Group 1 - The core viewpoint of the news is that CITIC Securities has achieved significant results during the "14th Five-Year Plan" period, with substantial growth in various financial metrics and a strong market position [1][2]. - CITIC Securities completed equity financing of 3.1 trillion yuan, bond financing of 56.9 trillion yuan, and mergers and acquisitions totaling 2.4 trillion yuan, with total assets surpassing 2 trillion yuan [1]. - The company has maintained over 600 billion yuan in annual revenue for five consecutive years, with net profit consistently around 200 billion yuan, and a record net profit of 232 billion yuan for the first three quarters of this year [1]. Group 2 - In wealth management, CITIC Securities has served over 17 million clients with assets under management of approximately 15 trillion yuan, and has a buyer advisory scale exceeding 130 billion yuan [2]. - The company aims to transform its services across five dimensions, focusing on creating a comprehensive financial product system and enhancing digital service capabilities [2]. - Since its A-share listing in 2003, CITIC Securities has distributed over 88.7 billion yuan in cash dividends, maintaining a cash dividend ratio above 30% for the past three years [2]. Group 3 - The participating institution in the research, Ruiyuan Fund, focuses on value investment and has managed five funds, with the Ruiyuan Growth Value Mixed A fund showing a 74.03% growth over the past year [3].

Group 1 - Bertli's stock price increased by 1.17% to 51.79 CNY per share, with a trading volume of 240 million CNY and a turnover rate of 0.77%, resulting in a total market capitalization of 31.411 billion CNY [1] - Bertli Automotive Safety Systems Co., Ltd. is located in the Wuhu area of the China (Anhui) Pilot Free Trade Zone, established on June 25, 2004, and listed on April 27, 2018. The company's main business involves the research, development, production, and sales of automotive brake system-related products [1] - The revenue composition of Bertli's main business includes intelligent electronic control products at 45.59%, mechanical brake products at 44.77%, mechanical steering products at 5.63%, and other products at 2.92% and 1.09% [1] Group 2 - Ruiyuan Fund's Ruiyuan Growth Value Mixed A (007119) is among Bertli's top ten circulating shareholders, having increased its holdings by 126,100 shares in the third quarter, totaling 5.4139 million shares, which represents 0.89% of the circulating shares [2] - The Ruiyuan Growth Value Mixed A fund has achieved a year-to-date return of 67.3%, ranking 494 out of 8087 in its category, and a one-year return of 66.52%, ranking 420 out of 8085 [2] - The fund was established on March 26, 2019, with a current scale of 21.387 billion CNY and has generated a cumulative return of 99.96% since inception [2]

Core Viewpoint - Shenghong Technology's stock rose by 5.05% to 312.80 CNY per share, with a trading volume of 3.886 billion CNY and a market capitalization of 272.245 billion CNY as of December 23 [1] Group 1: Company Overview - Shenghong Technology (Huizhou) Co., Ltd. is located in Huizhou, Guangdong Province, and was established on July 28, 2006, with its listing date on June 11, 2015 [1] - The company specializes in the research, development, production, and sales of new electronic devices, primarily printed circuit boards (PCBs), which account for 93.66% of its revenue, while other products contribute 6.34% [1] Group 2: Shareholder Information - Ruifeng Fund's Ruifeng Growth Value Mixed A (007119) is among the top ten circulating shareholders of Shenghong Technology, having reduced its holdings by 5.9567 million shares to 6.9398 million shares, representing 0.81% of the circulating shares [2] - The fund has achieved a return of 65% year-to-date, ranking 504 out of 8088 in its category, and a one-year return of 63.62%, ranking 433 out of 8057 [2] Group 3: Fund Manager Performance - The fund manager, Fu Pengbo, has a tenure of 16 years and 345 days, with a total fund asset size of 23.629 billion CNY, achieving a best return of 429.69% during his tenure [3] - Co-manager Zhu Lin has a tenure of 6 years and 275 days, with the same fund asset size, achieving a best return of 92.96% during his tenure [3] Group 4: Fund Holdings - Ruifeng Growth Value Mixed A (007119) has reduced its holdings in Shenghong Technology by 5.9567 million shares, now holding 6.9398 million shares, which constitutes 7.88% of the fund's net value, making it the fourth-largest holding [4]

