Core Viewpoint - The article highlights the latest holdings of securities firms in the A-share market as of the end of Q3 2025, indicating significant investment activity and sector preferences among these firms [1][5]. Holdings Overview - As of the end of Q3 2025, 44 securities firms appeared in the top ten shareholders of 361 listed companies, with a total holding value of 66.623 billion yuan [1]. - The most concentrated sectors for securities firm investments are hardware equipment and chemical industries, with 41 and 33 stocks respectively, followed by pharmaceuticals and machinery with 26 and 20 stocks [1]. Major Holdings - The top holdings by securities firms include: - CITIC Securities holds 1.3743 million shares of Muyuan Foods valued at 1.984 billion yuan [4]. - Shenwan Hongyuan has a holding of 1.2148 million shares of Guangqi Technology valued at 1.079 billion yuan [4]. - Other notable holdings include Cangge Mining and Jilin Aodong, with holdings valued at 928 million yuan and 865 million yuan respectively [2][4]. New Investments - In Q3, securities firms entered the top ten shareholders of 206 new stocks, primarily in the non-ferrous metals, pharmaceuticals, hardware equipment, and chemical sectors [5]. - Noteworthy new investments include: - Guotai Junan's entry into Postal Savings Bank with a holding valued at 727 million yuan [5]. - CITIC Securities' new position in Huayuan Ecology valued at 344 million yuan [5]. Increased Holdings - A total of 63 stocks saw increased holdings from securities firms in Q3, with significant increases in positions such as: - Dongfang Securities increased its holding in Inner Mongolia Huadian by 21.94 million shares, adding over 8.8 million yuan in value [5]. - CITIC Securities increased its position in Muyuan Foods by 507,500 shares, adding approximately 433 million yuan [5]. Decreased Holdings - Some securities firms reduced their holdings in certain stocks, such as CITIC Securities reducing its position in Xin Nuo Wei, while others like Shenwan Hongyuan reduced holdings in Guangqi Technology and Cangge Mining but saw their holding values increase due to stock price appreciation [6]. Self-operated Business Performance - The performance of securities firms' self-operated businesses is closely linked to their stock holdings, with total self-operated income reaching 186.857 billion yuan in the first three quarters of the year, accounting for over 44% of total revenue [7]. - CITIC Securities led with a self-operated income of 31.603 billion yuan, a year-on-year increase of approximately 46% [8]. Self-operated Business Breakdown - The self-operated income of major securities firms for the first three quarters includes: - CITIC Securities: 31.603 billion yuan, 45.88% year-on-year growth [8]. - Guotai Junan: 20.37 billion yuan, 90.11% year-on-year growth [8]. - Other firms like China Galaxy and Shenwan Hongyuan also reported significant self-operated income exceeding 10 billion yuan [8].

Core Points - The New Zealand Immigration Department announced that starting today, Chinese passport holders with valid Australian visas can enter New Zealand visa-free for up to three months, provided they arrive from Australia. This visa exemption policy will be trialed for 12 months [2]. Group 1 - The visa exemption aims to enhance tourism and economic exchanges between China and New Zealand [2].

养老金、保险资金等长期资金作为资本市场的"压舱石"，其长期性、稳定性与规模性特点，与科技创新企业的 融资需求天然契合。同时，人工智能、生物技术、高端制造、新能源、新材料等战略性新兴产业的快速发展， 也孕育了巨大的成长性投资机会。 陈林表示，长江养老在实践中积极发挥行业优势，通过投资管理和产品创新，持续为科技创新输送源头活水。 一是精研赛道，长期布局。依托自身产业研究体系，长江养老成立了专门的科技赛道研究小组，持续加强对科 技创新趋势的前瞻研判，识别具备核心竞争力和广阔成长空间的科技创新产业，目前已研发形成AI+、机器 人、TMT等科技主题相关权益策略。在投资组合构建上，精选具有长期价值的创新型企业形成优质股票池，以 竞争优势显著、景气度高的头部科技企业为中长期基石，同时敏锐捕捉技术变革趋势，弹性配置具有成长性和 颠覆性技术潜力的新兴力量。 编者按： 科技浪潮，奔腾不息；金融活水，汩汩向前。作为长期资本、耐心资本重要组成部分，银行理财、保 险资管坚持守正创新，躬身实践并勇于探索，奋力做好"科技金融"这篇大文章。证券时报社联合中国保 险资产管理业协会推出"银保资管业探路科技金融"系列专栏，敬请关注。 本篇为专栏第 ...

