Jin10 data news on June 25th, CICC research report pointed out that Fuhong Hanlin (02696.HK) has the ability to transform from a profitable biosimilar company to a leading enterprise in the field of biologics. Including HLX43, HLX22, Serplulimab, and other innovative drugs under research have shown good clinical data performance, believed to have huge potential. Therefore, the target price has been raised from 20.33 Hong Kong dollars to 61.98 Hong Kong dollars, maintaining a buy rating. CICC believes that Fuhong Hanlin is actively expanding its global biosimilar business through cooperation with pharmaceutical companies. Its Han Quyou (trastuzumab) and Serplulimab have shown strong commercial performance, while the listing license applications for HLX14 and HLX11 are currently under FDA review, and it is believed that they can open up overseas sources of income.

Gate.io News bot message, according to the latest analysis by Zhongjin, Trump announced the implementation of a new reciprocal tariff policy on April 2, covering more than 60 economies. Data shows that after the implementation of this policy, the effective tariff rate in the United States will rise from 2.4% in 2024 to 25.1%, higher than the levels during the 1930 Smoot-Hawley Tariff Act. Analysis data indicates that this policy will bring over $700 billion in fiscal revenue to the United States, while PCE inflation will rise by 1.9 percentage points and GDP growth will decline by 1.3 percentage points. CICC pointed out that under the current circumstances, the difficulty for the Federal Reserve to adjust interest rates in the short term has increased. Source: WuBlock123

Golden Ten Data reported on March 28 that entering the annual report season, brokerage analysts quickly tracked the latest financial report data of listed companies and adjusted their ratings accordingly. According to the data, at least 15 stocks have been downgraded by analysts in the past seven days (March 21 to March 27). On the one hand, the improvement in performance and the reversal of difficulties are the common reasons for the upgradation of many stocks, such as Gemdale Group, which was upgraded by CICC and BOC Securities at the same time. On the other hand, a number of consumer stocks have been downgraded, mainly due to lower-than-expected results or declining earnings, and some individual stocks have been downgraded due to "rising too much".

Jin10 reported on March 27 that in response to rumors about an IPO this year, relevant personnel from Avita stated that CICC and CITIC Securities are the joint sponsors of the company, which plans to go public in 2026. On the same day, it was reported that Avita plans to submit its IPO application to the Hong Kong Stock Exchange as early as the second quarter of this year and complete the listing in the fourth quarter, while also intending to appoint Huatai International and others as sponsors.

Jin10 data reported on March 24 that China International Capital Corporation (CICC) released a report indicating that Hansoh Pharmaceutical (03692.HK) had a revenue of 12.261 billion yuan last year, a year-on-year rise of 21.3%; net profit was 4.372 billion yuan, a year-on-year rise of 33.4%, slightly higher than the bank's expectations, mainly due to the accounting of the upfront payment for product licensing and the higher trade volumes of Amelot. The report stated that due to the high growth of Amelot, the profit forecast for 2025 has been raised by 5.1% to 4.405 billion yuan, and a profit forecast for 2026 of 4.683 billion yuan has been introduced. The rating of "outperforming the industry" is maintained, and based on the SOTP valuation method, taking into account the upward revision of profit forecasts and the steady growth in product sales revenue, the target price has been raised by 10.3% to 23.3 HKD.

Smoore International earned 11.8 billion yuan last year, with a net profit of 1.3 billion yuan, which is lower than expected, putting short-term profitability under pressure. The forecast for this year's net profit is revised down by 36% to 1.31 billion yuan, with 1.69 billion yuan projected for 2026. The target price is raised by 22% to 16.5 HKD, with a rating of "outperforming the industry."

According to a research report by Zhongjin Company, Tencent Holdings' revenue rose by 11% in the fourth quarter of last year, with Non-IFRS net profit increasing by 30%. Considering the outlook for advertising and cloud computing businesses, the revenue forecast has been revised upward to 757.6 billion yuan, maintaining the rating of "outperforming the industry," with the target price raised by 8.5% to 600 Hong Kong dollars.

