Core Viewpoint - Class Action Attorney Juan Monteverde and his firm, Monteverde & Associates PC, are investigating Sotherly Hotels Inc. regarding its proposed sale to KW Kingfisher LLC, where shareholders would receive $2.25 per share in cash, raising questions about the fairness of the deal [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has a successful track record in recovering millions for shareholders [1]. - The firm is headquartered in the Empire State Building, New York City, and specializes in class action securities litigation [2]. Group 2: Investigation Details - The investigation focuses on the sale of Sotherly Hotels Inc. (NASDAQ: SOHO) to KW Kingfisher LLC, specifically evaluating whether the cash offer of $2.25 per share is fair for shareholders [1]. - The firm encourages shareholders with concerns to reach out for additional information at no cost [2].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Industrial enterprise profits are recovering at an accelerated pace, with the cumulative year - on - year growth of profits of industrial enterprises above designated size significantly increasing. The profit growth rate in September continued to be high, indicating an accelerated recovery of corporate profitability [4]. - Structurally, the year - on - year total profits of the three major sectors have all increased compared to the previous period, and the equipment manufacturing industry has provided strong support. Profits of enterprises of different types and scales have improved [5][6]. - In the bond market, it showed an independent trend on the day of the report. The central bank will resume open - market treasury bond trading. In the context of economic expectation correction, bond yields are expected to rise trend - wise [7][8]. 3. Section Summaries Industrial Enterprise Profit Situation - **Overall Profit Growth**: From January to September, the profits of industrial enterprises above designated size increased by 3.2% year - on - year, 2.3 percentage points higher than that from January to August, reaching the highest cumulative growth rate since August 2024. In September, the profits increased by 21.6% year - on - year, 1.2 percentage points higher than in August [4]. - **Factor Analysis**: From January to September, the added value of industrial enterprises above designated size increased by 6.2% year - on - year, remaining the same as from January to August; the PPI of all industrial products decreased by 2.8% year - on - year, with the decline narrowing by 0.1 percentage points; the operating income profit margin decreased by 0.19 percentage points year - on - year, with the decline recovering by 1.68 percentage points. Stable volume, slightly rising prices, and recovering profit margins led to a significant increase in the cumulative profits of industrial enterprises above designated size [5]. Structural Analysis - **By Sector**: From January to September, the total profits of the mining industry decreased by 29.3% year - on - year (previously - 30.6%), the manufacturing industry increased by 9.9% (previously + 7.4%), and the public utilities increased by 10.3% (previously + 9.4%). The profit decline of the mining industry narrowed by 1.3 percentage points, the manufacturing industry increased by 2.5 percentage points, and the public utilities increased by 0.9 percentage points. The profits of the equipment manufacturing industry above designated size increased by 9.4%, 6.2 percentage points higher than the average level of all industrial enterprises above designated size, driving the profit growth of all industrial enterprises above designated size by 3.4 percentage points [5]. - **By Enterprise Nature**: From January to September, the profits of state - owned enterprises decreased by 0.3% year - on - year (previously - 1.7%), joint - stock enterprises increased by 2.8% (previously + 1.1%), foreign - invested and Hong Kong, Macao, and Taiwan - invested enterprises increased by 4.9% (previously + 0.9%), and private enterprises increased by 5.1% (previously + 3.3%). The profit growth of private enterprises was 1.9 percentage points higher than the average level of all industrial enterprises above designated size, and 1.8 percentage points faster than from January to August. The profits of large, medium, and small enterprises all improved [6]. - **By Industrial Chain Position**: From January to September, the cumulative profit of upstream raw material mining accounted for 11.9% of the profits of industrial enterprises above designated size (previously 12.1%), the middle - stream material manufacturing accounted for 15.8% (previously 15.6%), the downstream equipment manufacturing accounted for 38.1% (previously 37.5%), the downstream consumer goods manufacturing accounted for 21.1% (previously 21.3%), other manufacturing accounted for 0.6% (unchanged), and public utilities accounted for 12.5% (previously 12.9%) [6]. Inventory and Asset - Liability Ratio - At the end of September, the nominal and real inventory year - on - year were 2.6% (previously + 2.1%) and 4.9% (previously + 5.0%) respectively, with changes of + 0.5 percentage points and - 0.1 percentage points compared to the previous period. The real inventory decreased year - on - year. The overall asset - liability ratio of industrial enterprises at the end of September was 58.0%, the same as the previous period [7]. Bond Market Situation - **Market Performance**: In the morning session, bond yields rose, possibly pricing in the positive outcome of China - US negotiations. Although the equity market performed well during the day, it did not suppress the bond market. The bond market showed an independent trend, and the yields of interest - rate bonds generally declined. After the central bank's statement on resuming open - market treasury bond trading, long - term yields dropped rapidly. The yield of the 10 - year treasury bond active bond dropped by about 3bp, and the yields of the 10 - year CDB active bond and the 30 - year treasury bond active bond dropped by about 4bp [7]. - **Market Outlook**: In the context of economic expectation correction, bond yields are expected to rise trend - wise. The report maintains its view on stock - bond allocation [8].

