Core Viewpoint - TCL Smart Home has shown a positive market performance with a 1.26% increase in stock price, reaching a total market capitalization of 10.462 billion yuan [1] Business Overview - The main business of the company includes the research, production, and sales of household refrigerators, freezers, and washing machines [3] - The company has maintained the position of the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions globally, including those along the Belt and Road Initiative [3] - As of the 2024 annual report, overseas revenue accounts for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Financial Performance - For the first half of 2025, TCL Smart Home achieved operating revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] - The company has distributed a total of 224 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [9] Market Activity - The stock has seen a net inflow of 5.2188 million yuan today, with a trading volume of 81.0886 million yuan and a turnover rate of 0.78% [1][5] - The average trading cost of the stock is 10.46 yuan, with the current price near a support level of 9.48 yuan [7] Shareholder Structure - As of June 30, 2025, the number of shareholders is 37,000, a decrease of 0.54% from the previous period, with an average of 29,302 circulating shares per person, an increase of 0.54% [8] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 26.4271 million shares, a decrease of 8.5982 million shares from the previous period [10]

Core Viewpoint - Nantian Information's stock has shown fluctuations in price and trading volume, with a recent increase of 2.05% to 17.96 CNY per share, while the company faces challenges in profitability despite revenue growth [1][2]. Financial Performance - For the first half of 2025, Nantian Information reported a revenue of 4.58 billion CNY, representing a year-on-year growth of 16.75%. However, the net profit attributable to shareholders was a loss of 5.00 million CNY, a decrease of 119.72% compared to the previous period [2]. - The company has distributed a total of 469 million CNY in dividends since its A-share listing, with 102 million CNY distributed over the last three years [3]. Stock Market Activity - As of October 20, Nantian Information's market capitalization stood at 7.002 billion CNY, with a trading volume of 65.42 million CNY and a turnover rate of 0.94% [1]. - The stock price has increased by 7.93% year-to-date, but has seen declines of 1.10% over the last five trading days, 6.21% over the last twenty days, and 12.39% over the last sixty days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 75,500, while the average number of circulating shares per person decreased by 13.53% to 5,153 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 2.928 million shares, a decrease of 1.1619 million shares from the previous period [3].

本周，A股市场震荡回调，主要宽基指数的周涨跌幅均为下跌。其中，权重类宽基指数跌幅较小，上证50指数全周仅下跌0.24%；"双创"市场跌幅较 大，创业板指数、科创50指数的周跌幅均超过5%。 首先，在市场担忧的氛围下，拉升证券板块有助于重塑市场信心。在非主升浪情景下，虽然证券板块的拉升多数意味着情绪高潮的来临，但担忧或悲 观氛围较浓之时，其拉升会提振市场情绪。 其次，证券板块指数自9月29日拉出中阳线以来，已经震荡了几个交易日。这种"中阳线+横盘震荡"的K线组合，本身带有蓄势的味道。不过，从实际 表现来看，证券板块指数的表现不如预期。 随着证券板块指数进入密集时间窗，后续重点关注其方向选择，这对大市会有一定的指引作用。 下周，将有两大事件发生。那么，下周市场会止跌企稳吗？机遇又在哪里？今天，达哥和牛博士就大家关心的话题展开讨论。 牛博士：你好，达哥，又到我们周末聊行情的时间。本周的前四个交易日，虽然市场表现偏弱，但好歹还算正常，但周五的调整却把不少投资者给搞 懵了。对于未来的行情，你是如何看待的？ 道达：在我们上周日的对话中，我提到，本周前半段时间，金融股有稳定市场的预期。从本周的表现来看，基本符合达哥的预期。 ...

Core Viewpoint - JinGu Co., Ltd. has experienced a decline in stock price this year, with a notable drop of 28.35% over the past 60 days, despite a slight increase of 2.13% on October 20 [1] Group 1: Stock Performance - As of October 20, JinGu's stock price was 10.06 CNY per share, with a market capitalization of 10.014 billion CNY [1] - Year-to-date, JinGu's stock has decreased by 3.55%, with a 10.42% drop over the last five trading days and a 21.28% drop over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on October 13, where it recorded a net buy of -31.084 million CNY [1] Group 2: Financial Performance - For the first half of 2025, JinGu achieved a revenue of 2.123 billion CNY, representing a year-on-year growth of 10.04%, and a net profit attributable to shareholders of 30.2715 million CNY, up 45.36% year-on-year [2] - Since its A-share listing, JinGu has distributed a total of 339 million CNY in dividends, with 21.7912 million CNY distributed over the last three years [2] Group 3: Company Overview - JinGu Co., Ltd. is located in Fuyang District, Hangzhou, Zhejiang Province, and was established on June 24, 1996, with its listing date on October 21, 2010 [1] - The company's main business involves the research, production, and sales of automotive wheels, with revenue composition as follows: 65.51% from automotive parts manufacturing, 27.18% from steel trading, and 7.31% from other sources [1]

Core Insights - The stock price of Shenzhou Information increased by 2.04% on October 20, reaching 12.98 CNY per share, with a total market capitalization of 12.666 billion CNY [1] - The company has seen a year-to-date stock price increase of 15.89%, but has experienced a decline of 3.42% over the last five trading days [1] Financial Performance - For the first half of 2025, Shenzhou Information reported a revenue of 4.423 billion CNY, representing a year-on-year growth of 7.98%. However, the net profit attributable to shareholders was -96.38 million CNY, a decrease of 25.93% compared to the previous year [2] - The company has distributed a total of 343 million CNY in dividends since its A-share listing, with 61.78 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 88,300, with an average of 11,008 shares per shareholder, a decrease of 7.56% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [3]

