Group 1: Conference Overview - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on sustainable development and innovative solutions [6] - The conference aims to gather global wisdom to explore new paths for sustainable development, emphasizing China's role in global governance [6] Group 2: Company Initiatives - CITIC Securities is committed to integrating the financial "Five Major Articles" into its long-term strategy, with 21 actionable measures across five key financial sectors: technology, green finance, inclusive finance, pension finance, and digital finance [3] - In the technology finance sector, CITIC Securities has achieved a total underwriting scale of 112.3 billion yuan for the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, ranking first in the market [3] - The company has also completed green bond underwriting amounting to 181 billion yuan in 2023, leading the industry [4] - As of June 2025, CITIC Securities' total asset management scale in inclusive finance exceeds 4.4 trillion yuan, fulfilling personalized client needs [4] - In the pension finance sector, the company manages over 930 billion yuan in investments related to the three pillars of pension [4] - CITIC Securities has developed 18 digital employees and implemented 118 AI application scenarios as part of its digital transformation efforts [5]

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on global action, innovation, and sustainable growth [1] - The event is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the Shanghai Huangpu District Government [1] - Approximately 500 prominent guests are expected, including around 100 international attendees, featuring politicians, former officials, representatives from international organizations, Nobel laureates, Turing Award winners, and leaders from Fortune 500 companies [1] Event Details - The conference builds on the previous four "ESG Global Leaders Conferences" and aims to explore new paths for sustainable development [1] - The theme of the conference is "Joining Hands to Address Challenges: Global Action, Innovation, and Sustainable Growth" [1] - Notable speakers include Zou Yingguang, General Manager of CITIC Securities and Chairman of Huaxia Fund, who will deliver a keynote speech [1]

Core Insights - Baishan Cloud Holdings Limited is planning to go public in Hong Kong after a previous failed attempt in 2023, marking its second IPO application since its establishment in 2015 [2][3] - The company specializes in providing comprehensive edge cloud services, including network services, security, and intelligent computing, aimed at enhancing digital experiences for enterprise clients [2][4] Business Overview - Baishan Cloud was founded in 2015 and offers a full suite of edge cloud services, focusing on high-speed, secure, and cost-effective digital experiences for enterprises and their end-users [2][4] - The company has developed a global integrated edge cloud platform utilizing proprietary technologies, including heterogeneous resource management and edge AI inference [4] Market Position - According to a report by Zr Insights, Baishan Cloud is the second-largest independent edge cloud service provider in China by total revenue as of 2024, with a market share of 2.0% [3] - The company has strategically expanded its operations to over 60 rapidly growing markets across Southeast Asia, the Middle East, Central Asia, North Africa, and Latin America [3] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was reported as RMB 2.132 billion, RMB 2.391 billion, RMB 2.218 billion, and RMB 964 million respectively, with corresponding net losses of RMB 193 million, RMB 93 million, RMB 146 million, and RMB 65 million [12][14] Shareholder Structure - The pre-IPO shareholder structure shows that Mr. Huo Tao holds a combined voting power of approximately 47.45% through various entities [8][9] Management Team - The board of directors consists of nine members, including four executive directors led by Mr. Huo Tao as the CEO, and three independent non-executive directors [11]

Core Viewpoint - Citic Securities reports that 361 Degrees (01361) has shown a positive performance in Q3 2025, with main brand offline sales, children's clothing offline sales, and e-commerce channel revenue increasing by 10%, 10%, and 20% year-on-year respectively, aligning with market expectations, indicating the company's strong product cost-performance benefiting from the current consumption environment [1] Group 1 - The company is expected to maintain double-digit revenue growth momentum in 2025, which will gradually improve operating cash flow [1] - Long-term prospects include potential growth from the outdoor brand One Way and exploration of overseas offline wholesale and cross-border e-commerce businesses, which may provide new incremental revenue [1] - The company is likely to drive valuation re-rating through continuous performance delivery and increased dividends [1]

