香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 董事會會議通知 6030 承董事會命 中信証券股份有限公司 董事長 張佑君 中國•北京 2025年10月14日 於本公告刊發日期，本公司執行董事為張佑君先生及鄒迎光先生；本公司非執行董事為張麟先生、付臨芳女士、 趙先信先生及王恕慧先生；及本公司獨立非執行董事為李青先生、史青春先生及張健華先生。 中信証券股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會會議將於2025年 10月24日（星期五）舉行，藉以（其中包括）考慮及批准本公司及其附屬公司截至2025年9 月30日止第三季度之未經審計業績。 ...

Core Insights - Guobo Group held a significant investor relations event on October 14, 2025, attended by six institutions including CITIC Securities and Yulan Investment [1] Group 1: Business Strategy - The company showcased its product range during the exhibition, emphasizing its transition from stationery to cultural and trendy products, driven by innovation [2] - Guobo Group's trendy toy business aligns closely with popular domestic categories, focusing on brand building, IP resource integration, and self-owned IP incubation to create new growth points [2] - The company has established a multi-faceted IP strategy matrix, which includes securing traffic through major IPs, exploring niche IPs for value, and nurturing self-owned IPs for long-term momentum [2] Group 2: Market Adaptation - In response to U.S. tariff policies, Guobo Group plans to enhance its creative product business and increase its market share in other international markets, marking a new phase in its globalization strategy with the establishment of a European subsidiary [2] - The company is enhancing supply chain flexibility and market competitiveness through the layout of multiple overseas bases, while also increasing investment in product development to add value and mitigate tariff impacts [2] Group 3: Regional Expansion - The Southeast Asian market presents significant potential due to its large young consumer base and steady economic growth, prompting Guobo Group to intensify its overseas expansion efforts in the region [2] - The growing interest in cultural IP products among the Southeast Asian populace aligns with Guobo Group's strengths in IP operations and supply chain management [2]

Group 1 - The core point of the news is that Conglin Technology (688370.SH) is currently experiencing a decline in stock price, with a closing price of 27.35 yuan and a drop of 6.59%, resulting in a total market value of 3.75 billion yuan [1] - Conglin Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 25, 2022, with an initial public offering (IPO) price of 59.76 yuan per share, and the number of shares issued was 26,606,185, accounting for 25.01% of the total share capital post-IPO [1] - The total amount raised by Conglin Technology during the IPO was approximately 1.59 billion yuan, but the net amount after deducting issuance costs was 1.44 billion yuan, which is 593.11 million yuan less than the original plan of 2.03 billion yuan [1] - The funds raised are intended for various projects, including upgrading remanufacturing capabilities in Shanghai Lingang, solid waste comprehensive utilization projects, and supplementing working capital [1] - The issuance costs totaled 153.10 million yuan, with the lead underwriter, CITIC Securities, receiving 127.20 million yuan as underwriting fees [1] Group 2 - On June 29, 2023, Conglin Technology announced its annual profit distribution plan, which included a cash dividend of 2.8 yuan per share (tax included) and a capital reserve transfer of 0.3 shares for each share held, resulting in a total cash dividend distribution of approximately 297.92 million yuan and a transfer of 31.92 million shares [2] - After the distribution, the total share capital of Conglin Technology increased to 138.32 million shares [2] - The record date for the distribution was July 4, 2023, and the ex-dividend date was July 5, 2023 [2]

中国经济网北京10月14日讯多瑞医药（301075）(301075.SZ)今日复牌，股价开盘报45.00元，上涨 12.28%。 多瑞医药于2025年9月26日收到公司控股股东西藏嘉康时代科技发展有限公司(以下简称"西藏嘉康")、 实际控制人邓勇的通知，其正在筹划公司控制权变更相关事宜，该事项可能导致公司控股股东、实际控 制人发生变更。公司股票自2025年9月29日上午开市起停牌。 多瑞医药昨晚披露的关于控股股东及其一致行动人协议转让股份暨控制权拟发生变更的提示性公告显 示，公司控股股东西藏嘉康及其一致行动人舟山清畅企业管理合伙企业(有限合伙)(以下简称"舟山清 畅")与受让方王庆太、崔子浩、曹晓兵于2025年10月13日签署了《股份转让协议》。西藏嘉康及其一致 行动人舟山清畅拟以协议转让方式合计向王庆太及其一致行动人崔子浩、曹晓兵转让其持有的公司无限 售流通股23,680,000股(占公司总股本的29.60%)。 其中，西藏嘉康向王庆太转让4,000,000股(占上市公司股份总数的5.00%)、向崔子浩转让6,560,000股(占 上市公司股份总数的8.20%)、向曹晓兵转让7,760,000股(占上市公司 ...

