B[In the first half of the year, securities firms raised RMB 540 billion in science and technology innovation, with a total of nearly RMB 40 billion in follow-up investment] On October 8, reporters learned that the China Securities Association issued the latest analysis of the securities industry’s operating conditions in the first half of this year to securities firms. Among them, in terms of science and technology innovation: in the first half of the year, the entire industry provided financing for science and technology innovation enterprises through IPOs, technological innovation bonds and other financial instruments, exceeding 540 billion yuan, of which 56 companies were listed on the "Two Innovation Boards" and the Beijing Stock Exchange, achieving financing of 41.673 billion yuan; underwriting 553 technological innovation bonds (or management ABS), with an underwriting amount of 500.078 billion yuan. As strategic investors, securities companies and their alternative subsidiaries participated in the "Two Innovation Boards" and the Beijing Stock Exchange IPO follow-up investment of 860 million yuan, with a cumulative investment scale of nearly 40 billion yuan, accompanying the growth of scientific and technological enterprises with their own funds. As of the end of June, the scale of existing products of private equity subsidiaries of securities companies was 693.693 billion yuan, an increase of 7.88% from the end of the previous year, guiding the flow of social capital to fields and industries with growth potential. (Reporter Lin Jian) B[Yunshen: Operating revenue from January to September is expected to increase by 97.52% to 117.76% year-on-year] On September 28, Hangzhou Yunshen Technology Co., Ltd.’s updated initial public offering prospectus on the Science and Technology Innovation Board showed that from January to September 2026, the company expected operating income to increase by 97.52% to 117.76% compared with the same period last year. From January to September 2026, the company expects the median gross profit amount to be approximately 192 million yuan. The gross profit amount in the same period last year was 106 million yuan, a year-on-year increase of approximately 86 million yuan. From January to September 2026, the company expects that the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses will be negative and experience a certain decline year-on-year. This is mainly due to: first, the company continues to increase investment in research and development; second, the company has delivered large quantities of segmented products with low gross profit margins; third, since 2026, the company has rapidly expanded its R&D team, sales team and management team based on business development needs, and it will take a certain period for related expense investments to be converted into revenue growth.
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