Core Insights - The active user count of stock trading apps serves as a crucial indicator of investor sentiment, with approximately 175 million active users in September 2025, reflecting a month-on-month increase of 0.74% and a year-on-year increase of 9.73%, marking a record high for the year [1][2]. Group 1: User Activity and Rankings - In September 2025, two brokerage apps surpassed 10 million monthly active users, while eleven apps exceeded 6 million, with the top three being Huatai Securities, Guotai Junan, and Ping An Securities [2][3]. - Huatai Securities' "Zhang Le Wealth" app led with 11.95 million active users, followed by Guotai Junan's app with 10.29 million, and Ping An Securities with 8.80 million [3]. - The overall growth momentum of brokerage app active users has slowed, with some apps experiencing slight month-on-month declines [1][2]. Group 2: Year-on-Year Growth - The app "Youlibao" from Industrial Securities saw a year-on-year increase of 35.95%, while several other apps, including Guojin Securities and Xihua Securities, reported over 20% growth [2][3]. - Only one app, Dongguan Securities' "Zhang Zheng Bao," experienced a year-on-year decline of 0.19% [2][3]. Group 3: AI Integration in Brokerage Apps - The rapid development of AI technology has led to an increasing demand for its application in the securities industry, with firms investing in financial technology to enhance their app services [4]. - Huatai Securities launched an independent AI application terminal "AI Zhang Le," integrating AI capabilities throughout key processes such as stock selection and trading [4]. - Guotai Junan introduced a new generation of fully AI-driven app "Lingxi," promoting deep integration of AI technology with diverse customer service scenarios [4]. Group 4: Future Directions for AI in Securities - Industry experts emphasize the need for brokerage firms to create differentiated services using AI, addressing challenges such as professional inadequacy and compliance risks associated with general AI models [4][5]. - The goal is to develop AI as a personalized "super AI service assistant" for users, enhancing the overall digital transformation of the securities industry [5].

Core Viewpoint - The article discusses the upcoming conference organized by Guotai Junan Securities, highlighting the importance of industry research and investment opportunities in the current market environment [2]. Group 1 - The conference will take place from November 4 to 6, 2025, at the China World Hotel in Beijing, with a special room rate of 1200 RMB per night, including breakfast and service fees [2]. - The hotel offers a limited number of luxury rooms at a rate of 1400 RMB per night, emphasizing the need for early reservations due to limited availability [2]. Group 2 - The content of the subscription account is intended solely for clients of Guotai Junan Securities' research services, indicating a focus on providing tailored research and insights to a specific audience [5]. - The company expresses its commitment to maintaining service quality and managing investment risks by restricting access to its research materials [5].

国泰海通证券 国泰海通证券2026年度策略会 2025年11月4-6日 | 北京 中国大饭店 700 +上市公司 30 + 论坛 100 + 产业专家 多场特色会议、全领域研究阵容 | 2 12 34 2 | | | | --- | --- | --- | | 11月4日 | 更新时间2025/10/20 | | | 09:00-11:50 主论坛 | | | | 13:30-17:00 | 13:30-16:30 | | | 总量分论坛 | 人形机器人 | | | 1 | | (2) | | 13:30-16:30 | 13:30-16:30 | | | Al 开花、科技自立 | AI 算力自主可控,超节点 | | | (3) | 加速演进 | (4) | | 13:30-17:00 | 13:30-16:30 | | | 文娱产业需求向上及 Al 技 | 智能投资,量化焕新—ETF | | | (5) 术共振望带来板块繁荣 | 与量化产品的新时代投资 | (6) | | 11月5日 | | | | 09:00-12:00 | 09:00-12:00 | | | 新消费与传统消费 | 重视配置的力量，从机构 ...

Core Insights - The active user count for securities apps in China has surpassed 175 million in September 2025, marking a month-on-month increase of 0.74% and a year-on-year increase of 9.73%, setting a new record for the year [2][4] - The competition among brokerage apps is intensifying, with two apps exceeding 10 million active users and eleven apps surpassing 6 million [2][4] - Major players like Huatai Securities, Guotai Junan, and Ping An Securities lead the market in terms of active user numbers [3][4] User Activity Metrics - The top three brokerage apps by active users are: 1. Huatai Securities - 11.95 million [5] 2. Guotai Junan - 10.29 million [5] 3. Ping An Securities - 8.80 million [5] - The overall growth trend in active users for brokerage apps has slowed down, with some apps experiencing slight month-on-month declines [2][4] Year-on-Year Growth - Notable year-on-year growth includes: - Xinyi Securities' Youlibao app with a 35.95% increase [4] - Guojin Securities and Guohai Securities both exceeding 20% growth [4] - Dongguan Securities' app saw a minor decline of 0.19% year-on-year [4] AI Integration in Brokerage Apps - The rapid development of AI technology is driving the need for its application in the securities industry [6][7] - Brokerages are increasingly integrating AI into their apps, enhancing features like intelligent trading tools and advisory services [7] - Huatai Securities launched an independent AI application terminal, "AI Zhangle," which integrates AI capabilities across key functions [7] - Guotai Junan introduced a new AI-driven app, "Lingxi," to deepen the integration of AI with diverse customer service scenarios [7] Future Directions for AI in Securities - The focus is on creating personalized AI services that act as "super AI service assistants" for users [8] - The digital transformation in the securities industry should be practical and integrated with specific business needs, supported by technology, personnel, and institutional frameworks [8]

