中邮证券另类子公司的申请材料被监管部门接收之后，时隔8个月，终于收到反馈信息。 近日，证监会官网的一则审核反馈显示，中邮证券另类投资子公司（以下统称另类子）拟扩大业务范围。对 此，监管提出两点反馈意见：一方面请其论证业务扩展的可行性，另一方面说明人员配置是否足够支撑新增业 务开展。 中邮证券另类子目前仅限参与创业板、科创板项目跟投，其扩展业务范围的申请，折射出券商另类子的发展路 径变革。在政策催动下，另类子投资范围已扩大至非上市公司股权、上市公司定增、大宗商品、新三板公司 等。随着部分券商确立"投资+投行+投研"发展模式，股权投资业务已成为另类子发展重点。不过，从现状来 看，券商另类子也面临着出资谨慎、业绩分化等挑战。 需对扩大业务范围的可行性进行论证 根据相关法律法规规定，设立另类投资子公司，是证券公司从事科创板以及部分类型创业板IPO保荐业务的前 置条件。此外，另类子还可投资非上市公司股权等，尤其是2024年5月初新规落地后，投资边界进一步扩大至 大宗商品、新三板公司、衍生品等，还可开展上市公司定向增发业务。 2022年11月11日，中邮证券获得证监会核准设立另类子，不过仅限于参与创业板、科创板项目跟投。 ...

Core Viewpoint - Indigo Airlines has resumed direct flights from Kolkata, India to Guangzhou, China, marking the first direct flight between India and mainland China since 2020, which was suspended due to the COVID-19 pandemic [1] Group 1: Flight Resumption - The flight operated by Indigo Airlines on the Kolkata-Guangzhou route utilized an Airbus A320neo and carried 176 passengers [1] - The Indian government plans to gradually restore flights between New Delhi and Shanghai or Guangzhou in the coming months [1] Group 2: Economic and Social Impact - The CEO of Indigo Airlines, Peter Elbers, stated that the resumption of direct flights will facilitate smoother movement of people and goods between the two countries, enhancing the connection between the world's most populous and fastest-growing economies [1]

Core Viewpoint - The A-share and Hong Kong stock markets experienced a significant rally, with the Shanghai Composite Index nearing 4000 points, driven by positive developments in China-US trade negotiations and favorable macroeconomic data [1][6][9]. Market Performance - On October 27, the A-share market saw all three major indices rise, with the Shanghai Composite Index up by 0.8%, Shenzhen Component by 0.77%, and ChiNext by 0.84%. Key sectors such as photolithography, storage chips, and computing hardware showed strong gains, with stocks like New Yisheng and Zhongji Xuchuang hitting historical highs [3]. - The Hong Kong market also performed well, with the Hang Seng Index rising by 0.89% and the Hang Seng Tech Index by 1.1%. Notable gains were seen in technology and semiconductor stocks, with Baidu up over 4% and other major players like Alibaba and SMIC rising more than 2% [3]. Economic Data - The National Bureau of Statistics reported that profits of industrial enterprises above a designated size increased by 21.6% year-on-year in September, up from 20.4% in the previous month. For the first nine months of the year, total profits reached 53,732 billion yuan, reflecting a 3.2% increase [6][7]. - The equipment manufacturing sector showed robust support, with profits rising by 25.6% in September, contributing significantly to the overall profit growth of industrial enterprises [6][7]. Future Outlook - Multiple brokerage firms anticipate that the market will maintain a strong performance in the short term, supported by new policy deployments and expectations of further interest rate cuts by the Federal Reserve in October [9][10]. - The "14th Five-Year Plan" is expected to provide a clear growth path for A-shares, with a focus on technological breakthroughs and industrial upgrades, reinforcing the foundation for a bull market [9][10]. - The overall sentiment in the market is expected to improve, with a systemic slow bull market underway, driven by increased capital inflows and wealth effects [10].

