Group 1 - The board of *ST Weihai approved the use of up to 400 million yuan of idle funds for wealth management, with a duration of 12 months [1] - The company invested 50 million yuan in a structured deposit product from Bank of Communications, with a term of 63 days and an expected annual yield of 0.65%-1.60% [1] - The investment is considered low risk, but there are still potential risks related to market fluctuations and early redemption defaults [1] Group 2 - As of the announcement date, the company has 200 million yuan in outstanding wealth management investments, which is within the authorized limit for the past 12 months [1]

Market Overview - On October 16, the infrastructure sector declined by 1.18%, with China Nuclear Engineering leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the infrastructure sector included: - Guosheng Technology (603778) with a closing price of 4.33, up 9.90% [1] - ST Huawang (603007) with a closing price of 6.33, up 4.98% [1] - ST Zhengping (603843) with a closing price of 5.70, up 4.97% [1] - Major decliners included: - China Nuclear Engineering (601611) with a closing price of 11.44, down 7.59% [2] - Xinjiang Communications Construction (002941) with a closing price of 19.32, down 6.17% [2] - ST Yuancheng (603388) with a closing price of 1.35, down 4.93% [2] Capital Flow - The infrastructure sector experienced a net outflow of 9.82 billion yuan from institutional investors, while retail investors saw a net inflow of 7.59 billion yuan [2][3] - Key stocks with significant capital flow included: - Guosheng Technology (603778) with a net inflow of 33.33 million yuan from institutional investors [3] - Hongrun Construction (002062) with a net inflow of 29.68 million yuan from institutional investors [3] - ST Lingnan (002717) with a net inflow of 15.89 million yuan from institutional investors [3]

Group 1 - High Energy Environment reported a net profit of 646 million yuan for the first three quarters, a year-on-year increase of 15.18% [1] - Tianzhun Technology received approval from the China Securities Regulatory Commission for issuing convertible bonds to unspecified objects [1] - Energy Conservation Wind Power achieved a cumulative power generation of 9.349 billion kWh, a year-on-year increase of 1.72% [1][2] Group 2 - Sichuan Road and Bridge's total amount of projects won in the first three quarters reached 97.173 billion yuan, a year-on-year increase of 25.16% [3] - Shaanxi Energy's power generation in the third quarter decreased by 1% year-on-year, while its coal sales increased by 136.98% [3][4] Group 3 - Jintuo Co. announced that four shareholders plan to reduce their holdings by up to 2.95% of the company's shares [5] - Tailin Microelectronics expects a net profit increase of 118% year-on-year for the first three quarters, with revenue of approximately 766 million yuan [6] - Asia-Pacific Co. anticipates a net profit of 310 million to 335 million yuan for the first three quarters, a year-on-year increase of 97.38% to 113.30% [8] Group 4 - He Sheng New Materials expects a net profit increase of 60% to 80% for the first three quarters, with a projected profit of 137 million to 154 million yuan [9] - Spring Airlines reported a passenger turnover of 4.835 billion person-kilometers in September, a year-on-year increase of 22.87% [10][11] Group 5 - Mingxin Xuteng received a notification from a leading new energy vehicle company for a project worth approximately 650 million yuan [12] - Acolyte's subsidiary received a government subsidy of 47.13 million yuan for fixed asset investment [13] Group 6 - Fangsheng Pharmaceutical's subsidiary received approval for clinical trials of a new drug for treating advanced prostate cancer [14] - Aofu Technology plans to sell idle factory assets for a total price of 23.852 million yuan [16] Group 7 - Ganyue Expressway reported a service income of 313 million yuan in September [18] - Dong'an Power secured five new market agreements in the third quarter, with a total projected sales volume of approximately 1 million units [20] Group 8 - Zhongmin Energy achieved a cumulative power generation of 1.922 billion kWh, a year-on-year increase of 1.25% [21] - Pan-Asia Micro-Pore's application for issuing shares to specific objects has been accepted by the Shanghai Stock Exchange [23] Group 9 - Shenghui Integration reported an order balance of 2.214 billion yuan as of September 30, a year-on-year increase of 21.21% [24] - Jineng Technology's vice president resigned for personal reasons [25] Group 10 - Ruixin Microelectronics expects a net profit increase of 116% to 127% for the first three quarters, with a projected profit of 760 million to 800 million yuan [33] - Shanghai Pharmaceuticals received FDA approval for a new drug application for doxycycline capsules [34] Group 11 - Ruima Precision's subsidiary received a project notification for air suspension systems from a domestic automaker, with a total sales forecast of approximately 265 million yuan [36] - Galaxy Magnetics anticipates some impact on its export business due to the Ministry of Commerce's announcement on export controls for certain rare earth items [37] Group 12 - Ba Tian Co. expects a net profit increase of 230.79% to 260.15% for the first three quarters, with a projected profit of 676 million to 736 million yuan [43] - Donglai Technology plans to reduce its repurchased shares by up to 1% of the total share capital [45] Group 13 - Guangkang Biochemical announced that shareholders plan to reduce their holdings by up to 2.68% of the company's shares [46] - Nanwang Energy reported a net profit increase of 37.13% for the first three quarters, with a total revenue of 5.32 billion yuan [48] Group 14 - Yahua Group expects a net profit increase of 106.97% to 132.84% for the first three quarters, with a projected profit of 320 million to 360 million yuan [49] - Hualitai's annual production project for 20,000 tons of benzidine has been successfully completed and is now in full production [51]

