该措施使旅游业得到提振。周二，政府宣布了一系列国内刺激措施，其中包括 几项具体举措：允许个人在境内旅行时享受个人所得税减免；对于在泰国举办 的研讨会和培训活动，企业也可享受企业所得税减免。该计划的各项规定非常 合理，因为这些规定能够为二线城市的餐馆提供支持。在这段时间里，由于这 些激励措施的实施，参与活动的餐厅的销售额相比平时会增加约20%。 （原标题：泰共同支付费用以扶持小型运营商） 据曼谷邮报10月23日报道,政府的"Khon La Khrueng Plus"共同支付计划有 望为小型餐馆和零售商提供帮助，使它们能够在经济疲软的背景下继续生存和 发展。 然而，泰国批发和零售贸易协会建议，政府应当分析从各类交易中收集到 的数据，从而制定出更加有效、可持续的扶持措施，以帮助未来的小型企业经 营者发展壮大。 这种共同支付制度将从10月29日持续到12月31日。 未注册为法人的商店、零售店、水疗中心，甚至出租车司机，都有资格参 与该计划；此外，公共交通运营商以及年收入不超过180万泰铢的小型法人实 体也同样符合参与条件。 泰国餐馆协会会长塔尼万预测，该计划所筹集的资金中会有很大一部分被 用于餐饮行业，从而帮助那些在 ...

Core Insights - Shanghai's GDP for the first three quarters reached 40,721.17 billion yuan, growing by 5.5% year-on-year, surpassing the national average growth rate of 5.2% [1] - The city's retail sales of consumer goods increased by 4.3%, recovering from a negative growth of -1.1% in Q1 and 1.7% in H1, indicating a significant upward trend [2] - The growth in consumption is driven by a combination of policies and promotional activities aimed at enhancing consumer confidence and spending [3][4] Economic Performance - Shanghai's manufacturing output grew by 8.5%, while the information transmission, software, and IT services sector saw a 15.5% increase, and the financial sector grew by 9.8% [1] - The city's consumer spending has been bolstered by various initiatives, including the "Five-Five Shopping Festival" and the issuance of service consumption vouchers [4][5] Consumer Confidence and Spending - The recovery in consumer spending is attributed to improved consumer confidence, a rebound in inbound tourism, and structural policies that stimulate demand [5][6] - Inbound tourism increased by 37% year-on-year, contributing to the growth in accommodation, dining, and retail sectors [6] Competitive Landscape - The competition for the title of "Consumption First City" has intensified, with Chongqing briefly surpassing Shanghai in retail sales [7] - Shanghai's per capita consumption expenditure reached 40,892 yuan, the highest among all provinces, highlighting its strong consumer market [8] Service Consumption - Service consumption, which includes various sectors such as healthcare, education, and entertainment, is becoming increasingly important and is not fully captured by traditional retail sales metrics [8][9] - Shanghai aims to enhance its service consumption capabilities, with a focus on high-quality medical services and cultural events [12] Strategic Initiatives - The city is positioning itself as a leader in service consumption, with plans to develop a cultural consumption hub and improve the supply of high-end services [10][12] - Shanghai's population density and high disposable income provide a robust market for both domestic and international brands [10][11] Future Outlook - Shanghai is expected to continue its role as a pioneer in consumption and economic development, leveraging its unique advantages to attract both local and global consumers [11][12]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Core Insights - The 2025 Global High-end Food and Quality Agricultural Products Expo (Shenzhen Food Expo) has officially opened in Shenzhen, attracting exhibitors from nearly 30 countries and regions, showcasing over 50,000 products, and aiming to create an international one-stop food industry trade platform [1][3] - A new beef quality grading group standard was released during the opening ceremony, providing a new basis for industry quality norms [1] - The expo emphasizes industry collaborative development and includes multiple strategic cooperation agreements signed during the opening ceremony [3] Group 1: Event Overview - The expo features participation from countries such as Australia, New Zealand, Canada, Uganda, Indonesia, Singapore, and Russia, along with representatives from various Chinese provinces and cities [3] - The event is organized into ten specialized exhibition areas, covering a wide range of food categories from raw materials to consumer products, promoting the integration of primary, secondary, and tertiary industries [5] Group 2: Strategic Collaborations - Partnerships were established between Sichuan Pixian Douban Co., Ltd. and China Agricultural University Shenzhen Research Institute to research salt-reduction technology for traditional foods [3] - A collaboration was signed between China Agricultural University Shenzhen Research Institute and Chongqing Hailin Pig Development Co., Ltd. to promote the "Hailing No. 1" black pig industry chain [3] - The County Economic Cooperation Alliance signed agreements to strengthen regional industrial collaboration [3] Group 3: Industry Forums and Activities - The expo hosted high-level forums, including the 2025 County Economic High-Quality Development Forum, focusing on leveraging the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area [5] - The second day featured the Future Agriculture Food 500 Innovation Forum, discussing topics such as future food systems, technological changes, and investment opportunities in the agricultural sector [6] Group 4: Market Orientation - The expo emphasizes market demand orientation and enhances market-driven exhibition efforts to improve participation effectiveness [8] - Various procurement activities, including one-on-one meetings and specialized procurement sessions, were organized to facilitate supply-demand matching [8] - Major buyers such as Luckin Coffee, Nayuki Tea, Walmart, and others were invited to express procurement needs, promoting business negotiations and transactions [8]

