Core Viewpoint - The Guoqi Gongying ETF (159719) has shown a positive performance with a recent increase of 0.44%, marking a three-day consecutive rise, and a weekly gain of 1.08% as of October 21, 2025 [1] Performance Summary - As of October 21, 2025, the Guoqi Gongying ETF has achieved a net value increase of 53.53% over the past three years, ranking 337 out of 1897 in the index stock fund category, placing it in the top 17.76% [1] - The ETF has recorded a maximum monthly return of 14.61% since its inception, with the longest consecutive monthly gain being 7 months and a maximum cumulative increase of 24.70% [1] - The average return in the months of increase is 4.14%, with a total annual profit percentage of 100.00% and a historical three-year holding profit probability of 100.00% [1] - Over the past six months, the ETF has outperformed its benchmark with an annualized excess return of 7.35% [1] Liquidity and Scale - The ETF's latest scale reached 62.51 million yuan, marking a recent one-month high [1] - The trading volume showed a turnover of 4.25% during the session, with a total transaction value of 2.6597 million yuan [1] - The average daily transaction value over the past year was 13.2974 million yuan [1] Fee Structure - The management fee for the Guoqi Gongying ETF is 0.25%, and the custody fee is 0.05%, which are among the lowest in comparable funds [2] Tracking Precision - As of October 21, 2025, the ETF has a tracking error of 0.036% over the past month, indicating the highest tracking precision among comparable funds [3] - The ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [3] Top Holdings - The top holdings in the ETF include: - China Petroleum (601857) with a weight of 15.94% and a gain of 1.03% - China Petrochemical (600028) with a weight of 11.93% and a gain of 0.92% - China State Construction (601668) with a weight of 9.59% and a gain of 0.53% [5]

Core Viewpoint - The official launch of iPhone Air and the complete transition to eSIM technology marks the beginning of a cardless era, which is expected to transform user connectivity and drive the telecommunications industry towards greater intelligence and cloud integration [1][3]. Company Summary - China Mobile has successfully completed the comprehensive upgrade and service deployment of its eSIM system, enabling users to process eSIM services at its outlets with valid identification and compatible devices [3]. - The company has introduced a "P+E parallel strategy" to balance technological upgrades with user experience, allowing for both eSIM and traditional SIM card support in new devices, thus providing users with more choices and a smoother transition [3]. - China Mobile has invested three years in developing core technologies for eSIM, establishing a self-controlled technical system that supports the commercial use of eSIM and the development of 5G and 6G ecosystems [3]. Industry Summary - The widespread adoption of eSIM technology is expected to reshape the telecommunications industry chain, leading to upgrades in terminal manufacturing, chip development, system design, and service operations [4]. - China Mobile is collaborating with industry partners to launch more eSIM-compatible smart devices across various applications, including smartphones, wearables, and IoT, thereby unlocking growth potential in the telecommunications sector [4]. - The commercial rollout of eSIM is a significant step for China Mobile in building an integrated ecosystem of "connectivity + computing power + services," which enhances its strategic positioning in the market and signals growth opportunities for investors [4].

Core Viewpoint - China Mobile's revenue for the first three quarters of this year grew by 0.4% year-on-year, while net profit increased by 4%, indicating stable performance despite macroeconomic uncertainties [1] Financial Performance - Revenue for the third quarter increased by 2.5% year-on-year, and net profit rose by 1.4% year-on-year, aligning with market expectations [1] - The main communication service revenue grew by 0.8% year-on-year, meeting market forecasts [1] Adjustments to Forecasts - Due to unclear macroeconomic conditions impacting personal customer business, the service revenue forecasts for the next two years have been revised down by 0.8% and 1.4% to 898.5 billion and 907.3 billion respectively [1] - Profit forecasts for the next two years have also been adjusted down by 0.5% and 1.3% to 144.6 billion and 150.4 billion, factoring in credit impairment losses [1] Rating and Target Price - The company maintains a "outperforming the industry" rating, with a target price for H-shares set at 107 HKD [1]

