20251023-东海证券-晨会纪要_9页_357kb

Morning Meeting Notes Summary

1. Key Recommendations

• Yingchuang Networks (Code: 688475)

  • Q3 2025 performance met expectations: revenue +8.33% YoY, net profit +12.68% YoY.
  • The company is expanding internationally, launching products like AI intelligent locks and cloud platforms.
  • Maintained "Buy" rating with target PE of 42x for 2025 and 28x for 2027.

• Yangjie Technology (Code: 300373)

  • Q3 2025 performance boosted: revenue +20.89% YoY, net profit +45.51% YoY.
  • Acquired Bert Electronic to expand protection components business.
  • Maintained "Buy" rating with target PE of 31x for 2025 and 21x for 2027.

2. Economic Updates

• Cross-border Payments: China's cross-border payment scale reached a new high in the first nine months, up 10.5% year-on-year.
• Shenzhen Capital Access: Policies to deepen integration with Hong Kong's capital market and support cross-border M&A.

3. Market Overview

• A-Share Market: The Shanghai Index saw minimal daily fluctuation, with broad market divergence.
• Technology Sectors: Strong performance in sectors like oil services and mechanical engineering; weak in gold and coal.
• Global Markets: Mixed performance; U.S. and European indices down; Chinese markets also under pressure.

4. Market Data Summary

• Indices: Shanghai Index (-0.07%), Shenzhen Component (-0.62%), CSI 300 (-0.53%)
• Funding Flows: Increased borrowing costs for Chinese government bonds.
• Key Rates: U.S. 10-year Treasury yield down 1.00%.

End.