为了更好地满足投资者的理财需求，英大基金管理有限公司（以下简称"本公司"）经与国泰海通证券股 份有限公司（以下简称"国泰海通"）协商一致，本公司旗下部分基金参加国泰海通开展的申购及定期定 额投资费率优惠活动。现将相关事项公告如下： 一、适用基金范围 ■ 二、活动时间 费率优惠活动自2025年10月20日起，活动截止日期以国泰海通公告为准。 自2025年10月20日起，投资者通过国泰海通申购及定期定额投资上述基金，享有申购及定期定额投资费 率1折，原费率按笔收取固定费用的基金将不享受此次费率优惠，具体折扣费率以国泰海通活动公告为 准。 四、重要提示 1.投资者在国泰海通办理基金的投资事务，具体费率计算、办理规则及程序以国泰海通的安排和规定为 准。原申购费率，参见上述基金的《基金合同》《招募说明书》《产品资料概要》及本公司发布的最新 相关公告。 2.本优惠活动仅适用于国泰海通的申购费率、定投申购，不包括基金赎回、转换业务等其他业务的基金 手续费。 网址：www.gtht.com 三、优惠费率安排 3.本公告涉及相关费率优惠活动的解释权归国泰海通所有，投资者欲了解上述基金产品的详细情况，请 仔细阅读刊登于本公司网站 ...

Investment Rating - The report maintains a positive investment outlook for the non-bank financial sector, highlighting strong performance expectations for Q3 earnings across various companies [5][36]. Core Insights - The report emphasizes that the Q3 performance of the equity market is expected to solidify the earnings of leading insurance companies, with the Shanghai Composite Index showing a Q3 increase of 12.73% [1]. - Companies like China Pacific Insurance and New China Life are projected to see significant profit growth, with net profits expected to rise by 40%-60% and 45%-65% respectively for the first three quarters of 2025 [2][5]. - The report notes that the overall performance of the securities sector is also expected to improve, driven by active trading and increased business income from wealth management and investment transactions [3][5]. Summary by Sections Market Review - The report indicates a mixed performance in the non-bank sector, with the insurance index rising by 3.65% while the securities sector saw declines [9][10]. Securities Sector - The report highlights that the brokerage business remains robust, with a total trading volume of 10.87 trillion yuan in the week ending October 17, 2025, despite a 15.86% decrease from the previous week [17]. - The report also notes a significant increase in margin trading balances, which rose by 52.53% year-on-year [17]. Insurance Sector - The report indicates that major insurance companies are expected to report strong premium growth, with New China Life's premiums expected to increase by 19% year-on-year [33]. Liquidity Tracking - The report discusses the liquidity situation, noting a net withdrawal of 4.979 billion yuan in the week due to central bank operations, with mixed movements in interest rates [28]. Industry News and Company Announcements - The report includes various company announcements, such as significant profit forecasts from major players like Dongwu Securities and New China Life, indicating a positive outlook for the sector [33][36]. Investment Recommendations - The report suggests focusing on key insurance companies such as Sunshine Insurance, China Taiping, and major securities firms like CITIC Securities and Huatai Securities for potential investment opportunities [5][37].

Core Insights - The article emphasizes the ongoing developments regarding the U.S. government shutdown, the response to the banking crisis, and the internal divisions within the Federal Reserve, suggesting that if market risk aversion eases, precious metal prices may experience wide fluctuations [1][2]. Precious Metals - Market risk aversion is fluctuating, leading to expectations of short-term wide price swings for gold. Comex gold prices reached $4,392 per ounce and Shanghai gold prices hit 1,001 yuan per gram during the week [2]. - The Federal Reserve Chairman Powell indicated rising risks in the employment market and potential cessation of balance sheet reduction in the coming months. The banking sector is facing renewed challenges, which has heightened market risk aversion [2]. - Long-term, despite existing federal debt risks and challenges to the dollar's status, gold may continue to perform well amid a restructuring of the global monetary system [2]. Industrial Metals - Industrial metal prices are under pressure due to declining market risk appetite, but upcoming domestic meetings and renewed U.S.-China trade negotiations may improve macroeconomic sentiment [3]. - Supply-side disruptions, particularly in mining, and historically low inventory levels are expected to provide upward support for industrial metal prices [3]. - Despite insufficient demand during the peak season, the overall supply situation remains tight, suggesting potential for price increases in the medium to long term [3].

