广州必贝特医药股份有限公司 首次公开发行股票并在科创板上市 发行结果公告 保荐人（主承销商）：中信证券股份有限公司 联席主承销商：国信证券股份有限公司 广州必贝特医药股份有限公司（以下简称"发行人"）首次公开发行人民币 普通股（A 股）并在科创板上市（以下简称"本次发行"）的申请已经上海证券 交易所（以下简称"上交所"）上市审核委员会审议通过，并已经中国证券监督 管理委员会同意注册（证监许可〔2025〕1645 号）。 发行人的股票简称为"必贝特"，扩位简称为"必贝特"，股票代码为"688759"。 中信证券股份有限公司（以下简称"中信证券"或"保荐人（主承销商）"） 担任本次发行的保荐人（主承销商），国信证券股份有限公司（以下简称"国信 证券"）担任本次发行的联席主承销商（中信证券、国信证券以下合称"联席主 承销商"或"主承销商"）。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、 网下向符合条件的网下投资者询价配售（以下简称"网下发行"）、网上向持有 上海市场非限售 A 股股份和非限售存托凭证市值的社会公众投资者定价发行（以 下简称"网上发行"）相结合的方式进行。 发行人与联席主承销 ...

Core Viewpoint - The recent sharp decline in gold prices, dropping 6.3% and marking the largest single-day drop in 12 years, is attributed to various factors including rumors surrounding the Russia-Ukraine negotiations, easing trade relations, and the reopening of the U.S. government. However, the long-term bullish logic for gold remains intact [1][15]. Market Structure - The current trading structure for gold is notably fragile, primarily driven by investors and speculators rather than central banks. This contrasts with earlier market behavior where central bank purchases provided stability. The absence of central bank involvement in the recent price increase raises concerns about market sustainability [2][3][4]. - The recent surge in gold prices has been accompanied by a significant increase in ETF sizes, which are typically characterized by rapid inflows and outflows, leading to heightened volatility [3][4]. Technical Indicators - Technical analysis indicates that the recent price surge reached a critical threshold, with gold hitting three times the standard deviation upper limit, suggesting a natural correction is due. Historical data shows that similar instances have led to price adjustments [5][7]. - The implied volatility of gold ETFs has surged, which historically signals potential turning points and exhaustion of trends, further indicating an impending sharp correction [7]. Historical Context - Historical analysis reveals that after a nine-week consecutive rise in gold prices, the typical adjustment range has been between 20% to 40%, with maximum declines occurring between 23 to 148 trading days post-peak. This suggests that investors should prepare for potential prolonged adjustments [10][13]. Long-term Outlook - Despite short-term pressures for adjustment, the long-term bullish narrative for gold remains robust, supported by the restructuring of the global monetary credit system, de-dollarization trends, ongoing central bank purchases, and structural supply-demand imbalances [15].

Core Viewpoint - The Shanxi Securities Regulatory Bureau issued a warning letter to Zou Hui, an employee of Guosen Securities, for operating another person's securities account, which violates compliance regulations [1] Summary by Relevant Sections - **Regulatory Action** - The warning letter was issued due to Zou Hui's actions while working at Guosen Securities' Taiyuan Changxing South Street branch [1] - The behavior was found to be in violation of Article 10, Paragraph 2 of the Compliance Management Measures for Securities Companies and Securities Investment Fund Management Companies [1] - As a result, the regulatory authority decided to implement supervisory measures by issuing a warning letter and recording it in the integrity file of the securities and futures market [1]

Core Insights - The article discusses the perspectives of four leading economists on global asset allocation and investment opportunities in China, particularly in the technology sector and gold as a safe-haven asset [2]. Group 1: Economic Perspectives - CICC's chief economist, Peng Wensheng, attributes the strong performance of the A-share market to a decrease in risk premium rather than improvements in corporate earnings, indicating a significant improvement in market expectations since last year [5]. - Guosen Securities' chief economist, Xun Yugen, believes the current bull market began on September 24, 2024, and compares it to the "5.19 Bull Market" of 1999, suggesting that the current market is still in its early stages [7]. - Xun Yugen also emphasizes that the bull market is driven by fundamentals, particularly in the technology sector, and suggests a rotation towards undervalued sectors like real estate and consumer goods [10]. Group 2: Investment Opportunities in China - Morgan Stanley's chief China equity strategist, Wang Ying, notes that global investors have a relatively low allocation to Chinese stocks, indicating a trend towards increasing investment in high-tech sectors such as AI and automation [11]. - Wang Ying forecasts that global GDP growth will slow from 3.0% in 2025 to 2.8% in 2026, with inflation rates expected to remain stable, providing central banks with policy flexibility [14]. Group 3: Global Monetary Policy and Gold - UBS's Hu Yifan highlights the global trend of declining interest rates, which, along with strong corporate earnings and advancements in AI, presents new investment opportunities [16]. - There is a consensus among economists regarding the value of gold in asset allocation, with Wang Ying predicting at least a 5% increase in gold prices due to historical performance during rate-cutting cycles and geopolitical uncertainties [20]. - Hu Yifan supports the view that holding gold is a good strategy for diversifying investments and hedging against risks, especially in light of the recent depreciation of the US dollar [21]. Group 4: Global Market Differentiation - In terms of global stock market allocation, Morgan Stanley suggests an equal-weight strategy but notes significant regional differentiation, favoring the US market for its scale and quality [24]. - The firm recommends focusing on high-quality stocks and cyclical stocks in the US while being cautious about trade uncertainties that could lead to market volatility [24]. - For emerging markets, Morgan Stanley prefers domestically oriented companies and financial stocks, avoiding exporters and semiconductor hardware firms [25].

