Investment Rating - The industry investment rating is "In line with the market" [52] Core Insights - The brokerage sector index experienced a range-bound fluctuation in October 2025, with a decline of 0.73%, underperforming the CSI 300 index by 0.73 percentage points [4][7] - The average P/B ratio for the brokerage sector fluctuated between 1.510 and 1.580 times, closing at 1.510 times at the end of October [11] - The overall operating performance of listed brokerages is expected to decline in November 2025, with a forecasted drop to mid-low levels for the year [47][48] Summary by Sections 1. October 2025 Brokerage Sector Review - The brokerage index maintained a range-bound fluctuation with a significant reduction in volatility, closing down 0.73% for the month [4][7] - A total of 42 listed brokerages saw 17 increase in stock prices, with notable gains from Dongxing Securities (10.08%) and Changjiang Securities (6.27%) [8] - The average P/B ratio for the sector was 1.510 times, indicating a slight decrease from previous months [11] 2. Key Market Factors Affecting October 2025 Performance - Increased volatility in equity markets and a rebound in fixed income markets led to a decline in proprietary trading performance [6] - The average daily trading volume in October was 21,640 billion, down 10.5% month-on-month [25] - The margin financing balance reached a historical high of 24,864 billion, reflecting a stable outlook among investors [32] 3. November 2025 Performance Outlook - Proprietary trading is expected to face pressure due to a comprehensive market correction, with a forecasted decline in monthly investment returns [40][43] - The brokerage sector is anticipated to see a slight recovery in brokerage business due to an increase in trading days, despite a decrease in average daily trading volume [44] - The investment banking sector is expected to remain stable, with equity financing slightly declining and debt financing rebounding [46] 4. Investment Recommendations - The brokerage sector index has shown signs of further downward adjustment, with a significant gap from the average valuation since 2016 [48] - It is recommended to focus on leading brokerages with strong wealth management capabilities and those with valuations significantly below the sector average [50]

中国经济网北京11月24日讯 首创证券(601136.SH)今日股价下跌，截至收盘报20.20元，跌幅 2.27%。今日，证券板块涨0.33%，首创证券为该板块跌幅最大的上市公司。 （责任编辑：徐自立） ...

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

证券研究报告 金融行业周报 ——银行盈利修复，监管发布养老预收费存管指引 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 3、12 部门联合印发《金融支持北京市提振扩大消费实施方案》。11月18日，中国人民银行北京市分行等12部门联合印 发《关于金融支持北京市提振和扩大消费的实施方案》。二十届四中全会指出，要大力提振消费、深入实施提振消费专 项行动。《实施方案》的提出有助于贯彻落实这一重要决策部署：它覆盖了商品消费、文旅体育等多领域及重点群体， 金融支持手段多元且贴合北京城市特色，既注重扩大消费供给，又着力优化消费环境，将有效撬动金融资源赋能消费提 振，为提振扩大消费提供坚实支撑。 2 2 CONTENT 目录 重点聚焦 请务必阅读正文后免责条款 2025年11月23日 1 核心观点 银行盈利修复，监管发布养老预收费存管指引 1、银行盈利修复，息差边际企稳。11月14日，国家金融 ...

Core Viewpoint - The management restructuring at Shouchao Securities is aimed at strengthening its investment banking capabilities and enhancing its overall competitiveness in the market [1][4]. Management Changes - Shouchao Securities announced a significant management overhaul, with Chairman Bi Jinsong retiring and Zhang Tao, the former General Manager, taking over as Chairman [1][3]. - Zhang Tao, who has extensive experience in investment banking, is expected to address the company's weaknesses in this area [1][3]. - Jiang Qingfeng, previously the Deputy General Manager, has been promoted to General Manager, making him the youngest executive in the company [3][4]. - Liu Huibin has been appointed as the new Vice Chairman, bringing legal and compliance expertise to the management team [3][4]. Business Strategy - Under Zhang Tao's leadership, the company is focusing on upgrading its business model by emphasizing a "technology investment bank" strategy, targeting specialized "little giant" enterprises [3][4]. - The company aims to create a synergistic service model that integrates research, investment, and investment banking [3]. Asset Management Performance - As of June 30, 2025, Shouchao Securities had 842 active asset management products with a net asset value of 165.44 billion, reflecting a 14.99% increase from the previous year [3]. Hong Kong Listing Progress - The company is accelerating its plans for a Hong Kong IPO, having received approval from the Beijing State-owned Assets Supervision and Administration Commission [5]. - The funds raised will be used to bolster the company's capital and operational funds, focusing on expanding its domestic and international securities business [5]. Market Speculation on Mergers - There are ongoing rumors regarding a potential merger between Shouchao Securities and First Capital Securities, driven by their shared ties to Beijing's state-owned assets [5][6]. - Analysts suggest that the integration of securities firms under the same local state-owned capital could become a key trend in the industry [7]. Financial Performance - For the first three quarters of 2025, Shouchao Securities reported revenues of 2.02 billion, an 8.8% year-on-year increase, and a net profit of 804 million, up 7.2% [7]. - First Capital Securities reported revenues of 2.985 billion, a 24.32% increase, and a net profit of 771 million, up 20.21% [7].

