Core Viewpoint - The company reported that as of June 30, 2025, the book value of its investment in XCMG Machinery is 2.86 billion yuan, which is classified as other equity instrument investment, and fluctuations in stock price do not affect the company's profit and loss [1] Investment Details - The cumulative fair value change recognized in equity for the period from January to June 2025 is -60 million yuan [1] - For further details on other investment situations, the company refers to its 2025 semi-annual report, specifically the "Financial Asset Investment" section [1]

Group 1 - The concept of "middle class" is vague and has various definitions based on income, assets, occupation, education level, and social status [3][4] - In China, middle-class families are often defined as those with an annual income between 100,000 to 500,000 yuan for a typical three-person household [3] - The perception of being middle class tends to fluctuate with economic conditions, with more people identifying as middle class during economic upturns and fewer during downturns [4][5] Group 2 - Globally, the middle class is characterized by high education levels, decent incomes, and a lifestyle that includes modern and fashionable products, but they also face financial pressures such as high mortgages and job insecurity [6][7] - Reports indicate that the middle class is increasingly being "squeezed," with a decline in their share of national income and growing internal inequality [8][11] - In the U.S., the percentage of people living in middle-class households has dropped from 61% in 1971 to 51% in 2023, reflecting a long-term trend of middle-class decline [11][12] Group 3 - Economic growth and industrial development are crucial for the stability of the middle class, as they directly impact income and job opportunities [12][19] - The shift towards a "dual labor market" has resulted in a stark divide between "good jobs" and "bad jobs," making it difficult for many to achieve middle-class status [17][18] - The decline of traditional manufacturing jobs in the U.S. has contributed to the shrinking middle class, as many high-paying jobs have been lost to globalization and automation [14][16] Group 4 - The volatility of assets that middle-class individuals rely on for financial security, such as real estate and stocks, has increased their financial instability [21][24] - Many middle-class individuals have seen their investments in real estate and financial markets yield uncertain returns, further exacerbating their financial anxiety [23][27] - The trend of "credential inflation" has also affected the middle class, as the value of educational qualifications has diminished over time [26] Group 5 - The middle class often falls into a consumption trap, striving to emulate the lifestyles of the wealthy, which leads to unsustainable spending habits [29][30] - This phenomenon is not unique to any one country, as similar patterns of behavior can be observed among middle-class individuals globally [34][35] - A shift in mindset is necessary for the middle class to reassess their spending and investment strategies, moving away from the traditional belief that hard work alone guarantees financial success [35]

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 就 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。 海外監管公告 蘇豪弘業期貨股份有限公司 2025年第三季度報告 本公告乃本公司根據香港聯合交易所有限公司證券上市規則第13.10B條而作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 發 之《蘇 豪 弘 業 期 貨 股 份 有 限 公 司2025 年 第 三 季 度 報 告》，僅 供 參 閱。 承董事會命 董事長兼執行董事 儲開榮先生 中國南京 2025年10月28日 於 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 儲 開 榮 先 生 及 趙 偉 雄 先 生；非 執 行 董 事 薛 炳 海 先 生 及 蔣 海 英 女 士；以 及 獨 立 非 執 行 董 事 黃 德 春 先 生、盧 華 威 先 生 及 張 洪 發 先 生。 Holly Futures （ 於中華人民共和國註冊成立的股份有限公司 ， 中文 ...

Core Viewpoint - Huizhou Intelligent (002122.SZ) announced that its wholly-owned subsidiary, Xuzhou Runxi Management Consulting Partnership (Limited Partnership), plans to acquire part of the fund shares held by Li Wenlu of Jiaxing Lingben Yunhua Equity Investment Partnership (Limited Partnership) at a price of 1.8919 yuan per fund share, with a total transfer price of 17.0271 million yuan [1] Group 1 - After the completion of this transaction, Xuzhou Runxi will become a limited partner of the Lingben Yunhua Fund, holding 9,000,000 fund shares, which accounts for approximately 9.78% of the fund's total paid-in capital [1] - According to the partnership agreement, the fund shares held by Xuzhou Runxi will not exceed 20%, and it will not appoint members to the investment decision committee, thus only enjoying relevant rights as a limited partner without significant control over the fund's operations [1] - The company will not consolidate the Lingben Yunhua Fund in its financial statements, and this investment will be classified as a financial asset measured at fair value with changes recorded in the current profit and loss, listed under "Other Non-current Financial Assets" in the financial statements [1]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) reported a total asset exceeding 52 trillion yuan and a revenue of 427.09 billion yuan for the first half of 2025, marking a year-on-year growth of 1.6%, while net profit decreased by 1.5% to 168.80 billion yuan [2][3][4]. Financial Performance - Revenue for the first half of 2025 was 427.09 billion yuan, up 1.6% from the previous year, reversing a decline of -3.22% in the first quarter [3][4]. - Net profit for the same period was 168.80 billion yuan, down 1.5% year-on-year, continuing the downward trend from the first quarter [3][4]. - Net interest income was 313.58 billion yuan, a slight decrease of 0.1% year-on-year, with a net interest margin of 1.3%, down 13 basis points [3][4]. Profit Distribution - ICBC announced a mid-year profit distribution plan, proposing a cash dividend of approximately 503.96 billion yuan, which represents 30.0% of the net profit attributable to shareholders [2][7][8]. Non-Interest Income - Non-interest income reached 113.52 billion yuan, an increase of 6.5% year-on-year, driven by growth in various service fees and commissions [4][5]. - The bank's fee and commission income was 67.02 billion yuan, down 0.6% year-on-year, while income from corporate wealth management increased by 24.5% to 7.21 billion yuan [4][5]. Loan and Asset Quality - As of June 2025, total loans amounted to 30.19 trillion yuan, a year-on-year increase of 6.4% [6]. - The non-performing loan (NPL) ratio was 1.33%, a slight decrease from the end of the previous year, with corporate loans at 1.47% and personal loans at 1.35% [8]. - The bank's core Tier 1 capital adequacy ratio was 13.89%, with a provision coverage ratio of 217.71% [8]. Investment Value - The bank's A/H share dividend yield was approximately 4.2% and 5.8%, which is considered attractive compared to long-term funding costs and other financial products [2][8].

