Group 1 - The article discusses the upcoming Guotai Junan Securities 2026 Strategy Conference scheduled for November 4-6, 2025, in Beijing [1] - It emphasizes the importance of the conference for investors and stakeholders in the financial sector [1] Group 2 - The content is intended solely for clients who have signed up for Guotai Junan Securities research services, highlighting the exclusivity of the information [4] - There is a reminder for non-clients to unsubscribe to ensure service quality and manage investment risks [4]

Core Insights - In the first ten months of 2025, a total of 87 companies went public in the A-share market, marking an approximate 8.75% increase compared to 80 companies in the same period of 2024 [3][6]. Group 1: IPO Statistics - The breakdown of the 87 newly listed companies includes 29 on the Growth Enterprise Market, 29 on the Main Board, 18 on the Beijing Stock Exchange, and 11 on the Sci-Tech Innovation Board [1]. - The leading IPO underwriting institutions include 30 securities firms, 16 accounting firms, and 28 law firms involved in the IPO process during this period [3]. Group 2: Underwriting Institutions Performance - The top three underwriting institutions for IPOs in 2025 are Guotai Junan Securities with 11 listings, CITIC Securities with 10 listings, and Huatai United Securities with 8 listings [4][6]. - In comparison, the top three underwriting institutions in 2024 were CITIC Securities and CITIC JianTou Securities, each with 8 listings, followed by Haitong Securities with 7 listings [3][4]. Group 3: Accounting Firms Performance - Among the 16 accounting firms involved in IPOs, the top three are Rongcheng with 20 listings, Tianjian with 16 listings, and Lixin and Zhonghui, each with 11 listings [6][7]. - In 2024, the leading accounting firm was also Rongcheng with 21 listings, followed by Tianjian and Lixin, each with 9 listings [6][7]. Group 4: Law Firms Performance - A total of 28 law firms provided legal services for IPOs, with Jintiancheng leading with 13 listings, followed by Deheng and Zhonglun, each with 7 listings [8]. - In 2024, the top law firm was Zhonglun with 8 listings, followed by Jintiancheng with 7 listings and Jindu with 6 listings [8].

Core Insights - The report highlights the significant changes in the stock holdings of brokerage firms during the third quarter, with a focus on "hard technology" sectors and cyclical industries, indicating a strategic shift in investment preferences [1][10]. Brokerage Holdings Overview - A total of 47 brokerage firms appeared among the top ten shareholders of 373 A-share listed companies, with a combined holding value of approximately 66.73 billion yuan [1]. - The third quarter saw 206 new stocks being added to the brokerage firms' portfolios, with a notable concentration in the "hard technology" sectors such as hardware equipment, chemicals, machinery, and biomedicine [3][5]. Sector-Specific Insights - The hardware equipment sector led with 29 new heavy positions, driven by strong demand in AI servers, optical modules, PCBs, and consumer electronics, resulting in a year-to-date increase of over 60% in the Wind hardware equipment index [5]. - Key stocks such as Shaanxi Huada, Guanghong Technology, and Yachuang Electronics were newly added by multiple brokerages [6]. - Traditional sectors like finance and energy also attracted significant interest, with Postal Savings Bank being the most heavily acquired stock, with 126.47 million shares purchased by Guotai Junan [7]. Investment Strategies - The report indicates a divergence in strategies among brokerages, with leading firms adopting a "broad net" approach while smaller firms focus on "key bets" [15]. - Major brokerages like Huatai Securities and CITIC Securities held 50 and 39 stocks respectively, accounting for nearly 39% of the total market value held by brokerages [15]. - Smaller firms, such as Caida Securities, concentrated their investments, with a notable example being their entire 6.66 billion yuan investment in Yong'an Futures [15]. Performance of Proprietary Trading - The proprietary trading segment remains the largest revenue contributor for brokerages, with 42 firms reporting a total income of 186.86 billion yuan, reflecting a year-on-year growth of 43.83% [16]. - Six major brokerages, including CITIC Securities and Guotai Junan, generated over 10 billion yuan in proprietary trading income, contributing to more than half of the total revenue from this segment [18]. - Smaller brokerages like Changjiang Securities and Guolian Minsheng exhibited remarkable growth, with income increases exceeding 200% [18]. Market Trends and Future Outlook - The report suggests that the strong performance of the A-share market has provided ample investment opportunities for brokerages, particularly in the context of a recovering equity market [19]. - However, there are indications of performance disparities among brokerages, with some experiencing declines in proprietary trading income, highlighting the importance of effective equity allocation strategies [19][20].

