Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]

Core Viewpoint - The report from Tianfeng Securities indicates that global copper mine supply growth is expected to decline further in 2025, with a projected reduction of 23,000 tons, representing a year-over-year decrease of 0.12% [1][2]. Group 1: Supply Dynamics - The anticipated global copper mine production for 2025 is expected to decrease by 23,000 tons, with a year-over-year decline of 0.12% [2]. - Factors contributing to the supply reduction include incidents at Kamoa-Kakula, El Teniente, and Grasberg mines, while expansions at Oyu Tolgoi, MMG, and others are expected to offset some losses [2]. - Despite high copper prices maintaining mine profits around 60%, the supply growth is projected to decline, indicating a disconnect between profitability and production capacity [2][11]. Group 2: Macro Economic Influences - The global macroeconomic environment, characterized by high inflation and interest rates, is increasing project financing costs, which in turn diminishes mining companies' willingness to invest in capital expenditures [6]. - Resource nationalism is on the rise, with new mining laws in countries like Mexico and Panama affecting foreign investment sentiment [6][8]. Group 3: Industry Trends - The copper mining industry is currently in a defensive capital expenditure phase, with CAPEX growth lagging behind historical levels, particularly since 2015 [3][6]. - The trend of declining copper ore grades is limiting the willingness to expand supply, as high-grade resources are becoming increasingly scarce [6]. - The industry is experiencing rising production costs due to increases in transportation, energy, and labor costs, which are contributing to a higher cash cost for copper mining [8][11]. Group 4: Global Resource Distribution - Global copper reserves are relatively healthy, with a total of 980 million tons projected for 2024, providing a static recoverable life of approximately 42.6 years [15]. - Major copper reserves are concentrated in countries like Chile, Peru, Australia, and the Democratic Republic of the Congo, while China's copper reserves are only 4% of the global total, indicating a disparity between reserves and production [15][17]. - Chinese mining companies are expanding their footprint in resource-rich regions such as Africa and South America through mergers, acquisitions, and joint ventures to bolster their reserves [17][18].

Core Viewpoint - The expectation is that the Federal Reserve will lower interest rates by 25 basis points in December and continue to do so approximately three more times next year, despite recent hawkish comments from Powell [1] Group 1: Economic Indicators - Non-farm payrolls have shown weak performance over the last four months, with potential marginal improvement expected after the government reopens, but strong growth is unlikely [1] - Inflation is likely to remain moderate [1] Group 2: Market Implications - The impact of Powell's hawkish remarks is expected to be temporary, with a return to a rate-cutting cycle anticipated [1] - U.S. Treasury yields are expected to continue in a downward trend, and the U.S. dollar is likely to weaken [1] - Gold prices are expected to recover after a pullback, benefiting from the advancing rate-cutting cycle, which is favorable for both emerging market equities and bonds [1] Group 3: Alternative Scenarios - In a low-probability scenario where the Federal Reserve pauses rate cuts in December and struggles to implement cuts by 2026, U.S. Treasury yields and the dollar may remain elevated, putting pressure on gold prices and U.S. equities, as well as increasing stress on emerging market assets [1]

Core Viewpoint - Tianfeng Securities (601162.SH) reported a significant turnaround in its financial performance for the first three quarters of 2025, showcasing strong revenue growth and a return to profitability [1] Financial Performance - The company achieved total operating revenue of 2.112 billion yuan, representing a year-on-year increase of 57.53% [1] - The net profit attributable to shareholders was 153 million yuan, a substantial improvement from a loss of 536 million yuan in the same period last year [1] - Basic earnings per share stood at 0.02 yuan [1]

Core Viewpoint - Tianfeng Securities announced on October 30 that it conducted an expected credit loss assessment for its assets as of September 30, 2025, to accurately reflect its financial status and operating results for the period from January to September 2025 [2] Financial Performance - The company and its subsidiaries recognized a total impairment provision of 93.41 million yuan for various assets from July to September 2025, which accounts for over 10% of the absolute value of the audited net profit for the most recent fiscal year [2]

Core Insights - Tianfeng Securities reported a revenue of 890,007,182.03 yuan for the third quarter of 2025, representing a year-on-year growth of 43.94% [2] - The net profit attributable to shareholders of the listed company for the same period was 121,734,265.07 yuan [2] Financial Performance - The company achieved a significant increase in revenue compared to the previous year, indicating strong operational performance [2] - The net profit figure reflects the company's profitability and effective cost management during the quarter [2]

