Core Viewpoint - The report from Guosheng Securities maintains a "buy" rating for Tabo (06110), highlighting its position as a leading sports retail platform in China, despite short-term fluctuations in its main brand Nike, while Adidas shows strong growth momentum [1] Business Overview - Tabo is the largest sports retail and service platform in China, with partnerships including Nike, Adidas, Puma, Converse, and Vans. The company anticipates a revenue decline of 7% and 6% year-on-year for FY2025 and FY2026H1, respectively, reaching 27 billion and 12.3 billion RMB. Net profit attributable to shareholders is expected to drop by 42% and 10% to 1.29 billion and 790 million RMB for the same periods [1][2] Brand Performance - Revenue from main brands decreased by 4.8% to 10.8 billion RMB in FY2026H1, accounting for 88% of total revenue. Adidas has consistently outperformed expectations, with a 8% year-on-year revenue growth in Q3 2025 on a currency-neutral basis, while Nike's performance has been more volatile [2] Retail Operations - Tabo has optimized its offline stores based on brand characteristics, with 1,056 self-operated stores over 300 square meters as of FY2023, representing 16.1% of total stores. The company is shifting its "big store strategy" to a more tailored approach to enhance store efficiency. The company has also expanded its private domain and live e-commerce initiatives, with over 3,600 mini-program stores by FY2026H1, and e-commerce sales expected to account for around 40% of total sales [3] Membership and Digitalization - Tabo has achieved a cumulative registered membership of 89.1 million by FY2025H1, with ongoing efforts to enhance user engagement and conversion rates. The company's digital transformation strategy, initiated in 2019, focuses on empowering frontline employees, optimizing store operations, and improving product management [3] Mid-term Trends - The release schedule for new Nike products is expected to improve in FY2027, potentially benefiting Tabo's revenue and profit margins. Adidas continues to perform well, while Nike's performance in the Greater China region is recovering. The company anticipates that FY2026 profits will remain stable, with a positive outlook for FY2027 as new Nike products are launched [4] Profit Forecast and Investment Recommendation - Since its IPO in 2019, Tabo has maintained a cumulative dividend payout ratio of 107.3%. As of FY2026H1, the company holds 2.54 billion RMB in cash and cash equivalents. The company is projected to achieve net profits of 1.297 billion, 1.481 billion, and 1.666 billion RMB for FY2026 to FY2028, with a current price-to-earnings ratio of 14.6 times and a dividend yield of 7%. The "buy" rating is maintained [5]

Core Viewpoint - Guosheng Securities initiates a "Buy" rating for Beike-W (02423), highlighting its position as a leading residential service platform in China, supported by a unique ACN cooperation network and a vast "property dictionary" database, which creates strong competitive barriers [1] Group 1: Performance Overview - Beike, as the first stock of China's residential service platform, has a diverse business model including existing home transactions, new home transactions, home decoration, rental services, and emerging businesses, with projected revenue contributions in 2024 being 30%, 36%, 16%, 15%, and 3% respectively [1] - The company has achieved a total transaction volume of 3.3 trillion yuan and revenue of 93.5 billion yuan in 2024, with a three-year CAGR of 24% and adjusted net profits of 2.9 billion, 9.8 billion, and 7.2 billion yuan from 2022 to 2024 [1] Group 2: Competitive Barriers - The construction of the ACN network and the property dictionary has redefined the industry ecosystem, creating competitive barriers that are difficult to replicate due to the significant time and capital investment required [2] - The property dictionary, which has recorded over 289 million real housing units by 2024, serves as a foundational data asset for the company, enhancing its platform capabilities [2] Group 3: Market Performance - In the existing home transaction service, the company's GTV for 2023, 2024, and the first half of 2025 is projected to be 2 trillion, 2.2 trillion, and 1.2 trillion yuan respectively, with year-on-year growth rates of 28.6%, 10.8%, and 13.7%, achieving a market share of 31.1% in 2024 [3] - For new home transactions, the GTV is expected to be 1 trillion, 0.97 trillion, and 0.49 trillion yuan for the same periods, with year-on-year growth rates of 6.6%, -3.3%, and 26%, outperforming national residential sales growth rates [3] Group 4: Home Decoration Business - The home decoration business is rapidly expanding, with GTV of 16.9 billion and 7.5 billion yuan for 2024 and the first half of 2025, reflecting year-on-year growth of 27% and 16.5% respectively, and profit margins increasing to 30.7% and 32.3% [4] - The synergy from the real estate transaction business significantly reduces customer acquisition costs, enhancing profitability and positioning the home decoration business as an industry leader [4] Group 5: Investment Recommendations - Projected revenues for 2025, 2026, and 2027 are 94.6 billion, 95.3 billion, and 100.5 billion yuan, with year-on-year growth rates of 1.2%, 0.8%, and 5.5%, while net profits are expected to be 3.71 billion, 5.28 billion, and 6.1 billion yuan, with growth rates of -8.7%, 42.4%, and 15.5% [5] - The target price calculated using the DCF model is 61.3 yuan per share, corresponding to a PE ratio of 40.7 times for 2026, indicating a price upside of 54.5% [6]

