10月20日，长白山涨5.31%，截至发稿，报50.21元/股，成交2.28亿元，换手率1.73%，总市值133.90亿 元。长白山股价已经连续6天上涨，区间累计涨幅7.61%。 资料显示，长白山旅游股份有限公司位于吉林省长白山保护开发区池北区(白林西区和平街)，成立日期 2010年12月8日，上市日期2014年8月22日，公司主营业务涉及旅游服务业,包括旅游客运、旅行社及温 泉水开发、利用业务。主营业务收入构成为：旅游客运业务66.82%，酒店业务24.09%，其他业务 6.82%，旅行社业务2.28%。 从长白山十大流通股东角度 数据显示，南方基金旗下1只基金位居长白山十大流通股东。南方中证1000ETF（512100）二季度新进 十大流通股东，持有股数98.95万股，占流通股的比例为0.37%。根据测算，今日浮盈赚取约250.34万 元。连续6天上涨期间浮盈赚取333.46万元。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间6年349天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 167.96%， 任职期间最差基金回报-16.06%。 风险提示：市场有 ...

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

Group 1 - The core index of the Xinhua National Brand Project reported 1956.62 points, with several constituent stocks rising against the market trend [1] - Shanghai Jahwa increased by 9.42%, leading the gains among constituent stocks, followed by Changbaishan at 7.19% and Darentang at 5.34% [1] - The overall market saw declines, with the Shanghai Composite Index down 1.47% and the Shenzhen Component Index down 4.99% [1] Group 2 - Since the second half of the year, Zhongji Xuchuang has risen by 156.40%, ranking first in gains, followed by Sunshine Power at 114.27% [2] - The market is expected to maintain upward momentum, with liquidity driving potential growth and fundamental support gradually increasing [2] - Domestic interest rates remain low, and overseas liquidity is expected to remain loose, indicating continued capital allocation towards Chinese equity assets [2] Group 3 - Recent market adjustments are attributed to a decline in global market risk appetite and a shift in investment style towards defensive sectors [3] - The current market environment is characterized by high levels, increased uncertainty, and a slowdown in previous catalysts, leading to cautious trading [3] - Investors are encouraged to seek opportunities in sectors with higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [3]

Group 1 - The core point of the news is that Changbai Mountain's stock price has been on an upward trend, increasing by 7.61% over the past six days, with a current price of 47.68 CNY per share and a market capitalization of 12.715 billion CNY [1] - Changbai Mountain Tourism Co., Ltd. is primarily engaged in the tourism service industry, with its main revenue sources being tourism passenger transport (66.82%), hotel operations (24.09%), other businesses (6.82%), and travel agency services (2.28%) [1] - The stock has seen a trading volume of 577 million CNY and a turnover rate of 4.49% as of the latest report [1] Group 2 - Among the top ten circulating shareholders of Changbai Mountain, a fund under Southern Fund, the Southern CSI 1000 ETF (512100), has recently entered the list, holding 989,500 shares, which is 0.37% of the circulating shares [2] - The Southern CSI 1000 ETF has achieved a year-to-date return of 25.63% and a one-year return of 35.48%, ranking 2073 out of 4218 and 1532 out of 3865 in its category, respectively [2] - The fund manager, Cui Lei, has been in charge for nearly 7 years, with the fund's total asset size reaching 94.976 billion CNY and a best return of 179.4% during the tenure [3]

Core Viewpoint - Changbai Mountain's stock price has shown volatility with a year-to-date increase of 14.54%, while recent trading patterns indicate mixed performance over different time frames [1][2]. Financial Performance - As of June 30, 2025, Changbai Mountain reported a revenue of 235 million yuan, a year-on-year decrease of 7.44%, and a net profit attributable to shareholders of -2.05 million yuan, reflecting a significant decline of 109.75% [2]. - Cumulative cash dividends since the A-share listing amount to 144 million yuan, with 42.53 million yuan distributed over the past three years [3]. Shareholder and Market Activity - The number of shareholders decreased by 24.52% to 36,600, while the average number of circulating shares per person increased by 32.48% to 7,289 shares [2]. - As of June 30, 2025, major shareholders include the Fortune China Securities Tourism Theme ETF, which reduced its holdings by 60.20%, and several new entrants among the top ten shareholders [3]. Stock Performance Metrics - As of October 16, the stock price reached 48.15 yuan per share, with a market capitalization of 12.84 billion yuan and a trading volume of 1.03 billion yuan [1]. - The stock has experienced a 2.03% increase during the trading session on October 16, with a turnover rate of 0.80% [1].

