Core Viewpoint - The offshore RMB exchange rate has surpassed 7.08 against the US dollar as of November 26, marking a new high since October 14 of the previous year, with an appreciation of nearly 5% from the low of 7.43 during the "reciprocal tariffs" period in April [1][3] Exchange Rate Dynamics - The recent strengthening of the RMB is driven by several factors, including a weak US dollar, resilient domestic fundamentals, enhanced competitiveness of major economies, and the central bank's commitment to stabilizing the exchange rate [3] - The outlook for RMB appreciation remains solid through 2026, supported by a "loose US, stable China" monetary policy environment [3] Historical Context and Market Correlation - Since the 2015 "exchange rate reform," there has been a significant positive correlation between RMB exchange rates and A-share market performance, influenced by economic fundamentals, monetary policy, market risk appetite, and liquidity [3] - During the RMB appreciation cycles of 2017-2018 Q1 and 2020 Q2-2021, the A-share market experienced bullish trends, with foreign capital playing a crucial role in driving market performance [3][6][9] Sector Allocation Insights - In Q3 2025, the main sectors attracting northbound capital include power equipment, electronics, pharmaceuticals, banking, food and beverage, and machinery, with notable increases in allocation for electronics, power equipment, non-ferrous metals, machinery, and communications [1]

湿法炼铜的盈利核心来自于低品位矿石的折价，毛利率水平较高 火法炼铜核心盈利模式为赚取铜精矿加工费，盈利空间狭窄且周期性波动剧烈，相比之下湿法炼铜创造 的价格差盈利空间更大。湿法炼铜的原材料可为低品位氧化矿、原生矿等，可使湿法冶炼厂在扩大原材 料选取范围、保障原材料供应充足的同时，在采购时获得较高的折扣计价系数，即更低的原材料价格。 这种"低进高出"的价格差，构成了湿法炼铜高毛利的核心，其毛利率的韧性往往强于火法炼铜。当铜精 矿供应紧张导致TC/RC下跌时，湿法冶炼厂仍可以收获一定的盈利空间。 湿法铜冶炼企业毛利率在30%左右，显著高于火法炼铜毛利率 氧化铜矿主要分布在刚果(金)、赞比亚、智利等地区，因此湿法炼铜也广泛分布在以上地区，但是中资 企业主要投资于刚果(金)、赞比亚地区，其中又可以分为两大类，一类是以自有铜矿为主配套冶炼设 施，例如紫金矿业、洛阳钼业等企业，另一类是以湿法冶炼厂为主的企业，例如盛屯矿业、腾远钴业 等，鉴于盈利模式的差异性是由于冶炼厂带来的，该行主要梳理第二类企业，其铜业务毛利率普遍在 30%左右，与火法冶炼厂10%以内毛利水平形成鲜明的对比，也从数据上证实了不能把湿法炼铜企业简 单看作 ...

Core Insights - The China Securities Regulatory Commission (CSRC) has approved several brokerages, including Guolian Minsheng, Western Securities, and Northeast Securities, to conduct pilot programs for optimizing account management functions, which are crucial for operational efficiency and customer investment experience [1][2] Group 1: Account Management Optimization - The approved pilot programs aim to enhance the account management system of brokerages to keep pace with the increasing diversity of financial products and services in the market [1] - The regulatory guidelines emphasize the importance of customer fund safety, proper management of fund transfers, and compliance with identity verification and risk management protocols [1][2] Group 2: Customer-Centric Approach - Guolian Minsheng plans to establish a comprehensive account core system to achieve unified identity recognition, risk management, and centralized asset management for clients, moving away from traditional isolated account management [2] - The optimization of account management functions is expected to improve customer experience by allowing for a panoramic view of various assets and facilitating easier fund transfers, thereby enhancing fund utilization efficiency [2][3] Group 3: Industry Trends - There is a growing demand for wealth management among Chinese residents, with a significant increase in new investor accounts, totaling 24.67 million in the first ten months of the year, reflecting a 9.32% year-on-year growth [3] - Brokerages are increasingly focusing on customer service efficiency and quality as key competitive factors in the wealth management sector, with firms like Northeast Securities and招商证券 implementing customer-centric organizational structures and service systems [3]