Core Insights - As of October 21, 140 A-share listed companies have disclosed their Q3 reports, with 117 companies reporting profits, representing over 80% of the total [1] - The total operating revenue of these companies reached 2.16 trillion yuan, a year-on-year increase of 5.73%, while the net profit attributable to shareholders amounted to 274.05 billion yuan, showing a significant year-on-year growth of 21.22% [1] Main Board Performance - Among the 82 companies on the Main Board that disclosed results, the total net profit reached 226.66 billion yuan, accounting for 82.7% of the total disclosed profits, despite these companies representing only 63.5% of the market [1] - Key contributors to profitability include the energy, finance, and high-end manufacturing sectors, with China Mobile reporting a net profit of 115.35 billion yuan, which constitutes 50.9% of the Main Board's total net profit [1] - China Mobile's Q3 revenue was 250.9 billion yuan, reflecting a year-on-year growth of 2.5%, while its net profit for the same period was 31.1 billion yuan, up 1.4% year-on-year [1] Growth in the ChiNext Board - The ChiNext Board saw 40 companies report a combined net profit of 20.88 billion yuan, marking a year-on-year increase of 28.76%, driven by high demand in sectors like new energy materials and pharmaceuticals [2] - CATL reported a net profit of 18.5 billion yuan in Q3, a 41% increase year-on-year, with revenues of 104.19 billion yuan, up 12.9% [2] Performance of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board reported a total net profit of 20.20 billion yuan, with a remarkable growth rate of 91.94%, primarily driven by advancements in AI computing power [3] - Cambrian's Q3 revenue reached 4.61 billion yuan, a staggering year-on-year increase of 2386.38%, with a net profit of 567 million yuan, marking a turnaround from losses [3] - Cambrian's stock price has surged from 645.62 yuan per share at the beginning of the year to 1247.68 yuan by October 17 [3] Dividend Announcements - Six A-share companies have announced dividend plans for Q3 2025, with Industrial Fulian proposing a cash dividend of 3.3 yuan per 10 shares, totaling approximately 6.55 billion yuan, which represents 54% of its net profit [4] - Other companies, including Sanhe Tree and Zhongrui Shares, have also disclosed dividend plans, with Sanhe Tree proposing a cash dividend of 5 yuan per 10 shares, amounting to 369 million yuan, which is 49.61% of its net profit [4] Upcoming Disclosure Expectations - A significant number of companies are expected to disclose their Q3 reports on October 30 and 31, with 1194 companies scheduled for October 30 and 1158 for October 31, together accounting for nearly 43% of the total market [4][5] - The concentration of disclosures is attributed to lengthy internal audit processes for large Main Board companies and the need for companies with poor performance to negotiate with auditors [5]

Industry News - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on the mandatory national standard revision plan for vehicle factory qualification certificates, which will include key information such as combined driving assistance systems and energy storage devices [7] - MIIT is also seeking feedback on the draft guidelines for the construction of a computing power standard system (2025 version), aiming to revise over 50 standards by 2027 across various aspects including computing facilities and applications [7] - The Guangdong Provincial Government has issued an action plan for the high-quality development of manufacturing empowered by artificial intelligence from 2025 to 2027, supporting the application of industrial intelligent computing power and the cultivation of industrial software and intelligent equipment [8] - The State Administration for Market Regulation has approved the release of six testing methods for illegal food additives, which can detect 43 non-food substances, including 28 antihypertensive drug components [8] Company News - Wens Foodstuff Group announced a net profit of 1.781 billion yuan for the third quarter, a year-on-year decrease of 65.02% [9] - Pop Mart International is expected to see a year-on-year revenue growth of 245% to 250% in the third quarter [9] - China Telecom reported a net profit of 30.8 billion yuan for the first three quarters, representing a year-on-year increase of 5% [10] - Wanchen Group announced a year-on-year net profit growth of 917% for the first three quarters [11] - Xinqianglian reported a staggering year-on-year net profit growth of 1940% for the first three quarters [12] - Huajian Group stated that there are no major asset restructuring or injection plans involving the company within the next 12 months [13] - New Yisheng announced that its controlling shareholder is transferring shares, reducing the holding ratio to 6.24% [13] - Xiechuang Data plans to procure servers worth up to 4 billion yuan from multiple suppliers to provide cloud computing services [13] - Guanghua Technology received a warning letter for disclosing undisclosed information during an online communication with brokers [13] - Zhuhai Free Trade Zone Group plans to transfer 100% equity of Gree Real Estate to Toujie Holdings, which is expected to constitute a major asset restructuring [13] - China Integrated Circuit Fund reduced its holdings in Zhongdian Port by 3.0197 million shares [13] - Shanshan Group and TCL Technology responded to a lawsuit from Semai Ke, stating that a third creditors' meeting was held as scheduled on the 21st [13]

