Core Viewpoint - Leshan Electric Power (600644.SH) reported a total operating revenue of 3.395 billion yuan for the fiscal year 2025, reflecting a year-on-year growth of 6.24%. The net profit attributable to shareholders was 23.4023 million yuan, an increase of 3.68% year-on-year [1] Financial Performance - The net profit attributable to shareholders, after deducting non-recurring gains and losses, decreased by 3.31 million yuan, representing a decline of 48.52% year-on-year [1] - The previous year's comparison base was relatively low at 6.8212 million yuan [1] - The increase in gas purchase costs due to adjustments in pricing structures by upstream supplier PetroChina and the implementation of low valley electricity prices for residential use by local power grids contributed to a reduction in electricity gross profit [1] Operational Measures - The company implemented measures such as increasing supply and expanding sales externally, as well as enhancing internal efficiency through cost reduction and loss mitigation to counteract adverse impacts [1] - Despite these efforts, operational profits still showed a decrease compared to the same period last year [1] Asset Management - The company strengthened the management of receivables, recovering amounts subject to individual impairment testing, and increased the disposal of non-current assets, which contributed to the year-on-year increase in net profit attributable to shareholders [1]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The spot price of asphalt in the domestic market remained stable overall on January 7, 2026, with slight increases in North China and Shandong. The market has entered a volatile stage after pricing in the expectation of tightened Venezuelan crude oil supply, which has not been falsified yet. Although refineries can seek alternative heavy - quality raw materials from the Middle East, Canada, and South America, an increase in costs may be inevitable, providing short - term support for the market [1] 3. Summary by Relevant Catalogs Market Analysis - On January 7, 2026, the closing price of the main asphalt futures contract BU2603 in the afternoon session was 3,160 yuan/ton, a decrease of 4 yuan/ton or 0.13% compared to the previous day's settlement price. The open interest was 222,253 lots, a net increase of 12,839 lots, and the trading volume was 309,749 lots, an increase of 85,312 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were as follows: Northeast region, 3,306 - 3,500 yuan/ton; Shandong region, 3,050 - 3,190 yuan/ton; South China region, 3,100 - 3,150 yuan/ton; East China region, 3,100 - 3,200 yuan/ton [1] Strategy - Unilateral trading: Be cautiously bullish. Buy the main BU contract on dips, but avoid excessive chasing of rising prices. - Inter - delivery spread trading: Buy the spread of BU2303/2306 on dips (positive spread trading). - Inter - commodity trading: No recommendation. - Spot - futures trading: No recommendation. - Options trading: No recommendation [2]

Core Viewpoint - The company expects to report a loss attributable to shareholders not exceeding 500,000 HKD for the six months ending September 30, 2025, compared to a profit of approximately 3 million HKD for the same period in 2024 [1] Group 1: Financial Performance - The anticipated loss is primarily attributed to increased sales and distribution costs due to the expansion of business and an increase in the number of sales points [1] - The company experienced a decline in revenue and gross profit from tourism-related products due to negative impacts from rumors of an earthquake in Japan during the first half of 2025 [1] Group 2: Operational Challenges - The increase in administrative and other operating expenses is linked to the growing number of logistics support system development projects, resulting in higher consulting fees and employee costs [1] - The board emphasizes the need to implement effective measures to expand business channels and enhance brand image to improve competitive advantage [1]

