Core Insights - Yanpai Co., Ltd. (301081.SZ) released its Q3 2025 report on October 28, 2025, indicating that institutional investors hold a total of 125 million shares, accounting for 54.97% of the company's total equity [1] Institutional Holdings - As of October 27, 2025, six institutional investors disclosed their holdings in Yanpai Co., Ltd., with a combined shareholding of 125 million shares, representing 54.97% of the total equity [1] - The institutional investors include Tian Tai Southwest Investment Management Co., Ltd., Tian Tai Youfeng Investment Consulting Management Co., Ltd., Tian Tai Fengxi Investment Partnership (Limited Partnership), Hangzhou Jiuhu Investment Management Partnership (Limited Partnership), Zhejiang Yinlun Machinery Co., Ltd., and a collective asset management plan from China Merchants Securities Asset Management [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.87 percentage points [1] Public Fund Holdings - In this reporting period, 35 public funds were not disclosed compared to the previous quarter, including notable funds such as CITIC Prudential Multi-Strategy Mixed (LOF) A, Nuon Multi-Strategy Mixed A, and Huaxia CSI 500 Index Enhanced A [1]

Economic Growth - The GDP growth for the first three quarters of 2023 is 5.2% year-on-year, with a 4.8% growth in the third quarter, indicating resilience in economic growth [1] - Industrial production showed a strong performance, with the industrial added value increasing by 6.5% year-on-year in September, up 1.3% from the previous month [1] Demand Side - Fixed asset investment has decreased by 0.5% year-on-year, primarily due to a decline in real estate and infrastructure investments, while manufacturing investment grew by 4% [2] - Retail sales of consumer goods increased by 3% year-on-year in September, but this marks a 0.4 percentage point decline from the previous month, continuing a four-month downward trend [2] - Service consumption remains a bright spot, with total service consumption growth rising to 5.2%, contributing 2.7 percentage points to GDP growth in the third quarter [2] Structural Issues - There are evident signs of weakness in housing prices, with all 70 major cities reporting declines in second-hand housing prices in September, and real estate investment down by 13.9% year-on-year [3] - The GDP deflator index is at -1.07%, remaining negative for over ten consecutive quarters, indicating ongoing structural issues that require further policy support [3] - To ensure a strong start for economic growth in the following year, it is necessary to enhance growth-stabilizing policies [3]

本报讯(记者袁传玺)天眼查工商信息显示，近日，汉川市经开投资有限公司成立，注册资本8亿元，经 营范围含企业总部管理、土地整治服务、工程管理服务、物业管理、园区管理服务等。股东信息显示， 该公司由汉川市汉江国有资本投资运营有限公司全资持股。 ...

Core Viewpoint - A new company named Zhejiang Zhezi Kechuang Industry Integration Development Co., Ltd. has been established with a registered capital of 4 billion yuan, focusing on technology services and investment activities [1] Group 1: Company Overview - The legal representative of the newly established company is Dai Nan [1] - The registered capital of the company is 4 billion yuan [1] - The business scope includes technology services, development, consulting, exchange, transfer, promotion, and investment activities [1] Group 2: Shareholding Structure - The company is jointly held by several entities, including Zhejiang Provincial State-owned Capital Operation Co., Ltd., Zheneng Capital Holdings Co., Ltd., Zhejiang Provincial Economic Construction Investment Co., Ltd., and Zhejiang International Trade Group Co., Ltd. [1]

Company News - Airbus, Thales Group, and Leonardo Company have signed an agreement to collaborate on satellite development [2] - Blackstone Group reported Q3 2025 revenue of $3.089 billion, down from $3.663 billion in the same period last year [2] - Honeywell's stock rose over 4% in pre-market trading, with Q3 revenue reported at $10.41 billion [2]

本报讯(记者袁传玺)天眼查App显示，近日，中国诚通控股集团有限公司发生工商变更，注册资本由113 亿元增至200亿元。该公司成立于1998年，经营范围包括资产经营管理、受托管理、兼并收购等。 ...