Group 1 - The core point of the article is the leadership changes at Shouchuang Securities, with Zhang Tao elected as the new chairman and Bi Jinsong retiring from the position [2] - Liu Huibin has been elected as the vice chairman of the second board of directors [2] - Jiang Qingfeng has been appointed as the new general manager, while Zhang Tao will no longer serve in this role due to work arrangement adjustments [2] Group 2 - Shouchuang Securities was established on February 3, 2000, and was listed on the Shanghai Stock Exchange on December 22, 2022, with a registered capital of 2.73 billion yuan [5] - The controlling shareholder is Beijing Capital Group Co., Ltd., and the actual controller is the Beijing State-owned Assets Supervision and Administration Commission [5] - For the first three quarters of 2025, Shouchuang Securities achieved operating income of 2.015 billion yuan, a year-on-year increase of 8.75%, and a net profit attributable to shareholders of 801 million yuan, up 7.21% year-on-year [5] - As of the end of the third quarter of 2025, the total assets of Shouchuang Securities amounted to 53.18 billion yuan, reflecting a year-on-year growth of 13.50%, while the equity attributable to shareholders was 13.738 billion yuan, an increase of 3.84% year-on-year [5]

Group 1 - The core point of the news is the leadership changes at Shouchao Securities, with Bi Jinsong resigning as Chairman due to retirement, and Zhang Tao taking over as Chairman while also resigning as General Manager [1][6] - Liu Huibin has been elected as the Vice Chairman of the Board, and Jiang Qingfeng has been appointed as the new General Manager [1][6] - Shouchao Securities was established in February 2000 and is a comprehensive securities company with full licensing capabilities, having been listed on the Shanghai Stock Exchange in December 2022, with a total market capitalization of 56.5 billion yuan as of November 20 [3] Group 2 - The Board of Directors consists of 13 members, including 4 executive directors, 4 non-executive directors, and 5 independent non-executive directors, with a term of three years [3] - Recent personnel changes in the brokerage industry reflect a trend towards exploring high-quality development transformation strategies, optimizing governance structures, enhancing industry competitiveness, and fostering a younger talent pool [6]

Group 1 - The core point of the news is the leadership changes at Shouchao Securities, with Bi Jinsong resigning as Chairman due to retirement, and Zhang Tao taking over as Chairman while also resigning as General Manager [1][6] - Liu Huibin has been elected as the Vice Chairman of the Board, and Jiang Qingfeng has been appointed as the new General Manager [1][6] - Shouchao Securities was established in February 2000 and is a comprehensive securities company with full licensing capabilities, listed on the Shanghai Stock Exchange since December 2022, with a current market capitalization of 56.5 billion [3] Group 2 - The Board of Directors consists of 13 members, including 4 executive directors, 4 non-executive directors, and 5 independent non-executive directors, with a term of three years [3] - Recent personnel changes in the brokerage industry reflect a trend towards exploring high-quality development strategies, optimizing governance structures, enhancing industry competitiveness, and fostering a younger talent pool [6]

Group 1 - The China Securities and Insurance Index (399966) increased by 0.97% as of November 20, 2025, with notable gains from stocks such as First Capital Securities (up 5.61%) and Dongfang Securities (up 3.01%) [1] - Sunshine Life Insurance, a subsidiary of Sunshine Insurance, signed a fund contract with two companies and plans to expedite the filing process for the pilot fund [1] - Dongwu Securities highlighted that market demand remains strong, with a reduction in the preset interest rate and transformation of dividend insurance expected to optimize liability costs, alleviating pressure from interest margin losses [1] Group 2 - The Insurance Securities ETF closely tracks the China Securities and Insurance Index, which selects securities from the insurance sector based on the China Securities 800 Index, providing investors with diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities and Insurance Index accounted for 62.44% of the index, including major companies like China Ping An and CITIC Securities [2]

Core Viewpoint - The overall performance of the securities sector is positive, with significant gains in several brokerage stocks, indicating a bullish sentiment in the market [1] Group 1: Market Performance - The CSI All Share Securities Company Index rose by over 1% in early trading on November 20 [1] - Among the notable performers, Shouchao Securities saw an increase of over 8%, while Dongfang Securities and Shenwan Hongyuan both rose by more than 3% [1] - Most brokerage stocks experienced gains, with exceptions being Huaxi Securities and Northeast Securities, which saw declines, and China International Capital Corporation, Dongxing Securities, and Xinda Securities, which were suspended from trading [1]