Core Viewpoint - Huaxi Securities maintains a "Buy" rating for Jiangnan Buyi (03306) and raises profit forecasts, indicating resilience in performance despite weak terminal consumption [1] Group 1: Financial Projections - Revenue forecasts for FY26-27 are adjusted to 6.004 billion and 6.396 billion yuan, with an additional forecast of 6.806 billion yuan for FY28 [1] - Net profit forecasts for FY26-27 are raised to 0.971 billion and 1.040 billion yuan, with a new forecast of 1.115 billion yuan for FY28 [1] - EPS forecasts for FY26-27 are increased to 1.87 and 2.01 yuan, with a new forecast of 2.15 yuan for FY28 [1] Group 2: Performance Analysis - In the short term, the company's performance shows resilience due to strong growth from its main brand, driven by online and franchise channels, despite weak consumer demand [1] - The company has significant growth potential for its emerging brands and new stores, with opportunities for improved store efficiency through various strategies [1] - Long-term prospects indicate that fan loyalty may enhance gross margins and scale effects could reduce costs, leading to further growth in net profit margins [1] Group 3: FY2025 Financial Results - For FY2025, the company reported revenues of 5.548 billion yuan, net profit of 0.898 billion yuan, and operating cash flow of 1.133 billion yuan, reflecting year-on-year growth of 4.6% and 6.0%, but a decline in cash flow by 29.2% [2] - The net profit, excluding government subsidies and impairment reversals, was 0.814 billion yuan, showing a 3.7% increase year-on-year [2] - The company declared a final dividend of 0.93 HKD per share, with a total dividend payout ratio of 75% and a dividend yield of 6.2% [2]

Group 1 - The core viewpoint of the report is that Huaxi Securities maintains a "buy" rating for Jiangnan Buyi, raising profit forecasts and providing revenue and net profit projections for FY26-28 [1] - For FY26-27, the company’s revenue is projected at 60.04 billion and 63.96 billion, with an additional FY28 revenue forecast of 68.06 billion [1] - The net profit forecast for FY26-27 is raised to 9.71 billion and 10.40 billion, with a new FY28 net profit forecast of 11.15 billion [1] Group 2 - The company’s EPS forecast for FY26-27 is adjusted to 1.87 and 2.01, with a new FY28 EPS forecast of 2.15 [1] - Short-term performance shows resilience due to strong growth in the main brand, driven by online and franchise channels, despite weak terminal consumption [1] - The company has significant room for growth in its emerging brands and store openings, with potential improvements in store efficiency through various strategies [1] Group 3 - Long-term prospects indicate that fan loyalty may lead to stable gross margin growth and reduced expenses due to economies of scale, potentially increasing net profit margins [1] - For FY2025, the company reported revenue, net profit, and operating cash flow of 55.48 billion, 8.98 billion, and 11.33 billion, respectively, with year-on-year growth of 4.6% and 6.0% [2] - The cash flow decline is attributed to inventory management and sales performance, although cash flow remains higher than net profit [2] Group 4 - The company declared a final dividend of 0.93 HKD per share, along with an interim dividend of 0.45 HKD, resulting in a dividend payout ratio of 75% and a dividend yield of 6.2% [2] - The dividend payout ratio is consistent with recent years, although it has decreased compared to the previous year due to the absence of a special dividend [2]

Group 1 - Morgan Fund Management (China) Co., Ltd. has signed a sales agency agreement with Huaxi Securities Co., Ltd. to add Huaxi Securities as a broker for subscription and redemption of its funds [1] - Investors can process subscription and redemption of the mentioned funds through Huaxi Securities, with specific procedures and timings subject to Huaxi Securities' regulations [2] - For detailed inquiries regarding the fund sales, investors can contact either Huaxi Securities or Morgan Fund Management through their respective customer service numbers and websites [2]

