Core Insights - Non-interest income is a crucial component of banks' revenue structure, especially under pressure on net interest income, reflecting operational resilience [1] - In the first three quarters of this year, 42 listed banks in A-shares reported a total non-interest income of 1.22 trillion yuan, an increase of 58.3 billion yuan, or 5% year-on-year [1] - The growth in non-interest income is driven by the performance of wealth management businesses and the overall market activity, although investment income has been affected by fluctuations in the bond market [1][6] Non-Interest Income Growth - Among the 42 listed banks, 18 reported a year-on-year increase in non-interest income, with 16 banks seeing an increase in the proportion of non-interest income in total revenue [1][2] - Notably, Zijin Bank, Changshu Bank, and Zhangjiagang Bank, all from Jiangsu, showed remarkable growth rates of 54%, 35%, and 22% respectively, contributing significantly to their total revenues [2] - State-owned banks demonstrated strong growth in non-interest income, with Agricultural Bank, Postal Savings Bank, Bank of China, China Construction Bank, and Industrial and Commercial Bank reporting double-digit growth rates [2][3] Fee and Commission Income - The total fee and commission income for the 42 listed banks reached 578.2 billion yuan, a year-on-year increase of 4.6%, with over 60% of banks reporting growth [4][5] - Notable increases in fee and commission income were observed in Changshu Bank and Ruifeng Bank, with growth rates exceeding 364% and 162% respectively [4] - State-owned banks also reported growth in fee and commission income, with major banks like China Merchants Bank seeing a 0.9% increase, driven by significant growth in various subcategories of income [5] Investment Income Trends - The investment net income for the 42 listed banks totaled 477 billion yuan, reflecting a year-on-year growth of 21%, although this growth rate has slowed compared to the previous year [6] - The fluctuations in the bond market have particularly impacted the investment income of smaller banks, such as city commercial banks and rural commercial banks [6] - Analysts suggest that differences in client bases and operational strategies between state-owned and smaller banks are influencing their respective non-interest income growth [3][6]

