Core Insights - The report indicates that small-cap and value factors experienced a pullback, while high profitability and high growth factors performed relatively well [1] - The quant stock portfolio of top-performing funds achieved a weekly return of 4.43%, with a cumulative return of 52.54% for 2025 [1] Group 1: Multi-Factor Portfolio Performance - The aggressive and balanced portfolios had weekly returns of -4.10% and -3.85% respectively, underperforming the major indices [10] - For the year-to-date (YTD) 2025, the aggressive and balanced portfolios recorded cumulative returns of 69.47% and 55.27%, significantly outperforming the major indices [11] Group 2: Fund Holdings Performance - The exclusive holdings of top-performing funds yielded a weekly return of 4.43%, outperforming the total index of stock funds by 4.09% [26] - Since December 2025, these holdings have achieved a cumulative return of 7.58%, with an excess return of 6.65% [26] Group 3: Profitability, Growth, and Cash Flow Combination - The combination of profitability, growth, and cash flow achieved a weekly return of 1.12%, outperforming the CSI 300 index by 1.20% [28] - For 2025, this combination has a cumulative return of 88.82%, significantly higher than the CSI 300 index's return of 16.42% [28] Group 4: Low Valuation with Fundamental Support - The PB-profitability preferred portfolio had a weekly return of -2.64%, underperforming the CSI 300 index by 2.57% [30] - For the year-to-date 2025, this portfolio recorded a cumulative return of 19.82%, slightly outperforming the CSI 300 index [31] Group 5: Small-Cap Value and Growth Performance - The small-cap value preferred portfolio 1 had a weekly return of -2.84%, outperforming the micro-cap index by 1.85% [35] - The small-cap growth portfolio recorded a weekly return of -1.94%, outperforming the micro-cap index by 2.75% [39] Group 6: Single Factor Performance - In style factors, large-cap stocks outperformed small-cap stocks, and high-valuation stocks outperformed low-valuation stocks [42] - Technical factors showed negative excess returns across the board, with reversal and turnover factors contributing negatively [46] Group 7: Fundamental Factors - The ROE factor contributed positively, with a multi-factor return of 1.63% for the week [53] - The SUE factor also showed positive returns, indicating strong performance in fundamental analysis [53]

文 | 银行螺丝钉 （转载请注明出处） 基金是非常适合普通人的投资品种。 什么类型的基金更适合新手？ 基金投资该怎么投？ 长期投资前要做哪些心理建设？ 这里有一门限时免费的福利课程，能帮助新手投资者从零开始了解基金投资。 所以,想要在指数基金上赚钱,有三种 方式: •在估值处于低位的时候投资。之后估值 上涨，我们可以赚到估值的收益。 想要获取这门课程，可以扫下方二维码添加 @课程小助手 ，回复 「 基金入门 」 领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 #螺丝钉小知识 arm ( 银行螺丝钉 长期投资股票资产，收益是从哪 里来的呢? 如果用一个公式，总结股票指数基金投 资的收益来源,那就是：指数基金净值= 估值×盈利+分红。 •指数背后公司的盈利长期上涨，我们可 以获得盈利上涨的收益。 ·耐心持有,收获分红收益。 总的来说,就是在低估区域,买入长期 盈利增长的指数基金。 听起来很简单,但实际投资中,难度却 不小。 原因是，盈利的变化是比较慢的，但是 估值的短期变化幅度，要大很多。 这就是股票指数基金投资时的难点：虽 然盈利长期上涨，但遇到短期估值降低 时,可能几年下来还是亏钱的;然 ...

