改革开放后我国居民财富水平逐步改善，对财富保值增值需求强烈。过去20年居民资产主要配置在房产 上，权益依然是低配。展望未来，在产业结构升级、利率下行、政策扶持机构化、以及机构和权益资产 优秀的收益率的大背景下，居民资产配置将进一步转向权益，权益财富管理市场潜力巨大。 中国权益市场景气度回升，截至2025年9月底，股票市场总市值及流通市值分别达105万亿元和96万亿 元，占GDP的78%和71%，为2022年以来高位。随着2024年9月监管推出组合政策，包括推出两项金融 工具、引导中长期资金入市等，市场活跃度显著提升，投资者开户数量大增。2024Q4及2025.1-3Q日均 股基交易量分别达2万亿元和1.9万亿元，单日交易量一度曾达3.6万亿元，创历史新高。 A股两融余额持续攀升至2.5万亿元，为2015年6月以来的新高。权益市场的交投活跃，带动偏股型公募 基金发行亦显著回暖。2025年1-9月股票+混合类公募基金发行规模4187亿份，同比+175%，占总发行量 的49%。 此外，ETF及被动指数型产品新发也保持高位。长牛预期下，权益财富管理发展加速。 权益财富管理未来可期 智通财经APP获悉，东吴证券发布研报 ...

保荐人（主承销商）：东吴证券股份有限公司 证券代码：688800 证券简称：瑞可达公告编号：2025-061 苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：东吴证券股份有限公司 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。 特别提示 苏州瑞可达连接系统股份有限公司（以下简称"瑞可达"、"发行人"或"公司"）向不特定对象发行可转换 公司债券（以下简称"瑞可转债"，债券代码"118060"）已获得中国证券监督管理委员会（以下简称"中 国证监会"）证监许可〔2025〕2410号文同意注册。本次发行的保荐人（主承销商）为东吴证券股份有 限公司（以下简称"东吴证券"、"保荐人（主承销商）"或"主承销商"）。本次发行的《苏州瑞可达连接 系统股份有限公司向不特定对象发行可转换公司债券募集说明书摘要》（以下简称"《募集说明书摘 要》"）及《苏州瑞可达连接系统股份有限公司向不特定对象发行可转换公司债券发行公告》（以下简 称"《发行公告》"）已于2025年11月12日（T-2日）披露。投资者亦 ...

Core Viewpoint - Securities firms are optimistic about the industry outlook for 2026, focusing on valuation recovery and structural opportunities, with a shift in market drivers from valuation to earnings fundamentals [2][4]. Group 1: Industry Development Trends - The securities industry is expected to see core growth areas in wealth management, investment banking, internationalization, and technology empowerment [2]. - Wealth management is entering an upward trend, with strong new account openings and record-high financing balances, while A-share daily trading volume is projected to stabilize at 2 trillion yuan [2]. - The construction of product platforms is crucial for the transformation of wealth management, requiring alignment of product supply and sales channels [2]. Group 2: International Business Development - Developing international business is essential for securities firms to become leading investment banks, driven by increasing demand from overseas investors for Chinese assets [3]. - The international business revenue of securities firms has seen significant growth, with historical highs in the first half of 2025, supported by strong cross-border investment demand [3]. - The focus on AI technology applications and cross-border business will enhance service efficiency and asset pricing capabilities, helping to escape the homogenization of competition [3]. Group 3: Valuation Recovery Potential - The current valuation of the securities sector remains relatively low, with a projected net asset return of around 7.2% for 2026, indicating significant room for valuation recovery [4]. - The capital market is undergoing profound changes, with increased attractiveness of equity assets in a low-interest-rate environment, suggesting a positive development cycle ahead [4]. - Improved liquidity and favorable policies are expected to further enhance the valuation of securities stocks as the market improves [5]. Group 4: Investment Opportunities - The securities sector is anticipated to undergo a reshaping of its landscape, with a focus on leading firms with international capabilities and comprehensive service advantages [5]. - Mid-sized and large securities firms that can achieve leapfrog development through mergers and acquisitions are also expected to present investment opportunities [5].