Group 1 - The core viewpoint of the news highlights a significant increase in the underwriting amount of technology innovation bonds by securities firms, which grew nearly 58% year-on-year, surpassing 700 billion yuan, indicating strong support from the capital market for technological innovation [1] - In the first three quarters of 2025, the underwriting amount for technology innovation bonds reached over 700 billion yuan, reflecting a robust response from securities firms to the financing needs of key sectors in the real economy [1] - The underwriting amount for private enterprise bonds also showed impressive growth, reaching 391.36 billion yuan, a year-on-year increase of 43.46%, further emphasizing the strong performance of these two segments [1] Group 2 - The change in the actual controller of Guosheng Securities to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission marks a strengthening of its state-owned background, potentially providing new momentum for resource integration and business expansion [2][3] - Despite the holding ratio of the controlling shareholder remaining unchanged, the elevation of the actual controller level may enhance market expectations for policy support [3] - The simultaneous reduction plans by the three major shareholders may create short-term market sentiment disturbances, necessitating attention to the pace and purpose of these reductions [3] Group 3 - The total scale of bond ETFs has surged to 710 billion yuan, reflecting a sustained preference among investors for stable assets [4] - The significant expansion of leading products like the Hai Fu Tong Short-term Bond ETF and the Bosera Convertible Bond ETF indicates a growing demand for liquidity and diversified allocation [4] - The rapid growth of bond ETFs is expected to enrich investment tools and support the deepening development of the financial market [4] Group 4 - Vanguard's ETF annual fund inflow is approaching 350 billion USD, breaking the previous record set in 2021, showcasing the deepening trend of passive investment [5][6] - The dominance of ETF giants like Vanguard and BlackRock is solidifying, putting greater competitive pressure on smaller asset management firms [6] - The massive inflow of funds into ETFs may exacerbate liquidity differentiation among index constituent stocks, leading to more pronounced structural market characteristics [6]

Group 1: Change of Actual Controller - The actual controller of Guosheng Securities will change to Jiangxi Provincial State-owned Assets Supervision and Administration Commission (Jiangxi State-owned Assets Commission) from Jiangxi Provincial Department of Transportation [2][4][6] - Before the transfer, Jiangxi Transportation Investment Group held 25.52% of Guosheng Securities directly and 4.06% indirectly, making it the controlling shareholder [4][6] - The transfer is approved by the government and complies with relevant laws and regulations, and it is stated that it will not have a significant impact on the company's governance and operations [8] Group 2: Shareholder Reduction Plans - Three shareholders holding more than 5% of Guosheng Securities announced their plans to reduce their stakes just before the change of actual controller [10][15] - Nanchang Financial Holdings plans to reduce up to 19.35 million shares (1% of total shares), Jiangxi Investment Fund plans to reduce up to 15.82 million shares (0.82%), and Jiangxi Building Materials Group plans to reduce up to 19.35 million shares (1%) [13][14] - The reduction period is set from December 8, 2025, to March 7, 2026, with the reason cited as "self-operating development needs" [13][14] Group 3: Market Reactions and Implications - The simultaneous occurrence of the actual controller change and the reduction plans has drawn market attention, with analysts suggesting that these actions reflect a strategic adjustment within the industry [15][16] - Analysts believe that the changes will enhance the company's governance structure and focus on capital operation efficiency and the preservation and appreciation of state-owned assets [8][16] - The trend of local state-owned assets increasing their presence in the securities industry is seen as part of a broader strategy to enhance regional financial competitiveness and support the local economy [18][19]

Group 1 - The core point of the article is that Guosheng Securities announced the transfer of 90.00% equity held by its controlling shareholder, Jiangxi Jiaotou, to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, changing the actual controller of the company [1] Group 2 - The transfer of equity is approved by the Jiangxi Provincial Government and will be executed by the Jiangxi Provincial Department of Transportation [1]

Core Viewpoint - The actual controller of Guosheng Securities will change to Jiangxi Provincial State-owned Assets Supervision and Administration Commission following a free transfer of shares from its controlling shareholder, Jiangxi Jiaotou [1] Group 1: Share Transfer Details - Guosheng Securities announced that its controlling shareholder, Jiangxi Jiaotou, will transfer 90% of its shares to Jiangxi Provincial State-owned Assets Supervision and Administration Commission without compensation [1] - The transfer has been approved by the Jiangxi Provincial Government and will result in Jiangxi Provincial State-owned Assets Supervision and Administration Commission directly holding the shares [1] Group 2: Ownership Structure - After the transfer, Jiangxi Provincial State-owned Assets Supervision and Administration Commission will hold 90% of Jiangxi Jiaotou's shares, while Jiangxi Jiaotou's ownership stake in Guosheng Securities will remain unchanged [1] - The controlling shareholder of Guosheng Securities will still be Jiangxi Jiaotou, but the actual controller will shift from Jiangxi Provincial Department of Transportation to Jiangxi Provincial State-owned Assets Supervision and Administration Commission [1]

