登录新浪财经APP 搜索【信披】查看更多考评等级 根据《中华人民共和国证券投资基金法》《公开募集证券投资基金运作管理办法》《公开募集证券投资 基金信息披露管理办法》及相关基金的基金合同、招募说明书等有关规定，经履行适当的审批程序，海 富通基金管理有限公司（以下简称"本公司"）旗下部分基金参与了海安橡胶集团股份公司（以下简 称"海安集团"）首次公开发行人民币普通股（A股）并在主板上市（以下简称"本次发行"）的网下申 购，本公司控股股东国泰海通证券股份有限公司为本次发行的主承销商。本次发行价格为人民币48元/ 股，由发行人和承销商根据初步询价结果，综合考虑发行人基本面、市场情况、同行业上市公司估值水 平、募集资金需求及承销风险等因素后协商确定。 投资者可访问本公司网站（www.hftfund.com），或拨打客户服务电话40088-40099（免长途话费）咨询 相关情况。 特此公告。 海富通基金管理有限公司 2025年11月19日 根据法律法规、基金合同及"海安集团"于2025年11月18日发布的《海安橡胶集团股份公司首次公开发行 股票并在主板上市网下发行初步配售结果公告》，现将本公司旗下基金获配信息公告如下： ...

国泰海通 证券 公告称，"25开滦MTN005"申购结束前一小时内出现投资人撤标， 中国银行 撤标规模 3000万元，申购价位3.00%，撤标时间17:27:11。 ...

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][7]. Core Viewpoints - The report indicates that the securities industry is entering a new phase of mergers and acquisitions, termed "M&A 2.0," which emphasizes functional enhancement and the creation of a complementary business ecosystem rather than merely increasing capital size [3][5]. - The report highlights that recent mergers, such as the absorption of Dongxing Securities and Xinda Securities by CICC, reflect a shift towards strengthening professional capabilities and expanding business lines [4][18]. - The overall improvement in the securities industry's fundamentals, including active market trading and growth in margin financing, is expected to drive both valuations and profitability for brokerages [4][22]. Summary by Sections Industry Overview - The report notes a significant wave of mergers and restructuring in China's securities industry, driven by both policy support and market competition. The aim is to cultivate leading investment banks and enhance core competitiveness through consolidation [6][10]. - In the first three quarters of 2025, 43 listed brokerages achieved revenue of CNY 421.42 billion, a year-on-year increase of 42.57%, and a net profit of CNY 169.29 billion, up 62.48% [6]. Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is highlighted as a scale-driven consolidation, significantly enhancing net capital strength and risk tolerance, while optimizing the national network layout [15][17]. - CICC's merger with Dongxing and Xinda Securities is characterized as a functional superiority-driven integration, aimed at enhancing business capabilities and expanding service offerings [18][20]. Business Structure and Performance - The report outlines a dual-driven characteristic in the securities industry, with brokerage and proprietary trading as the main revenue drivers. In the first three quarters of 2025, brokerage income reached CNY 111.78 billion, a year-on-year increase of 74.64% [11]. - The revenue structure is shifting, with brokerage income accounting for 26.5%, investment income 44.4%, and other segments contributing to the overall performance [11]. Investment Recommendations - The report suggests that the recent mergers are likely to stimulate investment enthusiasm in the industry. It recommends focusing on leading brokerages with comprehensive performance layouts and those with high elasticity in earnings, such as Huatai Securities and CITIC Securities [22].

Core Viewpoint - The establishment of the Anhui Gaotou Guotai Haitong Health M&A Equity Investment Fund Partnership (Limited Partnership) with a capital contribution of 500 million yuan indicates a strategic move towards private equity investment in the health sector [1] Group 1 - The newly formed fund will engage in activities such as private equity investment, investment management, and asset management [1] - The fund is co-funded by Junshi Biosciences and Guotai Haitong's wholly-owned subsidiary, Guotai Junan Innovation Investment Co., Ltd. [1]

Core Viewpoint - Ping An Fund Management Co., Ltd. has announced the addition of Guotai Haitong Securities Co., Ltd. as a sales agency for its funds starting from November 24, 2025 [1][2]. Summary by Sections Sales Agency Announcement - From November 24, 2025, investors can conduct account opening, subscription, redemption, regular investment, and conversion through Guotai Haitong Securities for specified products [2]. Fee Rate Discounts - Investors will enjoy fee rate discounts when subscribing or regularly investing through the sales agency. The sales agency has the discretion to determine and execute the discount rates, and any changes will be communicated through the agency's announcements [3]. Important Notes - Regular investment allows investors to set up automatic deductions for fund purchases. The minimum deduction amount is subject to the sales agency's regulations [4]. - Fund conversion allows holders to exchange their fund shares under specified conditions. Detailed rules and fee calculations for conversions can be found on the company's website [4]. Fund Product Details - Investors are encouraged to read the fund contract and prospectus for detailed information about the fund products [5]. Consultation Channels - Investors can consult Guotai Haitong Securities and Ping An Fund Management through their respective customer service hotlines and websites for further details [6][9].