Report Title - The report is titled "Analysis of Public Offering Equity and FOF Fund Q3 Reports: Growth Mainline Spreading at Multiple Levels, Institutional Herding Progressing Synchronously" [1] Investment Rating - The document does not mention the industry investment rating. Core Viewpoints - In Q3 2025, the A-share market showed characteristics of a high-beta, comprehensively rising, growth-led structural bull market, with the Hong Kong stock market moving in tandem. Growth indices outperformed value indices, and the market showed multi-level diffusion of investment opportunities and synchronous institutional herding. Active equity funds continued to experience slight net redemptions, but the overall scale increased significantly driven by net value. Funds concentrated on increasing allocations in the TMT direction and adjusted positions from relatively weak sectors [3]. Summary by Directory 1. Fund Market Overview - **Performance Review**: The A-share market in Q3 2025 showed a high-beta, comprehensively rising, growth-led structural bull market. Broad-based indices generally rose significantly, with the ChiNext leading. The Shanghai Composite Index, Shenzhen Component Index, and CSI 300 rose 12.73%, 29.25%, and 17.90% respectively, while the ChiNext Index and STAR 50 Index rose 50.40% and 49.02%. The Hong Kong stock market moved in tandem with the A-share market. In terms of style, large, medium, and small-cap growth indices significantly outperformed value indices, with large-cap growth leading [10]. - **Industry Index Performance**: In Q3, 30 out of 31 Shenwan industries, except for the banking industry, achieved positive returns. Technology manufacturing and non-ferrous metals performed well, while the financial sector was generally weak. The top 5 industries in terms of increase were communication (48.65%), electronics (47.59%), power equipment (44.67%), non-ferrous metals (41.82%), and comprehensive (32.77%) [13]. - **Equity Fund Performance**: In Q3 2025, the average net value of various types of equity funds increased significantly. The average maximum drawdown of balanced hybrid funds with lower stock positions was the lowest, at 4.72%, while that of ordinary stock funds was the highest, at 6.20%. In terms of the Sharpe ratio, partial equity hybrid and flexible allocation funds were relatively high in the short term, and balanced hybrid funds showed better risk-return performance in the long term [23]. - **Scale and Share**: As of the end of Q3 2025, the total scale of active equity funds was 3.99 trillion yuan, a significant increase of 20.81 pct quarter-on-quarter, and the total share was 2.64 trillion shares, a decrease of 5.27 pct quarter-on-quarter. Equity funds continued to experience slight net redemptions, but the overall scale increased significantly driven by net value [30]. - **Newly Issued Funds**: In Q3, the number and scale of newly issued active equity funds increased significantly. A total of 109 funds were newly issued, with a total scale of 5.3925 billion yuan, an increase of 2.3277 billion yuan compared to the previous quarter, reaching a new high in the past three years. Among them, partial equity hybrid funds had the largest newly issued scale, at 4.8082 billion yuan [32]. 2. Fund Holding Characteristics - **Stock/Hong Kong Stock Positions**: In Q3 2025, the equity fund positions increased, with an average stock position of 88.98%, an increase of 1.42 percentage points compared to the end of the previous quarter. The Hong Kong stock position of equity funds slightly decreased this quarter, with the average investment market value of Hong Kong stocks accounting for 13.55% of the net value, a slight decrease of 0.20 percentage points compared to the previous quarter [39]. - **Heavyweight Stock Sector Allocation**: In Q3, the technology sector was the most heavily held by active equity funds, and the holding ratio further increased significantly compared to Q2. The funds concentrated on increasing allocations in the TMT direction and adjusted positions from relatively weak sectors such as banking and food and beverage [43]. - **Heavyweight Stock Industry Allocation**: The electronics industry remained the most heavily held by equity funds, and the allocation ratio further increased, while the banking industry was significantly reduced. The concentration of the top five industries increased from 49.27% in Q2 to 58.58% [47]. - **Top Ten Heavyweight Stocks**: The top 10 stocks by market value accounted for by equity fund heavyweight holdings were Contemporary Amperex Technology Co., Limited, Tencent Holdings, Xinyisheng, Zhongji Innolight, Alibaba Group Holding Limited, SMIC, Industrial Foresight, Luxshare Precision Industry Co., Ltd., Zijin Mining Group Co., Ltd., and Kweichow Moutai Co., Ltd. Stocks with a relatively large increase in market value accounted for in Q3 were Zhongji Innolight, Industrial Foresight, and Xinyisheng [49]. - **Heavyweight Stock Market Value & Concentration**: The market value style of equity fund holdings strengthened towards large-cap stocks. The concentration of the top 50, 100, and 200 stocks increased significantly in Q3, and the herding trend returned [58]. 3. Fund Company Analysis - **TOP20 Fund Company Scale**: In Q3 2025, the equity fund scales of the top 20 active equity fund companies increased significantly compared to Q2. The top 5 institutions remained unchanged from the previous quarter, and among the companies ranked 6 - 20, the equity scale of Yongying Fund increased significantly, rising 11 places [61]. - **TOP20 Fund Company Heavyweight Industries**: The first major heavyweight industries of the top 20 fund companies were mainly electronics and pharmaceutical biology. Dacheng Fund's first major heavyweight industry was non-ferrous metals, showing some differentiation [62]. - **TOP20 Fund Company Heavyweight Stocks**: In Q3, the average concentration of the top three heavyweight stocks of the top 20 active equity fund companies was 13.49%, and that of the top five was 20.01%, slightly decreasing compared to the previous quarter. Xingquan Fund had the highest concentration of the top three heavyweight stocks, at 24.69% [64]. 4. Theme Fund Analysis - **Fund Performance**: In Q3, the performance of various industry theme funds was differentiated. Technology theme funds performed the best, rising 45.96% in the quarter, followed by new energy and cyclical theme funds. Financial theme funds had the worst performance, only rising 3.25% [68]. - **Pharmaceutical and Consumption Themes**: In pharmaceutical theme funds, the sub - sectors with a relatively high market value accounted for were chemical preparations and other biological products. In consumption theme funds, the sub - sectors with a relatively high market value accounted for were liquor and agriculture, forestry, animal husbandry, and fishery [72]. - **Technology and New Energy Themes**: In technology theme funds, the sub - sectors with a relatively high market value accounted for were artificial intelligence and semiconductors. In new energy theme funds, the sub - sectors with a relatively high market value accounted for were photovoltaics and energy storage [76]. 5. FOF Holding Analysis - **High - Allocation Funds**: In Q3 2025, the active equity fund with the highest allocation in FOF heavyweight holdings was "Fuguo Steady Growth", followed by "Bodaogrowth Zhihang" and "Caixin Asset Management Digital Economy" [78]. - **High - Quantity Funds**: In Q3 2025, the active equity fund most heavily held by FOF was still "Fuguo Steady Growth", followed by "Bodaogrowth Zhihang" and "Invesco Great Wall Quality Evergreen" [80]. - **Allocation/Quantity Changes**: In Q3 2025, the active equity fund with the largest increase in both allocation and quantity in FOF heavyweight holdings was "E Fund Growth Power" [82]. - **New - Generation Fund Managers**: Among the active equity funds managed by new - generation fund managers with less than 3 years of management experience, the FOF heavyweight fund with the highest allocation in Q3 was "E Fund Strategic Emerging Industries", managed by Ouyang Liangqi [84].

