Summary of Key Points Core Viewpoint - Shen Zhen Ye A experienced a significant decline of 7.74% in its stock price, with a trading volume of 1.642 billion yuan and a turnover rate of 10.56% on the day of reporting [2]. Trading Activity - The stock was listed on the Shenzhen Stock Exchange for a deviation of -7.17% due to its daily drop, with institutional investors net buying 15.92 million yuan and the Shenzhen Stock Connect net buying 44.52 million yuan [2]. - The top five trading departments accounted for a total transaction of 356 million yuan, with a net buying amount of 52.88 million yuan [2]. - Among the trading departments, four institutional special seats were involved, with a total net buying of 15.92 million yuan [2]. Fund Flow - The stock saw a net outflow of 44.93 million yuan in principal funds, with large orders showing a net inflow of 5.18 million yuan and large orders showing a net outflow of 50.11 million yuan [2]. - Over the past five days, the stock has experienced a net outflow of 588 million yuan in principal funds [2]. Margin Trading Data - As of October 15, the margin trading balance for the stock was 743 million yuan, with a financing balance of 742 million yuan and a securities lending balance of 1.29 million yuan [3]. - In the last five days, the financing balance increased by 42.79 million yuan, representing a growth of 6.12%, while the securities lending balance increased by 0.28 million yuan, with a growth rate of 27.60% [3]. Detailed Trading Information - The top buying and selling departments included the Shenzhen Stock Connect, which had the highest buying amount of 91.39 million yuan and selling amount of 46.88 million yuan [3][4]. - Other notable buying departments included China Galaxy Securities and several institutional special seats, with varying amounts of buying and selling activity [3][4].

股票代码：000006.SZ 债券简称：深振业A 债券代码：148280.SZ 债券简称：23振业01 债券代码：148395.SZ 债券简称：23振业02 招商证券股份有限公司 关于深圳市振业（集团）股份有限公司 2025年第三次临时受托管理事务报告 债券受托管理人：招商证券股份有限公司 住所：深圳市福田区福田街道福华一路 111 号 二〇二五年十月 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业行 为准则》、本次债券《募集说明书》、《受托管理协议》等相关规定、重大事项相 关公开信息、深圳市振业（集团）股份有限公司（以下简称"公司"、"发行人"）信 息披露文件及发行人出具的相关说明和提供的相关资料等，由本次公司债券的受托 管理人招商证券股份有限公司（以下简称"招商证券"、"受托管理人"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事 宜做出独立判断，而不应将本报告中的任何内容据以作为招商证券所做承诺或声明。 请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告作为投资行 为依据。 2 招商证券股份有限公司作为深圳市振业（集团）股份有限公司 ...

Market Overview - On October 16, the real estate development sector declined by 0.69% compared to the previous trading day, with Shen Zhen Ye A leading the decline [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the real estate sector included: - Shangshi Development (600748) with a closing price of 5.78, up 10.10% and a trading volume of 325,100 shares [1] - Shahe Co. (000014) with a closing price of 22.33, up 10.00% and a trading volume of 176,200 shares [1] - Hefei Urban Construction (002208) with a closing price of 11.81, up 9.96% and a trading volume of 1,312,300 shares [1] - Major decliners included: - Shen Zhen Ye A (000006) with a closing price of 11.45, down 7.74% and a trading volume of 1,426,100 shares [2] - Quzhou Development (600208) with a closing price of 4.60, down 3.97% and a trading volume of 1,481,300 shares [2] Capital Flow - The real estate development sector experienced a net outflow of 627 million yuan from institutional investors, while retail investors saw a net inflow of 655 million yuan [2] - The capital flow for specific stocks showed: - Hefei Urban Construction (002208) had a net inflow of 25 million yuan from institutional investors [3] - Shahe Co. (000014) had a net inflow of 72.77 million yuan from institutional investors [3] - Shen Zhen Ye A (000011) had a net outflow of 83.16 million yuan from retail investors [3]

Group 1 - The Shenzhen state-owned enterprise reform concept index declined by 0.78%, ranking among the top declines in concept sectors, with stocks like Shen Zhen Yi A and Shen Fang Zhi A hitting the daily limit down [1][2] - Among the stocks in the Shenzhen state-owned enterprise reform sector, 12 stocks saw price increases, with Tian Yin Holdings, Te Fa Information, and Shen Shui Gui Yuan leading the gains at 2.39%, 1.92%, and 1.79% respectively [1][2] - The sector experienced a net outflow of 156 million yuan from major funds, with 14 stocks seeing net outflows, and Shen Zhen Yi A leading with a net outflow of 61.05 million yuan [2][3] Group 2 - The top gainers in today's concept sectors included Tong Hua Shun Guo Index at 3.40%, Cell Immunotherapy at 3.18%, and PEEK Materials at 3.06%, while the military equipment restructuring concept fell by 1.88% [2] - Major fund inflows were observed in Tian Yin Holdings, Shenzhen Energy, and Agricultural Products, with net inflows of 31.32 million yuan, 8.29 million yuan, and 6.23 million yuan respectively [2][3] - The stocks with the highest net outflows included Sha He Shares, Shen Sai Ge, and Shen Wu Yi A, with net outflows of 32.55 million yuan, 22.21 million yuan, and 18.35 million yuan respectively [2][3]