Core Viewpoint - *ST Zhengping (603843.SH) announced that its stock will resume trading on October 16, 2025, after completing a suspension review, indicating no undisclosed significant matters [1] Group 1: Stock Performance and Trading Risks - The company's stock has experienced a significant increase recently, leading to concerns about a rapid rise that is severely detached from its fundamentals, resulting in high trading risks [1] - There is a risk of termination of the company's listing if issues related to non-standard opinions are not resolved by the end of 2025 [1] Group 2: Operational Challenges - The company faces significant uncertainty regarding its mineral resource extraction capabilities and the potential for future revenue generation [1] - Non-operating fund occupation issues remain unresolved, contributing to ongoing financial losses [1]

Market Overview - On October 15, the infrastructure sector rose by 1.02% compared to the previous trading day, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Performers - Guosheng Technology (603778) closed at 3.94, with a gain of 10.06% and a trading volume of 155,300 shares, amounting to a transaction value of 61.20 million yuan [1] - China Nuclear Engineering (601611) closed at 12.38, up 10.04%, with a trading volume of 3.29 million shares, resulting in a transaction value of 3.968 billion yuan [1] - Hongrun Construction (002062) closed at 10.38, increasing by 6.90%, with a trading volume of 544,500 shares, totaling 551 million yuan [1] Sector Fund Flow - The infrastructure sector saw a net inflow of 322 million yuan from institutional investors, while retail investors experienced a net outflow of 25.89 million yuan [2] - Major stocks like China Nuclear Engineering and Guosheng Technology attracted significant institutional investment, with net inflows of 398 million yuan and 366 million yuan respectively [3] Individual Stock Performance - China Nuclear Engineering had a net institutional inflow of 398 million yuan, representing 10.04% of its trading volume, while it faced a net outflow of 269 million yuan from retail investors [3] - Guosheng Technology experienced a net inflow of 366 million yuan from institutional investors, accounting for 59.81% of its trading volume, but saw a net outflow of 150 million yuan from retail investors [3]