Core Insights - The company has positioned "profitability" as the strategic focus for the fiscal year 2026, marking a shift towards sustainable growth and efficiency [6][7][8] Financial Performance - For Q3 of fiscal year 2025, the company reported revenues of 1.58 billion yuan, a year-on-year increase of 30.7%, with cash revenue reaching 1.19 billion yuan, up 11.2% [1][2] - In the first nine months of fiscal year 2025, total revenue was 4.46 billion yuan, reflecting a 41% year-on-year growth, while cash revenue was 4.33 billion yuan, a 25.4% increase [1][2] Revenue Structure - The learning services segment contributed over 95% of total revenue, exceeding 1.5 billion yuan, with offline learning services surpassing 10% of total revenue for the first time [2] - Non-academic and traditional business segments together contributed over 1.26 billion yuan, accounting for more than 80% of total revenue, with a year-on-year growth exceeding 55% [3] Segment Performance - The non-academic business saw a revenue increase of approximately 60%, achieving its first quarterly profit, while traditional learning services grew by 15% [3] - Revenue from university and adult education services exceeded 237 million yuan, representing over 15% of total revenue, with both cash revenue and overall revenue showing double-digit year-on-year growth [4][5] Future Outlook - The company has provided revenue guidance for Q4 of fiscal year 2025, estimating between 1.628 billion and 1.648 billion yuan, with a projected year-on-year growth of 17.2% to 18.7% [6] - The management emphasizes a balanced growth trajectory for fiscal year 2026, targeting approximately 15% year-on-year revenue growth while focusing on sustainable net profitability and improved operating cash flow [7][8]

Core Insights - Chipotle Mexican Grill, Inc. (CMG) reported third-quarter 2025 results with earnings exceeding expectations while revenues fell short of estimates, both metrics showing year-over-year growth [1][3][9] Financial Performance - Adjusted earnings per share (EPS) for Q3 2025 were 29 cents, surpassing the Zacks Consensus Estimate of 28 cents, and reflecting a 7.4% increase from 27 cents in the same quarter last year [3][9] - Quarterly revenues reached $3 billion, missing the consensus estimate of $3.02 billion by 0.5%, but showing a 7.5% year-over-year increase driven by new restaurant openings and higher comparable restaurant sales [3][9] Comparable Sales and Traffic Trends - Comparable restaurant sales rose by 0.3% in Q3 2025, a significant decline from the 6% growth reported in the prior-year quarter, influenced by a 1.1% increase in average check but offset by a 0.8% decrease in transactions [4][9] - Digital sales accounted for 36.7% of total food and beverage revenues during the quarter [4] Restaurant Openings - Chipotle opened 84 company-owned restaurants in Q3 2025, with 64 of these featuring a Chipotlane, contributing positively to the company's performance [5] Cost and Margin Analysis - Food, beverage, and packaging costs as a percentage of revenues were 30%, down from 30.6% in the prior-year quarter, attributed to menu price increases and improved cost efficiencies, though inflation in beef and chicken and new tariffs partially offset these gains [6] - The restaurant-level operating margin decreased to 24.5% from 25.5% in the prior-year period, with adjusted net income for the quarter at $389.9 million, up from $366.6 million year-over-year [7][9] Balance Sheet Overview - As of September 30, 2025, Chipotle reported cash and cash equivalents of $698.7 million, down from $748.5 million at the end of 2024, with inventory totaling $46.4 million compared to $48.9 million at the end of 2024 [8] Future Outlook - For 2025, management anticipates comparable sales to decline in the low-single digit range, a revision from the previous estimate of flat sales, and plans to open between 315 and 345 new company-operated restaurants, with over 80% featuring a Chipotlane [10]