Financial Data and Key Metrics Changes - SEI reported an EPS of $1.30, marking an all-time high when excluding one-time items, with earnings growth of 8% sequentially and 17% year-over-year [4][13] - The company recognized unusual items that positively impacted EPS by approximately $0.03 from insurance proceeds and $0.01 from an earnout true-up, offset by $0.02 of M&A expenses and $0.02 of severance expenses [13][14] - Net sales events totaled $31 million for the quarter, with year-to-date net sales surpassing $100 million, a record for SEI [5][9] Business Line Data and Key Metrics Changes - Private banking revenue increased by 4% year-over-year, driven by growth in the SWP platform [14] - The investment manager segment experienced double-digit revenue and operating profit growth, with a notable increase in alternatives across the U.S. and EMEA [14] - The advisors segment posted the highest year-over-year revenue growth, supported by market appreciation and contributions from the integrated cash program [14] Market Data and Key Metrics Changes - Assets under administration (AUA) grew broadly across CITs, alternatives, and traditional funds, with the majority of growth driven by alternatives [18] - Assets under management (AUM) increased, with modestly positive net flows in advisors, driven by growth in ETFs and SMAs [18] - LSV's AUM increased over 4% from Q2, supported by strong market performance [18] Company Strategy and Development Direction - SEI is focused on disciplined execution, transparent communication, and creating long-term value for clients and shareholders [4] - The company is investing in technology, automation, and talent to drive margin expansion and optimize capital allocation [10][19] - SEI is strategically positioned to support large alternative asset managers exploring outsourcing fund administration [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth pipeline and the ability to capitalize on opportunities, emphasizing the importance of client relationships [9][72] - The company is optimistic about the impact of recent wins and the diversified pipeline of opportunities, despite a notable contract loss in private banking [9][26] - Management highlighted the ongoing investments in talent and technology to support future growth and client onboarding [33][35] Other Important Information - SEI ended the quarter with $793 million in cash and no net debt, with share repurchases totaling $142 million in Q3 [19] - The company made a $50 million anchor investment in LSV's market-neutral hedge fund, contributing $1.5 million to Q3 results before taxes [19] Q&A Session Summary Question: Sales events from alternatives - Management confirmed that 2/3 of sales events were from alternatives, with a mix of large and small clients contributing to this growth [22][24] Question: Details on the contract loss in private banking - Management clarified that the contract loss was a one-off event due to a major operating model change by the client, not indicative of a trend [25][26] Question: Integrated cash program yields - Management stated that the integrated cash program is currently earning about 370 basis points, with yields adjusted as rates change [31][32] Question: Expense growth in private banking - Management indicated that the expense growth is primarily due to investments in talent and onboarding new clients [33][35] Question: IMS business margins and future expectations - Management expects strong margins going forward but acknowledges the need for ongoing investments to support growth [38][40] Question: International market strategy - Management is in the early phases of defining a go-to-market strategy for international growth, focusing on existing jurisdictions [46][47] Question: Buyback pace and future expectations - Management plans to return 90%-100% of free cash flow to shareholders through dividends or buybacks, with a focus on maintaining this pace [50][51] Question: Impact of credit fears on private credit servicing - Management reported no significant impact on the private credit servicing pipeline, emphasizing the strength of their client base [51][54] Question: High-risk relationships in private banking - Management stated there are currently no known high-risk relationships in the private banking portfolio, reflecting strong client engagement [57][59]

