Core Viewpoint - The stock price of AVIC Shenyang Aircraft Corporation (中航沈飞) has shown a significant increase of 29.07% year-to-date, indicating strong market performance despite a recent decline in revenue and profit [2]. Financial Performance - As of June 30, 2025, AVIC Shenyang reported a revenue of 14.628 billion yuan, a year-on-year decrease of 32.35%, and a net profit attributable to shareholders of 1.136 billion yuan, down 29.78% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 4.356 billion yuan, with 2.992 billion yuan distributed over the past three years [3]. Stock Market Activity - On October 28, the stock price rose by 2.03% to 64.95 yuan per share, with a trading volume of 1.002 billion yuan and a turnover rate of 0.57% [1]. - The net inflow of main funds was 107 million yuan, with large orders accounting for 25.22% of purchases and 23.75% of sales [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 13.07% to 124,700, while the average circulating shares per person increased by 15.18% to 22,032 shares [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diversified ownership structure [3].

Core Viewpoint - Yutong Bus has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth opportunities in the commercial vehicle sector [1][2]. Financial Performance - As of June 30, 2025, Yutong Bus reported a revenue of 16.129 billion yuan, a year-on-year decrease of 1.26%, while the net profit attributable to shareholders was 1.936 billion yuan, reflecting a year-on-year increase of 15.64% [2]. - Cumulatively, Yutong Bus has distributed 27.130 billion yuan in dividends since its A-share listing, with 9.963 billion yuan distributed over the past three years [3]. Stock Market Activity - On October 28, Yutong Bus's stock price rose by 2.02%, reaching 31.83 yuan per share, with a trading volume of 318 million yuan and a turnover rate of 0.46%, resulting in a total market capitalization of 70.470 billion yuan [1]. - The stock has increased by 27.93% year-to-date, with a 9.76% rise over the last five trading days, 7.21% over the last 20 days, and 27.12% over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Yutong Bus was 52,400, a slight decrease of 0.08%, with an average of 42,265 circulating shares per shareholder, an increase of 0.08% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 237 million shares, a decrease of 56.419 million shares compared to the previous period [3].

Core Points - The stock price of Lianmei Holdings has decreased by 2.11% to 8.83 CNY per share as of October 28, with a total market capitalization of 19.981 billion CNY [1] - The company has experienced a year-to-date stock price increase of 59.59%, with a recent decline of 2.32% over the last five trading days [1] Financial Performance - For the first half of 2025, Lianmei Holdings reported a revenue of 1.898 billion CNY, a year-on-year decrease of 2.65%, while the net profit attributable to shareholders increased by 9.87% to 525 million CNY [2] - The company's main revenue sources include heating and steam income (74.62%), advertising revenue (15.42%), and other services [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 9.21% to 23,400, with an average of 96,587 circulating shares per person, an increase of 10.14% [2] - Lianmei Holdings has distributed a total of 4.044 billion CNY in dividends since its A-share listing, with 1.634 billion CNY distributed in the last three years [3]

Core Insights - Guanglianda's stock price increased by 2.05% on October 28, reaching 14.44 CNY per share, with a total market capitalization of 23.854 billion CNY [1] - The company has seen a year-to-date stock price increase of 24.36%, with notable gains over various trading periods [1][2] - Guanglianda's main business involves software development for the construction industry, with a significant portion of revenue coming from digital cost and project management software [2] Financial Performance - For the period from January to September 2025, Guanglianda reported a revenue of 4.294 billion CNY, a year-on-year decrease of 2.31%, while net profit attributable to shareholders increased by 45.90% to 311 million CNY [2] - The company has distributed a total of 3.690 billion CNY in dividends since its A-share listing, with 836 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 2.56% to 98,700, with an average of 16,091 circulating shares per shareholder, an increase of 2.63% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 161 million shares, a decrease of 31.299 million shares from the previous period [3]

Core Points - Xinhua Insurance's stock price decreased by 2.05% on October 28, reaching 68.49 CNY per share, with a total market capitalization of 213.658 billion CNY [1] - The company has seen a year-to-date stock price increase of 43.55%, with a 0.28% rise over the last five trading days and a 15.93% increase over the last 20 days [1] - The main business revenue composition includes traditional insurance (60.77%), dividend insurance (34.75%), and other businesses (5.09%) [1] Financial Performance - As of June 30, 2025, Xinhua Insurance reported a net profit of 14.799 billion CNY, representing a year-on-year growth of 33.53% [2] - The company has distributed a total of 35.939 billion CNY in dividends since its A-share listing, with 13.913 billion CNY distributed over the last three years [2] Shareholder Information - The number of shareholders decreased by 15.88% to 61,000 as of June 30, 2025, while the average circulating shares per person increased by 18.96% to 34,325 shares [2] - Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 60.5095 million shares, an increase of 6.6977 million shares from the previous period [2]

海航控股所属申万行业为：交通运输-航空机场-航空运输。所属概念板块包括：海南自贸区、民用航 空、低价、雄安新区、MSCI中国等。 截至6月30日，海航控股股东户数58.35万，较上期减少5.71%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，海航控股实现营业收入330.83亿元，同比增长4.22%；归母净利润5694.50万元，同比增 长108.95%。 分红方面，海航控股A股上市后累计派现34.24亿元。近三年，累计派现0.00元。 10月28日，海航控股盘中上涨2.38%，截至09:44，报1.72元/股，成交2.53亿元，换手率0.45%，总市值 743.31亿元。 资金流向方面，主力资金净流入3842.24万元，特大单买入8004.01万元，占比31.58%，卖出5496.73万 元，占比21.68%；大单买入6891.59万元，占比27.19%，卖出5556.63万元，占比21.92%。 海航控股今年以来股价涨1.18%，近5个交易日跌1.15%，近20日涨4.88%，近60日涨11.69%。 今年以来海航控股已经1次登上龙虎榜，最近一次登上龙虎榜为7月24日，当日龙虎榜净买入1. ...