简而言之，自11月1日至2027年12月31日，通过上海黄金交易所、上海期货交易所交易的标准黄金（未 实物交割）免征增值税、不过，一旦提取实物出库或在非交易所渠道销售，则按现行规定征收增值税。 这意味着投资实物黄金的成本上升，而交易所内电子黄金投资更具税收优势。 "工行的金条不让提了。"11月3日，有网友反映，在工行购买的"如意金"积存业务无法提取实体金条。 也有网友称，在柜面窗口，金条都拿出来了，但因系统升级无法操作。 智通财经了解到，今日，招商银行已对实体金条进行调价。招行客服表示，根据新的黄金税收政策，该 行将顺应政策要求进行相应业务调整。目前，税价已经包含在产品价格里。 来源：智通财经 11月3日，中国工商银行发布公告称，受宏观政策影响，根据该行风险管理要求，自2025年11月3日起， 工行暂停受理如意金积存业务的开户、主动积存、新增定期积存计划以及提取实物的申请，存量客户处 于有效期内的定期积存计划的执行以及办理赎回、销户不受影响。 同日，中国建设银行也发布公告称，受市场波动影响，结合风险审慎管理要求，自2025年11月3日 （含）起，该行暂停受理易存金业务实时买入、新增定投买入、实物金兑换等申请， ...

Core Viewpoint - China Merchants Bank announced the resignation of Chief Risk Officer Zhong Desheng due to work reasons, effective October 31, 2025, while he will continue to serve in other roles within the bank and its subsidiaries [1] Group 1 - The board of directors has approved the appointment of current Vice President Xu Mingjie as the new Chief Risk Officer, effective upon approval of his qualifications by the National Financial Supervision Administration [1] - Xu Mingjie has been with China Merchants Bank since September 1995 and has held various positions, including Assistant General Manager of the Corporate Financial Products Department, General Manager of the Credit Execution Department, and General Manager of the Risk Management Department [1] - Xu Mingjie has served as Vice President of the bank since June 2025 [1]