盘后数据出炉。 今日（10月27日），A股市场整体上涨。截至收盘，上证指数报3996.94点，上涨1.18%；深证成指报13489.4点，上涨1.51%；创业板指报3234.45点，上涨 1.98%；北证50指数下跌0.2%。A股市场合计成交23567.99亿元，较上一交易日增加3649.94亿元。 1. A股市场主力资金净流出75.9亿元 今日A股市场主力资金开盘净流出19.28亿元，尾盘净流入1.68亿元，A股市场全天主力资金净流出75.9亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 人类党理市 露华人民社 | | 尾盘净流入 超大单净买入 | | 2025-10-27 | -75.90 | -19. 28 | 1.68 | 3.76 | | 2025-10-24 | 148. 86 | 4. 59 | 61. 01 | 186. 38 | | 2025-10-23 | -257. 81 | -217.92 | 35. 86 | -122.72 | | 2025-10-22 | -314. 90 | ...

又有多家A股公司业绩大幅增长。 今日（10月27日）晚间，多家上市公司发布三季报，其中，江山股份第三季度净利润同比暴增近 11890.01%，永茂泰第三季度净利润同比增长6319.92%，南京公用第三季度净利润同比增长 2492.12%…… 具体来看： 江山股份（600389）今晚发布的2025年三季报显示，公司第三季度营收为11.57亿元，同比增长2.75%； 归属于上市公司股东的净利润为8672.53万元，同比增长11890.01%。前三季度营收为45.16亿元，同比 增长5.20%；归属于上市公司股东的净利润为4.25亿元，同比增长147.91%。业绩大幅增长主要系部分产 品销售量增加、成本下降导致毛利上升，以及出售江天股票确认投资收益所致。 | | | | | 早饭:九 日州:人民日 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 本报告期比 上年同期增 | 年初至报告期末 | 年初至报告期 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 1, 157, 001, 941, 5 ...

Group 1: Profit and Revenue Performance - In the first three quarters of 2025, the total profit of industrial enterprises reached CNY 53,732.0 billion, a year-on-year increase of 3.2%, with growth accelerating by 2.3 percentage points compared to January-August[1] - In September alone, industrial enterprise profits grew by 21.6% year-on-year, with a month-on-month acceleration of 1.2 percentage points from August[1] - The operating income of industrial enterprises increased by 2.4% year-on-year, slightly up by 0.1 percentage points from January-August, achieving CNY 74.7 per hundred yuan of assets[1] Group 2: Cost and Profitability Metrics - The operating costs of industrial enterprises rose by 2.6% year-on-year, with an increase of 0.1 percentage points compared to January-August[1] - The operating income profit margin for industrial enterprises was 5.3% in the first three quarters[1] - The average collection period for accounts receivable was 69.2 days, shortened by 0.9 days compared to January-August[16] Group 3: Industrial Activity and Price Trends - The industrial added value grew by 6.2% year-on-year, maintaining the same growth rate as January-August, supporting current industrial enterprise profitability[2] - The Producer Price Index (PPI) and the PPI for production materials both showed negative year-on-year growth, declining by 2.8% and 3.3% respectively, although the rate of decline slightly narrowed by 0.1 percentage points from August[2] - Manufacturing contributed positively to the overall profitability of industrial enterprises, with a profit increase of 9.9% year-on-year, accelerating by 2.5 percentage points from January-August[10]

