Core Insights - The report highlights that 44 brokerage firms have emerged as significant shareholders in 351 A-share stocks, with a total holding value exceeding 66 billion yuan, reflecting a strong interest in high-end manufacturing and technology sectors [1][2] Brokerage Holdings Overview - 44 brokerage firms are identified as top ten shareholders in 351 stocks, with a combined holding value of over 66 billion yuan as of the end of Q3 [2] - The most favored sectors among brokerages include machinery, pharmaceuticals, electronics, basic chemicals, and automobiles, with respective stock counts of 35, 28, 26, 25, and 18 [2] - Notable stocks with multiple brokerage endorsements include Shandong Highway, Zhongmin Resources, and Furen Energy, each held by three different brokerages [2] Top Holdings by Brokerages - The top ten brokerage stocks by holding value include: - CITIC Jiantou: Muyuan Foods, 19.84 billion yuan - Shenwan Hongyuan: Guangqi Technology, 10.79 billion yuan - Shenwan Hongyuan: Cangge Mining, 9.28 billion yuan - China Merchants Securities: Cangge Mining, 9.23 billion yuan - GF Securities: Jilin Aodong, 8.65 billion yuan - CITIC Securities: Shanghai Qiushi, 8.32 billion yuan - Guotai Junan: Postal Savings Bank, 7.27 billion yuan - CITIC Securities: Northeast Securities, 6.21 billion yuan - CITIC Jiantou: Shannon Chip, 5.93 billion yuan - GF Securities: Zhongmin Resources, 5.50 billion yuan [3] Changes in Holdings - Brokerages have newly entered 186 stocks by the end of Q3, with Guotai Junan leading by acquiring 126 million shares of Postal Savings Bank [3] - A total of 69 stocks saw increased holdings from brokerages, particularly in the basic chemicals and transportation sectors [4] Performance of Proprietary Trading - Proprietary trading has become the primary growth driver for brokerage firms, with 42 listed brokerages reporting a total proprietary income of 186.86 billion yuan, a year-on-year increase of 43.83% [5] - CITIC Securities leads the industry with 31.60 billion yuan in proprietary income, reflecting a 45.88% year-on-year growth [5] Market Trends and Outlook - The report indicates that the recovery of the equity market and the active technology sector have significantly contributed to the growth of brokerage firms' proprietary income [5][6] - Analysts suggest that the overall market is expected to maintain a steady upward trend, enhancing the sustainability of performance growth and indicating potential for valuation recovery in the sector [6]

Core Insights - As of the end of Q3 2025, 44 brokerage firms appeared in the top ten shareholders of 361 listed companies, with a total holding value of 66.623 billion yuan [1][2] - The brokerage firms' holdings are primarily concentrated in the hardware equipment and chemical industries, with 41 and 33 stocks respectively [2] - A total of 118 A-shares have a holding value exceeding 100 million yuan from brokerages, with CITIC Jiantou holding the highest value in Muyuan Foods at 1.984 billion yuan [2] Brokerage Holdings Overview - The total number of shares held by brokerages reached 5.195 billion, corresponding to a market value of 66.623 billion yuan [2] - The top brokerage firms by number of holdings include Huatai Securities (50 companies), CITIC Securities (39), and Guosen Securities (36) [5] - The self-operated business revenue of brokerages accounted for over 44% of total revenue, with a total of 186.857 billion yuan generated in the first three quarters [5] New Investments and Increases - In Q3, brokerages entered the top ten shareholders of 206 new stocks, mainly in the non-ferrous metals, pharmaceutical, hardware equipment, and chemical industries [3] - Notable new investments include Guotai Junan's 727 million yuan stake in Postal Savings Bank and CITIC Jiantou's 352 million yuan stake in Shenhuo Co [3] - A total of 63 stocks saw increased holdings from brokerages, with Dongfang Securities increasing its stake in Inner Mongolia Electric Power by 88 million yuan [3] Reductions in Holdings - Some brokerages reduced their holdings in certain stocks, such as CITIC Jiantou's reduction in Xin Nuo Wei and Shenwan Hongyuan's reduction in Hongda Shares [4] - Despite reductions, the market value of some holdings increased due to stock price appreciation, as seen with Shenwan Hongyuan's holdings in Guangqi Technology and Cangge Mining [4]

Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]

Core Viewpoint - Huatian Technology (002185.SZ) announced a restructuring plan involving the acquisition of 100% equity in Huayi Microelectronics from related parties, with the company resuming trading on October 17 [1][2]. Group 1: Transaction Details - The acquisition will be financed through a combination of issuing shares and cash payments to 27 counterparties [2]. - The company plans to issue shares to no more than 35 specific investors, with the total amount raised not exceeding 100% of the transaction price for the asset purchase [2]. - The number of shares issued will not exceed 30% of the total share capital after the transaction [2]. - The transaction is classified as a related party transaction, as the counterparties include the controlling shareholder and actual controller of the company [2]. Group 2: Target Company Performance - Huayi Microelectronics is a high-tech enterprise specializing in power device R&D, packaging testing, reliability verification, and system solutions [3]. - The company has shown consistent quarterly profit growth since 2025, with an expected net profit exceeding 30 million yuan in Q3 2025, representing a more than 80% quarter-on-quarter increase [3]. - The company previously attempted an IPO on the Sci-Tech Innovation Board but was unsuccessful, with the process terminating in June 2024 [3]. Group 3: Strategic Implications - The acquisition aims to enhance Huatian Technology's packaging testing business, expanding its capabilities across various segments, including integrated circuits and discrete devices [3][4]. - The transaction is expected to create a second growth curve by extending the company's product offerings in power devices across automotive, industrial, and consumer sectors [3]. - The deal is anticipated to optimize the company's industrial layout and improve its core competitiveness by maximizing customer resource value [4].

