Investment Rating - The report maintains a "Recommendation" rating for the securities industry, indicating a positive outlook for investment opportunities in the sector [3]. Core Insights - The securities industry has benefited from a slow bull market, with listed brokers achieving a year-on-year increase in operating income of 43% and net profit of 63% in Q3 2025 [6][16]. - The report emphasizes the importance of brokers as "flag bearers" of the bull market, despite their overall underperformance, suggesting they warrant more attention and allocation [7][16]. - The report forecasts that the industry will achieve total revenue of 556.7 billion yuan, a year-on-year increase of 23%, and net profit of 233.8 billion yuan, a year-on-year increase of 40% for the year 2025 [7][16]. Summary by Sections 1. Performance Benefiting from Slow Bull Market - The market environment is characterized by a strong stock market and weak bond market, with the ChiNext Index rising by 51.2% in Q3 2025 [9][11]. - Listed brokers reported total operating income of 419.6 billion yuan and net profit of 169 billion yuan in Q3 2025, reflecting significant growth [16][20]. - The average annualized ROE for 42 listed brokers was 7.51%, an increase of 2.2 percentage points from the previous year [25]. 2. Business Segment Performance - Brokerage income increased by 68% year-on-year, reaching 111.8 billion yuan in Q3 2025, driven by a significant expansion in the client base [39]. - Investment banking income grew by 16% year-on-year, totaling 25.2 billion yuan, with a notable increase in IPO and refinancing activities [47][56]. - Asset management income decreased by 2% year-on-year, amounting to 33.3 billion yuan, but the decline rate has narrowed [64]. 3. Annual Outlook - The report anticipates a perfect closing year for the industry, with a focus on policy and liquidity outlooks [7][16]. - The report highlights the ongoing trend of cost reduction among brokers, which is expected to impact revenue and profit concentration differently across firms [28]. 4. Investment Recommendations - The report suggests focusing on potential catalysts for low-cost acquisition of related stocks, particularly in light of upcoming policy meetings and economic work conferences [7][16]. - Specific recommendations include increasing positions in high-performing stocks such as Guotai Junan, Huatai Securities, and CICC, while also considering flexible stocks like GF Securities and Guosen Securities [7][16].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信建投証券股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06066 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 ...

Market Overview - The A-share market rebounded with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index increasing by 0.37%, and the ChiNext Index up by 1.03% [1] - The total market turnover was 1.8943 trillion yuan, a decrease of 44.1 billion yuan compared to the previous day, with over 3,300 stocks rising [1] Sector Performance - The energy storage sector led the gains, with Tongrun Equipment (002150) hitting the daily limit within two minutes of the afternoon session, and Aters "20CM" also reaching the limit [2] - Sunshine Power (300274) surged over 7%, with a transaction volume of 23.373 billion yuan, making it the only stock in A-shares to exceed 20 billion yuan in turnover [2] - The electric grid equipment, photovoltaic, and energy storage sectors experienced a collective surge, with nearly 20 stocks hitting the daily limit, including TBEA (600089), Aters, Tongrun Equipment, and Sanbian Technology (002112) [6][12] Energy Storage Sector Insights - The energy storage concept stocks saw significant increases, with Tongrun Equipment and Sunshine Power reaching their daily limits [7] - Recent orders won by several energy storage-related companies, including a 520 million yuan contract signed by Hopu Co., Ltd. for energy storage systems, contributed to the sector's strong performance [9] Policy and Demand Drivers - The strong performance of the energy storage sector is driven by multiple factors, including policy support, robust demand, and rising prices in the supply chain [10] - The "New Type Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a new energy storage installation capacity of over 180 million kilowatts by 2027, with direct investment expected to reach approximately 250 billion yuan [10] - The actual demand for energy storage systems from January to September 2025 was 89.2 GW/321.2 GWh, reflecting a year-on-year growth of 178% [10] Electric Grid Equipment Sector Insights - The electric grid equipment sector saw a collective surge, with significant investments reported by the State Grid, which completed fixed asset investments exceeding 420 billion yuan from January to September, a year-on-year increase of 8.1% [12] - The total investment scale of the State Grid is expected to exceed 650 billion yuan for the year [12] - Analysts suggest that the overall demand for electric power equipment is on the rise, driven by energy transitions in Europe and the U.S. and geopolitical factors [13]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信建投証券股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06066 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 ...

Core Viewpoint - The Shenzhen Stock Exchange has terminated the review of the major asset restructuring of Insai Group, and the company along with its independent financial advisor, CITIC Securities, has withdrawn the application [1] Group 1 - The termination of the review indicates a significant shift in the company's restructuring plans [1] - The withdrawal of the application suggests potential challenges faced by the company in executing its restructuring strategy [1]

Group 1 - The core point of the news is that Yingboer Electric has experienced a decline in stock price, with a cumulative drop of 6.52% over the last three days, currently trading at 29.80 CNY per share and a total market capitalization of 7.93 billion CNY [1] - Yingboer Electric, established on January 14, 2005, and listed on July 25, 2017, specializes in the research, production, and sales of key components for electric vehicles, primarily focusing on motor controllers, with revenue contributions of 46.59% from power assemblies, 40.36% from electric drive assemblies, 10.82% from motor controllers, and 2.24% from other sources [1] Group 2 - From the perspective of fund holdings, only one fund under CITIC Jiantou has a significant position in Yingboer, specifically the CITIC Jiantou Smart Life A fund, which holds 116,700 shares, unchanged from the previous period, accounting for 6.04% of the fund's net value [2] - The CITIC Jiantou Smart Life A fund has reported a loss of approximately 14.03% year-to-date, ranking 8138 out of 8150 in its category, and a one-year loss of 23.1%, ranking 8042 out of 8043 [2]

