Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a strategic breakthrough and business structure optimization [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152 respectively, with a customer retention rate up by 3 percentage points to 99% [2] - The total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the focus on key industries and innovative financial solutions [3] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 showing a 77% quarter-on-quarter increase to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [3] - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company undergoing a rebranding of its international business in early October, which is expected to provide long-term growth momentum [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, indicating potential breakthroughs in the Web 3.0 trade finance sector [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future development [4]

Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a potential upside of 12.2% [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152, with a customer retention rate up by 3 percentage points to 99% [2] - Total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the company's focus on key industries and innovative financial solutions [2] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 volume up by 77% quarter-on-quarter to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [2] International Strategy - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company rebranding its international business in early October, indicating potential long-term growth from its international strategy [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, suggesting that its "stablecoin+" strategy may lead to breakthroughs in trade finance within the Web 3.0 space [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future growth [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the establishment of Mizuho Securities (China) Co., Ltd., indicating a significant move in the financial services sector in China [1] Group 1: Company Overview - Mizuho Securities (China) is registered in Beijing with a registered capital of RMB 2.3 billion [1] - The company's business scope includes securities underwriting, proprietary trading, and asset management, specifically limited to asset securitization activities [1]

Group 1 - The core viewpoint of the article emphasizes the Chinese government's commitment to maintaining a stable and active capital market through a comprehensive set of financial policies introduced on May 7, 2024 [1][2] - The recent changes in the government's language regarding the capital market reflect a deeper strategic positioning and policy orientation, moving from "boosting the capital market" to "sustaining stability" and "activating" the market [1][2] - The policies aim to ensure the long-term healthy development of the capital market while managing risks, enhancing market efficiency, and improving resource allocation to support economic transformation [2][3] Group 2 - The financial policies introduced are seen as a continuation and upgrade of previous measures, addressing both short-term risks and long-term high-quality development [2][3] - Future policy efforts are expected to focus on encouraging listed companies to enhance core competitiveness, increase R&D investment, support mergers and acquisitions, and improve corporate governance [3] - The balance between "stability" and "activity" is described as a dynamic process that requires clear guidelines for market operation while allowing flexibility to stimulate market vitality [3] Group 3 - Securities firms are encouraged to leverage opportunities in wealth management, investment banking, asset management, and financial technology to achieve high-quality development [4] - The shift in asset allocation from traditional real estate to financial assets presents a significant opportunity for securities firms to develop personalized investment advisory services [4] - The growth of the M&A market offers securities firms a chance to utilize their expertise in transaction structuring and financial advisory services [4] Group 4 - West Securities plans to enhance its core competencies by improving research capabilities, product creation, and risk management to adapt to market changes and client needs [5] - The company aims to deepen its research on macroeconomics, industries, and companies to support investment decisions and product development [5] - The focus on risk management is crucial for ensuring stable business development while seizing opportunities presented by policy incentives [5]

Core Viewpoint - Trust companies are accelerating their participation in capital markets, leveraging their advantages in the trust system to adapt to regulatory changes and enhance their business models [1][5][8] Group 1: Capital Market Participation - Capital markets have become a key focus for many trust companies in 2024, as evidenced by significant growth in their securities investment trust business, with Ping An Trust's scale exceeding 590 billion yuan, marking an 84% year-on-year increase [1] - Trust assets directed towards the securities market reached 8.34 trillion yuan by mid-2024, reflecting a 64.89% year-on-year growth, accounting for 41.81% of total trust assets [2] - Trust companies are primarily engaging in capital markets through asset management trusts and securities investment, with a notable shift towards professional and active management strategies [3][4] Group 2: Institutional Investment and Support for Industries - Trust companies have supported various sectors, including new information technology and renewable energy, with a cumulative management scale exceeding 5 billion yuan [2] - Trust funds are frequently seen among the top ten shareholders of listed companies, with a total market value of 130.49 billion yuan held by trusts as of the first quarter of 2025 [2] Group 3: Challenges and Strategic Adjustments - Trust companies face challenges in competing with securities firms and fund companies, particularly in standardized asset investment capabilities [6] - The mismatch between the fixed duration of trust products and the long-term nature of quality capital market investment opportunities poses a challenge [6] - Trust companies are encouraged to enhance their research capabilities and explore strategic partnerships with external institutions to improve investment efficiency [7] Group 4: Regulatory Environment and Future Opportunities - Recent regulatory guidance encourages trust companies to actively participate in capital markets, particularly through equity investments in strategic emerging industries [5] - A series of favorable regulatory developments are expected to provide more opportunities for trust companies, including revisions to management regulations and the establishment of real estate trusts [7][8]