Core Viewpoint - OSL Group has completed the strategic acquisition of Banxa Holdings Inc., enhancing its payment product line and global expansion strategy, maintaining a "buy" rating [1] Group 1: Company Overview - Banxa is a payment service provider (PSP) and regulatory technology company headquartered in Australia, Europe, and North America, focusing on bridging traditional financial institutions with the digital asset space since its inception in March 2014 [2] - Banxa has established a strong position in the Australian market and has shifted its strategic focus towards international expansion since acquiring EU Internet Ventures B.V. in June 2020 [2] Group 2: Business Model and Compliance - Banxa positions itself as a "bridge" service provider between fiat currencies and cryptocurrencies, rather than competing with traditional cryptocurrency exchanges [3] - The company has a payment gateway infrastructure supporting multi-currency exchanges and online payment services, ensuring compliance with local laws, AML, and KYC standards, which attracts major industry players as clients [3] Group 3: Strategic Benefits of Acquisition - The integration of Banxa's international payment network will provide OSL Group with over 40 trading and payment licenses across the US, Canada, EU, UK, and Australia, enhancing its global cash flow capabilities [4] - The acquisition will create synergies between Banxa's B2B payment solutions and OSL's digital asset trading and stablecoin business, improving customer retention and operational efficiency [5] Group 4: Financial Impact - Banxa's revenue for the first half of 2025 was HKD 53.93 million, which is expected to significantly boost OSL's payment business revenue, which was HKD 195 million for the same period [6] - Revenue projections for OSL from 2025 to 2027 are estimated at HKD 514 million, HKD 873 million, and HKD 1.172 billion, with year-on-year growth rates of 37.12%, 69.91%, and 34.29% respectively [6]

Core Insights - OSL Group has completed the strategic acquisition of Banxa Holdings Inc., enhancing its position in the stablecoin trading and payment platform sector, with a focus on compliance and global expansion [1] Group 1: Company Overview - Banxa is an Australian-based payment service provider and regulatory technology company, focusing on bridging traditional financial institutions with the digital asset space since its inception in March 2014 [2] - The company has established a strong presence in the Australian market and has shifted its strategic focus towards international expansion since acquiring EU Internet Ventures B.V. in June 2020 [2] Group 2: Strategic Benefits of Acquisition - The acquisition will provide OSL Group with over 40 trading and payment licenses across the US, Canada, EU, UK, and Australia, enhancing its global payment capabilities and supporting customer needs for fiat and cryptocurrency exchanges [3] - Banxa's B2B payment solutions will complement OSL's digital asset trading and stablecoin business, creating a one-stop service for trading, payment, and fund transfers, thereby increasing customer retention [4] Group 3: Financial Impact - Banxa's revenue for the first half of 2025 was HKD 53.93 million, which is expected to significantly boost OSL's payment business revenue, which was HKD 195 million in the same period [5] - Revenue projections for OSL Group post-acquisition are estimated at HKD 514 million, HKD 873 million, and HKD 1.172 billion for 2025-2027, with year-on-year growth rates of 37.12%, 69.91%, and 34.29% respectively [5]

Group 1 - The core viewpoint of the report is that the implementation of the "AI + Manufacturing" initiative is expected to accelerate the development of industrial software in China, driven by domestic policies and the dual engines of localization and intelligence [1][2] - The initiative aims to create 1,000 high-level industrial intelligent entities and promote the application of 3-5 general large models in manufacturing by 2027, enhancing the industrial software and algorithm tools [1][2] - The report maintains a "recommended" rating for the computer industry, anticipating a rapid growth period for the industrial software sector in China [1] Group 2 - AI is projected to cover the entire manufacturing process, with leading industrial AI penetration rates expected to reach 60% in the next three years [3] - The value of AI in manufacturing is highlighted in both commercial and industrial aspects, improving operational efficiency and enabling refined management, which leads to significant reductions in R&D cycles, production inefficiencies, and carbon emissions [3] - The market size for AI applications in China's manufacturing sector is expected to grow from approximately 5.6 billion yuan in 2023 to 14.1 billion yuan by 2025, maintaining a growth rate of over 40% [4] Group 3 - The industrial internet sector in China is projected to generate a core industry value-added of 1.53 trillion yuan in 2024, reflecting a growth of 10.65% from 2023 [5] - The total value-added of the industrial internet industry is expected to reach 5.01 trillion yuan, accounting for 3.81% of GDP, indicating a stable economic impact [5] Group 4 - Key stocks to focus on include companies involved in AI + manufacturing such as Baoxin Software, Dingjie Zhizhi, and Nengke Technology, as well as those in AI + design and AI + management sectors [6]

