Core Viewpoint - Haitong Securities has had its membership terminated by three major exchanges in China, marking the end of its status as an independent entity following its merger with Guotai Junan Securities [2][4][7]. Group 1: Membership Termination - On January 19, the Shenzhen Stock Exchange announced the termination of Haitong Securities' membership in accordance with its regulations [2]. - On December 30, the Beijing Stock Exchange also announced the termination of Haitong Securities' membership, following approval from its board [4]. - The Shanghai Stock Exchange similarly announced the termination of Haitong Securities' membership, which was approved by its council [7]. Group 2: Merger Details - The merger between Haitong Securities and Guotai Junan Securities is the first major brokerage merger since the implementation of the new "National Nine Articles" policy, completed in a rapid timeframe [10]. - The merger process included completing all corporate governance procedures in 100 days, administrative approvals in 137 days, and the entire restructuring in 191 days [10]. - Guotai Haitong Securities has successfully integrated over 100 IT systems and migrated data for over 20 million former Haitong clients to its new trading system [10]. Group 3: Company Status and Financials - Haitong Securities has changed its registration status from active to canceled, with a registered capital of approximately 13.06 billion RMB [8]. - As of the end of Q3 2025, Guotai Haitong's total assets reached 2.01 trillion RMB, with a revenue of 45.892 billion RMB, reflecting a year-on-year increase of 101.6% [11]. - The net profit attributable to shareholders for the first three quarters of 2025 was 22.074 billion RMB, showing a year-on-year growth of 131.8% [11].

Group 1 - Haitong Securities Co., Ltd. has had its membership terminated by the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange as part of a merger process with Guotai Junan Securities [1][3][6] - The termination of membership signifies the end of Haitong Securities as an independent entity at the exchange level, following its merger with Guotai Junan [8] - Haitong Securities has changed its registration status from active to canceled, with a registered capital of approximately 13.06 billion RMB, and its business scope included securities brokerage, proprietary trading, underwriting, and sponsorship [8][9] Group 2 - The merger between Guotai Junan and Haitong Securities is the first major brokerage merger since the implementation of the new "National Nine Articles," completing all governance and administrative procedures within 191 days [10] - Guotai Haitong Securities has successfully integrated over 100 IT information systems and migrated data for over 20 million former Haitong clients to its new trading system [10] - As of the end of Q3 2025, Guotai Haitong's total assets reached 2.01 trillion RMB, with a revenue of 45.892 billion RMB, reflecting a year-on-year growth of 101.6%, and a net profit of 22.074 billion RMB, up 131.8% year-on-year [11]

Core Viewpoint - Lin Qingxuan (02657) has seen a significant stock price increase, reaching a new high of 96 HKD, with a current price of 92.55 HKD, reflecting an 8.50% rise and a trading volume of 49.31 million HKD [1][4]. Company Overview - Lin Qingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its commitment to natural ingredients, particularly camellia oil [1][4]. - According to Zhi Shi Consulting, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales, holding a 1.4% market share, and is the only domestic brand in the top 15 high-end skincare brands in China, which includes both domestic and international brands [1][4]. Analyst Coverage - Guotai Junan Securities has initiated coverage on Lin Qingxuan, giving it a "Buy" rating. The company has been deeply involved in the oil-based skincare segment for years, with Douyin (TikTok) contributing to the explosive growth of its flagship products. The company is expected to achieve sustained rapid growth through category expansion and channel diversification [1][4]. - The projected earnings per share (EPS) for Lin Qingxuan from 2025 to 2027 are estimated at 2.75, 4.18, and 5.49 RMB, respectively. Considering both price-to-earnings (PE) and price-to-sales (PS) valuation methods, the company is assigned a fair valuation of 14.9 billion RMB (approximately 16.6 billion HKD), with a target price of 118.57 HKD, corresponding to a 2025 PE of 26x [1][4].

