总收入计排名第一，市场份额为8.7%。 ...

Core Viewpoint - Lunan Pharmaceutical has submitted its application to the Hong Kong Stock Exchange, with CICC as its sole sponsor, focusing on the discovery, development, and commercialization of radiopharmaceuticals for cancer diagnosis and treatment [1] Company Overview - Lunan Pharmaceutical, established in 2021, specializes in radiopharmaceuticals for oncology, with a pipeline of 13 candidate drugs, including 7 diagnostic and 6 therapeutic radiopharmaceuticals [1] - Key products include diagnostic radiopharmaceuticals 18F-LNC1001 and 18F-LNC1005 for prostate cancer, as well as therapeutic drug 177Lu-LNC1011 [1] Market Potential - The global prostate cancer drug market is projected to grow from $19.3 billion in 2024 to $32.4 billion by 2030, indicating significant growth opportunities for the company [1] Commercialization Strategy - The company plans to initiate commercialization in top-tier hospitals in first-tier cities in China, with plans for gradual expansion [1] Production Capacity - Lunan Pharmaceutical is constructing a new cGMP-compliant production facility, expected to be completed in Q1 2026, with a maximum annual production capacity of 7.674×10^14 Bq [1]

Core Viewpoint - HuanChuang Technology has submitted its application to the Hong Kong Stock Exchange, with CICC and Guosen Securities Hong Kong as joint sponsors [1] Group 1: Market Position - According to Zhaoshang Consulting, HuanChuang Technology is the leading player in the global space perception solutions for robotic vacuum cleaners, holding over 50% market share in the LiDAR product segment based on 2024 revenue projections [1] Group 2: Product Offerings - The company has a diversified product matrix that includes traditional triangulation LiDAR, dTOF LiDAR, 3D TOF LiDAR, and line laser sensors [1] - HuanChuang Technology possesses self-developed sub-millimeter AI spatial data processing chip design and core AI algorithm capabilities [1] Group 3: Technological Innovation - The company utilizes a unique consumer-grade CIS combined with self-developed ASIC chip technology, achieving cost-effectiveness, high positioning accuracy, and commercial scalability [1] - HuanChuang Technology's AI-enabled solutions can address environmental challenges such as lighting, materials, and textures, enabling sub-millimeter high-precision measurements and supporting wireless updates [1] Group 4: Client Relationships - The company has established long-term partnerships with major clients in the smart robotics sector, serving as a core supplier to four of the top five robotic vacuum cleaner companies [1]

Core Viewpoint - Jinghe Integrated has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation as the exclusive sponsor [1] Group 1: Company Overview - Jinghe Integrated is a leading global 12-inch pure wafer foundry, focusing on the research and application of process technologies ranging from 150nm to 40nm, and is advancing the development of a 28nm platform [1] - According to Frost & Sullivan, Jinghe Integrated ranks first among the top ten wafer foundries globally in terms of capacity and revenue growth from 2020 to 2024 [1] - By 2024, Jinghe Integrated is projected to be the ninth largest wafer foundry globally and the third largest in mainland China by revenue [1] Group 2: Technological Capabilities - The company has developed technical capabilities across various process platforms, including DDIC, CIS, PMIC, Logic IC, and MCU, resulting in a diversified process portfolio [1] - Jinghe Integrated provides wafer foundry services with products widely used in consumer electronics, automotive electronics, smart home devices, industrial control, AI, and the Internet of Things [1] Group 3: Intellectual Property - As of June 30, 2025, the company holds 1,177 patents, including 911 invention patents, and has 175 patent applications [1]