Core Viewpoint - The announcement details the partnership between Ping An Fund Management Co., Ltd. and Huaxi Securities Co., Ltd. for the sale of investment products starting from September 9, 2025 [1][2]. Group 1: Sales Agreement - Ping An Fund Management has signed a sales agreement with Huaxi Securities to allow the latter to sell specific investment products [1]. - Starting from September 9, 2025, investors can open accounts, subscribe, redeem, invest regularly, and convert funds through the mentioned institutions [2]. Group 2: Fee Discounts - Investors will enjoy fee discounts when subscribing or regularly investing in the funds through the sales institution, with the discount details determined by the sales institution [4]. - The company does not impose restrictions on the discount rates for subscription fees, regular investment fees, and conversion fees, which are managed by the sales institution [4]. Group 3: Important Notes - Regular investment is a method of fund subscription where investors can set up automatic deductions for fund purchases [5]. - Fund conversion allows investors to switch their holdings from one fund to another managed by the same fund manager, subject to specific rules [5]. - Investors are encouraged to read the fund contract and prospectus for detailed information about the products [6]. Group 4: Contact Information - Investors can consult Huaxi Securities and Ping An Fund Management for further details through their respective customer service numbers and websites [7].

商务部公布对原产于欧盟的进口相关猪肉及猪副产品反倾销调查的初步裁定。调查机关初步认定，原产 于欧盟的进口相关猪肉及猪副产品存在倾销，国内产业受到实质损害，而且倾销与实质损害之间存在因 果关系。根据《反倾销条例》第二十八条和第二十九条的规定，调查机关决定采用保证金形式实施临时 反倾销措施。自2025 年9 月10 日起，进口经营者在进口被调查产品时，应依据本初裁决定所确定的各 公司的保证金比率向中华人民共和国海关提供相应的保证金。 过去5年，我国自欧盟进口猪肉产品占总进口量比例为50%左右 据海关总署数据，2024 年我国进口猪肉及副产品约236 万吨，其中从欧盟成员国进口量约112 万吨，占 比47%;我国第一大猪肉进口国为欧盟成员国西班牙，2024 年猪肉及副产品进口量接近54 万吨。2020 年 至2022 年，欧盟进口猪肉及副产品占比均超过50%，2023 年和2024 年降至47%，近5 年西班牙始终为 我国第一大猪肉及副产品进口国。2025 年1-7 月，我国进口猪肉及相关副产品139 万吨，其中从欧盟进 口69 万吨，占比近50%，西班牙仍为第一大进口来源国，进口量33 万吨，占比接近24%。 进 ...

Core Viewpoint - The communication sector is experiencing profit differentiation, with AI-driven computing power leading to a recovery in performance [1] Trading Perspective - The sector ranks first in annual growth, with a total market capitalization accounting for 3.3% of the entire industry, primarily benefiting from AI-driven optical interconnection and computing power segments [2] Financial Perspective - Profit differentiation is evident, with AI-driven computing power boosting performance. Major telecom operators are seeing a slowdown in overall revenue growth, while small and medium enterprises continue to benefit from the AI-driven computing power segment. Revenue growth for the first half of 2025 is expected to be concentrated in the 0%-20% range, with an increase in the number of companies reporting positive growth. The variance in net profit growth is widening, with both high and low growth companies increasing [3] - Gross margins are under pressure, and management R&D expenditures have been reduced. The overall sales expense ratio has slightly decreased, which is expected to stabilize profit margins amid slowing revenue growth [3] - The quality of operations is improving, with accounts receivable as a percentage of revenue continuing to rise, indicating ongoing cash collection pressure. Small and medium enterprises are increasing their collection efforts, and capital expenditures have decreased, leading to an improvement in overall operating cash flow [3] Sector Breakdown - 5G-A is driving growth in front-end components, while AI-related network upgrades are expanding the market for optical modules and IDC support [4] - Telecom operators are facing pressure on traditional performance, but growth is being driven by household and government enterprise transformations [5] - Wireless supporting equipment is benefiting from revenue growth driven by enterprise network devices, although gross margins are under pressure [5] - Optical devices and fiber optic cables are supported by a solid fundamental basis, but valuations are subject to market sentiment fluctuations [5] - The IDC and CDN sectors are stabilizing, with IDC prices stabilizing and profit margins being released [5] - IoT modules are facing performance pressure, while smart energy is developing steadily [5] - The special network communication sector is seeing a recovery in orders at the bottom of the cycle, with smart manufacturing expected to benefit from an economic recovery [5]

