Core Viewpoint - The article discusses the ongoing reform of internal governance structures among securities firms in response to new legal requirements, particularly the transition from supervisory boards to audit committees [2][3]. Group 1: Changes in Governance Structure - CITIC Securities announced it will no longer have a supervisory board, transferring its functions to the audit committee, in line with the new Company Law [2][3]. - As of now, approximately 74% of listed securities firms have adjusted their internal supervisory structures, with around 32 firms officially eliminating their supervisory boards [3]. - The shift aims to create a more centralized and efficient oversight mechanism, reducing management layers and accelerating decision-making processes [3]. Group 2: Implications for Capital Operations - Securities firms involved in refinancing and mergers are also under pressure to adjust their internal supervisory structures by the 2026 deadline [4]. - For instance, Xiangcai Securities' parent company, Xiangcai Co., has made governance adjustments to facilitate its merger and fundraising plans [4]. Group 3: Non-Listed Securities Firms - Most non-listed securities firms are also required to adjust their internal supervisory structures, adhering to the same deadlines as listed firms [5][7]. - As of now, 15 non-listed firms, including Wukuang Securities and Huaxin Securities, have completed the cancellation of their supervisory boards [8].

记者丨孙永乐 编辑丨巫燕玲 11月以来，券商2026年度策略会进入密集举办期，研究大咖与资深专家、行业领袖围绕市场热点及2026 年投资策略分享真知灼见，吸引公募、私募、银行、保险、上市公司等各类投资者参与交流。 21世纪经济报道记者注意到，本周已有开源证券、东吴证券、国泰海通证券、华泰证券等4家卖方机构 召开2026年度策略会，对即将到来的2026年的宏观经济形势、"十五五"规划、资本市场投资策略、上市 公司高质量发展前景等进行展望和探讨。 11月4日，东吴证券"冬藏春华，盛世新章"2026年度策略峰会在上海开幕，议题围绕泛AI、创新药、反 内卷等多个热门领域； 11月4日，开源证券召开2026年度策略会，以"乘风破浪，向新而行"为主题，展望2026年宏观经济形 势、"十五五"规划、资本市场投资策略； 据记者不完全统计，进入11月密集举办期，还将有9家券商陆续举办2026年度策略会，包括国盛证券、 中信证券、中信建投证券、光大证券、中金公司、方正证券、东方财富证券、浙商证券、国信证券等。 | | | 11月券商召开年度策略会情况一览 | | | | --- | --- | --- | --- | --- | ...

Core Insights - The 2026 annual strategy meetings held by various securities firms focus on macroeconomic outlook, investment strategies, and high-quality development of listed companies, reflecting a collective anticipation for new opportunities in the upcoming year [1][2][3] Group 1: Strategy Meetings Overview - Multiple securities firms, including Dongwu Securities, Kaiyuan Securities, Guotai Junan, and Huatai Securities, have held or are scheduled to hold their 2026 annual strategy meetings, discussing themes such as AI, innovative pharmaceuticals, and economic transformation [1][2][3] - The meetings emphasize keywords like "new journey," "new chapter," and "seizing opportunities," indicating a focus on emerging trends and economic transformation [3][5] Group 2: Economic Outlook - Dongwu Securities' chairman highlighted the enduring positive fundamentals of the Chinese economy, suggesting a historical asset allocation opportunity driven by financial strength [6] - Open-source Securities anticipates a GDP growth target of around 5% for 2026, with a more proactive macroeconomic policy and expectations for equity markets to outperform bonds [6][7] - Guotai Junan's chief macro analyst noted that inflation indicators are crucial for assessing economic growth and capital market performance, emphasizing the need for stable prices to support growth [6][7] Group 3: Market Trends and Investment Strategies - Guotai Junan's president pointed out that the new round of capital market reforms aims to enhance inclusivity and competitiveness, potentially leading to a broad revaluation of Chinese assets [8] - Huatai Securities' analysts predict a shift in investor focus towards cyclical sectors like energy, consumption, and real estate, as the market transitions from a "dividend and technology" strategy to one more aligned with economic fundamentals [9][10] - The concept of a "transformation bull market" is highlighted, with expectations that the market may challenge historical highs, particularly the 5178.19 points reached in June 2015 [10][11] Group 4: Investment Preferences - Analysts suggest that traditional sectors may offer better investment value compared to technology stocks, given their current low valuations and market expectations [11][12] - Recommendations for investors include a balanced approach between value and growth, with a focus on gradual investment strategies such as dollar-cost averaging [12]

