Core Viewpoint - The investment opportunities in the liquor sector are currently characterized by market divergence, with expectations of a significant decline in performance for liquor companies in Q3 2025, while both valuation and holdings are at low levels, and positive factors on both supply and demand sides are gradually increasing [1] Group 1: Market Dynamics - The industry demand is expected to recover on a month-on-month basis, particularly during the dual festivals, leading to a more optimistic market outlook regarding performance and price expectations, which will likely result in valuation recovery as demand improves [1] - The first phase of recovery is driven by dividend yield pricing, while the second phase will see a return to long-term confidence in liquor assets as supply-demand relationships improve and performance indicators are realized [1] Group 2: Historical Performance Analysis - Historical data indicates that the majority of liquor companies confirmed their stock price bottoms between Q4 2013 and Q1 2014, despite a continued decline in performance and market conditions [2] - The stock price performance remained relatively stable after the third quarter of 2013, with most companies generating absolute returns within one month post earnings report, attributed to the market's sufficient digestion of performance decline expectations [2] Group 3: Business Strategies of Liquor Companies - Liquor companies are leveraging channels to amplify brand and product advantages, signaling changes in supply-side dynamics during the adjustment phase [3] - High-end liquor brands are focusing on maintaining brand strength, with companies like Moutai and Wuliangye adapting their strategies to enhance channel management and product offerings [3] - Regional leaders are concentrating on their base markets while expanding into lower-tier markets, with companies like Yanghe and Gujing enhancing their presence in these areas [3]

Core Points - The company completed the registration change and company charter filing as of October 24, 2025, following the approval of amendments to the company charter at the second extraordinary general meeting of shareholders held on September 15, 2025 [1][2] - The registered capital of the company increased from RMB 9,612,429,377 to RMB 10,241,743,060 [1] Summary by Sections - **Company Charter Amendments** - The company held a second extraordinary general meeting on September 15, 2025, where the proposal to amend the company charter and its attachments was approved [1] - The amendments included changes to the registered capital and other relevant provisions [1] - **Completion of Registration** - On October 24, 2025, the company received a registration notice from the Shenzhen Market Supervision Administration confirming the completion of the business registration change and company charter filing [1] - The new registered capital is now RMB 10,241,743,060, reflecting an increase of RMB 629,313,683 [1]

Group 1 - The announcement confirms that the quarterly reports of various asset management plans under Guosen Securities Asset Management Co., Ltd. are free from false records, misleading statements, or significant omissions, and the board of directors takes responsibility for the authenticity, accuracy, and completeness of the content [1] - The full reports for the Guosen Cash Increase Money Market Fund, Guosen Antai Short and Medium-term Bond Fund, Guosen Ruifeng Bond Fund, and Guosen Classic Three-Month Holding Period Mixed Fund of Funds (FOF) will be disclosed on the company's website and the China Securities Regulatory Commission's electronic disclosure website on October 28, 2025 [1] - The fund manager commits to managing and utilizing fund assets with honesty and diligence but does not guarantee profits or minimum returns, urging investors to understand the risk-return characteristics of the funds before making investment decisions [1] Group 2 - The term "fund" refers to the securities company large collective asset management products that have been modified in accordance with the operational guidelines of the "Guiding Opinions on Regulating Financial Institutions' Asset Management Business" [2] Group 3 - This announcement is officially issued by Guosen Securities Asset Management Co., Ltd. on October 28, 2025 [3]

Core Viewpoint - The media sector has shown a notable performance this week, ranking 7th among all sectors in terms of price changes, with a 4.20% increase, outperforming the CSI 300 but underperforming the ChiNext Index [3]. Group 1: Industry Performance - The media industry increased by 4.20% during the week of October 20-24, 2023, outperforming the CSI 300's 3.24% but underperforming the ChiNext Index's 8.05% [3]. - The top gainers in the media sector included Rongxin Culture, Youzu Interactive, Haikan Co., and Jiayun Technology, while the biggest losers were Vision China, Tianxiaxiu, Xinghui Entertainment, and Gehua Cable [3]. Group 2: Key Events and Innovations - Significant events include the launch of OpenAI and Oracle's $15 billion Lighthouse Park, expected to be completed by 2028 [3]. - The introduction of the MoGA long video generation model by the University of Science and Technology of China and ByteDance, capable of producing high-quality videos with a resolution of 480p at 24 frames per second [3]. - ByteDance's Seed team has launched the 3D generation model Seed3D1.0, which can create high-quality simulation-level 3D models from a single image [3]. - Bilibili's "Escape from Duckkov" achieved over one million sales in its first week [3]. Group 3: Investment Recommendations - The company maintains a positive outlook on the gaming sector, IP toys, and the potential for policy shifts in the film industry, recommending stocks such as Giant Network, Kaiying Network, and Gigabit [5]. - For IP toys, Pop Mart is highlighted as a key recommendation [5]. - The media sector is advised to monitor potential economic recovery, with a focus on companies like Focus Media [5]. - The shift in content policies and AI application opportunities are emphasized, recommending platforms like Mango TV and Bilibili, as well as content providers such as Light Media and Huace Film [5].