Group 1 - The core viewpoint of the report is that Guoyuan Livestock (09858) is maintained with a "buy" rating, with projected revenues for 2025-2027 at 20.855, 23.018, and 25.842 billion yuan, representing year-on-year growth of 3.8%, 10.4%, and 12.3% respectively, and net profit attributable to shareholders of 2.18, 1.837, and 4.282 billion yuan [1] - The company plans to raise HKD 2.33 billion through the issuance of 599 million shares, approximately 15.4% of the pre-transaction share capital, to repay loans and for digital transformation, which may lead to further optimization of its ranch layout [1] - The major shareholder's confidence is highlighted by a planned issuance of 299 million shares, increasing their stake to 36%, with a fundraising amount of approximately HKD 1.159 billion and HKD 1.172 billion from different issuance methods [2] Group 2 - The inventory of replacement cattle continues to decrease, influenced by pre-Spring Festival stocking, with expectations of a gradual reflection of the impact of postpartum cow replenishment shortages [3] - Prices of corn, soybean meal, and alfalfa have rebounded by 7%, 3%, and 14% respectively from previous lows, which may accelerate the de-stocking process [3] - The domestic dairy processing industry is expected to accelerate domestic substitution due to the implementation of anti-subsidy policies, with the milk price anticipated to enter an upward cycle by 2026 [3]

Group 1 - The core viewpoint of the report is that Yuran Agriculture (09858) is maintained with a "Buy" rating, with projected revenues for 2025-2027 at 20.855, 23.018, and 25.842 billion yuan, representing year-on-year growth of 3.8%, 10.4%, and 12.3% respectively, and net profit attributable to shareholders of 218, 1,837, and 4,282 million yuan [1] - The company plans to raise 2.33 billion HKD through a share placement, which will be used for loan repayment and digital transformation, indicating a focus on cost reduction and asset optimization [1] - The company is expected to benefit from the cyclical recovery in the industry, with a target price set at 6.72 HKD per share based on a 1.6x P/B ratio for 2026 [1] Group 2 - The major shareholder's capital increase reflects confidence in the company's development, with the shareholding ratio of Yili's subsidiary expected to rise to 36% after the transaction [2] - The company is experiencing a continuous reduction in the stock of replacement cattle, which is expected to impact the supply of breeding cows in the short term, while feed prices for corn, soybean meal, and alfalfa have rebounded by 7%, 3%, and 14% respectively [3] - The domestic dairy processing industry is expected to accelerate domestic substitution due to the implementation of anti-subsidy policies, with milk prices anticipated to enter an upward cycle by 2026 [3]

Core Viewpoint - Guotai Junan Securities maintains an "Overweight" rating for Nongfu Spring (09633), anticipating accelerated revenue growth in H2 2025 due to a low base, various market initiatives, and favorable prices for PET bottle chips. The EPS forecast for 2025-2027 has been raised to 1.38/1.66/1.93 yuan (previously 1.35/1.62/1.91 yuan), with a target price of HKD 63.85 per share based on a 35x PE ratio for 2026 [1][9]. Market Performance - In H1 2025, the company's packaged water revenue grew by 10.7%, showing a stable recovery. The market share for packaged water is expected to continue to rise in H2 2025 due to a low base in H2 2024 and ongoing channel efforts [2][10]. - The tea beverage segment saw a revenue increase of 19.7% in H1 2025, driven by promotional activities for "Oriental Leaf" and "Ice Tea." The market share for tea beverages improved by 4.1% in H1 and is projected to increase by 5.7% in H2 2025, benefiting from seasonal demand and product diversification [2][10]. - Juice revenue increased by 21.3% in H1 2025, with expectations for continued growth in H2 2025 due to the competitive advantages of C100 and NFC juices [2][10]. Revenue Growth Outlook - Overall, the company's revenue grew by 15.6% in H1 2025 compared to a normal base (8.36% growth in H1 2024). The company is expected to see accelerated revenue growth in H2 2025, aided by low base effects and seasonal market activities [3][11]. Profitability Factors - The price of PET bottle chips, a key raw material, decreased by 11.12% year-on-year and 3.60% quarter-on-quarter in H2 2025, which is expected to positively impact the company's gross margin. Additionally, the absence of significant promotional expenses in H2 2025, unlike the previous year during the Paris Olympics, is anticipated to help maintain strong profitability [4][12].

