2007 6 == == = 年11月4-6日 北京 中国大饭店 更新时间2025/10/31 11月4日 会议大厅ABC 09:10-10:00 中国宏观经济面临的挑战和应对之策 余永定 - 中国社会科学院学部委员 10:00-10:40 美国经济和货币政策展望 郭 凯 - 中国金融四十人研究院执行院长 10:40-11:20 全球变局下的大国关系走向 赵 海 - 中国社科院国家全球战略智库国际政治研究部主任 主论坛 09:00-09:10 致辞 李俊杰 - 国泰海通总裁 11:20-12:00 人工智能的未来和机会 郑书新 - 北京中关村人工智能研究院副院长 11月4日 会议大厅A 人形机器人 2 总量分论坛 ① 14:00-14:30 2026 年度中国权益投资策略展望 方 奕 - 国泰海通证券策略研究首席分析师 14:30-15:00 2026 年度港股投资策略展望 吴信坤 - 国泰海通证券海外策略研究首席分析师 15:00-15:30 2026 年度金融工程策略展望 郑雅斌 - 国泰海通证券金融工程研究首席分析师 15:30-16:00 2026 年 IPO 市场展望 王政之 - 国泰海通证券新股研 ...

中国经济网北京11月4日讯（记者 韩艺嘉 关婧） 2025年1-10月，上交所、深交所及北交所共有87 家上市企业，其中主板29家企业上市，创业板有29家企业上市，科创板有11家企业上市，北交所有18家 企业上市。 据同花顺iFinD数据统计，这87家上市企业合计募资总额为901.23亿元。华电新能募资181.71亿元， 为1-10月的募资王。西安奕材、中策橡胶分别募资46.36亿元、40.66亿元，分列募资额第二、三名。 1-10月，共有33家券商参与了新增上市企业的保荐承销工作，合计赚得承销保荐费用44.59亿元。 其中，国泰海通成为2025年1-10月券商承销保荐费用的第一名，合计赚得承销保荐费用58825.64万 元。国泰海通保荐了长江能科、联合动力、友升股份、悍高集团、首航新能、浙江华业、浙江华远、常 友科技、毓恬冠佳9家企业上市，与华英证券、天风证券担任了兴福电子的联合主承销商，与中信建 投、中信证券、川财证券、中金公司、华泰联合担任了华电新能的联合主承销商，与中金公司担任了屹 唐股份的联合主承销商，与中信建投担任了禾元生物的联合主承销商。 中信证券、中信建投分别以54504.30万元、53563 ...

| 券商 | 重仓股票 | 持仓数量(万股) | 持仓市值(亿元) | 股票所属申万一级行业 | | --- | --- | --- | --- | --- | | 中信建投 | 牧原股份 | 3743.30 | 19.84 | 农林牧渔 | | 申万宏源 | 光启技术 | 2148.73 | 10.79 | 国防军工 | | 申万宏源 | 藏格矿业 | 1590.71 | 9.28 | 有色金属 | | 招商证券 | 藏格矿业 | 1581.92 | 9.23 | 有色金属 | | 广发证券 | 吉林敖东 | 4322.05 | 8.65 | 医药生物 | | 中信证券 | 上海求士 | 12439.27 | 8.32 | 医药生物 | | 国泰海通 | 邮储银行 | 12646.53 | 7.27 | 銀行 | | 中信证券 | 东北亚券 | 7163.23 | 6.21 | 非银金融 | | 中信建投 | 香农芯创 | 650.3 | 5.93 | 电子 | | 广发证券 | 中矿资源 | 1110.48 | 5.50 | 有色金属 | 三季度末券商重仓股TOP10(按持仓市值排名) 数据来源：Choi ...