Core Points - The U.S. government received a $130 million anonymous donation during a government shutdown to pay military salaries, confirmed to be from billionaire Timothy Mellon [1][2] - President Trump stated that the donor wishes to remain anonymous and does not seek recognition, describing him as a "great American citizen" [1] - The donation is estimated to cover approximately $100 in salary for each of the over 1.3 million active-duty military personnel [1] Group 1 - The donation of $130 million was made to the Pentagon to support military payroll during the government shutdown [1] - Timothy Mellon, a long-time supporter of Trump, has previously donated tens of millions to pro-Trump groups, including a notable $50 million to a super PAC [2] - The White House declined to comment on the identity of the donor despite inquiries from the media [1]

时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 五十，敬请垂注。 编者按： 科技强国战略浪潮涌动，大量科创企业正如雨后春笋，破土萌发、竞速生长。如何发挥专业优势推动科技与资 本深度融合，通过多维度金融服务助力科创企业成长，已成为证券公司责无旁贷的使命。 作为央企控股的上市券商，长城证券牢记"国之大者"，通过强化顶层设计聚焦科创产业，系统性构建科技金融 服务矩阵，全面发力科创金融港建设，努力写好"科技金融"大文章。 找准科技金融新路径 早在2021年，长城证券便在"十四五"战略规划中明确"聚焦数字券商、智慧投资、科创金融，建设精于电力、 能源领域的特色化一流证券公司"的企业愿景，将"科创金融"作为公司特色化发展方向之一，深度融入公司战 略发展规划。 1.79%，所融资金直输高新技术产业和战 ...

Core Viewpoint - Porsche's financial performance has drastically declined, with a 99% drop in operating profit for the first three quarters of the year, attributed to strategic restructuring costs, challenges in the luxury car market in China, and rising import tariffs in the U.S. [1][2] Financial Performance - Porsche's revenue for the first three quarters was €26.86 billion, a 6% year-on-year decline [2] - Operating profit fell to €40 million, down from €4.035 billion in the same period last year, resulting in a sales return rate of 0.2%, compared to 14.1% last year [2][3] - The company reported a total of 212,500 vehicles sold, a 6% decrease, with significant declines in key markets: a 26% drop in China (32,000 units) and a 16% drop in Germany (22,500 units) [2] Strategic Adjustments - Porsche is undergoing structural downsizing, planning to cut approximately 1,900 jobs at its Stuttgart headquarters by 2029, alongside the expiration of contracts for 2,000 temporary employees [3] - The company announced delays in the launch of certain electric vehicle models and extended the lifecycle of several fuel and hybrid models, incurring an additional €2.7 billion in restructuring costs [2][3] Industry Context - Other luxury car manufacturers are also facing challenges, with Mercedes-Benz reporting a 12% decline in global sales for Q3 and a 9% drop for the first three quarters [4] - BMW has lowered its 2025 performance expectations due to ongoing sales weakness and increased tariff costs [4] Future Outlook - Porsche plans to increase prices in the U.S. market to offset tariff impacts, which have already cost the company €300 million in the first nine months of the year, with an expected total loss of €700 million for the year [5] - The company aims for a significant improvement in profitability starting in 2026, following a strategic realignment [5][6]

Core Viewpoint - The year-end fund dividend trend is intensifying, with bond and passive index funds becoming the main contributors, as several funds have single dividends exceeding 100 million yuan [1][3]. Group 1: Fund Dividend Trends - The recent surge in fund dividends has seen multiple funds distributing over 100 million yuan in a single payout, indicating a continuation of the year-end dividend trend [3]. - Large dividends are primarily concentrated in bond funds and passive index funds, with notable payouts from mixed secondary bond funds and long-term pure bond funds [3][4]. - The trend of multiple dividends within the year is evident, with several funds having distributed dividends multiple times, reflecting a normalization of dividend payouts [3]. Group 2: ETF Dominance - ETFs are identified as the "big red envelope" contributors, with significant dividend amounts concentrated in these products, showcasing their scale advantages and stable returns [2][4]. - Major ETFs like Huaxia CSI 300 ETF and E Fund CSI 300 ETF have reported dividends exceeding 20 billion yuan, highlighting their role as the main players in the dividend market [4][6]. - The increasing scale and maturity of investor structures in ETFs suggest that dividends are transitioning from a temporary reward to a long-term norm, enhancing the attractiveness of these funds [2][6]. Group 3: Market Dynamics - The current dividend landscape reflects a market preference for stability, with investors favoring cash flow returns amid market fluctuations [6]. - The characteristics of large-scale ETFs, including high fund concentration and stable asset performance, contribute to their ability to generate substantial dividends [6]. - The outlook suggests that ETF dividends are likely to become a regular occurrence, as fund companies recognize the importance of dividends in enhancing investor experience and stabilizing capital [6].

