华泰证券研报表示，上周港股冲高回落，恒生指数上涨1.3%，恒生科技指数下跌0.4%。行业间高低切 演绎较为极致，今年以来相对滞涨的板块上周涨跌幅排名靠前，如农林牧渔、房地产、医药、石油石 化、纺织服饰等。在盈利数据并未明显改善的情况下资金提前切换，或因当前流动性承压、主线不清晰 等交易性因素。若资金高低切持续，短期建议关注今年以来表现排名靠后的消费者服务、建筑、纺织服 装、家电以及具有防御属性的红利方向。此外，12月开始港股流动性压力边际暂缓，切换或难一帆风 顺，依然建议均衡配置。 ...

Focus Review - The People's Bank of China (PBOC) will conduct a 6-month reverse repurchase operation of 800 billion yuan to maintain liquidity in the banking system, resulting in a net injection of 500 billion yuan after accounting for maturing operations [3] - The PBOC has established a pattern of monthly liquidity injections, indicating a continued focus on maintaining a loose monetary environment amid increased growth demands [3] Equity Market - CITIC Securities suggests that China's capital market is transitioning from an emerging market to a mature market, with an increasing global business exposure for listed companies, which is foundational for a low-volatility bull market [5] - Huatai Securities predicts that the A-share profit cycle will likely recover in the first half of 2026, driven by positive signals from capacity inventory cycles and overseas expansion [6] - Galaxy Securities warns of a potential decline in market risk appetite as the year-end approaches, suggesting a focus on cyclical sectors and dividend stocks that may benefit from improved Sino-U.S. trade relations [7] Industry Research - HSBC Jintrust Fund highlights the storage industry as a sector with multiple opportunities, driven by policy shifts and increased demand, particularly from AI data centers, suggesting a strategic opportunity for high growth [12] -招商证券 identifies investment potential in sectors experiencing supply clearing, particularly in resources, consumer goods, and traditional machinery, recommending focus on quality leaders and low-inventory industries [13] - 嘉实基金 sees significant long-term growth potential in China's innovative pharmaceutical sector, suggesting that recent corrections are a market adjustment rather than an end to the growth trend [14] Asset Allocation - Guosen Securities indicates that the bull market may be entering its second phase, with economic conditions improving and a broadening market trend, particularly in technology and undervalued sectors like liquor and real estate [22]

Group 1 - The core point of the article is the announcement regarding the lifting of restrictions on the strategic placement shares of the Huatai Zijin Jiangsu Expressway Closed-End Infrastructure Securities Investment Fund, which will take effect on November 17, 2025 [1][2][3] - A total of 220,000,000 shares will be released from restrictions, including 217,320,000 shares in the market and 2,680,000 shares outside the market [1][2] - After the lifting of restrictions, the total circulating shares will increase to 320,000,000, representing 80.00% of the total fund shares [3] Group 2 - The fund invests in the Jiangsu section of the Hu-Su-Zhe Expressway, which has been operational for over 17 years and has a toll collection period until January 11, 2033 [4][5] - For Q3 2025, the operating revenue of the Jiangsu Hu-Su-Zhe Expressway Company reached 123.16 million yuan, a year-on-year increase of 29.76%, with toll revenue increasing by 30.14% [5] - The average daily traffic volume for Q3 2025 was 49,931 vehicles, reflecting a year-on-year growth of 22.74% [5] Group 3 - The fund's available distributable amount for the first nine months of 2025 was approximately 202.48 million yuan, a 6.82% increase compared to the same period in 2024 [5][7] - The annualized net cash flow distribution rate for investors is projected to be 8.86% if purchased at the initial offering price and 10.32% if purchased at a later market price [7][8] - The internal rate of return (IRR) for investors is estimated at 4.85% for initial buyers and 3.50% for those buying at the market price on November 13, 2025 [10][11]