Core Viewpoint - XGIMI Technology has submitted a listing application to the Hong Kong Stock Exchange, with CICC serving as the sole sponsor [1] Group 1: Company Overview - XGIMI Technology is a leading developer, manufacturer, and seller of consumer-grade, automotive-grade, and engineering-grade smart projection products in China [1] - According to Frost & Sullivan, XGIMI is the world's largest consumer-grade projection brand based on revenue projections for 2024 [1] Group 2: Market Position - XGIMI has maintained the top sales position in China's projection industry for seven consecutive years since 2018 and has been the domestic revenue champion for five years since 2020 [1] - The company has core advantages in optical engine self-research, Eagle Eye computational optics, and GMUI interactive experience, which are applied to automotive-grade and engineering-grade products [1] Group 3: Business Expansion - The automotive projection business has achieved mass production and delivery, becoming the company's second growth engine [1] - XGIMI has expanded its business to over 100 countries and regions, including Europe, North America, Japan, and Australia [1]

Core Viewpoint - China is facing a long-term challenge of rapid population aging, particularly with an increase in the elderly population and the demand for long-term care services, which will significantly impact economic growth and family dynamics [5][11][28]. Group 1: Long-term Care Demand and Economic Impact - The increase in long-term care demand may lead to a decline in overall household consumption and an increase in precautionary savings [7][14]. - Long-term care needs may distort family labor supply decisions, resulting in reduced labor market participation and human capital loss among the younger generation [15]. - The rising demand for long-term care could lead to inefficient allocation and use of medical resources and fiscal funds [16]. Group 2: Insufficient Development of Long-term Care Services - The long-term care service market in China is underdeveloped, characterized by a shortage of caregivers and low wages [29][30]. - The average wage for long-term care workers is significantly lower than that of other caregiving professions, indicating a wage suppression phenomenon [39][40]. - A substantial portion of elderly individuals, particularly those with mild disabilities, do not receive any form of care, highlighting the market's development potential [30][33]. Group 3: Market Failure and Information Asymmetry - The buyer monopoly theory fails to explain the underdevelopment of the long-term care service market, as there are numerous service providers [8][50]. - Information asymmetry is a critical factor contributing to low wages and supply shortages in the long-term care market, affecting both pre-service and post-service quality assessments [8][55]. - The lack of a public mechanism to convey quality information exacerbates the issue of information asymmetry, leading to reduced willingness to pay for care services [8][55]. Group 4: Lessons from OECD Countries - The experience of OECD countries in developing long-term care markets provides valuable insights, such as establishing quality information disclosure mechanisms and improving caregiver compensation through insurance payment leverage [9][64]. - Expanding the coverage and depth of long-term care insurance can enhance the payment capacity of families, thereby increasing the demand for market-based care services [64].

Group 1 - Global fund managers are returning to the Chinese market, driven by a leading global stock market rebound and advancements in China's high-tech industry [3][4] - Goldman Sachs reported that the activity of global hedge funds in China's domestic stock market last month was the highest in recent years [4] - According to Morgan Stanley, foreign long funds saw an inflow of $1 billion by the end of August, contrasting with an outflow of $17 billion last year, indicating a significant shift in investor sentiment [5] Group 2 - Fidelity International noted a clear increase in global investors' interest in Chinese assets, driven by improvements in fundamentals rather than just policy enthusiasm [5] - Invesco has increased its allocation to Chinese stocks while reducing exposure to Indian stocks, citing the latter as "expensive" [6] - As of June this year, net inflows into Chinese assets exceeded 60% of the total for the entire year of 2024, suggesting a strong ongoing trend [7] Group 3 - On September 29, Chinese assets experienced a significant rally, with the ChiNext Index rising by 2.74% and the Shenzhen Component Index increasing by 2.05% [9] - Analysts believe that the logic supporting the stock market's rise remains unchanged, and the current market valuation is reasonable, indicating potential for further upward movement post-holiday [9][10] - The upcoming 20th National Congress of the Communist Party is expected to create a key window for the A-share market, potentially boosting market risk appetite [10]