Core Viewpoint - The current stock market rally began on September 24, 2024, driven by a combination of monetary, real estate, and capital market policies aimed at combating deflation and boosting domestic demand [1] Group 1: Market Conditions - The market has experienced a long adjustment period, with investor sentiment at a low point before the rally commenced [1] - The current rally is supported by proactive fiscal policies and moderately loose monetary policies [1] Group 2: Economic Outlook - The chief economist of Guosen Securities, Xun Yugen, believes that the stock market rally is far from over [1] - There is an indication of improvement in the fundamentals of the A-share market, although it is still in a fragmented state [1] Group 3: Sector Performance - The technology sector is showing strong performance, while some cyclical and traditional consumer industries are lagging [1] - Future macroeconomic policies are expected to further enhance the gradual improvement in fundamentals across various sectors [1]

国信证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券（第四期）在深圳证券交易所上市的公告 （本页以下无正文） (本页无正文,为《国信证券股份有限公司 2025 年面向专业投资者公开发行永 续次级债券（第四期）在深圳证券交易所上市的公告》的盖章页 ) 根据深圳证券交易所债券上市的有关规定，国信证券股份有限公司 2025 年 面向专业投资者公开发行永续次级债券（第四期）符合深圳证券交易所债券上市 条件，将于 2025 年 10 月 23 日起在深圳证券交易所上市，并面向专业投资者中 的机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和 协商成交。债券相关要素如下： | 债券名称 | 国信证券股份有限公司 年面向专业投资者公开发行永续次级 2025 | | --- | --- | | | 债券（第四期） | | 债券简称 | 25 国证 Y4 | | 债券代码 | 524475 | | 信用评级 | AAA/AAA | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） | 30 | | 债券期限 | 本期债券以每 5 个计息年度为 1 个重定价周期。在每个重定 ...

Group 1 - The announcement details the change of fund manager and the participation of certain public funds managed by the company in the offline subscription of Guangzhou Bibete Pharmaceutical Co., Ltd.'s initial public offering (IPO) [1][2] - The IPO price for Bibete is set at RMB 17.78 per share, determined through a comprehensive assessment of the issuer's fundamentals, market conditions, and underwriting risks [1] - The company confirms compliance with relevant regulations and has reported the fund manager change to the China Securities Investment Fund Industry Association and the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission [1] Group 2 - The announcement includes information about the public REITs, specifically the lifting of restrictions on fund shares, with 239,150,000 shares (47.83% of total shares) set to be released from lock-up on October 23, 2025 [4] - Prior to the lifting of restrictions, the fund had 135,850,000 shares (27.17% of total shares) available for trading in the secondary market [4] - After the lifting of restrictions, the total tradable shares will increase to 375,000,000, representing 75.00% of the total fund shares [4] Group 3 - The fund holds two rental housing projects in Shenzhen, with a total of 927 rental units and 15 commercial units, covering a rental area of 65,253.27 square meters [10] - As of June 30, 2025, the overall occupancy rate of the projects is 95.08%, with a rent collection rate of 98.47% [10] - The fund's cumulative distributable amount from September 26, 2024, to June 30, 2025, is reported to be RMB 43,406,468.39 [11] Group 4 - The market price of the fund on October 21, 2025, was RMB 3.529 per share, reflecting a 29.41% increase from the issue price [11] - The predicted distributable amount for 2025 is RMB 55,221,333.85, with different net cash flow distribution rates calculated based on the purchase price [12][13] - The net cash flow distribution rate for an investor buying at the issue price of RMB 2.727 per share is projected at 4.05%, while for a purchase at the market price of RMB 3.529, it is projected at 3.13% [12][13]

