Market Overview - The securities sector experienced a decline of 0.77% on November 12, with Xiangcai Co. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable gainers included Changcheng Securities, which rose by 1.42% to a closing price of 10.68, and Tuitai Haidao, which increased by 0.87% to 19.80 [1] - Xiangcai Co. saw the largest decline, dropping 8.12% to 11.65, followed by Tusheng Securities, which fell 4.47% to 18.39 [2] Trading Volume and Value - Changcheng Securities had a trading volume of 631,600 shares, with a transaction value of 678 million yuan [1] - Xiangcai Co. recorded a trading volume of 1,324,800 shares, with a transaction value of 154.5 million yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 3.159 billion yuan from institutional investors, while retail investors saw a net inflow of 1.746 billion yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors on that day [2] Detailed Capital Flow for Selected Stocks - Changcheng Securities had a net outflow of 59.0186 million yuan from institutional investors, while retail investors contributed a net inflow of 71.0545 million yuan [3] - Guotai Junan Securities experienced a net inflow of 41.7866 million yuan from institutional investors, indicating a positive sentiment towards this stock [3]

Core Viewpoint - Xinde Securities report indicates that Zhonggu Logistics, a leading player in domestic container shipping, has a strong profitability positioned at a high level within the industry [1] Group 1: Company Overview - As of October 2025, the company operates a fleet of 49 vessels with a total capacity of 2.5019 million deadweight tons, including 41 container ships with a capacity of 132,200 TEU [1] - The company's profitability is among the top in the industry, achieving a ROE of 16.86% in 2024, ranking third in the shipping sector [1] Group 2: Business Model and Services - The core business of the company is centered around domestic container logistics services, primarily focused on shipping, with an extension into land transportation [1] - The company provides integrated services between ports and the origin or destination of goods, enhancing its service offerings [1] Group 3: Financial Stability and Valuation - The company is experiencing stable cash inflows coupled with reduced capital expenditures, supporting its long-term dividend capability [1] - The report suggests that the company's current valuation is underestimated, initiating coverage with a "Buy" rating [1]

Group 1 - The core viewpoint is that the AI narrative has influenced the slope of market trends rather than the overall trend itself, with a focus on the stability of the corporate overseas environment and AI infrastructure investment [2] - The A-share market is expected to maintain resilience supported by stable economic and policy expectations, with a focus on cyclical sectors such as steel, chemicals, and new consumption [3] - The market is preparing for a new upward trend, with structural highlights in the third-quarter reports indicating fundamental resilience [3] Group 2 - The A-share market is likely to remain in a volatile state, with long-term upward trends in technology growth facing short-term fundamental concerns [4] - There are three parts of mid-term returns yet to be realized, including cyclical improvement, asset allocation towards equities, and China's increasing global influence [5] - November is favorable for small-cap and thematic investments, with a focus on themes related to the "14th Five-Year Plan" such as AI applications and new materials [7] Group 3 - The recent market rally is seen as a preemptive move for a cyclical recovery year, with price increases concentrated in sectors like coal, non-ferrous metals, and renewable energy [11] - Short-term attention is drawn to the power equipment sector and chemicals, as the market shifts towards high-certainty products [12] - The A-share investment focus is shifting towards strategic upstream industries and technology applications under the "anti-involution" theme [13]