Core Viewpoint - The announcement highlights the addition of China International Capital Corporation (CICC) as a market maker for the Huatai Zijin Suzhou Hengtai Rental Housing Closed-End Infrastructure Securities Investment Fund, effective from November 17, 2025, to enhance market liquidity and stable operation of the fund [1] Group 1 - The fund is referred to as "Hengtai Rental Housing" in the market and "Huatai Suzhou Hengtai Rental Housing REIT" in an expanded form, with the fund code "508085" [1] - The decision is made in accordance with the relevant regulations outlined in the Shanghai Stock Exchange's self-regulatory rules for listed fund market-making business [1] - The announcement is issued by Huatai Securities (Shanghai) Asset Management Co., Ltd. [1]

Core Viewpoint - The report from Huatai Securities indicates that short-term uncertainties persist, leading to a market trend characterized by fluctuations. However, there is a shift towards a balanced "barbell" investment structure due to rapid changes in market focus [1] Group 1: Market Focus - The high cost-performance mainline remains one of the market's focal points, with the AI industry chain's congestion level dropping to its lowest since July. Attention is drawn to low-positioned targets in sectors such as Hang Seng Technology, domestic computing power, AI edge applications, and related fields [1] - There are opportunities for left-side positioning in sectors with performance improvement at low levels, including engineering machinery, textile manufacturing, photovoltaic equipment, general equipment, rail and road, building materials, and certain mass consumer sectors [1] Group 2: Investment Opportunities - Given the impact of domestic and international uncertainties, there are still potential investment opportunities in banks and certain cyclical dividend stocks [1]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the importance of developing a robust financial market and promoting direct financing through equity and bond markets to optimize financing structures and reduce corporate financing costs, which is crucial for stimulating market vitality and supporting high-quality economic development [3][13] - The A-share market has shown significant growth in trading volume, with the average daily trading volume reaching 20,438 billion yuan, a 1.6% increase from the previous period and a 1.0% increase year-on-year [1][17] - The insurance sector is experiencing a structural differentiation, with life insurance premiums showing a temporary slowdown while property insurance premiums are growing steadily [14] Summary by Sections Market and Sector Performance - The non-bank financial Shenwan index increased by 0.16%, outperforming the CSI 300 index by 1.24 percentage points, ranking 20th among all primary industries [2][12] - The securities sector declined by 1.01%, while the insurance sector rose by 2.63%, and internet finance increased by 1.83% [2][12] Securities: Development of Direct Financing - The People's Bank of China emphasizes the need for a well-functioning financial market that caters to various investment and financing needs, advocating for the development of direct financing through equity and bond markets [3][13] Insurance: Premium Trends - In September, life insurance premiums decreased to 1,962 billion yuan, a year-on-year decline of 4.6%, while property insurance premiums rose to 1,511 billion yuan, a year-on-year increase of 7.2% [14] Market Indicators - As of November 13, 2025, the margin balance in the two markets reached 25,065.19 billion yuan, a 0.31% increase from the previous period and a 59.95% increase compared to the average level in 2024 [1][17]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].