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] 利润的高增长能否延续 ——1-9 月工业企业利润点评 报告要点 [Table_Summary] 9 月工业企业利润同比增速继续回升至 21.6%，连续两月实现 20%以上的增长。从分行业视角 看，出口链行业对整体利润增长的拉动效果显著，反映出在当前内需低位震荡的环境下，外需 的韧性或对利润改善的持续性尤为重要。短期看，受到去年高基数影响，四季度出口的同比增 速或显著承压。从中期来看，全球商品贸易需求或在随美联储降息而改善，趋势或许更乐观。 此外，考虑到内需方面提振消费已成为"十五五"规划的关键任务之一，消费政策可能加码也 使得企业盈利改善的前景值得期待。 分析师及联系人 [Table_Author] 于博 刘承昊 SAC：S0490520090001 SAC：S0490523050001 SFC：BUX667 SFC：BVA882 请阅读最后评级说明和重要声明 %% %% [Table_Title 利润的高增长能否延续 2] ——1-9 月工业企业利润点评 [Table_Summary2] 事件描述 2025 年 10 月 27 日，国家统计局 ...

格隆汇10月27日｜南京公用(000421.SZ)发布2025年第三季度报告，第三季度实现营业收入31.02亿元， 同比增长165.53%；归属于上市公司股东的净利润8461.81万元，同比增长2492.12%。前三季度实现营业 收入59.68亿元，同比增长64.06%；归属于上市公司股东的净利润1.16亿元，同比增长903.99%。业绩大 幅增长主要系本期确认交付的房产项目体量较上年同期增加，带动营业收入、营业利润及净利润显著上 升。 ...

作者｜睿研金融 编辑｜Emma 从2020年疫情的突然冲击，到2021年核心资产的先扬后抑，"宁组合"与"茅指数"出现极致分化，再到 2022年黑天鹅事件接连不断，A股市场在考验中不断前行。 指数层面看，上证指数从2020年3000点附近快速回落至2700点以下，2021年冲高至3700点后开始漫长的 震荡下跌，2024年指数重回2700点。在此期间，沪深300、创业板指、科创50最大回撤分别为47%、 58%、63%，新能源、消费、医药等赛道股经历深度调整。 2024年四季度，政策利好下市场逐步修复，AI、人形机器人、创新药等主题引领结构性行情，权益基 金的业绩开始分化。截至2025年10月15日，上证指数已突破3900点，创近九年新高。除沪深300外，创 业板指和科创50也基本回到2021年的高点。 来源｜蓝筹企业评论 Wind数据显示，截至2025年10月13日，在2020年至2025年的五年间每年均实现正收益且今年收益也为 正的权益基金共有41只，其中包含5只被动型产品和36只主动型产品。 这些基金穿越了市场的牛熊轮回，成为了稀缺的长期稳健收益品种。 从基金公司分布来看，华泰柏瑞基金旗下连续五年正收益 ...

中山公用（000685.SZ）10月27日在投资者互动平台表示，新能源产业基金实缴出资15亿元，投资金额 约12亿元。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司2022年成立的中山公用广发信德新能源产 业投资基金总规模30亿元都完成投资了吗？ ...

23 October 2025 | 6:42AM SGT Portfolio Strategy Research ASIA-PACIFIC PORTFOLIO STRATEGY A weaker USD is mostly good for Asian equities Currency moves matter for Asian equities, directly contributing an average 16% of the MXAPJ index USD price return over the past 20 years as well as through fundamental and portfolio flow channels. Asian currency appreciation vs. the dollar tends to be good for Asian equity markets, albeit with wide intraregional variation. As we look into 2026, the prospect of further doll ...