Market Overview - On October 17, the internet e-commerce sector declined by 3.34%, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Qingmu Technology (301110) closed at 73.25, down 7.76% with a trading volume of 45,400 shares and a transaction value of 342 million [1] - Ruoyuchen (003010) closed at 44.49, down 7.54% with a trading volume of 185,800 shares and a transaction value of 836 million [1] - Kaichun Co. (301001) closed at 29.66, down 4.38% with a trading volume of 18,900 shares and a transaction value of 57.2 million [1] - Other notable declines include JiaoDian Technology (002315) down 4.02% and Guolian Co. (603613) down 3.43% [1] Capital Flow Analysis - The internet e-commerce sector experienced a net outflow of 123 million from main funds, while retail investors saw a net inflow of 124 million [1] - Notable capital flows include: - Xinghui Co. (300464) with a main fund net inflow of 21.66 million and a retail net outflow of 24.54 million [2] - Qingmu Technology (301110) with a main fund net outflow of 1.61 million and a retail net inflow of 12.49 million [2] - ST Tongpu (600365) with a significant main fund net outflow of 3.06 million, but a retail net inflow of 0.85 million [2]

Core Viewpoint - Jihong Co., Ltd. (02603.HK) announced a board meeting scheduled for October 27, 2025, to review and approve the third-quarter results for the nine months ending September 30, 2025, along with addressing other matters if necessary [1] Summary by Categories - **Company Announcement** - The board meeting will focus on the approval of the company's and its subsidiaries' third-quarter performance for the period ending September 30, 2025 [1] - The meeting is set to take place on a Monday, indicating a formal approach to corporate governance [1]

Core Insights - Xiamen Jihong Technology Co., Ltd. focuses on cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG) [1] - The company's revenue composition is 65.45% from e-commerce, 34.49% from packaging, and 0.06% from other businesses [1] Company Overview - Established on December 24, 2003, and listed on July 12, 2016, Jihong operates primarily in Xiamen, Fujian Province [1] - The company has three main business segments: cross-border social e-commerce, paper packaging, and other services including marketing and trade [1] Fund Holdings - Huatai-PB Fund holds a significant position in Jihong, with its Huatai-PB CSI 2000 Index Enhanced A fund owning 224,200 shares, representing 0.79% of the fund's net value [2] - The fund has achieved a year-to-date return of 44.25% and a one-year return of 70.17% [2] Fund Manager Performance - The fund managers have varying tenures and performance metrics, with the best return for the longest-serving manager at 125.07% [3] - The fund's total asset size is approximately 30.93 billion, with significant returns across different time frames [3]

Core Insights - Xiamen aims to create a top-tier private equity fund business environment, expanding its network to attract industrial projects [1][2] - The city has 320 private equity management institutions managing 2018 funds, with a registered fund scale of nearly 550 billion yuan, leading the province in both institution count and fund size [1] - Xiamen is enhancing its private equity ecosystem by transforming funds from mere capital providers to industry enablers, supporting startups to grow into key industry players [2][3] Group 1: Fund Ecosystem Development - Xiamen has established a "pre-meeting consultation" model to improve fund establishment efficiency, completing processes in three working days, which is a national benchmark [2] - The city has developed 12 fund aggregation zones, including Gu Dishi Fund Town and Jinyuan Fund Gathering Area, providing diverse options and quality services for fund management institutions [2] - Regular investment and financing matchmaking events are held, with over 50 events annually, facilitating efficient connections between funds and projects [3] Group 2: Capital Market Integration - Xiamen is actively promoting the integration of domestic and international capital markets, customizing listing paths for companies and encouraging overseas listings [4] - The city collaborates with major exchanges like the Hong Kong Stock Exchange and Singapore Exchange to provide comprehensive policy consultation and guidance for companies [4] - As of September 2023, Xiamen has 33 overseas listed companies, with five new listings in 2024, including the first A+H listed company from Xiamen [5] Group 3: Support for Cross-Strait Enterprises - Xiamen is enhancing the listing support for Taiwanese enterprises, with revised regulations easing entry conditions for Taiwanese companies into the listing backup pool [5] - The city leverages a capital market service base to provide full-process services for Taiwanese companies seeking to list, including expert guidance and market connections [5] - Xiamen supports high-quality construction of cross-strait equity markets, facilitating specialized Taiwanese enterprises to access the New Third Board through a "green channel" [5] Group 4: Future Development Plans - Xiamen plans to further connect enterprises with capital markets, focusing on listings on the Sci-Tech Innovation Board and North Exchange, as well as overseas exchanges [6] - The city aims to enhance the cultivation of high-quality enterprises, supporting the development of listed companies to drive overall financial sector improvement [6]

