11月20日，港股市场早盘显著高开，但愿今日多头情绪能够一直维持到收盘。 其中，东兴证券和信达证券为纯A股公司，中金公司为A+H股上市公司，因此，今日中金公司H股也将 暂停交易。 受上述消息刺激，今日券商股板块集体上涨。申万宏源香港（00218.HK）涨超9%，东方证券 （03958.HK）、中信证券（06030.HK）、光大证券（06178.HK）、中国银河（03988.HK）涨超3%， 中信建投证券、中州证券、国联民生、申万宏源、华泰证券、广发证券高开超2%。此外，香港证券 ETF今日早盘涨超2%。 截至发稿，恒生指数报25999.78点，上涨169.13点，涨幅0.65%。 打开百度APP畅享高清图片 恒生科技指数报5646.28点，上涨39.38点，涨幅0.70%。 先看消息面，中金公司、信达证券、东兴证券昨晚发布《关于筹划重大资产重组的停牌公告》，三家公 司正在筹划由中金公司通过向东兴证券全体A股换股股东发行A股股票、向信达证券全体A股换股股东 发行A股股票的方式换股吸收合并东兴证券、信达证券。 其他方面，盘面上，科网股涨多跌少，百度高开超3%，快手、联想涨超2%，阿里巴巴涨超1%，网易跌 超1%； ...

文/梧桐数据中心 11月15日，北交所迎来开市四周年！截至目前北交所共有282家上市公司，其中2021年79家，2022年83家，2023年77家，2024年23家，2025年至今20家。 已转板的观典防务、泰祥股份和翰博高新不纳入本次统计。这282家北交所上市公司的首发募资净额为510.50亿元。 一、保荐机构业绩排名 共有60家保荐机构为这282家北交所上市公司提供了IPO保荐业务。其中富士达、美心翼申分别聘请了两家保荐机构，各计一单，故业务单数总数为284 单。 榜单前三名： 第一名：中信建投（27单） 第二名：申万宏源（23单） 第三名：东吴证券（16单） | 排名 | 保荐机构 | 业务单数 | | --- | --- | --- | | 1 | 中信建投 | 27 | | 2 | 申万宏源 | 23 | | 3 | 东吴证券 | 16 | | 4 - | 国投证券 | 15 | | | 工温证完 | 1 4- | | 42 | 华安证券 | 1 | | --- | --- | --- | | 42 | 渤海证券 | 1 | | 42 | 财达证券 | 1 | | 42 | 财信证券 | 1 | | ...

Core Viewpoint - The A-share market is expected to maintain a long-term upward trend despite short-term fluctuations, with a focus on sector rotation and investment opportunities in technology and cyclical industries [1][3][10]. Market Performance - The A-share market has been oscillating around the 4000-point mark, with a slowdown in the upward slope of the index, but this does not indicate the end of the current market cycle [1][10]. - The market is currently in a "systematic slow bull" phase, with a positive long-term outlook [1][12]. Sector Rotation - There is a notable rotation among sectors, with funds shifting from previously high-performing technology stocks to sectors like lithium batteries and consumer goods, benefiting from policy support [3][10][11]. - Investment themes to watch include anti-involution and dividend opportunities, as well as specific technology segments that may see a rebound [2][4]. Institutional Behavior - As the year-end approaches, institutional allocations are expected to stabilize, leading to a focus on balanced investment strategies [3][8]. - The upcoming Central Economic Work Conference is anticipated to set the tone for macroeconomic policies and investment priorities for the following year [8][11]. Economic Indicators - Recent economic indicators show a decline in M1 growth, suggesting a weakening macro liquidity environment, which may impact market dynamics [10]. - The market is currently experiencing a "high position oscillation," with expectations of a gradual recovery in economic conditions [5][16]. Investment Strategies - Investors are advised to focus on sectors with potential for performance improvement, such as AI, engineering machinery, and renewable energy, while also considering the implications of global market trends [7][17]. - The emphasis on "small and mid-cap + thematic investment" is seen as a favorable strategy in the current market environment [15].

Group 1 - The core viewpoint is that the AI narrative has influenced the slope of market trends rather than the overall trend itself, with a focus on the stability of the corporate overseas environment and AI infrastructure investment [2] - The A-share market is expected to maintain resilience supported by stable economic and policy expectations, with a focus on cyclical sectors such as steel, chemicals, and new consumption [3] - The market is preparing for a new upward trend, with structural highlights in the third-quarter reports indicating fundamental resilience [3] Group 2 - The A-share market is likely to remain in a volatile state, with long-term upward trends in technology growth facing short-term fundamental concerns [4] - There are three parts of mid-term returns yet to be realized, including cyclical improvement, asset allocation towards equities, and China's increasing global influence [5] - November is favorable for small-cap and thematic investments, with a focus on themes related to the "14th Five-Year Plan" such as AI applications and new materials [7] Group 3 - The recent market rally is seen as a preemptive move for a cyclical recovery year, with price increases concentrated in sectors like coal, non-ferrous metals, and renewable energy [11] - Short-term attention is drawn to the power equipment sector and chemicals, as the market shifts towards high-certainty products [12] - The A-share investment focus is shifting towards strategic upstream industries and technology applications under the "anti-involution" theme [13]