（文章来源：证券日报） 证券日报网讯 10月17日晚间，国缆检测发布公告称，公司于近日收到保荐人国泰海通证券股份有限公 司（简称"国泰海通"）出具的《国泰海通证券股份有限公司关于更换上海国缆检测股份有限公司首次公 开发行股票持续督导之保荐代表人的函》。公司首次公开发行股票持续督导保荐代表人曹千阳先生因工 作变动原因，不再负责本公司持续督导工作。根据相关法律法规及监管规定的要求，为保证持续督导工 作的有序进行，国泰海通委派陈杭先生接替曹千阳先生履行公司首次公开发行股票的持续督导职责。 ...

Core Viewpoint - The article emphasizes the significance of Vietnam as a key investment destination for Chinese enterprises, highlighting its potential in the Southeast Asian market and the importance of fostering cooperation and exploring investment opportunities in the region [2][3]. Group 1: Event Overview - The "Vietnam Investment Forum" will be held on October 21, 2025, in Shanghai, focusing on collaboration and investment opportunities in Vietnam [2]. - The forum will feature prominent speakers from various sectors, including finance, manufacturing, and law, to discuss the macroeconomic outlook and investment trends in Vietnam [2][3]. Group 2: Key Sessions and Topics - The forum will include sessions on topics such as: - Overview of China-ASEAN economic cooperation and Southeast Asia investment [3]. - Macroeconomic outlook and investment prospects in Vietnam [3]. - Trends in industrial facility leasing in Vietnam [3]. - Current status and trends of Chinese enterprises investing in Vietnam [3]. - Digital empowerment for global operations of Chinese enterprises [3]. - Opportunities and challenges in the snack retail market in Vietnam [3]. - A roundtable discussion on the rise of consumption and investment frontiers in Vietnam [3].

- **Domestic Asset BL Model** - **Model Name**: Black-Litterman (BL) Model - **Construction Idea**: The BL model integrates subjective views with quantitative asset allocation using Bayesian theory, optimizing asset weights based on market analysis and expected returns. It addresses the sensitivity of mean-variance models to expected returns and provides higher fault tolerance compared to purely subjective investments [26][27][33] - **Construction Process**: 1. Use historical returns of assets over the past five years to estimate market equilibrium returns (Π) 2. Specify a risk aversion coefficient (e.g., λ = 10), which corresponds to a target volatility 3. Alternatively, assign fixed weights (e.g., stock:bond:convertible bond:commodity:gold = 10:80:5:2.5:2.5) and reverse calculate the risk aversion coefficient dynamically for each period [33] - **Evaluation**: The BL model effectively combines subjective views with quantitative methods, providing robust asset allocation solutions [26][27] - **Domestic Asset Risk Parity Model** - **Model Name**: Risk Parity Model - **Construction Idea**: The model aims to equalize the risk contribution of each asset to the overall portfolio, optimizing asset weights based on expected volatility and correlation [32][35] - **Construction Process**: 1. Select appropriate underlying assets 2. Calculate each asset's risk contribution to the portfolio 3. Solve optimization problems to determine final asset weights 4. Use daily returns over the past five years to estimate the covariance matrix for stability [35] - **Evaluation**: The model provides stable returns across economic cycles and is well-suited for domestic investors [32][35] - **Macro Factor-Based Asset Allocation Strategy** - **Model Name**: Macro Factor-Based Strategy - **Construction Idea**: The strategy bridges macroeconomic research with asset allocation by constructing high-frequency macro factors (e.g., growth, inflation, interest rates, credit, exchange rates, liquidity) and aligning asset weights with subjective macroeconomic views [41][46] - **Construction Process**: 1. Calculate factor exposure levels for assets monthly 2. Use risk parity portfolios as benchmarks to compute baseline factor exposures 3. Adjust factor exposure targets based on subjective macroeconomic views (e.g., inflation up = positive deviation) 4. Solve for asset weights using the model [41][46] - **Evaluation**: The strategy effectively incorporates macroeconomic insights into asset allocation, enhancing adaptability to changing economic conditions [41][46] - **Backtest Results for Models** - **Domestic Asset BL Model 1**: - Annualized return: 3.58% - Max drawdown: 1.31% - Annualized volatility: 2.19% [31][33] - **Domestic Asset BL Model 2**: - Annualized return: 3.18% - Max drawdown: 1.06% - Annualized volatility: 1.99% [31][33] - **Domestic Asset Risk Parity Model**: - Annualized return: 3.12% - Max drawdown: 0.76% - Annualized volatility: 1.34% [39][40] - **Macro Factor-Based Strategy**: - Annualized return: 3.42% - Max drawdown: 0.65% - Annualized volatility: 1.32% [46][47]