Summary of Key Points Core Viewpoint - In the first ten months of 2025, a total of 87 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 901.23 billion yuan in funds, indicating a robust capital market activity in China [1]. Group 1: Listing and Fundraising - A total of 87 companies were listed, with 29 on the main board, 29 on the ChiNext, 11 on the Sci-Tech Innovation Board, and 18 on the Beijing Stock Exchange [1]. - The total fundraising amount reached 901.23 billion yuan, with Huadian New Energy leading at 181.71 billion yuan [1]. - Other notable fundraisers included Xi'an Yicai and Zhongce Rubber, raising 46.36 billion yuan and 40.66 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - 33 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a total of 44.59 billion yuan in fees [1]. - Guotai Junan ranked first in underwriting fees, earning 58.83 million yuan from sponsoring nine companies [1]. - CITIC Securities and CITIC Jianzhong followed in the ranking, earning 54.50 million yuan and 53.56 million yuan respectively [2]. Group 3: Detailed Underwriting Contributions - Guotai Junan sponsored nine companies, including Changjiang Nengke and United Power [1]. - CITIC Securities sponsored seven companies, including Xi'an Yicai and Ruili Kemi [2]. - CITIC Jianzhong sponsored seven companies, including Daosheng Tianhe and Zhongce Rubber [2]. Group 4: Overall Market Performance - The top five securities firms accounted for 50.77% of the total underwriting fees, amounting to 22.64 billion yuan [4]. - Other firms in the top ten included CICC, China Merchants Securities, and Shenwan Hongyuan, with fees ranging from 13.66 million yuan to 23.16 million yuan [4].

Core Viewpoint - China General Nuclear Power (01816.HK) has seen an increase in shareholding by CITIC Securities - Kaiyuan Single Asset Management Plan, which raised its stake from 11.99% to 12.14% by acquiring 16.16 million shares at an average price of HKD 3.0868 per share, totaling approximately HKD 49.88 million [1]. Summary by Category - **Shareholding Increase** - CITIC Securities - Kaiyuan Single Asset Management Plan acquired 16.16 million shares of China General Nuclear Power [1]. - The average purchase price was HKD 3.0868 per share [1]. - Post-acquisition, the total number of shares held by CITIC Securities - Kaiyuan is 1,355,560,000, representing a 12.14% stake [1]. - **Financial Implications** - The total investment for the share acquisition was approximately HKD 49.88 million [1].

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]

Core Points - As of November 3, 2025, CITIC Securities (600030) closed at 29.22 CNY, down 0.54% from the previous trading day, with a total market capitalization of 433.06 billion CNY [1] - The stock opened at 29.35 CNY, reached a high of 29.38 CNY, and a low of 28.93 CNY, with a trading volume of 4.06 billion CNY and a turnover rate of 1.14% [1] Company Information - The company disclosed its monthly securities change report as of October 31, 2025, indicating no changes in its legal/registered share capital [1] - The number of ordinary H shares is 2,620,076,855 with a par value of 1 CNY per share, listed on the Hong Kong Stock Exchange, while the number of ordinary A shares is 12,200,469,974, also with a par value of 1 CNY per share, not listed on the Hong Kong Stock Exchange [1] - The total legal/registered share capital at the end of the month is 14.82 billion CNY, with no changes in issued shares for both H and A shares, and zero treasury shares [1]

Core Insights - The company held an investor conference call on November 3, 2025, with participation from 45 institutions, including major asset management and securities firms [1][2] Group 1: Financial Performance - In Q3 2025, the company's performance showed significant improvement, with a gross margin of 7.15%, up 2.09 percentage points quarter-on-quarter, and a net margin of 2.3%, up 2.26 percentage points [3] - The improvement in gross margin was attributed to three main factors: rapid sales growth leading to economies of scale, continuous optimization of product structure with key models contributing more to sales, and effective cost reduction measures across various operational aspects [5] Group 2: Industry Trends - The heavy truck industry is experiencing a recovery driven by two main factors: the ongoing "old-for-new" policy and the demand from major domestic engineering projects. The industry is expected to maintain good growth potential in the future as economic and construction demands increase [4] - The penetration rate of new energy vehicles in commercial vehicles is rapidly increasing, with expectations for further growth due to improved infrastructure and decreasing costs of new energy models. The company is strategically planning to enhance its market competitiveness by increasing the sales proportion of new energy products [6] Group 3: Future Plans - The company has completed capacity layout during the "13th Five-Year" and "14th Five-Year" periods and is currently in the output phase. Future capital expenditures will focus on optimizing resource input-output ratios and increasing R&D investment to maintain innovation capabilities and product launch pace [7] - The company has initiated comprehensive cost reduction efforts, with leadership actively involved in reducing expenses. Future strategies will include expanding overseas markets and enhancing after-market services to improve operational quality [8]