- The report introduces the **Cinda-VIX volatility index**, which reflects investors' expectations of future volatility in the options market. The index is structured to capture different time horizons, providing insights into short-term and long-term volatility expectations. As of November 7, 2025, the 30-day Cinda-VIX values for major indices are: 18.55 for SSE 50, 19.17 for CSI 300, 26.21 for CSI 500, and 23.84 for CSI 1000[64][66][67] - The **Cinda-SKEW index** measures the skewness of implied volatility across different strike prices in the options market. It captures market sentiment regarding tail risks, with higher values indicating increased concern about potential market downturns. As of November 7, 2025, the SKEW values for major indices are: 103.82 for SSE 50, 108.08 for CSI 300, 101.38 for CSI 500, and 106.80 for CSI 1000[73][76][78] - The report evaluates **index futures basis adjustment**, where the annualized basis is calculated as: $ Annualized Basis = (Actual Basis + Expected Dividend Points) / Index Price × 360 / Remaining Days of Contract $ This adjustment accounts for the impact of dividends on futures prices during the contract's lifespan[20][21][28] - The **IC futures contract** (CSI 500) shows a downward trend in annualized basis, with a current basis of -9.74% as of November 7, 2025, lower than the median since 2022. The contract's trading volume and open interest have decreased compared to the previous week[21][22][27] - The **IF futures contract** (CSI 300) exhibits a current annualized basis of -2.96%, also below the median since 2022. Trading volume and open interest for IF contracts have similarly declined week-over-week[28][29][32] - The **IH futures contract** (SSE 50) has a current annualized basis of -0.24%, reflecting a decrease from the previous week. Open interest and trading volume for IH contracts have also reduced[33][34][37] - The **IM futures contract** (CSI 1000) shows a current annualized basis of -12.49%, marking a decline from the prior week. Open interest and trading volume for IM contracts have decreased as well[39][41][44] - The report evaluates **hedging strategies** for index futures, including continuous hedging and minimum basis strategies. Continuous hedging involves rolling over contracts near expiration, while minimum basis strategies select contracts with the smallest basis. Both strategies are tested across IC, IF, IH, and IM futures contracts[46][47][48] - **IC hedging strategy results**: - Annualized returns: -3.20% (monthly), -2.20% (quarterly), -1.69% (minimum basis) - Volatility: 3.84% (monthly), 4.76% (quarterly), 4.56% (minimum basis) - Maximum drawdown: -10.25% (monthly), -8.34% (quarterly), -7.97% (minimum basis) - Net value: 0.8990 (monthly), 0.9297 (quarterly), 0.9459 (minimum basis)[49][50][52] - **IF hedging strategy results**: - Annualized returns: 0.43% (monthly), 0.72% (quarterly), 1.18% (minimum basis) - Volatility: 2.93% (monthly), 3.28% (quarterly), 3.05% (minimum basis) - Maximum drawdown: -3.95% (monthly), -4.03% (quarterly), -4.06% (minimum basis) - Net value: 1.0141 (monthly), 1.0237 (quarterly), 1.0391 (minimum basis)[51][55][54] - **IH hedging strategy results**: - Annualized returns: 1.09% (monthly), 1.99% (quarterly), 1.72% (minimum basis) - Volatility: 3.01% (monthly), 3.41% (quarterly), 3.02% (minimum basis) - Maximum drawdown: -4.22% (monthly), -3.75% (quarterly), -3.91% (minimum basis) - Net value: 1.0361 (monthly), 1.0668 (quarterly), 1.0574 (minimum basis)[56][59][58] - **IM hedging strategy results**: - Annualized returns: -6.26% (monthly), -4.58% (quarterly), -4.20% (minimum basis) - Volatility: 4.75% (monthly), 5.78% (quarterly), 5.54% (minimum basis) - Maximum drawdown: -14.00% (monthly), -12.63% (quarterly), -11.11% (minimum basis) - Net value: 0.8282 (monthly), 0.8437 (quarterly), 0.8620 (minimum basis)[60][61][62]

Core Viewpoint - CITIC Securities has announced a significant governance structure adjustment by proposing to abolish its supervisory board, which will be submitted for shareholder approval [1][2]. Group 1: Governance Changes - The decision to abolish the supervisory board marks an important step in the governance structure adjustment of CITIC Securities [2]. - The supervisory functions will be taken over by the audit committee of the board, which will exercise the powers previously held by the supervisory board according to the Company Law and relevant regulations [3]. - The revised articles of association will expand the audit committee's responsibilities to include duties such as financial inspection, supervision of directors and senior management, and proposing the convening of extraordinary shareholder meetings [3]. Group 2: Transition and Regulatory Context - CITIC Securities will need to submit the proposal for shareholder approval and make transitional arrangements thereafter [4]. - The China Securities Regulatory Commission (CSRC) has provided a one-year transition period for securities firms to adjust their governance structures, with a requirement for firms engaged in multiple business lines to establish an audit committee by January 1, 2026 [4][5]. - As of the end of October, nearly 20 securities firms, including major players like China Galaxy Securities and CICC, have disclosed plans to amend their articles of association to abolish the supervisory board, indicating a shift towards a new governance model [5]. Group 3: Industry Trends - The industry is entering a new governance era characterized by the "two meetings and one layer" structure, reflecting a broader trend among securities firms to enhance governance efficiency [5]. - Experts suggest that in the digital age, traditional post-event supervision is inadequate for risk management, necessitating a dynamic and integrated risk control system [5]. - The abolition of the supervisory board allows for optimized supervision through various means, such as independent directors leading the audit committee and collaboration between external and internal audit functions [5].

证券代码：601059 证券简称：信达证券 公告编号：2025-042 信达证券股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 24 日 14 点 30 分 召开地点：北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 1608 会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 24 日 至2025 年 11 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15: ...

信达证券股份有限公司 2025 年第二次临时股东大会 会议资料 （证券代码：601059） 2025 年 11 月 24 日·北京 信达证券股份有限公司 2025 年第二次临时股东大会会议资料 信达证券股份有限公司 2025 年第二次临时股东大会会议议程 现场会议开始时间：2025 年 11 月 24 日 14 点 30 分 现场会议召开地点：北京市西城区宣武门西大街甲 127 号金隅大 厦 B 座 1608 会议室 会议召集人：公司董事会 会议主持人：董事长林志忠先生 现场会议日程： 一、宣布会议开始 四、审议议案 七、宣布表决结果 八、律师宣布法律意见书 九、宣布会议结束 2 二、宣布现场出席情况 三、推举计票人、监票人，向现场出席会议的股东发放表决票 五、现场出席会议的股东投票表决 六、休会（等待网络表决结果，工作人员统计表决结果） | | | 信达证券股份有限公司 2025 年第二次临时股东大会会议资料 议案 1：关于修订《信达证券股份有限公司章程》的议案 各位股东： 为贯彻落实《中华人民共和国公司法》《上市公司章程指引》《上 海证券交易所股票上市规则》等外部法律法规、监管规则、自律准则， 进一步完善 ...