The Federal Reserve remains cautious in the face of tariff uncertainties, showing concerns about "stagflation-like" conditions, but Powell hinted that no drastic actions will be taken. The market responded positively, but caution is still needed regarding the risks of economic downturn. The Fed is expected to cut interest rates again this year, potentially in the third quarter.

Jinshi data March 18th news, since the beginning of the year, the cumulative inflow of southbound funds is about HK$380 billion, with a daily inflow of HK$8.16 billion, more than twice the daily average of HK$3.47 billion in 2024. Is there a "pricing power" for the southbound? CICC stated that it has a phased and partial effect, and may be further strengthened in the future with the increase of southbound funds, but in a open market like the Hong Kong stock market, two factors determine that southbound funds cannot have "absolute pricing power".

On March 16, CICC reported that humanoid robots are expected to improve social efficiency. In the fields of power, dexterity and space mobile navigation, the efficiency of humanoid robots may be higher than that of humans; In the field of public services, from commercial performances to reception, there are already applications of humanoid robots, which are expected to expand to more complex interactive scenarios in the future. In special scenarios, the pioneer series of an enterprise has great potential for application in high-risk environment inspections and future rescue scenarios. Overall, the development trend of humanoid robots is to penetrate from specialized scenarios to general scenarios.

CICC Securities research report pointed out that the current dividend strategy shows bottom characteristics: the distribution of returns and risks deviates from the long-term central tendency, relative market excess negative, ETF status shrinking net purchases, and trading volume below the warning line. The turnover ratio of dividends is at a historical low, and in the long run, the dividend strategy is optimistic about the repair space in the policy background.

The research report of the China Gold Corporation pointed out that the upward trend of some 'soft data' in the United States may be more emotionally driven. The NFIB report shows that the optimism index of small businesses has risen significantly, but it is recommended to follow the core economic indicators mainly based on 'hard data' to extract the true signals of the US economy.

Jins data news on March 4th, CICC issued a report pointing out that the target price of Xinyi Glass (00868.HK) was lowered by 11% to 8.5 Hong Kong dollars. The main reason is the comprehensive profit adjustment and the entry of float glass into the industry's bottom cycle. There may be valuation repair space in the future, maintaining an "outperform" rating.

Jinshi data on February 28th, Zhongjin research report pointed out that looking ahead, as the difference between long-term bond yields and policy interest rates gradually returns to the center, Liquidity continues to be tight, increasing the risk of redemption negative feedback, the fundamental signs of warming still await loose monetary protection, and the government bond issuance volume after the two sessions also requires loose monetary cooperation. We expect that the Liquidity environment is expected to return to loose, and the long-term national bond yield is also expected to return to stability. Further trends will depend on the degree of fiscal make a strong push and the strength of economic recovery.

Jinshi data news on February 26th, after the new rule of self-sponsored recommending agencies charging fees was officially implemented on February 15th, up to now, 4 IPOs have clearly stated the payment method in the prospectus and indicated that the underwriting fees will be paid in stages according to the project progress. The above-mentioned companies are respectively from the main board Yongjie New Materials, the Science and Technology Innovation Board Jintiantai Industry, the Growth Enterprise Board Hanshuo Technology, and the Growth Enterprise Board Hongjing Optoelectronics; the sponsoring institutions are Dongxing Securities, Zhongtai Securities and Zhonghang Securities as sponsoring contacts, CICC, and Shenwan Hongyuan underwriting sponsorship.

CNBC data on February 24th, today, the Renminbi rebounded against the US dollar by over 200 basis points during the trading session. CICC research report analysis shows that the domestic equity market continues to lean towards the positive side. If the good stock market sentiment can persist, the gradual inflow of cross-border funds will help boost the Renminbi Exchange Rate.