Core Viewpoint - The media and entertainment sector has experienced a significant surge, driven by strong quarterly earnings reports, new policies from Tencent, and the growing interest in AI applications [1][5][7]. Group 1: Market Performance - The media and entertainment sector saw a collective rise, with stocks like Fushi Holdings, 37 Interactive Entertainment, and others hitting the daily limit or increasing by over 10% [1][3]. - The Media ETF rose nearly 2.5% during the early trading session, indicating strong investor interest [3]. Group 2: Earnings Reports - The third-quarter earnings reports revealed a mixed performance across the media sector, with gaming and film companies showing notable growth due to new product launches and increased operational efforts during the summer [5][6]. - The marketing sector benefited from increased advertising spending, particularly in overseas markets, leading to revenue growth for marketing service providers [5]. Group 3: Policy Changes - Tencent's new policy for micro-short dramas allows eligible content creators to receive up to a 95% revenue share, which is expected to enhance profitability in the sector [6][7]. - Douyin's short drama copyright center has also introduced collaboration guidelines, further promoting the production of micro-short dramas [6]. Group 4: AI Applications - The ongoing advancement of AI applications is becoming a focal point, with expectations for improved profitability in the media sector as AI reduces production costs and enhances content creation [6][9]. - The market is advised to focus on the commercialization of IP and the impact of new technologies, particularly in gaming, marketing, and education sectors [7][10]. Group 5: Future Outlook - Analysts suggest that companies with quality content in gaming and film are likely to maintain strong performance, while marketing service providers should focus on emerging trends in overseas advertising and programmatic ad spending [5][6]. - The media sector is expected to benefit from a more favorable regulatory environment, allowing companies with strong content reserves to achieve sustained growth [7].

百万用户都在看 A股，突发！"牛市旗手"爆发，发生了什么？ 刚刚！美联储，降息大消息！ 利好来了！刚刚，最高猛增84%！新能源车，大消息 深夜，暴跌！超21万人爆仓！黄金，直线拉升！ 证监会、中基协，重磅发布！公募重要文件出炉！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 用 券中社 12 国家发展改革委原党组成员、副主任徐宪平严重违纪违法被开除党籍 经中共中央批准，中央纪委国家监委对国家发展和改革委员会原党组成员、副主任徐宪平严重违纪违法问 题进行了立案审查调查。 经查，徐宪平丧失理想信念，背弃初心使命，纪法意识淡薄，对抗组织审查；无视中央八项规定精神，接 受可能影响公正执行公务的旅游活动安排和宴请，借用管理和服务对象车辆；违反组织原则，违规为他人 职务晋升、岗位调整提供帮助；廉洁底线失守，违规收受礼品礼金，接受管理和服务对象提供的装修服 务；贪欲膨胀，将党和人民赋予的公权力异化为谋取私利的工具，大搞权钱交易，利用职务便利为他人在 贷款审批、企业经营、项目承揽等方面谋利，并非法收受巨额财物。 徐宪平严重违反党的政治纪律、组织纪律和廉洁纪律，构成 ...

国家移民管理局今天（3日）发布 10 项移民和出入境管理服务政策举措—— ■ 扩大往来港澳人才签注政策试点实施范围 ■ 实施大陆居民申办往来台湾探亲签注 " 全国通办 " 措施 自 2025 年 11 月 5 日起，大陆居民拟往来台湾地区探亲的，可向 全国任意一个县级以上公安机关出入 境管理机构 提交探亲签注申请，申办手续与户籍地一致。 ■ 在部分与港澳台通航通行口岸推广应用智能通关 ■ 支持促进河套深港科技创新合作区深圳园区生产要素高效跨境流动 自 2025 年 11 月 5 日起，在北京、上海、粤港澳大湾区的基础上， 在长三角、京津冀地区全 域，以及全国所有自由贸易试验区实施往来港澳人才签注政策。 在上述区域工作的内地杰出人才、科研人才、文教人才、卫健人才、法律人才以及其他人才， 可凭 人才主管部门、符合条件的用人单位等出具的有关人才证明 ， 申请办理有效期 1 至 5 年不等的多 次往来香港或者澳门人才签注，每次在香港或者澳门停留不超过 30 天 。 自 2025 年 11 月 5 日起，在天津滨海、大连周水子、南京禄口、福州长乐、青岛胶东、武汉天 河、南宁吴圩、海口美兰、重庆江北、昆明长水 10 个国 ...