Core Viewpoint - CITIC Securities reports that 361 Degrees (01361) has shown strong performance in Q3 2025, with offline main brand, children's wear offline, and e-commerce channels experiencing year-on-year growth of +10%, +10%, and +20% respectively, indicating the company's competitive product value continues to benefit from the current consumer environment [1] Group 1 - The company is expected to maintain double-digit revenue growth momentum in 2025, which will gradually improve operating cash flow [1] - Long-term prospects include potential growth from the outdoor brand One Way and exploration of overseas offline wholesale and cross-border e-commerce businesses [1] - The company is likely to drive valuation re-rating through consistent performance delivery and dividend increases [1]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has been approved for its initial public offering (IPO) on the Sci-Tech Innovation Board, marking the 58th company to pass the review this year [1]. Company Overview - Youxun Chip is recognized as a "national manufacturing single champion enterprise" in the optical communication sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [1]. - The company plans to issue no more than 20 million shares, accounting for at least 25% of the total share capital post-issuance, with all shares being new issues [2]. Financial Aspects - Youxun Chip aims to raise approximately 809.065 million yuan (around 80.9 million) to fund projects related to next-generation access networks, high-speed data center chips, automotive chips, and 800G and above optical communication chips [2]. Shareholding Structure - The company's shareholding is relatively dispersed, with no single shareholder holding more than 30% of the voting rights. The actual controllers, Ke Binglan and Ke Tenglong, collectively control 27.13% of the voting rights [2]. Underwriting and Approval - The underwriting institution for Youxun Chip's IPO is CITIC Securities, which has successfully sponsored seven IPO projects this year [1].

Core Viewpoint - The year-on-year decline in September PPI continues to narrow, driven by price increases in anti-involution policy benefiting industries and non-ferrous metal sectors [1] Group 1: Anti-involution Policy Benefiting Industries - Industries benefiting from anti-involution policies include coal processing, black metal smelting and rolling, coal mining and washing, photovoltaic equipment and components manufacturing, battery manufacturing, and non-metallic mineral products, all showing a continued narrowing in year-on-year PPI decline [1] - The improvement in industrial product prices is primarily concentrated in upstream industries, with only localized price transmission observed in mid and downstream sectors, such as the photovoltaic equipment and components industry [1] Group 2: Non-ferrous Metal Sector - The non-ferrous metal sector, particularly copper prices, has seen significant increases driven by supply-side disruptions and the onset of the Federal Reserve's interest rate cut cycle [1] - Despite the improvements in industrial prices, a widespread price increase has not yet materialized across the board [1]

Core Viewpoint - The report from CITIC Securities indicates that leading global medical aesthetics companies with established brand strength, proactive global channel expansion, and product innovation are expected to achieve superior growth by Q2 2025 [1] Group 1: Market Dynamics - In the U.S., middle-class demand may continue to face pressure, while competition in the South Korean market is intensifying [1] - Emerging markets in China, Europe, and globally are showing steady growth, contributing positively to the medical aesthetics sector [1] Group 2: Product Trends - Leading companies in botulinum toxin are experiencing more stable growth, with market dynamics shifting towards top-tier players [1] - There is a diversification in filler product categories, with hyaluronic acid facing ongoing pressure, while regenerative materials/PDRN are maintaining high growth [1] - In the equipment category, strong brand products in radiofrequency and ultrasound are expected to sustain their momentum [1] Group 3: Future Outlook - Companies that actively expand globally and invest in new materials and product categories are likely to exhibit strong growth potential and may revise their performance guidance upwards [1] - Regional companies focusing on mature markets may face challenges due to intensified competition and operational pressures [1] - The industry outlook remains positive for leading medical aesthetics companies with established brand presence, as they leverage regional and product category expansions for superior growth [1]

Core Insights - The report from CITIC Securities indicates a significant contraction in non-bank deposit scales, which may be related to the seasonal return of asset management funds to banks at the end of the quarter, reflecting normal seasonal changes [1] - It is anticipated that the scale of wealth management will expand again in October, suggesting that the phenomenon of "deposit migration" will continue [1] Group 1 - Non-bank deposit scales have been significantly compressed [1] - The compression is likely linked to seasonal factors, particularly the return of asset management funds to banks [1] - The expected expansion of wealth management in October indicates ongoing trends in deposit behavior [1]

Core Viewpoint - The report from CITIC Securities forecasts that the Producer Price Index (PPI) will record year-on-year changes of -2.9% and -2.0% in Q3 and Q4 of 2025, respectively [1] Economic Indicators - The Consumer Price Index (CPI) year-on-year reading for September has rebounded to -0.3%, although the increase is slightly below market expectations [1] - The core CPI has shown a continuous increase for five months, marking the first time in nearly 19 months that the growth rate has returned to 1% [1] Price Trends - There is a notable divergence in price trends, with durable consumer goods and gold jewelry prices performing well, while service prices remain relatively weak [1] - Looking ahead, the effects of the pig cycle misalignment are expected to gradually weaken, leading to a significant rebound in the CPI year-on-year reading in Q4 of 2025 [1] Future Projections - Under a neutral scenario, the year-end CPI year-on-year reading is expected to reach a peak of around 1.0% [1]