Group 1 - The company, Jiangjian Co., announced that as of the date of the announcement, the total guarantees provided by the company and its subsidiaries amount to RMB 1.481 billion, all of which are guarantees for its subsidiaries [1] - The total guarantees represent 60.09% of the company's audited net assets as of the end of 2024 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since October, Sino - US trade friction has intensified. The market performance in April can be used as a reference. The equity market has strong support from market - stabilizing funds, and the convertible bond market has different performances in terms of valuation, rating, and industry [1][5]. - In the future, although there are significant macro - fluctuations, the expectation of market - stabilizing forces remains strong. A rapid adjustment may provide trading opportunities. A dumbbell strategy can be adopted for medium - rated convertible bonds, and sectors with "counter - cyclical" adjustment functions and the semiconductor self - controllable direction are worthy of attention [5]. 3. Summary According to the Table of Contents 3.1 Tariff Disturbance Resurfaces: What Can We Learn from History? - In October, Sino - US trade friction has intensified. On October 13, the equity market showed a slight decline, and the convertible bond market had a more obvious decline in valuation. The net redemption of convertible bond ETFs continued. Structurally, medium - and low - rated convertible bonds and export - oriented industries had more significant callbacks, while sectors such as banks and non - ferrous metals rose against the market [9]. - The market performance from April to June can be used as a reference. During the period of market - stabilizing funds, the valuation of convertible bonds was relatively stable, and medium - rated and export - oriented sectors had relatively large callbacks. After the panic, leveraged funds still had high expectations for the future, but the convertible bond market faced pressure from institutional position - reducing [17][25][30]. 3.2 Market Review: Convertible Bonds Slightly Declined Weekly, and Valuation Slightly Compressed 3.2.1 Weekly Market Quotes - Last week, major stock indices had different performances. The Shanghai Composite Index rose 0.37%, while the Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, and CSI 1000 Index declined. The CSI Convertible Bond Index rose 0.03%. The convertible bond market was also differentiated, with some sectors rising and others falling [31]. - There are 423 issued and non - expired convertible bonds, with a balance of 5909.41 billion yuan. Fueneng Convertible Bonds will be issued on October 13, with a scale of 38.02 billion yuan [31]. 3.2.2 Valuation Performance - The weighted average closing price of convertible bonds rose 0.04%. The closing prices of different types of convertible bonds all increased. The proportion of convertible bonds in the 120 - 130 yuan range increased significantly. The median price rose 0.12%. The convertible bond market's 100 - yuan par - value fitted conversion premium rate decreased by 0.05 pct. High - rated and large - scale convertible bonds had more significant premium rate compression [39]. 3.3 Terms and Supply: Luokai and Enjie Convertible Bonds Announced Early Redemption, with a Total Pending Issuance Scale of Approximately 8 Billion 3.3.1 Terms - As of October 10, Luokai and Enjie Convertible Bonds announced early redemption; Mengsheng and Hengbang Convertible Bonds are expected to meet the early redemption conditions. No convertible bonds announced not to redeem early [2][60]. - Last week, no convertible bonds proposed downward revisions in the board of directors. Huitong Convertible Bonds announced the downward revision result; 2 convertible bonds announced not to revise downward; 6 convertible bonds are expected to trigger downward revisions [2]. 3.3.2 Primary Market - No convertible bonds were issued last week. Fueneng Convertible Bonds will be issued this week, with a scale of 38.02 billion yuan [3]. - No new board of directors' proposals were added last week. Five new companies passed the general meeting of shareholders. As of October 10, 2 companies obtained the issuance approval, with a proposed issuance scale of 26.77 billion yuan, and 8 companies passed the issuance review committee, with a total scale of 53.05 billion yuan. The total pending issuance scale is approximately 8 billion yuan [3][66][76].