Core Viewpoint - The new gold tax regulations have led multiple banks to suspend gold accumulation and withdrawal services, indicating a significant shift in the gold investment landscape [1][2][4]. Group 1: Bank Responses - On November 3, major banks such as Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) announced the suspension of their gold accumulation services, including the "Ruyi Gold Accumulation" and "Easy Storage Gold" products, due to macroeconomic policy impacts and risk management requirements [2][3]. - ICBC clarified that the suspension of the "Ruyi Gold Accumulation" service was not due to a lack of gold inventory, as their branches reported sufficient stock [2][3]. - CCB also suspended real-time purchases and physical gold exchanges for its "Easy Storage Gold" product, while existing plans for current customers remain unaffected [2][3]. Group 2: Market Implications - The new tax regulations, effective from November 1, 2025, will differentiate between investment and non-investment uses of physical gold, impacting how transactions are taxed and potentially reducing speculative trading in physical gold [4][5]. - Analysts suggest that investors may need to seek alternatives such as paper gold or gold ETFs to reduce reliance on physical gold delivery due to the new tax implications and fluctuating gold prices [1][6]. - The market adjustments by banks are seen as a response to both the new tax regulations and the need for enhanced risk management in a volatile market environment [6]. Group 3: Future Outlook - The suspension of gold accumulation services is expected to lead to a reevaluation of pricing for gold products, as banks adjust to the new tax landscape [3][6]. - Existing customers of gold accumulation products are not affected by the new tax regulations, but new customers will need to consider tax implications when engaging in gold accumulation [6].

Group 1 - The core viewpoint is that the recent maturity of high-interest deposits is leading customers to diversify their investments into wealth management products, as these products currently offer higher yields compared to similar-term deposits [1][2][3] - The banking industry is experiencing a shift in deposit structure, with an increase in demand for wealth management products, stocks, and funds as alternatives to traditional savings [1][3] - As of the end of Q3 2025, the total number of wealth management products in the market reached 43,900, a year-on-year increase of 10.01%, with a total scale of 32.13 trillion yuan, up 9.42% year-on-year [2] Group 2 - Recent reports from listed banks indicate a growth in demand for demand deposits, with a notable increase in the proportion of these deposits, suggesting a positive trend in the banking sector [3] - The decline in deposit rates is expected to accelerate the re-pricing of high-interest deposits, which may alleviate the pressure on banks' net interest margins and create room for future monetary easing [4] - The overall trend indicates that as the capital market stabilizes, there is a growing need for asset reallocation among residents, further influencing the banking liability structure [3][4]

Group 1: U.S. Macro Strategy - The Federal Reserve continued to lower interest rates by 25 basis points, bringing the policy rate to a range of 3.75-4.0%, and announced the end of quantitative tightening on December 1 [1] - Internal divisions within the Federal Reserve have intensified, with dissenting opinions regarding the December rate cut from several regional Fed presidents [1] - The U.S. government shutdown persists, leading to a weak fiscal environment, with a deficit of $7.8 billion in Week 43, which is below seasonal levels [1] Group 2: Employment and Economic Indicators - Initial jobless claims data indicate a potential recovery in the U.S. job market, with claims at 202,100, reflecting a seasonal decline [1] - The S&P 500 index rose by 0.7%, but the market is transitioning to a "fragile balance" phase driven by corporate earnings growth amid increased volatility [2] - The U.S. stock market is facing uncertainties, with high valuations largely dependent on the narrative of AI driving a new industrial revolution [2] Group 3: Bond Market Insights - Powell's hawkish stance has increased uncertainty in the bond market, with the 10-year Treasury yield encountering resistance around 4.0% [2] - The expectation of a rate cut in December remains, with a downward shift in the yield curve anticipated [2] - Investors are advised to maintain positions in 2-5 year Treasury bonds, with long-term bonds recommended for purchase when yields reach 4.2% [2] Group 4: Currency and Commodity Outlook - The "risk management-style rate cuts" may support a limited rebound in the U.S. dollar, but significant movement outside the established range is unlikely [3] - The dollar index is expected to slightly decline due to the continuation of the Fed's rate cut cycle and the convergence of U.S.-Europe interest rates [4] - Gold prices may face short-term adjustments due to hawkish signals, but a long-term upward trend is expected, supported by ongoing Fed rate cuts [5] Group 5: China Macro Strategy - China's manufacturing PMI fell to 49%, indicating a contraction, with all sub-indices declining [7] - The real estate market shows significant declines, with new home sales in major cities down 27.3% year-on-year [7] - Export momentum is weakening, with overall export growth declining, although recent U.S.-China negotiations may lead to a potential reduction in tariffs [8] Group 6: Monetary Policy and Market Sentiment - The People's Bank of China reiterated a supportive monetary policy stance, emphasizing the need for a stable and active capital market [9] - The bond market is expected to maintain a volatile trend, with the 10-year Treasury yield around 1.8% [11] - The A-share market remains on an upward trend, supported by liquidity and policy measures, despite high valuations [12]