Core Viewpoint - The current market rally is facing multiple concerns, including tariff frictions, credit issues, and questions surrounding the AI bubble and momentum stocks [1][2][3] Market Performance - Despite recent churning, forward earnings estimates for the overall market are moving higher, indicating that profits remain the key driver of the bull market [3][4] - The S&P 500 has been moving sideways for about a month, which may set the stage for a year-end rally [4] Sector Analysis - Defensive sectors like healthcare and utilities have shown better performance recently, while there are signs of speculative flows affecting stock prices [6][7] - The defining theme of the current bull market is still centered around AI and technology, with large-cap tech maintaining earnings momentum [8] Commodities Outlook - Oil prices are surging due to recent news from Russia, but the overall outlook for oil remains negative, while gold is viewed positively despite recent pullbacks [10][11] - Gold has reached a high relative to its trend since 2006, indicating a need for consolidation before further gains are expected [10][11] Economic Indicators - Upcoming CPI data may provide short-term market movement, but it is unlikely to change the overall outlook, as other factors like cooling rents and weaker job numbers may offset any inflation uptick [12][14][15]

Group 1 - The article discusses the characteristics of bull and bear markets, highlighting that bear markets often experience prolonged declines while bull markets tend to have sharp corrections followed by recoveries [2][3]. - In a bull market, there are often significant short-term gains followed by market pullbacks, typically characterized by patterns such as "three up, two down" or "three up, one down" [4]. - The article emphasizes the difficulty of timing the market, as the most substantial gains in a bull market can occur within a few trading days, making it challenging to exit and re-enter profitably [5]. Group 2 - The article notes that the magnitude of pullbacks can vary significantly, with some being minor while others can exceed 10%, leading to potential missed opportunities if investors attempt to time their exits [7]. - It explains the relationship between index funds, valuation, earnings, and dividends, stating that valuation primarily affects short-term returns while earnings growth is crucial for long-term performance [8].

Core Viewpoint - Lantu Automotive has officially submitted its application to the Hong Kong Stock Exchange for a direct listing, marking a significant innovation and exploration in the transformation of state-owned enterprises in the new energy sector [2] Financial Performance - Lantu Automotive has achieved quarterly profitability for the first time in Q4 2024, becoming the fifth new energy vehicle company to report quarterly and semi-annual profits, alongside BYD, Seres, Li Auto, and Leap Motor [2][3] - The company reported a net profit of 479 million yuan for the first seven months of 2025, indicating a significant improvement in profitability [3][5] - Lantu's gross margin increased from 8.3% in 2022 to 21.3% by July 2025, ranking second in the new energy vehicle industry for 2024 [5] Revenue Growth - Lantu Automotive's revenue has shown rapid growth, with figures of 6.05 billion yuan in 2022, 12.75 billion yuan in 2023, 19.36 billion yuan in 2024, and 15.78 billion yuan in the first seven months of 2025, reflecting a compound annual growth rate of 78.9% from 2022 to 2024 [7][10] - The company sold 19,400 vehicles in 2022, 50,300 in 2023, 80,100 in 2024, and 66,700 in the first seven months of 2025, achieving a compound annual growth rate of 103.2% in sales from 2022 to 2024 [10] Product Strategy - Lantu Automotive has launched multiple models, including the Lantu FREE, Lantu Dreamer, Lantu Zhaiguang, and Lantu Zhiyin, with the 2026 Lantu Dreamer priced between 329,900 yuan and 439,900 yuan [6] - The company aims to provide sustainable development through reasonable pricing and profit margins, ensuring that all products meet specific gross margin and profitability requirements [5][6] Technological Collaboration - Lantu Automotive has integrated advanced technologies in its vehicles, such as the Huawei Kunlun ADS 4 system in the Lantu Taishan, which features L3-level intelligent driving capabilities [16][20] - The collaboration with Huawei has been highlighted as a key factor in enhancing Lantu's technological capabilities, with both companies benefiting from their respective strengths [18][20] Market Positioning - Lantu Automotive targets the high-end new energy vehicle market, focusing on a price range of 200,000 to 500,000 yuan, positioning itself as a premium brand under the Dongfeng Motor Corporation [10][20] - The company aims to resonate with the "new era backbone" demographic, emphasizing quality, intelligence, and performance in its branding strategy [11][20]

Sam Altman在博客上表示，Sora用户生成的视频内容数量远超OpenAI预期，而且许多视频的受众规模非常小。必须通过某种方式让视频生成业务实现盈利。OpenAI计划与那些希望用户生成其角色的版权方分享部分收入。具体的模式还需经过反复试验才能确定，相关计划将很快启动。 https://t.co/a6sgOct5Th ...

