Core Viewpoint - Since 2025, both Chinese and American tech stocks have shown impressive performance, with the computing power sector leading the market, and there are emerging opportunities in models and applications for 2026 [1] Group 1: Market Performance - The computing power sector has outperformed the market, indicating strong growth potential [1] - There is an expectation that domestic computing power will replicate the long bull market seen in US stocks since 2023 [1] Group 2: Industry Trends - The urgency for development in semiconductor equipment and AI chips has increased due to overseas restrictions, making domestic substitution a prevailing trend [1] - Domestic chip manufacturers have begun exploring solutions like super nodes to overcome performance disadvantages of single cards by leveraging multi-card advantages [1] Group 3: Investment Opportunities - The construction of multi-card clusters raises demands for the quantity and quality of components, creating greater investment opportunities across the supply chain [1] - Specific sectors such as liquid cooling, storage, power supply, optical modules, PCBs, and quantum computing are expected to see higher performance elasticity [1] Group 4: Application and Model Opportunities - There is potential for localized explosive growth in models and applications, particularly in AI-enabled internet tech giants and rapidly commercializing AI applications such as AI advertising, AI agents, AI video generation, and autonomous driving [1]

智通财经APP获悉，中信证券发布研究报，根据中电联数据，单9月用电量同比增长4.5%，增速较8月的 5.0%下滑0.5个百分点。分部门看，9月二产用电需求持续修复至5.7%，三产用电需求增速依旧保持韧 性。推荐配置经营具备稳定性且估值重新具备安全边际的水电；兼具业绩弹性及低估值的H股龙头火 电；存在补贴发放预期改善且深度破净的H股绿电；受益数字化和新型电力系统日益融合的新场景及新 模式等，如虚拟电厂、微电网、综能服务、功率预测等。 中信证券主要观点如下： 二产用电持续回升，9月用电增长4.5%。 根据中电联数据(下同)，单9月用电量同比增长4.5%，增速较8月的5.0%下滑0.5个百分点。分部门看，9 月二产用电需求持续修复至5.7%，三产用电需求增速依旧保持韧性；9月气温环比下降明显，叠加去年 同期居民用电量基数较高导致居民单月用电同比增速转负；四大高耗能行业用电需求增速分化，其中黑 色金属行业用电需求同比高增、而非金属行业用电需求较为平淡。分区域看，9月高耗能地区用电增速 为5.8%，维持高位增长；受益出口的带动作用，沿海地区用电同比增速提升至7.2%。 1~9月国内累计新增风电/光伏分别为6,109/2 ...

Core Insights - The report from CITIC Securities indicates that the GMV growth rate for the e-commerce sector during the "Double 11" shopping festival (October 9 to November 11) is expected to remain consistent with last year's overall performance [1] E-commerce Performance - Instant retail platforms such as Meituan Flash Purchase and Taobao Flash Purchase have shown impressive growth during this year's event, warranting ongoing attention [1] - Categories like home appliances and 3C digital products, stimulated by national subsidies, have achieved steady growth despite high base comparisons from the previous year [1] - There is a noticeable recovery in discretionary consumption categories such as beauty and apparel, indicating an overall positive trend in consumer demand [1] Future Outlook - It is recommended to monitor the core e-commerce platforms' developments in supply chain capabilities, core user investments, and AI empowerment [1] - Continuous evaluation of the synergy between food delivery, instant retail investments, and e-commerce is suggested for future assessments [1]

Core Insights - Since 2025, both Chinese and American tech stocks have shown impressive performance, with the computing power sector leading the market [1] - Looking ahead to 2026, domestic computing power is on the rise, with performance elasticity and investment certainty expected to replicate the long bull market seen in US stocks since 2023 [1] Sector Analysis - The urgency for development in semiconductor equipment and AI chips has increased due to overseas restrictions, making domestic substitution a prevailing trend [1] - Domestic chip manufacturers have begun to explore solutions such as super nodes to compensate for single card performance disadvantages by leveraging multi-card advantages, facilitating breakthroughs in computing power [1] - The construction of multi-card clusters demands higher quality and quantity of components, presenting greater investment opportunities across the supply chain [1] - Sub-sectors such as liquid cooling, storage, power supply, optical modules, PCBs, and quantum computing are expected to experience higher performance elasticity [1] Application Opportunities - The model and application side is anticipated to witness localized explosive opportunities, particularly in internet tech giants empowered by AI [1] - Fast-developing AI application sectors include AI advertising, AI agents, AI video generation, and commercial autonomous driving [1]

