Core Viewpoint - Tongling Nonferrous Metals is one of the largest cathode copper producers in China, with smelting capacity exceeding 1.7 million tons, and has gradually become a comprehensive copper company covering the entire industry chain from "resources to smelting to processing" [1] Group 1: Company Overview - The company generates significant revenue and gross profit from copper products, but since 2024, tightening copper ore supply has led to a decline in copper smelting fees, resulting in a slight decrease in copper product gross margins [1] - There are concerns in the market regarding whether the company's large copper smelting capacity will be affected by the continued decline in smelting fees, potentially squeezing profit margins [1] Group 2: Market Outlook - The upward certainty of copper prices has increased, and there are marginally positive expectations for smelting fees, which may enhance profit elasticity [1] - The company is targeting the high-end copper processing market, with its subsidiary, Tongguan Copper Foil, having been listed separately in 2022, indicating potential for greater application markets for high-end electronic copper foil products amid rapid development in AI and electronic communication industries [1] Group 3: Additional Profit Sources - The gold and other by-product segments are expected to continue contributing to the company's profits [1] - The initial coverage has assigned a "buy" rating for the company [1]

Core Viewpoint - Tongling Nonferrous Metals is one of the largest cathode copper producers in China, with smelting capacity exceeding 1.7 million tons, and has gradually become a comprehensive copper company covering the entire industry chain from "resources to smelting to processing" [1] Group 1: Company Overview - The company generates significant revenue and gross profit from copper products, but since 2024, tightening copper ore supply has led to a decline in copper smelting fees, resulting in a slight decrease in copper product gross margin [1] - There are concerns regarding whether the company's large copper smelting capacity will be impacted by the continued decline in smelting fees, potentially squeezing profit margins [1] Group 2: Market Outlook - The upward certainty of copper prices is increasing, and there are marginally positive expectations for smelting fees, which may enhance profit elasticity [1] - The company is targeting the high-end copper processing market, with its subsidiary, Tongguan Copper Foil, having been listed separately in 2022, and high-end electronic copper foil products are expected to see greater application markets amid the rapid development of AI and electronic communication industries [1] Group 3: Additional Profit Sources - The gold and other by-product segments are expected to continue contributing to the company's profits [1] - The initial coverage gives the company a "buy" rating [1]

Group 1 - Chinese brokerage stocks experienced a widespread decline, with Dongfang Securities down 4.28% at HKD 6.94, China Merchants Securities down 4.11% at HKD 14.47, CITIC Securities down 3.67% at HKD 12.09, and Guolian Minsheng down 3.08% at HKD 5.35 [1] - The Federal Reserve's October monetary policy meeting minutes indicated significant disagreement among officials regarding potential interest rate cuts in December, amidst moderate economic expansion and a cooling labor market [1] - Analysts from CITIC Futures noted that the core drivers for major assets this week are the "anticipatory rush" following the U.S. government reopening and the strengthening expectations of increased liquidity [1] Group 2 - China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced a suspension of trading to plan a merger, with CICC set to absorb the other two firms through a share swap [2] - Non-bank analyst Bo Xiaoxu from China Aviation Securities highlighted that regulatory encouragement for industry consolidation aligns with the trend of promoting high-quality development in the securities sector, making mergers and acquisitions an effective means for brokerages to achieve external growth [2] - The consolidation within the brokerage industry is expected to enhance overall competitiveness, optimize resource allocation, and promote healthy market development, while also increasing industry concentration and creating economies of scale [2]

值得注意的是，中金公司、东兴证券、信达证券同时发布停牌公告，宣布筹划由中金公司换股吸收合并 后两家券商。中航证券非银分析师薄晓旭认为，目前监管明确鼓励行业内整合，在政策推动证券行业高 质量发展的趋势下，并购重组是券商实现外延式发展的有效手段，券商并购重组对提升行业整体竞争 力、优化资源配置以及促进市场健康发展具有积极作用，同时行业整合有助于提高行业集中度，形成规 模效应。 消息面上，美国联邦储备委员会19日公布的10月货币政策会议纪要显示，由于经济温和扩张、劳动力市 场逐步降温但未现急剧恶化，美联储官员对12月是否进一步降息出现明显分歧。中信期货指出，本周大 类资产核心驱动在于美国政府重启后的"预期抢跑"与流动性转宽预期强化共振。东海期货也表示，短期 美联储持续释放鹰派信号，打压全球风险偏好。 智通财经APP获悉，中资券商股全线下跌，截至发稿，东方证券(03958)跌4.28%，报6.94港元；招商证 券(06099)跌4.11%，报14.47港元；中信建投证券(06066)跌3.67%，报12.09港元；国联民生(01456)跌 3.08%，报5.35港元。 ...