Core Viewpoint - Cathay Securities initiates coverage on Lin Qingxuan (02657) with a "Buy" rating, highlighting the company's long-standing focus on oil-based skincare and its potential for sustained rapid growth driven by Douyin and product expansion [1] Group 1: Company Overview - Lin Qingxuan, founded in 2003, initially focused on natural skincare products like handmade soaps and aloe vera gel, and launched its flagship product, camellia oil essence, in 2014, establishing itself as a pioneer in oil-based skincare [1] - The company has a stable and experienced management team, and has recently accelerated its online transformation, with significant growth in revenue and net profit in the first half of 2025, achieving 10.5 million and 1.8 million RMB respectively, representing year-on-year increases of 98% and 110% [1] Group 2: Market Position and Growth Potential - The oil-based skincare segment is experiencing high demand, with the market size projected to reach 5.3 billion RMB in 2024, reflecting a year-on-year growth of 43% and a CAGR of 42% from 2019 to 2024 [2] - Lin Qingxuan has maintained a leading position in the facial essence oil category, holding a 12.4% market share in 2024, significantly ahead of other brands [2] Group 3: Sales and Distribution Channels - The company's flagship product, the camellia oil essence, has seen rapid growth, with revenue from this category increasing by 176% year-on-year in the first half of 2025, accounting for 46% of total revenue [3] - Online sales have surged, with Douyin driving a 137% year-on-year increase in online revenue, which now constitutes 65% of total sales; the company also has over 554 physical stores, indicating substantial room for further expansion [3]

Core Viewpoint - Cathay Securities initiates coverage on Lin Qingxuan (02657) with a "Buy" rating, highlighting the company's long-standing focus on oil-based skincare and the significant growth potential driven by Douyin and product expansion [1] Group 1: Company Overview - Lin Qingxuan, founded in 2003, initially focused on natural skincare products like handmade soaps and aloe vera gel, and launched its flagship product, camellia oil essence, in 2014, establishing itself as a pioneer in oil-based skincare [1] - The company has a stable and experienced management team, and its recent online transformation has led to accelerated growth, with H1 2025 revenue and net profit reaching 1.05 billion and 180 million RMB, respectively, representing year-on-year increases of 98% and 110% [1] Group 2: Market Position - The oil-based skincare segment is experiencing high demand, with the market size projected to reach 5.3 billion RMB in 2024, reflecting a year-on-year growth of 43% and a CAGR of 42% from 2019 to 2024 [2] - Lin Qingxuan has maintained a leading position in the facial essence oil category, holding a 12.4% market share in 2024, significantly ahead of other brands [2] Group 3: Growth Drivers - The company's flagship product, the camellia oil essence, has seen rapid growth, with H1 2025 revenue from this category increasing by 176%, accounting for 46% of total revenue [3] - Online sales have surged, with H1 2025 online revenue growing by 137%, making up 65% of total revenue, driven by Douyin's influence [3] - The company has a robust offline presence with over 554 stores as of H1 2025, indicating potential for further expansion and increased sales per store [3]

Core Viewpoint - Cathay Securities maintains an "Overweight" rating for Nongfu Spring (09633), anticipating accelerated revenue growth in H2 2025 due to low base effects, market initiatives, and favorable pricing of PET bottle chips [1] Group 1: Market Performance - In H1 2025, Nongfu Spring's packaged water revenue increased by 10.7%, showing steady recovery, with market share expected to rise further in H2 2025 due to low base effects and ongoing channel efforts [2] - The company's tea beverage revenue grew by 19.7% in H1 2025, driven by promotional activities such as "Open Cap Win Prize" and "One Yuan Exchange," with market share expected to accelerate in H2 2025 [2] - Juice revenue increased by 21.3% in H1 2025, with expectations for continued growth in H2 2025 due to outdoor consumption trends and competitive advantages of NFC juice [2] Group 2: Revenue Growth Expectations - Overall revenue growth for Nongfu Spring in H1 2025 was 15.6%, with expectations for accelerated growth in H2 2025 due to low base effects and seasonal market initiatives [3] Group 3: Profitability Factors - The price of PET bottle chips has decreased by 11.12% year-on-year and 3.60% quarter-on-quarter in H2 2025, which is expected to positively impact the company's gross margin [4] - The absence of significant marketing expenses in H2 2025, unlike the previous year during the Paris Olympics, is expected to help maintain strong profitability [4]

国泰海通证券股份有限公司 二○二六年一月十七日 为进一步优化网点布局，国泰海通证券股份有限公司（以下简称"公司"）决定撤销深圳深南大道证券营 业部，根据新修订的《中华人民共和国证券法》和《关于取消或调整证券公司部分行政审批项目等事项 的公告》（证监会公告（2020）018）相关要求，公司将妥善处理深圳深南大道证券营业部客户资产， 结清深圳深南大道证券营业部证券业务并终止营业活动，办理工商注销等相关手续，并向上述营业部所 在地中国证监会派出机构备案。 特此公告。 ...