智通财经APP获悉，东吴证券发布研报称，11月11日，工业和信息化部办公厅发布《关于进一步加快制 造业中试平台体系化布局和高水平建设的通知》和《制造业中试平台重点方向建设要点(2025 版)》，在 能源电子方向的中试平台建设最新要点包括聚焦钙钛矿光伏电池、叠层光伏电池等先进光伏技术等。目 前钙钛矿产业化初期设备价值量较高，单GW设备的价值量超过10亿元，100MW整线设备的报价在3-4 亿元之间。推荐某泛半导体设备龙头、捷佳伟创(300724.SZ)，建议关注曼恩斯特(301325.SZ)、京山轻 机(000821.SZ)、大族激光、帝尔激光、德龙激光、杰普特、奥来德等。 东吴证券主要观点如下： 工信部发文加快建设钙钛矿中试平台建设 11月11日，工业和信息化部办公厅发布《关于进一步加快制造业中试平台体系化布局和高水平建设的通 知》和《制造业中试平台重点方向建设要点(2025 版)》，在能源电子方向的中试平台建设最新要点包括 聚焦钙钛矿光伏电池、叠层光伏电池等先进光伏技术等。 GW线逐步落地、产业化进展加速 京东方、极电光能GW线已于24H2-25H1投产;协鑫光电GW线于10月29日首片下线，此次下线的 2 ...

证券代码：601555 证券简称：东吴证券 公告编号：2025-055 东吴证券股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于 2025 年 11 月 14 日（星期五）至 11 月 20 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dwzqdb@dwzq.com.cn 进行提问。公司将在业绩说明会上对投资者普遍关注的问 题进行回答。 东吴证券股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布 公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第 三季度经营成果、财务状况，公司计划于 2025 年 11 月 21 日（星期五）13:00-14:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类 ...

Core Viewpoint - Major brokerage firms are optimistic about the securities industry in 2026, anticipating a "Davis Double Play" due to recovering market conditions and improving fundamentals, while current valuations remain at historical lows [1] Group 1: Performance Growth - The A-share market's upward trend has significantly boosted brokerage firms' performance, with a total margin balance nearing 2.4 trillion yuan and a record high trading volume of 301.56 trillion yuan in the first three quarters of 2025 [2] - Listed brokerages achieved a net profit of 169.4 billion yuan in the first three quarters of 2025, marking a 63% year-on-year increase, with the third quarter alone reaching a record 72.5 billion yuan [2] - Core business segments such as brokerage, investment banking, asset management, interest income, and investment returns saw year-on-year growth rates of 74%, 23%, 2%, 56%, and 43% respectively, indicating a broad-based recovery [2] Group 2: Valuation Discrepancy - Despite strong performance, the brokerage sector's stock prices have lagged, with the Wind brokerage index rising only 6.02% year-to-date compared to significant gains in major indices [3] - The industry is expected to see a return on equity (ROE) of approximately 7.2% in 2026, which is above the 70th percentile since 2016, while current valuations are at the 40th percentile, indicating substantial room for future growth [3] - Institutional holdings in the brokerage sector are at a historical low, with the sector accounting for only 0.86% of actively managed fund holdings as of Q3 2025, underweighting the standard allocation by 3.21 percentage points [3] Group 3: Future Growth Drivers - Wealth management, institutional business, and internationalization are identified as the three main growth engines for the brokerage industry moving forward [6] - The wealth management sector is expected to see a clear upward trend, with daily trading volumes in A-shares potentially stabilizing at 2 trillion yuan, and a recovery in financial product distribution [6] - The investment banking market is recovering, and the international business is benefiting from improved liquidity in the Hong Kong market, with major brokerages increasing their overseas revenue contributions [6] - Mergers and acquisitions, along with the application of AI technology, are anticipated to catalyze further growth in the sector, with policies encouraging consolidation among quality brokerages [6]

东吴证券发布研报称，25Q3工控&电力设备行业利润快速增长，景气度较高。分板块来看，25Q1-Q3工 控板块实现收入1017亿元，同比+21%，实现归母净利润88亿元，同比+21%；单Q3来看，板块经营性 现金流为净流入40.9亿元，同比-2%，经营性现金流保持健康；公司层面上，龙头汇川强α进一步体现， 二线伟创&雷赛&信捷在OEM市场需求整体向好的情况下也实现稳健增长。此外，25Q3一次设备盈利水 平相对稳定，二次设备板块增长提速态势已现。 东吴证券主要观点如下： 工控&电力设备行业2025Q1-Q3收入同比+11%(25Q3同比+9%)，归母净利润同比+17%(25Q3同比+15%) 行业25Q3利润快速增长，景气度较高。全板块2025Q1-Q3收入4809亿元，同比增长11%，归母净利润 400亿元，同比增长17%，其中2025Q3收入1715亿元，同比增长9%，归母净利润145亿元，同比增长 15%。 行业整体毛利率水平保持稳定。2025Q3电力设备&工控行业毛利率为22.7%，同比-0.8pct，环比-0.5pct 。2025Q3合同负债/存货较年初+9%/+24%。2025Q3经营性现金流净流入2 ...

