Core Viewpoint - CITIC Securities reports that Mixue Group (02097) plans to invest in and acquire 53% of the shares of Fresh Beer Fulu Family, a rising player in the fresh beer industry, which aligns well with Mixue's business model and is expected to create synergies in supply chain, consumer operations, and franchise resources [1] Group 1: Investment and Acquisition - On September 30, 2025, Mixue Group announced its intention to invest in and acquire a majority stake in Fresh Beer Fulu Family [1] - Fresh Beer Fulu Family is recognized as an emerging leader in the fresh beer sector, with product pricing and store location strategies that resonate with Mixue Group's operational ethos [1] Group 2: Financial Impact and Long-term Outlook - The immediate financial impact of the acquisition on Mixue Group is expected to be limited due to the absolute scale of Fulu Family's business [1] - However, the long-term prospects for the domestic fresh beer industry are promising, and Mixue's strategic positioning in the "tea + coffee + fresh beer" market could enhance future growth opportunities [1] Group 3: Competitive Advantage - The company possesses a strong competitive moat in terms of brand IP, supply chain, and operational capabilities, which supports a high degree of growth certainty and a clear competitive landscape [1] - CITIC Securities maintains a "buy" rating for Mixue Group based on these factors [1]

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日 相關 | | | --- | --- | --- | --- | --- | --- | | | 福 뷰 ፳ 股份數目 | | | ( 請參閱上述 * 註 有投票權股 期 (日 / 月 / 權益 | | | | | | | 图) | 份百分比 年) | | | | | | | ( % ) | | CS20250604E00012 | 中信证券资产管理有限公司 1101(L) | 10,746,000(L) | HKD 2.5490 | 673,002,000(L) | 6.03(L)03/06/2025 | （责任编辑：董萍萍 ） 格隆汇6月5日丨根据联交所最新权益披露资料显示，2025年6月3日，中广核电力(01816.HK)获中信证券资产管理有限公司在场内以每股均价2.549港元 增持1074.6万股，涉资约2739.16万港元。 增持后，中信证券资产管理有限公司最新持股数目为673,002,000股，持股比例由5.93%上升至6.03%。 | 股份代 ...

格隆汇10月6日丨根据联交所最新权益披露资料显示，2025年9月30日，中国铝业(02600.HK)获中信证券资产管理有限公司在场内以每股均价8.0536港元增持 1010.6万股，涉资约8138.97万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 份數目 | | | (請參閱上述 * 註解)有投票權股 (日 / 月 / 年 | | | | | | | | | 份自分比 | | | | | | | | | ( %) | | | CS20251001E00006 | 中信证券资产管理有限公司 | 1101(L) | | 10,106,000(L) | HKD 8.0536 | 435.562.000(L) | 11.04(L)30/09/2025 | 增持后，中信证券资产管理有限公司最新持股数目为435,562,000股，持股比例由10.79%上升至11.04% ...

| 股份代號: | 01816 | | --- | --- | | 上市法國名稱: | 中國廣核電力股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 06/09/2025 - 06/10/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | | | 份數目 | 原炭 | | | (請參閱上述 * 註解 ) 有投票權股 (日 / 月 / 年 | | | | | | | | 份自分比 | | | | | | | | (%) | | | CS20251001E00005 | 中信证券资产管理有限公司 | 1101(L) | 5,981,000(L | HKD 2.8354 | 1,456,246,000(L) | 13.04(L)30/09/2025 | 格隆汇10月6日丨根据联交所最新权益披露资料显示，2025年9月30日，中广核电力(01816.HK)获中信证券资产管理有限公司 ...

