Core Viewpoint - Oriental Securities believes that Meitu's (01357) AI features and creative gameplay are frequently iterating, enhancing its global aesthetic appeal, and that the company will continue to benefit from improvements in foundational technology and AI gameplay development efficiency. The firm maintains a "Buy" rating with a target price of HKD 13.33, highlighting the unique value and growth prospects of Meitu's vertical applications [1]. Group 1: Lifestyle Scene - AI features are frequently updated, with global performance proving strong, and the sustainability of aesthetic and creative output is validated. As of October 2025, Meitu Xiuxiu has launched 51 new features, nearing the 55 new features launched in 2024, with AI features (excluding collage and cropping) accounting for nearly 96% (up from 78% in 2024) [2]. - The company's sensitivity to common trends and refined local operations strategies have increased the probability of new features gaining global traction. For instance, in October, the "AI Group Photo" feature topped the iOS download charts in 14 European countries and 30 country category charts, while in November, the "AI Snow Scene" feature topped the overall app store charts in 29 countries and regions, including Germany, Turkey, and South Korea [2]. Group 2: Productivity Scene - Attention is focused on the progress of Meitu Design Studio's collaboration with Alibaba. The Meitu Design Studio has integrated with Alibaba's business management platform, providing "AI Product Image" services for Taobao and Tmall merchants. This collaboration is expected to enhance Meitu's product capabilities by leveraging its traditional image strengths and gaining insights from the e-commerce sector [3]. Group 3: Investment Recommendations - The firm projects adjusted net profits for Meitu to be CNY 9.43 billion, CNY 12.34 billion, and CNY 15.93 billion for the years 2025 to 2027. Using a PE valuation approach, the average valuation level of comparable companies suggests a 45x PE for Meitu in 2026, corresponding to a market value of CNY 55.5 billion. At an exchange rate of 0.911 HKD/CNY, this translates to HKD 60.9 billion, leading to a target price of HKD 13.33 per share, with a "Buy" rating maintained [4].

Core Viewpoint - Oriental Securities expresses optimism about Meitu's (01357) growth prospects, highlighting the company's continuous iteration of AI features and creative applications, which enhance its global aesthetic influence and productivity expansion. The target price is set at HKD 13.33, maintaining a "Buy" rating [1][3]. Group 1: Lifestyle Scene - Meitu's AI features have seen significant updates, with 51 new functionalities introduced by October 2025, nearing the 55 new features launched in 2024. AI functionalities account for approximately 96% of these updates, up from 78% in 2024 [1]. - The company has effectively captured global trends and localized operations, leading to increased visibility. Notably, the "AI Group Photo" feature topped the iOS download charts in 14 European countries, while the "AI Snow Scene" feature led the app store rankings in 29 countries, including Germany and Turkey [1]. Group 2: Productivity Scene - Meitu's design studio has partnered with Alibaba, integrating with the Alibaba Business Manager's QianNiu backend. The "AI Product Image" feature provides AI visual generation services for Taobao and Tmall merchants, leveraging Meitu's traditional image capabilities to gain insights into the e-commerce sector [2]. Group 3: Investment Recommendations - The company is projected to achieve adjusted net profits of CNY 9.43 billion, CNY 12.34 billion, and CNY 15.93 billion for the years 2025 to 2027. A PE valuation approach is applied, with a target valuation of CNY 555 billion for 2026, translating to HKD 609 billion at an exchange rate of 0.911 HKD/CNY, leading to a target price of HKD 13.33 per share and a "Buy" rating [3].

