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 ...

Core Insights - Hengyi Petrochemical's stock price increased by 2.07% on October 27, reaching 6.90 CNY per share, with a total market capitalization of 24.858 billion CNY [1] Financial Performance - For the first half of 2025, Hengyi Petrochemical reported revenue of 55.96 billion CNY, a year-on-year decrease of 13.59%, and a net profit attributable to shareholders of 0.227 billion CNY, down 47.32% year-on-year [2] - The company has distributed a total of 5.617 billion CNY in dividends since its A-share listing, with 0.504 billion CNY distributed in the last three years [3] Stock Market Activity - As of October 27, the stock has increased by 10.67% year-to-date, with a 7.48% increase over the last five trading days and a 11.65% increase over the last 60 days [1] - The net inflow of main funds was 15.0595 million CNY, with significant buying activity from large orders [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 4.93% to 40,500, while the average number of tradable shares per person increased by 5.19% to 90,100 shares [2] - Among the top ten circulating shareholders, Shenwan Hongyuan Securities Co., Ltd. held 68.5794 million shares, a decrease of 2.6709 million shares from the previous period [3] Business Overview - Hengyi Petrochemical, established on August 13, 1996, and listed on March 28, 1997, is primarily engaged in investments in the petrochemical industry, with a revenue composition of 45.28% from polyester yarn, 24.58% from refined oil products, and 9.93% from chemical products [1]

Core Viewpoint - Changjiang Securities has shown a significant increase in stock price and trading volume, indicating strong market interest and positive financial performance [1][2]. Group 1: Stock Performance - As of October 27, Changjiang Securities' stock price rose by 2.01% to 8.62 CNY per share, with a trading volume of 759 million CNY and a turnover rate of 1.61%, resulting in a total market capitalization of 47.669 billion CNY [1]. - Year-to-date, the stock price has increased by 29.24%, with a 4.74% rise over the last five trading days, 8.84% over the last 20 days, and 12.68% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Changjiang Securities reported a net profit of 1.737 billion CNY, representing a year-on-year growth of 120.76% [2]. - The company has cumulatively distributed 13.677 billion CNY in dividends since its A-share listing, with 2.157 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 163,200, while the average number of circulating shares per person increased by 7.92% to 33,888 shares [2]. - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 130 million shares, an increase of 32.8918 million shares compared to the previous period [3].

Core Viewpoint - Aerospace Electronic's stock price has shown significant growth this year, with a 32.10% increase, indicating strong market performance despite recent declines in revenue and profit [1][2]. Group 1: Stock Performance - As of October 27, Aerospace Electronic's stock price rose by 2.26% to 11.77 CNY per share, with a trading volume of 828 million CNY and a turnover rate of 2.16%, resulting in a total market capitalization of 38.833 billion CNY [1]. - The stock has increased by 3.98% over the last five trading days, 12.74% over the last 20 days, and 18.05% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Aerospace Electronic reported a revenue of 5.822 billion CNY, a year-on-year decrease of 24.51%, and a net profit attributable to shareholders of 174 million CNY, down 30.37% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.124 billion CNY, with 514 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Aerospace Electronic reached 154,400, an increase of 13.22% from the previous period, while the average number of tradable shares per person decreased by 11.67% to 21,368 shares [2]. - Notable new institutional shareholders include the Fortune CSI Military Industry Leader ETF, holding 50.6555 million shares, and the E Fund Defense Industry Mixed A, holding 48.2229 million shares [3].

Core Viewpoint - Liaoning Chengda's stock price has shown a positive trend with a year-to-date increase of 20.72%, reflecting strong market interest and performance in the pharmaceutical and financial sectors [1][2]. Financial Performance - For the first half of 2025, Liaoning Chengda reported operating revenue of 5.348 billion yuan, a slight decrease of 0.83% year-on-year, while net profit attributable to shareholders increased by 56.18% to 718 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 2.11 billion yuan, with 411 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 5.14% to 66,000, while the average number of tradable shares per person increased by 5.42% to 23,173 shares [2]. - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings from Southern CSI 500 ETF and Hong Kong Central Clearing Limited [3]. Stock Market Activity - On October 27, the stock price rose by 2.13% to 12.47 yuan per share, with a trading volume of 161 million yuan and a turnover rate of 0.85% [1]. - The net inflow of main funds was 7.2843 million yuan, indicating strong buying interest, particularly from large orders [1].