每经记者｜陈晴 每经编辑｜陈旭 并购重组 珠免集团：拟将持有的珠海格力房产有限公司100%股权转让至珠海投捷控股有限公司 珠免集团公告，公司拟将持有的珠海格力房产有限公司100%股权转让至珠海投捷控股有限公司，交易 方式为现金。本次交易预计构成重大资产重组，不会导致公司控股股东和实际控制人发生变更。 皖通高速：拟30.19亿元受让山东高速7%股份 皖通高速公告，公司与山东高速集团有限公司于2025年10月21日签署了《股份转让协议》，拟通过非公 开协议转让的方式受让山高集团持有的山东高速股份有限公司7%股份，交易金额为人民币30.19亿元。 增减持 拓山重工：控股股东、实际控制人徐杨顺拟减持不超过2.82%公司股份 拓山重工公告，控股股东、实际控制人徐杨顺拟减持不超210万股，比例不超2.82%，其中集中竞价不 超70万股、占0.94%，大宗交易不超140万股、占1.88%。 通源环境：股东源通投资拟减持不超3%公司股份 翔港科技公告，股东董旺生计划减持不超过810.19万股，占公司总股本的2.68%，减持价格根据减持时 市场价格确定。 华翔股份：控股股东华翔实业拟减持不超3%公司股份 华翔股份公告称，公司控 ...

智通财经APP获悉，10月21日港股市场，北水成交净买入11.71港元，其中港股通(沪)成交净买入25.24亿港元，港股通(深)成 交净卖出13.53亿港元。 港股通(深)活跃成交股 泡泡玛特(09992)获净买入11.2亿港元。消息面上，今日盘后，泡泡玛特发布三季度最新业务状况公告，2025年第三季度整体 收益同比增长245%-250%。其中，中国收益同比增长185%-190%，海外收益同比增长365%-370%。小摩预计，泡泡玛特未来 催化剂包括：圣诞强劲销售，"Labubu&Friends"动画预期在12月发布，Labubu4.0料在明年3至4月出炉。 小米集团-W(01810)获净买入4.81亿港元。消息面上，小米集团披露，10月17日，公司回购1070万股，每股作价45.9港元至 46.76港元，涉及总额约4.94亿港元。今年以来该股累计进行12次回购，合计回购3412.52万股，累计回购金额15.37亿港元。 内资重新加仓芯片股，华虹半导体(01347)、中芯国际(00981)分别获净买入4.41亿、1.28亿港元。消息面上，华金证券表示， 持续看好人工智能推动半导体超级周期，建议关注半导体全产业 ...

证券研究报告 中国移动 (600941 CH/941 HK) 港股通 经营稳步推进，AI 直接收入高速增长 华泰研究 季报点评 2025 年 10 月 21 日│中国内地/中国香港 通信运营 中国移动发布2025年前三季度业绩：公司营业收入同比增长0.4%至7946.7 亿元；归母净利润同比增长 4.0%至 1153.5 亿元，延续稳健增长态势。公司 单三季度营业收入同比增长2.5%至2509.0亿元，归母净利润同比增长1.4% 至 311.2 亿元。数智化时代，公司在"AI+"赛道迎来了更广阔的发展机遇， 网、云、端各项业务均有望受益，长期而言，我们看好公司作为全球电信运 营商龙头的经营韧性与竞争力，维持"买入"评级。 个人市场进一步深化存量客户运营，家庭市场保持量价齐升态势 个人市场方面，公司进一步加强细分市场拓展，深化存量经营、价值经营， 不断巩固市场根基，截至 9M25，公司移动客户数达到 10.09 亿户，移动 ARPU 为 48.0 元。家庭市场仍然表现优异，保持着量价齐升的态势，公司 有线宽带用户数达到 3.29 亿户，家庭客户综合 ARPU 同比增长 2.8%至 44.4 元，我们认为这得益于 ...