Core Viewpoint - The actual controller of Guosheng Securities will change to Jiangxi Provincial State-owned Assets Supervision and Administration Commission following a free transfer of shares from its controlling shareholder, Jiangxi Jiaotou [2] Group 1: Share Transfer Details - Guosheng Securities announced that its controlling shareholder, Jiangxi Jiaotou, will transfer 90% of its shares to Jiangxi Provincial State-owned Assets Supervision and Administration Commission without compensation [2] - The transfer has been approved by the Jiangxi Provincial Government and will result in Jiangxi Provincial State-owned Assets Supervision and Administration Commission directly holding the shares [2] Group 2: Ownership Structure - After the transfer, Jiangxi Provincial State-owned Assets Supervision and Administration Commission will hold 90% of Jiangxi Jiaotou's shares, while Jiangxi Jiaotou's ownership stake in Guosheng Securities will remain unchanged [2] - The controlling shareholder of Guosheng Securities will still be Jiangxi Jiaotou, but the actual controller will shift from Jiangxi Provincial Department of Transportation to Jiangxi Provincial State-owned Assets Supervision and Administration Commission [2]

11月19日晚间，国盛证券公告称，江西省交通运输厅拟将其持有的江西省交通投资集团有限责任公司（以下简称江西交投）90%股权无偿划转至江西省国 有资产监督管理委员会（以下简称江西省国资委）。 本次划转完成后，国盛证券实际控制人将由江西省交通运输厅变更为江西省国资委，控股股东仍为江西交投。 【导读】实控人变更为江西省国资委 据了解，上述3家股东减持的股份均为2022年协议转让取得的股份。2022年7月，江西交投、江西财投、南昌金控、江西建材和江投资本共计5家江西国企 组成联合体，以88.79亿元协议收购国盛金控9.76亿股股份，占后者总股本的50.43%。 今年10月27日，公司从"国盛金控"更名为"国盛证券"，自此，国盛证券通过母公司吸收合并实现曲线上市，正式成为A股上市券商。 实控人变更为江西省国资委 公告显示，本次划转前，江西交投直接持有公司4.9亿股（占公司总股本的25.52%），通过江西赣粤高速公路股份有限公司间接持有公司7850万股（占公 司总股本的4.06%），为公司控股股东。江西省交通运输厅持有江西交投90.00%股份，为公司的实际控制人。 本次划转完成后，江西省国资委将持有江西交投90%股份，江 ...

Core Viewpoint - The article discusses the accelerated internal integration of local state-owned assets, highlighting the case of Ganyue Expressway (600269) as a recent example of this trend [1][3]. Group 1: Shareholding Changes - On November 19, Ganyue Expressway announced that the Jiangxi Provincial Government plans to transfer 90% of the shares held by the Jiangxi Provincial Department of Transportation in the Jiangxi Provincial Transportation Investment Group to the Jiangxi State-owned Capital Operation Holding Group [1]. - The recent announcement indicates that the transfer of shares will now be made directly to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission (SASAC), changing the actual controller from the Provincial Department of Transportation to SASAC [3]. - Following this transfer, the shareholding ratio of the Jiangxi Provincial Transportation Investment Group in Ganyue Expressway will remain unchanged, with the group still being the controlling shareholder [3]. Group 2: Financial Performance - For the first three quarters of 2025, Ganyue Expressway reported revenue of 4.399 billion yuan, a year-on-year decline of 3.55%, while net profit reached 1.628 billion yuan, reflecting a year-on-year increase of 41.35% [4]. - The net profits for Ganyue Expressway in 2022, 2023, and 2024 were reported as 696 million yuan, 1.177 billion yuan, and 1.279 billion yuan, respectively [4]. Group 3: Market Position - As of November 19, Ganyue Expressway's stock price was 5.36 yuan per share, with a total market capitalization of 12.5 billion yuan [5].

国盛证券（002670）(002670.SZ)发布公告，近日，公司收到控股股东江西交投的《告知函》，经江西 省人民政府同意，江西省交通运输厅拟将其持有的江西交投90.00%股权由无偿划转至江西国控调整为 直接无偿划转至江西省国资委。本次划转完成后公司实际控制人将由江西省交通运输厅变更为江西省国 资委。 ...