Core Viewpoint - The brokerage sector is experiencing significant activity, with the Securities ETF Fuqun (515850) showing a substantial intraday increase of 6.27%, driven by strong performance from major brokerage firms [1] Group 1: Market Performance - As of September 26, the A-share margin trading balance reached 2.42 trillion yuan, following a record high of 2.44 trillion yuan in the previous trading day [1] - Major brokerage firms such as Guosheng Jinkong, Huatai Securities, GF Securities, and Xiangcai Co. achieved limit-up gains, while Dongwu Securities, Dongfang Securities, and CITIC Securities rose over 7% [1] Group 2: Business Dynamics - Brokerages are increasing the scale of financing-related businesses in response to the sustained high demand in the margin trading market [1] - The rise in margin trading activities is aimed at meeting investor financing needs and enhancing customer service levels, while also allowing brokerages to expand market share and maximize credit business revenue [1] Group 3: Investment Opportunities - The Securities ETF Fuqun (515850) closely tracks the CSI All Share Securities Company Index, primarily consisting of large brokerages while also including smaller firms [1] - In a recovering market, large-cap stocks are expected to demonstrate strong leadership effects, while smaller, high-potential stocks may offer substantial profit elasticity [1]

Group 1 - The core viewpoint indicates a strong upward trend in the securities sector, with the Guozheng Securities Leading Index rising by 5.71% and key stocks like Huatai Securities and GF Securities showing significant gains of 10.01% and 9.59% respectively [1] - The brokerage sector is expected to experience sustained upward momentum due to high certainty in fundamentals as the fourth quarter approaches, alongside a recovery in valuations after a decline of approximately 8% in September [1][2] - Institutional funds are currently under-allocated in the brokerage sector, with positive quarterly report expectations and a shift in demand for absolute return allocations, suggesting a favorable environment for continued growth in the sector [1] Group 2 - Recent data shows that the trading volume in A-shares remains high, with a year-on-year increase of 206% and a month-on-month increase of 6%, reaching 2.44 trillion RMB [2] - The brokerage sector's profit expectations are optimistic, with projected net profit growth of 48% year-on-year and 13% quarter-on-quarter for Q3 2025, leading to an annual growth forecast of 41% [2] - As of September 26, the A-share and Hong Kong brokerage sectors are trading at 1.53x and 0.98x P/B respectively, indicating they are at the 41% and 66% percentiles of their historical valuations over the past decade [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index account for 79.16% of the index, with significant players including Dongfang Caifu, CITIC Securities, and Huatai Securities [3]

东海证券非银首席分析师陶圣禹认为，"十四五"时期奠定的坚实制度基础与市场生态，将为"十五五"时 期深化投融资综合改革、服务新质生产力发展提供强劲支撑，推动资本市场在"科技-产业-金融"良性循 环中持续发挥枢纽作用，迈向更高质量的发展阶段。 在此基础上，"我们认为券商板块在市场活跃度与制度创新的双重利好加持下，有望在三季报披露期凭 借亮眼业绩进一步吸引市场关注，迎来估值修复与业绩增长的双击行情，在后续资本市场发展进程中展 现出强大的向上动能与投资潜力。"陶圣禹称。 （文章来源：第一财经） 消息面上，中国人民银行货币政策委员会2025年第三季度例会于9月23日召开。会议指出，用好证券、 基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。 另外，近期财政部发布2025年1-8月财政收支情况，其中，证券交易印花税1187亿元，同比增长81.7%。 8月单月实现251亿元，同比增长225.97%，环比增长66%。 山西证券发布研报称，近期日均成交额、两融规模持续增长，股权融资显著回暖，券商基本面持续向 好。随着资本市场改革的进一步深化，部分券商有望通过外延式和内涵式发展，探索海外业务增 ...

财通资管创新成长混合A（020075）成立日期2024年3月26日，最新规模5950.49万。今年以来收益 45.71%，同类排名1298/8244；近一年收益81.14%，同类排名783/8080；成立以来收益81.88%。 财通资管创新成长混合A（020075）基金经理为包斅文。 截至发稿，包斅文累计任职时间3年312天，现任基金资产总规模33.81亿元，任职期间最佳基金回报 103.41%， 任职期间最差基金回报8.01%。 9月29日，东方证券涨5.13%，截至发稿，报11.27元/股，成交18.08亿元，换手率2.21%，总市值957.57 亿元。东方证券股价已经连续6天上涨，区间累计涨幅2.68%。 资料显示，东方证券股份有限公司位于上海市黄浦区中山南路119号东方证券大厦,中国上海市黄浦区中 山南路318号2号楼3-6层、12层、13层、22层、25-27层、29层、32层、36层、38层,香港中环皇后大道中 100号第28至29层，成立日期1997年12月10日，上市日期2015年3月23日，公司主营业务涉及证券经纪业 务、投资银行业务、资产管理业务、自营业务、研究咨询业务、期货业务、证券金融 ...