Core Viewpoint - CITIC Securities has announced a significant governance structure adjustment by proposing to abolish its supervisory board, which will be submitted for shareholder approval [1][2]. Group 1: Governance Changes - The decision to abolish the supervisory board marks an important step in the governance structure adjustment of CITIC Securities [2]. - The supervisory functions will be taken over by the audit committee of the board, which will exercise the powers previously held by the supervisory board according to the Company Law and relevant regulations [3]. - The revised articles of association will expand the audit committee's responsibilities to include duties such as financial inspection, supervision of directors and senior management, and proposing the convening of extraordinary shareholder meetings [3]. Group 2: Transition and Regulatory Context - CITIC Securities will need to submit the proposal for shareholder approval and make transitional arrangements thereafter [4]. - The China Securities Regulatory Commission (CSRC) has provided a one-year transition period for securities firms to adjust their governance structures, with a requirement for firms engaged in multiple business lines to establish an audit committee by January 1, 2026 [4][5]. - As of the end of October, nearly 20 securities firms, including major players like China Galaxy Securities and CICC, have disclosed plans to amend their articles of association to abolish the supervisory board, indicating a shift towards a new governance model [5]. Group 3: Industry Trends - The industry is entering a new governance era characterized by the "two meetings and one layer" structure, reflecting a broader trend among securities firms to enhance governance efficiency [5]. - Experts suggest that in the digital age, traditional post-event supervision is inadequate for risk management, necessitating a dynamic and integrated risk control system [5]. - The abolition of the supervisory board allows for optimized supervision through various means, such as independent directors leading the audit committee and collaboration between external and internal audit functions [5].

东吴证券股份有限公司 2025 年第二次临时股东大会 会议材料 二〇二五年十一月 1 | 股东大会议程 . | | --- | | 2025 年第二次临时股东大会会议须知 . | | 议案一 关于不再设立监事会的议案 | | 议案二 关于修订《公司章程》及其附件的议案 | | 议案三 关于修订部分公司治理制度的议案 | | 议案四 关于为董事、高级管理人员投保责任保险的议案 | 股东大会议程 现场会议时间：2025年11月24日下午14:30 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的投票 时间为2025年11月24日9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的 投票时间为2025年11月24日9:15-15:00。 现场会议地点：苏州工业园区星阳街5号 主持人：范力董事长 一、宣布会议开始 二、宣布出席现场会议的股东人数、代表股份数 三、介绍现场参会人员、列席人员及来宾 四、推举现场计票人、监票人 五、审议议案 | 序号 | 提案内容 | 是否为特别决议事项 | | --- | --- | --- | | 1 | 关于不再设立监事会的议案 ...

证券代码：601555 证券简称：东吴证券 公告编号：2025-054 东吴证券股份有限公司 ● 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 （一）股东大会类型和届次 2025年第二次临时股东大会（以下简称"股东大会"） （二）股东大会召集人：东吴证券股份有限公司（以下简称"公司"）董事 会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 关于召开2025年第二次临时股东大会的通知 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： ● 股东大会召开日期：2025年11月24日 召开的日期时间：2025 年 11 月 24 日 14 点 30 分 召开地点：江苏省苏州工业园区星阳街 5 号 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 1 网络投票起止时间：自2025 年 11 月 24 日 至2025 年 11 月 24 日 采用上海证券交易所网络 ...

Core Viewpoint - The easing of geopolitical trade tensions has led to an optimistic macro sentiment for industrial metal prices, although further upward potential will depend on domestic and international supply-demand dynamics as the peak season ends [1] Industrial Metals - The current macro sentiment remains optimistic for industrial metal prices, influenced by the easing of geopolitical trade tensions [1] - The upward potential for industrial metal prices will rely on the interpretation of supply-demand logic both domestically and internationally as the peak season concludes [1] Precious Metals - The combination of a hawkish Fed rate cut and the easing of US-China trade tensions has resulted in a correction in precious metal prices [1] - Following the JH meeting, the probability of a rate cut in December is considered high under the scenario of no significant inflation increase, maintaining a macro framework favorable for long positions in precious metals [1] - The mid-term outlook for precious metals remains positive, with expectations for a rebound after the current price correction [1] Mining ETF - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes securities from companies involved in the development of copper, aluminum, lead-zinc, and rare metals [1] - The mining ETF has outperformed the CSI Non-Ferrous Index by nearly 10% this year, indicating a concentration in leading companies, with a higher proportion of gold, copper, and rare earths [1]

