Group 1 - Hengbao Co., Ltd. announced the convening of its 9th First Temporary Board Meeting on October 29, 2025, via communication methods, where it reviewed proposals including the appointment of the vice president, financial director, and board secretary [1] - For the first half of 2025, Hengbao's revenue composition was 99.76% from industrial operations and 0.24% from other businesses [1] - As of the report date, Hengbao's market capitalization stood at 16.7 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation and a new "slow bull" pattern emerging [1]

证券代码：002104 证券简称：恒宝股份 公告编号：2025-044 第九届董事会第一次临时会议决议 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 恒宝股份有限公司（以下简称"公司"）第九届董事会第一次临时会议于 2025 年 10 月 29 日上午以通讯方式召开。 一、 董事会会议召开情况 二、董事会会议审议情况 恒宝股份有限公司 （一）会议以 9 票同意、0 票反对、0 票弃权的结果审议通过了《关于选举第 九届董事会董事长的议案》。 董事会同意选举钱京先生为公司第九届董事会董事长，任期三年，自本次董 事会审议通过之日起至本届董事会届满之日止。（简历附后） （二）会议以 9 票同意、0 票反对、0 票弃权的结果审议通过了《关于聘任 公司总裁的议案》。 1 1. 董事会会议通知的时间和方式：公司已于 2025 年 10 月 22 日以书面方式向 公司全体董事发出了会议通知。 2. 董事会会议的时间、地点和方式：2025 年 10 月 29 日上午 9:00 以通讯方式 召开。 3. 本次会议应到董事 9 人，实到董事 9 人。 4. 董事会会议的主持人和列 ...

Financial Performance - The company's revenue for Q3 2025 was ¥183,989,457.13, a decrease of 12.99% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥1,943,488.69, down 93.01% year-on-year, while the net profit after deducting non-recurring gains and losses was -¥2,613,388.75, a decrease of 111.42%[5]. - The basic earnings per share for the period was ¥0.0027, reflecting a 93.16% decline compared to the previous year[5]. - Total operating revenue decreased to ¥614,157,785.10 from ¥682,289,828.39, representing a decline of approximately 10%[38]. - Operating profit fell to ¥46,062,568.94 from ¥94,213,171.19, a decrease of approximately 51%[39]. - Net profit decreased to ¥37,297,544.88 from ¥91,401,519.08, reflecting a decline of around 59%[39]. - The net profit attributable to the parent company shareholders for the current period is CNY 37,297,544.88, compared to CNY 91,401,519.08 in the previous period, representing a decrease of approximately 59%[40]. - The total comprehensive income for the current period is CNY 44,241,406.01, down from CNY 84,399,213.62 in the previous period, indicating a decline of about 48%[40]. - The basic and diluted earnings per share for the current period are both CNY 0.0527, compared to CNY 0.1299 in the previous period, reflecting a decrease of approximately 59%[40]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,388,904,198.52, a decrease of 1.33% from the end of the previous year[5]. - Total assets amounted to ¥2,388,904,198.52, slightly down from ¥2,421,098,165.88[36]. - Total liabilities decreased to ¥247,111,835.55 from ¥272,157,264.81, a reduction of about 9%[36]. - Total equity decreased to ¥2,141,792,362.97 from ¥2,148,940,901.07, a decline of approximately 0.3%[36]. - Cash and cash equivalents in current assets totaled ¥572,581,539.31, down from ¥748,436,333.17[35]. - Accounts receivable increased to ¥152,436,174.77 from ¥123,972,371.94, an increase of about 23%[35]. Cash Flow - Net cash flow from operating activities decreased by 36.17% year-on-year, primarily due to a decrease in cash received from sales of goods and services[28]. - Cash flow from operating activities for the current period is CNY 52,881,383.72, down from CNY 82,852,805.05 in the previous period, a decline of about 36%[41]. - Net cash flow from investing activities decreased by 97.17% year-on-year, mainly due to a reduction in cash received from investment recoveries and cash paid for investments[29]. - The net cash flow from investment activities is CNY 15,809,021.92, significantly lower than CNY 557,687,010.29 in the previous period, indicating a decline of about 97%[42]. - The net cash flow from financing activities increased by 54.77% year-on-year, primarily due to a decrease in cash received from borrowings and a reduction in cash paid for debt repayments and dividends[30]. - The net cash flow from financing activities is -CNY 52,362,702.76, compared to -CNY 115,771,965.45 in the previous period, showing an improvement of approximately 55%[43]. - The cash and cash equivalents at the end of the period amount to CNY 616,877,143.53, slightly down from CNY 621,849,338.30 in the previous period[43]. - The company received CNY 11,386,292.42 in tax refunds related to operating activities, an increase from CNY 2,290,768.13 in the previous period[42]. Expenses and Tax - The company reported a significant increase in prepayments, which rose by 119.99% to ¥9,137,271.93, attributed to increased material payments[10]. - Other non-current assets increased by 232.69% to ¥212,304,200.18, primarily due to the purchase of long-term USD time deposits[10]. - The company’s financial expenses decreased by 289.89% to -¥2,987,171.53, driven by increased interest income from bank deposits and reduced interest payments on loans[22]. - The income tax expense for the period was ¥8,290,182.53, an increase of 238.18% compared to the previous year[22]. - Income tax expenses increased by 238.18% year-on-year, primarily due to higher corporate income tax provisions from foreign subsidiaries[25]. - Non-operating expenses rose by 164.78% year-on-year, mainly due to an increase in tax withholdings during the reporting period[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 230,467[31]. - The largest shareholder, Qian Jing, holds 18.95% of the shares, totaling 134,214,678 shares[31]. Other Comprehensive Income - Other comprehensive income after tax increased by 199.17% year-on-year, mainly due to the impact of exchange rate fluctuations during the reporting period[26]. Research and Development - Research and development expenses decreased to ¥58,486,403.08 from ¥72,057,292.72, a decline of approximately 19%[39]. Audit Status - The company has not undergone an audit for the third quarter financial report[44].

