Core Insights - The long-term price trend of gold is highly correlated with geopolitical and economic conditions [1] - The upward drivers of gold prices typically stem from geopolitical turmoil and weak performance of the US economy, while the downward risks can be categorized into five types [1] - Currently, the identified downward risks are not significant, suggesting a favorable outlook for gold prices [1] Summary by Categories Price Drivers - Geopolitical chaos and weak US economic performance are primary drivers for rising gold prices [1] - Recent fluctuations in gold prices have been primarily influenced by US-China trade relations and interest rate cut expectations [1] Downward Risks - The five categories of downward risks include: improvement in the US economy, a hawkish shift from the Federal Reserve, strong fiscal discipline in the US, easing geopolitical tensions, and global central banks selling gold [1] - At present, these risks are not pronounced, indicating a stable environment for gold prices [1] Long-term Outlook - In the long run, gold is expected to benefit from the expansion of global liquidity and increased preference due to risks associated with de-globalization [1] - Multiple factors are likely to continue driving gold prices upward in the coming year [1]

Core Viewpoint - The monetary market continues a loose tone into November, with the bond market sentiment gradually recovering, supported by stable fiscal spending and reduced medium to long-term liquidity pressure [1][2]. Group 1: Liquidity and Monetary Policy - November is expected to maintain a loose liquidity stance, with a significant improvement in liquidity supply-demand dynamics compared to October, including a decrease in medium to long-term liquidity pressure by approximately 100 billion yuan [1][2]. - The central bank's resumption of government bond trading operations is injecting longer-term, more stable funds into the market, enhancing market confidence [1][2]. - Historical patterns indicate that November typically experiences relatively stable liquidity, with short-term interest rates expected to remain below policy rates [1][2]. Group 2: Bond Market Recovery - The improvement in liquidity is gradually transmitting to the bond market, with the 30-year government bond futures price rebounding from a low of 113 yuan to above 116 yuan since mid-October, indicating a clear recovery in market sentiment [3][4]. - The recent drop in short-term funding rates, particularly the 1-year interbank certificate of deposit rate to around 1.63%, reflects a stable short-term funding price, supporting the bond market's recovery [4][5]. Group 3: Year-End Market Outlook - Multiple institutions express cautious optimism regarding the overall year-end bond market, predicting that short-term configuration value will stand out while long-term bonds have room for recovery [5][6]. - The current low funding rates and limited funding stratification suggest a steady release of institutional configuration demand, with trading sentiment gradually warming [5][6]. - Investment strategies should focus on a balanced approach, emphasizing high-elasticity bonds and short-term bonds, while being prepared for profit-taking as the year-end approaches [6].

本报记者 于宏 今年以来，券商自营业务实现良好收益，前三季度，42家A股上市券商（未包含国盛证券，下同）实现 自营业务净收入1868.57亿元，同比增长43.83%。 多位券商分析师表示，今年以来，经纪及自营业务的增长驱动券商业绩修复，泛自营业务能力将成为券 商业绩分化的关键影响因素。 聚焦行业"第一梯队"的表现来看，中信证券保持领跑，前三季度自营业务净收入为316.03亿元，同比增 长45.88%；其次是国泰海通，自营业务净收入为203.7亿元，同比增长90.11%；中国银河、申万宏源、 中金公司、华泰证券也保持稳健的表现，自营业务净收入分别为120.81亿元、119.33亿元、109.66亿 元、102.23亿元。 在自营业务保持可观增速、对总营收贡献度不断提高的背景下，券商纷纷加码自营业务布局。一方面， 行业自营业务规模不断扩张，最新数据显示，截至三季度末，上市券商自营证券规模（母公司口径）合 计达5.48万亿元，较去年年末增长了11.4%；另一方面，券商持续优化资产配置策略，以提升整体收 益。 业务表现分化显著 在自营业务的战略布局方面，多家券商披露了自身的独特"打法"。例如，东北证券自营业务致力于构 ...

