Core Viewpoint - Cathay Securities believes that rising geopolitical uncertainties may temporarily increase volatility in global equity markets, presenting opportunities for Chinese equity assets and gold. The recommendation for October is to increase holdings in A-shares, overweight gold, and maintain a standard allocation in bonds [1][2]. Asset Allocation Framework - The asset allocation framework consists of Strategic Asset Allocation (SAA), Tactical Asset Allocation (TAA), and Major Event Review Adjustments. SAA aims to diversify macro risks and set long-term allocation benchmarks, while TAA identifies short-term risk-return characteristics to adjust portfolio weights for improved returns. Major events are subjectively reviewed to correct and supplement quantitative results [2][3]. Equity Market Outlook - The recommendation for equity allocation in October is 41.25%, with overweight positions in A-shares (8.75%) and Hong Kong stocks (8.75%), standard allocation in U.S. stocks (15.00%), underweight in European stocks (2.75%), standard allocation in Japanese stocks (3.25%), and underweight in Indian stocks (2.75%). The outlook for Chinese A/H shares remains positive, with market adjustments viewed as buying opportunities [3][4]. Bond Market Outlook - The recommendation for bond allocation in October is 45%, with standard allocations in long-term government bonds (10.00%), short-term government bonds (12.50%), long-term U.S. Treasuries (10.00%), and short-term U.S. Treasuries (12.50%). The bond market is supported by imbalanced credit supply and demand, along with stable liquidity. The ongoing themes of "central bank bond purchases" and adjustments in redemption fees for bond funds will continue to play a role [4]. Commodity Market Outlook - The recommendation for commodity allocation in October is 13.75%, with an overweight position in gold (10%), underweight in oil (1.25%), and standard allocation in industrial commodities (2.5%). The gold market remains strong, having surpassed key resistance levels, supported by factors such as Federal Reserve rate cuts, geopolitical tensions, and continued purchases by the Chinese central bank [4].

Core Viewpoint - The report suggests that rising geopolitical uncertainties may temporarily increase volatility in global equity markets, while Chinese equity assets and gold may still present performance opportunities. It recommends increasing holdings in AH shares and gold in October, while maintaining a standard allocation to bonds [1]. Group 1: Strategic Asset Allocation (SAA) - The framework consists of Strategic Asset Allocation (SAA), Tactical Asset Allocation (TAA), and Major Event Review Adjustments, aimed at guiding investment decisions [1]. - SAA is designed to diversify macro risks and set long-term allocation benchmarks to ensure portfolio robustness [1]. Group 2: Tactical Asset Allocation (TAA) - The report is optimistic about Chinese equities, recommending an equity allocation weight of 41.25% for October, with overweight positions in A-shares and Hong Kong stocks [2]. - The report indicates that geopolitical uncertainties may create buying opportunities in the Chinese market, suggesting that the current market adjustments are not the end of the upward trend [2]. Group 3: Bond Allocation - The report maintains a neutral stance on bonds, recommending a bond allocation weight of 45% for October, with standard allocations to both long-term and short-term government bonds [3]. - It notes that the imbalance in credit supply and demand, along with stable liquidity, continues to support the bond market [3]. Group 4: Commodity Allocation - The report expresses a neutral to optimistic view on commodities, recommending a commodity allocation weight of 13.75% for October, with an overweight position in gold [3]. - It highlights that gold prices have recently surged past key resistance levels, supported by factors such as Federal Reserve rate cuts and ongoing geopolitical tensions [3].

Core Viewpoint - The steel industry is expected to gradually recover as demand stabilizes and supply-side adjustments begin to take effect, with potential acceleration if supply policies are implemented [1][4]. Demand and Supply Analysis - Demand has decreased, with apparent consumption of five major steel products at 7.5143 million tons, down 1.5339 million tons week-on-week; total inventory rose to 16.0072 million tons, an increase of 1.2786 million tons [2]. - The operating rate of blast furnaces among 247 steel mills was 84.27%, a slight decrease of 0.02 percentage points week-on-week, indicating a marginal decline in demand due to the National Day holiday [2]. - Despite the recent decline, the steel demand is expected to gradually recover as the industry is still in the traditional peak season [2]. Profitability and Cost Analysis - The average gross profit per ton for rebar was 167.1 CNY, up 24.3 CNY week-on-week, while hot-rolled coil gross profit was 112.1 CNY, an increase of 29.3 CNY [3]. - The profitability rate for 247 steel companies was 56.28%, down 0.43% week-on-week, indicating a slight decline in overall profitability [3]. - The iron ore inventory at 45 ports was 140.25 million tons, an increase of 242,200 tons, suggesting a potential easing in iron ore prices and improvement in cost factors for the steel industry [3]. Future Outlook - The demand for steel is expected to stabilize, with a reduced negative impact from the real estate sector and steady growth anticipated in infrastructure and manufacturing [4]. - The steel industry is experiencing a market-driven supply adjustment, with over 40% of steel companies currently operating at a loss [4]. - Recent policy proposals aim to continue production cuts and promote the exit of inefficient capacities, supporting a balanced supply-demand dynamic [4]. - Long-term trends indicate that industry concentration will increase, benefiting companies with product structure and cost advantages, especially under stricter environmental regulations [4].