Core Viewpoint - Since 2025, China's economy has shown steady progress, with the capital market demonstrating resilience and vitality amid global economic fluctuations, leading to new highs in major indices and increased market activity [1] Group 1: Capital Market Development - The current round of capital market reforms is characterized by systematic deepening, laying a solid foundation for the long-term high-quality development of the securities industry, business expansion, and model upgrades [1] - Under the new "National Nine Articles" framework, the basic systems of the capital market are continuously improved, optimizing the market ecology and significantly enhancing internal stability [1] Group 2: Support for Real Economy - The securities industry is transitioning from "scale expansion" to "quality improvement," actively serving national strategies such as technological self-reliance and green low-carbon development [2] - By mid-2023, the company has sponsored over 50 companies listed on the Sci-Tech Innovation Board, raising more than 200 billion yuan, accounting for about 20% of the total IPO financing on the board [3] Group 3: Green Finance Initiatives - During the "14th Five-Year Plan" period, the company has actively participated in the construction of the green finance market and the innovation of green financial products, guiding funds towards green finance to achieve carbon neutrality goals [4] - The company has completed several innovative projects, including assisting leading new energy technology companies in going public and issuing offshore green sovereign bonds [4] Group 4: Financial Risk Management - The company plays a crucial role in optimizing risk prevention mechanisms in key areas, facilitating mergers and acquisitions and debt restructuring as tools for corporate structural optimization and risk resolution [5] - In the first half of 2025, the company announced 34 merger transactions with a total value of approximately 32.8 billion USD, and has helped resolve over 8 trillion yuan in corporate debt [5] Group 5: Cross-Border Financial Expansion - The company has established an international network covering major global financial centers and has maintained a leading market share in QFII business for 22 consecutive years [6][7] - By mid-2025, the company has introduced approximately 130 billion yuan in foreign capital, supporting the internationalization of the renminbi and enhancing the capital market's global connectivity [6] Group 6: Future Outlook - The company emphasizes the importance of boosting demand and supply to achieve the 2035 vision, focusing on debt resolution and consumption promotion while advancing technological innovation [8] - As it approaches the end of the "14th Five-Year Plan" and its 30th anniversary, the company aims to enhance its professional capabilities and contribute significantly to China's modernization efforts [8]

Investment Rating - The report maintains a "Market Perform" rating for the securities industry relative to the CSI 300 index [2] Core Insights - The securities industry achieved its best half-year operating performance since 2016 in the first half of 2025, with revenue increasing by 23.47% year-on-year and net profit rising by 40.37% [9][15] - The report highlights significant improvements across various business segments, particularly in proprietary trading and brokerage services, driven by a recovery in the equity market and increased market activity [9][21] Summary by Sections 1. Industry Performance - In the first half of 2025, the securities industry generated total revenue of CNY 2,510.36 billion, a year-on-year increase of 23.47%, and net profit of CNY 1,122.80 billion, up 40.37% [15][16] - The performance of listed securities firms showed notable improvement, with 42 firms reporting a combined revenue of CNY 2,518.66 billion, a 30.58% increase year-on-year, and a net profit of CNY 1,040.17 billion, up 65.08% [16][21] - The industry experienced a slight decline in leverage, with an average leverage ratio of 3.29 times, while the weighted average return on equity (ROE) increased to 3.53%, up 0.85 percentage points year-on-year [23][24] 2. Business Segment Analysis - Proprietary trading revenue reached a new high, accounting for 39.9% of total income, while brokerage revenue increased to 28.7% [32][33] - The brokerage business saw a significant year-on-year growth of 47.0%, while proprietary trading revenue grew by 21.3% [33][34] - Investment banking activities showed marginal improvement, with equity financing volumes rebounding significantly and debt financing continuing to expand [9][21] 3. Market Conditions and Future Outlook - The report indicates a favorable policy environment aimed at enhancing the attractiveness and inclusivity of the domestic capital market, which is expected to support continued growth in the securities industry [9][30] - The average price-to-book (P/B) ratio for the brokerage sector is projected to fluctuate between 1.40 and 1.60 in the fourth quarter of 2025, suggesting limited downside potential for the sector [9][30] - The report recommends focusing on leading firms with strong wealth management capabilities and deep engagement in equity investments, particularly those with valuations significantly below the sector average [9][30]