华天科技（002185）：拟购买华羿微电100%股份 17日起复牌；奥比中光和广晟有色预计三季报扭亏； 福耀玻璃：曹德旺辞去董事长职务选举曹晖为新董事长；良品铺子：控股股东及其一致行动人终止控制 权转让…… 今日看点 ▼聚焦一：华天科技：拟购买华羿微电100%股份 17日起复牌 公司拟通过发行股份及支付现金的方式向华天电子集团、西安后羿投资、芯天钰铂等27名交易对方购买 华羿微电子股份有限公司（以下简称"华羿微电"）100%股份，并募集配套资金。截至目前，本次交易 的审计及评估工作尚未完成，标的资产经审计的财务数据及交易定价尚未确定。本次交易预计不构成重 大资产重组。 本次交易标的公司华羿微电是国内少数集功率器件研发设计、封装测试、可靠性验证和系统解决方案等 服务于一体的高新技术企业。公司表示，通过并购整合华羿微电，一方面公司能够快速完善封装测试主 业布局，拓展功率器件封装测试业务，形成覆盖集成电路、分立器件等各细分领域的封装测试业务布 局，为客户提供更全面的封装测试产品，另一方面公司将延伸功率器件自有品牌产品的研发、设计及销 售业务，覆盖汽车级、工业级、消费级功率器件产品，开辟第二增长曲线。 仕佳光子：披露 ...

Core Viewpoint - Huatian Technology plans to acquire 100% equity of Huayi Microelectronics, which previously attempted to list on the Sci-Tech Innovation Board [2][5] Group 1: Transaction Details - The acquisition will be conducted through a combination of issuing shares and cash payments to 27 parties, including Huatian Electronic Group and Xian Houyi Investment [4] - The company intends to raise matching funds from no more than 35 specific investors, with the total amount not exceeding 100% of the transaction price for the share issuance [4] - The transaction will not change the controlling shareholder or actual controller of the company, thus it does not constitute a restructuring listing [4] Group 2: Company Performance and Strategy - Huayi Microelectronics is a high-tech enterprise specializing in power device R&D, packaging testing, reliability verification, and system solutions [6] - The company has shown consistent profit growth since 2025, with an expected net profit exceeding 30 million yuan in Q3 2025, representing a more than 80% quarter-on-quarter increase [6] - The acquisition aims to enhance Huatian Technology's packaging testing business and extend its product offerings in power devices, targeting automotive, industrial, and consumer-grade products [6][7] Group 3: Market Position - Before the acquisition, Huatian Technology focused on integrated circuit packaging testing, ranking among the top three in China and sixth globally [7] - The transaction is expected to maximize customer resource value for both companies, leveraging their complementary customer structures [7]

进一步宣布，李守伟于2025年10月15日获委任为公司风险委员会及执行董事委员会委员。 格隆汇10月15日丨申万宏源香港(00218.HK)宣布，有关委任李守伟为执行董事已于股东特别大会上获批 准，并自2025年10月15日起生效。 ...

此外，李守伟先生于2025年10月15日获委任为公司的风险委员会及执行董事委员会的委员。 申万宏源香港(00218)发布公告，有关委任李守伟先生为执行董事已于股东特别大会上获批准，并自 2025年10月15日起生效。 ...

此外，李守伟先生于2025年10月15日获委任为公司的风险委员会及执行董事委员会的委员。 智通财经APP讯，申万宏源香港(00218)发布公告，有关委任李守伟先生为执行董事已于股东特别大会上 获批准，并自2025年10月15日起生效。 ...

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） (1)執行董事之委任； 及 (2)風險委員會及執行董事委員會之成員變更 執行董事之委任 茲提述申萬宏源（香港）有限公司（「本公司」）日期為二零二五年九月二十三日的公告及通 函，連同日期為二零二五年十月十五日有關股東特別大會（「股東特別大會」）投票結果公告。 除非文義另有所指，本公告所用詞彙具有與公告及通函所指的相同涵義。 李守偉先生，現年 40 歲。李先生擁有杭州電子科技大學應用數學碩士學位和香港中文大學金 融財務工商管理碩士學位，李先生歷任宏源證券股份有限公司風險管理部市場風險部負責人， 申萬宏源證券有限公司合規與風險管理中心主任助理、合規與風險管理中心風險管理總部總 經理助理，申萬宏源證券有限公司風險管理總部總經理助理、副總經理，申萬宏 ...