Core Concept - THPX Signal Source is an innovative open trading signal platform aimed at empowering global investors through transparency, sharing, and specialization, breaking down information barriers and providing reliable trading decision support [1][7] Group 1: Platform Features - The platform promotes an open and shared environment for signal publication and evaluation, attracting experienced traders, professional analysts, and quantitative research teams to share their validated trading strategies and signals in a standardized format [3] - THPX provides subscribers with unprecedented flexibility to select trading signals based on their risk preferences, capital size, target markets (such as forex, stocks, futures, cryptocurrencies), and trading styles [5] - The platform integrates robust technical infrastructure to ensure stable and reliable real-time signal delivery, allowing for one-click following or automated execution of subscribed signals [5] Group 2: User Benefits - Users can access key information such as risk levels, historical performance, and maximum drawdown of signals, facilitating rational and independent subscription decisions [5] - THPX emphasizes user education and community building, offering learning resources and communication channels to enhance users' understanding of signal logic and investment knowledge [5] Group 3: Market Positioning - THPX does not promise guaranteed profits but serves as a decision-making support tool by providing professionally refined trading insights and market observations [7] - The platform aims to connect professional trading wisdom with the broad demand of investors, significantly lowering the barriers for investors to access professional strategies and enriching the diversity of decision-making references [7]

Summary of the Conference Call Company Overview - The conference call was held by Yuxin Technology, discussing the company's performance in the first three quarters of 2025, highlighting the overall operational strategy and financial results. Key Points Financial Performance - **Revenue Growth**: The company reported fluctuations in revenue with no significant growth, but net profit excluding share-based payments increased by 29% year-on-year, while the net profit including share-based payments saw a 205% increase [2][3]. - **Investment Income**: There was a decrease in investment income of approximately 30 million compared to the previous year, contributing to perceived volatility in quarterly profits [3]. - **Cash Flow**: The software business experienced a significant cash inflow, with a 157% year-on-year increase in operating cash flow, indicating strong operational quality and customer recognition [3][4]. - **Gross Margin Improvement**: The gross margin for core business increased by 1.2 percentage points year-on-year, with specific improvements in banking technology solutions [4][5]. Business Segments - **Innovation Operations**: The innovation operations segment grew by 30% in the first three quarters, benefiting from overseas contributions [5]. - **Non-Banking IT Solutions**: This segment saw a 7.8% growth, attributed to an increased hardware component [5]. - **Client Base**: Major banks and joint-stock banks accounted for 50% of revenue, with a focus on large clients [5][6]. Strategic Initiatives - **AI Development**: The company is actively developing AI solutions, including a collaboration with rural commercial banks for an AI model integration [17][18]. Orders related to AI are expected to double compared to the previous year [18]. - **Digital Currency Projects**: Yuxin Technology has established itself as a key player in digital currency projects, having successfully launched a digital wallet and smart contract system for overseas markets [20][21][22]. - **Financial Cloud Services**: The company is enhancing its financial cloud services, focusing on GPU-based solutions to empower small and medium-sized banks [33][34]. Market Outlook - **IT Budget Trends**: Large banks are expected to maintain stable IT investments, while small and medium-sized banks may face challenges due to budget constraints and the need for operational changes [40][41]. - **Opportunities in Overseas Markets**: The company sees significant potential in overseas markets, particularly in the context of digital currency and Web 3.0 developments [51][52]. Challenges and Risks - **Market Competition**: Small and medium-sized banks may struggle with competition and operational efficiency, leading to potential consolidation in the sector [41][42]. - **Regulatory Environment**: The company is navigating a complex regulatory landscape, particularly concerning digital currency and financial technology [46][47]. Additional Insights - **R&D Investment**: The company maintains a high R&D investment rate of around 13%, crucial for sustaining technological leadership [7][8]. - **Talent Acquisition**: There is a focus on attracting talent related to AI and Web 3.0 to support ongoing innovation [12]. Conclusion - Yuxin Technology is positioned for growth with a strong focus on innovation, AI, and digital currency projects, while also facing challenges in the competitive landscape and regulatory environment. The outlook for the next year appears optimistic, particularly in overseas markets and emerging technologies.

