Core Viewpoint - Major brokerage firms are optimistic about the securities industry in 2026, anticipating a "Davis Double Play" due to recovering market conditions and improving fundamentals, while current valuations remain at historical lows [1] Group 1: Performance Growth - The A-share market's upward trend has significantly boosted brokerage firms' performance, with a total margin balance nearing 2.4 trillion yuan and a record high trading volume of 301.56 trillion yuan in the first three quarters of 2025 [2] - Listed brokerages achieved a net profit of 169.4 billion yuan in the first three quarters of 2025, marking a 63% year-on-year increase, with the third quarter alone reaching a record 72.5 billion yuan [2] - Core business segments such as brokerage, investment banking, asset management, interest income, and investment returns saw year-on-year growth rates of 74%, 23%, 2%, 56%, and 43% respectively, indicating a broad-based recovery [2] Group 2: Valuation Discrepancy - Despite strong performance, the brokerage sector's stock prices have lagged, with the Wind brokerage index rising only 6.02% year-to-date compared to significant gains in major indices [3] - The industry is expected to see a return on equity (ROE) of approximately 7.2% in 2026, which is above the 70th percentile since 2016, while current valuations are at the 40th percentile, indicating substantial room for future growth [3] - Institutional holdings in the brokerage sector are at a historical low, with the sector accounting for only 0.86% of actively managed fund holdings as of Q3 2025, underweighting the standard allocation by 3.21 percentage points [3] Group 3: Future Growth Drivers - Wealth management, institutional business, and internationalization are identified as the three main growth engines for the brokerage industry moving forward [6] - The wealth management sector is expected to see a clear upward trend, with daily trading volumes in A-shares potentially stabilizing at 2 trillion yuan, and a recovery in financial product distribution [6] - The investment banking market is recovering, and the international business is benefiting from improved liquidity in the Hong Kong market, with major brokerages increasing their overseas revenue contributions [6] - Mergers and acquisitions, along with the application of AI technology, are anticipated to catalyze further growth in the sector, with policies encouraging consolidation among quality brokerages [6]

Core Insights - The People's Bank of China (PBOC) has released the "Monetary Policy Implementation Report for the Third Quarter of 2025," outlining the future monetary policy direction [1] - The report highlights significant external uncertainties and challenges to international economic trade order, while also acknowledging risks to domestic economic performance [1] - The third quarter GDP growth was reported at 4.8%, a decrease of 0.4 percentage points from the second quarter, prompting the PBOC to emphasize the need for stronger domestic economic recovery [1] Monetary Policy Direction - The PBOC signals the implementation of a moderately accommodative monetary policy and the strengthening of policy execution and transmission [1] - There is a possibility of a further 10 basis points interest rate cut in the fourth quarter if domestic demand does not recover sufficiently, aimed at reducing financing costs and stabilizing overall demand [1] Support for Consumption - The report introduces measures to support personal credit repair, which is seen as a continuation and deepening of financial support for consumption system construction [1] Renminbi Internationalization - The PBOC's stance on Renminbi internationalization is increasingly positive, identifying "capital account opening" and "cross-border payments" as key strategies [1] Structural Optimization - The PBOC is focusing on the internal coordination of the interest rate system, indicating a shift in monetary policy from total volume control to a dual emphasis on structural optimization and effective transmission [1]

Core Insights - The core message emphasizes the transformative impact of artificial intelligence on the financial industry, with CITIC Securities actively developing an AI digital employee system to enhance productivity and drive intelligent development [1][3]. Group 1: AI Digital Employee Evolution - CITIC Securities is exploring three stages of evolution for digital employees: from "executor" to "thinker," from "single-sensory" to "multi-sensory," and from "system tool" to "work partner" [3]. - The goal is to create a collaborative human-machine paradigm where each employee is supported by multiple digital avatars, achieving "one position, one digital employee, one person, one digital team" [3]. Group 2: Implementation in Core Business Areas - The digital employee system has been effectively implemented in key business scenarios, such as intelligent research, where a "super researcher" integrates large models and intelligent agent technology to produce comprehensive research reports automatically [3]. - In market value management, the CapitAI-Link assistant combines large model algorithms with professional expertise to generate customized market management solutions [3]. - The "super investment banker" provides essential functions like client profiling and project proposal generation, facilitating a one-stop service for investment banking projects [3]. Group 3: Future Outlook and Strategic Focus - The future focus for building an efficient and trustworthy digital employee workforce includes data governance, algorithm reliability, and technological autonomy [4]. - CITIC Securities aims to establish a robust data foundation and develop a controllable financial AI infrastructure to support business innovation and high-quality development [4]. - The digital employee initiative represents a commitment to enhancing financial services and contributing to economic development through high-quality offerings [4].