Core Viewpoint - The A-share market showed a strong performance on Thursday, with all three major indices closing above the five-day moving average, indicating a positive market sentiment and potential structural opportunities [1][2] Group 1: Market Performance - The A-share market experienced a strong upward trend, with the Shanghai Composite Index returning above 4000 points, although the strength of this recovery was noted to be weaker compared to previous instances [1][2] - The market saw a rotation of funds between sectors, with low-position sectors rebounding and previously strong sectors like dividend indices and micro-cap stocks undergoing adjustments [1] - The phosphorous chemical sector and non-ferrous metals sector showed significant strength, while the robotics concept stocks and computing hardware stocks also performed well [1] Group 2: Market Outlook - Short-term market movements are expected to remain volatile until the Shanghai Composite Index breaks through previous highs, with a focus on the strength of the market during this period [1] - Mid-term prospects remain positive due to sustained global technology investment enthusiasm, "anti-involution" policies, and increased household savings entering the market, supporting a slow bull market [1] - The current market style is anticipated to be more balanced compared to the third quarter, with some cyclical sectors showing marginal improvements due to effective policies and domestic demand recovery [2]

Group 1 - Dongwu Securities reported a revenue of 7.274 billion and a net profit of 2.935 billion for the first three quarters, marking a year-on-year increase of 35.45% and 60.23% respectively, achieving a historical high for the same period [1] - The company plans to purchase Directors and Officers Liability Insurance (D&O Insurance) for all directors and senior management, reflecting a focus on governance risk amid stricter regulations [1][2] - The move to insure executives is intended to encourage them to perform their duties more actively and professionally, as it mitigates the financial risks associated with potential regulatory violations [1][2] Group 2 - Guotai Junan and Haitong Securities have established a 1.5 billion technology equity investment fund, indicating a strategic collaboration between leading brokerages and technology firms to invest in emerging industries [3] - The fund aims to enhance Guotai Junan's investment footprint in the technology sector, potentially driving long-term growth for its stock price and facilitating resource integration in hard technology fields [3][2] - This initiative reflects the capital market's ongoing commitment to technology innovation, likely guiding funds towards high-growth sectors and optimizing the structural dynamics of the A-share market [3][2] Group 3 - The second batch of long-term investment trials for insurance capital has progressed, with 9 private equity funds entering the operational phase, indicating a new stage for insurance capital equity allocation [4] - This initiative is supported by relevant policies that help reduce profit volatility under new accounting standards, thereby enhancing the willingness of insurance funds to allocate to equity assets [4] - The long-term investment strategy adopted in this trial is expected to stabilize the capital market and promote healthy interactions between capital markets and insurance funds [4][2] Group 4 - The public fund fee reform in Shanghai has resulted in approximately 18.7 billion being returned to investors, showcasing the regulatory commitment to enhancing the quality of the public fund industry [5] - Over 2,000 actively managed equity funds and index funds have reduced management and custody fees, while more than 4,400 products have lowered trading commission rates, collectively benefiting investors significantly [5][6] - This reform is anticipated to improve investor returns, boost market confidence, and potentially lead to a concentration of funds in low-fee quality products, while also pressuring fund companies to enhance their research capabilities [5][6]

Core Viewpoint - The current state of the liquor industry indicates that companies are entering a phase of pressure relief and clearing, with future expectations centered on performance recovery [1] Group 1: Industry Performance - The liquor sector's total revenue for Q1-Q3 2025 decreased by 5.5% year-on-year, with net profit attributable to shareholders down by 6.7% [2] - In Q3 2025, the liquor sector's total revenue fell by 18.3% year-on-year, and net profit attributable to shareholders dropped by 21.9% [2] - The macroeconomic environment is affecting demand recovery, particularly in high-end and mid-high-end liquor segments, which rely on a recovery from deflation [1][2] Group 2: Sales and Revenue Trends - The sales performance of liquor companies is under pressure, with many experiencing a decline in revenue and net profit in Q3 2025 compared to Q2 2025 [2] - The pre-receipt balance for liquor companies is at a near two-year low, indicating potential challenges in future revenue realization [2] - High-end liquor companies are adjusting their product structures, while mid-high-end liquor sales are facing temporary pressure [2] Group 3: Profitability and Cost Structure - The gross profit margin for the liquor sector in Q1-Q3 2025 was 82.3%, a decrease of 0.1 percentage points year-on-year, while Q3 2025 saw a margin of 81.7%, down 0.7 percentage points [3] - Sales expense ratios for most liquor companies increased year-on-year in Q3 2025, although some companies improved their ratios due to better cost control [3] - The profit growth rates for high-end liquor (-0.5%) outperformed those of mid-high-end (-7.6%) and real estate liquor (-34.7%), indicating a trend of increasing cost control among leading companies [3]