Group 1 - The core viewpoint is that since 2025, both Chinese and American technology stocks have performed remarkably, with the computing power sector leading the market in growth [1] - The outlook for 2026 indicates that domestic computing power is on the rise, showing both performance elasticity and investment certainty, potentially replicating the long bull market seen in U.S. stocks since 2023 [1] - There are expected localized explosive opportunities in models and applications, particularly in AI-enabled internet technology giants and rapidly commercializing AI applications such as AI advertising, AI agents, AI video generation, and automated driving [1]

Core Viewpoint - The brokerage industry has experienced a significant performance surge in Q3 2025, with 42 listed brokerages achieving a total net profit of 169 billion yuan, marking a 62.4% year-on-year increase [1] Revenue Performance - The top five brokerages exhibit a clear "one super, one strong" revenue pattern, with CITIC Securities leading at 55.815 billion yuan, followed by Guotai Junan at 45.892 billion yuan, together contributing 1.01707 billion yuan, which accounts for 57.6% of the top five's total revenue [2] - Guotai Junan's revenue growth of 101.6% is primarily attributed to the merger with Haitong Securities, while China Galaxy and GF Securities reported revenue growth of 44.39% and 41.04%, respectively [2] Net Profit Performance - The industry saw five brokerages surpassing 10 billion yuan in net profit, with CITIC Securities at 23.159 billion yuan and Guotai Junan at 22.074 billion yuan, establishing a "dual giant" market structure [3] - Guotai Junan led in net profit growth at 131.80%, influenced by goodwill from the merger, while CITIC Securities showed a 37.86% increase, indicating strong profitability [4] Brokerage Business - The average daily trading volume in the market reached 1.64 trillion yuan, a 106.1% increase year-on-year, driving brokerage commission income growth of over 50% across the board [5] - Guotai Junan's commission income surged to 10.814 billion yuan, a 142.80% increase, while CITIC Securities led in scale with 10.939 billion yuan, reflecting a 52.90% growth [6] Proprietary Business - The top five brokerages collectively generated 83.579 billion yuan in proprietary business income, accounting for 47.02% of total revenue [6] - CITIC Securities led proprietary income at 31.603 billion yuan, a 45.88% increase, while Guotai Junan exceeded 20 billion yuan with 20.370 billion yuan, marking a 90.11% growth [6] - There is a notable divergence in proprietary income growth rates, with Guotai Junan leading at 90.11%, while Huatai Securities experienced a decline of 15.08% due to a high base effect from a previous year [7]

Core Insights - The brokerage business has shown remarkable performance in the third quarter of 2025, becoming a significant driver of revenue growth for listed brokerages [1][2] - The transformation towards wealth management is timely as retail investors increasingly allocate assets to equity markets, emphasizing the need for brokerages to enhance their professional service capabilities [1][3] Group 1: Brokerage Business Performance - In the first three quarters, 42 brokerages reported a total net income from brokerage fees of 111.77 billion yuan, marking a year-on-year increase of 74.64% [1] - Leading firms such as CITIC Securities and Guotai Junan achieved net income from brokerage fees exceeding 10 billion yuan, with figures of 10.939 billion yuan and 10.814 billion yuan respectively [1] - Other notable brokerages like GF Securities, China Merchants Securities, Huatai Securities, and others also reported net income from brokerage fees exceeding 6 billion yuan [1] Group 2: Growth Rates and Market Dynamics - All listed brokerages reported year-on-year growth in net income from brokerage fees, with the lowest growth rate being 47.91% [2] - Guolian Minsheng led the industry with a staggering year-on-year growth rate of 293.05% in net income from brokerage fees [2] - Smaller brokerages such as First Capital, Caida Securities, and others also reported growth rates exceeding 80% [2] Group 3: Wealth Management Transformation - The securities industry has been actively pursuing wealth management transformation since 2017, with many brokerages rebranding their brokerage departments to focus on wealth management [3] - Despite facing challenges in product and service offerings compared to banks, brokerages possess strong investment capabilities and research strengths, providing them with advantages in wealth management [3] - The construction of product platforms is seen as a critical breakthrough for the transformation of wealth management [3] Group 4: Strategic Initiatives by Brokerages - First Capital is focusing on a comprehensive service model to enhance customer loyalty and mitigate fee pressure through improved service quality [4] - GF Securities aims to develop high-quality customer segments and efficient online operations while enhancing multi-asset allocation capabilities [4] - Dongxing Securities emphasizes a "buy-side" approach in its wealth management strategy, aiming to strengthen its operational capabilities and product offerings [4]