Market Overview - The participatory fund sector experienced a decline of 0.84% compared to the previous trading day, with Daheng Technology leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers included: - Zhongjia Group (Code: 000039) with a closing price of 9.35, up 10.00% and a trading volume of 1.9474 million shares, totaling 1.764 billion yuan [1] - Suzhou Gaoxin (Code: 600736) closed at 5.79, up 3.76% with a trading volume of 590,000 shares, totaling 345 million yuan [1] - Daheng Technology (Code: 600288) was the biggest loser, closing at 14.69, down 2.13% with a trading volume of 86,400 shares, totaling 129 million yuan [2] Capital Flow - The participatory fund sector saw a net outflow of 732 million yuan from institutional investors, while retail investors contributed a net inflow of 574 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their participation [2] Individual Stock Capital Flow - Zhongjia Group (Code: 000039) had a net inflow of 474 million yuan from institutional investors, representing 26.86% of its trading volume [3] - Fenghuo Communication (Code: 600498) experienced a net inflow of 76.36 million yuan from institutional investors, but a net outflow of 18.29 million yuan from speculative funds [3]

日前，党的二十届四中全会审议通过"十五五"规划建议，明确提出"优化金融机构体系，推动各类金融 机构专注主业、完善治理、错位发展"，这为包括证券公司在内的金融机构实现高质量发展指明了方 向。近年来证券公司在持续强化经营数据等"硬指标"的同时，纷纷发力文化建设并积极承担社会责任， 不断夯实"软实力"，实现经营效益和社会效益双丰收。 为学习宣传贯彻党的二十届四中全会精神，中国证券报联合中国证券业协会推出"夯实文化软实力 积极 履责显担当"系列专题报道，旨在通过分享证券公司在加强文化建设以及服务经济、社会、环境和谐发 展方面的典型案例与先进经验，体现证券公司近年来在培育中国特色金融文化、践行行业文化理念、履 行社会责任的积极成效，共同推动证券行业高质量发展。本篇为系列报道第十篇。 发展新质生产力，是推动高质量发展的内在要求，也是构筑未来竞争新优势的关键支撑。兴业证券 （601377）党委书记、董事长苏军良日前在接受中国证券报记者专访时表示，党的二十届四中全会系统 擘画"十五五"发展蓝图，全会公报将"加快高水平科技自立自强，引领发展新质生产力"作为关键任务， 为金融服务实体经济提供了根本遵循。遵循这一战略方向，证监会主 ...

苏军良表示，兴业证券紧扣国家战略脉搏，把服务新质生产力作为践行金融政治性、人民性的核心使命，统筹推 进投行、投资、投研三大业务链条协同发力，推动科技、资本与产业良性循环，为培育新动能、塑造新优势贡献 兴证力量。 发展新质生产力，是推动高质量发展的内在要求，也是构筑未来竞争新优势的关键支撑。兴业证券党委书记、董 事长苏军良日前在接受中国证券报记者专访时表示，党的二十届四中全会系统擘画"十五五"发展蓝图，全会公报 将"加快高水平科技自立自强，引领发展新质生产力"作为关键任务，为金融服务实体经济提供了根本遵循。遵循 这一战略方向，证监会主席吴清近期撰文系统阐释了"十五五"时期资本市场六大重点任务，明确提出要"积极发展 股权、债券等直接融资"，以持续增强资本市场服务新质生产力的能力。 强化跨条线协同 赋能科创企业全周期成长 耐心资本通过提供稳定资金、承担创新风险并引导资源优化配置，为科技创新和产业创新奠定基础，是新质生产 力发展的关键金融支撑和推动力。据苏军良介绍，近年来，兴业证券紧密围绕新质生产力主线，聚焦早期投资和 耐心资本投资，通过旗下全资子公司兴证资本，加快设立并运作多只私募股权基金。 兴证资本坚持"投早、投 ...