证券之星消息，11月3日，投资时钟（399391）指数报收于3364.41点，涨0.23%，成交956.71亿元，换手 率0.98%。当日该指数成份股中，上涨的有66家，星辉娱乐以9.29%的涨幅领涨，下跌的有33家，岭南控 股以5.24%的跌幅领跌。 投资时钟（399391）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sh600519 | 贵州茅台 | 16.68% | 1435.00 | 0.35% | | 17970.08 | 食品饮 | | sh600036 | 招商银行 | 15.74% | 41.79 | 2.20% | | 10539.37 | ● 银 | | sh601899 | 紫金矿业 | 7.34% | 30.00 | -1.64% | | 7973.27 | 有色金 | | sz000858 | 五粮液 | 5.26% | 118.98 | -0.01% | S | 4618.34 | 食品饮 | ...

Core Viewpoint - The quality of information disclosure is a crucial indicator of the quality of listed companies and serves as an important basis for investors' decision-making. The Shanghai and Shenzhen Stock Exchanges have emphasized the importance of information disclosure quality and have implemented comprehensive evaluations of listed companies' disclosure practices [1][3]. Group 1: Regulatory Framework - In March, the Shanghai and Shenzhen Stock Exchanges released guidelines focusing on enhancing information disclosure regulation, punishing financial fraud, strengthening cash dividend supervision, and promoting the enhancement of investment value for listed companies [1][3]. - The evaluation criteria for information disclosure quality include eight aspects: normative disclosure, effective disclosure, investor relations management, return to investors, social responsibility disclosure, penalties and regulatory measures, support for exchange work, and other factors recognized by the exchange [3][5]. Group 2: Evaluation Results - Among the 42 A-share listed banks, all received ratings of B or above, with 22 banks rated A. Most banks maintained their ratings from the previous year, with only six experiencing changes [3][6]. - The banks rated A include major state-owned banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, and China Bank, as well as several joint-stock and city commercial banks [6][7]. Group 3: Impact on Capital Activities - The evaluation results of information disclosure will influence the review of refinancing and mergers and acquisitions for listed banks, establishing a strong market incentive and constraint mechanism [5][8]. - Both the Shanghai and Shenzhen Stock Exchanges provide various supports and conveniences for companies rated A, such as exemptions from post-review for temporary reports and reduced inquiry rounds for restructuring audits [8][9]. Group 4: Commitment to Improvement - Several banks, including Hangzhou Bank and China CITIC Bank, have publicly committed to further enhancing their information disclosure quality following their A ratings, emphasizing transparency, effective communication, and governance [10][11]. - China CITIC Bank has highlighted its commitment to investor rights protection, having distributed over RMB 170 billion in cash dividends and planning to increase its mid-term dividend payout ratio [11].

新政实施后，11月3日北京商报记者从招商银行客服获悉，目前该行手机银行"进入【财富】—选择【黄 金】—点击【实物金】"界面展示的实体金条价格已含税，交易环节增值税由系统自动处理，客户无需 额外承担税费。若涉及实物黄金回购（如不离柜回购业务），需以提货时的实时金价为基础计算税务， 具体以交易所规定为准。 北京商报讯（记者 孟凡霞 周义力）11月1日，财政部、国家税务总局发布《关于黄金有关税收政策的公 告》。据公告内容，会员单位或客户通过上海黄金交易所、上海期货交易所交易标准黄金时，卖出方销 售标准黄金可享受免征增值税优惠。在实物交割环节，按"未发生实物交割出库"和"发生实物交割出 库"进行区分：未发生实物交割出库的，交易所免征增值税；发生实物交割出库的，会员单位按购入标 准黄金的用途适用不同税收政策。 ...