Core Viewpoint - The company plans to enhance the market liquidity and stable operation of two exchange-traded funds (ETFs) by appointing Dongfang Securities Co., Ltd. as a liquidity service provider starting from December 5, 2025 [1] Group 1 - The funds involved are the Wanji Zhongzheng A500 ETF (code: 159356) and the Wanji CSI 300 ETF (code: 159393) [1] - The decision is in accordance with the Shenzhen Stock Exchange's guidelines for liquidity services [1] - The announcement was made by Wanji Fund Management Co., Ltd. [1]

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

Core Viewpoint - The article highlights the 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony, which gathered over 300 influential figures from academia, public and private equity, and top fund managers to discuss future opportunities in the Chinese capital market [2]. Macro Economic Research | Best Analysts - The top analysts in macroeconomic research were recognized, with Zhejiang Securities leading the list, followed by Guangfa Securities and Dongwu Securities [5]. - The ranking includes various institutions and their respective research teams, showcasing the competitive landscape in the analysis of macroeconomic trends [5]. Strategy Research | Best Analysts - Guangfa Securities topped the strategy research category, with a strong team recognized for their analytical capabilities [6]. - Other notable institutions include Shenwan Hongyuan Securities and Guolian Minsheng Securities, reflecting a diverse range of expertise in strategic analysis [6]. Financial Engineering | Best Analysts - The best analysts in financial engineering were led by Guosen Securities, indicating a strong focus on innovative financial solutions [8]. - Other institutions like Shenwan Hongyuan Securities and China Merchants Securities also featured prominently in the rankings [8]. Fixed Income Research | Best Analysts - Zhejiang Securities was recognized as the top firm in fixed income research, highlighting its expertise in this critical area [10]. - The rankings included several other firms, indicating a robust competition in fixed income analysis [10]. Banking Industry | Best Analysts - Zhejiang Securities emerged as the leader in the banking industry analysis, showcasing its strong research capabilities [12]. - Other firms like Zhongtai Securities and Dongfang Securities also made significant contributions to the rankings [12]. Non-Banking Financial Industry | Best Analysts - The top analysts in the non-banking financial sector were led by Guangfa Securities, reflecting its strong analytical team [13]. - Other notable firms included Dongwu Securities and Xinyuan Securities, indicating a competitive environment in this sector [13]. Real Estate Industry | Best Analysts - Guangfa Securities was recognized as the top analyst in the real estate sector, demonstrating its expertise in this critical market [15]. - Other firms like Changjiang Securities and China Merchants Securities also ranked highly, indicating a strong focus on real estate analysis [15]. Media Industry | Best Analysts - Guangfa Securities led the media industry analysis, showcasing its strong research capabilities [17]. - Other firms like Guohai Securities and Shenwan Hongyuan Securities also made significant contributions to the rankings [17]. Innovative Drug Industry | Best Analysts - The top analysts in the innovative drug sector were led by Industrial Securities, indicating a strong focus on healthcare research [18]. - Other notable firms included CITIC Securities and Dongwu Securities, reflecting a competitive landscape in this industry [18]. New Energy Equipment Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the new energy equipment sector, highlighting its expertise in this growing field [20]. - Other firms like Dongwu Securities and Tianfeng Securities also ranked highly, indicating a robust competition in new energy analysis [20]. Robotics and High-End Manufacturing Industry | Best Analysts - Guangfa Securities topped the rankings in the robotics and high-end manufacturing sector, showcasing its analytical strengths [21]. - Other firms like Changjiang Securities and Zhejiang Securities also made significant contributions to the rankings [21]. Public Utilities Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the public utilities sector, reflecting its strong research capabilities [24]. - Guangfa Securities and Huayuan Securities also ranked highly, indicating a competitive environment in public utility analysis [24]. Environmental Protection Industry | Best Analysts - Guangfa Securities led the environmental protection sector analysis, showcasing its expertise in sustainability [26]. - Other firms like Dongwu Securities and Tianfeng Securities also made significant contributions to the rankings [26]. Computer Industry | Best Analysts - Guolian Minsheng Securities was recognized as the top analyst in the computer industry, reflecting its strong research capabilities [29]. - Other notable firms included Guangfa Securities and Changjiang Securities, indicating a competitive landscape in computer analysis [29]. Home Appliances Industry | Best Analysts - Guolian Minsheng Securities topped the rankings in the home appliances sector, showcasing its analytical strengths [31]. - Other firms like Changjiang Securities and Kaiyuan Securities also ranked highly, indicating a robust competition in this industry [31]. Transportation and Logistics Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the transportation and logistics sector, reflecting its strong research capabilities [33]. - Other firms like Shenwan Hongyuan Securities and Huachuang Securities also made significant contributions to the rankings [33]. Military Industry | Best Analysts - Guangfa Securities led the military industry analysis, showcasing its expertise in defense-related research [34]. - Other firms like Industrial Securities and Changjiang Securities also ranked highly, indicating a competitive environment in military analysis [34].