Core Viewpoint - The company announced the cancellation of its Executive Director Committee to optimize corporate governance and improve operational management efficiency, effective November 5, 2025 [1] Group 1 - The decision was made by the company's board of directors on November 5, 2025 [1] - The responsibilities of the Executive Director Committee will be assumed by the board of directors and the company's management committee [1] - The chairman and members of the Executive Director Committee will automatically cease their roles following the committee's cancellation [1]

Core Viewpoint - The company, Shenwan Hongyuan Hong Kong (00218.HK), announced the cancellation of its Executive Director Committee effective November 5, 2025, to optimize its corporate governance structure and improve operational management efficiency [1] Group 1 - The Executive Director Committee's responsibilities will be transferred to the Board of Directors and the Company's Management Committee following its dissolution [1] - The positions of the Chairman and members of the Executive Director Committee will be automatically terminated with the committee's cancellation [1]

SHENWAN HONGYUAN (H.K.) LIMITED 申 萬 宏 源 （ 香 港 ） 有 限 公 司 非執行董事 張磊先生 張英女士 獨立非執行董事 （於香港註冊成立之有限公司） （股份代號：218） 董事名單與其角色和職能 自二零二五年十一月五日起，申萬宏源（香港）有限公司董事局（「董事局」）成員載列如下： 執行董事 吳萌女士（主席） 李守偉先生 梁鈞先生（行政總裁） 胡憬先生（首席風險官） 香港，二零二五年十一月五日 郭琳廣先生 劉持金先生 趙麗娟女士 董事局下設 6 個委員會。下表載列各董事成員在各委員會中所擔任的職位： | | 委員會 | 審核 | 薪酬 | 提名 | 風險 | 環境、社會 | 經營管理 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 委員會 | 委員會 | 委員會 | 委員會 | 及管治 | 委員會 | | 董事 | | | | | | 委員會 | | | 吳萌女士 | | | | 主席 | | 主席 | 主席 | | 李守偉先生 | | | | | 成員 | | | | 梁鈞先生 | | | | | 成員 ...

取消執行董事委員會 申萬宏源（香港）有限公司（「本公司」）董事局（「董事局」）於二零二五年十一月五日通過 決議及謹此宣佈為優化本公司法人治理結構和提高經營管理效率，自二零二五年十一月五日 起，取消本公司執行董事委員會，其工作職責隨後由董事局及本公司經營管理委員會履行。 本公司執行董事委員會之主席及成員在委員會的職務隨著本公司執行董事委員會的取消而自 動取消。 承董事局命 申萬宏源（香港）有限公司 執行董事兼行政總裁 梁鈞 香港，二零二五年十一月五日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 SHENWAN HONGYUAN (H.K.) LIMITED 申 萬 宏 源 （ 香 港 ） 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：218） 於本公告日期，董事局由九位董事組成，其中吳萌女士、李守偉先生、梁鈞先生及胡憬先生 為執行董事；張磊先生及張英女士為非執行董事；而郭琳廣先生、劉持金先生及趙麗娟女士 為獨立非執行董事。 1 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 申萬宏源(香港)有限公司 | | | 呈交日期: | 2025年11月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00218 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,561,138,689 | | 0 | | 1,561,138,689 | | 增加 ...

Core Insights - The report highlights that 44 brokerage firms have invested in 351 stocks, with a total holding value exceeding 66 billion yuan as of the end of Q3 [2][3] - High-end manufacturing and technology sectors are identified as popular investment directions for brokerages, reflecting a shift towards structural opportunities in the equity market [2][3] Brokerage Holdings Overview - The top 10 stocks held by brokerages by market value include Muyuan Foods, Guangqi Technology, and Cangge Mining, with holdings exceeding 1 billion yuan for several stocks [3][4] - The distribution of holdings indicates a strong focus on sectors such as machinery, pharmaceuticals, electronics, and basic chemicals, with the highest number of stocks in machinery equipment (35 stocks) and pharmaceuticals (28 stocks) [3][4] Trading Activity - Brokerages have entered 186 new stocks, with notable new positions including Postal Savings Bank and China Foreign Transport, each exceeding 30 million shares [4] - A total of 69 stocks saw increased holdings, particularly in the basic chemicals and transportation sectors, while 61 stocks were reduced, indicating a selective approach to portfolio management [5][4] Self-Operated Business Performance - Self-operated business remains the largest revenue contributor for brokerages, with a reported income of 186.857 billion yuan in the first three quarters, marking a 43.83% year-on-year increase [6][7] - Major brokerages like CITIC Securities and Guotai Junan reported significant growth in self-operated income, driven by a recovering equity market and strategic asset allocation [6][7] Market Trends and Analysis - Analysts note that the active trading environment and increased margin financing have positively impacted brokerage performance, with a significant rise in average daily trading volume [7] - The shift towards equity assets and the reduction in bond investments reflect a broader trend of rebalancing within the brokerage sector [7]