Core Viewpoint - The securities sector is experiencing significant growth, with notable increases in stock prices and trading volumes, driven by favorable monetary policies and strong financial performance from brokerage firms [2][3][4]. Group 1: Market Performance - As of the latest updates, Guosheng Jinkong and Huatai Securities have reached their daily price limits, indicating strong market interest [1][2]. - On September 29, securities stocks showed robust performance, with several firms, including Huatai Securities and GF Securities, reporting gains exceeding 5% and 8% respectively [2]. - Securities-related ETFs also performed well, with the Securities ETF (159841) rising over 3% during early trading [3]. Group 2: Financial Data - The China Securities Association reported that 150 securities firms achieved a total operating income of 2,510.36 billion yuan in the first half of 2025, with net profits reaching 1,122.80 billion yuan [4]. - The breakdown of revenue sources includes net income from securities trading at 688.42 billion yuan, underwriting and sponsorship at 143.21 billion yuan, and investment consulting at 32.41 billion yuan [4]. - The fiscal data from the Ministry of Finance indicated that the securities transaction stamp duty reached 118.7 billion yuan, marking an 81.7% year-on-year increase, with August alone seeing a 225.97% increase compared to the previous year [3]. Group 3: Future Outlook - Analysts suggest that the ongoing reforms in the capital market and the increasing market activity will likely enhance the performance of brokerage firms, leading to a potential valuation recovery and growth in earnings [4]. - The solid institutional foundation established during the 14th Five-Year Plan is expected to support deeper reforms in investment and financing, fostering a positive cycle among technology, industry, and finance [4].

Core Points - Oriental Securities has seen a stock price increase of 5.13% on September 29, reaching 11.27 CNY per share, with a trading volume of 1.801 billion CNY and a turnover rate of 2.20%, resulting in a total market capitalization of 95.757 billion CNY [1] - The stock has experienced a continuous rise for six days, accumulating a total increase of 2.68% during this period [1] Company Overview - Oriental Securities Co., Ltd. is located in Shanghai and was established on December 10, 1997, with its listing date on March 23, 2015 [1] - The company’s main business areas include securities brokerage, investment banking, asset management, proprietary trading, research consulting, futures, securities finance, and other services [1] - The revenue composition of the company is as follows: Wealth and Asset Management 64.31%, Institutional and Sales Trading 18.83%, International and Other Businesses 15.90%, Investment Banking and Alternative Investments 7.09% [1] Fund Holdings - Huafu Fund has a significant holding in Oriental Securities through the Huafu CSI Securities Company Pioneer Strategy ETF (516980), which increased its holdings by 3,000 shares in the second quarter, totaling 92,100 shares, representing 2.76% of the fund's net value [2] - The fund has realized a floating profit of approximately 50,600 CNY today, with a floating profit of 25,800 CNY during the six-day increase [2] Fund Manager Performance - The fund manager of Huafu CSI Securities Company Pioneer Strategy ETF is Li Xiaohua, who has been in the position for 4 years and 147 days [3] - The total asset size of the fund is 5.509 billion CNY, with the best fund return during the tenure being 98.24% and the worst being -20.67% [3]

每经AI快讯，9月29日，港股中资券商股持续走高，东方证券涨超12%，华泰证券涨近12%。 （文章来源：每日经济新闻） ...

责任编辑：栎树 A股市场券商股走强，其中，华泰证券、国盛金控涨停，广发证券逼近涨停，东方证券、东吴证券涨超 6%，中信证券、国信证券涨超5%，信达证券、湘财股份、长江证券、国泰海通、国联民生涨超4%。 | 代码 | | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601688 | 华泰证券 | 1 | 10.01 | 1965亿 | 25.90 | | 002670 | 国盛金控 | 1 | 9.99 | 428亿 | 69.06 | | 000776 | 广发证券 | | 9.25 | 1733亿 | 43.89 | | 600958 | 东方证券 | 演 | 6.62 | 971亿 | 9.35 | | 601555 | 东吴证券 | | 6.57 | 492 7 | 30.68 | | 600030 | 中信证券 | 1 | 5.85 | 4505亿 | 5.13 | | 002736 | 国信证券 | | 5.33 | 1437亿 | 29.24 | | 601059 | 信达证券 | 1 | 4.95 | 625 ...

Core Viewpoint - The A-share market has seen a strong performance in brokerage stocks, with several companies reaching their daily price limits and significant year-to-date gains reported [1] Group 1: Stock Performance - Huatai Securities (601688) increased by 10.01%, with a total market capitalization of 196.5 billion and a year-to-date gain of 25.90% [2] - Guosheng Financial Holdings (002670) rose by 9.99%, with a market cap of 42.8 billion and a year-to-date increase of 69.06% [2] - GF Securities (000776) saw a rise of 9.25%, with a market cap of 173.3 billion and a year-to-date gain of 43.89% [2] - Dongfang Securities (600958) increased by 6.62%, with a market cap of 97.1 billion and a year-to-date gain of 9.35% [2] - Dongwu Securities (601555) rose by 6.57%, with a market cap of 49.2 billion and a year-to-date increase of 30.68% [2] - CITIC Securities (600030) increased by 5.85%, with a market cap of 450.5 billion and a year-to-date gain of 5.13% [2] - Guoxin Securities (002736) rose by 5.33%, with a market cap of 143.7 billion and a year-to-date increase of 29.24% [2] - Xinda Securities (601059) increased by 4.95%, with a market cap of 62.5 billion and a year-to-date gain of 28.92% [2] - Xiangcai Securities (600095) rose by 4.81%, with a market cap of 38 billion and a year-to-date increase of 84.58% [2] - Changjiang Securities (000783) increased by 4.77%, with a market cap of 46.2 billion and a year-to-date gain of 25.20% [2] - Guotai Junan Securities (601211) rose by 4.12%, with a market cap of 343.4 billion and a year-to-date gain of 5.90% [2] - Guolian Securities (601456) increased by 4.09%, with a market cap of 63.7 billion but a year-to-date decline of 16.64% [2]

每经AI快讯，9月29日，券商股盘中持续走强，华泰证券拉升触及涨停，国盛金控此前封板，广发证 券、东方证券、东吴证券、中信证券、信达证券、东方财富、湘财股份、长江证券等纷纷冲高。 （文章来源：每日经济新闻） ...