Market Overview - The diversified financial sector experienced a decline of 0.24% on October 15, with Zhongyou Capital leading the drop [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Notable gainers in the diversified financial sector included: - *ST Nengmao (600599): Closed at 8.15, up 5.03% with a trading volume of 17,700 and a turnover of over 14.30 million [1] - Nanhua Futures (603093): Closed at 21.18, up 2.92% with a trading volume of 76,100 and a turnover of 159 million [1] - Yimingqi (001236): Closed at 11.13, up 2.02% with a trading volume of 111,500 and a turnover of 123 million [1] - Decliners included: - Zhongyou Capital (000617): Closed at 11.55, down 2.20% with a trading volume of 3,096,700 [2] - Electric Investment (000958): Closed at 6.46, down 0.46% with a trading volume of 325,400 [2] - Jiangsu Jinzu (600901): Closed at 5.78, down 0.34% with a trading volume of 401,900 [2] Capital Flow - The diversified financial sector saw a net outflow of 672 million from institutional investors, while retail investors contributed a net inflow of 531 million [2] - The sector's capital flow indicated that: - Nanhua Futures (603093) had a net inflow of 10.95 million from institutional investors [3] - *ST Nengmao (600599) experienced a significant net inflow of 4.92 million from institutional investors [3] - Retail investors showed a net inflow of 105.70 million into Zhangye Futures (001236) [3]

Core Insights - The overall performance of A-share listed companies for the first three quarters of 2025 is positive, with over 84% of companies reporting favorable earnings forecasts, indicating a recovery in profitability amid supportive economic policies and structural optimization [1][2]. Group 1: Earnings Performance - As of October 14, 2025, 72 companies have released earnings forecasts, with 18 companies expecting slight increases, 4 companies turning losses into profits, and 41 companies forecasting significant profit growth [2]. - Notably, 22 companies are projected to achieve profits exceeding 500 million yuan, with New China Life Insurance leading at a net profit of 32.05 billion yuan, a year-on-year increase of 45%-65% [2]. - Other companies with substantial profits include Luxshare Precision at 11.12 billion yuan (20%-25% growth), Salt Lake Industry at 4.5 billion yuan, and Yuexiu Capital at 3.008 billion yuan [2]. Group 2: Profit Growth Rates - 22 companies are expected to see a year-on-year profit growth of over 100%, with 5 companies exceeding 300% growth [3]. - Chujiang New Materials is highlighted as the "profit growth king," with an estimated net profit of 350-380 million yuan, reflecting a staggering increase of 2057.62%-2242.56% [3]. - Other notable performers include Yinglian Co. (1602.05% growth), Guangdong Mingzhu (964.95%), and Liming Co. (659.48%) [3]. Group 3: Sector Performance - The semiconductor industry is experiencing a significant recovery, with the global semiconductor market reaching $346 billion in the first half of 2025, a year-on-year increase of 18.9% [3]. - Changchuan Technology, a leading semiconductor equipment company, anticipates a net profit of 827-877 million yuan, marking a year-on-year increase of 131.39%-145.38% [3]. - Yangjie Technology expects a net profit of 937-1,004 million yuan, driven by strong growth in automotive electronics, artificial intelligence, and consumer electronics [3]. Group 4: Regional Performance - Shandong stocks have shown resilience, particularly in traditional industries and resource-based enterprises, achieving growth through internal reforms and cost reductions [4]. - Jinling Mining reported a revenue of 1.247 billion yuan, a 12.98% increase, with a net profit of 220 million yuan, up 47.09% [4]. - Shandong Steel successfully turned losses into profits by implementing cost control measures, achieving a gross margin increase to 6.02%, up 4.15 percentage points [4]. Group 5: Market Trends and Opportunities - The current market is entering a "policy + performance" window, with earnings becoming the core criterion for selecting stocks [5]. - The technology sector is experiencing a broad rally, with significant growth in computing power and AI-related stocks, although there is internal differentiation based on earnings support [5]. - The gaming sector is also highlighted, with expectations of recovery driven by normalized issuance of game licenses and strong product pipelines from leading companies [5][6].