Core Viewpoint - The article highlights the increasing regulatory scrutiny faced by brokerage firms in China, particularly in the areas of brokerage and investment banking, with multiple firms receiving penalties for various compliance failures [1][5]. Summary by Sections Penalties Overview - Since the beginning of the fourth quarter, 13 brokerage firms have received penalties from exchanges and local securities regulatory authorities, with violations primarily in brokerage and investment banking services [1][2]. Specific Penalty Cases - Notable penalties include Shanghai Securities and its branch receiving warnings for violations of integrity and compliance management, reflecting systemic issues within the firm [3][4]. - Other firms like Huafu Securities and Minsheng Securities also faced warnings for their investment banking practices, indicating a trend of increased regulatory action in this sector [5][6]. Focus on Integrity Management - The regulatory focus on integrity management has intensified, with new guidelines emphasizing the importance of compliance in personnel evaluations and promotions [4]. - Several brokerage firms have been penalized for failing to adhere to integrity standards, such as improper commission practices and unauthorized use of client accounts [4][8]. Investment Banking Regulations - The investment banking sector has seen strict regulatory measures, with six firms penalized for various compliance failures, including inadequate diligence in bond issuance processes [5][6]. - Specific cases include First Entrepreneurship Securities being investigated for failing to fulfill its supervisory responsibilities in a bond project [5]. Issues in Derivative and Internal Management - Apart from brokerage and investment banking, some firms have been penalized for issues related to over-the-counter derivatives and internal management failures [8][9]. - For instance, Caitong Securities was ordered to rectify its derivative business practices due to inadequate management mechanisms and compliance controls [8]. Regulatory Environment - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission emphasizing the need for robust compliance and internal controls to prevent misconduct [9].

Core Viewpoint - The MSCI has upgraded Dongfang Securities' ESG rating from AA to AAA for 2025, placing it in the top 10% globally among peers, reflecting the company's commitment to sustainable development and ESG management [1][2] Group 1: ESG Rating and Recognition - Dongfang Securities' ESG rating has improved significantly, with notable advancements in areas such as "environmental financing," "responsible investment," and "human capital development," demonstrating industry-leading performance [1] - The MSCI ESG rating is a critical benchmark for global investment managers, influencing investment decisions across major institutions [1] Group 2: Governance and Management Structure - In 2025, Dongfang Securities established a Board Strategy and Sustainable Development Committee to oversee the company's development plans and ESG initiatives [2] - The company is enhancing its ESG risk management framework and implementing due diligence processes related to ESG across its business operations [2] Group 3: Sustainable Development Initiatives - Dongfang Securities is actively promoting sustainable development through various statements and policies, including responsible investment and anti-corruption measures [2] - The company is focusing on long-term climate-related trends and utilizing scenario analysis to assess climate risk exposure in its investment portfolio [2] Group 4: Future Plans and Commitments - As the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" is being formulated, Dongfang Securities aims to enhance its financial services and create sustainable value for stakeholders [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 Viewpoint - The ongoing de-dollarization is expected to drive a mid-term increase in gold prices, with the internationalization of the RMB leveraging gold to expand its influence [1] Group 1: Gold Market Dynamics - The Shanghai Gold Exchange is anticipated to enhance its pricing influence in non-USD currency markets [1] - Gold constitutes nearly 9% of China's central bank foreign reserves, which is still below that of major global economies, indicating significant room for growth [1] - Despite a slight slowdown in the pace of central bank gold purchases due to high gold prices, there has been a continuous increase for 12 months, highlighting the importance of raising gold's proportion in reserves [1] Group 2: Price Forecasts - Short-term gold prices may experience fluctuations due to weakened expectations of interest rate cuts and a strengthening dollar [1] - In the mid-term, the total US national debt is projected to exceed $40 trillion, with overseas inflation likely to rise, supporting a bullish outlook for gold prices to surpass $4,500 per ounce and potentially reach $5,000 per ounce [1] Group 3: Investment Strategies - The long-term outlook for gold prices remains positive, suggesting that investors may consider participating during subsequent pullbacks and gradually accumulating positions [1] - Direct investment in physical gold and tax-exempt gold ETF (518800) are recommended, along with gold stock ETFs (517400) that cover the entire gold industry chain [1]