Report Title - Local Boom in Convertible Bond Gold Mining (1) [2] Report Date and Analysts - Report Date: September 28, 2025 - Analysts: Luo Yunfeng (SAC No.: S1050524060001), Yang Feiran (SAC No.: S1050524070001) [3] Core Views - The core driving force of the market in this round has been the improvement of risk appetite, which is an endogenous variable of profitability. Since September, considering the decline in equity trading volume, the narrowing gap between the growth and value of equities, and the increase in the proportion of the same - direction movement of stocks and bonds, it is believed that the repair of risk appetite is basically in place. In the future, risk appetite will fluctuate within a range along with profitability, with the upper and lower limits corresponding to the levels in early January (the week of January 6) and early September (the week of September 8) respectively. On September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [4]. - The recent shift of the market from "banks + micro - cap stocks" to technology has a profit foundation, that is, the overall economy is bottoming out but there are local upturns. The private - sector debt growth rate is used as a proxy variable for profitability, and its downward bottom appeared in October 2024 and has not reached a new low as of July 2025 [4]. - The long - term cycle of convertible bonds is synchronized with equities. The periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Therefore, short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets [6]. 01 Risk Appetite Will Follow Profitability in Range - bound Fluctuations - The repair of risk appetite in this round may be basically in place. The highest point of risk appetite since data became available was in 2007, and the lowest point was on April 7, 2025. Excluding the impact of event - driven factors, the lowest point was in January 2025. The private - sector debt growth rate, as a proxy variable for profitability, reached its bottom in October 2024 and has not set a new low as of July 2025. The risk appetite may enter a range - bound fluctuation, and on September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [8]. - The overall economic fundamentals are still in the bottom - grinding stage. In the second quarter, the real GDP grew by 5.2% year - on - year, 0.2 percentage points lower than in the first quarter. Investment has been sluggish due to the real estate sector, and infrastructure investment has declined at an accelerating pace since mid - year. Consumption has been affected by the high - then - low national subsidies at the beginning of the year, and the CPI has been in a slump. Industrial product prices have shown a trend of price increases with volume contraction. From the perspective of Wind All - A earnings data, the overall economic fundamentals are still bottoming out [11][14]. 02 Fundamental Local Boom Corresponds to the Double - Innovation Market - In terms of revenue, the improvement of the Science and Technology Innovation 50 and the ChiNext Index is leading, while the Micro - cap and Dividend Indexes have the most obvious decline. In 2025Q2, the revenue growth rate of the ChiNext Index increased by 5 percentage points to 9.3%, and the Science and Technology Innovation 50 ended its relative disadvantage for three consecutive quarters. The revenue of the Micro - cap and Dividend Indexes decreased by 7.8% and 5.9% respectively in 2025Q2 [18]. - In terms of gross profit margin, compared with 2024Q2, the Science and Technology Innovation 50 and the SSE 50 had the most significant increase in gross profit margin in 2025Q2, up 2.5 and 2.0 percentage points respectively. The ChiNext Index had a gross profit margin of 24.5% in 2025Q2, still the highest among broad - based indexes [21]. - Most indexes' year - on - year growth rate of net profit attributable to shareholders in 2025Q2 declined quarter - on - quarter. The Science and Technology Innovation Board had a significant improvement in net profit in 2025Q2, and the ChiNext Index continued to lead other broad - based indexes in terms of growth rate [24]. - In terms of specific industries, in 2025Q2, the industries with the highest year - on - year growth rate of net profit attributable to shareholders were gaming (104%), steel (82%), precious metals (76%), etc. The industries with the largest decline were real estate (- 132%), coal (- 37%), etc. The industries with positive growth in 2025Q2 and an improvement compared with 2025Q1 were banks, insurance, etc. Combining