Group 1 - The core viewpoint of the report is that Leshush (02698) is rated as "Buy" due to its strong position in the African market, benefiting from increased industry penetration and market share growth, particularly in the core category of baby diapers and rapidly growing sanitary napkins, while expanding into emerging markets like Central Asia [1] - The company has established a competitive barrier and sustainability by deeply engaging in the African market, becoming a leading multinational hygiene products company since its establishment in 2009, with a wide network of over 2,800 channel partners across 12 countries [1][2] Group 2 - The hygiene products market in Africa and emerging markets is experiencing robust growth, with the market size for baby diapers and sanitary napkins in Africa expected to grow from $3.8 billion in 2024 to $5.6 billion by 2029, representing a compound annual growth rate (CAGR) of 7.9% from 2025 to 2029 [2] - The Central Asian market for baby diapers and sanitary napkins is projected to grow from $0.4 billion in 2020 to $0.5 billion by 2024, with a CAGR of 4.5%, driven by population growth, urbanization, and increased consumer awareness [2] Group 3 - The company has a strong competitive position in the African and emerging markets for hygiene products, having established the most local factories in Africa since 2018, ensuring a stable supply chain and rapid response [3] - The company covers over 80% of the population in key African countries through a solid sales network, with high channel barriers and strong relationships with wholesalers and distributors [3] - The brand matrix is well-established, with the core brand Softcare and sub-brands like Maya and Cuettie, achieving the highest market shares in Africa for baby diapers and sanitary napkins at 20.3% and 15.6% respectively in 2024 [3]

Group 1 - The core viewpoint of the report is that Leshush (02698) is rated as a "Buy" due to its strong position in the African market, benefiting from increased industry penetration and market share growth, particularly in the core category of baby diapers and rapidly growing sanitary napkins [1] - The company has established a competitive barrier and sustainability by focusing on the African market and expanding into emerging markets like Central Asia and Latin America, having developed a strong network of over 2,800 channel partners across 12 countries [1][2] - The African market for baby diapers, pull-ups, and sanitary napkins is projected to grow from $3.8 billion in 2024 to $5.6 billion by 2029, with a compound annual growth rate (CAGR) of 7.9% from 2025 to 2029, driven by increased penetration and a young population structure [2] Group 2 - The company has built a strong local manufacturing presence in Africa since 2018, making it the enterprise with the most factories in the region, ensuring a stable and responsive supply chain [3] - The company has a solid sales network covering over 80% of the population in key African countries, with strong relationships with wholesalers and distributors, creating high channel barriers [3] - The brand matrix is well-established, with the core brand Softcare and sub-brands like Maya and Cuettie, achieving a market share of 20.3% in baby diapers and 15.6% in sanitary napkins in Africa by volume in 2024, ranking first in both categories [3]

债券代码：524259.SZ 债券简称：25 国海 01 债券代码：524304.SZ 债券简称：25 国海 03 债券代码：524461.SZ 债券简称：25 国海 04 广发证券股份有限公司 关于 国海证券股份有限公司 诉讼事项进展 的受托管理事务临时报告 受托管理人：广发证券股份有限公司 2026 年 1 月 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》《国海证券股份有限公司与广发证券股份有限公 司关于国海证券股份有限公司公开发行 2024 年公司债券之债券受托管 理协议》等相关规定、公开信息披露文件以及国海证券股份有限公司 （以下简称"公司"）出具的相关说明文件以及提供的相关资料等， 由受托管理人广发证券股份有限公司（以下简称"广发证券"）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 者应对相关事宜作出独立判断，而不应将本报告中的任何内容据以作 为广发证券所作出的承诺或声明。在任何情况下，未经广发证券书面 许可，不得将本报告用作其他任何用途。 广发证券股份有限公司关于国海证券股份有限公司诉讼事项进展的受托管理事务临时报告 一、公司债券基本情况 （一 ...

