去年，中信证券就申请过减少业务种类。今年6月20日，证监会核准中信证券华南减少证券保荐业务。 近日，中信证券削减业务种类一事备受关注。 中信证券分别向证监会递交了两份减少业务种类的申请材料，证监会已接收相关材料。此事引发市场多种解读。记者从知情人士处获悉，此为收购广州证券（现更 名为中信证券华南）的后续事项。 根据当时的收购方案，中信证券在证监会允许的过渡期内调整中信证券华南的业务定位和各自的业务范围，解决可能存在的潜在利益冲突或同业竞争情况。业务范 围变更事项的具体安排，以证监会的批复为准。 群中社 扫码下载 券 中 社 A P P 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 责编：杨喻程 看券商中国 知天下财经 券中社 券 商 中 国 X 券 中 社 排版：汪云鹏 校 对：赵燕 百万用户都在看 ...

Core Viewpoint - The consensus among major securities firms is that the A-share market is expected to enter a "slow bull market" in 2026, with a shift in investment opportunities from technology dominance in 2025 to multiple main lines in 2026 [1][3][4] Market Outlook - Following the policy measures introduced on September 24, 2024, the A-share market has entered a new bull market, with the Shanghai Composite Index reaching a ten-year high in 2025 [2] - Securities firms predict that the market will continue to evolve within a slow bull framework, with a key feature being the shift in driving forces [3][4] Driving Forces - The driving force is expected to shift from "valuation repair" to "profit-driven" or "fundamental verification" in 2026 [4] - Estimates suggest that the overall profit growth for A-shares in 2026 could be around 4.7%, with many industries nearing performance improvement turning points [4] Investment Strategies - Major securities firms highlight three main investment lines: technology growth, Chinese enterprises going global, and cyclical resource products [9][11][13] - The technology growth sector remains a favored direction, with a focus on performance rather than concepts, particularly in application breakthroughs [10] - The trend of Chinese enterprises expanding internationally is seen as a significant configuration clue, with a focus on sectors like home appliances, engineering machinery, and electric grid equipment [12] Market Style Rotation - The potential for a style switch from "growth" to "value" around June 2026 is a focal point of discussion among securities firms [7][8] - The market is expected to trend towards a more balanced style, with cyclical industries approaching supply-demand equilibrium [8][6] Resource Products - Resource products are anticipated to become a new main line following technology, driven by global monetary easing and supply-demand gaps [13][14]

Core Viewpoint - The consensus among major securities firms is that the A-share market is expected to enter a "slow bull market" in 2026, with a shift in investment opportunities from technology dominance in 2025 to multiple main lines in 2026 [1][3]. Group 1: Market Outlook - The A-share market has entered a new bull market since the policy measures introduced on September 24, 2024, with the Shanghai Composite Index reaching a ten-year high in 2025 [2]. - Major securities firms predict that the market will continue to evolve within a slow bull framework, with a key characteristic being the shift in driving forces [3][4]. - CITIC Securities emphasizes that A-shares should be viewed from a global demand perspective, as Chinese companies' advantages in the global value chain are transforming into pricing power, forming the basis for a low-volatility slow bull market [3]. Group 2: Driving Forces - There is a general expectation among securities firms that the driving force for the market will shift from "valuation recovery" to "profit-driven" or "fundamental verification" in 2026 [4]. - CICC estimates that the overall profit growth for A-shares in 2026 could be around 4.7%, with many industries nearing performance improvement [4]. - Dongwu Securities notes that the overall revenue and profit growth for A-shares has ended a four-year downward cycle and is beginning to rebound, supported by economic reforms and improved supply-demand dynamics [4]. Group 3: Investment Styles - The debate among securities firms centers on whether the market style will shift from "growth" to "value" in 2026, with Dongwu Securities identifying June 2026 as a potential key time for this transition [6][7]. - CICC suggests that the market style may become more balanced, as many cyclical industries approach supply-demand equilibrium [8]. - Guotai Junan recommends maintaining a focus on technology while also considering previously underperforming sectors such as real estate and consumer goods during the bull market [8]. Group 4: Investment Themes - Securities firms highlight three main investment themes: technology growth, Chinese companies going global, and cyclical resource products [9][10]. - The technology growth sector remains a favored direction, with a shift in focus from concepts to performance, particularly in application breakthroughs [9]. - The trend of Chinese companies expanding internationally is seen as a significant opportunity, with recommendations to focus on sectors like home appliances, engineering machinery, and global pricing resources [10][11].

统联精密公告，本次询价转让股份数量为484.19万股，占公司总股本3.00%，由股东杨虎、深圳市泛海 统联科技企业（有限合伙）通过中信证券实施，受让方为具备定价能力和风险承受能力的机构投资者； 受让股份转让后6个月内不得转让；价格下限不低于2025年11月17日前20个交易日股票交易均价的 70%。本次转让不会导致公司控制权变更。 ...