Core Viewpoint - Tianfeng Securities reported significant growth in revenue and net profit for Q3 2025, indicating a successful turnaround and strong performance in its investment banking and brokerage services [1][2]. Financial Performance - In Q3 2025, Tianfeng Securities achieved operating revenue of 890 million yuan, a year-on-year increase of 43.94% - The net profit attributable to shareholders was 122 million yuan, marking a return to profitability compared to the previous year - For the first three quarters, the cumulative operating revenue reached 2.112 billion yuan, up 57.53% year-on-year, with a net profit of 153 million yuan, also a turnaround from losses [1]. Business Development - The increase in revenue was primarily driven by higher net commission income and investment gains - Since the acquisition by Hubei Hongtai Group, the company has aimed to enhance its governance, structure, operational mechanisms, and overall performance under the "Six New" strategy [1][2]. Investment Banking Activities - Tianfeng Securities has initiated a "second entrepreneurship" strategy, focusing on becoming a top-tier investment bank - In the first three quarters, the company completed a total bond underwriting volume of 87.1 billion yuan, ranking 8th in corporate bond underwriting and 13th in overall bond underwriting [2]. Market Position and Strategy - The company is actively engaging with various cities to implement a comprehensive service model for urban investment banking, which includes research, forums, fund establishment, and financing services - The self-operated business team aims to become the profit center by optimizing asset allocation through in-depth macroeconomic and market research [2]. Revenue Breakdown - For the first three quarters, Tianfeng Securities reported net commission income of 1.67 billion yuan, a year-on-year increase of 19.92% - Investment income reached 1.266 billion yuan, reflecting a substantial year-on-year growth of 82.33% [2].

证券代码：601162 证券简称：天风证券 公告编号：2025-066号 天风证券股份有限公司 关于会计政策变更的公告 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： 本次会计政策变更系天风证券股份有限公司（以下简称公司）依据中华 人民共和国财政部（以下简称财政部）发布的相关文件进行的相应变更，无需提 交公司董事会和股东会审议，不会对公司财务状况、经营成果和现金流量产生重 大影响。 一、本次会计政策变更概述 财政部于 2025 年 7 月 8 日发布标准仓单交易相关会计处理实施问答（以下 简称问答）。该问答明确企业在期货交易场所通过频繁签订买卖标准仓单的合同 以赚取差价、不提取标准仓单对应的商品实物的，应当将其签订的买卖标准仓单 的合同视同金融工具，并按照《企业会计准则第 22 号——金融工具确认和计量》 的规定进行会计处理。 二、具体情况及对公司的影响 公司自2025年1月1日起执行上述问答的有关规定。 （二）会计政策变更对公司财务报告的主要影响 上述会计政策变更对公司本期及可比期间的财务报表数据无影响，无需 ...

重要内容提示： 拟续聘的会计师事务所名称：大信会计师事务所（特殊普通合伙）（以 下简称"大信"）。 2025年10月30日，天风证券股份有限公司（以下简称"公司"）召开第四届 董事会第五十六次会议，审议并通过了《关于续聘会计师事务所的议案》，同意 公司续聘大信为公司2025年度财务报告审计机构及内部控制审计机构，并同意将 该议案提交股东会审议。现将相关情况公告如下： 证券代码：601162 证券简称：天风证券 公告编号：2025-064号 天风证券股份有限公司 关于续聘会计师事务所的公告 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。 3.业务规模 4.投资者保护能力 职业保险累计赔偿限额和计提的职业风险基金之和超过2亿元，职业风险基 金计提和职业保险购买符合相关规定。 2024年度业务收入15.75亿元，为超过10,000家公司提供服务。业务收入中， 审计业务收入13.78亿元、证券业务收入4.05亿元。2024年上市公司年报审计客 户221家（含H股），平均资产额195.44亿元，收费总额2.82亿元。主要分布于制 造业， ...

（一）公司计提资产减值准备情况概述 根据《企业会计准则》和公司会计政策的相关规定，为真实、公允地反映 公司截至 2025 年 9 月 30 日的财务状况和 2025 年 1-9 月经营成果，公司及下属 子公司对截至 2025 年 9 月 30 日的各项需要计提减值的资产进行了预期信用损 失评估，2025 年 7-9 月计提各项资产减值准备共计 9,341.00 万元，占公司最 近一个会计年度经审计净利润绝对值的 10%以上，详见下表： | 项 | 目 | 2025 年 7-9 | 月计提资产减值准备 （单位：万元） | | --- | --- | --- | --- | | 融出资金 | | | 109.63 | | 买入返售金融资产 | | | 5,428.71 | | 应收款项 | | | 643.02 | | 其他资产 | | | 3,159.63 | | 合 | 计 | | 9,341.00 | 注：以上为公司核算数据，未经审计。本公告中部分合计数与各加数直接 相加之和在尾数上存在差异是由于四舍五入所致。 （二）计提资产减值准备的具体说明 证券代码：601162 证券简称：天风证券 公告编号：2025 ...