Core Viewpoint - Shenzhen Huafu Technology Co., Ltd. (referred to as "Huafu Technology") is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of full-stack AI technology solutions in China [2][12]. Business Overview - Established in 2015, Huafu Technology focuses on integrating advanced AI algorithms, powerful computing capabilities, and cutting-edge hardware and software technologies to provide AI intelligent solutions across various industries [2][3]. - The company is recognized as one of the top ten full-stack AI technology solution providers in China according to a report by Frost & Sullivan [2]. Product and Service Offerings - Huafu Technology has developed a proprietary integrated technology platform called "Unicorn AI," which supports model development, large-scale distributed training, real-time inference services, and elastic computing resource scheduling [3]. - The company offers three main service categories: - **AI Intelligence**: Multi-scenario intelligent recognition solutions with an accuracy rate exceeding 99% [5]. - **AI Vertical Industry Applications**: Tailored solutions for specific industry challenges, covering feasibility studies, infrastructure planning, and deployment [5]. - **AI Computing Technology Services**: Custom technology services for computing infrastructure to meet the demands of large model applications and scientific computing [5]. Shareholder Structure - Prior to the IPO, the major shareholders include Mr. Zhang Huan (29.94% ownership) and a group of individuals holding 11.02% through voting rights delegation, collectively controlling approximately 40.96% of the voting rights [4][6]. - Other notable shareholders include various investment firms and capital management companies [4][6]. Board of Directors - The board consists of nine members, including four executive directors led by Mr. Zhang Huan as Chairman and General Manager, and three independent non-executive directors with significant academic and professional backgrounds [8][9]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was reported as RMB 422 million, RMB 391 million, RMB 386 million, and RMB 169 million respectively, with corresponding net profits of RMB 55.38 million, RMB 36.80 million, RMB 66.11 million, and RMB 25.09 million [10][11].

智通财经APP获悉，香港联交所最新数据显示，9月30日，中信证券资产管理有限公司增持中国铝业 (02600)1010.6万股，每股作价8.0536港元，总金额约为8138.97万港元。增持后最新持股数目约为4.36亿 股，持股比例为11.04%。 ...

智通财经APP获悉，香港联交所最新数据显示，9月30日，中信证券资产管理有限公司增持中广核电力 (01816)598.1万股，每股作价2.8354港元，总金额约为1695.85万港元。增持后最新持股数目约14.56亿 股，持股比例为13.04%。 ...

香港联交所最新数据显示，9月30日，中信证券资产管理有限公司增持中广核电力(01816)598.1万股，每 股作价2.8354港元，总金额约为1695.85万港元。增持后最新持股数目约14.56亿股，持股比例为 13.04%。 ...

Group 1 - CITIC Securities Asset Management Company increased its stake in China Aluminum (601600) by 10.106 million shares at a price of HKD 8.0536 per share, totaling approximately HKD 81.3897 million [1] - After the increase, the total number of shares held by CITIC Securities is approximately 436 million, representing a holding percentage of 11.04% [1]

Core Insights - The hotel industry is currently experiencing a recovery in demand, a rebalancing of supply and demand, and an accelerated increase in market share for leading companies [1] Demand Side - In September, the industry's RevPAR (Revenue Per Available Room) saw a continued narrowing of the year-on-year decline, with mid-range and high-end hotels performing better than economy hotels, and first-tier and new first-tier cities outperforming lower-tier markets [1] - There is a clear trend of recovery in business demand, with bookings for the Mid-Autumn Festival and National Day holidays showing an increase in both volume and price, alongside a noticeable trend towards quality consumption [1] - The hotel industry's RevPAR is expected to achieve a year-on-year growth in the mid-to-high single digits [1] Supply Side - Supply is maintaining rapid growth, but there is significant structural differentiation, with economy hotels and lower-tier markets being the main growth drivers [1] - Leading companies are experiencing faster growth compared to their peers [1] Investment Recommendations - The company is optimistic about the continued narrowing of the year-on-year gap in RevPAR for leading hotel groups, with the potential to achieve stability or even positive growth next year, highlighting a valuable investment window [1] - Two investment themes are suggested: 1. Short-term positioning in the fourth quarter for companies with clear catalysts (e.g., retail Double Eleven) and high growth certainty in hotel and retail businesses [1] 2. Mid-term positioning in companies that will benefit from the recovery in business demand and the increasing concentration in the industry, while also focusing on organizational evolution and product optimization [1] - The current valuation of the hotel industry is considered reasonable and slightly low, with leading companies possessing strong investment value [1]