Core Viewpoint - Dongshan Precision's stock increased by 5.25% to 79.59 CNY per share, with a trading volume of 843 million CNY and a market capitalization of 145.78 billion CNY as of December 22 [1] Company Overview - Dongshan Precision Manufacturing Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 28, 1998, with its IPO on April 9, 2010 [1] - The company specializes in manufacturing and servicing precision sheet metal parts, precision castings, and precision electronic manufacturing, as well as flexible circuit board design, production, and sales [1] - The revenue composition is as follows: electronic circuit products 65.23%, touch panels and LCD modules 17.98%, precision components 13.93%, LED display devices 1.69%, and others 1.17% [1] Shareholder Information - Ruifeng Fund's Ruifeng Growth Value Mixed A (007119) entered the top ten circulating shareholders of Dongshan Precision in Q3, holding 21.34 million shares, which is 1.54% of the circulating shares [2] - The fund has generated an estimated floating profit of approximately 84.73 million CNY today [2] Fund Performance - Ruifeng Growth Value Mixed A (007119) was established on March 26, 2019, with a current size of 21.39 billion CNY [2] - Year-to-date return is 61.45%, ranking 487 out of 8170 in its category; the one-year return is 59.91%, ranking 455 out of 8139; and since inception, the return is 92.96% [2] Fund Management - The fund is managed by Fu Pengbo and Zhu Lin, with Fu having a tenure of 16 years and 344 days, achieving a best return of 429.69% and a worst return of -3.8% during his tenure [3] - Zhu has a tenure of 6 years and 274 days, with a best return of 92.96% and a worst return of 87.83% [3] Fund Holdings - Ruifeng Growth Value Mixed A (007119) has Dongshan Precision as its seventh-largest holding, with 21.34 million shares, accounting for 6.46% of the fund's net value [4] - The estimated floating profit from this holding is approximately 84.73 million CNY [4]

Group 1 - The core viewpoint of the news is that Jianfa Co., Ltd. has made significant progress in expanding its supply chain operations, with notable partnerships and a stable profit outlook despite global economic challenges [1][2]. - Jianfa Co., Ltd. reported a recent stock price of 9.35 yuan, down 1.37% from the previous trading day, with a total market capitalization of 27.111 billion yuan [1]. - The company achieved over 5.2 billion USD in signed agreements during the November Import Expo, collaborating with seven global enterprises in key agricultural products [1]. Group 2 - The supply chain operations of Jianfa Co., Ltd. are expected to maintain a net profit range of 3.3 to 4 billion yuan from 2021 to 2024, with a return on equity (ROE) exceeding 15% [2]. - The company has developed a risk control system characterized by "professionalization, stratification, and process orientation," and has established a global supply chain service network covering over 170 countries [2]. - Jianfa Co., Ltd. is actively exploring the application of AI and other new technologies in its supply chain operations, enhancing its risk control and daily management activities [2]. Group 3 - Ruiyuan Fund, which participated in the recent research, focuses on value investment and has five funds under management, with one fund showing a 59.95% growth over the past year [3].

Core Viewpoint - Jiangsu Bank has demonstrated strong growth in assets, deposits, and loans while maintaining a focus on high-quality development and investor returns through consistent cash dividends [1][2]. Group 1: Financial Performance - As of September 30, 2025, Jiangsu Bank's total assets reached 4.93 trillion yuan, a year-on-year increase of 24.68% [1] - The bank's total deposits amounted to 2.54 trillion yuan, reflecting a growth of 20.22% compared to the end of the previous year [1] - Total loans stood at 2.47 trillion yuan, with a year-on-year growth of 17.87% [1] - For the first three quarters of 2025, Jiangsu Bank reported revenue of 67.183 billion yuan, an increase of 7.83% year-on-year, and a net profit attributable to shareholders of 30.583 billion yuan, up 8.32% year-on-year [1] Group 2: Investor Relations and Dividends - Jiangsu Bank has maintained a cash dividend payout ratio of 30% of net profit in recent years, with cumulative cash dividends of nearly 50 billion yuan since its listing [2] - The bank plans to increase the frequency of dividends by introducing mid-term dividends in response to policy calls, with specific arrangements to be determined by the board based on profitability and cash flow [2] Group 3: Strategic Focus - The bank emphasizes project reserves as the foundation for asset allocation, aiming for steady growth in reserves and orderly credit deployment [2] - Jiangsu Bank has established a normalized project reserve mechanism and is currently advancing its project reserves for 2026, aligning with policy directions in key areas [2] Group 4: Shareholder Information - As of September 30, 2025, Jiangsu Bank had 159,305 shareholders, an increase of 20,480 from the previous count, with an average holding value of 1.1992 million yuan per shareholder [3] - The participating institution in the recent research, Ruiyuan Fund, focuses on value investment and has seen a 61.37% growth in its fund value over the past year [3]