Core Points - The company has officially changed its name from "Hua Yin International Holdings Limited" to "China Changbaishan International Holdings Limited" effective from September 10, 2025 [1] - The new Chinese name adopted is "中国长白山国际控股有限公司" replacing the previous name [1] - The change has been registered with the Bermuda company registry and confirmed by the Hong Kong Companies Registry [1] Trading Information - Starting from October 16, 2025, the English stock trading abbreviation will change from "HUA YIN INTL H" to "CHINA CBS INTL" and the Chinese abbreviation will change from "华音国际控股" to "中国长白山国际" [2] - The stock code will remain as 989 [2]

Group 1 - The company has officially changed its name from "Hua Yin International Holdings Limited" to "China Changbaishan International Holdings Limited" effective from September 10, 2025 [1] - The new Chinese name adopted is "中国长白山国际控股有限公司," replacing the previous name "华音国际控股有限公司" [1] - The change has been registered with the Bermuda company registry and confirmed by the Hong Kong Companies Registry [1] Group 2 - Starting from October 16, 2025, the English stock trading abbreviation will change from "HUA YIN INTL H" to "CHINA CBS INTL," and the Chinese abbreviation will change from "华音国际控股" to "中国长白山国际" [2] - The stock code will remain unchanged at 989 [2]

Group 1 - The company announced a change in its English stock trading name from "HUA YIN INTL H" to "CHINA CBS INTL" effective from October 16, 2025, at 9:00 AM [1] - The Chinese stock trading name will also change from "华音国际控股" to "中国长白山国际" [1] - The stock code will remain the same at 989 [1]

Core Viewpoint - Changbai Mountain's stock price has shown fluctuations, with a recent increase of 2.05% and a year-to-date rise of 7.97%, indicating potential investor interest despite recent declines in revenue and profit [1][2]. Financial Performance - As of June 30, 2025, Changbai Mountain reported a revenue of 235 million yuan, a year-on-year decrease of 7.44%, and a net profit attributable to shareholders of -2.05 million yuan, a significant decline of 109.75% [2]. - The company has distributed a total of 144 million yuan in dividends since its A-share listing, with 42.53 million yuan distributed over the past three years [3]. Stock Market Activity - On October 13, 2023, Changbai Mountain's stock reached 45.39 yuan per share, with a trading volume of 145 million yuan and a turnover rate of 1.21%, resulting in a total market capitalization of 12.104 billion yuan [1]. - The net inflow of main funds was 7.4166 million yuan, with large orders accounting for 19.55% of purchases and 16.03% of sales [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 24.52% to 36,600, while the average number of circulating shares per person increased by 32.48% to 7,289 shares [2]. - Notable changes in institutional holdings include a significant reduction in shares held by the top shareholders, with new entries from several funds [3].

Investment Themes - Recommended stocks include Huaxin Cement, China State Construction, and Ningde Times in the cyclical sector[2] - In the consumer sector, recommended stocks include Hengrui Medicine and Shanxi Fenjiu[2] - In the power equipment and new energy vehicle sector, recommended stocks include Ningde Times and Goldwind Technology[2] - In the TMT sector, recommended stocks include Longi Green Energy and Luxshare Precision[2] Market Performance - As of September 30, 2025, the Shanghai Composite Index rose by 12.73%, the Shenzhen Component Index by 29.25%, and the ChiNext Index by 50.40%[4] - The average gain of the recommended stock portfolio was 33.11%, significantly outperforming the CSI 300 Index's gain of 17.90%[4] - Key outperformers included Huaxin Cement and Ningde Times, with quarterly gains exceeding 50%[4] Economic Outlook - The macroeconomic environment remains stable, with a focus on "appropriate easing" in monetary policy to support growth[4] - The manufacturing PMI showed signs of recovery but remained in contraction territory as of September[4] - The report anticipates continued inflow of foreign capital due to the Federal Reserve's interest rate cuts, enhancing the attractiveness of equity assets[4] Company Highlights - Huaxin Cement's projected EPS for 2025 is 1.30, with a PE ratio of 14.27[6] - China State Construction's projected EPS for 2025 is 1.16, with a PE ratio of 4.68[12] - China Rare Earth's projected EPS for 2025 is 0.34, with a PE ratio of 150.92[25] - Hengrui Medicine's projected EPS for 2025 is 1.26, with a PE ratio of 56.90[33]