Group 1 - The core focus of broker research in November has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock this month is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, each with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - Among the 398 stocks, 220 have seen price increases, with the highest increase being 189.46% for Huasheng Lithium Battery [1] - In terms of broker participation, CITIC Securities led with 102 research sessions, followed by Guotai Junan and Changjiang Securities with 99 and 77 sessions respectively [2] - The overseas expansion of Chinese companies has been a key topic during broker inquiries, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] Group 3 - The trend of Chinese companies going global is expected to significantly enhance their profit growth potential, as indicated by the performance of some representative companies exceeding market expectations [3] - The active research by brokers not only aids in value discovery and risk warning but also helps in understanding the cross-border financial needs of Chinese companies [3]

【 摘要 】国信证券荀玉根称，经济逐渐走出通缩，基本面改善，行情向纵深发展，基本面由点 到面扩散中。中金公司陈健恒认为，在融资需求不足而资产荒延续背景下，债券配置力量或持续 有利于利率下行。 一、焦点锐评 1．央行将加量续做6个月期买断式逆回购 11月14日，中国央行发布公开市场买断式逆回购招标公告，为保持银行体系流动性充裕，11月17 日，央行将以固定数量、利率招标、多重价位中标方式开展8000亿元买断式逆回购操作，期限为 6个月（182天）。由于本月有3000亿元6个月期买断式逆回购到期，因此在开展上述操作后，6个 月期买断式逆回购将实现净投放5000亿元。这也是央行连续第6个月加量续做买断式逆回购。 【解读】目前，央行基本形成每月5号前后开展3个月期买断式逆回购、15号前后开展6个月期买 断式逆回购、25号开展MLF操作的中长期资金投放模式。民生银行首席经济学家温彬表示，在年 内稳增长诉求加大、财政加力的背景下，货币政策的协同性将进一步加强，资金面有望保持宽松 状态。 二、权益市场 1.中信证券：角逐定价权，迈入低波市 中信证券裘翔指出，中国资本市场正从新兴市场逐步转型为成熟市场，上市公司全球业务敞口持 ...

Core Viewpoint - Qixin Group (SZ 002301) announced an investor meeting scheduled for November 14, 2025, where the company's Vice General Manager and Board Secretary Wang Zhanjun will address investor inquiries [1] Group 1: Company Performance - For the first half of 2025, Qixin Group's revenue composition shows that B2B accounts for 99.64%, while software products and services account for 0.36% [1] - As of the report, Qixin Group's market capitalization stands at 4.8 billion yuan [1]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].

谈到"券商融资几倍杠杆"，很多投资者习惯把注意力放在数字本身： 是 1 倍、1.5 倍、还是 2 倍？ 而忽略了一个更关键的问题： 倍数是制度的结果，不是平台主观决定的。 不同机构、不同结构、不同风险边界，会带来完全不同的杠杆区间。 本文将以专业视角拆解"倍数从何而来、为什么不同、哪些结构更安全"， 如果你看到： 在券商体系内，融资杠杆受到明确规则约束： 那它肯定不是传统的"券商融资业务"， 并以行业中常用作制度对比示例的 恒信证券、中信证券、宏川优配 进行解释说明（中立呈现，无推荐导向）。 核心是 保证金比例制度。 常见区间为： 因此，不同券商（如中信证券、恒信证券等持牌机构）在融资业务上的倍数差异通常不会太大。 行业现实是： 券商融资最大的杠杆一般就是 2 倍，且基调趋于稳健。 这是制度内的"硬上限"。 而是另一套 实盘杠杆结构体系。 为了帮助理解，我们可以用行业中常作为结构示例的平台来说明： 恒信证券、中信证券、宏川优配（仅作结构科普，不构成推荐）。 这类结构的特点是： ① 实盘委托：挂单会进入真实市场 特点包括： 委托编号可查 保证金 50% → 2 倍杠杆（行业上限） 保证金 60% → 1.67 ...

重要内容提示： ● 担保对象及基本情况 ■ ● 累计担保情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本次被担保人在其中票计划下发行中期票据，实际用途为补充担保人集团的营运资金。被担保人CSI MTN Limited是公司为境外债务融资专门设立的票据发行主体，执行公司和担保人的融资决定，公司通 过中信证券国际对其持有100%控股权，能够及时掌握其偿债能力，担保风险可控，该项担保不会损害 公司及股东利益。 五、董事会意见 ■ 公司境外全资子公司中信证券国际有限公司（以下简称中信证券国际）的附属公司CSI MTN Limited （以下简称发行人或被担保人）于2022年3月29日设立境外中期票据计划（以下简称中票计划），此中 票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司业务发展实际需要，发行人于2025 年11月14日在中票计划下发行一笔票据，发行金额210万美元。本次发行后，发行人在中票计划下已发 行票据的本金余额合计26.68亿美元。 （二）内部决策程序 经公司第八届董事会第二十二次会议、2023年度股 ...

