Special Topic: Highlights from Major Securities Papers Investing in stocks requires insights from Jin Qilin analysts' reports, known for their authority, professionalism, timeliness, and comprehensiveness, helping you uncover potential thematic opportunities! On October 17 (Friday), the main headlines from today's publications are as follows: China Securities Journal CSRC: Continuously Optimizing the Sustainable Disclosure System Bi Xiaoying, a first-level inspector at the CSRC, stated on October 16 at the 2025 Sustainable Global Leaders Conference that the CSRC will steadfastly support and guide listed companies in delivering high-quality sustainable disclosures in accordance with the new “Nine National Policies” requirements. The Window for Q3 Reports Opens as Public Offering Institutions Position in High-Performing Stocks The A-share market has entered the phase for company Q3 report disclosures. Some firms have already released their Q3 reports for 2025, while over 100 companies have issued Q3 earnings forecasts, with many reporting significant growth in net profits over the first three quarters. High-performing companies have attracted early investments from public funds, with significant increases in holdings for companies like Xian Da Co, Ltd. and Ying Lian Co., Ltd., which reported substantial growth during the same period, while Northern Rare Earth and Luxshare Precision also saw strong interest from multiple fund companies. Ensuring Account and Fund Security: Banks Start Clearing Long-Term Dormant Accounts Recently, several banks announced plans to clean up long-term dormant accounts, affecting both personal and corporate accounts. Banks have different criteria for identifying long-term dormant accounts, generally applying to low-balance accounts with no active transactions for extended periods. Industry insiders believe this move will help prevent financial risks such as telecom fraud and money laundering, safeguarding consumers' accounts and funds while enhancing bank operational efficiency. Consumers are advised to regularly review and manage their various bank cards, promptly canceling any that are no longer in use. Semiconductor Testing and Packaging Leader to Resume Trading Today Following Acquisition Plan Announcement On the evening of October 16, semiconductor testing and packaging leader Huatian Technology announced a plan to acquire 100% stakes in the target company Huayi Microelectronics from 27 counterparties through share issuance and cash payment while raising supporting funds. The company is scheduled to resume trading on October 17. Shanghai Securities Journal Ministry of Commerce: Further Strengthening Policy Reserves and Introducing New Stable Foreign Trade Policies as Needed In the first three quarters of this year, China's foreign trade faced pressure but has maintained a steady and positive trend. He Yongqian, spokesperson for the Ministry of Commerce, stated at a regular news conference on October 16 that the ministry will further strengthen policy reserves and introduce new stable foreign trade policies as necessary. He announced that, in the first three quarters, merchandise imports and exports measured in RMB grew by 4% year-on-year, maintaining positive growth for eight consecutive quarters. The upward momentum in foreign trade and the emergence of new trends remain strong, with exports of high-end equipment, wind power equipment, and energy storage products continuing to see double-digit growth. More Chinese IP and quality brands are entering international markets. September Sees a Recovery in Short-term Corporate Loans and Long-term Household Loans: Microeconomic Confidence Rebuilding and Policy Effects Becoming Apparent The latest financial data released by the central bank shows that RMB loans increased by 1.29 trillion yuan in September. This includes an increase of 710 billion yuan in corporate short-term loans, up by 250 billion yuan year-on-year, and an increase of 250 billion yuan in household long-term loans, up by 20 billion yuan year-on-year. The stabilization and recovery of these two key metrics reflect the gradual effectiveness of prior policies and release a positive signal regarding the rebuilding of microeconomic confidence. Hong Kong Stock IPO Business Thrives as Chinese Brokerages Compete to Expand Their Presence As of October 16, 73 companies have listed on the Hong Kong Stock Exchange this year, raising a total of HKD 188.698 billion in IPO funding, marking a year-on-year increase of 227.75% and securing the top spot globally in new stock financing. The driving force behind this IPO boom comes from various intermediary institutions, with Chinese brokerages playing an increasingly critical role. Chinese brokerages have emerged as dominant sponsors, global coordinators, and book managers in several landmark transactions. The notable effect of the leading Hong Kong IPO sponsorship and underwriting market is exemplified by top domestic institutions such as CICC Hong Kong, CITIC Securities (Hong Kong), Huatai Hong Kong, and Citic Jiantou International leading the underwriting rankings for Hong Kong IPOs this year. Focusing on the Second Bay Area Semiconductor Investment and Financing Strategic Development Forum: Continuous Optimization of Industry Investment Structure with AI and Self-Control Taking Center Stage On October 16, during the 2025 Bay Semiconductor Exhibition, information from the Second Bay Area Semiconductor Investment and Financing Strategic Development Forum indicated that investment in the semiconductor equipment and materials sector is gradually warming up, with local industrial funds becoming a vital force in promoting industrial development. Experts noted that artificial intelligence is emerging as a new growth engine for the semiconductor industry, leading to five key financing tracks: cloud-side AI chips, edge-side AI chips, new architecture chips, automotive chips, and communication chips. Concurrently, many industry players believe the demand for self-control along the semiconductor industry chain is driving capital toward weaker links in the supply chain. Securities Times New Measures for Photovoltaic Capacity Regulation to be Launched as Polysilicon Reserves Await Breakthrough Since the second half of this year, the photovoltaic industry’s “anti-involution” has continued to draw attention. On July 3, the Ministry of Industry and Information Technology held a meeting with manufacturing enterprises to accelerate the high-quality development of the photovoltaic industry, discussing input from photovoltaic enterprises and industry associations. On August 19, the Ministry of Industry and Information Technology and five other departments convened a photovoltaic industry symposium to further standardize competition within the sector. Fuyao Glass Chairman Cao Dewang Resigns; His Son Cao Hui Takes Over Cao Dewang has resigned as Chairman of Fuyao Glass (600660), with his son, current Vice Chairman Cao Hui, taking over. On the evening of October 16, Fuyao Glass announced that Cao Dewang submitted his resignation to optimize the company's governance structure and promote sustainable development. However, he will continue to serve as a company director and remains chairman or director of several subsidiaries. Chipone Technology Plans to Inject 1.8 Billion Yuan into Its Subsidiary On the evening of October 16, Chipone Technology (688469) announced its intention to inject 1.8 billion yuan into its subsidiary Chipone Pioneer based on its overall strategic development planning and operational needs. The funding is intended to ensure the continued implementation of the “Phase Three 12-Inch Integrated Circuit Analog Mixed Chip Manufacturing Project.” Bank Wealth Management Scale Sees Seasonal Decline, While Rights-Related Products Experience Counter-Cyclical Growth After consecutive monthly net inflows into bank wealth management, a decline was observed at the end of the third quarter. Recently, exclusive data compiled by Securities Times journalists from reliable sources revealed that among 14 wealth management firms managing over 1 trillion yuan (including 6 state-owned banks and 8 joint-stock banks), 13 saw a month-on-month decrease in end-September balances, totaling around 870 billion yuan.

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