Core Viewpoint - The report by Guosen Securities highlights an extreme divergence between "old" and "new" assets in the market, emphasizing that high growth does not necessarily equate to high investment returns, and that finding fundamentally sound valuation opportunities can lead to significant returns [1][2]. Group 1: Performance Divergence - Since 2025, "small new stocks" have significantly outperformed "old stocks," with the "small new stock" portfolio rising by 183.8% compared to just 3.9% for "old stocks" [2]. - From April 7, 2025, "small new stocks" surged over 200%, while "old stocks" only increased by 13.6% [2]. - The "small new ETF" has risen by 53.1% since 2025, while the "old ETF" has only seen a 13.1% increase [2]. Group 2: Valuation and Market Activity - As of October 24, the PE ratio for "small new" sectors like electronics and computing is at the 99th percentile since 2019, while "old" sectors like real estate and liquor are at the 56th percentile [8]. - The trading volume for "small new" sectors has increased to 33%, while "old" sectors have dropped to below 2.8%, indicating a significant divergence in market activity [8]. Group 3: Investment Strategy - The report stresses the importance of not only selecting high-quality stocks ("buy good") but also ensuring they are purchased at favorable valuations ("buy well") to achieve high returns [11]. - Historical examples illustrate that higher growth does not guarantee better returns, as seen in the comparison between IBM and New Jersey Standard Oil from 1950 to 2003 [11][12]. - The banking sector has shown resilience, with a decline of only 3.9% compared to a 31.1% drop in the overall market, highlighting the potential for finding undervalued stocks with solid fundamentals [15]. Group 4: Market Trends and Seasonal Effects - The current market is characterized by a "small new stock" era, but there are seasonal opportunities for "old stocks," particularly in real estate, liquor, and brokerage sectors [20][29]. - Historical bull markets have shown that each cycle has a leading sector that aligns with prevailing economic trends, with AI and technology being the current focus [21]. - Seasonal effects suggest that value sectors may outperform in the fourth quarter, with historical data indicating a 64% success rate for value over growth during this period [23].

证券研究报告 | 2025年10月28日 热点快评 智绘新篇：AI 大模型重塑金融业态 策略研究·策略解读 | | 王开 | 021-60933132 | wangkai8@guosen.com.cn | 执证编码：S0980521030001 | | --- | --- | --- | --- | --- | | 证券分析师： | | | | | 事项： 当前，人工智能大模型技术正经历跨越式发展，其强大的自然语言理解与生成能力已深度渗透至金融行业 的各个核心环节。基于 AI 技术快速演进、行业积极拥抱变革的时代背景，相关案例与功能迭代展现了 AI 大模型驱动金融业向智能化、个性化迈进的显著趋势。 解读： 证券研究报告 金融垂类大模型以深度行业 Know-How 与业务流程嵌入能力为核心，专为金融场景构建从投研、风控到运 营的全链路解决方案。金融垂类大模型凭借其专为金融场景设计的底层架构与行业特定数据训练，在业务 精准度和流程嵌入深度上展现出显著优势。其共性在于深度融合金融业务逻辑，在投研分析、合规风控、 量化交易等核心场景提供高精度专业解决方案；特性上则呈现高度垂直细分：BloombergGPT 以金融市场 ...

Group 1 - Guosen Securities announced that there was a withdrawal of investment before the end of the subscription for "25 Chenzhou Investment MTN001" [1] - Dongwu Securities withdrew a total of 10 million yuan from the subscription, with a subscription rate of 2.50% [1] - The withdrawal occurred at 17:45:16, just one hour before the subscription ended [1]

Group 1 - The core point of the article is that Guosen Securities has completed the registration of changes in its business license and the filing of its company articles of association, with an increase in registered capital from 9.612 billion to 10.242 billion yuan [1] Group 2 - The announcement was made on October 27, indicating that the changes were officially completed on October 24 [1] - The increase in registered capital reflects the company's growth and potential for future investments [1]

证券代码：002736 证券简称：国信证券 公告编号：2025-082 国信证券股份有限公司董事会 国信证券股份有限公司 2025 年 10 月 28 日 关于完成工商变更登记及公司章程备案的公告 2025 年 10 月 24 日，公司收到深圳市市场监督管理局出具的《登记通知书》 （22512001364 号），公司工商变更登记及公司章程备案等手续已完成。公司注 册资本由人民币 9,612,429,377 元变更为人民币 10,241,743,060 元。 特此公告。 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。 国信证券股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开 2025 年第二次临时股东大会审议通过了《关于修订公司章程及其附件的议案》，同意 公司对《国信证券股份有限公司章程》（以下简称"公司章程"）及其附件的有关 条款进行修订，包括变更公司注册资本等事项。详见 2025 年 8 月 30 日、9 月 16 日刊登于深圳证券交易所网站（http://www.szse.cn）和指定媒体的《关于修 订公司章程及其附件的公告》《202 ...

Group 1 - The core point of the article is that Guosen Securities has undergone a change in its registered capital and management personnel [1] - The registered capital of Guosen Securities increased from approximately 9.61 billion to about 10.24 billion [1] - Multiple senior executives at Guosen Securities have also changed as part of the recent corporate adjustments [1]