Market Overview - On October 10, the internet e-commerce sector declined by 0.89%, with Guolian Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers in the internet e-commerce sector included: - Yumu Technology (301110) with a closing price of 80.50, up 2.14% [1] - Shitou Co., Ltd. (600539) with a closing price of 10.69, up 1.71% [1] - Ruoyuchen (003010) with a closing price of 43.40, up 1.59% [1] - Major decliners included: - Guolian Co., Ltd. (603613) with a closing price of 30.34, down 3.44% [2] - Jiao Dian Technology (002315) with a closing price of 48.09, down 3.41% [2] - Xinxunda (300518) with a closing price of 13.15, down 2.01% [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 159 million yuan from institutional investors, while retail investors saw a net inflow of 110 million yuan [2] - The overall capital flow for selected stocks showed varied trends, with some stocks like Ruoyuchen experiencing a net outflow of 22.75 million yuan from institutional investors [3]

Core Viewpoint - Jihong Co., Ltd. has shown significant stock price growth this year, with a 56.33% increase, indicating strong market performance and investor interest [2]. Stock Performance - As of October 10, Jihong's stock price reached 19.58 CNY per share, with a market capitalization of 8.819 billion CNY [1]. - The stock has increased by 3.38% in the last five trading days, 17.53% in the last 20 days, and 23.77% in the last 60 days [2]. - The company has appeared on the "Dragon and Tiger List" once this year, with the latest appearance on September 29, where it recorded a net buy of -32.1041 million CNY [2]. Business Overview - Jihong Co., Ltd. is primarily engaged in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG) [3]. - The company operates through three segments: cross-border social e-commerce (65.45% of revenue), packaging (34.49%), and other businesses (0.06%) [3]. - The company is classified under the Shenwan industry category of retail trade - internet e-commerce - cross-border e-commerce, and is associated with concepts such as digital innovation, metaverse, and ChatGPT [3]. Financial Performance - For the first half of 2025, Jihong reported revenue of 3.234 billion CNY, a year-on-year increase of 31.79%, and a net profit attributable to shareholders of 118 million CNY, up 63.27% [4]. - The company has distributed a total of 706 million CNY in dividends since its A-share listing, with 519 million CNY distributed in the last three years [5]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 11.01% to 36,700, with an average of 7,859 circulating shares per person, a decrease of 9.91% [4]. - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 39.4987 million shares, an increase of 870,600 shares from the previous period [5].

Core Viewpoint - Jihong Holdings (02603.HK) announced the resignation of Li Zhongcheng from his positions as co-company secretary, authorized representative under the Hong Kong Stock Exchange Listing Rule 3.05, and legal process agent effective from October 9, 2025 [1] Group 1 - Li Zhongcheng's resignation will take effect on October 9, 2025 [1] - Tan Yongzi has been appointed as the new co-company secretary, authorized representative, and legal process agent effective from October 9, 2025 [1] - Lu Tashan will continue to serve as another co-company secretary [1]

Core Points - The company announced the resignation of Mr. Li Zhongcheng as the co-secretary and authorized representative effective from October 9, 2025 [1] - Ms. Tan Yongzi has been appointed as the new co-secretary, authorized representative, and legal document agent effective from October 9, 2025 [1] - Mr. Lu Tashan will continue to serve as another co-secretary [1]

Core Points - Ji Hong Co., Ltd. announced the resignation of Mr. Li Zhongcheng as the co-secretary of the company and as the authorized representative under the Hong Kong Stock Exchange Listing Rules, effective from October 9, 2025 [1] - Following Mr. Li's resignation, Ms. Tan Yongzi has been appointed as the co-secretary, authorized representative, and agent for receiving legal documents on behalf of the company, also effective from October 9, 2025 [1] - Mr. Lu Tashan will continue to serve as another co-secretary of the company [1]

Core Points - Ji Hong Co., Ltd. announced the resignation of Li Zhongcheng as the co-secretary of the company and authorized representative under the Hong Kong Stock Exchange Listing Rules, effective from October 9, 2025 [1] - Following Li Zhongcheng's resignation, Tan Yongzi has been appointed as the co-secretary, authorized representative, and legal process document agent, effective from October 9, 2025 [1] - Lu Tashan will continue to serve as another co-secretary of the company [1]