Financial Data and Key Metrics Changes - Earnings per share (EPS) reached $1.30, an all-time high for SEI, with earnings growth of 8% sequentially and 17% year over year, excluding one-time items [5][17][18] - Net sales events totaled $31 million, with a record sales quarter in the Investment Managers segment, reflecting strong revenue growth and margin expansion [5][12][18] Business Line Data and Key Metrics Changes - Private Banking revenue increased by 4% year over year, driven by growth in the SWP platform [18] - The Investment Manager segment posted double-digit revenue and operating profit growth, with alternatives showing robust growth in both the U.S. and EMEA [18][20] - Advisors business experienced the highest year-over-year revenue growth among all segments, supported by market appreciation and contributions from the integrated cash program [20] Market Data and Key Metrics Changes - Assets under administration (AUA) grew broadly across CITs, alternatives, and traditional funds, with alternatives being the primary driver of growth [24] - Assets under management (AUM) increased with modestly positive net flows in advisors, driven by growth in ETFs and SMAs, offsetting pressure on traditional mutual funds [24][25] Company Strategy and Development Direction - The company is focused on disciplined execution, transparent communication, and creating long-term value for clients and shareholders [4][15] - SEI is investing in technology, automation, and talent to drive margin expansion and support future growth, particularly in AI and tokenization initiatives [14][15][27] - The company is strategically positioned to support large alternative asset managers exploring outsourcing fund administration [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth runway for the Investment Managers segment and the overall sales pipeline, indicating a strong outlook for future performance [6][12][15] - The recent partnership with Stratos is expected to enhance awareness and interest in SEI's capabilities, contributing to future growth [13][14] Other Important Information - The company ended the quarter with $793 million in cash and no net debt, with share repurchases totaling $142 million in Q3 [26] - SEI made a $50 million anchor investment in LSV's market-neutral hedge fund, contributing positively to Q3 results [27] Q&A Session Summary Question: Sales events from alternatives - Management confirmed that two-thirds of sales events were from alternatives, with a mix of large and small clients contributing to this growth [30][32] Question: Details on contract loss in private banking - Management clarified that the contract loss was a one-off event due to a major operating model change by the client, not indicative of a trend [34][36] Question: Integrated cash program and fixed rates - Management indicated that the integrated cash program is currently earning about 370 basis points, with plans to adjust investor yields as rates change [42][43] Question: Expense growth in private banking - Management noted that the expense growth is primarily due to investments in talent and onboarding new clients, with no unusual trends observed [45][46] Question: Margin expectations for IMS business - Management expects strong margins going forward but acknowledges the need for ongoing investments that may impact margins in the short term [50][53] Question: International sales mix and strategy - Management is in the early phases of defining a go-to-market strategy for international markets, focusing on existing jurisdictions [60][62] Question: Buyback pace and Stratos acquisition - Management indicated that free cash flow will be returned to shareholders through dividends or buybacks, with a focus on maintaining a consistent buyback pace [67][68] Question: Impact of credit fears on private credit servicing - Management reported no significant impact on the private credit servicing pipeline, with clients remaining confident and actively launching products [70][72] Question: High-risk relationships in private banking - Management stated that there are currently no known high-risk relationships in the private banking client portfolio [75][76] Question: Remaining segments in investment in new businesses - Management highlighted that the remaining segments include the sphere business and private wealth management, which will be reallocated upon re-segmentation [81][82]