Core Viewpoint - The six major state-owned banks in China have all established financial asset investment companies (AIC), with Postal Savings Bank announcing a capital investment of 10 billion RMB to set up a new AIC [1] Group 1: Company Developments - Postal Savings Bank plans to invest 10 billion RMB to establish Zhongyou Financial Asset Investment Co., Ltd [1] - Other major banks, including China Merchants Bank, CITIC Bank, and Industrial Bank, have also been approved to set up their AICs with registered capital of 15 billion RMB, 10 billion RMB, and 10 billion RMB respectively [1] Group 2: Industry Trends - The expansion of AICs among joint-stock banks is expected to intensify market competition in the short term [1] - In the long term, the business scope of AICs may further broaden, indicating potential growth opportunities in the financial sector [1]

Company Announcements - Postal Savings Bank plans to invest 10 billion yuan to establish China Post Financial Asset Investment Co., with a registered capital of 10 billion yuan, aimed at enhancing comprehensive service capabilities and supporting technological innovation and private enterprises [1] - Anker Innovations is currently researching equity financing in the Hong Kong capital market to expand its global strategy and enhance brand influence, with no specific plan determined yet [2] - Hoshine Silicon Industry's controlling shareholder intends to transfer 5.08% of shares to Xiao Xiukun for a total price of 2.634 billion yuan, with no change in control [2] - Shantui Co. plans to issue H-shares and list on the Hong Kong Stock Exchange to support its global development [1] Investment & Contracts - Jindi Co. signed an industrial project investment contract with the government of Bishan District, committing to invest no less than 1.5 billion yuan [1] - Toxin Pharmaceuticals plans to increase capital by 10 million yuan in Jiangsu Jinsan Biotechnology Co., which has achieved high-purity ergotamine production [1] Financing & Capital Increase - Shangwei Co. intends to issue shares to its controlling shareholder, Fuhua Chemical, to raise no more than 1.144 billion yuan for digital upgrades and working capital [3] - Wind God Co. plans to raise no more than 1.1 billion yuan through a private placement for expanding high-performance giant engineering tires production [3] Shareholding Changes - Chaozhuo Aerospace's shareholder plans to reduce its stake by up to 3% due to personal funding needs [4] - Yaxin Security's shareholders plan to collectively reduce their holdings by no more than 3% [5] Performance & Earnings - Tiande Yu expects a net profit of 152 million yuan for the first half of the year, a year-on-year increase of 50.89% [11] - Pinming Technology anticipates a net profit increase of 232%-303% for the first half of 2025, driven by growth in its construction information software business [11] Contracts & Bids - Pinggao Electric won bids for State Grid projects totaling approximately 1.45 billion yuan, accounting for 11.69% of its 2024 revenue [13] Acquisitions & Investments - Wuchan Huaneng plans to acquire 100% of Nan Taihu Technology for 1.457 billion yuan, focusing on the combined heat and power sector [10] - Meidi Kai intends to acquire 100% of Haisholi and INNOWAVE VIETNAM for a total of 2.1947 million USD, entering the Samsung supply chain [10] Other Developments - Zhuhai Gree won a lawsuit against ATL, with 14 of ATL's patents declared invalid [16] - Lixing Co. terminated its acquisition of Qingdao Feiyan Precision Steel Ball due to failure to reach an agreement [17]

