北京商报讯(记者马换换王蔓蕾)近日，证监会官网显示，上海燧原科技股份有限公司(以下简称"燧原科 技")启动上市辅导，辅导机构为中信证券股份有限公司。 据上市辅导备案报告，燧原科技成立于2018年3月19日，注册资本3.87亿元，法定代表人为张亚林。控 制权方面，ZHAO LIDONG(赵立东)、张亚林直接持有并通过上海燧原汇智信息科技咨询合伙企业(有限 合伙)、上海燧原崇英信息科技咨询合伙企业(有限合伙)合计控制公司28.14%的表决权，且二人签署了 一致行动协议，为公司共同实际控制人。公司无控股股东。 燧原科技官网显示，公司专注人工智能领域云端算力产品，致力为通用人工智能打造算力底座，提供原 始创新、具备自主知识产权的AI加速卡、系统集群和软硬件解决方案。 ...

Core Viewpoint - The A-share market has seen significant activity in 2023, leading to impressive performance from listed securities firms, with a collective revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan for the first three quarters, marking a net profit growth of over 60% [3][5]. Group 1: Performance Overview - In the first three quarters, 42 listed securities firms achieved a total revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan, with all but one firm reporting revenue and profit growth [3][5]. - The top three firms by revenue and net profit are CITIC Securities, Guotai Junan, and Huatai Securities, with revenues of 55.81 billion yuan, 45.89 billion yuan, and 27.13 billion yuan, respectively [5][7]. - Eleven firms reported revenues exceeding 10 billion yuan, with five firms achieving net profits over 10 billion yuan [5][6]. Group 2: Business Segment Performance - The brokerage business has seen widespread revenue growth, with all 42 listed firms reporting an increase in brokerage fee income, with the smallest growth rate exceeding 40% [9][10]. - CITIC Securities and Guotai Junan reported brokerage fee incomes of 10.94 billion yuan and 10.81 billion yuan, respectively, with growth rates of 52.9% and 142.8% [9][10]. - Over 70% of listed firms (30 firms) reported brokerage fee income growth rates exceeding 60% [10]. Group 3: Proprietary Trading and Investment Banking - Proprietary trading has also contributed significantly to revenue, with six firms reporting proprietary income exceeding 10 billion yuan, led by CITIC Securities with 31.60 billion yuan [10][11]. - The investment banking sector has shown a mixed performance, with 42 firms achieving a total investment banking fee income of 25.15 billion yuan, a year-on-year increase of over 20% [12][13]. - Notably, some firms experienced significant declines in investment banking income, with firms like Zhongyuan Securities and Pacific Securities reporting decreases exceeding 60% [13][14].

Core Insights - The securities industry in China has experienced significant performance growth in 2023, driven by an active A-share market and robust trading activities [1][2]. Group 1: Overall Performance - In the first three quarters of 2023, 42 listed securities firms achieved a total revenue of 419.56 billion yuan and a net profit attributable to shareholders of 169.05 billion yuan, with a net profit growth rate exceeding 60% [1][2]. - All listed securities firms, except for Western Securities, reported increased revenue and profit during this period [2][3]. Group 2: Leading Firms - The top three firms by revenue and net profit are CITIC Securities, Guotai Junan, and Huatai Securities, with revenues of 55.81 billion yuan, 45.89 billion yuan, and 27.13 billion yuan, respectively [2][4]. - Eleven firms reported revenues exceeding 10 billion yuan, with five firms achieving net profits over 10 billion yuan [2][3]. Group 3: Business Segments - Brokerage business revenues increased across the board, with all 42 listed firms reporting growth in brokerage fees, with the smallest increase being over 40% [5]. - CITIC Securities and Guotai Junan reported brokerage fee revenues of 10.94 billion yuan and 10.81 billion yuan, respectively, with growth rates of 52.9% and 142.8% [5][6]. Group 4: Proprietary Trading - Proprietary trading contributed significantly to the overall performance, with six firms reporting proprietary income exceeding 10 billion yuan [6]. - CITIC Securities' proprietary income reached 31.60 billion yuan, accounting for approximately 57% of its total revenue [6]. Group 5: Investment Banking - The investment banking segment showed a mixed performance, with 42 firms generating a total of 25.15 billion yuan in fees, a year-on-year increase of over 20% [7]. - Six firms, including CITIC Securities and China International Capital Corporation, reported investment banking fees exceeding 1 billion yuan [7][8]. - Some smaller firms experienced significant declines in investment banking revenues, with Zhongyuan Securities and Pacific Securities reporting decreases of over 60% [8].