Group 1 - The chairman of Dongfang Securities, Gong Dexiong, is expected to take on a new role, which may impact the company's strategic continuity in the short term [1] - Gong Dexiong has held various positions within the company and is now being nominated for a managerial position in a state-owned enterprise [1] Group 2 - Three major shareholders of Guosheng Securities plan to reduce their holdings by up to 54.52 million shares, representing 2.82% of the company's total share capital [2] - The reduction in shareholding may raise concerns about the stability of the company's equity structure and could exert pressure on the stock price in the short term [2] Group 3 - The total issuance scale of equity funds this year has reached 141.068 billion yuan, a year-on-year increase of 132.25% [3] - The surge in equity fund issuance indicates a significant recovery in market confidence, with substantial inflows of new capital into A-shares [3] Group 4 - The public REITs market is experiencing a downturn, with new listings facing immediate price drops and a decline in subscription enthusiasm [4] - The shift from speculative trading to value-based investment in the REITs market suggests a focus on asset quality and reasonable valuations [5]

经上海证券交易所、深圳证券交易所确认，根据东财基金管理有限公司（以下简称：本公司）与长城证 券股份有限公司签署的相关协议，本公司决定自2025年11月17日起增加长城证券股份有限公司为以下基 金的申购赎回代理券商： 1.西藏东财中证新能源汽车交易型开放式指数证券投资基金（基金简称：新能源车龙头ETF，基金代 码：159637） 2.西藏东财中证沪港深创新药产业交易型开放式指数证券投资基金（基金简称：创新药ETF沪港深，基 金代码：159622） 3.西藏东财中证证券公司30交易型开放式指数证券投资基金（基金简称：证券ETF东财，基金代码： 159692） 4.西藏东财中证芯片产业交易型开放式指数证券投资基金（基金简称：芯片ETF基金，基金代码： 159599） 5.西藏东财沪深300交易型开放式指数证券投资基金（基金简称：沪深300ETF基金，基金代码： 159330） 6.西藏东财中证500交易型开放式指数证券投资基金（基金简称：中证500ETF基金，基金代码： 159337） 7.西藏东财中证A500交易型开放式指数证券投资基金（基金简称：A500ETF东财，基金代码：159380） 8.西藏东财上证50 ...

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the securities industry [4][6]. Core Insights - The securities industry has shown high performance in the first three quarters of 2025, with total revenue reaching 421.42 billion yuan, a year-on-year increase of 42.57%, and net profit attributable to shareholders reaching 169.29 billion yuan, up 62.48% year-on-year [1][13]. - The growth in revenue and profit is attributed to a steady rise in the equity market, increased trading volumes, and a recovery in wealth management services [1][29]. - Financial investment assets have become the main expansion direction for securities companies, totaling 6,991.8 billion yuan by the end of Q3 2025, accounting for 47% of total assets [2][32]. Summary by Sections Revenue Structure - Investment income has increased its share, with brokerage income at 111.78 billion yuan, up 74.64%, and investment income at 187.04 billion yuan, up 43.86% [13][30]. - Total assets and net assets of listed securities firms reached 14.92 trillion yuan and 2.85 trillion yuan, respectively, reflecting a year-on-year increase of 21.74% and 13.16% [19][20]. High Growth in Capital-Intensive Business - Self-operated business revenue reached 186.86 billion yuan, a year-on-year increase of 43.8%, with major contributors being CITIC Securities, Guotai Junan, and China Galaxy [30][31]. - The report highlights a significant increase in equity investment scale, with self-operated equity securities and derivatives reaching 8.475 trillion yuan, up 32.6% from the end of 2024 [34][35]. Brokerage Business - The brokerage business has benefited from active market trading, with all listed securities firms reporting positive growth in brokerage income [13][14]. - The average trading commission rate remains low, indicating potential for further revenue growth [16][30]. Investment Banking Business - The domestic equity financing scale has shown recovery, with IPOs continuing to rebound and underwriting activities improving [29][30]. - The report notes a 61.49% year-on-year increase in the total amount raised through initial public offerings [29]. Asset Management Growth - The asset management scale continues to grow, with a steady transition towards public fund management [22][23]. - The report indicates that the new asset management regulations are promoting the public fund transformation of securities firms [24][25].