Core Viewpoint - Anta Sports (02020) maintains a "Buy" rating and a target price of HKD 112.89, supported by strong performance from its affiliate Amer Sports, Inc, particularly during the Double Eleven shopping festival [1] Performance Summary - Amer Sports reported a 30% year-on-year revenue growth and a 22% increase in operating profit for Q3 2025, exceeding market expectations [1] - All four major global markets for Amer achieved double-digit revenue growth, with the Greater China region seeing a remarkable 47% year-on-year revenue increase [1] - Amer has raised its full-year revenue growth forecast for 2025 from 20%-21% to 23%-24%, reflecting strong operational capabilities post-acquisition [1] Brand Performance - Fila, Descente, and KOLON brands showed strong performance during the recent Double Eleven event, with Fila ranking first in Tmall's sports and outdoor sales [2] - The company expects Fila's revenue to achieve mid-single-digit growth for the full year 2025, while other brands are projected to grow over 40% [2] Profit Forecast and Investment Recommendations - The company has adjusted its earnings forecast for 2025-2027, estimating earnings per share of 4.69, 5.29, and 6.02 RMB respectively [3] - Based on comparable companies, a 22x PE valuation for 2025 leads to a target price of HKD 112.89, maintaining a "Buy" rating [3]

Group 1: Company Overview - Oriental Securities is located in Shanghai and was established on December 10, 1997, with its listing date on March 23, 2015. The company engages in various businesses including securities brokerage, investment banking, asset management, proprietary trading, research consulting, futures, and securities finance [2] - The revenue composition of Oriental Securities includes 39.93% from institutional and sales trading, 32.07% from wealth and asset management, 15.73% from international business and others, and 12.46% from investment banking and alternative investments [2] Group 2: Financial Performance - As of September 30, 2025, Oriental Securities reported a net profit of 5.11 billion yuan, representing a year-on-year growth of 54.76% [2] - The company has distributed a total of 16.155 billion yuan in dividends since its A-share listing, with 5.034 billion yuan distributed over the past three years [3] Group 3: Market Activity - On November 20, Oriental Securities' stock rose by 1.13%, with a trading volume of 1.914 billion yuan. The net financing buy was -91.22 million yuan, with a total financing and securities lending balance of 2.538 billion yuan [1] - The financing balance of Oriental Securities was 2.534 billion yuan, accounting for 3.17% of its market capitalization, which is above the 70th percentile of the past year [1] - In terms of securities lending, on November 20, the company repaid 58,100 shares and sold 102,800 shares, with a selling amount of 1.1051 million yuan, while the securities lending balance was 4.1624 million yuan, below the 40th percentile of the past year [1] Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders of Oriental Securities was 183,800, an increase of 2.56% from the previous period [2] - Among the top ten circulating shareholders, China Securities Finance Corporation holds 228 million shares, while Hong Kong Central Clearing Limited has reduced its holdings by 124 million shares to 151 million shares [3]

Fund Overview - The fund is named "Oriental Red Huiyu Bond Fund" and is a contractual open-end bond fund [12] - The fund has two classes of shares: Class A (code: 026055) and Class C (code: 026056) [12] Fund Management and Custody - The fund is managed by Shanghai Oriental Securities Asset Management Co., Ltd. and the custodian is Industrial and Commercial Bank of China [4][50] Fund Offering Details - The fundraising period is from December 2, 2025, to December 22, 2025, with a minimum fundraising amount of 200 million RMB [5][18][16] - The fund may extend the fundraising period by up to three months based on actual conditions [5][18] Subscription Process - Investors can subscribe through the fund manager's direct sales center or online trading system, with a minimum subscription amount of 10 RMB [3][21] - Investors must use the company's open-end fund account for subscription [8][21] Fee Structure - Class A shares incur subscription fees, while Class C shares do not charge subscription fees but have service fees deducted from the fund's assets [10][25] - The subscription fee for Class A shares varies based on the type of investor, with specific rates for pension clients [23] Risk and Investment Strategy - The fund aims for long-term stable growth of net asset value while strictly controlling investment risks [14] - The fund can invest in various securities, including asset-backed securities, stocks listed on the Hong Kong Stock Exchange, and stocks on the Science and Technology Innovation Board [7][8][9] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by law [15] Fund Contract and Effectiveness - The fund contract will become effective once the fundraising conditions are met, including a minimum of 200 million shares and 200 investors [46] - If the fundraising fails to meet the conditions, the fund manager must return the funds to investors with interest [48]