Core Viewpoint - Guangzhou Yuexiu Capital Holdings Group Co., Ltd. received a stable AAA rating from China Chengxin International for its "25 Yuezi 06" bond, reflecting strong shareholder strength and competitive core business despite challenges from the macroeconomic environment [1] Group 1 - The company has strong shareholder strength and maintains a competitive edge in its core business [1] - Business transformation efforts are broadening the company's operational scope and revenue sources [1] - The company has smooth financing channels, which support its overall operations and credit level [1] Group 2 - The slow recovery of the macroeconomic environment has weakened the company's profitability [1] - The management of non-performing assets is under pressure due to economic conditions [1] - The company's futures business requires higher risk control capabilities amid rising debt levels [1]

广州越秀资本控股集团股份有限公司 2025 年面向专业投资者公开发行公司 债券（第三期）信用评级报告 编号：CCXI-20253561D-01 广州越秀资本控股集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第三期）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 9 月 16 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议 ...

2025 年度 广州越秀资本控股集团股份有限公司 信用评级报告 编号：CCXI-20252369M-02 2025 年度广州越秀资本控股集团股份有限公司信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 7 月 10 日 2 关 注 评级总监： 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任 ...

广州越秀资本控股集团股份有限公司 2023 年面向专业投资者公开发行公司债券更名公告 广州越秀资本控股集团股份有限公司（以下简称"发行人"）发行不超过人 民币 70 亿元公司债券已获得中国证券监督管理委员会证监许可〔2024〕1007 号 文注册通过。广州越秀资本控股集团股份有限公司 2025 年面向专业投资者公开 发行公司债券（第三期）（以下简称"本期债券"）发行规模为不超过 10 亿元（含 10 亿元）。 按照公司债券命名惯例，本期债券名称由原申请的"广州越秀资本控股集团 股份有限公司 2023 年面向专业投资者公开发行公司债券"变更为"广州越秀资 本控股集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第三期）"。 本期债券名称变更不改变原签订的与本期公司债券发行相关的法律文件效力，原 签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律文件包括 但不限于《广州越秀资本控股集团股份有限公司与兴业证券股份有限公司关于 2023 年面向专业投资者公开发行公司债券之债券受托管理协议》等文件。 特此公告。 （本页无正文，为《广州越秀资本控股集团股份有限公司 2023 年面向专业投资 者公开 ...

股票简称：越秀资本 股票代码：000987. SZ 广州越秀资本控股集团股份有限公司 （住所：广州市天河区珠江西路 5 号 6301 房自编 B 单元） 2025 年面向专业投资者公开发行公司债券（第三期） 募集说明书 发行人： 广州越秀资本控股集团股份有限公司 牵头主承销商、簿记管理人： 中信证券股份有限公司 联席主承销商、受托管理人： 兴业证券股份有限公司 联席主承销商： 国泰海通证券股份有限公司、中国国际金 融股份有限公司、中信建投证券股份有限 公司、华泰联合证券有限责任公司、广发 证券股份有限公司 本期债券发行金额： 不超过人民币 10 亿元 担保或其他增信情况： 无担保或其他增信 信用评级结果： 主体 AAA/债项 AAA 信用评级机构： 中诚信国际信用评级有限责任公司 牵头主承销商、簿记管理人 联席主承销商、受托管理人 联席主承销商 签署日期： 年 月 日 2025 10 13 声 明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、高级管理人员或履行同等职责的人员保证募集说明书 信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 发行人如有董事、高级管理人员、持股比例 ...

