Core Insights - The active user base of securities apps has reached approximately 175 million in September 2025, marking a month-on-month increase of 0.74% and a year-on-year increase of 9.73%, setting a new monthly record for the year [1][2] Group 1: User Activity and Rankings - Two securities apps surpassed 10 million monthly active users, while 11 apps exceeded 6 million, with Huatai Securities' "Zhangle Wealth" leading at 11.95 million users [2][3] - The top five securities firms maintained their positions, with Huatai Securities, Guotai Junan, and Ping An Securities ranking first, second, and third respectively [2][3] - The overall growth momentum of monthly active users for securities apps has slowed, with some experiencing slight month-on-month declines [1][2] Group 2: Year-on-Year Growth - The app "Yuli Bao" from Industrial Securities saw a year-on-year increase of 35.95%, while several other apps also reported growth exceeding 20% [2][3] - Only one app, Dongguan Securities' "Changzheng Bao," experienced a year-on-year decline of 0.19% [2][3] Group 3: AI Integration in Securities Apps - The rapid development of AI technology has led to increased demand for its application in the securities industry, with firms investing in financial technology to enhance their app services [4] - Huatai Securities launched an independent AI application terminal "AI Zhangle," integrating AI capabilities across key functions such as stock selection and trading [4] - The industry is focusing on creating differentiated services through AI, addressing challenges such as professional adequacy and compliance risks [4][5]

Core Insights - The active user count for securities apps in China has surpassed 175 million in September 2025, marking a month-on-month increase of 0.74% and a year-on-year increase of 9.73%, setting a new record for the year [2][4] - The competition among brokerage apps is intensifying, with two apps exceeding 10 million active users and eleven apps surpassing 6 million [2][4] - Major players like Huatai Securities, Guotai Junan, and Ping An Securities lead the market in terms of active user numbers [3][4] User Activity Metrics - The top three brokerage apps by active users are: 1. Huatai Securities - 11.95 million [5] 2. Guotai Junan - 10.29 million [5] 3. Ping An Securities - 8.80 million [5] - The overall growth trend in active users for brokerage apps has slowed down, with some apps experiencing slight month-on-month declines [2][4] Year-on-Year Growth - Notable year-on-year growth includes: - Xinyi Securities' Youlibao app with a 35.95% increase [4] - Guojin Securities and Guohai Securities both exceeding 20% growth [4] - Dongguan Securities' app saw a minor decline of 0.19% year-on-year [4] AI Integration in Brokerage Apps - The rapid development of AI technology is driving the need for its application in the securities industry [6][7] - Brokerages are increasingly integrating AI into their apps, enhancing features like intelligent trading tools and advisory services [7] - Huatai Securities launched an independent AI application terminal, "AI Zhangle," which integrates AI capabilities across key functions [7] - Guotai Junan introduced a new AI-driven app, "Lingxi," to deepen the integration of AI with diverse customer service scenarios [7] Future Directions for AI in Securities - The focus is on creating personalized AI services that act as "super AI service assistants" for users [8] - The digital transformation in the securities industry should be practical and integrated with specific business needs, supported by technology, personnel, and institutional frameworks [8]

招商证券香港发布研报称，特步国际(01368.HK)重申2025全年业绩指引，并预计四季度将实现强劲增 长，并维持2025-27年盈利预测不变。鉴于"X Young"和索康尼持续拉动增长，该行的目标价基于12.5倍 26年中期市盈率，仍属于自2015年以来的长期平均估值水平，维持目标价7.7港元，维持增持评级。 投行对该股的评级以买入为主，近90天内共有28家投行给出买入评级，近90天的目标均价为7.53港元。 申万宏源最新一份研报给予特步国际买入评级。 机构评级详情见下表： | 股票代码 | 股票简称 | 投行名称 | 发布日期 | 评级 | 目标价(港元) | | --- | --- | --- | --- | --- | --- | | 01368.HK | 特步国际 | 申万宏源 | 2025-10-19 | 买人 | -- | | 01368.HK | 特步国际 | 招商证券(香港)有限公司 | 2025-10-19 | 增持 | 7.70 | | 01368.HK | 特步国际 | 华西证券 | 2025-10-19 | 买人 | | | 01368.HK | 特步国际 | 浙商证券 | 2025 ...