王建军严重违反党的政治纪律、组织纪律和廉洁纪律，构成严重职务违法并涉嫌受贿犯罪，且在党的十八大后 不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条例》《中华人民共和国 监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中央纪委常委会会议研究并报中共中央批 准，决定给予王建军开除党籍处分；由国家监委给予其开除公职处分；收缴其违纪违法所得；将其涉嫌犯罪问 题移送检察机关依法审查起诉，所涉财物一并移送。 中国证监会原副主席王建军严重违纪违法被开除党籍和公职 经中共中央批准，中央纪委国家监委对中国证券监督管理委员会原党委委员、副主席王建军严重违纪违法问题 进行了立案审查调查。 经查，王建军丧失理想信念，背弃初心使命，对抗组织审查；违反中央八项规定精神，接受可能影响公正执行 公务的宴请；不按规定报告个人有关事项，在组织谈话时不如实说明问题；利用职权或职务上的影响，为亲属 谋取利益；"靠监管吃监管"，将公权力异化为谋取个人私利的工具，大搞权钱交易，利用职务便利为他人在公 司上市、融资等方面谋利，并非法收受巨额财物。 用 券中社 12 券商中国 × 券 中 社 来源：人民日报 扫码关注券 ...

Core Viewpoint - The article highlights the significant growth of C-class fund shares in the third quarter, driven by short-term investors favoring frequent trading, while A-class shares have seen limited growth despite strong fund performance [1][3][5]. Fund Performance and Share Growth - Several high-performing funds have experienced substantial growth in C-class shares, with the Yongying Technology Select fund's C-class shares increasing by 21.6 billion units in the third quarter, while A-class shares only grew by 6 billion units [3]. - The average growth of A-class shares in actively managed equity funds with over 80% gains was only 0.84 million units, compared to an average increase of 5.54 million units for C-class shares [4]. Investor Behavior and Market Trends - The surge in C-class shares indicates a shift towards short-term trading among investors, with many preferring the fee structure that allows for no upfront purchase fees and lower redemption fees after a holding period [5][6]. - The trend of increased trading frequency is attributed to younger investors who are more inclined towards high-frequency, short-term trading strategies, especially in a bullish market [5][7]. Sales Channel Dynamics - Sales channels play a crucial role in the growth of C-class shares, as online platforms are more effective in promoting these shares compared to traditional bank channels that favor A-class shares [7]. - The commission structure for C-class shares, where sales service fees go to the distribution channels, incentivizes these channels to promote C-class shares more aggressively [7]. Fund Company Strategies - Many fund companies are increasingly introducing C-class shares to meet diverse investor needs and adapt to market changes, enhancing competitiveness and attracting more investors [8]. - The introduction of C-class shares is seen as a cost-effective marketing strategy for fund companies, allowing them to leverage existing products' reputations without incurring the costs associated with launching new funds [8].

据中央纪委国家监委驻海关总署纪检监察组、辽宁省纪委监委11月3日消息：宁波海关二级巡视员钱显明 涉嫌严重违纪违法，目前正接受中央纪委国家监委驻海关总署纪检监察组纪律审查和辽宁省鞍山市监察委 员会监察调查。 券商中国 × 券 中 社 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 公开信息显示，钱显明曾任宁波出入境检验检疫局风险管理处处长、通关处处长等职，2019年3月任宁波 海关动植物检疫处处长等职。 看券商中国 知天下财经 据介绍， 宁波海关是受海关总署直接领导，负责指定口岸及相关区域范围内海关工作运行管理、监督监 控的正厅级直属海关，管辖范围为浙江省宁波市的各项海关管理工作。 ...

Core Viewpoint - Insurance capital has entered a "buying" mode in equity investments this year, with detailed layouts emerging following the disclosure of A-share listed companies' Q3 reports [1] Group 1: Insurance Capital Investment Trends - By the end of Q3, the number of A-share circulating stocks heavily held by insurance capital increased by 19% compared to the end of last year, with the market value rising by 18% [2] - Insurance capital's heavy holdings in A-shares saw a 14% increase in stock quantity and a market value exceeding 650 billion yuan by the end of Q3 [3] - Financial stocks remain a cornerstone for insurance capital investments, with holdings in this sector exceeding 300 billion yuan, accounting for nearly 50% of total holdings [3] Group 2: New Heavy Holdings - Over 300 new stocks were heavily invested in by insurance capital in Q3, with a total market value exceeding 100 billion yuan [5] - The manufacturing sector accounted for the highest proportion of new heavy holdings, with over 200 stocks and a market value exceeding 450 billion yuan [5] - Significant new investments were made in strategic emerging industries and high-tech manufacturing, including semiconductors and medical devices [5] Group 3: Investment Returns and Performance - The increase in equity asset holdings has led to substantial returns, contributing to record-high profits for insurance companies [7] - For instance, China Life reported a net profit of 167.8 billion yuan in Q3, a 60.5% year-on-year increase, with total investment income reaching 368.6 billion yuan [7] - The growth in profits is attributed to the strategic entry of long-term funds into the market, capitalizing on favorable capital market conditions in Q3 [7]