Group 1: Company News - Industrial Fulian plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 6.551 billion yuan (before tax) for the first half of 2025 [7] - Ningde Times reported a revenue of 283.072 billion yuan for the first three quarters, a year-on-year increase of 9.28%, and a net profit of 49.034 billion yuan, up 36.20% [5] - DiAo Micro plans to acquire 100% equity of Rongpai Semiconductor, with shares resuming trading on October 21 [7] - China Mobile's third-quarter revenue reached 250.9 billion yuan, a year-on-year increase of 2.5%, with a net profit of 31.1 billion yuan, up 1.4% [6] - Keda Xunfei reported a third-quarter revenue of 6.078 billion yuan, a year-on-year increase of 10.02%, and a net profit of 172 million yuan, up 202.4% [6] - Yanjing Beer achieved a third-quarter revenue of 4.875 billion yuan, a year-on-year increase of 1.55%, with a net profit of 668 million yuan, up 26% [6] - China Shipbuilding expects a net profit of 5.55 billion to 6.15 billion yuan for the first three quarters, a year-on-year increase of 104.30% to 126.39% [6] - Dazhu CNC reported a revenue of 3.903 billion yuan for the first three quarters, a year-on-year increase of 66.53%, and a net profit of 492 million yuan, up 142.19% [6] Group 2: Economic Indicators - The National Bureau of Statistics reported that the GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [1] - The GDP growth by industry showed the primary industry increased by 3.8%, the secondary industry by 4.9%, and the tertiary industry by 5.4% [1] - The quarterly GDP growth rates were 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3, with a quarter-on-quarter growth of 1.1% in Q3 [1] - The People's Bank of China announced that the one-year Loan Prime Rate (LPR) remains at 3.0% and the five-year LPR at 3.5%, unchanged for five consecutive months [1] Group 3: Industry Developments - The Ministry of Industry and Information Technology held a meeting addressing the cement industry's supply-demand imbalance, emphasizing the need for capacity replacement and regulation [3] - The Dalian Commodity Exchange announced an expansion of trading varieties for qualified foreign institutional investors, adding new futures contracts [5] - The China Futures Market Monitoring Center reported that the total funds in the futures market exceeded 2 trillion yuan, marking a 24% increase from the end of 2024 [4]

Economic Overview - China's GDP grew by 5.2% year-on-year in the first three quarters, accelerating by 0.2 percentage points compared to the previous year [1] - Fixed asset investment (excluding rural households) reached 371.535 billion yuan from January to September, down 0.5% year-on-year [1] - In September, new residential sales prices in first-tier cities decreased by 0.3% month-on-month, with a wider decline compared to the previous month [1] Financial Market Insights - The total funds in China's futures market surpassed 2 trillion yuan, reaching approximately 2.02 trillion yuan, a 24% increase from the end of 2024 [1] - The Loan Prime Rate (LPR) remained unchanged for the fifth consecutive month, with the one-year LPR at 3.0% and the five-year LPR at 3.5% [1] Company Performance - CATL reported a third-quarter revenue of 104.186 billion yuan, a year-on-year increase of 12.9%, with a net profit of 18.549 billion yuan, up 41.21% [1] - China Mobile's revenue for the first three quarters was 794.7 billion yuan, a 0.4% year-on-year increase, with a net profit of 115.4 billion yuan, up 4.0% [1] - Guangdian Yuntong's third-quarter net profit was 172 million yuan, a year-on-year increase of 202.40% [3] Industry Developments - Unitree Technology launched an upgraded version of its humanoid robot, Unitree H2, which weighs 70 kg, nearly 50% heavier than its predecessor H1 [1] - The Dalian Commodity Exchange announced the listing of monthly average price futures for LLDPE, PVC, and PP, set to begin trading on October 28 [1]