Core Viewpoint - CITIC Securities-Kaiyuan Single Asset Management Plan has increased its stake in China General Nuclear Power (01816) by acquiring 16.16 million shares at a price of HKD 3.0868 per share, totaling approximately HKD 49.88269 million, resulting in a new holding of about 1.3556 billion shares, representing 12.14% ownership [1] Summary by Category - **Share Acquisition** - CITIC Securities-Kaiyuan has purchased 16.16 million shares of China General Nuclear Power [1] - The acquisition price was HKD 3.0868 per share, leading to a total investment of approximately HKD 49.88269 million [1] - **Ownership Structure** - Following the acquisition, CITIC Securities-Kaiyuan's total shareholding in China General Nuclear Power is approximately 1.3556 billion shares [1] - This represents a 12.14% ownership stake in the company [1]

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 Points - The State-Owned Enterprise Reform Index (399974) closed at 1902.39 points, up 0.25%, with a trading volume of 146.44 billion yuan and a turnover rate of 0.74% [1] - Among the index constituents, 56 stocks rose, with Goldwind Technology leading at a 6.94% increase, while 39 stocks fell, with China Rare Earth leading the decline at 5.24% [1] Index Constituents Summary - The top ten constituents of the State-Owned Enterprise Reform Index include: - Yingmei Ge, with a weight of 3.60%, latest price at 30.00, down 1.64%, total market value of 797.33 billion yuan [1] - Changjiang Electric Power, with a weight of 2.90%, latest price at 28.31, up 0.75%, total market value of 692.70 billion yuan [1] - CITIC Securities, with a weight of 2.90%, latest price at 29.22, down 0.54%, total market value of 433.06 billion yuan [1] - Yuanta Haitong, with a weight of 2.89%, latest price at 19.61, up 1.19%, total market value of 345.70 billion yuan [1] - China Merchants Bank, with a weight of 2.80%, latest price at 41.79, up 2.20%, total market value of 1053.94 billion yuan [1] - Industrial Bank, with a weight of 2.74%, latest price at 20.56, up 1.63%, total market value of 435.11 billion yuan [1] - North Huachuang, with a weight of 2.73%, latest price at 401.00, down 1.49%, total market value of 290.48 billion yuan [1] - Wuliangye, with a weight of 2.68%, latest price at 118.98, down 0.01%, total market value of 461.83 billion yuan [1] - China Shipbuilding, with a weight of 2.52%, latest price at 36.43, up 1.48%, total market value of 274.16 billion yuan [1] - Zhongke Shuguang, with a weight of 2.42%, latest price at 106.46, up 0.01%, total market value of 155.76 billion yuan [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 4.443 billion yuan, while speculative funds saw a net inflow of 1.03 billion yuan, and retail investors had a net inflow of 3.413 billion yuan [3] - Notable capital flows include: - China Merchants Bank with a net inflow of 433 million yuan, accounting for 11.29% of the total [3] - Allwind Technology with a net inflow of 430 million yuan, accounting for 11.88% of the total [3] - China Petroleum with a net inflow of 326 million yuan, accounting for 14.97% of the total [3] - China Shipbuilding with a net inflow of 284 million yuan, accounting for 10.31% of the total [3]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The securities industry has shown significant growth, with a 62% year-on-year increase in net profit for the first three quarters of 2025, and a 59% increase in the third quarter alone [1][38] - Daily average stock trading volume reached 18,723 billion yuan, reflecting a 109% year-on-year growth [1][12] - The report anticipates a 47% year-on-year increase in industry net profit for the full year of 2025, driven by active market trading and improved performance across various business segments [7] Summary by Sections 1. Market Activity - The stock market has remained strong, with daily average stock trading volume of 18,723 billion yuan, up 109% year-on-year [12] - The number of new accounts opened in the Shanghai market increased by 46% year-on-year, averaging 2.47 million new accounts per month [12] - Margin financing and securities lending balances grew by 66% year-on-year, indicating increased investor confidence [15][17] 2. Performance of Listed Securities Firms - Listed securities firms reported a total revenue of 4,522 billion yuan, a 41% increase year-on-year, with net profit reaching 1,831 billion yuan, up 62% [38] - The average return on equity (ROE) for these firms was 5.51%, an increase of 2.65 percentage points year-on-year [39] - All firms reported positive growth or turned profitable, with significant increases in net profit for the third quarter [38] 3. Business Segment Performance - Brokerage commission income rose by 74% year-on-year, totaling 1,135 billion yuan, although the growth rate was lower than the trading volume increase [2] - Investment banking revenue increased by 23% year-on-year, benefiting from a recovery in refinancing activities [2] - Proprietary trading net income grew by 42% year-on-year, with total investment net income reaching 1,956 billion yuan [2] 4. Future Outlook - The report projects a 47% year-on-year increase in industry net profit for 2025, with expectations of growth across various business lines: brokerage income (+66%), investment banking (+18%), and proprietary trading (+50%) [7] - The report emphasizes the competitive advantages of large securities firms and recommends several key players, including CITIC Securities and China Galaxy [7]