Core Viewpoint - Lufax Holding (06623.HK; LU.N) is undergoing significant management changes amid ongoing audit issues and delayed financial reporting, which raises concerns about its operational stability and governance [3][4]. Management Changes - Lufax appointed Ji Xiang as co-CEO and Wu Tao as Executive Vice President and Chief Marketing Officer, effective immediately [3]. - Ji Xiang, aged 43, previously worked at McKinsey for over ten years, most recently as a global partner overseeing retail banking in Asia, with an annual salary of RMB 3.3 million [3]. - Wu Tao has over 20 years of experience within the Ping An system and has held various senior roles, including CEO of Autohome [3]. Audit and Financial Reporting Issues - Lufax is facing audit troubles, having parted ways with its former auditors due to suspected related-party transactions, which were confirmed but not properly accounted for [4][5]. - The company has appointed Ernst & Young as its new auditor to reassess financial statements for 2022 and 2023, and to complete audits for 2024 and 2025 [5]. - Lufax has requested an extension until April 30, 2026, to submit its 2024 20-F form to the NYSE, indicating delays in financial reporting [5]. Financial Performance - As of September 30, 2025, Lufax reported a total outstanding loan balance of RMB 189.6 billion, a year-on-year decrease of 11.0% [6]. - The retail credit empowerment business revenue rate was 13.0%, an increase of 3.3 percentage points year-on-year [6]. - The overdue rate for loans exceeding 30 days was 5.1% as of September 30, 2025, up from 4.6% as of June 30, 2025 [6].

Group 1: Management Changes - Lufax Holdings has appointed Ji Xiang as co-CEO and Wu Tao as Executive Vice President and Chief Marketing Officer, effective immediately [1] - Ji Xiang, aged 43, previously worked at McKinsey for over ten years, serving as a global partner overseeing retail banking in Asia, with an initial three-year term and an annual salary of RMB 3.3 million [1] - Wu Tao has over 20 years of experience within the Ping An system and has held various senior positions, including CEO of Autohome [1] Group 2: Audit and Financial Reporting Issues - Lufax Holdings is currently facing audit issues and delays in financial reporting, having parted ways with its former auditors due to suspected related party transactions [2] - The company has appointed Ernst & Young as its new auditor to review financial statements for 2022 and 2023, and has requested an extension until April 30, 2026, for submitting its 2024 20-F form [3] - As of September 30, 2025, the total outstanding loan balance was RMB 189.6 billion, a year-on-year decrease of 11.0%, with a retail credit empowerment business income rate of 13.0%, up 3.3 percentage points year-on-year [3]

Group 1 - The event recognized 60 individuals and 30 companies for their contributions to the non-public economy in Shenzhen, highlighting their roles in high-quality development [1] - The recognition aims to encourage non-public economic entities to focus on integrity, law-abiding operations, and to contribute to Shenzhen's goal of becoming a globally influential economic center [1] Group 2 - The list of "Outstanding Builders" includes entrepreneurs from hard technology and electronic information sectors, indicating a strong focus on innovation and industry depth [2] - Notably, representatives from the new economy, such as Tencent Music and WeBank, reflect the cluster advantage of Shenzhen's non-public economic forces in digital economy and fintech [2] - The inclusion of grassroots service providers in the list signifies a broader recognition of the role of small market entities in enhancing employment and public welfare [2] Group 3 - The 30 companies awarded the "Contribution Award" demonstrate a high degree of integration between social responsibility and industrial empowerment [3] - Companies like SF Express and Huace Testing are recognized for their contributions to emergency logistics and quality improvement in industries, respectively [3] - The awardees illustrate a shift in Shenzhen's non-public economy from scale expansion to quality enhancement and from individual efforts to collaborative success [3]

