Core Viewpoint - Chinese brokerage stocks have shown a rebound today, indicating a positive market sentiment towards the sector [1] Company Performance - Huatai Securities (06886.HK) increased by 4.13%, reaching HKD 19.68 [1] - GF Securities (01776.HK) rose by 3.93%, trading at HKD 19.3 [1] - China Galaxy (06881.HK) saw a gain of 3.46%, with a price of HKD 11.36 [1] - Guotai Junan (02611.HK) climbed by 3.24%, priced at HKD 15.95 [1] - CICC (03908.HK) experienced a 1.97% increase, now at HKD 20.74 [1]

Core Viewpoint - Chinese brokerage stocks have rebounded, with significant increases in share prices and strong performance in the third quarter, indicating a positive outlook for the industry [1]. Group 1: Stock Performance - Huatai Securities (06886) rose by 4.13% to HKD 19.68 - GF Securities (01776) increased by 3.93% to HKD 19.3 - China Galaxy (06881) gained 3.46% to HKD 11.36 - Guotai Junan (02611) climbed 3.24% to HKD 15.95 - CICC (03908) saw a rise of 1.97% to HKD 20.74 [1]. Group 2: Financial Performance - The 42 listed brokerages achieved a net profit attributable to shareholders of CNY 169 billion in the first three quarters, a year-on-year increase of 62% - The non-recurring net profit reached CNY 162 billion, up 68% year-on-year - In Q3 alone, the non-recurring net profit was CNY 67.7 billion, reflecting a 97% year-on-year growth and a 31% quarter-on-quarter increase - Brokerage and investment services were the main drivers of revenue growth, with net income increasing by 75% and 44% year-on-year, respectively [1]. Group 3: Market Insights - Citic Securities believes that the current market focus on short-term trading pressures may be overstated - Due to high comparative bases, the trading volume in Q4 may not contribute significantly to profit growth - There is a notable expectation gap in the market, as the recovery in the securities industry is not limited to brokerage and proprietary trading but has also seen improvements in investment banking and asset management sectors [1].

Core Insights - Huatai Securities reported that Connoa disclosed Phase I clinical results for TSLP/IL-13 dual antibody CM512 for treating AD on November 4, showing promising efficacy and potential for longer dosing cycles [1] Group 1: Clinical Results - After three doses in the first month, the 300mg dose group achieved EAS-75 and EAS-90 rates of 58.3% and 41.7% respectively over 12 weeks, outperforming the placebo group which had rates of 21.4% and 0% [1] - CM512 demonstrated a long half-life of 70 days, indicating potential for extended dosing intervals [1] Group 2: Market Position and Financial Projections - The report suggests that CM512 has shown sufficient drug-like properties and competitive potential compared to other single-target AD drugs, entering a validation phase globally [1] - Adjustments were made to the sales ramp-up expectations for Dupixent due to its short-term insurance sales advantage, with revised loss forecasts for the company at 679 million, 670 million, and 282 million CNY for 2025 to 2027 [1] - Based on the promising early data for CM512, the development success rate was increased, and long-term revenue assumptions post-2027 were raised, leading to a target price adjustment from 90.89 HKD to 91.08 HKD while maintaining a "Buy" rating [1]

Group 1 - The core viewpoint is that the brokerage sector is experiencing a positive performance, with significant growth in self-operated business revenues and overall market recovery [2][3] - The brokerage ETF (159842) has seen a net inflow of over 300 million yuan in the past five days, indicating strong investor interest [2] - Major brokerages reported substantial year-on-year profit growth, with large brokerages seeing net profit increases of 62% and 56% respectively in the first nine months of 2025 [3] Group 2 - The self-operated business of 42 A-share listed brokerages achieved a net income of 186.857 billion yuan in the first three quarters, marking a 43.83% year-on-year increase [2] - Key changes observed in large brokerages include asset expansion, increased investment-driven growth, and a recovery in investment banking [3] - The current market environment is favorable for brokerages, with low valuations in both A and H shares, presenting opportunities for valuation recovery [3]

Core Viewpoint - The report from Huatai Securities indicates that as of October 31, the real estate sector's holdings data up to the end of Q3 2025 shows a steady increase in the Shenwan Real Estate Index, with public funds' market value in real estate stocks rising, although the holding ratio continues to decline, indicating further clearing of chips [1] Group 1: Market Trends - The Shenwan Real Estate Index has shown a steady increase in Q3 [1] - Public funds' market value in real estate stocks has risen, but the holding ratio is on a downward trend [1] - Northbound capital's holding ratio in real estate has also decreased [1] Group 2: Investment Recommendations - The market is still in a bottoming and stabilizing phase [1] - There is a positive outlook for the recovery pace in core cities, particularly represented by first-tier cities [1] - The report continues to recommend "three good" real estate stocks characterized by good credit, good cities, and good products, as well as leading property management companies with stable dividends and performance [1]

