Investment Banking and Brokerage

SINOLINK SECURITIES

Kweichow Moutai

Financial Analysis

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On the evening of October 29th Beijing time, $Moutai(600519.SH) released its Q3 2025 performance. Despite the &#34;alcohol ban&#34; and continued weak demand, it still achieved positive growth. The key points are as follows: 1. Overall performance achieved positive growth: In 3Q25, Moutai achieved a total revenue of 39.81 billion yuan, an increase of 0.3% year-on-year, which was below market expectations (market expectations were 42.5 billion yuan). The core issue is that market expectations were mainly based on a linear extrapolation of the growth rate from the previous quarter, underestimating the determination of liquor companies to release channel pressure...

Moutai

Kweichow Moutai: Channel Burden Relief, Awaiting Cycle Reversal Drama

SINOLINK SECURITIES released FY2025 Q4 earnings on April 23 Pre-Market (BJT), actual revenue CNY 2.246 B (forecast CNY 2.2 B), actual EPS CNY 0.1566 (forecast CNY 0.1643)

SINOLINK SECURITIES released FY2026 Q1 earnings on April 23 Pre-Market (BJT), actual revenue CNY 2.396 B (forecast CNY 2.296 B), actual EPS CNY 0.188 (forecast CNY 0.1741)

SINOLINK SECURITIES released FY2025 earnings on April 23 Pre-Market (BJT), actual revenue CNY 8.313 B (forecast CNY 8.318 B), actual EPS CNY 0.6176 (forecast CNY 0.6281)

SINOLINK SECURITIES to release FY2026 Q1 earnings on April 24 Pre-Market (BJT), forecast revenue CNY 2.318 B, EPS CNY 0.18

SINOLINK SECURITIES to Release FY2025 Earnings on April 24 Pre-Market (BJT), Forecast Revenue CNY 8.318 B, EPS CNY 0.6281

SINOLINK SECURITIES released FY2025 Q3 earnings on October 30 During-Market (BJT), actual revenue CNY 2.386 B (forecast CNY 2.018 B), actual EPS CNY 0.1598 (forecast CNY 0.1629)

SINOLINK SECURITIES released FY2025 9 Months Earnings on October 30 During-Market BJT, actual revenue CNY 6.067 B, actual EPS CNY 0.4609

SINOLINK SECURITIES to Release FY2025 Q3 Earnings on October 31 During-Market (BJT), Forecast Revenue CNY 2.018 B, EPS CNY 0.1629

SINOLINK SECURITIES released FY2025 Q2 earnings on August 28 During-Market (BJT), actual revenue CNY 1.905 B (forecast CNY 1.895 B), actual EPS CNY 0.143 (forecast CNY 0.1443)

SINOLINK SECURITIES released FY2025 Semi-Annual Earnings on August 28 During-Market (BJT), actual revenue CNY 3.77 B, actual EPS CNY 0.301

Sinolink Securities to Release FY2025 Semi-Annual Earnings on August 29, 2025 (BJT)

Hong Kong Securities ETF Hits New High, Brokerage Companies' Earnings Projections Strong

Guo Jin Securities: Three Grey Rhino Risks Looming Over U.S. Economy

Guojin Securities issues 1.3 billion yuan corporate bonds

Investors Need to Sign Risk Disclosure Statement for Access to Sci-Tech Innovation Board Growth Layer Trading

Guojin Securities Expected Net Profit to Increase by 130%-150% in 2025 H1

Capital World Holdings and Guojin Securities Enter into an Investment Management Agreement

Guojin Securities ESG Rating Improved to AA

Hong Kong's Stablecoin Ordinance to Take Effect in August, Related Companies Disclose Layout Plans

Guo Jin Securities Preparing to Apply for Virtual Asset Trading License

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Under the guidance of policies, market expansion, and industry transformation, since March, 25 securities firms have been approved to participate in carbon emission trading, including Changjiang Securities, SINOLINK SECURITIES, SHANXI SECURITIES, and GXED among others. Although China's carbon market has become the largest in the world, insufficient liquidity remains an issue. The participation of securities firms is expected to enhance the pricing efficiency and vitality of the market. SHANXI SECURITIES and GXED stated that they will explore financial services in depth, in conjunction with the development of the carbon market

Wallstreetcn

GXED

SHANXI SECURITIES

Changjiang Securities

25 licensed securities firms enter the market, accelerating carbon finance business