Core Viewpoint - Jingbeifang Information Technology Co., Ltd. has shown significant stock performance and financial metrics, indicating a mixed outlook with growth in revenue but a slight decline in net profit [1][2]. Group 1: Stock Performance - On October 20, Jingbeifang's stock rose by 2.00%, reaching 20.88 CNY per share, with a trading volume of 82.84 million CNY and a turnover rate of 0.47%, resulting in a total market capitalization of 18.11 billion CNY [1]. - Year-to-date, Jingbeifang's stock price has increased by 109.09%, with a 0.58% rise over the last five trading days, a 7.65% decline over the last 20 days, and a 5.05% decline over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on August 22, where it recorded a net buy of 4.72 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Jingbeifang reported revenue of 2.36 billion CNY, reflecting a year-on-year growth of 5.22%, while the net profit attributable to shareholders was 119 million CNY, a decrease of 0.91% year-on-year [2]. - Since its A-share listing, Jingbeifang has distributed a total of 318 million CNY in dividends, with 261 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of June 30, 2025, Jingbeifang had 98,800 shareholders, a decrease of 1.73% from the previous period, with an average of 8,537 circulating shares per shareholder, an increase of 1.76% [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 4.15 million shares, a decrease of 1.39 million shares from the previous period [3].

Core Viewpoint - The stock of Hengsheng Electronics has shown fluctuations in recent trading sessions, with a year-to-date increase of 13.91% but a decline in the last five, twenty, and sixty days [1][2]. Company Overview - Hengsheng Electronics, established on December 13, 2000, and listed on December 16, 2003, is located in Hangzhou, Zhejiang Province. The company primarily develops application software for industries such as securities, banking, and funds [1]. - The main revenue composition of Hengsheng Electronics is 99.45% from software, 0.49% from property leasing, and 0.06% from other sources [1]. Financial Performance - For the first half of 2025, Hengsheng Electronics reported operating revenue of 2.426 billion yuan, a year-on-year decrease of 14.44%. However, the net profit attributable to shareholders increased significantly by 771.57% to 261 million yuan [2]. - The company has distributed a total of 2.444 billion yuan in dividends since its A-share listing, with 682 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders of Hengsheng Electronics reached 201,500, an increase of 7.02% from the previous period. The average circulating shares per person decreased by 6.56% to 9,388 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 133 million shares, a decrease of 15.016 million shares from the previous period [3].

Core Viewpoint - Lakala has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as its sole sponsor [1] Group 1: Company Overview - Lakala utilizes technologies such as big data, blockchain, and artificial intelligence to provide a wide range of digital operation services for small and medium-sized merchants and industry clients [1] - The company offers payment solutions that cover online, offline, domestic, and international transactions, and is actively promoting the innovative application of digital currency and the full-chain digital operation for its clients [1] Group 2: Market Position - According to Frost & Sullivan, Lakala holds a market share of 9.4% among independent digital payment service providers in China for the year 2024, ranking first [1] - Lakala is also the leading independent digital payment and end-to-end digital solution provider in Asia, with a market share of 1.1% in 2024 [1]

Core Viewpoint - Lakala Payment Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1]. Company Overview - Lakala is a leading digital payment and digital business solutions provider in Asia, leveraging technologies such as big data, blockchain, and artificial intelligence to create a comprehensive digital operating service system for small and medium-sized merchants and industry clients [3][4]. - The company holds a prominent market position in China's digital payment sector, with a projected total payment volume exceeding RMB 4 trillion in 2024, capturing a market share of 9.4% among independent digital payment service providers [3][4]. Market Position - In 2024, Lakala is expected to rank first among independent digital payment service providers in Asia, with a market share of 1.1% in total payment volume [4]. - The company is also the largest independent digital payment service provider in China's comprehensive acquiring market, with a market share of 11.7%, and in the QR code acquiring market, with a market share of 9.3% [4]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 5.36 billion, RMB 5.93 billion, RMB 5.75 billion, and RMB 2.65 billion, respectively [6][7]. - The net profit/loss for the same periods was approximately -RMB 1.44 billion, RMB 457 million, RMB 351 million, and RMB 229 million, respectively [6][7].

Core Viewpoint - Lakala Payment Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1]. Company Overview - Lakala is a leading digital payment and digital business solutions provider in Asia, leveraging technologies such as big data, blockchain, and artificial intelligence to create a comprehensive digital operation service system for small and medium-sized merchants and industry clients globally [3][4]. Market Position - The company holds a prominent market position in China's digital payment sector, with a projected total payment volume of approximately RMB 331.7 trillion by 2024, of which independent digital payment service providers will account for RMB 45.7 trillion. Lakala's total payment volume is expected to exceed RMB 4.0 trillion, capturing a market share of 9.4% among independent digital payment service providers, ranking first in this segment [4][5]. Service Offerings - Lakala provides a one-stop payment solution covering online, offline, domestic, and international transactions, enabling clients to handle various payment methods and currencies efficiently. The company is also advancing the innovative application of digital currencies and supporting clients in achieving full-chain digital operations [4][5]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 5.36 billion, RMB 5.93 billion, RMB 5.75 billion, and RMB 2.65 billion, respectively. The net profit/loss for the same periods was approximately -RMB 1.44 billion, RMB 457 million, RMB 351 million, and RMB 229 million [6][7].