Core Viewpoint - The 2025 China Securities Industry Investment Banking Summit Forum highlighted the transformation strategies of investment banks amid capital market changes, with a focus on the resurgence of Chinese enterprises listing in Hong Kong and the anticipated growth in IPO activities in 2025 [2]. Group 1: Market Trends - Since the second half of 2024, there has been a notable recovery in Chinese enterprises listing in Hong Kong, with a projected increase in IPO issuance in 2025, leading to a financing scale that is expected to rise by over 200% year-on-year [2]. - The average first-day increase for IPO companies is reported at 59.3%, indicating strong market performance [2]. - The hot trend in the Hong Kong stock market is expected to continue until 2026, presenting cross-border business opportunities for Chinese investment banks [2]. Group 2: Strategic Focus - Domestic investment banks are adopting "regional deep cultivation" and "track specialization" as their two core strategies to reshape the competitive landscape [2]. - Changjiang Securities has been exploring iterative deep cultivation models and plans to enhance its role as a "guide" for industries by serving local platform companies and forming funds to attract quality enterprises along the industrial chain [2]. Group 3: Forum Discussions - The forum featured two roundtable discussions focusing on investment banking strategic transformation and the integration of technology and finance [3]. - Key executives from various securities firms participated in discussions about navigating cycles and embracing new production capabilities in the context of technology finance [3]. Group 4: Awards - The forum also announced the results of the "2025 China Securities Industry Investment Banking Jun Ding Award," recognizing outstanding contributions in various categories, including underwriting and sponsorship [5][6][7][8][10][11][13][14][21].

绿色金融作为金融"五篇大文章"之一，已成为推动经济社会高质量发展的重要引擎，在优化资源配置、调整产业结构等方面发挥关键作用。在绿色金融市场 欣欣向荣的同时，当前学界和业界对于绿色金融发展质效的量化分析还存在空白。证监会今年发布的《关于资本市场做好金融"五篇大文章"的实施意见》明 确提出"完善资本市场绿色金融标准体系"，加大对典型做法、示范案例的宣传与推广。 在此背景下，中国经济信息社上海总部携手东方证券研发"证券业服务绿色金融发展指数"（简称"绿金指数"），从环境支撑、市场规模、运行活力、主体建 设四大维度构建起科学全面的评价体系，打造一把衡量证券业在绿色金融体系中枢纽作用的"数字标尺"，为观察资本市场绿色转型提供了全新视角。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 转自：新华财经 在11月16日举行的第十四届"沪上金融家"颁奖仪式现场，中国经济信息社上海总部联合东方证券发布首期《证券业服务绿色金融发展指数报告》（简 称"《报告》"）。指数基期为2020年，基期值设为100，2024年指数值达到153.17点。证券业在壮大绿色金融市场规模的同时，助力构建绿色与资本的正向 循环 ...

Core Insights - The report from Dongfang Securities highlights the transition in the beauty industry from "functional consumption" to "composite efficacy + emotional consumption," indicating increased consumer resilience [1] - The beauty sector is diversifying its sales channels, moving away from reliance on a single traffic window, which is enhancing channel efficiency [1] - Leading brands are demonstrating stronger resilience, with a focus on companies with robust brand assets that can capitalize on channel and product cycles [1] Group 1: Sales Performance - During the Double 11 shopping festival (October 7 - November 11), total e-commerce sales reached 16,950 billion yuan, reflecting a year-on-year growth of 14.2% [1] - The top five categories in e-commerce sales were home appliances, mobile digital products, clothing, beauty and personal care, and shoes/bags, with respective market shares of 16.5%, 14.6%, 14%, 8.2%, and 6.5% [1] - Beauty subcategories saw significant sales, with skincare products generating 991 billion yuan (+11.65%), hair care and cleaning products at 444 billion yuan (+13.54%), and perfumes and cosmetics at 334 billion yuan (+13.52%) [1] - Instant retail sales reached 670 billion yuan, showcasing a remarkable growth of 138.4% [1] Group 2: Brand Performance - Tmall's beauty rankings show Proya leading for three consecutive years, followed by Estee Lauder, Lancôme, L'Oréal, and SkinCeuticals, indicating a stable top five [2] - Douyin's beauty rankings are led by Han Shu, with Proya, L'Oréal, Helena Rubinstein, and Gu Yu following, highlighting Douyin as a key platform for domestic beauty brands seeking growth [2] - The sales of composite efficacy skincare products accounted for 47.1% of the top 50 best-selling skincare items on Tmall, with anti-aging products being the most popular [2] - Brands like Han Shu and New Page reported significant sales growth across multiple channels, with New Page achieving a 145% increase in total sales [3] - The overall performance of leading brands like Proya and Weinuo demonstrated strong growth, reinforcing the notion of enhanced brand momentum in a stable market environment [3]