Core Viewpoint - The report from Dongwu Securities indicates that the price of Vinyl Carbonate (VC) has risen to 77,500 yuan per ton, benefiting companies like Fuxiang Pharmaceutical due to increased demand in both domestic and overseas energy storage markets [1] Industry Summary - The recent surge in VC prices is attributed to a reversal in the supply-demand dynamics within the industry, driven by heightened energy storage needs [1] - The price of upstream pharmaceutical raw material 6-APA has decreased year-on-year, leading to a significant improvement in the gross profit margin of the company's main business [1] Company Summary - Fuxiang Pharmaceutical is positioned to benefit from the rising VC prices and the declining 6-APA prices, with significant investments in production capacity through its subsidiaries [1] - The company has invested in projects to produce 6,000 tons of lithium battery additives and 10,000 tons of VC along with 2,000 tons of FEC [1] - The investment strategy and market conditions have led to a maintained "buy" rating for the company [1]

Group 1 - Major securities firms, including CITIC Securities and Guotai Junan, are holding annual strategy meetings for 2026, focusing on global market opportunities and industry transformation [1] - CITIC Securities' general manager highlighted that the "14th Five-Year Plan" period will present new characteristics in the global context, technology trends, and institutional environment, potentially leading to new opportunities [1] - Guotai Junan's president emphasized that the new round of capital market reforms aims to enhance institutional inclusiveness and competitiveness, which may lead to a broad revaluation of Chinese assets [1] Group 2 - Guolian Minsheng successfully acquired 0.72% of Minsheng Securities' shares for approximately 171 million yuan, increasing its stake to 99.98%, just shy of full control [2] - This acquisition is expected to enhance Guolian Minsheng's control over Minsheng Securities and improve resource integration efficiency, potentially boosting its stock price [2] - The trend of consolidation in the securities industry is accelerating, leading to increased competition for smaller firms [2] Group 3 - Public fund research activity has significantly increased in Q4, with a total of 10,115 research activities conducted, reflecting a more than 50% increase compared to the previous quarter [3] - The focus of these research activities is primarily on growth sectors such as industrial machinery, electronic components, and integrated circuits, indicating a strong interest in high-growth areas [3] - The rise in research activity suggests a consensus on improving macro liquidity and profit expectations among market participants [3] Group 4 - In October, the number of new margin trading accounts decreased to 130,200, a significant drop from 205,400 in September, while the total number of margin trading accounts reached approximately 15.4 million [4] - The margin trading balance has increased from less than 1.9 trillion yuan at the beginning of the year to 2.49 trillion yuan, indicating a growing participation of leveraged funds [5] - Several leading securities firms have raised their margin trading limits, with CITIC Securities increasing its limit from 150 billion yuan to 250 billion yuan, and Huatai Securities setting its limit at approximately 286.5 billion yuan [5]

本报记者 周尚伃 近期，中信证券、中信建投、国泰海通等头部券商，以及东吴证券、开源证券等特色中小券商相继召开 2026年度策略会。综合来看，券商正围绕全球市场机遇、实体经济服务路径、行业转型方向等核心议题 展开深度研讨。在策略会上，各家券商"掌舵人"的发言所透露的战略洞察与市场判断，备受市场关注。 资本市场肩负重要使命 券商"掌舵人"普遍认为，2026年资本市场将迎来多重积极因素交织孕育的新机遇，这些机遇既源于全球 产业与金融格局的重构，也来自国内科技突破与制度完善的双重驱动，共同构成中国资本市场迈向高质 量发展的底层逻辑。 从全球视野来看，中信证券总经理邹迎光表示，"十五五"时期，中国资本市场面临的全球背景、科技趋 势、制度环境将呈现新的特征，全球产业与金融格局深刻重构，有望带来外部破局的新契机。 科技突破与制度完善构成了机遇的核心内核。邹迎光认为，从科技趋势看，更多中国产业迎来关键突 破，中国经济新旧动能转换成效显著，有望带来资本市场的新机遇。从制度环境看，中国资本市场制度 包容性和适应性的提升，以及投资和融资功能的协调，有望带来市场生态的新气象。 国泰海通总裁李俊杰认为："新一轮资本市场改革聚焦提升制度 ...