Core Insights - The stock price of Caitong Securities increased by 2.02% on October 27, reaching 8.57 CNY per share, with a trading volume of 368 million CNY and a market capitalization of 39.797 billion CNY [1] - The company has seen a year-to-date stock price increase of 6.33%, with recent trading performance showing a 2.27% rise over the last five days, 3.88% over the last twenty days, and 3.63% over the last sixty days [1] - Caitong Securities reported a net profit of 1.083 billion CNY for the first half of 2025, reflecting a year-on-year growth of 16.85% [2] Financial Performance - As of June 30, 2025, Caitong Securities had a total of 121,500 shareholders, a decrease of 2.69% from the previous period, with an average of 38,222 circulating shares per shareholder, an increase of 2.76% [2] - The company has distributed a total of 5.017 billion CNY in dividends since its A-share listing, with 1.899 billion CNY distributed over the last three years [3] Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the fifth largest shareholder with 66.1425 million shares, a decrease of 619,800 shares from the previous period [3] - The seventh largest shareholder was the Guotai CSI All-Index Securities Company ETF, holding 50.1444 million shares, down by 516,850 shares [3] - The ninth largest shareholder was the Southern CSI 500 ETF, which entered the top ten with 48.2315 million shares [3]

Core Viewpoint - The stock of Pylon Technologies has experienced fluctuations, with a year-to-date increase of 60.94% and a recent decline of 2.01% on October 27, 2023, indicating market volatility and investor interest in the company [1]. Financial Performance - For the period from January to September 2025, Pylon Technologies achieved a revenue of 2.013 billion yuan, representing a year-on-year growth of 42.52%. The net profit attributable to shareholders was 47.8515 million yuan, reflecting a growth of 28.05% [2]. - Cumulatively, the company has distributed 855 million yuan in dividends since its A-share listing, with 672 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 27, 2023, Pylon Technologies' stock price was 63.75 yuan per share, with a market capitalization of 15.642 billion yuan. The trading volume was 397 million yuan, with a turnover rate of 2.48% [1]. - The company has seen significant trading activity, with a net inflow of 15.2392 million yuan from major funds and a notable presence on the "龙虎榜" (Dragon and Tiger List) on September 30, 2023, where it recorded a net purchase of 111 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Pylon Technologies increased by 30.29% to 26,500, with an average of 9,272 circulating shares per shareholder, a decrease of 23.25% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.1991 million shares, an increase of 1.4886 million shares compared to the previous period [3].

Core Viewpoint - The stock of Industrial Securities has shown a positive trend with a year-to-date increase of 8.44%, reflecting strong market interest and performance in the financial sector [1][2]. Financial Performance - As of June 30, 2025, Industrial Securities reported a net profit of 1.33 billion yuan, marking a year-on-year growth of 41.24% [2]. - The company has distributed a total of 10.69 billion yuan in dividends since its A-share listing, with 4.66 billion yuan distributed in the last three years [3]. Stock Market Activity - On October 27, 2023, the stock price increased by 2.14%, reaching 6.68 yuan per share, with a trading volume of 485 million yuan and a turnover rate of 0.85% [1]. - The stock's market capitalization stands at 57.688 billion yuan [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased to 219,800, while the average number of circulating shares per person increased by 1.29% to 39,288 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 326 million shares, an increase of 64.25 million shares from the previous period [3].

Core Viewpoint - Guangfa Securities has shown significant stock performance with a year-to-date increase of 49.08%, reflecting strong market interest and financial health [1] Group 1: Stock Performance - As of October 27, Guangfa Securities' stock price reached 23.42 CNY per share, with a trading volume of 10.29 billion CNY and a market capitalization of 178.13 billion CNY [1] - The stock has experienced a 3.54% increase over the last five trading days, a 16.23% increase over the last 20 days, and an 18.10% increase over the last 60 days [1] - The company has appeared on the trading leaderboard once this year, with a net buy of 206 million CNY on September 29 [1] Group 2: Financial Performance - For the first half of 2025, Guangfa Securities reported a net profit of 6.47 billion CNY, representing a year-on-year growth of 48.31% [2] - The company has distributed a total of 39.60 billion CNY in dividends since its A-share listing, with 9.34 billion CNY distributed in the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, Guangfa Securities had 166,400 shareholders, a decrease of 9.87% from the previous period, with an average of 35,754 shares held per shareholder, an increase of 11.04% [2] - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3]