Core Viewpoint - The insurance asset management sector is actively seeking to obtain trading platform ABS qualifications, but regulatory approval remains cautious and limited since the initial pilot program began in October 2023 [1][2]. Group 1: ABS Market Overview - As of the first three quarters of 2023, 15 insurance asset management institutions have registered 66 asset-backed plans, with a total registration scale of 274.578 billion yuan, reflecting a year-on-year growth of 25.1% [1][4]. - The primary role of insurance capital in the ABS market is to manage and issue asset-backed plans, often through a trustee model [1][3]. Group 2: Regulatory Environment - The China Securities Regulatory Commission and the National Financial Regulatory Administration have expanded the management scope of trading platform ABS to include insurance asset management companies, with five firms initially granted pilot qualifications [2]. - Despite the initial approvals, no new insurance capital has been granted trading platform ABS issuer and manager qualifications since the pilot program began, indicating a cautious regulatory stance [2]. Group 3: Investment Trends - Insurance capital is increasingly favoring asset-backed plans due to their stable cash flows and alignment with long-term investment needs, leading to a significant increase in ABS activity this year [3][4]. - The "insurance version ABS" operates in a non-standard business model, focusing on infrastructure and other projects, which helps meet the diversified allocation needs of insurance funds [3].

Core Viewpoint - Qian Wenhai has been elected as the chairman of both Zheshang Securities and Guodu Securities, marking a significant leadership transition in the brokerage industry [2][3]. Group 1: Leadership Changes - Zheshang Securities announced the election of Qian Wenhai as chairman during its board meeting on October 24, 2023, following the retirement of former chairman Wu Chenggen [2][3]. - Qian Wenhai, who is also the president of Zheshang Securities, was nominated for the chairman position by Zhejiang Transportation Group, indicating a planned succession [3]. - This leadership change is seen as a step towards a new phase characterized by "inheritance and innovation" for Zheshang Securities [3]. Group 2: Professional Background - Qian Wenhai, born in March 1975, holds a master's degree in management and is a senior economist. He has held various positions in Zhejiang's transportation and investment sectors [4]. - Prior to his current roles, Qian served as the deputy general manager of Wenzhou Yongtaiwen Expressway Co., and held managerial positions in Zhejiang Provincial Transportation Investment Group [4]. Group 3: Performance Metrics - Since Qian's appointment as president in November 2023, Zheshang Securities has seen significant profit growth, with net profits of 1.754 billion yuan, 1.932 billion yuan, and 1.149 billion yuan for 2023, 2024, and the first half of 2025, respectively, showing year-on-year growth rates of 6.01%, 10.17%, and 46.49% [6]. - In contrast, Guodu Securities reported a decline in performance, with a revenue of 748 million yuan and a net profit of 357 million yuan in the first half of 2025, reflecting year-on-year decreases of 4.42% and 8.1% respectively [6].

Core Points - Zhang Xuefeng's accounts on various social media platforms were recently unblocked, allowing him to resume live streaming with over 40,000 viewers online, where he expressed a newfound appreciation for liberal arts majors [1] - Zhang Xuefeng, originally named Zhang Zibiao, was born in 1984 in Qiqihar, Heilongjiang Province, and graduated from Zhengzhou University with a degree in water supply and drainage engineering [1] - Since moving to Beijing in 2007, Zhang transformed from an ordinary training teacher to a sought-after "internet celebrity teacher," gaining fame with his viral video "7-minute interpretation of 34 985 universities" in 2016 [1] - In September 2023, Zhang's social media accounts, which collectively had over 65 million followers, faced restrictions due to inappropriate comments made during a live stream, leading to a temporary ban [1] - A representative from Zhang's team indicated that the account issues were being addressed and that they were reflecting on the situation [1]