Jinshi Data News on February 18th, Zhongjin released a research report stating that it maintained a "outperform industry" rating on Goertek (02018.HK), considering the upward shift of industry valuation driven by edge AI, and raised its target price by 41% to 52.15 Hong Kong dollars. The bank believes that Goertek's performance last year rose significantly, and the company announced with joy that it expects a net profit of between 1.7 billion and 1.815 billion yuan last year, a rise of 130% to 145% year-on-year, in line with the bank's and market expectations. The bank raised its forecast for the company's net profit in 2024 and 2025 by 12% and 25% to 1.75 billion and 2.3 billion yuan, respectively, and introduced revenue and net profit forecasts for 2026 of 34.51 billion and 2.71 billion yuan.

Jins data news on February 12th, CICC released a research report stating that it gave a outperform rating to SMIC (00981.HK) with a target price of 53.1 Hong Kong dollars. SMIC's last quarter revenue was at the upper limit of the guidance, while the gross margin was better than the guidance. The company predicts that the first-quarter revenue in 2025 will rise by 6 to 8% compared to the previous quarter, much better than the market's expected fall of 3.4%. The gross margin guidance is also higher than expected. The company points out that the revenue rise in 2025 will be higher than the industry average, and capital expenditure is expected to be roughly the same as the 73.3 billion U.S. dollars in 2024, exceeding market expectations by 33%.

Institutional investors' research is focused on the TMT field, with foreign investors such as Morgan Stanley and Citigroup conducting intensive research on Lanqi Technology, and CICC and Sequoia Capital conducting intensive research on Juglans Technology. Yifangda Fund and Gaoyi Asset are conducting intensive research on Crystal Optoelectronics, with a focus on the AR field.

On January 31, Jinshi Data reported that the Federal Reserve's January FOMC meeting decided to keep the Benchmark Interest Rate unchanged at 4.25%-4.5%, in line with market expectations. Can the interest rate be cut in the future? CICC research report believes that there is no need to believe that the Federal Reserve cannot cut interest rates in the future. From the reflexivity of the interest rate, the current lack of expectation of an interest rate cut actually helps to cut interest rates. Just like in September last year, the more worried about a recession, the less likely it will happen. Therefore, the current belief that interest rates cannot be cut is the same problem as believing in September that the Federal Reserve needs to cut interest rates significantly continuously.

In 2024, Changjiang Securities' revenue decreased by 1.44%, with a net profit of 1.839 billion yuan, a rise of 18.81% year on year. It operates steadily, serves the real economy and manages social wealth, and enhances its comprehensive strength. As of the end of the year, the total assets were 171.789 billion yuan, with vesting shareholders' equity of 39.204 billion yuan, a rise of 13.1%.

The financial data of Zhongjin Wealth in 2024 shows: total assets of 183.416 billion yuan, net assets of 19.247 billion yuan; annual revenue of 6.657 billion yuan, net profit of 1.194 billion yuan.

CICC lowers its target price for Haidilao International to HK$16.9, with a 6% and 10% downward revision in earnings forecast for the 2024/25 fiscal year. The report indicates that Haidilao's performance in the second half of 2024 was lower than expected. It is expected that the group will gradually recover in the 2025 fiscal year, with improved store efficiency. Menu updates and consumption vouchers will drive customer traffic rise. Revenue is expected to rise by 7% in the 2025 fiscal year.

On January 13th, Jinshi Data reported that CICC International issued a report stating that it has lowered its target price for ANTA Sports (02020.HK) to HKD 104.28. The company is optimistic about its long-term outlook, but due to the uncertain consumption environment, it has slightly lowered its financial forecast. CICC International maintains a "buy" investment rating.

Xtep International's 4Q24 operating performance is good, with the main brand's retail sales rising by a high single-digit percentage year-on-year, retail discounts at 30-35% off, and Saucony brand's retail sales rising by about 50% year-on-year. CICC maintains its 'outperform industry' rating, considering the company's reduced losses after divesting the Gaisiwei and Paladin brands, raising its 2024 EPS forecast by 4% to 0.46 yuan, and switching valuation to 2025, with a slight 3% increase in the target price to 6.9 Hong Kong dollars.