Core Viewpoint - Xtep International (01368) reaffirms its full-year performance guidance for 2025, expecting strong growth in Q4, while maintaining profit forecasts for 2025-2027. The target price is set at HKD 7.7, based on a 12.5x mid-term P/E ratio for 2026, aligning with long-term average valuation levels since 2015 [1]. Group 1 - Xtep's main brand retail sales recorded low single-digit year-on-year growth in Q3, driven by double-digit percentage expansion in e-commerce sales and strong demand for running shoes [1]. - The "X Young" series continues to positively impact the overall brand performance, with average retail discounts maintained at 25%-30% and channel inventory turnover at 4-4.5 months [1]. - Despite concerns regarding the impact of e-commerce adjustments on the Double Eleven promotion, management anticipates a gradual recovery in e-commerce sales in Q4 [1]. Group 2 - Saucony contributed significantly to the group's growth, with retail sales increasing over 20% year-on-year, primarily due to more than 30% growth in offline business driven by rising consumer demand for high-end sports and running shoes [2]. - Strategic operational adjustments were made in the online business, focusing on reducing exposure to low-priced products and tightening discount levels, which may limit short-term growth but is expected to improve profit margins [2]. - Management expects this cautious operational strategy to support a gradual recovery in e-commerce sales in Q4 [2].

Group 1: Conference Overview - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on "Facing Challenges Together: Global Action, Innovation, and Sustainable Growth" as its core theme, aiming to explore new paths for sustainable development and inject "Chinese momentum" into global governance [1] - The conference is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the IFRS Foundation and the Shanghai Huangpu District People's Government [1] Group 2: Financial Sector Insights - Discussions at the conference highlighted the importance of the "Five Major Articles" in constructing a new ecosystem for sustainable development in the securities industry, emphasizing collaboration among banks, securities, and insurance institutions to provide comprehensive services [3][7] - China Galaxy Securities' Chairman Wang Sheng noted that innovation is the primary driving force for development, with a focus on technology finance as the first of the "Five Major Articles," indicating that the capital market has formed a multi-level service system for technology finance [5] - CITIC Securities' General Manager Zou Yingguang emphasized the need for continuous investment in technology finance and the exploration of innovative products in green finance to support the "dual carbon" goals [10] - The ESG strategy of China Merchants Securities aims to create a capital cycle that supports low-carbon transformation and enhance social welfare, integrating the "Five Major Articles" with ESG development [12] - Guangda Securities' President Liu Qiuming discussed the importance of integrating the "Five Major Articles" into the company's strategy and achieving positive progress in supporting innovation and financing for high-tech enterprises [15] - Guo Chuanzhou, Chairman of Yuekai Securities, highlighted the company's efforts in promoting inclusive finance and knowledge property transactions to support small and medium-sized enterprises [19] Group 3: Wealth Management Trends - Guo Xiaobo, President of Guolian Minsheng Securities, pointed out that wealth management has a significant impact on the valuation and market value of securities firms, with a notable shift towards wealth management and asset management in the global securities industry [17]

根据建信基金管理有限责任公司与山西证券股份有限公司签署的销售协议，自2025年10月20日起，山西 证券股份有限公司将销售本公司旗下基金如下： ■ 自2025年10月20日起，投资者可在以上销售机构的营业网点办理上述基金的业务，具体业务的办理请参 照本公司及以上销售机构的相关业务规则和流程。投资者欲了解基金产品的详细情况，请仔细阅读基金 产品的基金合同、招募说明书、基金产品资料概要等法律文件。 投资者通过以上券商办理业务时，请按照各代销网点的具体规定执行。 一、新增销售机构如下： 客服电话：95573 网址：http://www.i618.com.cn 二、建信基金管理有限责任公司联系方式 客户服务热线：400-81-95533(免长途通话费)、010-66228000 网址：http://www.ccbfund.cn 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不保证基金一定盈利，也 不保证最低收益。投资者投资基金之前应认真阅读各基金的《基金合同》、《招募说明书》、《基金产 品资料概要》等文件。敬请投资者注意投资风险。 特此公告。 建信基金管理有限责任公司 1.山西证券股份有限公司 ...