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]

Core Viewpoint - Minglue Technology successfully listed on the Hong Kong Stock Exchange with a base issuance scale of HKD 1.02 billion and a maximum issuance scale of HKD 1.17 billion after the green shoe option [1] Company Overview - Minglue Technology is a leading data intelligence application software company in China, focusing on transforming enterprise marketing and operational decision-making through the integration of large models, industry-specific knowledge, and multimodal data [3] - As of June 30, 2025, Minglue Technology has served 135 Fortune Global 500 companies across various industries, including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and maternal and infant products [3] Industry Position - According to Frost & Sullivan, Minglue Technology is the largest data intelligence application software provider in China based on total revenue for 2024 [3] - The company is recognized for its role in leading the construction of the "National New Generation Artificial Intelligence Open Innovation Platform" in the marketing intelligence field [5] Investment and Support - CITIC Securities played a crucial role in the IPO process by mobilizing global industry, research, and sales resources, facilitating high-quality investor roadshows, and attracting numerous high-quality institutional investors [4] - CITIC Securities has been a steadfast supporter of Minglue Technology since its investment in November 2020, assisting in various areas including financing, listing, and capital market development [3][4] Recognition and Awards - Minglue Technology has received the first prize of the Wu Wenjun Artificial Intelligence Science and Technology Award, a prestigious honor in the field of artificial intelligence in China, highlighting its contributions to AI technology innovation [5]

| 序号 | 交易营业部名称 | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | | 1 | 深股通专用 | 760次 46.05% 2 | 23640.15 | 3.72% | | 2 | 国泰海通证券股份有限公司上海静安区新闻路证券营业部 | 150次 59.33% | 7220.73 | 1.14% | | 3 | 中信证券股份有限公司东阳吴宁西路证券营业部 | 12次 33.33% | 70.31 | 0.01% | | 4 | 机构专用 | 1594次 42.22% | 972.89 | 0.15% | | 5 | 开源证券股份有限公司西安西大街证券营业部 | 634次 50.16% | 5658.64 | 0.89% | | | (买入前5名与卖出前5名)总合计: | | 67086.35 | 10.55% | 格隆汇11月3日｜东方精工(002611.SZ)今日涨停，换手率31.12%，成交额63.58亿元。龙虎榜数据显示，一家机构净卖出5989万元；中信证券东阳吴宁西路位 列卖三席位，净卖出1.03亿元；游资"成都系"位列买二席位，净买 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信証券股份有限公司 ("本公司") 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06030 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,620,076,855 | | 0 | | 2,620,076,855 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,620,076,855 | | 0 | | 2,620,0 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信証券股份有限公司 ("本公司") | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600030 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 12,200,469,974 | RMB | | 1 RMB | | 12,200,469,974 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 12,200,469,974 | RMB | | 1 RMB | | 12,200,469,974 | 本月底法定/註冊股本總額： RMB 14,820,546,829 第 1 ...

Core Insights - The A-share market experienced fluctuations in October, with the margin balance reaching a historical high of 24,864.02 billion yuan by October 31, and an increase of 905.30 billion yuan in financing balance during the month [1][2]. Industry Summary - In October, out of 31 industries, 28 saw an increase in financing balance, with the electronics, non-ferrous metals, and power equipment sectors leading in net financing purchases, amounting to 181.01 billion yuan, 115.01 billion yuan, and 79.76 billion yuan respectively [1][2]. - The only industries that experienced net selling were food and beverage, automotive, and light industry manufacturing, with net selling amounts of 17.15 billion yuan, 1.45 billion yuan, and 0.45 billion yuan respectively [1][2]. Individual Stock Performance - In October, 344 stocks saw net purchases exceeding 100 million yuan, with the top ten stocks being Zhongji Xuchuang, Shenghong Technology, ZTE Corporation, Sunshine Power, CITIC Securities, Cambricon Technologies, Zijin Mining, Lianqi Technology, Sanhua Intelligent Controls, and Dongfang Caifu, with net purchases of 29.43 billion yuan, 25.51 billion yuan, and so on [3][4]. - The stock with the highest increase was Sunshine Power, which rose by 17.94% during the month [3][4].