Core Insights - The report highlights the significant shift in stock holdings by brokerage firms in the A-share market during the third quarter, with a focus on "hard technology" sectors and cyclical industries, as well as popular themes like AI and humanoid robots [1][4][8]. Brokerage Holdings - As of October 31, 47 brokerage firms appeared among the top ten shareholders of 373 A-share listed companies, with a total holding value of approximately 66.73 billion yuan [1]. - A total of 206 new stocks were added to the brokerage firms' heavy holdings, with the hardware equipment sector leading with 29 new stocks [3][4]. Sector Performance - The hardware equipment index has risen over 60% year-to-date, driven by strong demand in AI servers, optical modules, PCBs, and consumer electronics [3]. - Notable new heavy holdings include companies like Shaanxi Huada, Guanghong Technology, and Yachuang Electronics, which were favored by multiple brokerages [4]. Investment Strategies - Major brokerages adopted a "broad net" strategy, while smaller firms focused on "key bets," leading to a significant increase in self-operated business revenues, which reached 186.86 billion yuan, a year-on-year increase of 43.83% [1][13]. - The top six brokerages accounted for over half of the total self-operated business revenue, with notable performances from CITIC Securities and Guotai Junan [15]. Stock Adjustments - In the third quarter, 63 stocks saw increased holdings, while 62 experienced reductions, indicating a strategic shift towards sectors with structural opportunities [8][11]. - The chemical and hardware equipment sectors saw the most significant increases in holdings, with 10 and 7 stocks respectively being added [8]. Notable Stock Movements - Postal Savings Bank was the most heavily acquired stock by a single brokerage, with Guotai Junan acquiring 126.47 million shares [5][7]. - Inner Mongolia Huadian was the top stock in terms of increased holdings, with Dongfang Securities adding 21.94 million shares [10]. Market Outlook - The report suggests that the active A-share market has provided rich investment opportunities for brokerages, with a notable focus on sectors poised for recovery and growth [12][16].

业务整合方面，完成业务资质与额度承继、交易投资主要资产迁移，加速实现客户服务统一。管理整合 方面，实施合规风控的一体化运作，更新600余项制度，进一步强化财务资债管理。子公司整合方面， 研究论证以不同形式解决子公司同业竞争、"一参一控"等问题，稳步推进资管子公司的整合。法人切换 方面，顺利完成在中国结算、交易所等的法人切换，实现单一主体运营。客户迁移方面，制定核心交易 系统切换和分支机构组织实施方案，平稳推进系统改造、数据迁移、验收测试、试点切换等工作。下一 步，公司将持续推动业务融合与管理统一，平稳实现客户迁移，不断释放整合融合效能，持续激发高质 量发展动力与活力。 10月30日晚间，国泰海通发布2025年三季度报告。今年前三季度，公司总资产、营业收入、归母净利 润、扣非归母净利润均创历史新高；第三季度营业收入、扣非归母净利润亦创历史新高，盈利能力大幅 提升。公司净资产、净资本保持行业第一。 业绩创下历史新高 报告显示，今年第三季度，国泰海通单季实现营业收入220.2亿元，同比增长136.0%；扣非归母净利润 90.2亿元，同比增长102%，环比第二季度增长达126%。 今年前三季度，公司实现营业收入458 ...

Core Viewpoint - The article outlines the agenda for the 2026 Annual Conference, focusing on macroeconomic challenges, investment strategies, and the impact of artificial intelligence on various sectors [2][3][4]. Group 1: Macroeconomic Insights - The conference will feature discussions on the challenges facing the Chinese macroeconomy and strategies to address them, presented by experts from the Chinese Academy of Social Sciences [2]. - A session will cover the outlook for the U.S. economy and monetary policy, highlighting its implications for global markets [2][3]. Group 2: Investment Strategies - The agenda includes a session on the 2026 macro outlook and investment strategies for Chinese equities, emphasizing the importance of adapting to changing market conditions [3][4]. - Specific discussions will focus on the investment strategies for Hong Kong stocks, financial engineering, and the IPO market outlook for 2026 [4][5]. Group 3: Artificial Intelligence and Technology - The conference will explore the future and opportunities of artificial intelligence, including its applications in finance and enterprise transformation [3][5]. - Sessions will address the development trends of AI technologies, including general artificial intelligence and its implications for various industries [6][7]. Group 4: Sector-Specific Insights - The agenda includes insights into the consumer sector, with a focus on traditional and new consumption patterns, and the implications for investment strategies [9][10]. - Discussions will also cover the automotive industry, including investment strategies and the impact of geopolitical factors on market dynamics [21][22]. Group 5: Financial Market Trends - The conference will feature discussions on the fixed income market outlook for 2026, including the impact of interest rate changes and investment strategies in a low-rate environment [17][18]. - A focus on REITs and their market outlook will also be part of the agenda, addressing the evolving landscape of real estate investment trusts [24][25].

