Core Viewpoint - Guoquan Securities maintains an "outperform" rating for Guoquan (02517), projecting significant revenue and profit growth from 2025 to 2027, driven by its franchise model and supply chain efficiency improvements [1][2] Group 1: Financial Projections - Expected total revenue for 2025-2027 is 7.33 billion, 8.44 billion, and 9.59 billion yuan, representing year-on-year growth of 13.3%, 15.1%, and 13.6% respectively [1] - Projected net profit attributable to shareholders for the same period is 410 million, 490 million, and 560 million yuan, with year-on-year growth of 78.9%, 19.4%, and 13.7% [1] - Earnings per share (EPS) are forecasted at 0.15, 0.18, and 0.20 yuan, with a target price range of 4.03 to 4.51 HKD [1] Group 2: Business Model and Operations - The company has established a "single product single factory" model, with 7 self-built factories covering categories such as condiments and seafood, achieving a production capacity of 25,000 tons in 2022 [1] - In 2024, the acquisition of Huading Cold Chain will enhance the national cold chain network, covering 290 cities [1] - The company is focused on refined operations and improving multi-store franchisee performance, with stores widely distributed in lower-tier cities [1] Group 3: Market Expansion and Efficiency - Based on population density calculations, the total number of stores is expected to reach 19,000, with growth primarily from lower-tier markets [2] - Single-store efficiency is improving, with revenue recovery driven by popular products like the free-choice tripe set, and the unmanned retail model has been implemented in 2,000 stores to extend operating hours [2] - Capital expenditure has decreased from 250 million yuan in 2022 to 150 million yuan in 2024, with scale effects expected to reduce costs and improve net profit margins [2]

Core Viewpoint - The report from Guosen Securities expresses optimism about the operational resilience and long-term cash returns of Tabo (06110), highlighting a narrowing decline in retail sales and stable gross margins despite a challenging retail environment [1] Group 1: Financial Performance - In the first half of the 2026 fiscal year, Tabo's revenue decreased by 5.8% year-on-year to 12.3 billion, with retail channel revenue at 10.6 billion (down 3.0%) and wholesale channel revenue at 1.62 billion (down 20.3%) [1] - The main brands, Nike and Adidas, generated 10.81 billion in revenue, down 4.8%, while other brands saw a 12.2% decline to 1.41 billion [1] - Net profit attributable to shareholders fell by 9.8% to 790 million, with a slight decrease in gross margin to 41.0% and a net profit margin of 6.4% [1] Group 2: Cash Flow and Dividends - Operating cash flow decreased by 48.2% year-on-year to 1.35 billion, with a net cash ratio of 1.7 [1] - The interim dividend payout ratio was 102.2%, with a dividend of 0.13 per share [1] Group 3: Store and Membership Strategy - As of August 2025, the number of direct-operated stores decreased by 1,125 to 4,688 (down 19.4%), while total sales area declined by 14.1% [2] - The cumulative user base reached 89.1 million, with membership contributing 92.9% of sales, and high-value members accounting for nearly 35% of sales [2] Group 4: Market Position and Growth Strategy - The company is strategically enhancing its presence in the running and outdoor segments, partnering with high-end brands and opening specialized stores [2] - Online retail business experienced double-digit growth, with significant contributions from content e-commerce and private domain operations [2]

Core Viewpoint - Guosen Securities has recently increased its registered capital from approximately 9.61 billion RMB to about 10.24 billion RMB, marking a growth of approximately 6.5%. Additionally, several executive changes have occurred within the company [1]. Company Information - Guosen Securities Co., Ltd. was established in June 1994, with Zhang Nashan as the legal representative. The company's business scope includes securities brokerage, investment consulting, financial advisory related to securities transactions, underwriting, proprietary trading, and margin financing [1]. - The company is jointly held by Shenzhen Investment Holdings Co., Ltd., China Resources Shenguotou Trust Co., Ltd., and Yunnan Hehe (Group) Co., Ltd. [1][2]. Shareholder Structure - Major shareholders include: - Shenzhen Investment Holdings Co., Ltd. with a holding of 31.47% - China Resources Shenguotou Trust Co., Ltd. with a holding of 20.87% - Yunnan Hehe (Group) Co., Ltd. with a holding of 15.74% - National Social Security Fund Council with a holding of 4.46% - Shenzhen Capital Operation Group Co., Ltd. with a holding of 3.4% [3][4]. Recent Changes - The recent business registration change reflects an increase in registered capital and a shift in executive leadership, indicating potential strategic adjustments within the company [1][4].