Core Viewpoint - Securities firms are optimistic about the industry outlook for 2026, focusing on valuation recovery and structural opportunities, with a shift in market drivers from valuation to earnings fundamentals [2][4]. Group 1: Industry Development Trends - The securities industry is expected to see core growth areas in wealth management, investment banking, internationalization, and technology empowerment [2]. - Wealth management is entering an upward trend, with strong new account openings and record-high financing balances, while A-share daily trading volume is projected to stabilize at 2 trillion yuan [2]. - The construction of product platforms is crucial for the transformation of wealth management, requiring alignment of product supply and sales channels [2]. Group 2: International Business Development - Developing international business is essential for securities firms to become leading investment banks, driven by increasing demand from overseas investors for Chinese assets [3]. - The international business revenue of securities firms has seen significant growth, with historical highs in the first half of 2025, supported by strong cross-border investment demand [3]. - The focus on AI technology applications and cross-border business will enhance service efficiency and asset pricing capabilities, helping to escape the homogenization of competition [3]. Group 3: Valuation Recovery Potential - The current valuation of the securities sector remains relatively low, with a projected net asset return of around 7.2% for 2026, indicating significant room for valuation recovery [4]. - The capital market is undergoing profound changes, with increased attractiveness of equity assets in a low-interest-rate environment, suggesting a positive development cycle ahead [4]. - Improved liquidity and favorable policies are expected to further enhance the valuation of securities stocks as the market improves [5]. Group 4: Investment Opportunities - The securities sector is anticipated to undergo a reshaping of its landscape, with a focus on leading firms with international capabilities and comprehensive service advantages [5]. - Mid-sized and large securities firms that can achieve leapfrog development through mergers and acquisitions are also expected to present investment opportunities [5].

展望明年，吴威辰表示，国内市场将受益于容量电价政策落地及各省（区）配套措施推进，国内储能产 业将会有不错的表现，国家层面支持政策也有望持续出台。 综合 判断，储能产业明年增速将维持50% 以上高位，叠加全球能源紧张的大背景，储能产业发展前景广阔，有望持续高速增长。 11月11日至13日， 中信证券 在深圳召开2026年资本市场年会。中信证券电池和能源管理行业首席分析 师吴威辰在接受中国证券报·中证金牛座记者专访时表示，过去1至2年间，全球 储能 产业复合增速超 50%。国内商业模式逐步打通，带动终端收益率改善，从招标到装机的全链条增速持续提升。 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry, particularly focusing on equity wealth management [1]. Core Insights - The equity market in China is experiencing a recovery, with significant growth in the issuance of equity mutual funds, indicating a robust development in equity wealth management [4][9]. - The demand for wealth preservation and appreciation among residents is strong, suggesting a shift in asset allocation towards equities, which presents substantial potential for the equity wealth management market [25][30]. - Securities firms are positioned as key players in equity wealth management, benefiting from the sector's growth due to their inherent advantages in market investment capabilities, asset acquisition, research capabilities, and customer base [30][34]. Summary by Sections 1. Equity Market Recovery - As of September 2025, the total market capitalization of the Chinese stock market reached 105 trillion yuan, accounting for 78% of GDP, marking a high since 2022 [9]. - The average monthly new account openings reached 2.9 million from October 2024 to September 2025, a 48% increase from 2023 [9]. - Daily average trading volumes for stock funds hit historical highs, with a peak of 3.6 trillion yuan [9][18]. 2. Future of Equity Wealth Management - The report emphasizes the strong potential for equity wealth management, driven by structural upgrades in the economy, declining interest rates, and supportive policies [25][30]. - The shift in asset allocation from real estate to equities is anticipated, with a growing focus on equity wealth management services [25][30]. 3. Securities Firms' Role - Securities firms are transitioning from traditional brokerage services to wealth management, with a significant reduction in brokerage income share from 70.5% in 2008 to 27% in 2025 [31][32]. - The firms are enhancing their product offerings and investment advisory services, with 29 firms approved for fund advisory business trials [30][35]. - The market share of securities firms in mutual fund distribution has increased from 6% in 2017 to 11% in 2023, with a notable advantage in ETF sales [41][47].