Core Viewpoint - Dongshan Precision experienced a decline of 5.01% on November 12, with a stock price of 72.10 CNY per share and a total market capitalization of 132.06 billion CNY [1] Company Overview - Dongshan Precision Manufacturing Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 28, 1998. The company went public on April 9, 2010. Its main business includes the manufacturing and service of precision sheet metal parts and precision castings, as well as flexible circuit board design, production, and sales [1] - The revenue composition of the company is as follows: electronic circuit products 65.23%, touch panels and LCD display modules 17.98%, precision components 13.93%, LED display devices 1.69%, and others 1.17% [1] Shareholder Information - The top circulating shareholder of Dongshan Precision includes a fund from Ruifeng Fund, specifically Ruifeng Growth Value Mixed A (007119), which entered the top ten circulating shareholders in the third quarter with 21.34 million shares, accounting for 1.54% of circulating shares. The estimated floating loss today is approximately 81.1 million CNY [2] - Ruifeng Growth Value Mixed A (007119) was established on March 26, 2019, with a latest scale of 21.39 billion CNY. Year-to-date returns are 58.33%, ranking 531 out of 8147 in its category; the one-year return is 50.3%, ranking 494 out of 8056; and since inception, the return is 89.24% [2] Fund Manager Information - The fund managers of Ruifeng Growth Value Mixed A (007119) are Fu Pengbo and Zhu Lin. Fu has a cumulative tenure of 16 years and 304 days, with the fund's total asset scale at 23.63 billion CNY, achieving a best return of 429.69% and a worst return of -3.8% during his tenure [3] - Zhu has a cumulative tenure of 6 years and 234 days, with the same fund asset scale of 23.63 billion CNY, achieving a best return of 91.85% and a worst return of 86.83% during his tenure [3] Fund Holdings - Ruifeng Growth Value Mixed A (007119) has Dongshan Precision as one of its top holdings, with 21.34 million shares, representing 6.46% of the fund's net value, making it the seventh-largest holding. The estimated floating loss today is approximately 81.1 million CNY [4]

Group 1 - The core point of the news is that Furuya Co., Ltd. experienced a 5.01% drop in stock price, closing at 70.75 yuan per share, with a trading volume of 5.25 billion yuan and a turnover rate of 3.13%, resulting in a total market capitalization of 187.47 billion yuan [1] - Furuya Co., Ltd. is primarily engaged in the production and sales of drugs in the liver disease sector, as well as the research and sales of medical instruments and medical services. The revenue composition is as follows: 67.57% from equipment and technology, 27.47% from pharmaceuticals, 4.30% from medical services, and 0.65% from other sources [1] Group 2 - Among the top ten circulating shareholders of Furuya Co., Ltd., a fund under Ruiyuan Fund holds a significant position. Ruiyuan Growth Value Mixed A (007119) reduced its holdings by 639,300 shares in the third quarter, now holding 4.9273 million shares, which accounts for 2.11% of the circulating shares. The estimated floating loss today is approximately 18.3787 million yuan [2] - Ruiyuan Growth Value Mixed A (007119) was established on March 26, 2019, with a current scale of 21.387 billion yuan. Year-to-date returns are 68.09%, ranking 478 out of 8,152 in its category; the one-year return is 64.4%, ranking 546 out of 8,038; and since inception, the return is 100.9% [2]

Core Insights - New Yisheng's stock price increased by 5.27% to 392.62 CNY per share, with a trading volume of 14.52 billion CNY and a turnover rate of 4.14%, resulting in a total market capitalization of 390.25 billion CNY [1] Company Overview - Chengdu New Yisheng Communication Technology Co., Ltd. was established on April 15, 2008, and went public on March 3, 2016. The company specializes in the research, production, and sales of optical modules [1] - The revenue composition of the company's main business includes: over 25G at 98.86%, under 25G at 0.87%, and others at 0.26%, with no revenue from PON [1] Fund Holdings - Ruiyuan Fund has a significant holding in New Yisheng, with the Ruiyuan Growth Value Mixed A Fund (007119) holding 7.3086 million shares, accounting for 4.97% of the fund's net value, making it the sixth-largest holding [2] - The Ruiyuan Growth Value Mixed A Fund has a current scale of 16.839 billion CNY and has achieved a return of 62.68% year-to-date, ranking 462 out of 8226 in its category [2] Fund Manager Performance - The fund manager, Fu Pengbo, has a tenure of 16 years and 288 days, with a total fund asset size of 18.666 billion CNY, achieving a best return of 429.69% during his tenure [3] - Co-manager Zhu Lin has a tenure of 6 years and 218 days, with the same fund asset size, achieving a best return of 94.43% during his tenure [3]

Group 1 - The core viewpoint of the news is that Suzhou Su Da Wei Ge Technology Group Co., Ltd. has seen a stock price increase of 5.13%, reaching 33.19 CNY per share, with a trading volume of 344 million CNY and a turnover rate of 5.02%, resulting in a total market capitalization of 8.618 billion CNY [1] - The company, established on October 25, 2001, and listed on June 28, 2012, specializes in the design, development, and manufacturing of micro-nano optical products, with 87.32% of its main business revenue coming from these products and equipment [1] - The company is located in Suzhou Industrial Park, Jiangsu Province, and also produces reflective materials, which account for 12.00% of its revenue, along with other products making up 0.68% [1] Group 2 - Among the top ten circulating shareholders of Su Da Wei Ge, Ruiyuan Fund's Ruiyuan Growth Value Mixed A (007119) reduced its holdings by 261,800 shares in the second quarter, now holding 12.4136 million shares, which is 6.02% of the circulating shares [2] - The Ruiyuan Growth Value Mixed A fund has achieved a year-to-date return of 56.69%, ranking 453 out of 8,154 in its category, and a one-year return of 52.03%, ranking 580 out of 8,025 [2] - The fund was established on March 26, 2019, and has a current scale of 16.839 billion CNY, with a cumulative return since inception of 87.28% [2]