Core Viewpoint - Huatai Securities reported a slight decline in stock price, closing at 22.17 yuan, with a total market capitalization of 200.13 billion yuan, ranking 4th in the securities sector and 69th in the A-share market [1] Group 1: Company Announcements - Huatai Securities announced that its wholly-owned subsidiary, Huatai International Financial Holdings, issued four medium-term notes under its medium-term note program, totaling 200 million USD, guaranteed unconditionally by Huatai International [2][4] - The guarantee amount for this issuance is approximately 1.418 billion yuan, with an actual guarantee balance of 1.14 billion USD [2][4] - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amounted to 42.087 billion yuan, representing 21.96% of the latest audited net assets, with no overdue guarantees [2][4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The REITs market rebounded this week, with transportation and affordable housing leading the gains. The National Development and Reform Commission (NDRC) has recommended 105 REITs projects to the China Securities Regulatory Commission (CSRC), of which 83 have been successfully listed. Although the issuance scale this year has decreased compared to 2024, the market supply will still be supported next year [2]. - The subscription enthusiasm for the public offering of the Anbo Warehouse REIT has significantly declined this week, with the subscription multiple dropping to the lowest level this year and the allocation ratio significantly increasing to 5.8% [2]. - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. 3. Summary by Relevant Catalogs 3.1 Primary Market: One Newly Issued Public Offering REITs Made Progress - As of November 14, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 387.9 billion yuan, a year-on-year decrease of 20.8%. This week, the Huaxia Anbo Warehouse Logistics REIT completed its fundraising, with offline and public effective subscription multiples of 147 and 17 times respectively [2]. - Currently, there are 8 newly issued REITs in the approval process, 1 has been questioned and responded to, 1 has passed the review, and 1 has been registered and is awaiting listing. There are 5 REITs applying for expansion, 3 have been questioned and responded to, and 3 have passed the review [2]. 3.2 Secondary Market: Index Rebounded This Week 3.2.1 Market Review: CSI REITs Total Return Index Rose 0.86% - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. - By project attribute, equity REITs rose 0.81% this week, and concession - based REITs rose 1.11%. By asset type, transportation (+1.55%), affordable housing (+1.50%), consumption (+1.17%), and warehousing logistics (+0.85%) sectors performed well [2]. 3.2.2 Liquidity: Liquidity in the Environmental Protection and Water Services and Data Center Sectors Increased Significantly - The average daily turnover rates of equity and concession - based REITs this week were 0.59% and 0.47% respectively, a decrease of 1.53 basis points and an increase of 2.26 basis points compared to last week. The trading volumes were 573 million shares and 138 million shares respectively, a week - on - week decrease of 1.66% and an increase of 6.62% [2]. - The data center sector was the most active [2]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity and concession - based REITs were 3.85% and 3.92% respectively. The warehousing logistics (5.45%), transportation (4.74%), and park (4.64%) sectors ranked in the top three [2]. 3.3 This Week's News and Important Announcements - **News**: On November 11, the deputy director of the Investment Department of the NDRC stated that the NDRC has recommended 105 REITs projects to the CSRC, of which 83 have been successfully listed. The total issuance scale this year is 41.5 billion yuan, including 19 newly issued REITs (38.8 billion yuan) and 2 expansion offerings (2.67 billion yuan), showing a decrease compared to 2024 [2]. - **Announcements**: Multiple REITs announced dividends this week, and the strategic placement shares of the China Merchants Expressway REIT will be lifted on November 21, 2025 [30].

Investment Rating - The report maintains an "Outperform the Market" rating for the securities industry [4][6]. Core Insights - The securities industry has shown high performance in the first three quarters of 2025, with total revenue reaching 421.42 billion yuan, a year-on-year increase of 42.57%, and net profit attributable to shareholders reaching 169.29 billion yuan, up 62.48% year-on-year [1][13]. - The growth in revenue and profit is attributed to a steady rise in the equity market, increased trading volumes, and a recovery in wealth management services [1][29]. - Financial investment assets have become the main expansion direction for securities companies, totaling 6,991.8 billion yuan by the end of Q3 2025, accounting for 47% of total assets [2][32]. Summary by Sections Revenue Structure - Investment income has increased its share, with brokerage income at 111.78 billion yuan, up 74.64%, and investment income at 187.04 billion yuan, up 43.86% [13][30]. - Total assets and net assets of listed securities firms reached 14.92 trillion yuan and 2.85 trillion yuan, respectively, reflecting a year-on-year increase of 21.74% and 13.16% [19][20]. High Growth in Capital-Intensive Business - Self-operated business revenue reached 186.86 billion yuan, a year-on-year increase of 43.8%, with major contributors being CITIC Securities, Guotai Junan, and China Galaxy [30][31]. - The report highlights a significant increase in equity investment scale, with self-operated equity securities and derivatives reaching 8.475 trillion yuan, up 32.6% from the end of 2024 [34][35]. Brokerage Business - The brokerage business has benefited from active market trading, with all listed securities firms reporting positive growth in brokerage income [13][14]. - The average trading commission rate remains low, indicating potential for further revenue growth [16][30]. Investment Banking Business - The domestic equity financing scale has shown recovery, with IPOs continuing to rebound and underwriting activities improving [29][30]. - The report notes a 61.49% year-on-year increase in the total amount raised through initial public offerings [29]. Asset Management Growth - The asset management scale continues to grow, with a steady transition towards public fund management [22][23]. - The report indicates that the new asset management regulations are promoting the public fund transformation of securities firms [24][25].