Core Points - The company has elected Liang Yi as the employee director for the seventh board of directors, with a term starting from November 14, 2025, until the end of the board's term [1] Summary by Category Company Governance - The sixth employee representative assembly held its second meeting recently [1] - Liang Yi's election marks a significant governance change within the company [1]

浙商证券公告称，公司于2025年2月13日发行2025年度第一期短期融资券，规模15亿元，票面利率 1.85%，期限273天。2025年11月13日，公司按期兑付该期短期融资券本息，共计15.21亿元。 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: A-Shares Market in China - **Date**: November 13, 2025 Core Insights 1. **Market Sentiment**: A-share investor sentiment remained flat, with the weighted MSASI increasing by 1% to 60% and the weighted MSASI 1MMA decreasing by 3% to 68% compared to the previous cycle [2][2] 2. **Turnover Trends**: Average daily turnover for ChiNext, A-shares, and Equity Futures decreased by 7% (to RMB 508 billion), 4% (to RMB 2,035 billion), and 16% (to RMB 371 billion), respectively [2][2] 3. **CPI and PPI Analysis**: Recent CPI and PPI highs have led to reflation optimism, but these are largely attributed to one-off factors. October core CPI YoY rose to 1.2%, the highest in nearly four years, while PPI YoY deflation narrowed for the third consecutive month [4][4] 4. **Earnings Growth Outlook**: Current momentum is expected to hold rather than break into new highs, with moderate earnings growth and limited valuation upside anticipated [1][13] 5. **Deflationary Pressures**: Domestic deflation is expected to persist, with fiscal stimulus likely to remain modest due to high public debt. The China economics team predicts deflation may continue at least through 2026 [14][14] Important Metrics 1. **Net Inflows**: Southbound trading recorded net inflows of USD 3.1 billion from November 6 to November 12, with year-to-date and month-to-date net inflows reaching USD 161 billion and USD 6.4 billion, respectively [3][3] 2. **Credit Data**: Credit data indicates a restored household risk appetite towards equities, although the negative wealth effect from housing still outweighs equity gains. October credit fell 20 basis points YoY to 8.7% [12][12] 3. **Earnings Stability**: 3Q25 MSCI China results showed slight quarter-on-quarter deterioration in earnings surprises, adding uncertainty to the stabilization trend [13][13] Additional Insights 1. **Investor Sentiment Metrics**: The new MSASI is based on 12 individual indicators capturing different dimensions of investor sentiment and market activity, normalized using a 100-day moving min-max method [15][15] 2. **Normalization Process**: The normalization process ensures that each indicator contributes proportionally, highlighting directional shifts in sentiment over time [23][23] 3. **Weighting of Indicators**: Each of the 12 series is assigned a weight based on its historical explanatory power relative to the CSI 300 Index, ensuring the overall index reflects sentiment components most relevant to A-share performance [24][24] Conclusion - The A-share market sentiment remains flat with moderate earnings growth expected. Key factors such as domestic deflation, credit trends, and investor sentiment metrics will be crucial in shaping the market outlook moving forward.

Group 1: Market Overview - The market experienced a rebound with the Shanghai Composite Index reaching a ten-year high, and the ChiNext Index rising over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.04 trillion, an increase of 969 billion compared to the previous trading day [1] - The Shanghai Composite Index rose by 0.73%, the Shenzhen Component Index increased by 1.78%, and the ChiNext Index gained 2.55% by the end of the trading session [1] Group 2: E-commerce Insights - Huatai Securities estimates that the GMV for the "Double Eleven" shopping festival may see moderate growth, with a year-on-year increase in the mid to high single digits up to 10% [2] - The stable growth is attributed to active subsidies from various platforms and an extended promotional timeline, although it is partially offset by a high sales base from last year's national subsidy actions [2] - Competition among major e-commerce platforms is expected to remain intense, focusing on traffic entry and core user rights, with consumer price stabilization being a key driver for performance [2] Group 3: Convertible Bonds Analysis - Galaxy Securities noted that the overall price and premium rate of convertible bonds have risen to high levels, necessitating caution in managing downside risks [3] - The previous cycle saw strong performance in the convertible bond market, with a 1% increase in high-price indices and significant excess returns from high-volatility strategies [3] - The current environment is characterized by increased volatility, requiring timely adjustments to follow market trends and sector rotations [3] Group 4: AI Investment Opportunities - CITIC Securities highlighted the expansion of AI investment opportunities, particularly in the computing power industry chain and AI applications [4] - Since 2025, both Chinese and American tech stocks have performed well, with the computing power sector leading market gains [4] - The potential for localized computing power to replicate the long bull market seen in U.S. stocks since 2023 is promising, with specific AI applications expected to see rapid commercialization [4]