Core Insights - The Double 11 shopping festival has started earlier this year, with a promotional period extending over a month, indicating platforms' strong demand for traffic and growth [1] - Platforms are implementing classic promotions like "spend 300 get 50 off" alongside "single item discounts," while increasing subsidies for member users to enhance core user loyalty [1] - The integration of food delivery and instant retail platforms is expected to be a new variable in this year's promotions, highlighting the synergy between food delivery and e-commerce [1] Group 1: Promotion Timing and Structure - The promotional period for this year's Double 11 has been extended by about a week, with platforms like JD and Douyin starting sales earlier, while Tmall has prolonged the end period, resulting in over a month of promotions [1] - The extended promotional period may weaken consumer perception and impulse buying, as ongoing low-price experiences become normalized [1] - The overall sales data during this period reflects the platforms' current development momentum rather than just total growth rates, suggesting a focus on user and category strategies [1] Group 2: Discount Strategies - Most platforms are combining traditional "spend 300 get 50 off" offers with "single item discounts" to lower the entry barrier for consumers, enhancing user experience [2] - The average discount offered across platforms is around 83% to 85%, maintaining a consistent level compared to previous years [2] Group 3: Core User Incentives - Additional discount packages for core members have been enhanced, with platforms like Alibaba and JD offering extra coupons to boost conversion rates among VIP users [3] - For instance, Alibaba provides an "spend 500 get 50 off" coupon for 88VIP members, which is more generous compared to the previous year's offerings [3] - This strategy reflects a deeper focus on core users as the potential for new user growth is limited [3] Group 4: Instant Retail Focus - Instant retail is highlighted as a key aspect of this year's Double 11, with platforms like Meituan, JD, and Taobao expanding their offerings [4] - JD is promoting instant delivery items at discounts as low as 50%, while Taobao is offering 50% off for 88VIP on food delivery [4] - The high-frequency traffic from instant retail may create a synergistic effect for e-commerce platforms during the promotional period [4]

转自：新华财经 编辑：林郑宏 新华财经上海10月14日电 中信证券研报分析认为，本届"双11"大促，京东、抖音电商的正式销售期均 有明显提前，而天猫则拖长结束周期，"双11"促销前后绵延超过1个月，一方面体现出平台对于促销的 渴求与加码，另一方面也削弱了消费者对于大促的感知与购买冲动。伴随着"百亿补贴"等"天天低价"栏 目成为消费者线上购物的常态化体验，大促在折扣深度方面所提供的消费脉冲效应预计将边际减弱。在 此背景下，双11大促的全周期销售数据实则就是平台自身现阶段发展动能的直接体现。相较于总量数据 的增速关注，更建议关注平台在用户策略、品类策略等层面的结构性表现。 从促销的力度与形式来看，各平台多数在传统的"满300减50"的优惠之外，提供"单件立减"的简单策略 以降低消费者加入大促的门槛、优化用户体验，例如天猫、抖音均提供"单件85折"的优惠政策。总体来 看，各平台面向全口径用户提供的基本优惠力度在83折～85折左右、差别不大，且近几年的大促季基本 维持这一水平。 在面向全口径用户提供的券包之外，京东、阿里均面向核心用户提供额外的满减券，以增强购买能力更 强的VIP用户转化效率。例如，阿里为88VIP、 ...