Core Insights - The report from Huatai Securities indicates that the total market value of fund holdings in the real estate sector for Q3 2025 is 55.8 billion, reflecting a 15% quarter-on-quarter increase [1] - The market value of real estate holdings accounts for 0.62% of the total stock investment value, which is a decrease of 0.05 percentage points from the previous quarter [1] - The sector is underweighted by 0.64 percentage points relative to the standard industry allocation, with this underweighting expanding by 0.08 percentage points quarter-on-quarter, placing it at the 37th percentile since 2013 [1] - The real estate industry index rose by 20.05% in Q3 2025, ranking 9th out of 31 sectors [1] Market Dynamics - The steady increase in the index is driven by two main factors: first, the weak fundamentals in the real estate sector during Q3 have led to heightened expectations for further policy easing, which has improved market sentiment [1] - Second, some leading real estate companies have achieved value re-evaluation opportunities through business transformation or investments in technology and new energy sectors, contributing to the overall performance of the industry [1]

Core Viewpoint - The report from Huatai Securities indicates that as of October 31, the real estate sector's holdings data up to the end of Q3 2025 has been released, showing a steady increase in the Shenwan Real Estate Index and a rise in the market value of public fund holdings in real estate stocks, although the holding ratio continues to decline [1] Group 1: Market Trends - The Shenwan Real Estate Index has shown a steady increase in Q3 [1] - The market value of public funds' holdings in real estate stocks has risen [1] - Both the holding ratio of public funds and the proportion of northbound capital in real estate have decreased, indicating further clearing of chips [1] Group 2: Investment Recommendations - The market is still in a bottoming and stabilizing phase, with a positive outlook on the recovery pace of core cities represented by first-tier cities [1] - The report continues to recommend "three good" real estate stocks characterized by "good credit, good cities, and good products" [1] - There is also a focus on head property management companies that demonstrate stable dividends and performance [1]

Core Viewpoint - The report from Huatai Securities indicates that listed brokerages and large brokerages have seen significant year-on-year growth in net profit attributable to shareholders for the first nine months of 2025, with increases of 62% and 56% respectively [1] Group 1: Key Changes in Large Brokerages' Q3 Reports - Total assets continued to expand in Q3, with both financial investments and client funds increasing [1] - Growth driven by investments, with an increase in proprietary leverage [1] - Brokerage business saw substantial growth in line with market trends, with a notable increase in funds lent out [1] - Investment banking showed signs of recovery from a low point, while asset management remained stable [1] Group 2: Future Outlook for the Brokerage Sector - The underlying logic of the capital market is shifting, promoting deeper coordination between investment and financing, alongside a restructuring of asset allocation in a low-interest-rate environment [1] - The operating environment for brokerages is improving, enhancing performance elasticity and sustainability [1] - The sector is viewed as having high cost-performance valuation recovery opportunities, with current A and H share valuations still at mid to low levels [1] Group 3: Investment Focus - Attention should be given to Hong Kong stocks due to better valuations and smaller circulation [1] - A focus on leading A-share companies that offer valuation cost-performance [1] - Consideration of distinctive mid-sized brokerages [1]

Core Viewpoint - China's exports have shown strong resilience in 2023, with a year-on-year growth of 6% in Q2, despite the U.S. imposing tariffs as high as 145% [1] Group 1: Export Performance - Exports accelerated in Q3, and the high base in Q4 is not expected to hinder continued high growth [1] - The resilience of Chinese exports is attributed to macroeconomic and industrial cycles, as well as structural support from seven years of industrial transformation and upgrading since 2018 [1] Group 2: Future Outlook - China's exports are expected to maintain high growth through 2026, even in a globally high inflation environment, with exceptional profitability in the export chain [1] - The successful transformation and upgrading of China's manufacturing and export industries are key factors in maintaining confidence against U.S. tariff adjustments [1]

2025年11月5日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价。根据网下专业机构 投资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品种一的票面利率为1.85%，品种 二的票面利率为2.00%。追加内容 本文作者可以追加内容哦 ! 格隆汇11月5日丨华泰证券(06886.HK)公告，根据《华泰证券股份有限公司2025年面向专业投资者公开 发行公司债券(第九期)发行公告》，华泰证券股份有限公司2025年面向专业投资者公开发行公司债券(第 九期)分为两个品种，其中品种一期限为37个月，票面利率询价区间为1.50%-2.50%；品种二期限为59个 月，票面利率询价区间为1.60%-2.60%。本期债券票面利率由发行人和主承销商根据网下利率询价结果 在利率询价区间内协商确定。 ...