Group 1 - The company announced a change in its supervisory board, specifically that Dong Boyang will no longer serve as a supervisor [1] - The decision was made by the company's shareholder, Guotai Junan Securities Co., Ltd., in accordance with the company's articles of association [1] - The announcement was officially made on October 14, 2025 [1]

Core Insights - The article emphasizes the strategic importance of Shanghai in the global economic landscape, particularly in the context of offshore financial center development and the acceleration of RMB internationalization [2][4]. Group 1: Offshore Financial Center Development - The article discusses the collaborative efforts of various institutions, including regulatory bodies, academia, and industry, to address the challenges of building an offshore financial center in Shanghai [4]. - It highlights the need for theoretical analysis, international benchmarking, policy design discussions, and practical exploration to overcome development bottlenecks and unleash institutional innovation dividends [4]. Group 2: Event Overview - The event includes a series of discussions featuring prominent speakers from regulatory, academic, and practical perspectives, focusing on strategic thoughts, theoretical logic, current status, and international experiences related to offshore financial centers [5]. - Key topics include regulatory perspectives on Shanghai's offshore financial center strategy, theoretical insights into offshore financial centers, policy research on current development and investment opportunities, and practical analysis from banking perspectives [5].

自2006年成立以来，禾元生物以水稻胚乳细胞生物反应器技术为核心，构建了高效重组蛋白表达平台和 重组蛋白纯化技术平台，用近20年时间攻坚实现了"稻米造血"的创新技术。核心产品重组人白蛋白注射 液（水稻）于今年7月获批上市，改写了该类产品依赖血浆提取的历史。截至目前，公司已取得80余项 发明专利，建成年产10吨原液及100万支制剂的智能化生产线，并已与国药控股、贝达药业等多家药品 经销商签订经销协议，完成了全国30余个省市区域的销售网络布局。公司在技术和商业化上均实现了从 0到1的突破。同时，公司已于2024年9月开工新建年产120吨原液的产业化基地项目，将助力公司实现规 模化生产，抢占重组人白蛋白市场先发优势，强化公司的核心竞争力。 此外，作为科创板第五套标准重启后首家过会企业、科创成长层首批上市企业，禾元生物的此次发行上 市彰显了资本市场支持科技创新，增强对优质科技型企业包容性适应性的政策导向。未来将会吸引更多 长期资本进入科技创新领域，促进资本与科技创新深度融合，从而更好地发挥资本市场对科技创新的推 动作用。 尊敬的各位嘉宾、各位投资者： 大家好！ 今天，我们非常荣幸地通过网络平台，与关注禾元生物的广大投 ...

Core Viewpoint - The article highlights the active engagement of listed securities firms in implementing semi-annual cash dividends in response to policy calls, enhancing investor returns and confidence in the market [1][3]. Summary by Sections Dividend Announcements - As of October 13, 2023, 28 out of 42 A-share listed securities firms have announced their semi-annual dividend plans for 2025, with five firms already distributing dividends to investors [2]. - Among these, CITIC Securities plans the highest cash dividend of 0.29 yuan per share, totaling 4.298 billion yuan, while other major firms like Zhongxin JianTou and Guotai Junan also announced significant dividends [2]. Dividend Distribution Progress - Five listed securities firms, including Shanxi Securities and First Venture, have completed their semi-annual dividend distributions, amounting to a total of 1.507 billion yuan, with the highest distribution from招商证券 at 1.035 billion yuan [2]. - Several firms are awaiting the implementation of their announced dividend plans, while others are in the proposal stage or have received shareholder approval [2]. Financial Performance and Future Plans - The positive performance of securities firms in the capital market has provided a solid foundation for their active dividend policies, with a focus on enhancing investor returns and confidence [3]. - Seven firms have published their dividend return plans for the next three years (2025-2027), with some committing to a minimum cash dividend ratio of 50% of distributable profits, indicating a strong commitment to shareholder returns [3]. Share Buybacks and Market Value Management - In addition to dividends, nine listed securities firms have engaged in share buybacks this year, totaling 216 million shares and 2.305 billion yuan, significantly higher than the previous year [4]. - Guotai Junan leads in buyback amounts at 1.215 billion yuan, followed by other firms like Zhongtai Securities and Caitong Securities [4]. - Experts suggest that securities firms should enhance their long-term value management through increased dividend frequency, improved operational performance, and transparent communication with investors [4].

中国稀土今日涨停，成交额68.13亿元，换手率11.02%，盘后龙虎榜数据显示，深股通专用席位买入 1.62亿元并卖出1.98亿元，有1家机构专用席位净卖出7728.97万元。国泰海通证券北京国贸营业部席位 净买入5.12亿元。 ...

转自：智通财经 【龙虎榜|中国稀土今日涨停 国泰海通证券北京国贸营业部席位净买入5.12亿元】智通财经10月13日 电，中国稀土今日涨停，成交额68.13亿元，换手率11.02%，盘后龙虎榜数据显示，深股通专用席位买 入1.62亿元并卖出1.98亿元，有1家机构专用席位净卖出7728.97万元。国泰海通证券北京国贸营业部席 位净买入5.12亿元。 ...

每经AI快讯，10月13日，中国稀土（000831）涨停，成交额68.13亿元，换手率11.02%，盘后龙虎榜数 据显示，深股通专用席位买入1.62亿元并卖出1.98亿元，有1家机构专用席位净卖出7728.97万元。国泰 海通证券北京国贸营业部席位净买入5.12亿元。 ...