Core Viewpoint - The Shenzhen state-owned enterprise reform concept index declined by 0.62%, ranking among the top declines in concept sectors, with notable declines in stocks such as Jian Kexuan, Shen Zhenye A, and Shen Saige A [1] Market Performance - The storage chip sector led the gains with an increase of 3.49%, while the state-owned enterprise reform sector experienced a decline of 0.62% [1] - Among the stocks in the Shenzhen state-owned enterprise reform sector, 11 stocks saw price increases, with Yi Yatong, Agricultural Products, and Lihe Science and Technology rising by 3.12%, 2.93%, and 2.41% respectively [1] Capital Flow - The Shenzhen state-owned enterprise reform sector saw a net inflow of 152 million yuan, with 18 stocks experiencing net outflows [1] - The stock with the highest net outflow was Shen Zhenye A, with a net outflow of 96.96 million yuan, followed by Shen Fangzhi A and Te Fa Service with net outflows of 26.48 million yuan and 25.63 million yuan respectively [1] - The stocks with the highest net inflows included Guo Xin Securities, Shen Saige, and Shenzhen Energy, with net inflows of 196 million yuan, 51.81 million yuan, and 43.13 million yuan respectively [1] Notable Stock Movements - Shen Zhenye A experienced a significant decline of 5.27% with a turnover rate of 8.21% and a net outflow of 96.96 million yuan [2] - Yi Yatong and Agricultural Products saw increases of 3.12% and 2.93% respectively, with net inflows of 33.28 million yuan and 31.37 million yuan [2] - Guo Xin Securities had a net inflow of 195.95 million yuan, reflecting strong investor interest [2]

Market Performance - On October 27, the securities sector rose by 1.17%, with Dongxing Securities leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - Dongxing Securities (601198) closed at 12.74, up 6.61% with a trading volume of 1.86 million shares and a turnover of 2.356 billion [1] - Xiangcai Shares (600095) closed at 13.12, up 5.55% with a trading volume of 1.6562 million shares and a turnover of 2.193 billion [1] - Other notable performers include: - Industrial Securities (601377) at 6.74, up 3.06% [1] - Huatai Securities (601688) at 22.45, up 2.98% [1] - XD Xinda Securities (601059) at 20.03, up 2.72% [1] Capital Flow Analysis - The securities sector experienced a net outflow of 1.848 billion from institutional investors, while retail investors saw a net inflow of 0.886 billion [2] - Notable capital flows include: - Huatai Securities (601688) with a net inflow of 0.323 billion from institutional investors [3] - Guangfa Securities (000776) with a net inflow of 0.275 billion from institutional investors [3] - Xiangxi Shares (600095) with a net inflow of 0.241 billion from institutional investors [3]

Core Viewpoint - The report from Guosen Securities expresses optimism about the operational resilience and long-term cash returns of Tmall (06110), highlighting a narrowing decline in retail and stable gross margins despite a challenging retail environment [1] Financial Performance - Revenue for the first half of the 2026 fiscal year decreased by 5.8% year-on-year to 12.3 billion, with retail channel revenue at 10.6 billion (down 3.0%) and wholesale channel revenue at 1.62 billion (down 20.3%) [1] - Main brand revenues (Nike, Adidas) fell by 4.8% to 10.81 billion, while other brands saw a 12.2% decline to 1.41 billion [1] - Net profit attributable to shareholders dropped by 9.8% to 790 million, with a slight decrease in gross margin by 0.1 percentage points to 41.0% [1] - Operating cash flow net amount decreased by 48.2% to 1.35 billion, with a net cash ratio of 1.7 [1] Store and Membership Strategy - As of August 2025, the number of direct-operated stores decreased by 1,125 to 4,688 (down 19.4%), while total sales area declined by 14.1% [2] - The cumulative user base reached 89.1 million, with membership contributing 92.9% of sales; high-value members accounted for nearly 35% of sales [2] - Online retail business experienced double-digit growth, with significant contributions from content e-commerce and private domain operations [2] Sales Trends - In the second quarter (June to August 2025), total sales for retail and wholesale businesses saw a high single-digit decline, with direct-operated store area decreasing by 3.3% quarter-on-quarter and 14.1% year-on-year [3] - Management indicated expectations for net profit to remain flat for the 2026 fiscal year, with guidance for improved net margins [3]

Group 1 - The core viewpoint of the report is that Guosen Securities maintains an "outperform" rating for China Nonferrous Mining (01258), projecting revenue growth for 2025-2027 with expected revenues of $3.632 billion, $4.730 billion, and $4.950 billion, reflecting year-on-year growth rates of -4.8%, 30.2%, and 4.7% respectively [1] - The projected net profit attributable to shareholders for the same period is $480 million, $518 million, and $631 million, with year-on-year growth rates of 20.5%, 7.7%, and 21.9% respectively [1] - The diluted EPS is expected to be $0.12, $0.13, and $0.16, with current price-to-earnings ratios of 14.7, 13.7, and 11.2 times [1] Group 2 - In the third quarter, the company reported a net profit attributable to shareholders of approximately $35.6 million, representing a year-on-year increase of 13.38%, with quarterly profits of approximately $12.3 million, $14.0 million, and $9.3 million for Q1, Q2, and Q3 respectively, showing a quarter-on-quarter decrease of 33.57% in Q3 [2] - The company produced approximately 54,200 tons of crude copper and anode copper from its own mines, a year-on-year decrease of about 6%, while the production of cathode copper remained stable at approximately 63,900 tons [2] - The total copper production from the company's own mines for the first three quarters was approximately 118,100 tons, reflecting a year-on-year decrease of about 3% [2] - The company announced in June that it would acquire 10.5% of the issued share capital of SM Minerals through a share subscription, with the funds primarily allocated for technical exploration and development of the Bonkara mining project [2] - The Bonkara North mining rights hold approximately 1.5 million tons of copper metal, providing sufficient resources for large-scale mining operations [2]