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Guodu Securities' wholly-owned subsidiary Guodu Jingrui Investment (Beijing) Co., Ltd. has completed a capital reduction, decreasing its registered capital from 300 million yuan to 10 million yuan, and has been renamed. This move aims to improve capital utilization efficiency and is part of the company's resource integration and optimization efforts. Guodu Jingrui was established in 2012 and focuses on alternative investment business. The capital reduction occurs during a critical period of control change at Guodu Securities and will not affect its equity structure

GUOYUAN SECURITIES

GUOSEN SECURITIES

300 million turns into 10 million, alternative "slimming plan" of brokerage subsidiaries emerges

The Chief Strategist of SINOLINK SECURITIES Research Institute, Mou Yiling, shared his views on the market at a Franklin Templeton event. He pointed out that discussions about AI should not only focus on the bubble but also on its impact on industries and the macroeconomy. Large enterprises are seeing profit increases, while small businesses are under pressure, and consumption may weaken. China maintains its export competitiveness in AI and related fields, and it is expected that domestic demand and exports will gradually coordinate by 2026, so the consumption outlook should not be pessimistic

Mu Yiling: China's hard assets will be revalued, and consumption will not be poor; discussing the AI bubble now is meaningless

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As of February 6, 685 listed companies have received brokerage research teams this year. Leading brokerages, leveraging the advantages of their research teams, have become the "main force" in the research market, with CITIC Securities ranking first with 213 research visits; Changjiang Securities, Guotai Haitong, and CICC also exceeded 150 visits each; 12 brokerages including Guosen Securities, Huatai Securities, Western Securities, GF SEC, and CSC have all conducted over 100 research visits

Guotai Haitong

Sealand Securities

SDHT

GF SEC

ZHONGTAI SECURITIES

CICC

GTHT

HTSC

CITIC Securities Co., Ltd.

GF SECURITIES

GUOTAI JUNAN I

Western Securities

CITIC SEC

CAITONG SECURITIES

Huaan Securities

Since the beginning of the year, securities firms have "visited" a total of 685 A-share companies

In early 2026, several brokerages such as CSC, SINOLINK SECURITIES, and Xiangcai Securities frequently experienced personnel changes involving multiple star analysts. These changes varied in nature, including internal position adjustments, age-related retirements, and "transfers" to join other firms

Frequent personnel changes in sell-side at the beginning of 2026: Wu Chaoze and Huang Wentao of CSC have new positions, and there are also adjustments at Xiangcai and SINOLINK SECURITIES

Liu Gaochang has joined SINOLINK SECURITIES Research Institute as the Chief Analyst for Computers, Executive Deputy Director, and Technology Leader. He was the youngest Chief Analyst in the computer industry at Guosheng Securities and won first place in the computer industry in the 2025 Securities Times Best Analyst Awards

Liu Gaochang has joined SINOLINK SECURITIES Research Institute as the Chief Analyst for Computers and Executive Deputy Director

SINOLINK SECURITIES believes that the Federal Reserve may focus more on the unemployment rate in the future. Once the unemployment rate exceeds 4.5%, there will be multiple interest rate cuts next year. This will stimulate global manufacturing investment demand, and although it may trigger secondary inflation risks, before inflation rises, AI investment and manufacturing investment will lead to a recovery in real economic demand

The potential path from "AI burning money" to "Federal Reserve interest rate cuts"

36Kr learned that the website of the China Securities Regulatory Commission disclosed that Shenzhen Haimingrun Superhard Materials Co., Ltd. (hereinafter referred to as "Haimingrun") completed the counseling filing registration with the Shenzhen Securities Regulatory Bureau on December 8, 2025, intending to publicly issue shares to unspecified qualified investors and list on the Beijing Stock Exchange, with SINOLINK SECURITIES as the counseling broker

36Kr

Haimingrun starts IPO counseling for the Beijing Stock Exchange

Since the beginning of this year, the Hong Kong stock market has performed strongly, driving a significant increase in the scale of public Hong Kong stock funds. As of the end of the third quarter, the total scale of public Hong Kong stock funds reached CNY 1,033.008 billion, an increase of approximately 68% compared to the second quarter; the total number of fund shares reached 88.1067 billion, a quarter-on-quarter increase of 42%. At the same time, the stock position of the funds has risen to 92.71%, an increase of 0.75 percentage points compared to the end of the second quarter

The scale and holdings of public Hong Kong stock funds in the third quarter both increased

SINOLINK SECURITIES(600109.SH)