Jinshi data January 9 news, CICC released a report, maintaining Anta Sports (02020.HK) target price of 104.02 Hong Kong dollars and the investment rating of "outperforming the market" unchanged. The bank pointed out that Anta has gone through more than 30 years of development, from the main Anta brand to the domestic sports brand market. CICC believes that Anta's leading position and growth in the international sports brand market are not inferior to international peers, but the current valuation is lower than international comparable companies, and there is still a large room for improvement in the future. The bank basically maintains Anta's 2024/25 earnings per share forecast of 4.16 yuan (same below) (after deducting non-recurring items)/4.80 yuan, and introduces a 2026 earnings per share forecast of 5.35 yuan.

On January 9th, Jins data reported that CICC released a research report stating that it maintained a 'outperform' rating on Tencent Holdings (00700.HK) with a target price of HK$468. Tencent recently held an investor conference, where the management focused on Tencent Pictures, the operational strategy of China Literature Group, and shared the company's latest strategies. The bank pointed out that Tencent's stock price experienced a significant decline on January 7th. The company repurchased HK$1.5 billion, far exceeding its previous daily average repurchase amount of HK$700 million. The bank maintains its unchanged revenue and profit forecasts for Tencent in 2024/2025 and introduces revenue and profit forecasts for 2026. The bank expects Tencent's revenue in 2026 to be RMB 744.7 billion, and estimates the Non-IFRS net profit in 2026 to be RMB 280.4 billion.

On January 9, Jinshi Data reported that CITIC Securities issued a research report stating that there may be a slight convergence of funds in January, but there is no basis for significant tightening. Follow the issuance of local government bonds, the opening performance of banks, the attitude of the Central Bank, and the pressure on the liability side of large banks. In addition, the first quarter enters a period of monetary easing, and there may be a possibility of follow-up reductions in reserve requirements and interest rates by the Central Bank, which is expected to drive further downward movement of the interest rate center of funds. However, in the short term, it is also necessary to follow the possibility of marginal convergence of funds under the pressure of exchange rates and the demand for air defense transformation, as well as the possibility of increased fluctuations.

On January 7th, Jin10 Data reported that according to CICC's research report, we believe that after multiple rounds of product iteration, the successful paradigm of AI glasses may have emerged. We expect to dump about 2 million units by 2024, with a penetration rate of 0.1% and a market size of about 3.65 billion yuan. Looking to the future, we are optimistic about the upgrade of core components such as AI glasses SoC, storage, and display, which will optimize user experience, enrich application scenarios, and may create the next mobile terminal. According to Wellsenn's data, the global AI smart glasses dump is expected to reach 80 million units by 2030, with a penetration rate of about 4.3%.

Golden Ten data, January 6th news, CICC published a report, the mainland's new round of old-for-new policy landed, believing that the expansion of policy intensity and subsidy scope is expected to further stimulate the consumption demand of related categories, while the improvement of the subsidy mechanism will also lower the threshold for enterprise participation, and the popularization of the policy is expected to further increase, driving the continuous recovery of demand for home decoration and consumer electronics packaging. The report stated that the driving factor of last year's home decoration subsidy policy was 1.17 to 1.75, and leading home furnishing companies' orders and sales in October and November both showed a significant recovery. It is expected that the expansion of subsidy intensity may push the driving factor to rise, while leading home furnishing companies actively participate in the old-for-new policy, continuously promoting category expansion and channel integration, so the performance is expected to quickly rise this year. The report mentioned that it is optimistic about the space for the recovery of demand for consumer electronics packaging. Recently, Jiangsu, Guizhou, Hangzhou and other places have successively launched subsidy activities for consumer electronics old-for-new, which have a good boost to the demand for consumer electronics.