Group 1 - The fund is named "Fuguo Hengyi 3-Month Holding Period Mixed Fund of Funds (ETF-FOF)" and is a mixed fund of funds type [15] - The fund will be publicly offered from October 27, 2025, to November 7, 2025, with the possibility of adjusting the fundraising period based on subscription conditions [4][20] - The minimum subscription amount for the fund is set at RMB 10, including subscription fees, while the minimum for direct sales is RMB 50,000 for the first subscription [3][25] Group 2 - The fund has a minimum total subscription amount of 200 million units and a minimum fundraising amount of RMB 200 million [21] - The fund operates as a contract-based open-end fund with an indefinite duration [15][16] - Investors must open a fund account with the management company to subscribe, and only one account per investor is allowed [6][17] Group 3 - The fund's management company is Fuguo Fund Management Co., Ltd., and the custodian is China Merchants Securities Co., Ltd. [52] - The fund's net value may fluctuate due to market volatility, and the management company does not guarantee profits or minimum returns [8][14] - The fund will invest primarily in securities approved by the China Securities Regulatory Commission [10][11]

Core Viewpoint - The current market is experiencing a strong inflow of incremental funds, with investors showing a strong willingness to accumulate positions on dips, indicating a potential recovery in market momentum [1] Short-term Strategy - Focus on previously popular sectors such as domestic computing power, semiconductor self-sufficiency, controllable nuclear fusion, military industry, and commercial aerospace, which may rebound as risk appetite increases [1] Long-term Strategy - Long-term investments should consider the potential economic resonance between China and the U.S. in 2026 and the trend of rising Producer Price Index (PPI), with an emphasis on allocating resources to low-position cyclical sectors [1]