Core Viewpoint - Anji Food's expected net profit for the first half of 2025 is projected to increase by over 50% year-on-year, while its non-recurring net profit is expected to decrease by over 10% [1][2]. Financial Performance - The company anticipates a net profit of between 13.31 million and 14.31 million yuan for the first half of 2025, representing a year-on-year increase of 53.02% to 64.52% [2]. - The expected non-recurring net profit is projected to be between 9.95 million and 10.95 million yuan, indicating a year-on-year decrease of 14.89% to 22.66% [2]. - Despite a decline in operating income and non-recurring net profit, the net profit is expected to grow significantly due to increased financial asset investment income and fair value changes influenced by a recovering stock market [2][3]. Business Segmentation - Since 2019, the revenue share from Anji Food's food manufacturing business has been declining, while revenue from other businesses has been increasing significantly [3][4]. - In 2024, the revenue from food manufacturing was only 37.58% of the total revenue, with other businesses surpassing food manufacturing revenue starting in 2022 [3][4]. Profitability Analysis - The gross margin for other businesses was only 1.76% in 2024, compared to 40.06% for the food manufacturing business [4]. - The overall gross margin for Anji Food decreased from 27.01% in 2019 to 16.15% in 2024, with net margin dropping from 10.16% to 6.32% during the same period [4]. IPO Project Status - Anji Food has not achieved net profits exceeding pre-IPO levels since its listing in 2015, with the highest net profit recorded in 2014 at 56.57 million yuan [5]. - The company has faced challenges with its IPO fundraising projects, which have been in a "difficult" state, with only one project reaching operational status by the end of 2024 [5][8]. - Three major IPO projects, despite over 90% investment progress, were terminated due to changes in market conditions and industry trends [11][12]. Research and Development - Anji Food's R&D expenditure decreased by 18.62% year-on-year to 9.13 million yuan in 2024, indicating insufficient investment in R&D amid changing industry competition [13].

Core Viewpoint - The company reported a revenue of 297 million yuan for 2024, representing a year-on-year growth of 22.26%, with significant variations across different product lines and services [3][4][6]. Revenue and Gross Margin Analysis - The revenue breakdown shows that CHO culture media revenue increased by 62.83%, while CDMO service revenue declined by 25.66% [3][16]. - The gross margin for domestic CDMO services dropped significantly, while the gross margin for culture media remained relatively stable [24][25]. Product Sales Performance - CHO culture media sales in the domestic market reached 126.05 million yuan, a 33.01% increase, driven by ongoing customer projects [11][12]. - The sales volume of 293 culture media decreased by 16.28% in the domestic market due to lower demand in related application fields [12][13]. - Other products, including contract manufacturing and vaccine culture media, saw a notable increase in revenue due to stable orders from overseas clients [13][15]. CDMO Business Challenges - The CDMO business faced a significant decline in revenue, attributed to a tightening financing environment in the biopharmaceutical industry, leading to reduced project initiation and progression [35]. - The number of high-value orders (over 5 million yuan) significantly decreased, impacting overall revenue [17][35]. - The company reported a negative gross margin for CDMO services in 2024, primarily due to increased material costs and operational expenses from the new commercial production platform [35][36]. Customer and Market Dynamics - The company’s top five overseas clients contributed significantly to revenue growth, with notable increases in sales to key customers [20][22]. - The overall customer base remained stable, but the number of high-value clients decreased, reflecting a challenging market environment [7][35]. - The company continues to focus on providing high-quality CDMO services despite facing increased competition and cost pressures [35].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the disclosure of financial asset investments and related losses [1][2]. Financial Asset Investments - As of the end of 2024, the company held various financial investments totaling CNY 1136.64 billion, a year-on-year increase of 14.54% [2][3]. - The net investment income and fair value change net income for the period amounted to CNY 13.49 billion, a decrease of 13.91% year-on-year, primarily due to losses in trading financial assets and derivative financial instruments [1][2]. - The company reported a fair value loss of CNY 6.49 billion in trading financial assets and a total loss of CNY 14.75 billion in derivative financial instruments [1][2]. Specific Financial Asset Details - The initial cost of various financial assets includes CNY 492.55 billion for trading financial assets and CNY 29.73 billion for other equity instruments [2][3]. - The breakdown of financial assets includes perpetual bonds, government bonds, corporate bonds, and public funds, with specific risk ratings and overdue situations detailed [3][4]. Losses and Valuation Adjustments - The company experienced significant losses in fair value changes and investment income due to market conditions and the performance of underlying assets, particularly in non-listed equity investments [7][9]. - The company conducted regular valuations of its financial assets, with adjustments made based on market conditions and the performance of underlying investments [7][9]. Derivative Financial Instruments - The company reported a fair value change loss of CNY 4.72 billion in derivative financial instruments, attributed to hedging activities against investment risks [9][10]. - The losses were primarily due to the opposing performance of the spot and futures positions, with the spot positions generating profits while futures positions incurred losses [9][10]. Wealth Management and Asset Management - The company does not engage in self-funded investments in its wealth management or asset management businesses [10][12]. - The company has established a warning and tracking disposal team to manage overdue or defaulted financial assets, ensuring adequate valuation adjustments are made [12][13]. Buyback Financial Assets - The company reported that all stock pledge repurchase agreements had defaulted, with cumulative impairment provisions increasing over the years [14][15]. - The company has ceased new stock pledge repurchase business and is managing existing contracts based on the recoverability of pledged assets [15][16].