Group 1 - The core viewpoint of the articles highlights the growth potential of the energy storage industry driven by the increasing share of renewable energy in the new power system, leading to expanded application scenarios and technological upgrades [2] - The company has established a strong presence in the energy storage system integration field and is actively involved in standard-setting and innovation driven by customer needs [2] - The company is focusing on overseas markets, particularly in mature regions like the Americas and Europe, while also targeting potential markets in Asia-Pacific and the Middle East [2] Group 2 - The recent launch of the Aqua C3.0 energy storage system represents a significant advancement, emphasizing high energy density, compact layout, and low investment costs [3] - The company is supported by its controlling shareholder, Midea Group, which enhances its management and operational efficiency through contributions in R&D, manufacturing, and supply chain [3] - The company plans to disclose its third-quarter operational data on October 25, 2025, and has set ambitious performance targets for its stock option incentive plan from 2025 to 2027 [4]

Group 1 - The stock price of Anjiasi (688581.SH) fell by 4.26% to 68.84 yuan, indicating it is currently in a state of decline since its IPO [1] - Anjiasi was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on May 19, 2023, with an initial offering price of 125.80 yuan per share and a total of 14.47 million shares issued [1] - The total amount raised from the IPO was 182.03 million yuan, with a net amount of 165.10 million yuan after deducting issuance costs, which was 88.03 million yuan more than originally planned [1] Group 2 - The funds raised are intended for projects including the production of 10 million medical endoscope devices, upgrading marketing service networks, and establishing a minimally invasive medical device R&D center [1] - The total issuance costs amounted to 16.93 million yuan, with the lead underwriter, CITIC Securities, receiving 12.89 million yuan in underwriting fees [1] - Strategic placement was conducted by the underwriter, with Zhongzheng Investment subscribing to 3.30% of the shares, amounting to approximately 60 million yuan [2] Group 3 - Anjiasi plans to distribute a cash dividend of 14.5 yuan (including tax) for every 10 shares and issue 4 bonus shares for every 10 shares, with the record date set for June 20, 2024 [2]

Core Viewpoint - The report from CITIC Securities indicates that the unilateral decision by President Trump to impose additional tariffs on Chinese imports on October 10, 2025, led to a significant drop in U.S. stock markets, but overall market sentiment did not enter a state of panic as evidenced by major indices and VIX performance [1]. Summary by Categories Market Sentiment - Despite the high valuations of U.S. stocks compared to early April levels, the current market still holds investment value when considering PE and EPS growth rates as well as PB/ROE metrics [1]. - The market's resilience is supported by the ongoing liquidity in the U.S. economy and the gradual implementation of the OBBB Act (the "Big and Beautiful Act") [1]. Investment Recommendations - Investors are advised to focus on three medium to long-term directions: 1. Technology sector with better valuation and performance alignment [1]. 2. Manufacturing, upstream resources, and nuclear power industries benefiting from re-industrialization and favorable policies [1]. 3. Internet diagnostics sector potentially thriving due to cuts in medical spending [1]. Technology Sector Insights - In the short to medium term, the resilience of the macro economy, potential interest rate cuts by the Federal Reserve, and strong AI capital expenditure data are expected to provide ongoing support for the performance of the U.S. technology sector [1]. - Specific attention is recommended for three sub-sectors within technology: Internet, Software as a Service (SaaS), and Semiconductors & Hardware [1].

Core Viewpoint - Tianyin Holdings has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Summary by Sections Issuance Details - The company plans to raise a total of up to 1.708 billion yuan through the issuance of A-shares, with the funds allocated to various projects including marketing network construction, digital platform development, lottery research and industrialization, headquarters management center construction, and replenishing working capital [1][2] - The total investment for the projects is estimated at 2.206 billion yuan, with the specific allocation of raised funds detailed for each project [2] Investor Information - The issuance will involve no more than 35 specific investors, including the controlling shareholder, Shenzhen Investment Holdings [2][3] - Other potential investors include securities investment fund management companies, securities firms, trust investment companies, financial companies, insurance institutional investors, qualified foreign institutional investors, and other qualified domestic legal entities and individuals [2] Shareholder Dynamics - Shenzhen Investment Holdings is expected to subscribe for 19.03% of the total raised funds, maintaining its status as the controlling shareholder post-issuance [3][5] - The issuance will not change the control of the company, as Shenzhen Investment Holdings will continue to hold the majority of voting rights [5] Regulatory Compliance - The issuance is subject to approval from the CSRC, and the final number of shares to be issued will be determined based on the CSRC's registration approval [1][3] - The pricing for the shares will be based on the average trading price over the 20 trading days prior to the pricing date, with a minimum price set at 80% of this average [3]