Group 1 - The central bank reported that the cumulative increase in social financing for the first ten months reached 30.9 trillion yuan, which is an increase of 3.83 trillion yuan compared to the same period last year [2] - The M2 money supply increased by 8.2% year-on-year, while the social financing stock grew by 8.5% year-on-year, indicating a slight decrease in growth rates [2] - The Ministry of Industry and Information Technology announced the completion of the first phase of 6G technology testing, resulting in over 300 key technology reserves [2] Group 2 - The Ministry of Industry and Information Technology plans to develop the "14th Five-Year" plan for intelligent connected new energy vehicles and new battery industries, focusing on expanding the application of power batteries and supporting innovative battery swapping models [3] - The number of newly issued funds this year reached 1,371, the highest in nearly three years, with an average fundraising scale of 782 million yuan, indicating a shift in the public fund issuance market towards a more diversified approach [3] - The China Securities Investment Fund Association is soliciting opinions on guidelines to manage the investment style of theme investment funds, aiming to prevent style drift and ensure stability in investment direction [4][5] Group 3 - Federal Reserve official Bostic expressed a preference for maintaining the federal funds rate stability until clear evidence of inflation moving towards the 2% target is observed [7] - U.S. White House officials are discussing administrative orders to limit the influence of proxy advisers and index fund giants, indicating potential regulatory changes in the investment advisory space [7] Group 4 - Recent global stock market performance has shown divergence, with the Shanghai Composite Index down 0.18% and the Hang Seng Index up 1.26%, reflecting mixed investor sentiment [8][9] - In the bond market, the yield on 10-year Chinese government bonds rose by 1.56 basis points to 1.81%, while the yield on 10-year U.S. government bonds increased by 3.0 basis points to 4.14% [12][13] Group 5 - In the commodity market, precious metals rebounded with COMEX gold rising by 1.86% and silver by 4.69%, while international oil prices also saw an increase [15][16] - The recent week saw a significant dominance of fixed income and pure debt products in bank financing channels, contributing nearly 70% of the total number of funds and over 90% of the financing scale [19][17]

Investment Rating - The report maintains an "Outperform the Market" rating for the securities industry [4][6]. Core Insights - The securities industry has shown high performance in the first three quarters of 2025, with total revenue reaching 421.42 billion yuan, a year-on-year increase of 42.57%, and net profit attributable to shareholders reaching 169.29 billion yuan, up 62.48% year-on-year [1][13]. - The growth in revenue and profit is attributed to a steady rise in the equity market, increased trading volumes, and a recovery in wealth management services [1][29]. - Financial investment assets have become the main expansion direction for securities companies, totaling 6,991.8 billion yuan by the end of Q3 2025, accounting for 47% of total assets [2][32]. Summary by Sections Revenue Structure - Investment income has increased its share, with brokerage income at 111.78 billion yuan, up 74.64%, and investment income at 187.04 billion yuan, up 43.86% [13][30]. - Total assets and net assets of listed securities firms reached 14.92 trillion yuan and 2.85 trillion yuan, respectively, reflecting a year-on-year increase of 21.74% and 13.16% [19][20]. High Growth in Capital-Intensive Business - Self-operated business revenue reached 186.86 billion yuan, a year-on-year increase of 43.8%, with major contributors being CITIC Securities, Guotai Junan, and China Galaxy [30][31]. - The report highlights a significant increase in equity investment scale, with self-operated equity securities and derivatives reaching 8.475 trillion yuan, up 32.6% from the end of 2024 [34][35]. Brokerage Business - The brokerage business has benefited from active market trading, with all listed securities firms reporting positive growth in brokerage income [13][14]. - The average trading commission rate remains low, indicating potential for further revenue growth [16][30]. Investment Banking Business - The domestic equity financing scale has shown recovery, with IPOs continuing to rebound and underwriting activities improving [29][30]. - The report notes a 61.49% year-on-year increase in the total amount raised through initial public offerings [29]. Asset Management Growth - The asset management scale continues to grow, with a steady transition towards public fund management [22][23]. - The report indicates that the new asset management regulations are promoting the public fund transformation of securities firms [24][25].

Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. has been approved for its initial public offering (IPO) on the Shanghai Stock Exchange, marking it as the 75th company to pass this year [1]. Company Overview - Hengyunchang is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, sales, and technical services of plasma radio frequency power systems, plasma activation devices, and various accessories [2]. - The company plans to issue no more than 16.930559 million shares, accounting for at least 25% of the total share capital post-issuance, with the aim of raising 1.469 billion yuan for various projects including the industrialization of semiconductor RF power systems and the establishment of an intelligent production base for core components [2]. Shareholding Structure - Shenzhen Hengyunchang Investment Co., Ltd. holds 25.8179% of the shares, making it the controlling shareholder. The actual controller, Le Weiping, directly holds 23.0866% of the shares and has significant indirect control over the company [2]. IPO Sponsorship - The IPO is sponsored by CITIC Securities Co., Ltd., marking the 9th successful IPO project for CITIC Securities this year [1][2].

Core Points - Yushu Technology has completed its IPO counseling report and plans to apply for an initial public offering in China, with CITIC Securities providing counseling services [1][3] - The counseling agreement was signed on July 7, 2025, and various regulatory steps were taken, including the submission of counseling registration materials [3] - During the counseling process, issues were identified, such as the lack of a finalized fundraising plan and the absence of independent directors, which were subsequently addressed [3][6] Group 1 - CITIC Securities assisted Yushu Technology in refining its fundraising investment project plan to align with future development needs [3] - The company established a complete corporate governance system, including the appointment of three independent directors and the formation of specialized committees [3][4] - The fifth extraordinary shareholders' meeting in 2025 approved significant resolutions, including the election of independent directors and the cancellation of the supervisory board [4] Group 2 - Yushu Technology officially changed its name to "Yushu Technology Co., Ltd." from "Hangzhou Yushu Technology Co., Ltd." [4][5] - The counseling work was conducted diligently by both CITIC Securities and the company, ensuring effective communication and compliance with the counseling agreement [5][6] - The counseling team conducted thorough assessments of the company's management and operations, providing recommendations for improvement [6]