Golden Ten Data on January 3, what is the reason for the continuous adjustment of the market in the past three trading days? Based on the views of all parties, there are two main aspects: on the one hand, the various factors accumulated in the market over the past period of time have brought about a concentrated reaction. After the sharp rise in October 2024, the market as a whole is in a range-bound shock, during which policy expectations play a supporting role, and a large amount of incremental funds attracted by the sharp rise provide ample liquidity for the subsequent range-bound market, catalyzing the outbreak of multiple themes. This has two effects, one is that the market is in a policy vacuum and temporarily loses its direction; Second, there is no shortage of transactional funds in this round of incremental funds, and "following the trend" is its main feature. CICC believes that the rapid rise in financing balances since the end of September 2024 reflects the positive sentiment of relevant high-net-worth individual investors. Recently, the financing balance has declined, which has a certain impact on the short-term capital side

Golden data January 1st news, CICC research report pointed out that it is expected that the operating stability of the banking industry will decrease the pressure of the net interest margin (narrowing by about 10-15bp for the whole year), and the debt disposal work will help repair the balance sheet (the net non-performing loan generation rate is stable), and the bank's revenue and profit will continue to show stability. Looking ahead, the monetary policy is moderately loose, with an expected symmetrical interest rate cut of 40-60bp, and there is also a 100bp space for reserve reduction. 1) The high dividend strategy is still the main logic for the trading of bank stocks in 2025, following the level and certainty of the dividend yield. 2) Targets with stable or marginally improved expectations in the region where follows are located. 3) H-share performance is expected to be better than A-shares, mainly due to the attractiveness of the dividend yield for asset allocation funds. 4) The effects of incremental policies have appeared, and follow banks with a higher proportion of market-oriented funding demand.

Jinshi Data News on December 27th, CICC believes that Trump's future four-year rule may be based on two underlying logics. First, it will correct the policies of the Biden administration, mainly reflected in controlling inflation, restricting immigration, and reducing government expenditure. Second, it will implement mercantilist economic strategies, emphasizing the protection of domestic industries through high tariffs and promoting exports, which is in contrast to the trade liberalism advocated by the United States after World War II. CICC believes that Trump may adopt a policy sequence of 'tariffs first, tax cuts later, saving money first, and spending money later', taking the lead in implementing policies in the four areas of tariffs, immigration, energy, and foreign affairs and defense. Tax cuts may be delayed or postponed due to the expansion of the fiscal deficit. Under the benchmark scenario, it is predicted that Trump may push for some tariffs to be implemented in the second quarter of 2025, and the pace may be gradual. At the same time, the Republican Party may use the budget reconciliation process in 2025.

On December 25th, Jin10 Data reported that AI Agent is an intelligent agent that can perceive the environment, autonomously plan, make decisions, and take actions to achieve goals. It has basic characteristics such as autonomy, interactivity, reactivity, and adaptability, with large language models as its core driving force. With the breakthrough of underlying technology empowered by large models, we can see that AI Agents are gradually landing in focused verticals and multiple intelligent agent collaborative application scenarios. According to market.us, the global large model market size is expected to rise from $4.5 billion in 2023 to $82.1 billion in 2033, with a 10-year CAGR of 33.7%. Bullish on AI.

Jinshi data on December 20th, Jian Investment Energy announced that the thermal power projects held by Jiantou Chengde Thermal Power Co., Ltd. and Hebei Jiantou Renqiu Thermal Power Co., Ltd., subsidiaries of the company, as underlying assets have officially established the REITs project. The special plan manager, CICC Jian Investment, has completed the issuance of senior and junior asset-backed securities and has obtained full subscription. The scale of the senior asset-backed securities is 4.176 billion yuan, and the scale of the junior asset-backed securities is 314 million yuan. As of the date of this announcement, the amount of capital contributions subscribed by each partner to the partnership has been fully paid up.

