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]

Core Viewpoint - Dongcai Fund Management Co., Ltd. has announced the addition of Changcheng Securities Co., Ltd. and Dongfang Securities Co., Ltd. as the subscription and redemption agents for several funds starting from November 17, 2025 [1][4]. Group 1: Fund Details - The following funds will have Changcheng Securities as a subscription and redemption agent: 1. New Energy Vehicle Leader ETF (Code: 159637) 2. Innovative Drug ETF (Code: 159622) 3. Securities ETF (Code: 159692) 4. Chip ETF (Code: 159599) 5. CSI 300 ETF (Code: 159330) 6. CSI 500 ETF (Code: 159337) 7. A500 ETF (Code: 159380) 8. SSE 50 ETF (Code: 530050) 9. Government Bond ETF (Code: 511160) 10. Sci-Tech Innovation Board Comprehensive Price ETF (Code: 589060) 11. ChiNext ETF (Code: 159205) 12. Internet ETF (Code: 159550) 13. Sci-Tech Innovation Board 50 ETF (Code: 589850) 14. ChiNext Comprehensive Enhanced Strategy ETF (Code: 159290) [1] - The following funds will have Dongfang Securities as a subscription and redemption agent: 1. New Energy Vehicle Leader ETF (Code: 159637) 2. Securities ETF (Code: 159692) 3. Chip ETF (Code: 159599) 4. CSI 300 ETF (Code: 159330) 5. CSI 500 ETF (Code: 159337) 6. A500 ETF (Code: 159380) 7. SSE 50 ETF (Code: 530050) 8. Government Bond ETF (Code: 511160) 9. Sci-Tech Innovation Board Comprehensive Price ETF (Code: 589060) 10. ChiNext ETF (Code: 159205) 11. Internet ETF (Code: 159550) [4][5] Group 2: Contact Information - Investors can contact Changcheng Securities at 95514 or visit their website at www.cgws.com for more information [1]. - Investors can contact Dongfang Securities at 95503 or visit their website at www.dfzq.com.cn for more information [4].

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].

又见券商高管新动向！ 根据上海发布11月14日消息，现任东方证券党委书记、董事长龚德雄拟提名任市管企业经理班子正职。 根据公开信息，龚德雄于1969年10月出生，大学，高级管理人员工商管理硕士，中共党员。龚德雄自 2023年4月起担任申能（集团）有限公司副总裁，2023年9月担任东方证券党委书记，2024年11月正式履 职东方证券董事长，至今刚满一年。 龚德雄的金融从业经历丰富，涵盖了证券、投资、期货、资产管理等多个领域。他曾任上海国际信托投 资公司证券部浦东营业部副主任、证券部投资调研科科长、证券部副经理，上海证券有限责任公司党委 副书记、纪委书记、副总经理兼海证期货有限公司董事长，上海国际集团有限公司金融管理总部总经 理，上海证券有限责任公司总经理、党委书记、副董事长、董事长，上海国泰君安证券资产管理有限公 司董事长、CEO。 【导读】东方证券董事长龚德雄将履新 今年以来，券商行业高管变动较为频繁。10月31日，上海市委组织部发布上海市市管干部任职前公示。 公示信息显示，罗东原，男，汉族，1968年11月生，在职研究生，工商管理硕士，中共党员，现任国泰 海通证券股份有限公司副总裁，拟提名任市管企业经理班子 ...

Group 1 - The article discusses the appointment of Gong Dexiong as the new chairman of Dongfang Securities, effective November 2024, following his recent roles within the company and other financial institutions [2] - Gong Dexiong has extensive experience in the financial sector, having held various positions in securities, investment, futures, and asset management [2] - Dongfang Securities has shown steady growth in performance, with a reported revenue of 4.707 billion yuan for Q3 2025, marking a year-on-year increase of 40.25%, and a net profit of 1.647 billion yuan, up 38.35% [3] Group 2 - For the first three quarters of 2025, Dongfang Securities achieved a revenue of 12.708 billion yuan, reflecting a year-on-year growth of 39.38%, and a net profit of 3.302 billion yuan, which is a significant increase of 54.76% [3] - The growth in Dongfang Securities' performance is attributed to substantial increases in self-operated investments, wealth management, and investment banking revenues [3] - The article also notes frequent changes in senior management within the brokerage industry, highlighting the recent nomination of Luo Dongyuan as a candidate for a managerial position at Guotai Junan Securities [3]

