Core Insights - The latest data from the Asset Management Association of China indicates that as of the end of September, the scale of private asset management products from securities firms and their subsidiaries reached 5.73 trillion yuan, accounting for nearly half of the entire market [1][2] Group 1: Market Overview - The total scale of private asset management products from securities and futures institutions reached 12.46 trillion yuan as of the end of September, with a month-on-month increase of 1210.08 billion yuan, although it showed a slight decrease of 0.96% compared to the previous month [2] - Securities firms and their subsidiaries maintained a leading position, with their private asset management products accounting for 46.02% of the total market scale [2][3] Group 2: Product Types - Fixed income products remain the mainstay, with a scale of 4.68 trillion yuan, representing 82% of the total scale of securities firms' asset management products [4] - Equity and mixed products have also seen month-on-month growth, indicating a trend towards diversified market allocation [4][5] Group 3: Business Transformation - The industry is accelerating its transition towards active management, with the scale of actively managed collective asset management plans reaching 55.73% as of the end of September [5] - Despite a clear recovery trend, the industry faces challenges in public offering transformation and finding breakthrough points for scale expansion and business transformation [6]

智通财经APP获悉，中信证券发布研报称，金融统计数据报告显示，10月份银行扩表节奏边际放缓，主 要是政府债发行靠前，实体信贷需求仍待提振;居民存款和非银存款转移持续活跃，年底银行将加大对 于流动性管理关注。三季度行业息差初步企稳，同时监管持续释放对息差及盈利空间的关注，未来政策 引导下定价要素有望改善，盈利水平保持稳定。板块投资方面，低估值隐含的价值空间依旧显著;年底 步入长线资金配置时段，有助催化银行股市场表现，建议机构积极布局，收获高确定性回报。 1)季初居民存款再向非银存款转移。10月居民存款/非银存款分别-1.34万亿元/+1.85万亿元(9月分别+2.96 万亿元/-1.06万亿元)，同比分别少增7700亿元/多增7700亿元。推测主要是季度末时点考核结束后，居民 资金重新流向理财等非银机构，同时股票市场活跃亦有影响。 2)公司存款增长较弱。10月非金融企业存款下降1.09万亿元，同比多减3553亿元，主要是信贷派生较 弱，叠加去年同期手工补息效应已经消退，基数逐步恢复正常。存款月度间结构变化明显加大，银行需 重视流动性波动及负债成本管理变化。 监管持续关注银行息差及金融机构盈利空间。 事项： 11 ...

人民财讯11月17日电，中信证券研报指出，10月经济数据在供需两端均有所回落。从需求侧来看，10月 投资增速延续快速下行趋势，新型政策性金融工具落地起效仍待时间；假期效应带来餐饮消费回升，今 年10月社零增速小幅下滑但仍超市场预期。从生产侧来看，需求回落和假期效应拖累工业生产表现，服 务业生产指数在高基数影响下回落。展望后续，判断年内外贸出口基本面仍有支撑，固定资产投资在新 型政策性金融工具等政策发力的带动下有望温和改善，但居民消费的温度可能继续偏低。近期国务院办 公厅发文促进民间投资发展并部署场景培育和开放工作，提示关注相关政策落地实施后对投资和消费的 提振效果。 转自：证券时报 ...

Core Viewpoint - The report from CITIC Securities indicates that despite the rebound of the US dollar index since October, the RMB exchange rate has shown strong resilience. [1] International Balance of Payments - In the third quarter of this year, China's exports to non-US economies performed well, supporting export performance and leading to a rebound in the current account surplus. [1] - Foreign direct investment (FDI) into China showed a quarter-on-quarter decline, while outbound direct investment accelerated compared to the second quarter. [1] - There has been significant outflow of foreign capital from bond holdings, indicating increased volatility in capital flows within securities accounts. [1] Future Outlook - The pace of expected interest rate cuts by the Federal Reserve remains a key short-term factor influencing the US dollar index. [1] - In the fourth quarter, China's export growth is expected to decline on a quarter-on-quarter basis, which may weaken the current account's support for the RMB exchange rate. [1] - However, policies related to investment and consumption are gradually being implemented, and the central bank's stable exchange rate policy is expected to maintain a balanced approach, leading to a gradual alignment of the RMB exchange rate towards the midpoint. [1]

中信证券研报称，10月经济数据在供需两端均有所回落。从需求侧来看，10月投资增速延续快速下行趋 势，新型政策性金融工具落地起效仍待时间；假期效应带来餐饮消费回升，今年10月社零增速小幅下滑 但仍超市场预期。从生产侧来看，需求回落和假期效应拖累工业生产表现，服务业生产指数在高基数影 响下回落。展望后续，我们判断年内外贸出口基本面仍有支撑，固定资产投资在新型政策性金融工具等 政策发力的带动下有望温和改善，但居民消费的温度可能继续偏低。近期国务院办公厅发文促进民间投 资发展并部署场景培育和开放工作，提示关注相关政策落地实施后对投资和消费的提振效果。 ...

中信证券研报称，10月CPI数据超预期引发市场高度关注，大消费领域市场涨幅居前。经复盘，2025年 我国CPI同比始终处于低位运行态势的两大核心拖累项是食品和原油；核心CPI的表现显著超出市场预 期，其中核心商品价格涨幅显著高于核心服务，其他用品和服务（主要为金饰品）、耐用消费品是其中 最超预期的贡献项。展望2026年，综合考虑居民当前损益表与资产负债表的边际变化以及国补可能有所 退坡的情况，中性情景下我们预计核心CPI同比、CPI同比中枢分别为0.8%、0.8%。宏观经济运行方 面，10月经济数据供需两端均有所回落，新型政策性金融工具落地生效仍需时间。 ...

人民财讯11月17日电，中信证券研报称，金融统计数据报告显示，10月份银行扩表节奏边际放缓，主要 是政府债发行靠前，实体信贷需求仍待提振；居民存款和非银存款转移持续活跃，年底银行将加大对于 流动性管理关注。三季度行业息差初步企稳，同时监管持续释放对息差及盈利空间的关注，未来政策引 导下定价要素有望改善，盈利水平保持稳定。板块投资方面，我们认为低估值隐含的价值空间依旧显 著；年底步入长线资金配置时段，有助催化银行股市场表现，建议机构积极布局，收获高确定性回报。 ...

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]