广州越秀资本控股集团股份有限公司 （住所：广州市天河区珠江西路 5 号 6301 房自编 B 单元） 2025 年面向专业投资者公开发行公司债券 （第三期）发行公告 联席主承销商 签署日：2025 年 10 月 13 日 广州越秀资本控股集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第三期）发行公告 牵头主承销商、簿记管理人 联席主承销商、受托管理人 本公司及其全体董事、高级管理人员或履行同等职责的人员保证公告内容 真实、准确和完整。 重要事项提示 1、广州越秀资本控股集团股份有限公司（以下简称"发行人"或"公司"） 于 2024 年 6 月 28 日获得中国证券监督管理委员会证监许可〔2024〕1007 号文 同意向专业投资者发行面值不超过人民币 70 亿元公司债券。 发行人本次债券采取分期发行的方式，本期债券为本次债券批文项下第五期 发行，本期债券发行面值不超过 10 亿元（含 10 亿元）。 2、本期债券分为两个品种，其中品种一期限为 2 年期，品种二期限为 10 年期，品种一和品种二的发行规模可互拨，且回拨比例不受限。 本期债券引入双向回拨选择权，回拨比例不受限制。发行人和簿记管理人将 ...

Core Insights - Yuexiu Capital's performance forecast for the first three quarters of 2025 is better than expected, with a projected net profit attributable to shareholders of 2.92 to 3.09 billion yuan, representing a year-on-year increase of 70% to 80% [1] - The company's non-recurring net profit is expected to be between 1.41 to 1.58 billion yuan, reflecting a year-on-year growth of 18% to 32% [1] - The strong performance is driven by the steady development of the new energy business and high investment returns due to a prosperous capital market [1] Financial Performance - In Q3 2025, the company is expected to achieve a net profit attributable to shareholders of 1.36 to 1.54 billion yuan, marking a year-on-year increase of 94% to 118% [1] - The company has changed its accounting method for equity investments, which is expected to contribute a one-time gain of 2.02 and 0.30 billion yuan, adding approximately 1.18 billion yuan to Q3 2025 net profit [2] - However, the company anticipates asset impairment and credit impairment provisions of 1.4 to 1.6 billion yuan, which will reduce the net profit for the first nine months of 2025 by 720 to 820 million yuan [2] New Energy Business - The new energy business continues to grow, with total electricity generation of 7.81 billion kWh in the first half of 2025, resulting in electricity revenue of 2.42 billion yuan, a year-on-year increase of 123% [3] - Yuexiu New Energy, a subsidiary, achieved revenue of 2.20 billion yuan and a net profit of 520 million yuan in the first half of 2025, reflecting year-on-year increases of 122% and 134%, respectively [3] - The company plans to focus on solar, wind, and energy storage sectors to diversify its new energy product offerings and enhance operational efficiency [3] Investment Outlook - The company is expected to maintain a high growth trajectory for the full year, with projected net profits of 3.41 billion yuan, 3.67 billion yuan, and 4.01 billion yuan for 2025 to 2027, representing year-on-year growth of 49%, 8%, and 9% respectively [3] - Current closing prices correspond to dynamic price-to-book ratios of 1.23x, 1.15x, and 1.07x, and dynamic price-to-earnings ratios of 12.0x, 11.2x, and 10.2x for 2025 to 2027 [3]

Core Insights - As of October 14, 72 listed companies in the A-share market have released performance reports for the first three quarters of 2025 [1] Group 1: Profit Scale - A total of 22 companies reported a net profit exceeding 500 million yuan for the first three quarters [1] - New China Life Insurance and Luxshare Precision both reported net profits over 10 billion yuan, specifically 32.054 billion yuan and 11.117 billion yuan respectively [1] - Salt Lake Industry, Yuexiu Capital, and Lingyi iTech reported net profits above 2 billion yuan, with figures of 4.5 billion yuan, 3.008 billion yuan, and 2.005 billion yuan respectively [1] Group 2: Profit Growth - 22 companies reported a year-on-year net profit growth of over 100% for the first three quarters [1] - Chujiang New Materials, Yinglian Co., Guangdong Mingzhu, Limin Co., and Morning Light Biological reported net profit growth rates exceeding 300%, with increases of 2150.09%, 1602.05%, 964.95%, 659.48%, and 372.8% respectively [1]