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. has changed its counseling institution from CICC to CITIC Securities, indicating a strategic shift to accelerate its IPO process in the AI chip industry [1][6]. Company Overview - Shanghai Suyuan Technology was established on March 19, 2018, with a registered capital of 387.32 million yuan. The company focuses on AI cloud computing products, including intelligent acceleration cards and high-density servers, applicable in various sectors such as smart cities and autonomous driving [2][3]. - The company has attracted significant investment from various institutions, including Tencent and state-owned capital, reflecting its strong market position [3]. IPO Counseling and Fees - The change in counseling institutions has led to a notable increase in the fee structure. CITIC Securities charges a higher fee rate of approximately 5%, compared to CICC's 1.56% [4][6]. - Suyuan Technology's IPO progress has been slower compared to its peers, having started its counseling in August 2024 and completed five phases by September 2025, while competitors have advanced more rapidly [5][6]. Market Position and Performance - In the first ten months of 2025, CITIC Securities ranked second in the number of IPOs sponsored, with nine companies, while CICC sponsored only three [8][9]. - CITIC Securities has demonstrated strong performance in the A-share market, with a significant increase in investment banking revenue, while CICC has excelled in the Hong Kong market [7][8].

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. is undergoing a change in its sponsorship for the IPO process, switching from China International Capital Corporation (CICC) to CITIC Securities, indicating a strategic move to accelerate its listing progress in the A-share market [1][8]. Company Overview - Shanghai Suyuan Technology was established on March 19, 2018, with a registered capital of 387.32 million yuan. The company focuses on AI cloud computing products, including intelligent acceleration cards and high-density servers, applicable across various industries [2][4]. - The company has attracted significant investment from various institutions, including Tencent and state-owned capital, reflecting its strong market position and growth potential [4]. Sponsorship Change - The change in sponsorship to CITIC Securities is expected to enhance the company's IPO prospects, as CITIC has a strong track record in the A-share market, contrasting with CICC's broader focus [8][11]. - The average fundraising amount and fee structure have changed significantly, with CITIC Securities charging a higher fee rate of approximately 5%, compared to CICC's 1.56% [5][8]. Market Context - Suyuan Technology's IPO progress has lagged behind its peers in the AI chip sector, having started its listing guidance in August 2024, while competitors have advanced more rapidly [8][11]. - In the first ten months of 2025, CITIC Securities ranked second in the number of companies sponsored for IPOs in the A-share market, while CICC sponsored only three companies during the same period [10][11]. Financial Performance - In the first three quarters of 2025, CITIC Securities reported investment banking revenue of 3.689 billion yuan, a year-on-year increase of 30.88%, while CICC's revenue was 2.940 billion yuan, up 42.55% [9][10].

Core Viewpoint - CITIC Securities has increased its stake in China General Nuclear Power (01816) by acquiring 16.16 million shares at a price of HKD 3.0868 per share, totaling approximately HKD 49.88 million, raising its ownership to about 1.3556 billion shares, which represents 12.14% of the company [1] Summary by Category - **Share Acquisition** - CITIC Securities acquired 16.16 million shares of China General Nuclear Power at HKD 3.0868 per share [1] - The total investment for this acquisition was approximately HKD 49.88 million [1] - **Ownership Structure** - Following the acquisition, CITIC Securities' total shareholding in China General Nuclear Power is approximately 1.3556 billion shares [1] - This represents a holding percentage of 12.14% in the company [1]

Core Viewpoint - CITIC Securities-Kaiyuan Single Asset Management Plan has increased its stake in China General Nuclear Power (01816) by acquiring 16.16 million shares at a price of HKD 3.0868 per share, totaling approximately HKD 49.88269 million, resulting in a new holding of about 1.3556 billion shares, representing 12.14% ownership [1] Summary by Category - **Share Acquisition** - CITIC Securities-Kaiyuan has purchased 16.16 million shares of China General Nuclear Power [1] - The acquisition price was HKD 3.0868 per share, leading to a total investment of approximately HKD 49.88269 million [1] - **Ownership Structure** - Following the acquisition, CITIC Securities-Kaiyuan's total shareholding in China General Nuclear Power is approximately 1.3556 billion shares [1] - This represents a 12.14% ownership stake in the company [1]

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]