Core Viewpoint - Neuralink's announcement of mass production in 2026 marks a significant shift from laboratory research to commercial application in the brain-computer interface (BCI) sector, with strong potential benefits for China's BCI industry due to rigid medical demand and supportive policies [1] Group 1: Event Overview - Neuralink, founded by Elon Musk in 2016, plans to start large-scale production of brain-computer interfaces on January 1, 2026, transitioning to a more streamlined and fully automated surgical process [1] - The company has developed three main product lines: Telepathy for motor function disorders, Blindsight for visual reconstruction, and Deep for neurological regulation [2][3] Group 2: Market Potential - The global BCI market is projected to reach approximately $3.19 billion by 2025, with medical applications expected to grow to $40 billion by 2030 and $145 billion by 2040 [4] - In China, the BCI market is anticipated to exceed 3.8 billion yuan by 2025, with a compound annual growth rate of around 20%, reaching 6.14 billion yuan by 2028 [5] Group 3: Policy and Technological Support - China has established a comprehensive support system for the BCI industry, with policies aimed at fostering innovation and establishing a competitive ecosystem by 2030 [6][7] - Significant technological advancements have been made, including successful clinical trials and the development of high-performance BCI systems, indicating a transition from laboratory to large-scale application [7] Group 4: Related Companies - Key companies in the BCI sector include Yanshan Technology, Entropy Technology, Dineike, BGI, Linying Intelligent Manufacturing, Lens Technology, Hanwei Technology, Dongfang Zhongke, Pulite, and Puni Testing [7]

Group 1 - The core viewpoint of the report indicates that the supply constraints in the coal mining industry remain unchanged, while demand may experience fluctuations, leading to price volatility and dynamic rebalancing. By 2026, the supply-demand relationship is expected to improve, supported by policies, with coal prices potentially rising to a central level of around 750 CNY for thermal coal and 1550 CNY for coking coal, indicating a recovery in industry profitability [1][2]. Group 2 - The review of thermal coal shows a V-shaped price trend for the year, with the average price at the port expected to be 697 CNY/ton in 2025, down 158 CNY/ton year-on-year. The price fell to nearly 600 CNY/ton due to oversupply, but a recovery began in July with production constraints leading to a price peak of 834 CNY/ton in November [1]. - The review of coking coal also reflects a V-shaped price trend, with the average price at the port projected to be 1513 CNY/ton in 2025, down 509 CNY/ton year-on-year. The price rebounded quickly due to supply constraints and strong demand, despite fluctuations in the fourth quarter [2]. - For 2026, the supply-demand balance is expected to tighten, with thermal coal prices projected to rise to 750 CNY/ton and coking coal prices to 1550 CNY/ton. The demand for thermal coal is expected to grow by 0.6%, while coking coal demand may decline by 0.5% due to real estate drag but supported by resilient demand in construction and manufacturing [2].

Core Viewpoint - Century Huatong's share buyback demonstrates confidence, with strong revenue growth expected in 2025 and profit release in 2026, supported by a rich pipeline of new products [1] Group 1: Company Overview - Century Huatong is a leading global mobile game company, primarily focused on the SLG (Simulation and Strategy Game) sector while also expanding into the casual gaming segment, creating a "dual-track" growth strategy [1] - The company has released several blockbuster mobile games in recent years, contributing to its increasing scale and performance [1] Group 2: Financial Outlook - The research report highlights the robust operation of existing products and the growth potential of upcoming new products, indicating a positive outlook for the company's financial performance [1] - The report initiates coverage with a "buy" rating based on the company's strong operational and research capabilities [1]

Group 1 - The core viewpoint of the news is that Guohai Securities has shown a mixed performance in terms of stock price and financial results, with a notable increase in net profit despite a decline in revenue [1][2]. - As of January 6, Guohai Securities' stock price increased by 2.11% to 4.35 CNY per share, with a total market capitalization of 27.78 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 2.59%, with a 5-day increase of 1.64% and a 20-day increase of 1.87%, while the 60-day performance shows a decline of 5.60% [1]. Group 2 - For the period from January to September 2025, Guohai Securities reported an operating income of 2.617 billion CNY, a year-on-year decrease of 10.38%, while the net profit attributable to shareholders increased by 282.96% to 705 million CNY [2]. - The company has distributed a total of 3.516 billion CNY in dividends since its A-share listing, with 753 million CNY distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders include significant institutional investors, with notable increases in holdings by Guotai CSI All-Index Securities Company ETF and Huabao CSI All-Index Securities Company ETF [3].