| 增持主体名称 | 陆鼎昌、张康德、干晴、程鹏飞、倪建峰、唐志锋 | | --- | --- | | 拟增持股份目的 | 基于对本行内在价值、未来战略规划及长远发展前景 | | | 坚定信心,坚信本行股票长期投资价值。 | | 拟增持股份种类 | 本行 A 股股份 | | 拟增持股份方式 | 通过上海证券交易所系统以集中竞价方式 | | 拟增持股份数量 | | | | 陆鼎昌拟增持不低于 20万股; 张康德拟增持不低于 5万股; | | | 干晴拟增持不低于 5万股; | | | 程鹏飞拟增持不低于 10万股; | | | 倪建峰拟增持不低于 10万股; | | | 唐志锋拟增持不低于5万股。 | | 拟增持股份价格 | 本次增持股份不设价格区间 | | 本次增持计划实施期间 | 自 2025 年 11 月 21 日起 6 个月内 | | 拟增持股份资金来源 | 自有资金 | | 拟增持主体承诺 | 增持主体在增持后的6个月内将不减持本次增持的 | | | 份。 | （常熟银行） 11月20日，常熟银行（601128）发布公告称，基于对该行内在价值、未来战略规划及长远发展前景的坚定信心，坚信该行股票长期投资 ...

香港联交所最新数据显示，11月12日，小摩增持时代天使(06699)228.0348万股，每股作价68.9303港 元，总金额约为1.572亿港元。增持后最新持股数目约为2527.71万股，持股比例为14.80%。 ...

Core Insights - The stock of Basestone Pharmaceuticals (02616) rose over 9% in early trading, reaching a price of 5.98 HKD with a trading volume of 20.69 million HKD [1] - Singapore's Government Investment Corporation (GIC) increased its stake in Basestone Pharmaceuticals by 1.7955 million shares at a price of 5.4692 HKD per share, totaling approximately 9.82 million HKD [1] - Following this acquisition, GIC's total shareholding in Basestone Pharmaceuticals increased to approximately 10.5 million shares, representing a 7.11% ownership [1] Company Developments - GIC has steadily increased its stake in Basestone Pharmaceuticals from 5.49% on August 18 to 6.00% on October 13, and now to 7.11% within a span of less than three months, indicating strong international capital recognition of the company's long-term value [1] - The company's internal confidence is also reflected in the actions of its CEO, Yang Jianxin, and other key executives, who have repeatedly purchased company shares since the second half of this year [1]

Core Insights - Berkshire Hathaway sold $12 billion worth of stocks in the third quarter, continuing a trend of net selling over the years, with Apple and Bank of America being the primary targets for reduction [1][4] - The company also purchased $6.4 billion in stocks, primarily in the commercial and industrial sectors, indicating a strategic shift in investment focus [1][3] Group 1: Stock Sales and Purchases - The third quarter saw Berkshire sell $12.4 billion in stocks and buy $6.4 billion, resulting in a net sale of $6 billion [1][4] - The estimated reduction in Apple shares was about 35 million, while Bank of America shares were reduced by 50 to 100 million [1][2] - Berkshire's stock in Apple has decreased from approximately 900 million shares at the end of 2023 to 280 million shares [1][4] Group 2: Investment Strategy - The significant capital gains of approximately $10 billion were primarily linked to the long-term holdings in Apple and Bank of America, which have a lower cost basis [2] - The cost basis for Apple shares is estimated at around $35 per share, aligning with the reduction in the consumer goods category by about $1.2 billion [2] - New investments in the industrial sector indicate a strategic pivot, with a focus on companies like UnitedHealth Group, Lennar, and Nucor [3] Group 3: Long-term Trends - The trend of net selling has persisted for several years, with the third quarter's figures reinforcing this pattern [4] - Despite the significant reductions, Berkshire still holds substantial positions in both Apple and Bank of America, with approximately 245 million shares of Apple remaining and over 500 million shares of Bank of America [4]