通证券2026年度策略; 聚力长期,配置未来 银行理财多元配置新探索与 期资金入市展望 11月6日下午 北京 · 中国大饭店 · 多功能厅6AB 会议亮点 本次论坛将紧扣"聚力长期、配置未来"主题,深入探讨在利率 下行与市场波动加剧的背景下,银行理财如何依托多元化策略与 科学配置体系,有效提升投资效能与风险抵御能力。重点聚焦长 期资金入市新路径,解析如何借助公募、私募基金等工具,优化 大类资产配置,在风险与收益的动态平衡中把握市场机遇,助力 理财资金稳健增值与行业可持续发展。 议程安排 ● 13:40-13:50 致词 路 颖 - 国泰海通证券研究与机构业务委员会副总裁、研 究所所长 ● 13:50-14:35 宏观变局下的长期资产配置策略 特邀嘉宾 - 财富管理战略研究专家 ● 14:35-15:15 红利固收益,科技创奇迹—量化策略在资产配置中的应用 朱晓康 - 杭州龙旗科技创始人、首席投资官 ● 15:15-15:50 居民资产配置方向:现状、复盘及展望 马婷婷 - 国泰海通证券银行研究首席分析师 ● 15:50-16:35 主持人:倪韵婷-国泰海通证券基金评价与研究首席分析师 王 旭 民生理财 副总裁 ...

2 道合 国泰海通证券2026年度策略会 F 川 道合全程实时直播 2025.11.4 周二 13:20 国泰海通证券 牆彩议题 《《《《《 13:30-14-00 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 《2026年度港股投资策略展望》 14:30-15:00 吴信坤 国泰海通证券海外策略研究首席分析师 (2026年度宏观展望) 型中华 国泰海通证券宏观研究首席分析师 《2026年IPO市场展望》 王政之 国泰海通证券新股研究首席分析师 《2026年度基金评价展望》 16:00-16:30 《2026年度金融工程策略展望》 15:00-15:30 郑雅斌 国泰海通证券金融工程研究首席分析师 15:30-16:00 法律声明 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听内容 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取 ...

Core Viewpoint - The performance of listed securities firms in the A-share market has significantly improved in the first three quarters of 2025, driven by a recovery in market conditions and various business lines [1][6][10]. Performance Overview - All 42 listed securities firms reported a year-on-year increase in both revenue and net profit for the first three quarters of 2025, with notable performances from firms like CITIC Securities, Guotai Junan, and Huatai Securities [6][7]. - The top five firms by net profit were CITIC Securities (23.16 billion), Guotai Junan (22.07 billion), Huatai Securities (12.73 billion), China Galaxy (10.97 billion), and GF Securities (10.93 billion) [1][6]. - The total net profit of the top ten firms accounted for over 70% of the total net profit of all 42 firms, amounting to 119.55 billion [6][7]. Growth Rates - Among the top ten firms, Guotai Junan, CICC, and Shenwan Hongyuan achieved net profit growth rates exceeding 100%, with increases of 131.80%, 129.75%, and 108.22% respectively [7][9]. - Smaller securities firms showed even more impressive growth rates, with Huaxi Securities and Northeast Securities achieving net profit increases of 316.89% and 125.21% respectively [9][10]. Market Conditions - The significant growth in the securities industry is attributed to a recovery in market conditions, with the average daily trading volume in A-shares reaching 2.1 trillion, a year-on-year increase of 211% [10][12]. - The improvement in market activity has led to a stable increase in margin financing, which has risen to 2.4 trillion, compared to approximately 1.4 trillion a year ago [10][12]. Valuation Potential - Despite the strong performance, the securities sector has underperformed relative to major indices, with the CSI Securities Index rising only 7.21% year-to-date, compared to 19.70% for the CSI 300 Index [12][13]. - Analysts suggest that there is potential for valuation recovery in the securities sector, driven by ongoing improvements in the fundamentals of various business lines, including investment banking and asset management [12][13][14]. Strategic Opportunities - The current market environment, characterized by a market capitalization exceeding 100 trillion and increased trading activity, presents significant long-term growth opportunities for securities firms [14]. - Analysts recommend focusing on firms with strong retail advantages, those benefiting from cross-border asset management trials, and large firms with robust wealth management capabilities [14].

| | 2025三季 | 去年三季 | | 2025三季 | 去年三季 | | | --- | --- | --- | --- | --- | --- | --- | | 证券简称 | 营业收入 | 营业收入 | 目比 | 原因净利润 | 旧母净利润 目比资利 | | | | (亿元) | (亿元) | | (亿元) | (亿元) | | | 中信证券 | 558.15 | 461.42 | 20.96% | 231.59 | 167.99 | 37.86% | | 国泰海通 | 458.92 | 290.01 | 58.24% | 220.74 | 95.23 | 131.80% | | 华泰证券 | 271.29 | 314.24 | -13.67% | 127.33 | 125.21 | 1.69% | | 中国银河 | 227.51 | 270.86 | -16.01% | 109.68 | 69.64 | 57.51% | | 广发证券 | 261.64 | 191.37 | 36.72% | 109.34 | 67.64 | 61.64% | | 国信证券 | 192.03 | 122.71 | ...