Core Insights - On October 28, a total of 35 stocks were identified with institutional activity, with 16 stocks showing net buying and 19 stocks showing net selling [1] Institutional Buying - The top three stocks with the highest net institutional buying were Jingwang Electronics, Hengbao Co., and Yunhan Chip City, with net buying amounts of 322 million, 193 million, and 146 million respectively [1] Institutional Selling - The top three stocks with the highest net institutional selling were Shengyi Electronics, Founder Technology, and Zhongtung High-tech, with net outflow amounts of 392 million, 188 million, and 105 million respectively [1]

Summary of Key Points Core Viewpoint - On October 28, a total of 35 stocks were involved with institutional investors, with 16 stocks showing net buying and 19 stocks showing net selling. Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Jingwang Electronics: Net buying amount of 322.31 million yuan, with a price increase of 10.00% [1][2] - Hengbao Co., Ltd.: Net buying amount of 192.52 million yuan, with a price increase of 3.53% [1][2] - Yunhan Chip City: Net buying amount of 146.44 million yuan, with a price decrease of 7.29% [1][2] Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - Shengyi Electronics: Net selling amount of 392.35 million yuan, with a price decrease of 8.54% [1][4] - Founder Technology: Net selling amount of 188.58 million yuan, with a price increase of 10.01% [1][3] - Zhongtung High-tech: Net selling amount of 104.60 million yuan, with a price increase of 10.02% [1][3]

Group 1 - The core viewpoint of the news is the performance of stocks on the institutional leaderboard, highlighting significant net purchases and sales by institutions [1][2]. - A total of 30 stocks were listed on the institutional leaderboard, with 13 showing net purchases and 17 showing net sales [1]. - The top three stocks with the highest net purchases by institutions were Jingwang Electronics (322 million), Hengbao Co., Ltd. (193 million), and Yunhan Chip City (146 million) [1]. Group 2 - Hengbao Co., Ltd. saw a net purchase of 398 million from three institutions, indicating strong institutional interest [2]. - The company has successfully commercialized its quantum SIM products and completed the development and pilot testing of the integration of anti-quantum encryption algorithms with national encryption algorithms [2]. - The news also references a significant policy announcement regarding cross-strait economic cooperation, which may impact related industries [2].

Core Viewpoint - The article highlights the trading activities and capital flows in the stock market, focusing on the performance of specific stocks, sectors, and ETFs, indicating potential investment opportunities and trends in the market [1][2][4]. Trading Volume Summary - The total trading volume for the Shanghai-Hong Kong Stock Connect reached 237.13 billion, with Industrial Fulian and CATL leading in trading volume for Shanghai and Shenzhen respectively [1][2]. - The top ten stocks by trading volume in the Shanghai Stock Connect included Industrial Fulian (3.065 billion), Cambricon (1.923 billion), and Hengrui Medicine (1.801 billion) [3]. - In the Shenzhen Stock Connect, the top stocks were CATL (4.321 billion), Zhongji Xuchuang (4.190 billion), and Xinyi Technology (3.202 billion) [3]. Sector Performance - The defense and military sector saw the highest net inflow of capital, amounting to 2.081 billion, with a net inflow rate of 2.44% [5]. - Other sectors with notable inflows included shipping and port (0.179 billion) and publishing (0.171 billion) [5]. - Conversely, the electronics sector experienced the largest net outflow of capital, totaling -15.239 billion, with a net outflow rate of -3.42% [6][7]. ETF Trading Activity - The top ETF by trading volume was the Hong Kong Securities ETF, with a trading amount of 18.2634 billion, followed by the Gold ETF at 9.4333 billion [12]. - The Gold Fund ETF (518800) saw a remarkable increase in trading volume, with a growth rate of 198% compared to the previous trading day [13]. Stock Market Dynamics - Notable stock movements included Zhongtung High-tech, which received significant buying from two institutional investors totaling 1.03 billion and 0.8871 billion [14][18]. - Hengrui Medicine faced selling pressure, with net outflows totaling -1.095 billion from institutional investors [9][14]. - The article also noted the active participation of retail investors, particularly in stocks like Zhongtung High-tech and Hengrui Medicine, indicating a mixed sentiment in the market [18].

