证券日报网讯 东方证券（600958）11月24日在互动平台回答投资者提问时表示，非定期报告时点的股 东人数不是强制披露范畴。如有需要，投资者可通过公司投资者关系电话或邮箱（详见公司定期报告） 沟通相关事项。 ...

Core Viewpoint - The article highlights the achievements of Dongfang Securities at the 19th Shenzhen International Financial Expo, where it received multiple prestigious awards, showcasing its strong performance in the financial industry [2][3][6]. Awards and Recognition - Dongfang Securities won the "Honorary Award for the Five Major Financial Articles" for its commitment to practical implementation and performance in the financial sector [3]. - The company secured eight significant awards in asset management and investment banking, reflecting its excellence in these core business areas [5][6]. Financial Performance - For the first three quarters of 2025, Dongfang Securities reported a revenue of 12.708 billion yuan, representing a year-on-year increase of 39.38%, and a net profit attributable to shareholders of 5.110 billion yuan, up 54.76% year-on-year [6]. Industry Context - The awards were part of a broader recognition of financial institutions' contributions to national strategies and the development of a modern financial system in China, emphasizing the importance of technology, green finance, inclusive finance, pension finance, and digital finance [3][6].

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

中国经济网北京11月24日讯 中国证监会四川监管局网站近日公布关于对东方证券股份有限公司德 阳庐山南路证券营业部采取责令改正行政监管措施的决定。 根据《证券公司和证券投资基金管理公司合规管理办法》第三十二条第一款、《证券公司分支机构 监管规定》第十七条的规定，我局决定对你营业部采取责令改正的行政监督管理措施。 如果对本监督管理措施不服，可以在收到本决定书之日起60日内向中国证券监督管理委员会提出行 政复议申请，也可以在收到本决定书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼期 间，上述监督管理措施不停止执行。 根据《证券公司和证券投资基金管理公司合规管理办法》第三十二条第一款、《证券公司分支机构 监管规定》第十七条的规定，四川证监局决定对该营业部采取责令改正的行政监督管理措施。 以下为原文： 关于对东方证券股份有限公司德阳庐山南路证券营业部采取责令改正行政监管措施的决定 东方证券股份有限公司德阳庐山南路证券营业部： 经查，你营业部存在以下问题：一是营业部合规管理和从业人员执业管理不到位；二是未及时向我 局报告影响客户权益的重大事件。 上述问题违反了《证券公司和证券投资基金管理公司合规管理办法》（〔证 ...

智通财经APP获悉，东方证券发布研报称，全球第二大铜矿Grasberg宣布重启和复产计划，预计未来产 量持续增长。该行认为，在中期矿端干扰被逐渐排除的情况下，如Grasberg、Cobre Panamá等铜矿的重 新恢复正常生产或将显著贡献矿端增量，铜矿供给端的紧张局势有望得到缓解。另指铜冶炼费或存边际 向上改善空间，关注中期铜冶炼企业的投资机会。 东方证券主要观点如下： 全球第二大铜矿Grasberg宣布重启和复产计划，预计未来产量持续增长 26-27年铜冶炼产量增速或低于铜矿供给端，铜冶炼费有望边际向好 在中期矿端干扰被逐渐排除、大型铜矿有望复产的预期下，26-27年铜矿供给端放量增速或较25年显著 提升，据测算26-27年铜矿产量增速同比可达3.3%、5.3%。当前海外多家冶炼厂因铜精矿紧缺、成本高 企而收缩产能，叠加国内中游铜冶炼端"反内卷"政策措施落地的预期，中期铜冶炼产量增速或低于铜矿 供给端。该行认为，铜冶炼费或存边际向上改善空间，关注中期铜冶炼企业的投资机会。 投资建议与投资标的 铜冶炼端：建议关注全国最大铜冶炼企业之一、且具有米拉多铜矿资源放量提升铜精矿自给率预期的铜 陵有色(000630. ...

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][7]. Core Viewpoints - The report indicates that the securities industry is entering a new phase of mergers and acquisitions, termed "M&A 2.0," which emphasizes functional enhancement and the creation of a complementary business ecosystem rather than merely increasing capital size [3][5]. - The report highlights that recent mergers, such as the absorption of Dongxing Securities and Xinda Securities by CICC, reflect a shift towards strengthening professional capabilities and expanding business lines [4][18]. - The overall improvement in the securities industry's fundamentals, including active market trading and growth in margin financing, is expected to drive both valuations and profitability for brokerages [4][22]. Summary by Sections Industry Overview - The report notes a significant wave of mergers and restructuring in China's securities industry, driven by both policy support and market competition. The aim is to cultivate leading investment banks and enhance core competitiveness through consolidation [6][10]. - In the first three quarters of 2025, 43 listed brokerages achieved revenue of CNY 421.42 billion, a year-on-year increase of 42.57%, and a net profit of CNY 169.29 billion, up 62.48% [6]. Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is highlighted as a scale-driven consolidation, significantly enhancing net capital strength and risk tolerance, while optimizing the national network layout [15][17]. - CICC's merger with Dongxing and Xinda Securities is characterized as a functional superiority-driven integration, aimed at enhancing business capabilities and expanding service offerings [18][20]. Business Structure and Performance - The report outlines a dual-driven characteristic in the securities industry, with brokerage and proprietary trading as the main revenue drivers. In the first three quarters of 2025, brokerage income reached CNY 111.78 billion, a year-on-year increase of 74.64% [11]. - The revenue structure is shifting, with brokerage income accounting for 26.5%, investment income 44.4%, and other segments contributing to the overall performance [11]. Investment Recommendations - The report suggests that the recent mergers are likely to stimulate investment enthusiasm in the industry. It recommends focusing on leading brokerages with comprehensive performance layouts and those with high elasticity in earnings, such as Huatai Securities and CITIC Securities [22].