- The "Growth-Value Style Rotation Model" suggests overweighting growth stocks based on quantitative economic cycle analysis, where a high profit cycle slope and strong credit cycle favor growth, while high interest rate levels favor value. The model combines signals from fundamentals, valuation, and sentiment to recommend growth allocation[29][30][31] - The "Growth-Value Style Rotation Strategy" has achieved an annualized return of 13.10% since 2012, outperforming the benchmark's 7.77% annualized return. The strategy's annualized excess return is 5.33%, with a maximum drawdown of 43.07% compared to the benchmark's 44.13%[30][32] - The "Small-Cap vs Large-Cap Style Rotation Model" is constructed using 11 effective rotation indicators, including market sentiment concentration, Beta dispersion, and volatility risk. Currently, 7 indicators favor large-cap stocks, maintaining a recommendation to overweight large-cap style[33][34] - The "Small-Cap vs Large-Cap Style Rotation Strategy" has delivered an annualized excess return of 9.91% this year, with a shift from small-cap allocation in the first half to large-cap allocation in the second half. Since 2014, the strategy has consistently generated positive excess returns annually[34][35] - The "Short-Term Timing Strategy" integrates signals from fundamentals, valuation, sentiment, and liquidity. This week, the strategy turned cautious due to weak manufacturing PMI, high PE and PB valuation levels, and subdued market sentiment. Liquidity signals remain neutral[19][20][21] - The "Short-Term Timing Strategy" has achieved an annualized return of 16.52% since 2012, significantly outperforming the benchmark's 4.73%. The strategy's annualized excess return is 11.79%, with a maximum drawdown of 15.49% compared to the benchmark's 31.41%. This year, the strategy has delivered a return of 23.22%, with an excess return of 11.16%[21][24][27]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The report focuses on the performance of the ETF fund market from October 13th to October 17th, summarizing the performance and fund flows of the overall ETF market, different popular segmented ETF funds, and innovative theme and segmented industry ETF funds for investors' reference [1]. - During this period, most stock ETFs declined. Commodity ETFs had the largest increase, with an average gain of 9.05% for funds above a certain scale. Conversely, Hong Kong TMT ETFs, A-share TMT ETFs, and Hong Kong mid - stream manufacturing ETFs had significant drops, with average declines of 7.71%, 6.93%, and 6.93% respectively for funds above a certain scale [2][5]. - Funds flowed significantly into commodity ETFs and Hong Kong TMT ETFs, with net inflows of 20.745 billion yuan and 16.662 billion yuan respectively for the whole week. In contrast, bond ETFs and A-share large - cap ETFs had significant outflows, with net outflows of 13.897 billion yuan and 10.668 billion yuan respectively for the whole week [3][7]. 3. Summaries According to Relevant Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: Most stock ETFs declined. Commodity ETFs led the increase, while Hong Kong TMT ETFs, A-share TMT ETFs, and Hong Kong mid - stream manufacturing ETFs had large drops [2][5]. - **Fund Flows**: Commodity ETFs and Hong Kong TMT ETFs saw large inflows, while bond ETFs and A-share large - cap ETFs had large outflows [3][7]. 3.2 Different Popular Segmented Type ETF Fund Market Performance - **A - share ETFs**: Include various types such as broad - based index (full - market, large - cap/super large - cap, small - and medium - cap, science and technology/growth enterprise board), industry (TMT, new energy, consumption, medicine, cycle, finance and real estate), SmartBeta (value, growth, dividend, free cash flow), and theme ETFs. Each type has different performance in terms of fund scale, weekly fund flow, weekly return, recent one - month return, and year - to - date return [15][16][17]. - **Hong Kong ETFs**: Comprise broad - based index, industry (TMT, mid - stream manufacturing, consumption, medicine, finance and real estate), SmartBeta (dividend), and theme ETFs, with different performance indicators [30][31][32]. - **Shanghai - Hong Kong - Shenzhen ETFs**: Include industry and theme ETFs, showing different performance [38][39]. - **US Stock ETFs**: Divided into broad - based index and industry ETFs, with corresponding performance [40][41]. - **Other QDII - ETFs (excluding Hong Kong/US stocks)**: Have different performance in terms of fund scale, weekly fund flow, etc. [42]. - **Bond ETFs**: Show different performance in terms of fund scale, weekly fund flow, and return [43]. - **Commodity ETFs**: Generally performed well, with significant inflows and high returns [44]. 3.3 Innovative Theme and Segmented Industry ETF Fund Market Performance - **TMT Innovative Themes**: Include themes such as animation and games, film and television, fintech, etc., with different weekly and year - to - date returns [46]. - **Consumption Segmented Industries**: Such as liquor, food and beverage, household appliances, etc., have different performance [47]. - **Medicine Segmented Industries**: Include vaccine biotechnology, traditional Chinese medicine, innovative drugs, etc., with different returns [48]. - **New Energy Themes**: Such as power utilities, green power, photovoltaic industry, etc., have different performance [49]. - **Central and State - owned Enterprise Themes**: Include various central and state - owned enterprise - related themes, with different weekly and year - to - date returns [50][51]. - **Stable Growth Themes**: Such as coal, real estate, non - ferrous metals, etc., have different performance [52]. - **Shanghai - Hong Kong - Shenzhen/Hong Kong Stock Connect Segmented Industries**: Include internet, securities, medicine, etc., with different returns [53]. - **Dividend/Dividend Low - Volatility Index Families**: Different dividend - related indexes have different performance [54]. - **Growth Enterprise Board Index Families**: Different growth enterprise board - related indexes have different performance [55].