网址：www.gtht.com 客户服务电话：4008888666 2.融通基金管理有限公司 网址：www.rtfund.com 为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司（以下简称"融通基金"）与国泰海 通证券股份有限公司（以下简称"国泰海通证券"）签署的销售协议，从2025年11月24日起，融通基金旗 下融通中国概念债券型证券投资基金(QDII)C类新增国泰海通证券为销售机构。现将有关事项公告如 下： 一、适用基金及业务范围 ■ 二、咨询方式 1.国泰海通证券股份有限公司 客户服务电话：400-883-8088（免长途话费）；0755-26948088 三、风险提示 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保 证最低收益。基金的过往业绩及其净值高低并不预示其未来业绩表现。投资有风险，敬请投资者在投资 基金前认真阅读《基金合同》和《招募说明书》等基金法律文件，了解基金的风险收益特征，并根据自 身的风险承受能力选择适合自己的基金产品。敬请投资者在购买基金前认真考虑、谨慎决策。 特此公告。 融通基金管理有限公司 2025年11月24日 融通基金管 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial industry, indicating an "Overweight" rating for the sector [4]. Core Insights - The integration of brokerages under the Huijin system has commenced, with China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities, potentially enhancing CICC's market position and asset base significantly [4]. - The insurance asset management sector has seen a year-on-year increase of 36% in stock allocation, with total managed funds reaching CNY 33.3 trillion, reflecting a robust growth trajectory [4]. - The report highlights three investment themes for brokerages: benefiting from improved competitive dynamics, focusing on firms with strong earnings elasticity, and targeting companies with strong international business capabilities [4]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,453.61, down 3.77% for the week, while the non-bank index fell 4.44% [7]. - The brokerage sector index decreased by 4.89%, underperforming the broader market [7]. Non-Bank Industry Data - As of the end of 2024, the total assets managed by 34 insurance asset management companies increased by 10.6% year-on-year to CNY 33.3 trillion, with a notable rise in stock allocations [4]. - The average daily trading volume in the stock market for November 2025 was CNY 19,739.55 billion, reflecting a slight decrease from the previous month [20]. Key Announcements - CICC is undergoing a significant asset restructuring, which is expected to enhance its competitive position in the market [34]. - The China Banking and Insurance Regulatory Commission has announced the inclusion of electronic savings bonds in personal pension products, effective June 2026, which may influence investment strategies in the insurance sector [21].

Core Viewpoint - The market is focused on the expected development trends for 2026, with a consensus emerging that A-shares present structural opportunities and that the macroeconomic environment will continue to show signs of recovery [1][2]. Group 1: Economic Outlook - Major securities firms predict China's economic growth for 2026 will be in the range of 4.9% to 5.0%, with a "front low, back high" growth pattern expected [3]. - The overall judgment from economists is that the macroeconomic environment will be "stable and improving, with structural optimization" [2][3]. - Export resilience and ongoing industrial upgrades are viewed as key supports for the macroeconomy, with expectations of strong export performance in 2026 [2]. Group 2: Policy and Structural Changes - The core direction for policy in 2026 will focus on structural optimization and a balanced approach to supply and demand [3]. - There is an expectation of moderate expansion in fiscal policy, which will support the conclusion of the deleveraging cycle [2][3]. - The need to address weak domestic demand remains a critical issue for 2026, with price stability being essential for growth [4]. Group 3: Investment Themes - The investment focus for A-shares in 2026 is expected to shift from being driven by sentiment, funds, and valuation to being driven by performance verification [5]. - Key areas of interest include technology growth, external demand breakthroughs, and cyclical recovery [5][6]. - The AI revolution is entering a critical application phase, which is anticipated to support the performance of Chinese assets [6]. Group 4: Sectoral Insights - Three main structural themes for 2026 include recovery trades in cyclical sectors, technology industry trends particularly in AI, and the enhancement of manufacturing influence [6][7]. - The potential for Chinese companies to improve their position in the global value chain is highlighted, with a focus on upgrading traditional manufacturing and expanding global presence [7].