Core Viewpoint - The significant rise in the stock price of Lexin (LX.US) is driven by improved quarterly performance, a new tariff agreement between China and the U.S., and a low overall valuation, marking a new high in the past year with a 25.19% increase to $4.82 per share [1] Group 1: Financial Performance - Lexin reported a revenue of 3.59 billion yuan in Q2 2025, a quarter-on-quarter increase of 15.6%, and a Non-GAAP EBIT of 670 million yuan, up 15.2% quarter-on-quarter and 116.4% year-on-year [1] - The company's valuation remains low compared to competitors, contributing to the recent stock price rebound after a prolonged period of underperformance [1] Group 2: Business Development - Lexin's multi-business ecosystem is showing steady growth, enhancing complementary synergies and creating a unique competitive barrier [2] - The GMV of the Fenqile Mall increased by 139% year-on-year during the "6·18" shopping festival, reflecting the effectiveness of supply chain upgrades and enriched consumption scenarios [2] - Lexin's overseas operations are continuously optimizing customer acquisition channels and improving asset structure, leading to sustained growth in scale and revenue [2] Group 3: Shareholder Returns - In July, Lexin announced a $60 million share buyback plan and increased its dividend payout ratio from 25% to 30% of net profit for the second half of the year, indicating a strong commitment to shareholder returns [2] Group 4: Future Outlook - With the upcoming Q3 earnings season, Lexin is expected to experience further growth as performance continues to improve [3] - Established in August 2013 and listed on NASDAQ in December 2017, Lexin aims to connect young Chinese consumers with new consumption brands through its platforms [3]

Core Viewpoint - The article discusses how China, through the International Intelligent Supply Chain Holding Group, is proposing a new solution to challenge the dominance of the US dollar in global trade and finance, aiming for a more equitable global economic order [1][2]. Group 1: The Shift from Dollar Dominance to China's Response - The past global economy was characterized by a "one-way cycle" under dollar control, while the future is envisioned as a "shared prosperity cycle" driven by intelligent supply chains [3]. - The core strategy of the International Intelligent Supply Chain is to counter the dollar's "threefold harvesting" with a "threefold counterattack" using China's technological and supply chain strengths [4]. Group 2: Intelligent Supply Chain System - The "Intelligent Supply Chain System" is a global smart economic ecosystem that integrates smart manufacturing, Chinese warehousing, overseas delivery, and local services, with digital RMB as the core of settlement [9]. - This system allows for the free flow of resources, products, technology, and capital through a digital, transparent, and intelligent "trade highway" [10]. Group 3: The Role of Digital RMB - Digital RMB serves as a crucial foundation for the Intelligent Supply Chain, functioning not only as a payment tool but also as a "trustworthy settlement mechanism" [15][16]. - Transactions using digital RMB can be completed in minutes, with each transaction being traceable and verifiable, enhancing security and preventing capital flight and money laundering [17][18]. Group 4: Vision for Shared Prosperity - The vision of the Intelligent Supply Chain is to ensure that ordinary people benefit from technological advancements, allowing participants to become not just consumers but also stakeholders through mechanisms like "Intelligent Chain Points" and "equity dividends" [21][22]. - The system is expected to create new job opportunities across various sectors, contributing to a stable international supply network [23][24]. Group 5: China's Role in Globalization - China is transitioning from being a participant in globalization to becoming a shaper of globalization, moving towards a new order based on value creation rather than financial hegemony [26]. - The initiative represents a shift from "financial hegemony" to "technological co-governance" and aims to establish a fair global order where every trade is visible and every individual shares in the benefits [27].