Core Viewpoint - Rongjie Co., Ltd. has shown significant stock performance with a year-to-date increase of 43.28%, driven by its core business in the lithium battery materials industry [1][2]. Financial Performance - For the period from January to September 2025, Rongjie Co., Ltd. achieved a revenue of 510 million yuan, representing a year-on-year growth of 26.21%. However, the net profit attributable to shareholders decreased by 21.22% to 144 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 495 million yuan, with 375 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Rongjie Co., Ltd. is 50,400, a decrease of 4.16% from the previous period. The average number of tradable shares per shareholder increased by 4.34% to 5,139 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.2546 million shares, an increase of 1.6942 million shares from the previous period [3]. Stock Performance - As of October 28, 2023, Rongjie Co., Ltd.'s stock price rose by 2.13% to 45.47 yuan per share, with a trading volume of 131 million yuan and a turnover rate of 1.12%. The total market capitalization stands at 11.807 billion yuan [1]. - The stock has seen a 14.56% increase over the last five trading days, a 30.10% increase over the last 20 days, and a 24.30% increase over the last 60 days [1]. Business Overview - Rongjie Co., Ltd. is primarily engaged in the lithium battery materials industry, which includes lithium ore mining, lithium salt processing and smelting, and lithium battery equipment manufacturing. The main revenue sources are lithium concentrate (86.31%), lithium battery equipment (12.76%), and lithium salt (0.66%) [1]. - The company is classified under the non-ferrous metals sector, specifically in energy metals and lithium, and is associated with concepts such as scarce resources, small metals, MSCI China, lithium batteries, and new energy [1].

Core Viewpoint - 嘉元科技 has shown significant stock price appreciation and strong financial performance in recent periods, indicating a positive market sentiment and growth potential in the lithium battery sector [1][2]. Financial Performance - As of June 30, 嘉元科技 reported a revenue of 3.963 billion yuan, representing a year-on-year growth of 63.55% [2]. - The net profit attributable to shareholders for the same period was 36.754 million yuan, reflecting a substantial increase of 134.94% year-on-year [2]. - The company has distributed a total of 496 million yuan in dividends since its A-share listing, with 174 million yuan distributed in the last three years [3]. Stock Market Activity - 嘉元科技's stock price increased by 177.33% year-to-date, with a recent 5-day increase of 3.76%, a 20-day increase of 25.89%, and a 60-day increase of 89.47% [1]. - The stock reached a peak trading volume on September 10, with a net buying amount of 173 million yuan on the龙虎榜 [1]. Shareholder Information - As of June 30, 嘉元科技 had 17,900 shareholders, an increase of 9.71% from the previous period, with an average of 23,821 shares held per shareholder, down by 8.85% [2]. - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, which holds 10.009 million shares as a new shareholder [3]. Business Overview - 嘉元科技, established on September 29, 2001, and listed on July 22, 2019, specializes in the research, production, and sales of high-performance electrolytic copper foil [1]. - The revenue composition includes 83.77% from lithium battery copper foil, 12.64% from other sources, and 3.58% from standard copper foil [1][2].

Core Insights - ST Yishite reported a revenue of 2.461 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.52% [1] - The company's net profit attributable to shareholders was 94.2681 million yuan, a decline of 54.25% year-on-year [1] - The basic earnings per share stood at 0.04 yuan [1] Financial Performance - Gross margin for the first three quarters was 27.67%, down 5.29 percentage points year-on-year [1] - Net margin was 3.97%, a decrease of 5.35 percentage points compared to the same period last year [1] - In Q3 2025, the gross margin was 29.06%, down 8.62 percentage points year-on-year but up 5.55 percentage points quarter-on-quarter [1] Cost Structure - Total operating expenses for the period were 480 million yuan, a decrease of 22.7362 million yuan year-on-year [2] - The expense ratio was 19.48%, down 2.25 percentage points from the previous year [2] - Sales expenses increased by 1.04%, while management, R&D, and financial expenses decreased by 16.71%, 1.16%, and 12.17% respectively [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 62,300, a decrease of 3,857 or 5.83% from the end of the previous half [2] - The average market value held per shareholder increased from 139,300 yuan to 193,800 yuan, a growth of 39.17% [2] Business Overview - ST Yishite, established in June 2001 and listed in January 2014, is headquartered in Dongguan, Guangdong Province [2] - The company's main business includes R&D, production, sales, and services of UPS and other power electronic devices [2] - Revenue composition includes high-end power equipment and data centers (42.72%), energy storage products and systems (31.38%), new energy income (12.58%), new energy generation equipment and development (8.47%), and electric vehicle charging facilities (4.40%) [2]

October 26, 2025 09:00 PM GMT China Equity Strategy | Asia Pacific China Free Liquidity vs. MSCI China YoY Change Exhibit 1: MS China Free Liquidity Indicator vs. MSCI China YoY % – Free liquidity remains stable in September, the fourth consecutive positive month (since June) Key Takeaways MS Estimated China Free Liquidity, RHS China Free Liquidity, YoY Chg%, RHS MSCI China, YoY Chg% Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 ...