Group 1: Industry Performance Overview - The performance of Hong Kong-listed companies is under scrutiny as Q3 2025 earnings reports are released, with notable growth in the non-ferrous metals and insurance sectors, while the retail giant, Gao Xin Retail, reported losses [1] - Resource stocks, particularly in the gold sector, have shown significant earnings growth, with companies like Zijin Mining and Shandong Gold reporting substantial increases in revenue and net profit [2][4] Group 2: Company-Specific Highlights - Jinli Permanent Magnet reported a revenue of 5.373 billion yuan for the first three quarters, a year-on-year increase of 7.16%, and a net profit of 515 million yuan, up 161.81% [3] - Zijin Mining achieved a revenue of 254.2 billion yuan, a 10.33% increase, and a net profit of 37.864 billion yuan, up 55.45%, driven by strong performance in its gold business [3] - Shandong Gold expects a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters, reflecting an increase of 83.9% to 98.5% year-on-year [4] - China Pacific Insurance anticipates a net profit increase of approximately 40% to 60% for Q3 2025, benefiting from a stable economic environment and improved investment returns [6] - China Life Insurance projects a net profit of approximately 156.785 billion to 177.689 billion yuan, representing a year-on-year growth of 50% to 70% [7] - Major telecom operators like China Mobile, China Telecom, and China Unicom reported stable growth, with China Mobile's revenue reaching 794.7 billion yuan, a 0.4% increase [10] Group 3: Retail Sector Challenges - Gao Xin Retail, the parent company of RT-Mart, expects a net loss of approximately 110 million to 140 million yuan for the first half of 2025, compared to a profit of 186 million yuan in the same period last year, primarily due to increased market competition and declining consumer spending [12]

Core Insights - The Chinese retail industry is undergoing a significant transformation driven by policy and market forces, shifting from a focus on real estate benefits to enhancing user experience [1][6][7] - The evolution of retail in China has seen three distinct phases, with the current phase emphasizing user-centric approaches and supply chain efficiency [2][3][5] Retail Evolution - The first phase of retail focused on availability, addressing the question of "whether goods are available" [2] - The second phase, characterized by the entry of large chain supermarkets, prioritized real estate value over customer satisfaction, leading to a disconnect between supply and consumer needs [2][3] - The third phase, or "Retail 3.0," marks a shift towards user-centric models, where retailers engage deeply in the supply chain and prioritize customer relationships [3][5] User Experience as a Driver - Retailers are innovating around three key dimensions: speed and convenience, emotional connection, and quality-price ratio [5][6][7] - Instant retail services, such as 30-minute delivery, are becoming standard, leveraging technology for efficient supply chain management [5][6] - New retail formats are transforming stores into community hubs, enhancing customer engagement and service quality [6][7] Policy Support - The recent policy initiatives aim to foster new retail models and stimulate consumer demand, providing a robust framework for innovation [1][6] - The focus on quality and value is reshaping the competitive landscape, encouraging retailers to adopt direct sourcing and develop private labels [6][7] - The evolution of retail spaces into multifunctional community centers reflects a broader trend towards creating immersive customer experiences [7] Conclusion - The ongoing transformation in the Chinese retail sector is fundamentally about returning to a consumer-centric business model, enhancing quality, efficiency, and emotional engagement [6][7] - This shift is expected to contribute significantly to the sustainable development of the Chinese economy, creating a more vibrant and diverse retail ecosystem [7]

Core Insights - D1 Capital, founded by Dan Sundheim, combines rigorous fundamental analysis with an intuitive approach to investment, managing approximately $25 billion in assets and achieving a remarkable 52% return in 2024, making it a standout in the hedge fund industry [1][2] Investment Philosophy - Sundheim emphasizes a blend of long-term value investing and trading flexibility, adapting strategies based on market conditions and avoiding traditional models that failed to predict market anomalies like the GameStop incident [3][4] - The investment strategy is rooted in fundamental analysis, focusing on a three to five-year investment horizon without reliance on quantitative models [6][9] Risk Management - Sundheim's approach to risk management involves proactive measures, ensuring that positions are sized appropriately to withstand market volatility without necessitating forced liquidations [3][18] - The lessons learned from the GameStop event led to a restructured short-selling strategy, emphasizing diversification and smaller positions to mitigate risks associated with market sentiment [15][19] Market Observations - Sundheim identifies a significant opportunity in the energy sector, particularly in gas turbines, due to the anticipated increase in electricity demand driven by AI advancements, while noting the conservative nature of major manufacturers [20] - He argues that the current market for large tech stocks, including Nvidia, has not yet reached a bubble phase, suggesting that the market is still in a pre-bubble stage similar to 1996 or 1997 [21][22] Fund Operations - D1 Capital plans to close its hedge fund operations by the end of the year, citing a principle of "negative correlation between returns and scale," indicating challenges in trading smaller companies effectively [22] - The firm may transition to a more scalable long-only fund structure, reflecting a strategic shift in response to market dynamics [22]