Group 1 - The core viewpoint of the report is that Guosen Securities maintains an "outperform" rating for China Nonferrous Mining (01258), projecting revenue growth from 2025 to 2027 with expected revenues of $36.32 billion, $47.30 billion, and $49.50 billion, reflecting year-on-year growth rates of -4.8%, 30.2%, and 4.7% respectively [1] - The projected net profit attributable to shareholders for the same period is $4.80 billion, $5.18 billion, and $6.31 billion, with year-on-year growth rates of 20.5%, 7.7%, and 21.9% respectively [1] - The diluted EPS is expected to be $0.12, $0.13, and $0.16, with current stock prices corresponding to PE ratios of 14.7, 13.7, and 11.2 times [1] Group 2 - The company reported a net profit attributable to shareholders of approximately $3.56 billion for the first three quarters, representing a year-on-year increase of 13.38%, with quarterly profits of approximately $1.23 billion, $1.40 billion, and $0.93 billion for Q1, Q2, and Q3 respectively, showing a quarter-on-quarter decrease of 33.57% in Q3 [2] - The production of copper from the company's own mines was approximately 54,200 tons for crude copper and anode copper, a year-on-year decrease of about 6%, while the production of cathode copper was approximately 63,900 tons, remaining stable year-on-year [2] - The total copper production from the company's own mines for the first three quarters was approximately 118,100 tons, reflecting a year-on-year decrease of about 3% [2] - The company announced in June that it would acquire 10.5% of the issued share capital of SMMinerals through a share subscription, with the subscription price mainly allocated for technical exploration and development of the Bonkara mining project [2] - The Bonkara North mining rights owned by SMMinerals have an estimated copper metal reserve of approximately 1.5 million tons, providing sufficient resources for large-scale mining operations [2]

Core Viewpoint - The report from Guosen Securities indicates that the implementation of the 2026 refrigerant quota reduction for second-generation refrigerants and the continuation of the third-generation refrigerant quota system will maintain a tight supply-demand balance for mainstream refrigerants like R32 and R134a, with significant long-term price upside potential [1][2]. Regulatory Framework - The Ministry of Ecology and Environment has issued the quota setting and distribution plan for 2026, emphasizing strict compliance with the annual phase-out tasks for second-generation refrigerants and making slight adjustments to the third-generation refrigerant quotas, increasing the inter-species adjustment limit from 10% to 30% [1][3]. Production Quotas - For HCFCs, the production quota for 2026 is set at 151,400 tons, with a reduction of 71.5% and 76.1% from baseline values for production and usage, respectively. The R22 production quota will see a year-on-year reduction of 3,000 tons, which is a decrease of 2.01% [3][4]. Market Dynamics - R22 prices have stabilized after a decline, while R32 and R134a continue to show strong market conditions. The average price of R22 fell to 34,100 CNY/ton in Q3 2025, while R32's average price rose to 59,000 CNY/ton, reflecting a strong demand [5]. Investment Opportunities - Companies with complete industrial chains, robust infrastructure, leading refrigerant quotas, and advanced technology in fluorochemical production are recommended for investment. Notable companies include Juhua Co., Ltd. (600610.SH), Dongyue Group (00189), and Sanmei Co., Ltd. (603379.SH) [6].

Core Viewpoint - The securities sector experienced significant activity on October 27, with notable stock price increases for several companies, indicating a positive market sentiment in this industry [1]. Group 1: Stock Performance - Dongxing Securities saw a rise of over 8%, peaking at more than 9% during the trading session [1]. - Xiangcai Securities increased by over 6% [1]. - Other securities firms such as Industrial Securities, Huatai Securities, GF Securities, and Xinda Securities also reported notable gains [1]. - The current prices and percentage changes for selected securities are as follows: - Dongxing Securities: 12.99, up 8.70% - Xiangcai Securities: 13.23, up 6.44% - Industrial Securities: 6.80, up 3.98% - Huatai Securities: 22.39, up 2.71% - GF Securities: 23.49, up 2.31% [2]. Group 2: Trading Volume - Citic Securities experienced a 1% increase in stock price, with trading volume exceeding 10 billion yuan [3].