Core Insights - The 2025 Tongming Lake Forum opened in Beijing, focusing on "Intelligent Empowerment and Ecological Win-Win," featuring various activities to discuss technological trends and future industry directions [1][10] Group 1: Forum Activities - The forum included an opening ceremony, main forum, and parallel sub-forums, facilitating dialogue and collaboration among government, industry, academia, and research sectors [1] - A project signing ceremony was held at the Tongming Lake Information Technology Application Innovation Center, launching a super software production platform to support the integration of AI technology with foundational software and hardware [3] Group 2: Tongming Lake Center Objectives - The Tongming Lake Center aims to leverage the technological advantages of local operating system vendors like Tongxin Software, creating a comprehensive support platform for technology R&D, industry collaboration, and service [5] - The super software production platform focuses on building foundational large model capabilities and developing intelligent operating systems and application platforms, enhancing application empowerment and ecological impact [5] Group 3: Main Forum Highlights - Representatives from various organizations, including the Zhongguancun AI Research Institute and major corporations, shared insights on fintech innovation, AI's role in the software industry, and the development of next-generation intelligent operating systems [7] - Six parallel sub-forums were held, covering critical areas such as operating systems, commercial cryptography, healthcare, smart agriculture, commercial aerospace, and finance, promoting exploration of technological breakthroughs and innovative applications [7] Group 4: Beijing Economic Development Zone - The Beijing Economic Development Zone serves as a primary platform for building an international technology innovation center, focusing on rapid development of key enterprises in the information technology application innovation sector [9] - The zone has attracted over 700 companies in the information technology application innovation field, covering essential areas such as chips, operating systems, databases, middleware, application software, terminal devices, network security, and operation services [9] - The development strategy emphasizes the integration of AI with autonomous technology systems, aiming to enhance collaborative development across hardware and software sectors [9]

Group 1: Employment Support for Graduates - Beijing's recent policy aims to support high-quality employment for college graduates and youth by implementing nine specific measures across three dimensions: policy improvement, service optimization, and mechanism enhancement [2][3] - The city will focus on attracting talent in key sectors such as artificial intelligence, integrated circuits, and biomedicine, particularly targeting small and medium-sized tech enterprises [2][3] - By 2025, the number of college graduates in China is expected to reach 12.22 million, marking an increase of 430,000 from 2024, highlighting the urgency of addressing youth employment issues [2] Group 2: Competitive Talent Attraction - Beijing faces competition from cities like Shanghai, Shenzhen, and Hangzhou in attracting young talent, necessitating effective policies to retain and nurture skilled individuals [3][4] - The city's latest initiatives reflect a targeted approach to service industry development, emphasizing support for emerging sectors and the importance of high-quality talent for economic growth [3] Group 3: Housing and Living Support - To alleviate housing challenges for young professionals, Beijing has introduced measures such as accommodation guarantees and housing subsidies in certain districts [2][4] - Previous initiatives included offering free accommodation for job seekers and discounted rental options for recent graduates, marking a significant step in addressing the living costs in the city [4]

多家银行及金融科技公司积极响应政策导向，度小满于9月1日推出"响应国补加码贴息"活动，面向特邀老客推出最高1%的 利率贴息券，覆盖单笔5万元及以内消费额度，将政策红利精准传递至消费者，10月以来，活动继续升级，不仅已参加过的用 户还可以继续参加，贴息额度进一步提升，如此一来，如果多次参加的话，用户最高可节省利息从500元扩大至1000元。截至 10月26日，活动已覆盖超百万用户、减免利息4.2亿元。 本报讯 （记者矫月）自9月1日消费贷"国补"正式实施以来，如今已近两个月。在这段时间里，政策红利持续释放，不仅为 金融业注入了新的发展活力，更成为提振消费、助力民生的重要推手。 9月以来，多家金融平台创新金融产品和服务，为消费者和小微经营主体提供更加便捷、灵活的信贷支持，满足金融消费 者多样化的资金需求，进一步拉动了消费增长。 以度小满为例，其加码贴息后两个月内为超百万用户减免利息4.2亿元，这些资金直接转化为个人客户家电购置、家居升 级、教育培训等实际消费支出。无论是5万元以下的小额日常开支，还是家用汽车、养老生育等重点领域的消费，均能获得贷 款贴息，全场景消费覆盖，让不同收入群体的消费需求突破时间、地理位置的 ...