Group 1 - The stock of Shen Zhen Yie A experienced a limit down, with a turnover rate of 6.57% and a trading volume of 1.114 billion yuan, showing a fluctuation of 6.45% [1] - Institutional investors net sold 26.62 million yuan, while the Shenzhen Stock Connect saw a net sell of 39.68 million yuan [2] - The stock was listed on the exchange due to a daily decline deviation of -11.57% [2] Group 2 - The top five trading departments had a total transaction of 259 million yuan, with a net sell of 10.03 million yuan [2] - The main funds saw a net outflow of 61.05 million yuan, with large orders contributing to a net outflow of 31.59 million yuan [2] - The latest margin trading data shows a total margin balance of 721 million yuan, with a financing balance of 719 million yuan and a securities lending balance of 1.6 million yuan [2]

Group 1 - A-shares saw a total of 82 stocks hitting the daily limit up and 7 stocks hitting the limit down on October 15 [1] - The automotive sector was active, with Zhongtong Bus and Haima Automobile reaching the limit up [1] - The electric grid equipment sector strengthened, with Heshun Electric and Jinpan Technology also hitting the limit up [1] Group 2 - *ST Yuancheng experienced three consecutive limit downs [2] - *ST Yatai and *ST Mubang faced two consecutive limit downs [2] - Other companies such as Shen Zhenye A, Ruyi Group, and Aopu Optoelectronics also hit the limit down [2]

New Stock Issuance - He Yuan Bio (787765) issued shares at a price of 29.06 on October 14, 2025[1] - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Nanjing New Pharmaceutical (688189) on October 10, 2025[1] - Multiple companies including Hefei Urban Construction (002208) and ST Jianyi (002789) have recent announcements regarding their stock performance[1] Trading Notifications - A total of 30 companies have trading notifications on October 14, 2025, indicating various market activities[1] - Companies such as ST Er Ya (600107) and Guangdong Mingzhu (600382) are among those with recent trading alerts[1]

Core Insights - Shenzhen Zhenye (Group) Co., Ltd. achieved a record trading volume of 2.794 billion RMB, marking the highest since its listing [2] - The latest stock price increased by 2.89%, with a turnover rate of 14.84% [2] - The previous trading day's total transaction volume was 757 million RMB [2] Company Overview - Shenzhen Zhenye (Group) Co., Ltd. was established on May 24, 1989, with a registered capital of approximately 1.35 billion RMB [2]

Core Viewpoint - Shenzhen Zhenye (Group) Co., Ltd. has seen a significant increase in trading volume and stock price, indicating strong market interest and potential growth opportunities [2] Company Summary - As of 09:57, the trading volume of Shenzhen Zhenye A shares reached 1.285 billion RMB, marking a new high since November 4, 2024 [2] - The latest stock price increased by 7.24%, with a turnover rate of 6.76% [2] - The previous trading day recorded a total trading volume of 757 million RMB [2] - Shenzhen Zhenye (Group) Co., Ltd. was established on May 24, 1989, with a registered capital of approximately 1.35 billion RMB [2]

Core Viewpoint - The new Kai Lai concept stocks are experiencing significant market activity, with several stocks hitting their daily price limits ahead of the Bay Area Semiconductor Chip Exhibition, indicating strong investor interest in the semiconductor sector and potential collaboration opportunities [1][5]. Group 1: Market Activity - New Kai Lai concept stocks such as Xinlai Materials and Kaimete Gas have seen consecutive price increases, with Shenzhen Guozhi real estate leader Shen Zhen Ye A also hitting a 10% limit up, closing at 13.13 yuan per share, with a market capitalization of 17.7 billion yuan [1]. - The Bay Area Semiconductor Chip Exhibition is scheduled to take place from October 15 to 17, where Shenzhen Kai Lai and its subsidiaries are expected to showcase their products, promising "unexpected surprises" [1][4]. Group 2: Corporate Relationships - Shen Zhen Ye A is considered a new Kai Lai concept stock due to the connection between their executives, specifically Huang Xiuzhang, who serves as a supervisor for both companies [2]. - There are speculations that new Kai Lai may consider a reverse merger with Shen Zhen Ye A, although Shen Zhen Ye A has stated that there are no undisclosed significant matters regarding the company [2][4]. Group 3: Industry Context - Shenzhen Kai Lai Technology Co., Ltd. is a state-owned enterprise focused on semiconductor equipment and components, aiming for domestic production in key areas of chip manufacturing [4]. - The semiconductor equipment sector is viewed as having a historic opportunity for growth, with expectations for rapid increases in the market share of domestic semiconductor equipment [8].