西南证券公告称，为进一步提升投资者获得感，公司推出2025年第三季度利润分配方案，拟向全体 股东每10股派发现金红利0.1元（含税），合计拟派发现金红利约6645.11万元（含税），占2025年第三 季度归属于母公司股东净利润的23.52%。 今年前三季度，西南证券实现营业收入25.18亿元，同比增长42.75%；实现归母净利润7.06亿元， 同比增长46.11%。对于三季度业绩增长，西南证券表示，主要系投资收益、手续费及佣金净收入、利 息净收入等同比增加所致。 今年前三季度，上市券商业绩亮眼。Wind统计显示，按申万行业分类，50家证券类上市公司合计 实现营收4522.19亿元，同比增长41.05%；实现归母净利润1830.90亿元，同比增长61.96%。 在业绩增长的同时，上市券商积极响应"一年多次分红"的政策号召，分红意识不断增强。截至目 前，已有6家券商根据最新经营情况公布了中期利润分配方案，拟对前三季度利润进行分配，包括兴业 证券、财通证券、首创证券、东北证券、西部证券、西南证券，合计拟派发现金红利约13.71亿元。 多家券商加入中期分红行列 兴业证券日前发布的2025年三季报显示，前三季度实现营收 ...

因此，医药行业将是有望继续维持超配的行业，建议2026年围绕以下几条主线进行布局：一、创新驱动 和国际化——在"反内卷"的国内政策环境下，关注创新驱动和国际化出海的相关标的；二、自主可控 ——行业在未来可能还会陆续面临地缘政治扰动带来的风险，应更多关注自主可控下核心零部件、试 剂、科研上游的进口替代进程加速的相关标的；三、新政新气象——受益于集采优化、医保三个支付、 消费刺激政策和国企改革的相关标的。 新华财经上海11月13日电中信证券医疗健康产业首席分析师陈竹发表观点称，展望2026年医药投资趋 势，无论是中国医药企业在创新领域的集中兑现，还是政策端出台支持创新药械、优化集采、推动商保 等一系列产业支持政策，医疗健康产业的内外因催化因素都有望延续，医疗健康产业开始逐步重新回归 到临床价值和需求导向的市场价格定价体系，带来稳定且持续的国内医药市场环境和长坡厚雪的发展主 基调，上市公司也有望迎来持续且稳定的业绩增长趋势，带来行业成长确定性的贝塔。 （文章来源：新华财经） ...

欧洲市场：新能源带来负电价+电力危机，政府发力大储。 伴随欧洲负电价频发提升现货峰谷价差，多数国家储能项目收益率已提升至10%-15%，且西班牙大停电 后欧洲各国政府加大储能支持力度，2025年有望成为欧洲大储放量拐点。从欧洲需求体量看，中信证券 测算，2030年欧洲新增装机有望达到165GWh，对应2024-2030年复合增速40%，折算市场空间1700亿 元。拆分看，东欧储能项目短期有望快速爆发，西欧&南欧远期体量更大。 智通财经APP获悉，中信证券发布研究报，参考CNESA(中关村储能产业技术联盟)、Wood Mackenzie、 SolarPower Europe、集邦咨询、BNEF等数据，预测2025年全球储能新增装机约为290GWh，远期2030 年有望达到1.17TWh，增长潜力巨大。中信证券认为国产储能产业链具备明显优势，电芯、储能系统环 节全球份额持续提升，建议关注布局海外储能产业链的头部厂商，看好储能系统集成商、电芯供应商及 PCS供应商。 中信证券主要观点如下; 国内需求：政策支持，国内储能迎来市场化加速拐点。 "136 号文"要求新建新能源项目不得强制配储的同时大力推进电力市场化改革， ...