Core Insights - The article highlights the growth and transformation of Chinese tech companies, particularly Tianyue Advanced and Puyuan Precision Electric, showcasing their achievements in the capital market and technological innovation [8][12][19] Group 1: Company Achievements - Tianyue Advanced showcased the world's first 12-inch silicon carbide substrate at the 2024 Munich Electronics Fair, marking a significant milestone in the industry [8] - Puyuan Precision Electric's MHO900 series ultra-portable oscilloscope has entered the global high-end measurement instrument market, reflecting its competitive edge [8] - Tianyue Advanced achieved a revenue of 794 million yuan and a net profit of 10.88 million yuan in the first half of the year, with R&D expenses increasing by 34.94% [10] - Puyuan Precision Electric's net profit grew by 112.1% in the first half of the year, aided by its acquisition of a majority stake in Beijing Naisu Electronics [11] Group 2: Capital Market Support - Guotai Junan has developed a comprehensive financial service model that supports tech companies throughout their lifecycle, acting as a long-term partner in their growth [8][12] - The capital market has undergone structural changes that facilitate a virtuous cycle among technology, capital, and industry, shifting from "single-point support" to "ecological co-construction" [8][12] - Guotai Junan's involvement in Tianyue Advanced's IPO process helped bridge the knowledge gap between the silicon carbide industry and investors, enabling a successful listing on the Sci-Tech Innovation Board [10] Group 3: Industry Trends - The oscilloscope market in China is projected to grow at a compound annual growth rate (CAGR) of 8.16% from 2018 to 2024, indicating a robust demand for high-end measurement instruments [10] - The introduction of the "Eight Articles of the Sci-Tech Innovation Board" by the China Securities Regulatory Commission has encouraged tech companies to achieve technological synergies through mergers and acquisitions [11] - The capital market is evolving to provide a more supportive environment for tech innovation, with a focus on long-term capital and sustainable growth [17][19]

Core Insights - The China Securities Association reported a significant increase in bond underwriting activities by securities firms in the first three quarters of 2025, with a total of 75 firms underwriting 674 bonds worth 705.18 billion yuan, marking a year-on-year growth of 57.77% [1][2] Group 1: Green Bonds - In the first three quarters of 2025, 51 securities firms acted as lead underwriters for green bonds, underwriting 137 bonds totaling 109.01 billion yuan, with asset securitization products accounting for 40 bonds worth 49.62 billion yuan [1] - The top three firms in green bond underwriting were CITIC Securities, CITIC Jiantou, and Guotai Junan, with underwriting amounts of 18.79 billion yuan, 12.54 billion yuan, and 10.15 billion yuan respectively [1] Group 2: Low-Carbon Transition Bonds - A total of 26 securities firms served as lead underwriters for low-carbon transition bonds, underwriting 25 bonds with a total value of 14.38 billion yuan [1] - The leading firms in this category were Guotai Junan, GF Securities, and Guoxin Securities, with underwriting amounts of 1.70 billion yuan, 1.26 billion yuan, and 1.00 billion yuan respectively [1] Group 3: Technology Innovation Bonds - The same 75 securities firms also acted as lead underwriters for technology innovation bonds, underwriting 674 bonds worth 705.18 billion yuan, reflecting a year-on-year increase of 57.77% [2] - The top underwriters in technology innovation bonds included CITIC Securities, CITIC Jiantou, and Guotai Junan, with underwriting amounts of 141.79 billion yuan, 111.17 billion yuan, and 84.46 billion yuan respectively [2] Group 4: Support for SMEs and Private Enterprises - In the first three quarters, 41 securities firms underwrote 50 bonds for small and micro enterprises, totaling 20.77 billion yuan [2] - For private enterprise bonds, 56 firms underwrote 368 bonds worth 391.36 billion yuan, with asset securitization products accounting for 212 bonds valued at 190.40 billion yuan [2] - Leading firms in underwriting small and micro enterprise support bonds included Wukuang Securities, Guosen Securities, and Guotai Junan, while CITIC Securities, Ping An Securities, and Huatai Asset Management led in private enterprise bond underwriting [2] Group 5: Local Government Bonds - A total of 69 securities firms participated in issuing local government bonds, with a combined winning bid amount of 336.95 billion yuan across 31 regions [2] - The firms with the most successful bids were Galaxy Securities, Huatai Securities, and Guotai Junan, with successful bids in 31, 30, and 29 regions respectively [2]