Core Viewpoint - Multiple local securities regulatory bureaus in China have intensified enforcement actions by disclosing a series of penalties against brokerage firms for various violations, indicating a stricter regulatory environment as the year-end approaches [1][12]. Summary by Sections Penalties Issued - Shenzhen Securities Regulatory Bureau issued a warning letter to Xie Tinglan for introducing external over-the-counter (OTC) options platforms to clients, violating regulatory guidelines [2][3]. - Wang Zhijie received a warning for leaking unpublished research report insights and recommending stocks to investors without authorization [5]. - Zhejiang Securities Regulatory Bureau penalized Zhejiang Zheshang Securities Asset Management Co., Ltd. for inadequate due diligence and compliance management, issuing a warning letter [7]. - Sichuan Securities Regulatory Bureau ordered corrective measures for Dongfang Securities' Deyang Lushan South Road Securities Business Department due to poor compliance management and failure to report significant events affecting client interests [9][10]. Regulatory Environment - Since the beginning of the fourth quarter, over 40 penalties have been disclosed, involving 20 brokerage firms, highlighting a significant increase in regulatory scrutiny [12]. - The regulatory focus has shifted towards enhancing compliance monitoring and reducing the emphasis on business expansion, as indicated by industry experts [12].

Core Viewpoint - The non-ferrous metal sector is experiencing a significant decline, primarily influenced by the sharp drop in lithium carbonate prices, creating a potential opportunity for investors to consider undervalued segments within the industry [1] Non-Ferrous Metal Sector Summary - The non-ferrous metal sector saw a substantial decline of 6.75% last week, with a single-day drop of 5.26% on November 21 [1] - Market expectations for a Federal Reserve rate cut in December have decreased, with the probability of a 25 basis point cut dropping from 42.9% on November 17 to 35.4% on November 20 [1] - Some investors believe the sector may continue to face weakness, making it difficult to identify investment opportunities [1] Electrolytic Aluminum Sector Summary - The electrolytic aluminum sector may have been unfairly punished, as the leading companies' stock offerings do not impact the overall supply-demand balance or profitability [2] - Current valuations for companies like Tianshan Aluminum have fallen to around 8.5 times historical lows, while dividend yields have risen to approximately 6%, providing defensive support for the sector [2] - The sector is expected to benefit from increased industrial metal demand due to U.S. fiscal expansion in 2026, with potential price increases driven by overseas demand [2] Gold Sector Summary - Short-term gold prices are expected to remain volatile due to fluctuating expectations regarding the Federal Reserve's December rate cut [3] - The long-term outlook for gold remains positive, driven by weakening U.S. dollar credit and increasing government debt, which reached $38.37 trillion as of November 20, up by $0.176 trillion since November 13 [3] - U.S. fiscal spending is anticipated to boost demand in the non-ferrous metal sector, potentially raising metal prices and benefiting gold prices in the medium term [3] Investment Recommendations - For the electrolytic aluminum sector, Tianshan Aluminum (002532.SZ) is recommended for its improved cost structure and potential for volume and price growth in 2026 [4] - Other notable companies include Yun Aluminum (000807.SZ), Zhongfu Industrial (600595.SH), and Shenhuo Co. (000933.SZ) [4] - In the gold sector, Chifeng Jilong Gold Mining (600988.SH) is recommended due to its improving gold production and accelerating performance [4] - Additional companies to watch include Zhongjin Gold (600489.SH) and Shanjin International (000975.SZ) [4]

Group 1 - The core point of the news is the announcement of the effective contract for the "Oriental Red Xin Heng Stable Allocation 3-Month Holding Period Mixed Fund of Funds (FOF)" by Oriental Red Asset Management, indicating successful fundraising and the appointment of an experienced fund manager [1][2][4] - The total net subscription amount during the fundraising period reached 1,309,547,505.29 yuan, with interest accrued during this period amounting to 217,832.65 yuan, resulting in a total of 1,309,765,337.94 shares issued [1][2] - The fund manager, Chen Wenyang, has a robust background in finance, having held various positions in notable financial institutions, and has been managing the fund since June 2020 [1]

Core Insights - A total of 15 stocks received ratings from brokerages, with 9 stocks rated as "Buy" [1] - Among the stocks with target prices, Dongfang Securities (600958.SH) has the highest expected price increase of 19.81% based on the latest closing price [1][2] Group 1: Stock Ratings - The stock with the highest expected price increase is Dongfang Securities (600958.SH) with a target price of 12.46 yuan and a closing price of 10.4 yuan [2] - Other stocks rated as "Buy" include: - Xindong Lianke (688582.SH) with a target price of 54.04 yuan [2] - Mingzhi Electric (603728.SH) with a target price of 64.64 yuan [2] - Pandai (300881.SZ) with a target price of 32 yuan [2] - Zhonglian Heavy Industry (000157.SZ) with a target price of 7.82 yuan [2] - Zhongding (000887.SZ) with a target price of 19.91 yuan [2] - Xiatai (605133.SF) with a target price of 35.15 yuan [2] - Lansi Technology (300433.SZ) with a target price of 26.24 yuan [2] - Shengmei (688082.SH) with a target price of 155.5 yuan [2] Group 2: Industry Focus - The industries with the highest attention from brokerages include automotive, electronics, and pharmaceutical biotechnology [2]