Group 1 - The core viewpoint of the article indicates that the U.S. labor market remains weak, with non-farm employment growth significantly below expectations, leading to increased market expectations for interest rate cuts by the Federal Reserve [1][2] - Non-farm employment in August increased by only 22,000, with an average of 27,000 over the past four months, indicating a concerning trend in job creation capacity [1] - The unemployment rate rose to 4.32%, the highest level since 2021, supporting the case for potential interest rate cuts [2] Group 2 - Market expectations for interest rate cuts have risen from approximately 60 basis points to 72 basis points, suggesting that the market anticipates three rate cuts of 25 basis points each during the remaining Federal Reserve meetings in 2023 [1] - The upcoming release of key economic data, including the annual benchmark revision of non-farm employment and CPI data, will be crucial in shaping future interest rate expectations [3] - There is uncertainty regarding the likelihood of rate cuts in October and December, with October having a higher probability compared to December [4] Group 3 - Following the non-farm data release, U.S. Treasury yields fell, the dollar weakened, and gold prices rose, indicating market concerns about economic slowdown overshadowing rate cut expectations [5] - The potential for a recession trade is increasing, but concerns about stagflation may take precedence, as the labor market and consumer spending show signs of weakness [5] - In a stagflation-like environment, gold may perform relatively well, while equity assets may experience increased volatility [6]

Group 1 - The company, Huaxi Securities, will participate in the "2025 Investor Online Collective Reception Day and Semi-Annual Report Performance Briefing" organized by the Sichuan Provincial Association of Listed Companies and Shenzhen Panorama Network Co., Ltd. [1] - The event is scheduled for September 12, 2025, from 14:00 to 17:00 and will be conducted online [1][2] - Key company representatives attending include President Yang Jiongyang, Vice President and CFO Li Bin, Independent Director Zhang Qiaoyun, and Board Secretary Zeng Ying [1] Group 2 - The company will communicate with investors regarding the 2024 annual and 2025 semi-annual performance, corporate governance, development strategy, operational status, and sustainable development [3] - Investors are encouraged to participate actively in the event [3]

Group 1 - The company, Huaxi Securities, will participate in the "2025 Investor Online Collective Reception Day and Semi-Annual Report Performance Briefing" organized by the Sichuan Provincial Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [1][2] - The event is scheduled for September 12, 2025, from 14:00 to 17:00, and will be conducted online [1][2]. - Key personnel attending the event include the company's President Yang Jiongyang, Vice President and Financial Officer Li Bin, Independent Director Zhang Qiaoyun, and Board Secretary Zeng Ying [1]. Group 2 - Investors can participate in the event by logging into "Panorama Roadshow" [2]. - The company will communicate and engage with investors regarding the 2024 annual and 2025 semi-annual performance, corporate governance, development strategy, operational status, and sustainable development [2].

Investment Ratings - Securities: Market Perform (Maintain) [1] - Insurance: Overweight (Maintain) [2] Core Insights - The securities industry showed robust performance in the first half of the year, with 42 listed brokerages achieving total revenue of CNY 251.87 billion, a year-on-year increase of 11.37%, and net profit of CNY 104.02 billion, up 65.09% [3][47] - The banking sector demonstrated marginal improvement, with 42 listed banks reporting revenue of CNY 2.92 trillion, a year-on-year growth of 1.04%, and net profit of CNY 1.10 trillion, an increase of 0.80% [6][45] - The insurance sector's five listed companies achieved revenue of CNY 1.33 trillion, a 4.7% increase, and net profit of CNY 178.19 billion, up 3.7% [49] Summary by Sections Market Review - As of September 4, 2025, the banking, securities, and insurance indices experienced declines of -1.93%, -3.56%, and -3.89% respectively, while the CSI 300 index rose by 1.80% [6][14] Valuation Situation - The banking sector's price-to-book (PB) ratio stood at 0.76, with state-owned banks at 0.81, joint-stock banks at 0.64, city commercial banks at 0.72, and rural commercial banks at 0.63 [23] - The securities sector's PB ratio was 1.56, indicating potential for valuation recovery [25] Recent Market Indicators - The average daily trading volume in A-shares was CNY 2.64 trillion, a decrease of 10.79% week-on-week, reflecting a cooling investor sentiment [33] - The one-year medium-term lending facility (MLF) rate was 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively [32] Industry News - The insurance sector is encouraged to return to its core protection role, with policies supporting increased equity investment, which is expected to enhance long-term growth [49] - The banking sector is seeing a shift in capital towards high-dividend, low-valuation stocks, driven by a low-interest-rate environment and asset scarcity [45]