Jinshi Data December 19th news, CICC research report said that we believe that the hawkish guidance is a precautionary measure, because the Fed does not want to make mistakes again on the inflation issue. But officials have not completely abandoned the idea of ​​cutting interest rates. Today's 'hawk' is for not using 'hawk' tomorrow. The Fed's guidance is consistent with our forecast in the annual report, so we maintain the judgment that the Intrerest Rate of monetary policy in 2025 will be lowered to the neutral level of 3.75%-4.0%. In terms of the pace of interest rate cuts, we predict that the Fed will 'skip' the January meeting next year, and then cut interest rates by 25 basis points each at the March and June meetings, and then stop cutting interest rates. The second half of the year will enter a wait-and-see mode, and monetary policy will make decisions based on the effectiveness of Trump's governance. We do not believe that the Intrerest Rate guidance given by the Fed is excessively tight, nor have we seen any signs that monetary policy is about to undermine the prospect of a 'soft landing'. More uncertainty comes from Trump's policy, but that will also wait until January 20th.

Jinshi data news on December 18th, CICC said that the recent market performance shows that bond and equity traders are adapting to the "new normal" of higher Intrerest Rates, higher volatility and lower Liquidity relative to the 10 years before the epidemic. Among them, faster economic growth and inflation levels have brought about higher central tendency; under the large fiscal policy, the structural supply of bonds is excessive, which has pushed up volatility and dropped Liquidity. Looking forward, based on the average regression of the nominal GDP growth rate-10-year Intrerest Rate difference (determining the medium-long term equilibrium) and the 3M10Y spread (determining the medium-short term equilibrium), we estimate that the reasonable range of 10-year Intrerest Rate is around 4.3%-4.6%.

Jinshi data news on December 13th, e-company news, Zhongjin Company research report stated that the overall semiconductor and component industry will be in a prosperous phase in 2024, and it is expected that the inventory and supply and demand will stabilize in 2025. The landing of AI cloud and edge computing demand will usher in a new cycle of domestic elements. It is expected that the AI ​​replacement wave in 2025 will accelerate the downstream demand for semiconductor design zone. It is optimistic about the expansion of demand for Computing Power chips on the cloud and edge driven by AI, and at the individual stock alpha level, it is optimistic about the expansion of product structure to drive the performance of related companies, and recommends following the investment opportunities brought by mergers and acquisitions for some tracks. It is expected that the supply and demand of chip manufacturing in 2025 will tend to be balanced, and the capacity utilization rate will be maintained at a reasonable level; among them, the research and development of advanced process manufacturing is expected to continue to drive the development of equipment, parts, materials, and design tools.

Jinshi data news on December 12th, CICC research report stated that although the core commodity prices in the United States may have rebounded due to the impact of hurricanes, the rate of increase in housing rents has slowed to the lowest level since 2021, easing concerns about higher inflation in the market. Overall, this inflation data has opened the door for the Fed to drop interest rates next week, but we also predict a 'hawkish rate cut' next week, with the Fed likely to cut its guidance on rate cuts in the dot plot. We predict that the new dot plot will show a total of 2 rate cuts in 2025 (down from 4 times previously), and the federal funds interest rate may be lowered to a neutral level of 3.75% to 4% by the end of the second quarter next year.

A research report shows that Citic Lyon has given Cheung Kong Infrastructure Holdings a target price of HKD 60 for the first time and rated it as "outperforming the market". The stock has an attractive dividend yield and sustained stock rise, with a solid support for its stock price. The bank believes that Cheung Kong Infrastructure Holdings is an outstanding global infrastructure investment company with a stable free cash flow and low debt ratio, and is optimistic about its prospects.