回溯来看，今年2月国联证券收购民生证券后更名为国联民生，4月国泰君安吸收合并海通证券后更名为 国泰海通，5月宏信证券在控股股东变更后更名为天府证券，7月瑞信证券在实控人变更后更名为北京证 券，9月恒泰证券更名为金融街证券。半年多时间里，券商密集更名。 检视上一次券商更名案例还要追溯至2023年12月，2024年全年则无一例。上海证券报记者梳理相关公告 发现，今年来券商更名虽情形各异，但表面动因可归纳为三大方向，分别是股权变更、吸收合并及主动 的经营调整。 张大伟 制图 ◎刘禹希 记者 徐蔚 2025年，证券行业迎来更名大年。据上海证券报记者统计，年内已有6家券商完成名称变更。从并购重 组催生的国联民生、国泰海通，到股权变更后亮相的天府证券、北京证券，再到剥离多元业务、聚焦主 业的国盛证券，这些新名称的背后，并非简单的品牌焕新，而是在牌照红利消退、业务同质化严重 等"旧烦恼"下，叠加监管"打造航母级券商"引导与地方国资整合诉求后，券商展开的一场关于生存与转 型的集中探索，折射出整个证券行业在时代变革中的战略重构。 三重驱动因素 10月26日，国盛金控发布公告称，公司名称正式由国盛金融控股集团股份有限公司变更为国 ...

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]

Core Insights - As of the end of Q3 2025, 44 brokerage firms appeared in the top ten shareholders of 361 listed companies, with a total holding value of 66.623 billion yuan [1][2] - The brokerage firms' holdings are primarily concentrated in the hardware equipment and chemical industries, with 41 and 33 stocks respectively [2] - A total of 118 A-shares have a holding value exceeding 100 million yuan from brokerages, with CITIC Jiantou holding the highest value in Muyuan Foods at 1.984 billion yuan [2] Brokerage Holdings Overview - The total number of shares held by brokerages reached 5.195 billion, corresponding to a market value of 66.623 billion yuan [2] - The top brokerage firms by number of holdings include Huatai Securities (50 companies), CITIC Securities (39), and Guosen Securities (36) [5] - The self-operated business revenue of brokerages accounted for over 44% of total revenue, with a total of 186.857 billion yuan generated in the first three quarters [5] New Investments and Increases - In Q3, brokerages entered the top ten shareholders of 206 new stocks, mainly in the non-ferrous metals, pharmaceutical, hardware equipment, and chemical industries [3] - Notable new investments include Guotai Junan's 727 million yuan stake in Postal Savings Bank and CITIC Jiantou's 352 million yuan stake in Shenhuo Co [3] - A total of 63 stocks saw increased holdings from brokerages, with Dongfang Securities increasing its stake in Inner Mongolia Electric Power by 88 million yuan [3] Reductions in Holdings - Some brokerages reduced their holdings in certain stocks, such as CITIC Jiantou's reduction in Xin Nuo Wei and Shenwan Hongyuan's reduction in Hongda Shares [4] - Despite reductions, the market value of some holdings increased due to stock price appreciation, as seen with Shenwan Hongyuan's holdings in Guangqi Technology and Cangge Mining [4]

Group 1 - The current index level is less significant than the underlying valuation, with structural opportunities still present despite short-term investor caution, particularly in the technology sector [2] - Major industries such as new energy, chemicals, consumer electronics, resources, and machinery are expected to see profit growth, with a focus on traditional manufacturing upgrades and AI applications [2] - The overall market is entering a recovery phase, with improved net profit margins and performance in large-cap stocks, indicating a positive economic outlook [3] Group 2 - The market is expected to experience a period of consolidation, with a shift in investment styles and a focus on sectors like coal, oil, new energy, and non-bank financials [6] - The macroeconomic environment is improving, with potential for policy support and a stable long-term outlook for the A-share market [7] - The focus is shifting towards internal structural optimization and themes such as AI, overseas expansion, and cyclical industries, with an emphasis on sectors like non-ferrous metals and energy storage [8] Group 3 - The market is likely to see a rotation in investment styles, with a focus on sectors that benefit from domestic demand and infrastructure projects [9] - The current high allocation to technology stocks may lead to increased volatility, but the long-term outlook remains optimistic with a potential recovery in earnings [12] - The upcoming period may witness a transition from a growth-driven market to one that emphasizes value and cyclical stocks, particularly in resource sectors [10][11]