Core Points - The stock of Zhejiang Chint Electrics Co., Ltd. increased by 5.1% on November 5, reaching a price of 29.87 CNY per share, with a trading volume of 1.407 billion CNY and a turnover rate of 2.27%, resulting in a total market capitalization of 64.19 billion CNY [1] Company Overview - Zhejiang Chint Electrics Co., Ltd. was established on August 5, 1997, and went public on January 21, 2010. The company specializes in the research, production, and sales of low-voltage electrical appliances, electronic devices, instruments, building electrical systems, and automation control systems. It also engages in the production and sales of solar cells and components, as well as EPC project contracting, power station development, construction, operation, and maintenance [1] Revenue Composition - The revenue composition of Chint Electrics is as follows: - Photovoltaic power station engineering contracting: 32.76% - Power station operation: 18.79% - Terminal electrical appliances: 13.01% - Distribution electrical appliances: 11.23% - Control electrical appliances: 6.85% - Instruments: 3.60% - Inverters and energy storage: 3.10% - Building electrical products: 3.01% - Metal products: 2.18% - Others: 2.18% - Power electrical appliances: 1.07% - Electronic electrical appliances: 0.43% - Control systems: 0.38% [1] Fund Holdings - Chint Electrics is a major holding in the CITIC Jiantou Fund, specifically in the CITIC Jiantou Ruixin A fund (000926), which held 49,200 shares as of the third quarter, accounting for 1.95% of the fund's net value. The estimated floating profit from this holding is approximately 71,300 CNY [2] Fund Manager Performance - The fund manager of CITIC Jiantou Ruixin A, Ai Chong, has a tenure of 8 years and 13 days, with a total fund size of 312 million CNY. The best return during his tenure is 86.95%, while the worst return is -23.39%. The co-manager, Yang Zhiwu, has been in position for 2 years and 338 days, managing a fund size of 419 million CNY, with a best return of 42.59% and a worst return of 4.21% [3]

Group 1 - The core viewpoint of the news is that Langkun Technology has seen a significant increase in its stock price, reflecting positive market sentiment and investor interest [1] - As of November 5, Langkun Technology's stock price rose by 5.98% to 22.85 CNY per share, with a trading volume of 61.48 million CNY and a turnover rate of 2.24%, resulting in a total market capitalization of 5.512 billion CNY [1] - The company specializes in the harmless treatment and resource utilization of organic solid waste and urban household waste, with its main business revenue composition being 55.44% from bioenergy, 36.69% from operational services, 7.54% from engineering construction, and 0.34% from other services [1] Group 2 - Citic Securities Investment Fund has a significant holding in Langkun Technology, with the Citic Securities Trend Navigation Two-Year Holding Period Mixed A Fund (016265) holding 135,100 shares, accounting for 2.53% of the fund's net value, making it the eighth largest holding [2] - The fund has achieved a year-to-date return of 28.68%, ranking 2952 out of 8150 in its category, and a one-year return of 29.93%, ranking 2426 out of 8043 [2] - The fund manager, Luan Jiangwei, has a tenure of 10 years and 125 days, with the fund's total asset size at 3.443 billion CNY and a best return of 231.57% during his management [3]

Core Points - The announcement details the second dividend distribution for the year 2025 for the CITIC Construction Investment Jingrong Bond Fund [1] - The dividend distribution base date is set for November 11, 2025, with specific dividend amounts outlined for different fund classes [1] Summary by Categories Dividend Distribution - The dividend distribution plan includes: - CITIC Construction Investment Jingying Bond A (Code: 017473) with a net asset value of 1.05 yuan and a dividend of 0.15 yuan per 10 shares [1] - CITIC Construction Investment Jingrong Bond C (Code: 017474) with a net asset value of 1.04 yuan and a dividend of 0.15 yuan per 10 shares [1] Key Dates - The equity registration date for dividend eligibility is November 6, 2025 [1] - The cash dividend payment date is November 7, 2025 [1] - Investors choosing the reinvestment option will have their dividends calculated based on the net asset value after the ex-dividend date of November 6, 2025 [1] Tax and Fees - The distributed fund income is temporarily exempt from income tax according to regulations from the Ministry of Finance and the State Administration of Taxation [1] - There are no fees for the dividend distribution, and investors opting for reinvestment will not incur subscription fees for the reinvested fund shares [1]

Group 1: Copper Market Insights - Citic Securities predicts an expanding supply-demand gap in the copper market, with LME copper prices expected to exceed $10,000 per ton due to a projected 50% increase in global refined copper supply gap in 2026 [1] Group 2: Telecommunications Sector Performance - Citic Jiantou reports that the telecommunications sector saw record high institutional holdings in Q3 2025, with public funds and northbound capital's market value share reaching 6.87% and 2.82% respectively, both marking historical peaks [2] - The telecommunications sector's revenue and net profit growth rates improved both year-on-year and quarter-on-quarter, with the current Shenyin Wanguo telecommunications PE-TTM at 43.41, positioned at the 96.53% percentile over the past five years [2] Group 3: Small Modular Reactor Industry Developments - Citic Securities highlights a turning point for the small modular reactor industry in the U.S., driven by AI demand and policy support, with total investment expected to approach $1 trillion over the next 20 years [3] - The construction market is projected to see annual investments exceeding $30 billion, while the fuel market is anticipated to reach $18.3 billion by 2048 [3] - The industry is currently in the pre-commercialization phase, with upstream fuel and raw material supply and midstream equipment manufacturing expected to benefit first [3]