Core Viewpoint - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 237.13 billion, with Industrial Fulian and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1][2]. Trading Volume Summary - The total trading amount for the Shanghai Stock Connect was 117.00 billion, while the Shenzhen Stock Connect totaled 120.13 billion [2]. - The top traded stocks in the Shanghai Stock Connect included Industrial Fulian (3.065 billion), Cambricon (1.923 billion), and Ruis Pharmaceutical (1.801 billion) [3]. - In the Shenzhen Stock Connect, CATL led with 4.321 billion, followed by Zhongji Xuchuang (4.190 billion) and Xinyi Technology (3.202 billion) [3]. Sector Performance - The defense and military sector saw the highest net inflow of funds, amounting to 2.081 billion, with a net inflow rate of 2.44% [5]. - Other sectors with notable inflows included shipping and port (0.179 billion) and publishing (0.171 billion) [5]. - Conversely, the electronics sector experienced the largest net outflow, totaling -15.239 billion, with a net outflow rate of -3.42% [6]. ETF Trading Summary - The top ETF by trading volume was the Hong Kong Securities ETF, with a trading amount of 18.2634 billion, followed by the Gold ETF at 9.4333 billion [9][10]. - The Gold Fund ETF saw a remarkable increase in trading volume, with a growth rate of 198% compared to the previous trading day [11]. Futures Positioning - In the futures market, both long and short positions in the main contracts (IH, IF, IC, IM) saw a reduction, with the IC and IM contracts experiencing a greater decrease in short positions [12]. Stock Market Activity - Notable institutional buying included Hengbao Co., which received 193 million from four institutions, while Zhongtung High-tech saw significant selling, with 174 million sold by one institution [13][14]. - The trading activity of retail investors was highlighted by significant purchases in Zhongtung High-tech, totaling 1.03 billion from two major retail investors [15].

Summary of Key Points Core Viewpoint - Hengbao Co., Ltd. (002104.SZ) experienced a stock price increase of 3.53% with a turnover rate of 32.32% and a transaction volume of 4.519 billion yuan on October 28 [1]. Trading Activity - The net selling by the Northbound trading (深股通) amounted to 104 million yuan, with purchases of 72.7 million yuan and sales of 177 million yuan [1]. - Institutional investors bought a total of 433 million yuan and sold 240 million yuan, resulting in a net purchase of 193 million yuan [1]. - Notable retail investors included "Zhongshan East Road," which ranked fourth in selling with a net sell of 83.09 million yuan, and "Quantitative Trading," which ranked fifth with a net sell of 80.47 million yuan [1]. Top Trading Seats - The top five buying seats accounted for a total purchase of 506.7 million yuan, representing 11.21% of total trading volume, while total sales reached 707.19 million yuan, accounting for 15.65% of total trading volume, resulting in a net sell of 200.5 million yuan [1].

Market Performance - The A-share market showed strength with the three major indices rising, as the ChiNext Index increased by over 1%, the Shanghai Composite Index rose by 0.21%, and the Shenzhen Component Index gained 0.52% [2] Quantum Technology Sector - The quantum technology concept was active, with companies like Geer Software achieving a 10% increase, Dahua Intelligent rising by 9.98%, Yongding Co. up by 7.59%, and Western Superconducting gaining 7.40% [4][5] - Beijing Boson Quantum Technology will provide top-tier quantum combination optimization algorithm solutions and stable quantum computing power services for the "Libra AI" quantum computing project of China Merchants Bank, utilizing a self-developed 1000-qubit coherent optical quantum computer [4] Individual Stock Highlights - Industrial Fulian (601138) saw a rapid increase, rising by 3.06% during the session, with a total market capitalization reaching 1.5 trillion yuan [5]