Core Viewpoint - CITIC Securities has initiated coverage on JOYY Inc. (欢聚集团) with a "Buy" rating and set a target price of $97 for 2026, indicating significant upside potential from the current stock price [1] Group 1: Value Proposition - JOYY's current market capitalization is below its net cash on the balance sheet, which is approximately $3.3 billion as of Q2 2025 [1] - The company has announced a shareholder return plan for 2025-2027, including a share buyback of about $300 million and cash dividends of approximately $600 million ($50 million per quarter), resulting in an annualized shareholder return rate of around 10% [1] - The traditional live streaming business has stabilized after adjustments, with expectations of providing steady cash inflows in the future [1] Group 2: Growth Potential - The global third-party programmatic advertising market is experiencing rapid growth, with companies like Applovin and Mobvista showing strong performance [1] - JOYY's BIGO Ads platform benefits from its own data accumulated through a pan-entertainment and e-commerce ecosystem, allowing it to compete in third-party data with lower customer acquisition costs [1] - The advertising business is still in the early stages of accelerated growth, and analysts are optimistic about the rapid expansion of the third-party advertising business, which could drive a shift in the company's investment profile from value to growth [1][2] Group 3: Business Performance - JOYY's fundamentals are improving, with overseas live streaming business stabilizing quarter-on-quarter and overseas advertising business showing significant year-on-year growth [2] - As advertising business volume increases and profitability rebounds, JOYY is expected to undergo a valuation reassessment [2]

Investment Rating - The report maintains a "Recommendation" rating for the securities industry, indicating a positive outlook for investment opportunities in the sector [3]. Core Insights - The securities industry has benefited from a slow bull market, with listed brokers achieving a year-on-year increase in operating income of 43% and net profit of 63% in Q3 2025 [6][16]. - The report emphasizes the importance of brokers as "flag bearers" of the bull market, despite their overall underperformance, suggesting they warrant more attention and allocation [7][16]. - The report forecasts that the industry will achieve total revenue of 556.7 billion yuan, a year-on-year increase of 23%, and net profit of 233.8 billion yuan, a year-on-year increase of 40% for the year 2025 [7][16]. Summary by Sections 1. Performance Benefiting from Slow Bull Market - The market environment is characterized by a strong stock market and weak bond market, with the ChiNext Index rising by 51.2% in Q3 2025 [9][11]. - Listed brokers reported total operating income of 419.6 billion yuan and net profit of 169 billion yuan in Q3 2025, reflecting significant growth [16][20]. - The average annualized ROE for 42 listed brokers was 7.51%, an increase of 2.2 percentage points from the previous year [25]. 2. Business Segment Performance - Brokerage income increased by 68% year-on-year, reaching 111.8 billion yuan in Q3 2025, driven by a significant expansion in the client base [39]. - Investment banking income grew by 16% year-on-year, totaling 25.2 billion yuan, with a notable increase in IPO and refinancing activities [47][56]. - Asset management income decreased by 2% year-on-year, amounting to 33.3 billion yuan, but the decline rate has narrowed [64]. 3. Annual Outlook - The report anticipates a perfect closing year for the industry, with a focus on policy and liquidity outlooks [7][16]. - The report highlights the ongoing trend of cost reduction among brokers, which is expected to impact revenue and profit concentration differently across firms [28]. 4. Investment Recommendations - The report suggests focusing on potential catalysts for low-cost acquisition of related stocks, particularly in light of upcoming policy meetings and economic work conferences [7][16]. - Specific recommendations include increasing positions in high-performing stocks such as Guotai Junan, Huatai Securities, and CICC, while also considering flexible stocks like GF Securities and Guosen Securities [7][16].

Group 1 - The core point of the article is that Longyang Electronics (SZ 301389) announced an investor research meeting scheduled for November 5, 2025, where the company's chairman, Fu Qingxuan, will participate and address investor inquiries [1] - For the year 2024, Longyang Electronics' revenue composition is entirely from the manufacturing sector, with a 100.0% share [1] - As of the report, Longyang Electronics has a market capitalization of 15.5 billion yuan [2]