■ "夯实文化软实力 积极履责显担当"系列专题报道 兴业证券（601377）党委书记、董事长苏军良： 全链发力 绘就服务新质生产力新蓝图 发展新质生产力，是推动高质量发展的内在要求，也是构筑未来竞争新优势的关键支撑。兴业证券党委 书记、董事长苏军良日前在接受中国证券报记者专访时表示，党的二十届四中全会系统擘画"十五五"发 展蓝图，全会公报将"加快高水平科技自立自强，引领发展新质生产力"作为关键任务，为金融服务实体 经济提供了根本遵循。遵循这一战略方向，证监会主席吴清近期撰文系统阐释了"十五五"时期资本市场 六大重点任务，明确提出要"积极发展股权、债券等直接融资"，以持续增强资本市场服务新质生产力的 能力。 "在服务科技创新企业过程中，我们特别注重提升专业估值定价能力，深度挖掘科技企业的核心价 值。"苏军良表示，以福光股份为例，公司团队深入理解其从手工作坊成长为光学镜头"隐形冠军"的核 心价值，精准挖掘技术研发能力，最终助力其登陆资本市场。这一成功案例为公司赢得了光电赛道的专 业口碑，目前已累计为7家相关企业提供投行服务。今年以来，集团服务的境内外股权类项目中新质生 产力项目占比达68%，港股IPO项目中三分之 ...

■ "夯实文化软实力 积极履责显担当"系列专题报道 兴业证券党委书记、董事长苏军良： 全链发力 绘就服务新质生产力新蓝图 发展新质生产力，是推动高质量发展的内在要求，也是构筑未来竞争新优势的关键支撑。兴业证券党委 书记、董事长苏军良日前在接受中国证券报记者专访时表示，党的二十届四中全会系统擘画"十五五"发 展蓝图，全会公报将"加快高水平科技自立自强，引领发展新质生产力"作为关键任务，为金融服务实体 经济提供了根本遵循。遵循这一战略方向，证监会主席吴清近期撰文系统阐释了"十五五"时期资本市场 六大重点任务，明确提出要"积极发展股权、债券等直接融资"，以持续增强资本市场服务新质生产力的 能力。 苏军良表示，兴业证券紧扣国家战略脉搏，把服务新质生产力作为践行金融政治性、人民性的核心使 命，统筹推进投行、投资、投研三大业务链条协同发力，推动科技、资本与产业良性循环，为培育新动 能、塑造新优势贡献兴证力量。 ● 本报记者 张朝晖 徐昭 赵中昊 强化跨条线协同 赋能科创企业全周期成长 以"投行+投资+投研"三大能力为引擎，兴业证券正通过深度的内部协同与全链条服务，构建支持新质 生产力发展的金融生态。 "面对经济结构调整与 ...

Core Insights - The report from the Zhang Qiyao team at Industrial Securities indicates that the previous adjustments in the TMT sector have been substantial, with signs of recovery in the AI market as it begins to expand towards downstream applications in both China and the US [1][11]. Group 1: TMT Sector Analysis - The rolling excess return of the TMT sector relative to the entire A-share market has significantly narrowed, reaching a level of approximately -7.5%, which is consistent with historical bottoms [2]. - The trading congestion in the TMT sector has been adequately released, with the trading volume percentage dropping to around 28%, aligning with levels seen during previous adjustments [4]. - The current congestion levels in various AI sub-sectors have notably decreased, with most sectors now at historical lows, indicating a more favorable trading environment [5]. Group 2: Historical Context - The current TMT adjustment has been sufficient in both time and magnitude, with the maximum drawdown recorded at -13.7% over 35 trading days, which is comparable to previous adjustments that typically lasted 30-45 days with drawdowns around 15% [8][10]. Group 3: AI Market Dynamics - Since November, the AI market has begun to shift towards downstream software applications, driven by a change in industry narratives and advancements in global AI applications [11][14]. - Recent developments, such as Alibaba's confidence in domestic AI commercialization and Google's advancements in multi-modal capabilities, have catalyzed the penetration of AI into various sectors including content production, marketing, and e-commerce [14][16]. - The overall market sentiment towards the end of the year is expected to favor the AI downstream sector, providing a conducive trading environment [16].

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]