Core Points - The Shanxi Securities Regulatory Bureau issued a warning letter to Zou Hui for operating other people's securities accounts while working at Guosen Securities Co., Ltd. [1][2] - This action violated the Compliance Management Measures for Securities Companies and Securities Investment Fund Management Companies, specifically Article 10, Paragraph 2 [1][2] - The regulatory authority decided to impose supervisory measures and record the incident in the securities and futures market integrity file [1][2] Regulatory Actions - Zou Hui is required to take the issue seriously and rectify the problems, submitting a written rectification report within one month of receiving the decision [2] - If Zou Hui disagrees with the supervisory measures, he can apply for administrative reconsideration within 60 days or file a lawsuit within six months [2] - The execution of the supervisory measures will not be suspended during the reconsideration or litigation period [2]

Core Viewpoint - The online platform for the sports and outdoor industry has accelerated growth in Q3, with a divergence in pricing trends, where high-end segments and new IPs coexist with price reductions in classic mass-market products. Brands that can meet new niche demands or lead fashion trends are likely to achieve both sales and profit growth [1] Group 1: Q3 Performance Insights - Q3 showed a recovery in growth with an increase in penetration rates, particularly in footwear, with overall sales value up by 6.8%, sales volume up by 4.4%, and average price up by 2.6%. The outdoor category experienced double-digit growth with sales value up by 13.8%, sales volume up by 9.8%, and average price up by 3.6% [2] - The sports apparel category saw double-digit sales growth, while footwear sales growth turned positive, with running shoes accelerating to high double-digit growth, whereas basketball shoes experienced a larger decline [2] Group 2: Brand Performance - Nike is undergoing significant adjustment pains, with a sales decline of 12.4% year-on-year and a market share drop of 1.9 percentage points to 8.7%. However, its apparel segment saw slight growth, and running shoes grew by 19.3%, while basketball shoes and lifestyle shoes saw declines of 35% and 17%, respectively [3] - Adidas achieved a substantial sales increase of 13% despite a slight decrease in average price, gaining 0.5 percentage points in market share to 8.1%, driven by strong growth in its Trefoil apparel line and double-digit growth in running shoes [3] Group 3: Domestic Brand Dynamics - Anta's running shoe matrix has shown significant effectiveness, with a narrowing decline in lifestyle shoes. Li Ning maintained stable market share, with new products driving average price growth against the trend, and running shoes growing over 30% [4] - Xtep's market share slightly increased, with running shoes growing at 19%, while 361 Degrees also saw a slight market share increase, driven by its professional matrix, although basketball shoes continued to decline [4] Group 4: Market Trends and Recommendations - The overall growth potential in the sports and outdoor sector remains strong, with a clear trend of polarization in market structure. The growth comparison shows that sports apparel outperforms sports shoes, and running shoes outperform other types of sports shoes [5] - Recommended stocks include Li Ning for its strong new product capabilities, Anta for its multi-brand matrix advantage, and Xtep and 361 Degrees for their sustained growth driven by professional running products. Additionally, core retailers benefiting from international brand new product cycles, such as Tmall, and suppliers like Shenzhou International and Huali Group are also suggested for attention [6]

Industry Overview - The consumption policies' impact is gradually weakening, leading to a recovery phase in the restaurant supply chain demand, with positive signals emerging from the supply side, such as frequent mergers and acquisitions among leading companies, which enhance industry concentration [1] - The competition in the industry has not intensified further, and market spending is becoming more rational, indicating a potential improvement in the industry outlook [1] - Historical experience suggests that the fourth quarter will see concentrated macro policies, and any changes in supply and demand could catalyze stock price increases due to low baseline fundamentals and low institutional holdings [1] Market Performance - As of October 17, 2023, the condiment index has decreased by 6.1% since the beginning of 2025, underperforming the CSI 300 index by 24.3 percentage points and the food and beverage sector by 3.5 percentage points [1] - The pre-processed food index has dropped by 6.4%, also underperforming the CSI 300 index by 24.6 percentage points and the food and beverage sector by 3.8 percentage points [1] - Since August, the food and beverage sector has risen by 3.0%, with the condiment sector showing similar trends, primarily driven by large-cap stocks like Haitian Flavoring and Food [1] Key Companies - Haitian Flavoring and Food (603288): Demonstrates self-innovation and highlights its leading advantages [2] - Baba Food (605338): Driven by both store expansion and group meal services, enhancing its operational capabilities [2] - Anjuke Food (603345): Maintains stable core operational capabilities with clear product and channel strategies [2] - Qianwei Central Kitchen (001215): Optimizes channel structure, with new channel potential expected to drive growth [2] - Yihai International: Maintains a solid foundation with related parties and a high dividend rate, with clear new growth points [2]