Yifa Securities Zhang Yingqun: Recommend buying QHD PORT, CICC 
QHD PORT (03369): The group mainly provides comprehensive port services for customers in China, including cargo handling, storage, warehousing, transportation, and logistics. It is an important port for global large bulk dry cargo public terminal operators, a major coal transportation corridor in China, and one of the most important ore terminal operators in the Bohai Rim region. The group's shares are also listed on the Shanghai Stock Exchange.
As of the third quarter ending September 30, 2025, the performance was a revenue of RMB 5.212 billion, an increase of 2.8%. The profit attributable to shareholders was RMB 1.391 billion, also up 3.9%. The group operates public terminals for bulk dry cargo and ore terminals in the Bohai Rim region, mainly providing comprehensive port services to customers. The main port operated is Qinhuangdao Port, located in the northeastern part of Hebei Province, serving as a hub port connecting &#34;West Coal East Transport&#34; and &#34;North Coal South Transport,&#34; and accessible via the national highways 102 and 205. The group has 62 berths, including 44 berths of over 10,000 tons. In the first half of 2025, the group completed a coal throughput of 106.46 million tons, a metal ore throughput of 76.43 million tons, an oil and liquid chemical throughput of 870,000 tons, a container service throughput of 8.73 million tons, and other general cargo handling throughput of 15.89 million tons, totaling 208.38 million tons. The main customers are large domestic coal enterprises.
In the future, the group will optimize production operation organization and handling efficiency according to the situation, continuously adjust the operation mechanism, and maximize handling capacity. Caofeidian Coal Port will continue to improve operational efficiency and cargo turnover rate. Deepen cooperation with Handan-Huang Railway to develop new sources of manganese ore and chromium ore. By adding dedicated berths and adopting direct railway operations, the efficiency of port collection and loading will be enhanced. It can be acquired around the current price of RMB 2.82, with a medium to long-term target of RMB 4.50, and a stop-loss if it falls below RMB 2.30. (Recommended stock price: RMB 2.82)
CICC (03908): The group's main business is to provide high-quality financial value-added services to customers, including investment banking, equity business, fixed income, and wealth management, being the first Sino-foreign joint venture investment bank in China. The group utilizes its deep professional knowledge to complete numerous pioneering transactions and has become a globally influential financial institution. The controlling shareholder is a state-owned investment company—Central Huijin Investment, which is also listed on the Shanghai Stock Exchange.
As of the third quarter ending September 30, 2025, the performance was a revenue of RMB 20.761 billion, an increase of 54.40%. The profit attributable to shareholders was RMB 6.567 billion, a significant increase of 1.3 times. The group's main business can be divided into investment banking, providing customers with equity financing, debt financing, and structured financing. Financial advisory services assist enterprises in mergers and acquisitions, strategic alliances, corporate restructuring, and new third board business projects. Secondly, there is brokerage business sales and trading. Additionally, there are individual capital intermediary services. The third is proprietary investment, trading, product structuring design, fixed income product sales, and futures business
The wealth management business provides clients with advisory services, including investment education, research trading strategies, asset allocation, and risk management, which also includes trading services, capital intermediary services, and product services. Finally, it encompasses investment management, fund management, and private equity. The headquarters is located in Beijing and has multiple subsidiaries, including CICC Capital, CICC Fund, CICC PuCheng, and CICC Futures. It has over 200 business centers across 29 provinces and cities in China. Since 2015, it has started internet financial services, private equity funds, and securities investment funds. At the same time, it has expanded its business to regions such as Hong Kong, New York, London, Singapore, San Francisco, and Frankfurt.
The mainland government is accelerating and increasing the opening of the financial market. Domestic financial institutions are seizing the opportunity to integrate into the global financial market. The group is also actively seeking business opportunities and strategically laying out cross-border operations to explore broader development space. It is advisable to buy around the current price of 20.74 yuan, with a medium to long-term target of 29.00 yuan, and a stop-loss if it falls below 17.70 yuan. (Recommended stock price at the time: 20.74 yuan) &#34;E-Finance Securities Limited Zhang Yingqun&#34; (The above content does not constitute the position of E-Finance Securities and is not investment advice. Investors should consider risks and consult professional investment advisors before making decisions.)
Guo Jiayao from the Harbor Family Office: Recommend buying China Telecom and Pop Mart.
China Telecom (00728): In the first three quarters, China Telecom's net profit was 30.77 billion yuan, an annual increase of 5.0%. During the period, operating revenue was 396.9 billion yuan, an annual increase of 0.6%, of which service revenue was 366.3 billion yuan, an increase of 0.9%. EBITDA was 115.6 billion yuan, up 4.2%. The number of 5G network users reached 290 million, with a penetration rate of 66.9%; IDC revenue was 27.5 billion yuan, an annual increase of 9.1%; security revenue was 12.6 billion yuan, an increase of 12.4%; smart revenue grew by 62.3%, video internet revenue grew by 34.2%, satellite communication revenue grew by 23.5%, and quantum revenue grew by 1.35 times. In the future, the company will fully implement the cloud transformation and intelligent benefit strategy, strengthen the dual-wheel drive of innovation-led basic business and production business integration development, deeply promote the &#34;Artificial Intelligence +&#34; initiative, accelerate the intelligent evolution and upgrading of digital information infrastructure, allowing smart dividends to better benefit various industries and households, continuously enhance core functions, improve core competitiveness, and accelerate the construction of a world-class enterprise. China Telecom's overall performance meets expectations, and its business strategy is recognized by the market, with an optimistic outlook. Target price is 6.50 yuan, entry price is 5.60 yuan, stop-loss price is 5.20 yuan. (Stock price at the time of recommendation this Thursday: 5.69 yuan)
Pop Mart (09992): Pop Mart's overall revenue in the third quarter increased by 2.45 times to 2.5 times year-on-year, of which revenue in China increased by 1.85 times to 1.9 times year-on-year, and overseas revenue increased by 3.65 times to 3.7 times year-on-year. During the period, China's offline channels grew by 1.3 times to 1.35 times year-on-year, while online channels grew by 3 times to 3.05 times
In terms of revenue from various overseas regions, the Asia-Pacific grew 1.7 times to 1.75 times year-on-year, the Americas grew 12.65 times to 12.7 times, and Europe and other regions increased 7.35 times to 7.4 times. As we enter the fourth quarter's consumption peak season, with the launch of new holiday products and restocking of popular items, revenue is also expected to continue high growth. The company, as a pioneer and leader in the trendy toy culture and commercialization, has established an integrated platform covering the entire industry chain of trendy toys, including artist discovery, IP operation, consumer coverage, and the promotion of trendy toy culture. The moat of the business model is high, and the outlook remains optimistic. Target price is 280.00 HKD, entry price is 215.00 HKD, stop-loss price is 200.00 HKD. (Stock price when recommended this Thursday: 217.40 HKD) *《Economic Digest》Business Development Director of Harbor Family Office, Guo Jiayao (The author is a licensed person by the Securities and Futures Commission, and neither the author nor related persons hold the above shares)
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03908

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03369

Zhang Yingqun from YiFa Securities recommends buying QHD PORT and CICC. QHD PORT mainly provides comprehensive port services, with a revenue of RMB 5.212 billion in the third quarter of 2025 and a profit attributable to shareholders of RMB 1.391 billion. It is suggested to accumulate around a stock price of RMB 2.82, with a target price of RMB 4.50. CICC provides financial services such as investment banking and equity business, and is the first Sino-foreign joint venture investment bank in China

"Winning Odds" Yi Fa Securities Zhang Yingqun: Recommend buying QHD PORT, CICC