Report Summary 1. Report Information - Research Variety: Industrial silicon [1] - Report Cycle: Daily report [1] - Date: October 9, 2025 [1] 2. Investment Rating - Not provided 3. Core View - The industry is in a pattern of increasing supply and demand, but inventory depletion has significantly slowed down, and there are signs of inventory accumulation, indicating that the fundamentals have turned loose. Considering the different supply changes in the two major production areas and the uncertainty of the demand for polysilicon in the core consumption direction, there is no obvious unilateral driver in the market, and the futures price may fluctuate around the cost line [10]. 4. Section Summaries 4.1 Futures Market - **Contract Market**: On October 9, 2025, the industrial silicon si2511 contract rose and then fell, closing with a negative line. The trading volume decreased significantly, with a full - day trading volume of 210,531 lots and an open interest of 176,563 lots [2]. - **Variety Price**: The total open interest of 12 industrial silicon futures contracts was 407,790 lots, an increase of 8,057 lots compared with the previous trading day. Among them, the open interest of the active contract si2511 increased by 2,165 lots [4]. 4.2 Influencing Factors - **Industry News**: In the southwest production area, as the wet season is coming to an end, the smelting electricity price is facing an increase, leading to higher production costs. In the north production area, the electricity price is relatively stable throughout the year due to the use of coal - fired power. After the anti - involution, the profit is acceptable. Against the background of the planned production cut in the southwest, large factories in Xinjiang may have the expectation of further increasing production, which makes the market worried that the supply is unlikely to decline significantly [6]. - **Technical Analysis**: The industrial silicon futures rose and then fell today. The main 2511 contract formed a doji pattern with long upper and lower shadows. The trading volume decreased significantly, and the open interest increased slightly. Both the long and short sides continued to wait and see. From the daily chart, the futures price formed a doji pattern with long upper and lower shadows below the 50 - day moving average. It is expected that the market will fluctuate weakly in the future [7]. 4.3 Market Outlook - The industry is in a situation of increasing supply and demand, but inventory depletion has slowed down, and there are signs of inventory accumulation. The fundamentals have become looser. Given the different supply changes in the two major production areas and the uncertain demand for polysilicon, there is no clear one - way driving force in the market, and the futures price may fluctuate around the cost line [10].

Core Viewpoint - The company, Ying Sheng Science (00209), is expected to report a loss of approximately HKD 38 million for the six-month period ending June 30, 2025, which is an increase from a loss of about HKD 27 million in the same period last year [1] Group 1: Financial Performance - The company's stock was deposited into Hope Securities with a market value of HKD 45.451 million, representing 41.37% of the total [1] - The anticipated loss for the current reporting period is attributed to two main factors: (i) the impact of increased tariffs from the U.S. on China, leading to a decrease in average product orders and gross profit compared to the previous year, and (ii) rising minimum wage and social insurance costs in mainland China [1]

Group 1 - The core point of the article highlights that Ying Sheng Science (00209) is facing an expected loss of approximately HKD 38 million for the reporting period ending June 30, 2025, which is an increase from a loss of about HKD 27 million in the same period last year [1] - The increase in losses is attributed to two main factors: (i) the impact of increased tariffs imposed by the U.S. on China, leading to a decrease in average product orders and gross profit compared to the previous year, resulting in reduced sales and gross profit contributions [1] - Additionally, the rise in minimum wage and social insurance costs in mainland China has further contributed to the company's financial challenges [1] Group 2 - On August 22, shareholders of Ying Sheng Science deposited shares into Hope Securities, with a market value of HKD 10.318 million, representing 9.95% of the total [1]

Core Viewpoint - The company, Ying Sheng Science, is facing an increased loss in the upcoming reporting period due to external economic pressures and rising operational costs [1] Financial Performance - Ying Sheng Science anticipates a loss of approximately HKD 38 million for the six months ending June 30, 2025, compared to a loss of about HKD 27 million in the same period last year [1] - The expected loss represents a significant increase in financial distress for the company [1] Factors Contributing to Loss - The widening loss is primarily attributed to two factors: 1. Increased tariffs imposed by the U.S. on Chinese goods, leading to a decrease in average product orders and gross margins compared to the previous year [1] 2. Rising minimum wage and social insurance costs in mainland China, which have further impacted profitability [1]

Core Viewpoint - Baide International (02668) is expected to report a significant increase in losses for the first half of the year, projecting a loss attributable to shareholders of approximately HKD 110 million to HKD 130 million, compared to a loss of HKD 36.8 million in the same period last year [1] Financial Performance - The company anticipates a loss of HKD 110 million to HKD 130 million for the first half of the year, a substantial increase from the previous year's loss of HKD 36.8 million [1] - The increase in losses is attributed to several factors, including significant operational cost increases following the acquisition of iron ore mining and processing operations [1] Operational Challenges - The operational costs have risen due to direct costs, operational expenses, and administrative expenses associated with the new mining business [1] - The mining operations are maintaining approximately HKD 405 million in bank loans, which has led to increased financial costs for the group [1] - There has also been an increase in the fair value loss of investment properties [1] Business Segments - Baide International primarily engages in the trading of non-ferrous metals and construction materials, with five main business segments: 1. Supply chain services for non-ferrous metals and construction materials 2. Hotel management and catering services 3. Equipment leasing 4. Property investment, focusing on retail shop leasing 5. Securities investment in equity [1]