Core Viewpoint - Jiangsu Cable announced a stock repurchase plan supported by a loan commitment from its controlling shareholder, Jiangsu Cultural Technology Holding Group, in response to national policies aimed at promoting stock buybacks and market stability [1] Group 1: Company Actions - Jiangsu Cable received a notification from its controlling shareholder regarding a stock repurchase initiative [1] - The loan commitment from Industrial Bank Co., Ltd. is capped at RMB 135 million, with a repayment period of three years [1] - The remaining funds for the stock repurchase will come from the controlling shareholder's own resources [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's total power generation from its six domestic hydropower stations in the third quarter was approximately 108.47 billion kWh, a decrease of 5.84% year-on-year. Consequently, the company's operating revenue in the third quarter decreased by 7.78% year-on-year. However, through cost reduction and efficiency improvement, the net profit attributable to the parent company in the third quarter decreased by 9.13% year-on-year, with the impact of water inflow on revenue being somewhat smoothed out, resulting in a year-on-year growth of 0.6% in net profit for the first three quarters. The report emphasizes that short-term power generation performance cannot be linearly extrapolated, as water inflow in the Yangtze River basin has improved significantly since the autumn flood began [2][6][10]. Summary by Sections Financial Performance - In the third quarter of 2025, the company achieved operating revenue of 29.044 billion yuan, a year-on-year decrease of 7.78%, and a net profit attributable to the parent company of 15.137 billion yuan, a decrease of 9.13% [6][10]. - The total water inflow for the Wudongde Reservoir in the first three quarters was approximately 83.489 billion cubic meters, a decrease of 6.04% year-on-year, while the Three Gorges Reservoir's water inflow was approximately 298.880 billion cubic meters, a decrease of 4.54% year-on-year [10]. Operational Insights - The company managed to smooth the impact of water inflow on its revenue through cost reduction measures, resulting in a gross profit of 20.478 billion yuan in the third quarter, a decrease of 8.36% year-on-year, closely aligned with the revenue decline. Despite a 60.18% increase in taxes and surcharges, the company effectively mitigated the amplification effect of revenue fluctuations on profits [10]. - The financial expenses for the third quarter were 2.298 billion yuan, a decrease of 18.03% year-on-year, and investment income reached 1.648 billion yuan, an increase of 19.95% year-on-year [10]. Future Outlook - The report indicates that the autumn flood has led to a significant improvement in water inflow, with the average outflow from the Three Gorges Reservoir increasing by 141.47% year-on-year as of October 30, and the water level reaching 174.21 meters, an increase of 6.3 meters year-on-year. This abundant water inflow in the fourth quarter is expected to further support annual performance growth [2][10]. - The company has announced a profit distribution plan for 2026-2030, committing to a cash dividend of no less than 70% of the net profit attributable to the parent company each year, reflecting a strong emphasis on shareholder returns [10].

Core Viewpoint - Temasek Holdings (Private) Limited has increased its stake in SANY Heavy Industry Co., Ltd. to 10.09% by purchasing 2.5942 million shares at an average price of HKD 23.5668 per share, totaling approximately HKD 61.137 million [1]. Group 1 - Temasek Holdings acquired 2.5942 million shares of SANY Heavy Industry on November 3, 2025 [1]. - The average purchase price per share was HKD 23.5668, leading to a total investment of about HKD 61.137 million [1]. - Following this transaction, Temasek's total shareholding in SANY Heavy Industry increased to 63.7134 million shares, raising its ownership percentage from 9.68% to 10.09% [1].

Group 1 - JPMorgan increased its stake in Innovent Biologics (01801) by acquiring 2.550546 million shares at a price of HKD 80.6819 per share, totaling approximately HKD 206 million [1] - Following the acquisition, JPMorgan's total shareholding in Innovent Biologics is approximately 87.0232 million shares, representing a stake of 5.07% [1]

Core Insights - Sun Xu Limited increased its stake in Sunny Optical Technology (02382) by purchasing 720,000 shares at a price of HKD 74.009 per share, totaling approximately HKD 53.2865 million [1] - Following this transaction, Sun Xu Limited's total shareholding in Sunny Optical Technology reached approximately 390 million shares, representing a holding percentage of 35.61% [1] Company Summary - The recent acquisition by Sun Xu Limited indicates a strategic move to consolidate its position in Sunny Optical Technology, reflecting confidence in the company's future prospects [1] - The transaction highlights the ongoing interest and investment activity in the optical technology sector, which may suggest potential growth opportunities within the industry [1]

Group 1 - The core point of the article is that JPMorgan has increased its stake in Xinyi Solar (00968) by purchasing approximately 5.756964 million shares at a price of HKD 3.7778 per share, totaling around HKD 21.7487 million [1] - After the purchase, JPMorgan's total shareholding in Xinyi Solar is approximately 642 million shares, representing a holding percentage of 7.01% [1]