Group 1 - The core viewpoint of the news is that Yingweitong (SZ 002334) has engaged with investors through a series of meetings, providing insights into its business structure and revenue composition for the first half of 2025 [1][2] - Yingweitong's market capitalization is reported to be 7.4 billion yuan [2] - The revenue composition for Yingweitong in the first half of 2025 is as follows: Industrial Automation 66.55%, New Energy 16.08%, New Energy Vehicles 13.24%, and Photovoltaic Energy Storage 4.13% [1]

沪指11月17日下跌0.46%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为计算机、国防军 工，涨幅分别为1.67%、1.59%。跌幅居前的行业为医药生物、银行，跌幅分别为1.73%、1.31%。非银 金融行业位居今日跌幅榜第三。 | 000750 | 国海证券 | -0.89 | 0.99 | -5149.32 | | --- | --- | --- | --- | --- | | 002670 | 国盛证券 | -3.16 | 2.42 | -4943.23 | | 600390 | 五矿资本 | -0.84 | 0.70 | -4475.33 | | 600155 | 华创云信 | 0.52 | 2.55 | -4393.14 | | 601995 | 中金公司 | -0.88 | 0.54 | -4357.71 | | 002939 | 长城证券 | -0.38 | 0.66 | -4335.29 | | 601878 | 浙商证券 | -0.44 | 0.55 | -3897.56 | | 601059 | 信达证券 | -0.96 | 2.14 | -3824.15 | | 601099 ...

Market Overview - The three major A-share indices collectively declined today, with the Shanghai Composite Index falling by 0.46% to close at 3972.03 points, the Shenzhen Component Index down by 0.11% to 13202.00 points, and the ChiNext Index decreasing by 0.20% to 3105.20 points [3] - The total trading volume in the Shanghai and Shenzhen markets was 1.91 trillion yuan, a decrease of 47.3 billion yuan compared to the previous trading day [3] Key Events - A significant drop occurred in the last hour of trading last Friday, leading to a breach of the 4000-point mark and a close at a relatively low point [4] - The financial sector did not intervene to stabilize the market, with the insurance sector experiencing the largest decline at 1.70%, followed by banks at 1.27%, and securities at approximately 0.84% [4] - CITIC Securities, a leading indicator of the bull market, hit its lowest price since the current adjustment, contributing to the decline of the Shanghai Composite Index [4] Sector Performance - The Shenzhen Component Index showed relative resilience with a smaller decline of 0.11%, largely due to the performance of Zhongji Xuchuang, which rose against the trend, positively impacting related stocks [4] - The lithium battery sector, including solid-state battery concepts, performed well, although CATL faced significant pressure from a major shareholder's 18.7 billion yuan reduction plan, leading to a notable drop in its stock price [5] Market Sentiment - The ongoing reduction plan for CATL may continue to impact the indices in the future [6] - Despite the modest declines in the indices, there is a sense of weakness in the market, with a balanced distribution of individual stock movements and trading volume remaining around 1.9 trillion yuan, indicating a continued trend of shrinking volatility [6] - The absence of expected stabilizing funds in the Shanghai Composite Index may exceed some investors' expectations, highlighting the competitive and speculative nature of the market [6]

Core Points - 康希诺's stock closed at 72.92 yuan, with a decline of 2.88% [1] - The company went public on August 13, 2020, on the Shanghai Stock Exchange's Sci-Tech Innovation Board, issuing 24.8 million shares at a price of 209.71 yuan per share [1] - 康希诺 is currently in a state of share price decline, having broken its initial offering price [1] Fundraising and Financials - 康希诺 raised a total of 5.201 billion yuan, with a net amount of 4.979 billion yuan after deducting issuance costs [1] - The net fundraising amount exceeded the original plan by 3.979 billion yuan [1] - The initial fundraising plan was to raise 1 billion yuan for various projects, including the construction of a second production base and vaccine development [1] Issuance Costs - The total issuance costs for 康希诺 were 221 million yuan, with underwriting and sponsorship fees amounting to 205 million yuan [2] - 中信证券 received 496,000 shares, representing 2.00% of the total shares issued, with an investment amount of 104 million yuan [2]

Group 1 - The report highlights that the brokerage industry is entering an upward trajectory after hitting a low in Q4 2023, with significant growth observed in Q2 and Q3 of 2025 [5][18]. - The brokerage sector has seen a shift from "customer acquisition" to "existing customer management and institutional deepening," focusing on creating a comprehensive product matrix across various investment types [5][29]. - The report identifies three categories of brokers that have outperformed: those with low valuations and improving fundamentals, those involved in mergers and acquisitions, and those driven by innovative business models [5][12]. Group 2 - The report indicates that the performance of H-shares has outpaced A-shares due to a stronger Hong Kong market, lower valuations, and accelerated interconnectivity between capital markets [11][12]. - As of November 14, 2025, the brokerage index has increased by 4.29%, while the Shanghai Composite Index has risen by 19.06%, indicating a significant underperformance of the brokerage sector compared to the broader market [11][12]. - The report notes that the brokerage sector's price-to-book ratio is currently at 1.41 times, which is at the 47th percentile since 2018, suggesting that the sector is undervalued [5]. Group 3 - The report emphasizes the importance of wealth management as a core support for brokerage businesses, driven by increased asset allocation from residents into the equity market [5][34]. - The brokerage industry is expected to benefit directly from the increasing attractiveness of the equity market, with specific recommendations for companies like GF Securities, Huatai Securities, and China Galaxy Securities [5]. - The report outlines that the brokerage sector's net profit for the first nine months of 2025 has increased by 66% year-on-year, with significant contributions from brokerage and interest income [18][34]. Group 4 - The report discusses the internationalization of brokerage services, driven by client demand, with major firms establishing overseas subsidiaries and focusing on cross-border services [5][18]. - The brokerage sector is experiencing a "counter-cyclical" asset allocation strategy, with a continued increase in equity asset allocation expected in 2025 [5][18]. - The report highlights that the brokerage industry is positioned for a recovery in public fund profitability, with the potential for increased allocations from public funds to the non-bank financial sector [5][18].

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]