人民财讯11月13日电，中信证券研报称，展望2026年医药投资趋势，无论是中国医药企业在创新领域的 集中兑现，还是政策端出台支持创新药械、优化集采、推动商保等一系列产业支持政策，医疗健康产业 的内外因催化因素都有望延续，医疗健康产业开始逐步重新回归到临床价值和需求导向的市场价格定价 体系，带来稳定且持续的国内医药市场环境和长坡厚雪的发展主基调，上市公司也有望迎来持续且稳定 的业绩增长趋势，带来行业成长确定性的贝塔。因此中信证券认为医药行业将是有望继续维持超配的行 业，建议从横向维度上，建议2026年围绕以下几条主线进行布局：1)创新驱动和国际化——在反内卷的 国内政策环境下，关注创新驱动和国际化出海的相关标的；2)自主可控——预计在未来可能还会陆续面 临地缘政治扰动带来的风险，应更多关注自主可控下核心零部件、试剂、科研上游的进口替代进程加速 的相关标的；3)新政新气象——受益于集采优化、医保三个支付、消费刺激政策和国企改革的相关标 的。 ...

Group 1 - Major securities firms, including CITIC Securities and Guotai Junan, are holding annual strategy meetings for 2026, focusing on global market opportunities and industry transformation [1] - CITIC Securities' general manager highlighted that the "14th Five-Year Plan" period will present new characteristics in the global context, technology trends, and institutional environment, potentially leading to new opportunities [1] - Guotai Junan's president emphasized that the new round of capital market reforms aims to enhance institutional inclusiveness and competitiveness, which may lead to a broad revaluation of Chinese assets [1] Group 2 - Guolian Minsheng successfully acquired 0.72% of Minsheng Securities' shares for approximately 171 million yuan, increasing its stake to 99.98%, just shy of full control [2] - This acquisition is expected to enhance Guolian Minsheng's control over Minsheng Securities and improve resource integration efficiency, potentially boosting its stock price [2] - The trend of consolidation in the securities industry is accelerating, leading to increased competition for smaller firms [2] Group 3 - Public fund research activity has significantly increased in Q4, with a total of 10,115 research activities conducted, reflecting a more than 50% increase compared to the previous quarter [3] - The focus of these research activities is primarily on growth sectors such as industrial machinery, electronic components, and integrated circuits, indicating a strong interest in high-growth areas [3] - The rise in research activity suggests a consensus on improving macro liquidity and profit expectations among market participants [3] Group 4 - In October, the number of new margin trading accounts decreased to 130,200, a significant drop from 205,400 in September, while the total number of margin trading accounts reached approximately 15.4 million [4] - The margin trading balance has increased from less than 1.9 trillion yuan at the beginning of the year to 2.49 trillion yuan, indicating a growing participation of leveraged funds [5] - Several leading securities firms have raised their margin trading limits, with CITIC Securities increasing its limit from 150 billion yuan to 250 billion yuan, and Huatai Securities setting its limit at approximately 286.5 billion yuan [5]

智通财经APP获悉，中信证券发布研报称，展望2026年，AI新材料、人形机器人、卫星互联网、军工新 材料、核聚变、氢能、SAF等主题有望表现活跃，从时间维度该行梳理了新材料各板块中短期的催化因 素及长期逻辑，看好政策、事件、业绩释放等催化带来的交易机会，把握具备高景气度的成长性行业以 及优质赛道，建议积极布局相关产业链环节和材料端。 中信证券主要观点如下： AI新材料：高增速高景气赛道，把握技术、客户、产品催化节点。 1)PCB(印刷电路板)上游材料方面，交易主线正沿"AI算力需求→高速PCB/CCL紧缺→高阶材料量价齐升 →设备投资先行"的路径向上游传导，其中以高阶HVLP铜箔(3→4/5代)、Low‑Dk/Low‑CTE电子布、low a球硅/球铝的供需缺口最为确定；设备端(配套PCB功能性化学品)受扩产与技术迭代驱动的订单兑现将 成为中期β。 2)先进封装材料方面，交易主线是"外资先进封装扩产兑现+国产HBM推进与本土产线导入"的双轮驱 动，节奏上先看海外CoWoS/SoIC放量情况，随后关注国产HBM(高带宽内存)验证→导入→放量带来的 本土材料替代窗口，进而在2026Q2，台系新厂竣工装机与国内先进 ...

中信证券认为，参考CNESA（中关村储能产业技术联盟）、Wood Mackenzie、 SolarPower Europe、集 邦咨询、BNEF等数据，我们预测2025年全球储能新增装机约为290GWh，远期2030年有望达到 1.17TWh，增长潜力巨大。我们认为国产储能产业链具备明显优势，电芯、储能系统环节全球份额持续 提升，建议关注布局海外储能产业链的头部厂商，看好储能系统集成商、电芯供应商及PCS供应商。 ...