Financial Data and Key Metrics Changes - SEI reported an EPS of $1.30, marking an all-time high when excluding one-time items, with earnings growth of 8% sequentially and 17% year over year [3][12] - Net sales events totaled $31 million for the quarter, with a record sales quarter in Investment Manager Services, reflecting strong demand for outsourcing and client expansions [4][9] - Year-to-date net sales events surpassed $100 million, a record for SEI through the third quarter [9] Business Line Data and Key Metrics Changes - Private banking revenue increased by 4% year over year, driven by growth in the SWP platform [13] - Investment Manager Services experienced double-digit revenue and operating profit growth, with alternatives showing robust growth in both the U.S. and EMEA [13] - Advisors' business posted the highest year-over-year revenue growth among all segments, supported by market appreciation and an integrated cash program [14] Market Data and Key Metrics Changes - Assets under administration grew broadly across CITs, alternatives, and traditional funds, with alternatives driving the majority of growth [17] - Assets under management increased, with modestly positive net flows in advisors, particularly in ETFs and SMAs, while institutional flows remained flat [18] Company Strategy and Development Direction - The company is focused on disciplined execution, transparent communication, and creating long-term value for clients and shareholders [3] - SEI is investing in technology, automation, and talent to drive margin expansion and capitalize on high-return opportunities [10] - The company is strategically positioned to support large alternative asset managers exploring outsourcing fund administration [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sales pipeline compared to the previous year, highlighting a diversified pipeline of opportunities [9] - The company anticipates that recent and future wins will offset a notable contract loss in private banking, which is viewed as a one-off event [27][28] - Management emphasized the importance of client engagement and the potential for future opportunities despite current challenges [29] Other Important Information - SEI ended the quarter with $793 million in cash and no net debt, with share repurchases totaling $142 million in Q3 [19] - The company made a $50 million investment in LSV's market-neutral hedge fund, contributing positively to Q3 results [19] Q&A Session Summary Question: Sales events from alternatives - Management noted that two-thirds of sales events were from alternatives, with a mix of large and small clients contributing to this growth [23][25] Question: Details on the contract loss in private banking - The contract loss was a one-off event due to a major operating model change by the client, not indicative of a trend [26][27] Question: Integrated cash program yields - The integrated cash program is currently earning about 370 basis points, with competitive yields for investors [32] Question: Expense growth in private banking - Expense growth is attributed to investments in talent and onboarding new clients, with no unusual trends noted [34][35] Question: Investment Manager Services margins - Future margins are expected to remain strong, but investments may lead to some fluctuations in the short term [38][40] Question: International sales mix - The company is in the early phases of defining its international strategy, focusing on maximizing presence in existing jurisdictions [44][46] Question: Buyback pace - The company plans to return 90% to 100% of free cash flow to shareholders through dividends and buybacks, with ongoing buybacks expected [49] Question: Impact of credit fears on private credit servicing - Management indicated no significant impact on the private credit servicing pipeline, with strong performance expected from top-tier managers [50][52] Question: High-risk relationships in private banking - Currently, there are no known high-risk relationships in the private banking portfolio, with strong client engagement noted [55]

Group 1: US Treasury and Inflation - Russell Investments believes that the US 10-year Treasury yield, although below 4%, is still close to its fair value, with expectations that a softening labor market will lead to moderate service sector inflation, allowing the Federal Reserve to overlook recent noise and continue rate cuts this month [1] - UK inflation remained unexpectedly stable at 3.8% in September, below the anticipated 4%, which may sustain hopes for a rate cut by the Bank of England by the end of the year, as food price declines offset rising fuel costs [1] Group 2: Japan's Monetary Policy - Goldman Sachs maintains its basic forecast that the Bank of Japan will raise interest rates in January 2026, although there is a risk of a rate hike in December [2] - Goldman Sachs expresses cautious optimism regarding the Bank of Japan's ability and independence to continue raising rates [2] Group 3: Australian Consumer Sentiment - A survey by the National Australia Bank indicates that consumer pressure levels in Australia rose in the third quarter, driven by job security concerns amidst ongoing cost of living pressures [2] - Despite two-thirds of Australians expecting house prices to rise in the next year, half believe inflation, taxes, and other government charges will increase, with over a third anticipating a rise in unemployment [2] Group 4: Australian Inflation and Interest Rates - The upcoming release of Australia's third-quarter inflation data will clarify market expectations regarding a potential fourth rate cut by the Reserve Bank of Australia in November, with economists predicting that the RBA may not cut rates again this year due to significant price increases [2] - The adjusted average inflation rate in Australia for this quarter could reach 2.9% year-on-year, which may cause concern for the RBA [2] Group 5: Japanese Gold ETF Market - A surge in investments has driven the price of Japan's largest gold ETF above its net asset value, highlighting risks faced by investors in turbulent markets, with the price-to-net asset value ratio reaching 16% [3] - The Tokyo Stock Exchange has warned investors to be cautious of this ETF's net asset value due to its recent premium trading, and analysts have raised concerns about potential sell-offs by retail investors if the gold market remains weak [3]