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].

格隆汇11月14日丨华泰证券(06886.HK)公告，华泰证券股份有限公司2022年面向专业投资者公开发行公 司债券(第六期)(品种二)(债券简称"22华泰G7")，将于2025年11月21日开始支付自2024年11月21日至 2025年11月20日期间的利息。本期债券票面利率(计息年利率)为3.18%，每手本期债券面值为人民币 1,000元，派发利息为人民币31.80元(含税)。 ...

Core Viewpoint - The surge in bond issuance by securities firms in China is driven by capital demand amid a favorable market environment, with total issuance exceeding 1.5 trillion yuan, marking a nearly 60% increase compared to the same period last year [1] Group 1: Bond Issuance Trends - As of November 12, 2023, 73 securities firms have issued 850 domestic bonds, with a total scale exceeding 1.5 trillion yuan [1] - The bond issuance momentum began in July 2023, with July's issuance reaching 165.9 billion yuan, doubling from June [1] - August saw a record monthly issuance of 267.6 billion yuan, followed by 230.8 billion yuan in September and 221.3 billion yuan in October, maintaining high levels [1] Group 2: Major Contributors - Three firms, China Galaxy, Huatai Securities, and Guotai Junan, have issued over 100 billion yuan in bonds, while seven others, including GF Securities and CITIC Securities, exceeded 50 billion yuan [1] - The increase in bond issuance is linked to a rise in A-share market activity, with the Shanghai Composite Index breaking through key levels and trading volume significantly increasing [1] Group 3: Asset Growth and Composition - By the end of Q3 2025, the total asset scale of 43 listed securities firms reached 14.9194 trillion yuan, an increase of 2.6186 trillion yuan or 21.29% from the beginning of the year [1] - The expansion of assets is driven by both passive increases in customer funds and active growth in financial investments and lending, with significant contributions from these areas [2] Group 4: Strategic Shifts and Performance - The strategic shift towards heavy asset businesses is evident, with at least six securities firms raising their financing limits for margin trading and related businesses [2] - Credit and proprietary trading have become key growth drivers for leading firms, with Huatai Securities reporting a 151.27% and 46.72% year-on-year increase in revenue from these segments, respectively [2] Group 5: Risks and Financial Health - The trend towards heavy asset business models amplifies market trends and performance elasticity but also introduces significant risk exposure for securities firms [3] - Ongoing analysis of leverage ratios and asset quality in the context of increased capital investment is crucial for understanding the financial health of the industry [3]

格隆汇11月14日丨华泰证券(06886.HK)公告，华泰证券股份有限公司2022年面向专业投资者公开发行公 司债券(第六期)(品种二)(债券简称"22华泰G7")，将于2025年11月21日开始支付自2024年11月21日至 2025年11月20日期间的利息。本期债券票面利率(计息年利率)为3.18%，每手本期债券面值为人民币 1,000元，派发利息为人民币31.80元(含税)。 ...

华泰证券(06886)发布公告，华泰证券股份有限公司2022年面向专业投资者公开发行公司债券(第六期) (品种二)(以下简称"本期债券")，将于2025年11月21日开始支付自2024年11月21日至2025年11月20日期 间的利息。债券简称：22华泰G7，发行总额人民币14亿元，票面利率3.18%。 ...