the historical percentile of valuation, the industries with high performance growth and still some room for valuation are power equipment, new energy, gaming, and consumer electronics [29][30] 03 Convertible Bonds Follow Equities to Explore Locally Booming Sectors - The long - term cycle of convertible bonds is synchronized with equities. The short - term periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets. Convertible bond targets with good performance in 2025Q2 are concentrated in power equipment, electronics, etc. [45] - The All - A Index can basically explain most of the long - term fluctuations of convertible bonds. The regression results show that the performance of convertible bonds mainly follows the equity market, and the equity market trend can explain 91.4% of the price fluctuations of the convertible bond market. The convertible bond market follows equities in this round, and is less affected by the bond market [48][59] - The short - term fluctuations of convertible bond valuations provide signals for left - hand side position - adding and profit - taking. From June 23 to August 25, the active increase in convertible bond valuations was greater than that of the underlying stocks. Therefore, the convertible bond market entered the downward - oscillation cycle earlier than the equity market on August 27 and had a larger decline due to the return of valuations [61] - ETF share fluctuations have a relatively small impact on the price fluctuations of underlying convertible bond targets. Since September, the growth rate of convertible bond ETF shares has decreased significantly, which may mainly reflect sentiment and valuation [64] - Convertible bonds with good profitability have larger increases and are more resistant to declines. From June 23 to August 25, convertible bonds followed the underlying stocks in a sharp rise, with the growth sector leading. Some convertible bonds in individual sectors outperformed the underlying stocks, mainly concentrated in industries and targets with excellent performance. From August 25 to September 23, convertible bonds led the All - A Index in decline, and their subsequent performance was weaker than that of equities, mainly due to the periodicity of convertible bond valuation fluctuations [70][77] - The new energy sector under the goal of carbon peaking by 2030 may be one of the most certain trading directions in the next five years. The new energy vehicle penetration rate continues to increase, and the energy storage market has an important turning point. The report focuses on Keli Convertible Bonds and Hongfa Convertible Bonds in the new energy field [83] - Keli Convertible Bonds: Kodal Precision is the global leader in precision structural parts. The company's performance has been growing steadily. The convertible bond has a relatively large issuance scale, and the current price is around 140 yuan, with a conversion premium rate of 18.6%. It is an offensive convertible bond with high - quality underlying stocks and has no risk of forced redemption for the time being [87][89][92] - Hongfa Convertible Bonds: Hongfa Co., Ltd. is the world's largest relay manufacturer. The company's performance has been growing steadily. The convertible bond has a large issuance scale, and the current price is around 134 yuan, with a conversion premium rate of 18.2%. The downward - adjustment clause is relatively loose [95][98][101]

Core Viewpoint - Concentrix Corporation's stock dropped over 16% in pre-market trading following third-quarter earnings that fell short of expectations, despite revenue exceeding guidance and an upward revision of the full-year outlook [1]. Financial Performance - The company reported adjusted earnings per share of $2.78 for the quarter ending August 31, which was below analyst expectations of $2.86 [2]. - Revenue for the quarter was $2.48 billion, surpassing expectations of $2.46 billion and reflecting a 4% year-on-year increase. On a constant currency basis, revenue grew by 2.6%, exceeding guidance [2]. - Profitability metrics showed a decline, with the adjusted operating margin falling to 12.3% from 13.9% a year ago, and the adjusted EBITDA margin decreasing to 14.5% from 16.3% [2]. Future Outlook - For the fourth quarter, Concentrix projected revenue between $2.525 billion and $2.550 billion, indicating a constant currency growth of 1.5% to 2.5% [3]. - The full-year revenue guidance was raised to a range of $9.798 billion to $9.823 billion, which corresponds to a constant currency growth of 1.75% to 2.0% [3].