Core Viewpoint - The heating industry is significantly influenced by policy changes, with market-oriented pricing reforms expected to be key to improving profitability [1] Group 1: Industry Overview - The heating industry in China has seen a steady increase in centralized heating area from 2010 to 2023, with a compound annual growth rate of 7.8%, where residential area accounts for 76% [1] - Coal-fired heating accounts for over 70% of the heating methods, primarily using hot water as the heating medium, which is suitable for urban residents and public buildings, making up nearly 85% [1] - The historical context of heating price reform in China spans over two decades, with a significant policy document issued in April 2025 aimed at deepening urban heating price reforms and accelerating heating metering modifications [1] Group 2: Profitability Factors - There is a significant disparity in profitability among residential heating companies, influenced by both pricing and cost control [2] - In terms of pricing, Beijing has the highest unit heating price in the country, benefiting companies like Jinfang Energy and Jingneng Thermal Power, while some cities have not adjusted heating prices for over a decade, putting pressure on profitability due to rising fuel costs [2] - Fuel costs constitute approximately 60% of total heating costs, making fuel cost control crucial for profitability; for instance, Lianmei Holdings achieved a gross margin of 24% by utilizing low-value lignite and optimizing coal transportation and storage [2] Group 3: Cash Flow Analysis - The business model of residential heating companies typically involves pre-collection of heating fees, leading to strong free cash flow; four out of five selected heating companies have contract liabilities accounting for about 40% of total revenue, indicating positive free cash flow and net profit cash content exceeding 100% [3]

Core Viewpoint - The heating industry in China, primarily relying on coal-fired combined heat and power, is expected to see a trend of price increases, leading to potential profit recovery for heating companies [1][2]. Industry Overview - The heating industry is a typical public utility sector, with a steady growth in centralized heating area from 2010 to 2023, achieving a compound annual growth rate (CAGR) of 7.8%, with residential area accounting for 76% [2]. - Coal-fired heating accounts for over 70% of the heating methods, with hot water being the main medium, suitable for urban residents and public buildings, comprising nearly 85% [2]. - The historical reform of heating prices in China exceeds twenty years, with recent policies aiming to deepen price reforms and accelerate metering modifications [2]. Profitability Factors - Profitability of residential heating companies varies significantly, influenced by pricing and cost control [3]. - In terms of pricing, Beijing has the highest unit heating price in the country, benefiting companies like Jinfang Energy and Jingneng Heating [3]. - Fuel costs constitute about 60% of total heating costs, making fuel cost control crucial for profitability [3]. - Companies like Lianmei Holdings have demonstrated strong cost control by using low-value lignite and optimizing transportation and storage, achieving a gross margin of 24% in 2024, while others like Huitian Thermal Power reported a negative margin of -13.8% [3]. Cash Flow Characteristics - Heating companies generally have strong cash flow due to pre-collection of heating fees, with four out of five selected companies showing contract liabilities accounting for about 40% of total revenue and positive free cash flow [4]. Related Companies - Lianmei Holdings (600167.SH): High level of refined management with a consistent gross margin above 20%, cash flow from net profit close to 200% in 2024, indicating strong dividend capability [5]. - Jingneng Heating (002893.SZ): Supported by Beijing State-owned Assets Supervision and Administration Commission, with a gross margin between 15%-20% and a 40% dividend payout ratio in 2024 [5]. - Jinfang Energy (001210.SZ): Stable profitability in the range of 20%-25% for heating, with a cash collection ratio of 101% in 2024 [5]. - Hatou Co., Ltd. (600864.SH): Backed by Harbin State-owned Assets, expected to see profit improvement with upcoming price reforms after a decade without adjustments [5].

Core Viewpoint - The report from Xinda Securities highlights that Kaiying Network's net profit attributable to shareholders for the first three quarters of 2025 reached 1.583 billion yuan, representing a year-on-year increase of 23.70% [1]. Financial Performance - In Q3, the net profit attributable to shareholders was 633 million yuan, showing a year-on-year growth of 34.51% and a quarter-on-quarter increase of 46.66% [1]. Business Development - The growth of the "Legend Box" is notable, emphasizing the value of the company. The company continues to optimize the operation of the Legend ecosystem through traffic sharing, content co-creation, and ecological construction to further explore the value potential of the Legend IP [1]. AI Initiatives - In the AI sector, the company has invested in Natural Selection's "EVE," the world's first 3D AI companion application, which has begun internal testing [1]. - The company launched an AI full-process development platform called "SOON" specifically designed for the gaming industry in July [1]. - A new AI healing toy brand, "Warm Star Valley Dream Journey," featuring a model of "smart dolls + virtual games," is set to release its first product during the "Double Eleven" shopping festival [1]. Future Outlook - The company's product reserves are expected to support future performance growth, with the Legend Box further tapping into the value of the Legend IP and ongoing investments in AI [1]. - The report maintains a "Buy" rating for the company [1].