Core Insights - The 2025 Securities Industry High-Quality Development Conference and the Jin Yuan Group Cup Securities Industry Golden Bull Awards Ceremony were held in Xiamen, Fujian [1] - Dongfang Securities received multiple awards including "Golden Bull Securities Company," "Securities Industry ESG Golden Bull Award," and "Golden Bull Wealth Management Team" [2][11] Financial Performance - For the first three quarters of 2025, Dongfang Securities achieved operating income of 12.71 billion yuan, a year-on-year increase of 39.4% [2] - The net profit attributable to shareholders reached 5.11 billion yuan, up 54.8% year-on-year, indicating significant enhancement in profitability [2] - The weighted average return on equity (ROE) was 6.35%, an increase of 2.19 percentage points compared to the same period last year, reflecting improved capital efficiency [2] Business Segments - The brokerage business showed strong performance with net income from brokerage fees reaching 2.38 billion yuan, a year-on-year increase of 49.1% [4] - In the asset management sector, income was 970 million yuan, a slight decrease of 4.3% year-on-year, but showed a recovery trend with third-quarter income of 370 million yuan, up 20.6% year-on-year [4] - Investment banking revenue for the first three quarters was 1.17 billion yuan, a year-on-year increase of 41.1%, with a strong growth momentum in the third quarter [5] Wealth Management Strategy - Dongfang Securities is focusing on wealth management as a primary direction, enhancing investor education to promote long-term and value-based investment habits [6] - The company has established a comprehensive wealth management service platform centered on customer needs, transitioning towards a "buy-side advisory" model [6] Green Finance Initiatives - Dongfang Securities is enhancing its green finance services, aiming to connect real economy with financial resources and promote green technology [8] - The company has made significant investments in green bonds, with a total of 6.143 billion yuan in environmental bond investments, including 5.799 billion yuan in green bonds [8] - The establishment of the Green Finance Research Institute aims to innovate products and services in the green finance sector [9]

Group 1 - The current chairman of Dongfang Securities, Gong Dexiong, is proposed to be appointed as the head of a municipal enterprise management team [1] - Gong Dexiong was born in October 1969 and holds a Master's degree in Business Administration [1] - He has been serving as the Party Secretary of Dongfang Securities since September 2023 and is set to officially take on the role of chairman in November 2024 [1] Group 2 - The announcement is part of a broader public notice regarding the selection and appointment of municipal cadres, aimed at expanding democracy and gathering public opinions [3] - Other candidates for municipal positions include Xiao Hui, Zhang Yanping, Xu Jianhua, Liu Jiafeng, Li Lisheng, and Shao Qi, each with their respective qualifications and current roles [4]

东方证券（600958）党委书记、董事长龚德雄或将履新。 11月14日，"上海发布"微信公众号发布最新一期的上海市市管干部任职前公示，包含多位市管干部。其中，东方证券 董事长龚德雄在列。 任前公示显示，龚德雄，男，汉族，1969年10月生，大学，高级管理人员工商管理硕士，中共党员，现任申能（集 团）有限公司副总经理，拟提名任市管企业经理班子正职。 龚德雄自2023年4月起担任申能（集团）有限公司副总裁，2023年9月起担任东方证券党委书记，2023年10月起担任东 方证券执行董事，2024年11月起担任东方证券董事长。 从更早的工作履历来看，龚德雄曾任上海国际信托投资公司证券部浦东营业部副主任、证券部投资调研科科长、证券 部副经理，上海证券有限责任公司党委副书记、纪委书记、副总经理兼海证期货有限公司董事长，上海国际集团有限 公司金融管理总部总经理，上海证券有限责任公司总经理、党委书记、副董事长、董事长，上海国泰君安证券资产管 理有限公司董事长、CEO。 同时，龚德雄曾任国泰君安证券股份有限公司副总裁、党委委员并兼任资产管理业务委员会总裁、国泰君安资本管理 有限公司董事长、国泰君安创新投资有限公司董事长、总经理 ...

Group 1 - The core viewpoint of the article highlights the potential appointment of Gong Dexiong as the new chairman of Dongfang Securities, as indicated in the recent public announcement regarding Shanghai municipal cadre appointments [2][3]. - Gong Dexiong has held various significant positions in the financial sector, including Vice President of Sheneng Group and roles at Shanghai International Trust Investment Company and Guotai Junan Securities [3]. - His career trajectory shows a strong background in management and finance, with experience in multiple leadership roles across different financial institutions [3]. Group 2 - The article mentions a sudden surge in the A-share market, particularly in the lithium battery sector, attributed to unexpected positive news and market movements [4]. - The term "18 Luohan" refers to a group of stocks that experienced significant price increases, indicating a broader market rally [4]. - The article emphasizes the impact of external factors on Chinese assets, suggesting a strong correlation between global market trends and local stock performance [4].