Core Points - The shareholder Yishan has released the pledge on 3.1239 million shares of the company, which accounts for 63.34% of his holdings and 1.77% of the total share capital [1] - The release of the pledged shares is due to the company's profit distribution and capital reserve conversion to share capital for the fiscal year 2024, increasing the number of released shares from 2.2325 million to 3.1239 million [1] - Currently, Yishan has a total of 3.1204 million pledged shares, representing 63.27% of his holdings and 1.77% of the company's total share capital [1]

Core Insights - The infrastructure sector experienced a slight increase of 0.03% on October 14, with Wenkai Co. leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Infrastructure Sector Performance - Wenkai Co. (002775) saw a significant rise of 10.07%, closing at 4.92 with a trading volume of 377,300 shares and a transaction value of 182 million [1] - Other notable gainers included: - Guanzhong Ecology (300948) up 6.55% to 19.69 with a transaction value of 747 million [1] - China Nuclear Construction (601611) up 4.94% to 11.25 with a transaction value of 3.177 billion [1] - Conversely, the sector also had some decliners, such as: - Huilv Ecology (001267) down 7.30% to 14.47 with a transaction value of 572 million [2] - Pudong Construction (600284) down 7.01% to 8.62 with a transaction value of 460 million [2] Capital Flow Analysis - The infrastructure sector saw a net outflow of 43.5635 million from institutional investors and 67.9439 million from speculative funds, while retail investors contributed a net inflow of 112 million [2] - Key capital flows included: - China Nuclear Construction (601611) with a net inflow of 11.6 million from institutional investors [3] - Wenkai Co. (002775) had a substantial net inflow of 86.7320 million from institutional investors, despite outflows from speculative and retail investors [3] - Overall, the capital dynamics indicate a mixed sentiment within the infrastructure sector, with institutional investors pulling back while retail investors showed interest [2][3]

Core Insights - The "Top 100 Chinese Multinational Companies" list represents China's integration into the global economy and highlights the achievements of Chinese multinational enterprises across various industries [1] - Analyzing the development and characteristics of these companies can provide valuable insights and benchmarks for other Chinese enterprises looking to expand internationally [1] Group 1: Technology Manufacturing - Technology manufacturing companies constitute over one-third of the "Top 100 Chinese Multinational Companies" list, primarily driven by private enterprises such as Huawei, Lenovo, Haier, TCL, and Midea [2] - These companies aim to capture larger markets by leveraging product technology and after-sales service, with a notable increase in solar and renewable energy firms like Sungrow and JinkoSolar recently joining the ranks [2] - State-owned enterprises in this category focus on heavy machinery and power manufacturing, with companies like China National Machinery, Weichai Power, and Shanghai Electric leading the way [2] - The internationalization strategies of these firms are diverse, including direct sales, cross-border mergers, and local production, allowing for flexible market entry [2] Group 2: Resource Production - Resource production companies also make up over one-third of the list, predominantly consisting of large state-owned enterprises, with few private firms [3] - These companies focus on energy and mineral resources, with significant investments in oil, electricity, steel, and non-ferrous metals, as well as agricultural firms like COFCO and Bright Food [3] - Their overseas operations are often limited to specific resource locations, resulting in a point-based distribution of investments, which are substantial but operate independently [3] Group 3: Infrastructure - Infrastructure companies account for just over ten percent of the list, primarily consisting of state-owned enterprises involved in transportation, power engineering, petrochemicals, and urban construction [3] - These firms support the internationalization of other Chinese companies by providing essential infrastructure projects [3] Group 4: Service Industry - The service industry is represented by traditional and emerging internet services, currently making up less than ten percent of the list [4] - Traditional service firms include the three major telecom operators and China Eastern Airlines, with limited international market expansion [4] - The internet service sector is rapidly growing, with companies like Tencent, Ant Group, and Didi joining the list, indicating a shift towards more internationalized operations [4] Group 5: International Logistics - The international logistics category includes two state-owned enterprises: China COSCO Shipping and China International Marine Containers, which are essential for supporting global supply chains [5] - These companies are recognized as "naturally internationalized" entities within traditional industries [5] Group 6: Comprehensive Holdings - Comprehensive holding companies exhibit unstable rankings on the list, influenced by the addition or removal of overseas subsidiaries [5] - The collective representation of Chinese multinational enterprises on the global stage emphasizes China's identity as a manufacturing powerhouse and infrastructure expert [5] - While traditional service industries lag in internationalization, emerging internet service firms are rapidly catching up [5]