A股后市怎么走？看看机构怎么说。 沪指本周累计上涨0.11%，深成指涨0.67%，创业板指涨0.5%。A股后市怎么走？看看机构怎么说： ①中信证券：结构性机会仍存，择时重要性有限 中信证券研报表示，同样是4000点，当前的指数成色明显优于2015年同期，且估值水平显著低于当时， 并无必要过度关注指数点位本身。随着四中全会结束、中美会谈取得阶段性成果、三季报披露完毕，往 后看，结构性机会仍存，择时重要性有限，建议围绕传统制造业的提质升级、中企出海、端侧AI三个 方向继续布局，短期可以关注三季报后出现的几个阶段性超跌反弹线索。 ②浙商证券：坚持系统性"慢"牛思维，保持当前持仓、不做增减 浙商证券表示，本周上证升破4000点后有所回落，不同宽基指数明显分化。展望后市，若上证指数保持 在趋势线上方且不跌破前期平台顶部3936点，则上升趋势得以保留；双创指数目前处于震荡偏弱格局， 是否企稳取决于权重指数和核心成分股表现；对于前期涨幅落后、补涨空间较大的券商板块，其短期方 向选择仍待观察。配置方面，基于"市场走势并不明晰，两个信号仍需观察"的判断，我们建议：择时方 面，战略层面坚持系统性"慢"牛思维，战术层面保持当前持仓 ...

Group 1 - RunTu Co., Ltd. announced that on October 31, 2025, it will accept investor research from CITIC Securities and others, with participation from Vice General Manager and Board Secretary Liu Boping [1] Group 2 - Nvidia has become the world's first company to surpass a market value of $5 trillion, surpassing Japan's GDP, highlighting its dominance in the GPU market [1] - A hedge fund founder has stated that the logic behind AI investments is nonsensical, indicating that it would take 83 years to break even on such investments [1]

Group 1 - Shanghai Suyuan Technology Co., Ltd. has initiated the listing guidance process with CITIC Securities as the counseling institution [1] - The counseling report indicates that Zhao Lidong and Zhang Yalin collectively control 28.14% of the voting rights through two limited partnerships [1] - Zhao Lidong and Zhang Yalin have signed a concerted action agreement, making them the joint actual controllers of the company, which has no controlling shareholder [1]

11月2日，中国证监会官网显示，上海燧原科技股份有限公司已启动上市辅导，由中信证券担任辅导机 构。辅导备案报告显示，ZHAO LIDONG（赵立东）、张亚林直接持有并通过上海燧原汇智信息科技咨 询合伙企业（有限合伙）、上海燧原崇英信息科技咨询合伙企业（有限合伙）合计控制公司28.14%的 表决权，且二人签署了一致行动协议，为公司共同实际控制人。公司无控股股东。 ...

Core Viewpoint - The latest holdings of the "national team" in A-share listed companies have been revealed, with significant investments in major financial institutions and other sectors, indicating a strategic focus on stability and growth in the market [1][2]. Group 1: National Team Holdings - A total of 233 A-share listed companies have the "national team" (China Securities Finance Corporation and Central Huijin) among their top ten shareholders [1]. - There are 30 stocks with a holding value exceeding 10 billion yuan, including major banks like China Construction Bank, Agricultural Bank of China, and Bank of China, with holdings valued at 1.3288 trillion yuan, 1.1429 trillion yuan, and 1.1138 trillion yuan respectively [1][2]. - The top holdings also include companies from various sectors such as insurance, food and beverage, and energy, showcasing a diversified investment strategy [1][2]. Group 2: New Additions and Performance - Farah Electronics has been newly added to the "national team" holdings, with a market value of 158 million yuan [3]. - For the third quarter, Farah Electronics reported a revenue of 3.944 billion yuan, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up by 14.58% [3]. - The company’s capacitor products are utilized in ultra-high voltage transmission applications, indicating a focus on high-demand technology sectors [3].

Core Insights - The latest holdings of the "national team" in A-share listed companies have been revealed, with 233 companies having the "national team" as one of their top ten shareholders [1][2] - In the third quarter, the "national team" held over 10 billion yuan in market value in 30 stocks, including major banks and insurance companies [1] Group 1: Major Holdings - The top three holdings by market value are: - China Construction Bank: 13,288.15 billion yuan - Agricultural Bank of China: 11,429.52 billion yuan - Bank of China: 11,138.27 billion yuan [1] - Other significant holdings include: - Industrial and Commercial Bank of China: 9,914.42 billion yuan - New China Life Insurance: 751.22 billion yuan - Ping An Insurance: 734.02 billion yuan [1][2] Group 2: New Additions - Farah Electronics is a new addition to the "national team" holdings, with a market value of 1.58 billion yuan [2] - The company reported a revenue of 3.944 billion yuan for the first three quarters, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up 14.58% [2] - In the third quarter alone, Farah Electronics achieved a revenue of 1.445 billion yuan, reflecting a year-on-year growth of 9.31% [2]

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].