Macro Overview - The long-term growth potential of China's economy is significant, with a stable macroeconomic total expected by 2025, but structural differentiation is evident, necessitating policy solutions for weak domestic demand in 2026 [4] - Asset restructuring is crucial, with inflation expectations playing a vital role in wealth management for residents [5] - Global economic and monetary system restructuring is leading to changes in the pricing framework for assets like gold, the US dollar, and US Treasuries [6] Hong Kong Stock Market Strategy - Hong Kong stocks have substantial upward valuation potential, with the overall valuation still considered low despite a rapid recovery in 2025 [11] - The market is expected to attract a significant amount of incremental capital, with over 1.5 trillion yuan anticipated from domestic investors in 2026 [12] - The scarcity of quality assets in the Hong Kong market is a strong supporting factor for upward movement, particularly in sectors like internet, new consumption, and innovative pharmaceuticals [12] - The technology sector is projected to be the main focus for 2026, driven by the AI wave and supportive policies [13] Non-Banking Sector Regulations - The China Securities Regulatory Commission is seeking opinions on new guidelines for performance benchmarks for publicly offered securities investment funds, aiming to address systemic issues in performance comparison and management mechanisms [19][20] - The new regulations will enhance the selection, change, disclosure, and constraint of benchmarks, improving investment transparency and potentially increasing the proportion of index products in the market [21] Asset Overview - Equity markets are outperforming bonds and commodities, with significant gains in Asian markets, particularly Japan and South Korea [25][26] - The bond market shows a "bull steep" characteristic in China, while US Treasuries exhibit a "bear flat" trend due to hawkish signals from the Federal Reserve [27] - Commodity indices have seen declines, with gold and oil leading the downturn, while the US dollar index has risen [28]

Core Viewpoint - The article discusses the nomination of Luo Dongyuan, the current Vice President of Guotai Haitong Securities, for a key managerial position in a state-owned enterprise in Shanghai, highlighting his extensive experience in the securities industry and the recent strong performance of Guotai Haitong Securities [2][3][4]. Group 1: Company Background - Luo Dongyuan has over 20 years of experience in the securities industry, having held various senior positions at Guotai Junan Securities before becoming Vice President of Guotai Haitong Securities [3]. - Guotai Haitong Securities recently underwent a name change and restructured its management team, with Luo being appointed as Vice President in July [3]. Group 2: Recent Performance - In the third quarter of 2025, Guotai Haitong Securities reported a record revenue of 22.02 billion yuan, a year-on-year increase of 136.0%, and a net profit attributable to shareholders of 9.02 billion yuan, up 102% [4]. - For the first three quarters of 2025, the company achieved a total revenue of 45.89 billion yuan, a year-on-year growth of 101.6%, and a net profit attributable to shareholders of 22.07 billion yuan, reflecting a 131.8% increase [5]. - The company's total assets exceeded 2 trillion yuan, marking a 91.7% increase from the previous year, with net capital and net assets maintaining the industry's leading position [5].

Core Viewpoint - The article discusses the nomination of Luo Dongyuan, the current Vice President of Guotai Haitong Securities, for a managerial position in a Shanghai state-owned enterprise, highlighting his extensive experience and the company's recent strong financial performance [2][3][4]. Group 1: Company Leadership and Experience - Luo Dongyuan has over 20 years of experience in the securities industry, having held various senior positions at Guotai Junan Securities before becoming Vice President of Guotai Haitong Securities [3]. - In April 2023, Guotai Haitong announced its new organizational structure and leadership team, including Luo Dongyuan as Vice President [3]. - Luo Dongyuan was nominated for a managerial position in a Shanghai state-owned enterprise in October 2023 [2]. Group 2: Financial Performance - Guotai Haitong Securities reported record-high total assets, operating income, and net profits for the first three quarters of 2023, with operating income reaching 458.9 billion yuan, a year-on-year increase of 101.6% [5]. - The company achieved a net profit attributable to shareholders of 220.7 billion yuan, up 131.8% year-on-year, and a non-recurring net profit of 163.0 billion yuan, increasing by 80.5% [5]. - In the third quarter of 2023 alone, Guotai Haitong's operating income was 220.2 billion yuan, a 136.0% increase year-on-year, and a non-recurring net profit of 90.2 billion yuan, up 102% [4][5].