Core Insights - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy while introducing "maintaining relatively loose social financing conditions" as a new focus in its latest report [2][3] - The report highlights the importance of balancing short-term and long-term economic goals, as well as internal and external equilibria, while reinforcing the need for both counter-cyclical and cross-cyclical adjustments in monetary policy [3] Monetary Policy Strategy - The PBOC aims to create a suitable monetary and financial environment by closely monitoring changes in overseas central bank policies and analyzing liquidity supply and demand within the banking system [3] - The report reiterates the commitment to a supportive monetary policy stance, with no immediate plans for reserve requirement ratio (RRR) cuts or interest rate reductions, indicating that further economic data will be needed to trigger any significant policy changes [4] Credit Policy Initiatives - The report introduces measures to support personal credit repair, addressing the impact of past debt defaults on individuals' credit records, particularly those affected by the COVID-19 pandemic [5][6] - The PBOC plans to implement a one-time personal credit relief policy, which will not display certain default information in credit systems for individuals who have repaid loans below a specified amount [5][6] Financial Market Development - The report outlines plans to enhance the bond market, particularly through the development of a "technology board" for bonds, aimed at supporting private technology enterprises and investment institutions [6] - The PBOC's approach to promoting the internationalization of the Renminbi has shifted from a cautious expansion to a more proactive stance, focusing on increasing the use of the currency in cross-border trade and investment [6]

投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 其他 （中信证券 2026 年资本市场年会） 参与单位名称及 人员姓名 中信证券股份有限公司陆昊先生，建信基金管理有限责任公司 曾文琦先生，富国基金管理有限公司徐健荣先生 时间 2025 年 11 月 13 日 13:30-14:30 地点及形式 深圳福田香格里拉大酒店 上市公司 接待人员姓名 董事会秘书董曼女士，董事会办公室投资者关系工作人员 投资者关系活动 主要内容介绍 1.请介绍一下公司 2025 年前三季度经营情况。 答：2025 年以来，公司坚持以"三一五三"战略为引领， 聚焦主责主业，扎实做好金融"五篇大文章"，积极把握市场 机遇，加快业务模式转型升级，全力推进大财富、大投行、大 投资三大业务条线优化举措加速落地，强化数字赋能和科技引 领，提升资产配置效率，打造差异化核心竞争优势，为经营业 绩的稳步提升奠定了坚实基础。2025 年前三季度，公司实现营 业收入 38.61 亿元，同比增长 38.83%；实现归母净利润 10.67 亿元，同比增长 125.21%，主要是公司 ...

Core Viewpoint - Glancy Prongay & Murray LLP has initiated an investigation into Perrigo Company plc regarding potential violations of federal securities laws affecting investors [1] Summary by Relevant Sections - **Investigation Announcement** - The law firm is representing investors who may have incurred losses related to Perrigo Company plc [1] - **Investor Call to Action** - Investors who lost money on Perrigo Company plc are encouraged to inquire about pursuing claims to recover their losses [1]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Guangzhou Haote Energy Saving Technology Co., Ltd. 廣州豪特節能環保科技股份有限公司 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong L ...

Group 1 - The "Xiangmi Lake Financial+" merger training conference was held to implement new policies supporting mergers and acquisitions (M&A) and promote the "Action Plan for High-Quality Development of Mergers and Acquisitions in Shenzhen (2025-2027)" [1][3] - The conference was guided by various governmental bodies and attended by over 180 representatives from Shenzhen listed companies, investment banks, private equity firms, and regulatory agencies, focusing on new M&A regulations and practical case studies [3][6] - Shenzhen's M&A market is transitioning from a "policy learning phase" to a "strategic opportunity phase" and "practical challenge phase," with several typical industrial M&A cases emerging [3][6] Group 2 - The "Xiangmi Lake M&A Service Workstation" was launched to provide comprehensive services such as targeted project recommendations, offline financing connections, and practical training to address challenges in the M&A process [6][7] - The Futian District's financial M&A service system was introduced, offering a full-chain professional financial product and service matrix, supported by over 300 licensed financial institutions in the area [6][7] - The M&A financial service system aims to enhance Shenzhen's M&A service capabilities and create an optimal investment ecosystem [6][7] Group 3 - Experts from various financial institutions shared insights on M&A policies, market conditions, and compliance capabilities, helping companies navigate regulatory frameworks and optimize M&A strategies [9] - The conference emphasized the importance of integrating capital with industry through M&A, with ongoing efforts to deepen the M&A ecosystem in Shenzhen [9]

(Reuters) -China's securities watchdog chief, Wu Qing, has sought approval to step down, sources with knowledge of the matter said, in what would be an abrupt and unexpected exit for a regulatory head brought in last year to stabilise ​the country’s stock markets. Wu, who was appointed the chairman of China Securities Regulatory Commission (CSRC) in February 2024, has informed ‌relevant authorities about his intent to exit the role citing his health, the sources said. It was not immediately known if his ...