东方证券研报指出，近期被动元器件厂商均表示看好AI对行业的拉动，市场对于AI驱动被动元器件周 期向上的预期在提升。三环集团MLCC产品形成了丰富的产品矩阵，广泛应用于移动通信、智能终端、 新能源等行业，现已覆盖微小型、高容、高可靠、高压、高频系列，形成了全面的产品矩阵，市场认可 度逐步提升，国产替代加速推进。公司持续推进以固体氧化物燃料电池（SOFC）为代表的一系列新产 品的创新开发，推动产业转型升级。认为SOFC在北美的空间仍然被市场低估，公司通过SOFC隔膜板 的批量供应可以完全受益于北美AI电力建设的强劲增长。根据可比公司26年29倍PE估值，对应目标价 为54.23元，维持"买入"评级。 ...

Core Viewpoint - Changxin Technology has a broad customer base in the automotive electronics sector, covering over 70% of global vehicle brands, and has established a comprehensive supply chain for integrated modules [1] Group 1: Business Overview - The company provides a range of automotive electronic modules, including instrument panel modules, rearview mirror modules, central control screen modules, B-pillar modules, and head-up display modules [1] - Changxin Technology has completed the industrial chain layout for "on-board sensors + touch modules + cover plates + touch display integrated modules" [1] Group 2: Growth Potential - The company is expanding into fields such as UTG and UFG, which are expected to open up new growth opportunities [1] - Additionally, the company is entering the intelligent computing sector, aiming to build a full-chain computing service capability [1] Group 3: Valuation - Based on comparable companies' average 26-year PE valuation of 28 times, the target price is set at RMB 6.44, maintaining a "buy" rating [1]

公司将密切关注后续救灾情况，为受灾民众提供必要支持，助力其重建家园、恢复正常生活，积极履行 企业社会责任，彰显国有金融企业使命担当和人文关怀。 东方证券作为A+H股上市公司，在港提供全链条金融服务体系，与香港社会联系紧密、共生共荣。公 司对于香港火灾中的遇难同胞表示深切哀悼，向不畏艰险、奋战一线的救援人员致以崇高敬意，时刻心 系当地居民生命财产安全。 近日，申能集团携旗下东方证券（含汇添富基金）及其香港公司捐赠500万港元，通过香港白玉兰基金 会，驰援香港大埔火灾救助工作，专项用于香港大埔火灾受灾民众的救助与灾后重建工作。 ...

2025年11月28日，由东证期货与东方证券财富管理委员会联合主办"千钧奋起，万树花开"年度策略会在 上海浦东顺利召开，本次会议设置1个主论坛与4个分论坛，议程覆盖宏观经济与政策、大宗商品、产业 动态及大类资产配置等多个领域，为500余名各界投资者搭建了专业高效的交流平台。 东证期货党委副书记、总经理唐雷出席本次策略会并发表致辞。他表示，2025年宏观图景的核心脉络聚 焦"破"与"立"，期货行业已正式从"量的扩张"阶段迈入"质的突围"的全新发展阶段。当前，期货行业既 迎来了新的发展高度，也处于转型关键节点。面对行业变局与多重挑战，东证期货明确两大核心发力方 向：一是坚持研究下沉，扎实推进产业链深度研究，这份源自一线实践的"泥土气息"，正是公司稳健发 展的最坚实底气；二是深化科技赋能，推动金融科技从辅助工具升级为核心竞争力，将大数据平台"繁 微"打造为连接研究、决策与风险管理的智慧中枢，凭借技术优势突破传统业务瓶颈，为客户创造独特 价值。 策略会主论坛特别邀请复旦大学经济学院副院长陈钊教授，带来"在变化中把握机遇：创新、市场与 AI"的主题分享。陈钊教授指出，坚持创新发展是中国崛起的重要道路。企业必须具备国际视 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 | RMB | | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 | RMB | | | 1 RMB | | 7,469,482,864 | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03958 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,027,162,428 | RMB | | 1 RMB | | 1,027,162,428 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,027,162,428 | RMB | | 1 RMB | | 1,027,162,428 | 本月底法定/註冊股本總額： RMB 8,496,645,292 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有 ...

每日互动首次公开发行股票的发行费用总额为7,438.26万元，其中承销及保荐费为4,507.26万元。 每日互动于2024年12月26日披露2024年度向特定对象发行A股股票预案。该公司本次向特定对象发 行股票募集资金总额不超过78,067.85万元（含本数），扣除发行费用后拟投资于可控智算能力平台建设 与行业垂直模型产业化项目、公共与产业数据价值开发平台（发数站）项目和补充流动资金。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 470, 363, 638. 37 | 429, 913, 361. 35 | 9.41% | 525, 895, 442. 02 | | 归属于上市公司股东的净利润(元) | -64,755,232.21 | -49,931,430.41 | -29.69% | 26, 286, 896. 02 | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 19,525,048.06 | -25, 122, 212. 88 | 177.72% | 20, ...