Market Overview - The A-share market saw all three major indices rise today, with the Shanghai Composite Index up 0.23% closing at 3969.25 points, the Shenzhen Component Index up 0.37% at 13223.56 points, and the ChiNext Index up 1.03% at 3166.23 points. The total trading volume in the Shanghai and Shenzhen markets was 1.8723 trillion yuan, a decrease of 43.4 billion yuan compared to the previous day [3]. Market Sentiment - The current market sentiment is under scrutiny, with discussions on whether the bulls or bears are "crazy." Notably, Michael Burry, a well-known short-seller, has begun shorting Nvidia and Palantir, causing significant concern on Wall Street. His previous successful prediction of the 2008 financial crisis adds weight to his current actions, which have led to a notable decline in major U.S. indices, including a 2% drop in the Nasdaq [4][5]. A-share Market Reaction - The A-share market opened significantly lower, with the Shanghai Composite Index down nearly 1% and the Shenzhen Component Index down about 1.5%. However, a typical market behavior of "low open, high rise" was observed as main funds initiated self-rescue efforts, leading to a recovery [5][6]. Sector Performance - The performance of sectors today showed a clear divide, with TMT (Technology, Media, and Telecommunications) sectors, including software development, semiconductors, and internet services, experiencing declines. Conversely, energy sectors such as wind, water, electricity, coal, and oil saw strong performance. This indicates a demand for recovery in previously lagging sectors while retaining some bullish sentiment [7]. Technology Sector Concerns - The technology sector is currently under pressure, with concerns about the commercial viability of the artificial intelligence industry, particularly in the consumer market. The lack of clear profit models and the high capital expenditure in areas like data centers are seen as potential risks. The Nasdaq's recent performance, having adjusted for five consecutive trading days, suggests that the technology sector may need to consolidate [8][9].

Core Viewpoint - CanSino's stock is currently trading at 74.99 yuan, reflecting a decline of 2.27% and is in a state of post-IPO price drop [1] Group 1: IPO Details - CanSino was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 13, 2020, with an issuance of 24.8 million shares at a price of 209.71 yuan per share [1] - The total funds raised by CanSino amounted to 5.201 billion yuan, with a net amount of 4.979 billion yuan after deducting issuance costs, which is 3.979 billion yuan more than the original plan [1] - The company initially aimed to raise 1 billion yuan for various projects including the construction of a second production base and vaccine development [1] Group 2: Underwriting and Fees - The total issuance costs for CanSino were 221 million yuan, with underwriting and sponsorship fees accounting for 205 million yuan [2] - CITIC Securities, as the lead underwriter, received an allocation of 496,000 shares, representing 2% of the total shares issued, with an investment amount of 104 million yuan [2]

Group 1 - The stock of Conglin Technology (688370.SH) closed at 25.09 yuan, with a decline of 2.30%, currently in a broken state [1] - Conglin Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 25, 2022, with a public offering of 26,606,185 shares, accounting for approximately 25.01% of the total share capital post-issuance, at an issuance price of 59.76 yuan per share [1] - The total funds raised by Conglin Technology amounted to 158,998.56 million yuan, with a net amount of 143,688.96 million yuan after deducting issuance costs (excluding tax), which is 59,311.04 million yuan less than the original plan [1] Group 2 - The company incurred total issuance costs of 15,309.60 million yuan, with CITIC Securities Co., Ltd. receiving underwriting fees of 12,719.88 million yuan [2] - On June 29, 2023, Conglin Technology announced the implementation of its 2022 annual profit distribution plan, distributing a cash dividend of 2.8 yuan per share (including tax) based on a total share capital of 106,400,000 shares, totaling 297,920,000 yuan in cash dividends and a capital reserve transfer of 0.3 shares per share, resulting in a total share capital of 138,320,000 shares post-distribution [2]

Core Insights - The report highlights the performance of Hong Kong's IPO market, indicating a total of 173 new listings over the past 24 months, with 98 in the last 12 months and 81 in the current year [1][6]. Group 1: IPO Statistics - In the past 24 months, 58 brokerage firms participated in the sponsorship of 172 new listings, excluding one simple transfer from GEM to the main board [1][6]. - The top three brokerage firms in terms of new listings sponsored over the past 24 months are: 中我公司 (50), 中信证券 (36), and 华泰国际 (28) [3][6]. - In the last 12 months, 39 out of the 58 brokerage firms sponsored 97 new listings, with 中金公司 leading with 50 listings [9][10]. Group 2: Brokerage Firm Rankings - The rankings of brokerage firms for the past 24 months show 中我公司 in first place, followed by 中信证券 and 华泰国际 [2][3]. - In the past 12 months, 中金公司 maintained the top position with a sponsorship rate of 29.1%, while 中信证券 and 华泰国际 followed with rates of 20.9% and 16.3%, respectively [9][10]. - For the current year, 中金公司 again leads with 27 listings, achieving a participation rate of 33.8% [14]. Group 3: Participation Rates - Among the 58 brokerage firms, 44.8% (26 firms) participated in only one listing in the past 24 months [8]. - In the last 12 months, 31.0% (18 firms) also participated in only one listing [12]. - The trend continues in the current year, with 31.0% (18 firms) participating in just one listing [15].