GUOTAI HAITONG SECURITIES·2025-11-07 05:10Group 1: Financial Engineering Research - The report predicts the adjustment list for the constituent stocks of major indices in December 2025 based on the adjustment rules of the CSI and Guozheng indices, and measures liquidity shocks from a market-wide perspective [1][30] - As of the end of October 2025, the ETF sizes for major market indices such as SSE 50, STAR 50, CSI 300, CSI 500, CSI 1000, and ChiNext have reached 192.6 billion, 180.1 billion, 1,254.7 billion, 181.9 billion, 170.2 billion, and 141.0 billion respectively, indicating a 4.7 times growth compared to the end of 2021 [2][30] - The report outlines the periodic adjustment rules for core indices, noting that adjustments occur twice a year for SSE 50, CSI 300, CSI 500, CSI 1000, and ChiNext, and four times a year for STAR 50 [2][30] Group 2: New Stock Research - In the first three quarters of 2025, IPO support policies have been frequent, leading to a recovery in the issuance pace and fundraising scale, with a total of 773.02 billion raised, a 61% year-on-year increase [5][6] - The report anticipates an acceleration in IPO issuance over the next year, estimating that A-class/B-class accounts with a scale of 500 million will see additional yield increases of approximately 2.82% and 2.20% respectively [7][6] - The approval pace for existing projects is tight, with a high-quality project reserve expanding, indicating a positive outlook for future IPOs [6][7] Group 3: Company Research - Yum China - Yum China's Q3 2025 revenue reached 3.206 billion USD, a year-on-year increase of 4%, with operating profit at 400 million USD, up 8% [9][10] - Same-store sales continued to show positive growth, with KFC and Pizza Hut same-store sales increasing by 2% and 1% respectively [9][10] - The company plans to return 3 billion USD to shareholders through dividends and buybacks from 2025 to 2026, with projected EPS for 2025-2027 at 2.50, 2.88, and 3.16 USD [8][9] Group 4: Company Research - Nanwei Medical - Nanwei Medical achieved revenue of 2.381 billion CNY in the first three quarters of 2025, a year-on-year increase of 18.29%, with net profit of 509 million CNY, up 12.90% [17][18] - The company’s overseas sales maintained strong growth, with revenue reaching approximately 1.4 billion CNY, a 42% year-on-year increase [18][19] - The company is focusing on integrating its CME operations, with a new production facility in Thailand expected to be operational by the end of 2025 [19] Group 5: Company Research - Yongxing Materials - Yongxing Materials reported revenue of 5.547 billion CNY in the first three quarters of 2025, a year-on-year decrease of 10.98%, with net profit down 45.25% [21][22] - The decline in performance is attributed to falling lithium prices, with the average price of lithium carbonate showing fluctuations throughout the year [22] - The company maintains a high dividend payout, planning to distribute 528 million CNY in cash dividends in 2024, representing over 50% of its net profit [23] Group 6: Company Research - I Love My Home - I Love My Home reported a revenue of 8.165 billion CNY in the first three quarters of 2025, a year-on-year decrease of 6.81%, while net profit surged by 398.75% [24][26] - The company’s transaction volume increased significantly, with total housing transaction amounts reaching 196.2 billion CNY, a 5.2% year-on-year increase [26][27] - The company continues to focus on core cities, with a total of 2,549 operational stores as of Q3 2025 [26]