永豐金證券亞洲研究部晨訊 2025/10/23 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 1 永豐金證券亞洲研究部晨訊 今日市埸主要焦點 股市及產品投資策略 2 永豐金證券亞洲研究部 -今日市埸焦點及策略 • 美股周三回吐｜美國據報考慮限制軟件驅動產品對華出口等利 淡消息拖累，道指高開16點後，轉跌最多463點 • 美債反覆升｜美國10年期債息反覆曾升1.7個基點，至3.978厘 • 金價再瀉｜現貨金價曾再瀉2.93%，險守4000美元 • 市場聚焦｜ 市場預期至年底累計降息50個基點的機率為98.7% • 資產配置｜偏重美元流動性與財報驅動的防禦與進攻平衡 • 資金輪動｜看好中特估內銀/內險、新能源電力、高息藍籌、 科技龍頭 • 結構性產品｜通膨連結票券 及 高收益可調息票券，以控制利 率風險 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部全球新聞概要 重點國際 ...

Core Insights - Sichuan Muxin Zen Trading Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Yue Yeqi [1] - The business scope includes retail of arts and crafts, internet sales, jewelry retail, gold and silver products sales, hardware products retail, leather products sales, luggage sales, automotive decoration products sales, clothing retail, and import and export of goods [1]

Group 1: Nuclear Fusion Industry - Nuclear fusion is defined as the process where two lighter atomic nuclei combine to form a heavier nucleus, releasing a significant amount of energy, making it a potential "ultimate energy" source due to its high energy density, relative ease of raw material acquisition, high safety, and zero carbon emissions [4] Group 2: Tesla (TSLA.O) - In Q3 2025, Tesla reported total revenue of $28.10 billion, a year-on-year increase of 11.6% and a quarter-on-quarter increase of 24.9% [4] - The gross margin decreased by 1.8 percentage points year-on-year but increased by 0.8 percentage points quarter-on-quarter to 18.0% [4] - Non-GAAP net profit attributable to shareholders was $1.77 billion, down 29.3% year-on-year but up 27.1% quarter-on-quarter [4] Group 3: Yingzi Network (688475.SH) - For the first three quarters of 2025, Yingzi Network achieved total revenue of 4.293 billion yuan, a year-on-year increase of 8.33%, and a net profit attributable to shareholders of 422 million yuan, up 12.68% [4] - In Q3 2025, the company reported revenue of 1.465 billion yuan, a year-on-year increase of 6.25%, and a net profit of 120 million yuan, up 28.73% [4] - The gross margin for Q3 was 43.71%, an increase of 1.7 percentage points year-on-year [4] Group 4: Hikvision (002415.SZ) - In Q3 2025, Hikvision reported revenue of 23.94 billion yuan, a year-on-year increase of 0.7%, and a net profit of 3.66 billion yuan, up 20.3% year-on-year [6] - For the first three quarters of 2025, total revenue reached 65.76 billion yuan, a year-on-year increase of 1.2%, with a net profit of 9.32 billion yuan, up 14.9% [6] Group 5: iFlytek (002230.SZ) - In the first three quarters of 2025, iFlytek achieved revenue of 16.99 billion yuan, a year-on-year increase of 14.4%, while the net profit was a loss of 66.68 million yuan, narrowing by 80.6% year-on-year [6] - In Q3 2025, the company reported revenue of 6.08 billion yuan, a year-on-year increase of 10.0%, and a net profit of 172 million yuan, up 202.4% year-on-year [6] Group 6: Tmall (6110.HK) - For the first half of the 2026 fiscal year, Tmall reported revenue of 12.30 billion yuan, a year-on-year decrease of 5.8%, and a net profit of 790 million yuan, down 9.7% [7] - The earnings per share (EPS) was 0.13 yuan, with a proposed interim dividend of 0.13 yuan per share, resulting in a payout ratio of 102.2% [7] Group 7: Action Education (605098.SH) - In Q3 2025, Action Education achieved revenue of 220 million yuan, a year-on-year increase of 27.9%, and a net profit of 80 million yuan, up 42.8% [8] - The company reported a significant recovery in enrollment rates, driving high growth in Q3 performance, with optimized product structure enhancing profitability [8]