Jinshi data, December 10th news, Morgan Stanley released a report, lowering the earnings forecast for Luoyang Molybdenum Industry (03993.HK) in 2024 to 2026 by 5%, 5%, and 2% respectively, to 0.52 yuan, 0.59 yuan, and 0.62 yuan. The target price for Luoyang Molybdenum Industry was lowered from 8.7 Hong Kong dollars to 8.3 Hong Kong dollars, with a rating of 'hold'. The bank pointed out that the first three quarters of Luoyang Molybdenum Industry's data showed that the output exceeded expectations, thus raising the full-year copper sales volume forecast and adjusting the cobalt sales volume forecast for 2024 to 2026. At the same time, the actual tax rate is assumed to be raised from 38% to about 43%.

CICC Research Report pointed out that the valuation and sentiment of the US stock market are both high, and future profitability is the core variable determining its space. The key to profitability lies in cyclical and technological industries. The former depends on the resilience of the economy and policies, while the latter depends on the trend of the technology industry. It is expected that by 2025, the profit growth rate of the US stock market may reach 10%, and the AI industry will maintain high profits. The focus is on following the cyclical resilience and technological trends.

On December 5, Jinshi Data News, Guotou Securities released a research report stating that it gives Zhou Dafu (01929.HK) a 'Buy-A' rating. The expected revenue growth rates for the company in FY2025-FY2027 are -10.3%, 6.5%, and 6.8% respectively, and the net profit growth rates are -5.3%, 14.3%, and 6.8% respectively. The target price is HK$8.02.

CITIC Jiantou Securities research report pointed out that the yield of 10-year government bonds has undergone a downward trend since mid-November. As the interest rate approaches the psychological barrier of 2%, there may be some turbulence in December. However, with the recovery of non-bank funds and the situation of under-allocation in the allocation market unchanged, interest rates on bonds may decline more smoothly next year. It is recommended to increase the position at a low level while maintaining long-term holdings.

Financial research institutions pointed out that individual investors were active, with 6.85 million new A-share accounts opened in the Shanghai Stock Exchange in October, the third highest level in history for a single month, and financing balance reached RMB 1.83 trillion, with trading activity improving. However, the holdings of public and private equity funds and northbound funds did not increase significantly, and the entry of individual investors into the market had a relatively favourable impact on small-cap styles. Mergers and acquisitions and restructuring are still the focus of investors' attention and are relatively favourable for small-cap styles.

Jinshi data news on November 22nd, CICC research report pointed out that in recent years, the scale of online sales of liquor has continued to rise, and the online liquor market is close to 100 billion yuan in 2023, which has become one of the important sales channels for liquor. The online scale of liquor will continue to rise, and liquor companies may gradually position online channels as one of the important sales channels in the future; the low-price strategy is not sustainable in the long term, and the driving factor for the future rise in the online scale of liquor may change from low prices to refined operations and product differentiation; famous liquor brands and online development liquor are expected to contribute incrementally to online sales.

Jinshi data, November 21 news, CITIC Securities (03908.HK) Hong Kong Stock Exchange announcement, Mr. Deng Xingbin, the company's non-executive director, resigned as the company's non-executive director, the board of directors' strategic and ESG committee member, and the board of directors' risk control committee member on November 21, 2024. The resignation will take effect on the same day.

JPMorgan Chase is even more bullish on European investment banks, especially favoring banks that target non-net Interest income. Despite the fact that US bank stocks have reflected factors such as a stabilizing regulatory environment and expected active investment banking activities, the market has not yet responded to the valuation of European banks. JPMorgan Chase analysts believe that this momentum will continue in the short term, and the increase in client activity levels will also benefit European investment banks. The bank has a 'neutral' rating for global investment banks.

On November 14th, Jinshi Data News, CICC announced that its shareholder, Haier Group Jin Ying Holdings Co., Ltd., has completed the share reduction plan. The reduction involves a total of 106 million shares, accounting for 2.2% of the total share capital of the company. The reduction period is from August 16, 2024 to November 14, carried out through Block Trading and centralized Bidding. The reduction price range is from 27.97 yuan to 42.47 yuan per share. The total amount of this reduction is 3.833 billion yuan. As of the announcement date, Haier Jin Ying no longer holds A-share of CICC.