Core Viewpoint - The Shanghai Municipal Communications Administration has initiated a crackdown on apps that illegally collect and use personal information, resulting in the removal of 38 apps, including the Zhongyin Securities app, for failing to comply with rectification requirements [1][12]. Group 1: Regulatory Actions - The Shanghai Municipal Communications Administration has identified and publicly listed a batch of apps that infringe on user rights, leading to the removal of 38 apps, including Zhongyin Securities [1]. - The regulatory body emphasizes the importance of user personal information security and compliance as non-negotiable standards for businesses [12]. Group 2: Company Response - Zhongyin Securities has stated that it prioritizes user information protection and is committed to providing a secure and reliable internet application experience. The company has promptly initiated rectification measures following the issues reported by the Shanghai Municipal Communications Administration [3]. - The company is actively communicating with relevant parties to resolve the app's removal issue and is taking effective measures to ensure compliance with regulatory feedback [3]. Group 3: Financial and Operational Insights - In its 2024 annual report, Zhongyin Securities reported that its information technology investment accounted for over 6% of its operating revenue, with total IT expenditures amounting to 213 million yuan [4][6]. - However, compared to 2023, the total IT investment has slightly decreased, with reductions in several expenditure categories, including technology personnel costs, which fell from 76 million yuan in 2023 to 68 million yuan in 2024 [5][6]. - The average salary of IT personnel at Zhongyin Securities decreased from 476,800 yuan in 2023 to 438,600 yuan in 2024, indicating a downward trend in overall compensation despite a significant salary increase for the chief scientist [6][7].

Core Insights - The report highlights the current industry allocation positions, with non-bank financials at 11.7%, banks at 9.6%, and transportation at 9.2% among others [1] - The average weekly return for the CITIC primary industries was 0.1%, with the best-performing sectors being non-bank financials (3.7%), retail (2.3%), and defense (2.3%) [3][10] - The composite strategy achieved a cumulative return of 0.4% this week, outperforming the CITIC primary industry equal-weight benchmark by 0.4% [3] - Year-to-date, the composite strategy has gained 28.0%, compared to the benchmark's 22.4%, resulting in an excess return of 5.7% [3] Industry Performance Review - The best-performing sectors over the past week were non-bank financials (3.7%), retail (2.3%), and defense (2.3%), while the worst were real estate (-2.4%), electric equipment and new energy (-2.3%), and comprehensive (-1.8%) [10][11] - The average monthly return for the past month was -1.1% across 30 CITIC primary industries [10] Valuation Risk Warning - The report indicates that the current PB (Price-to-Book) valuations for retail, computer, non-ferrous metals, defense, and petrochemicals are above the 95% percentile of their historical valuations, triggering a high valuation warning [13][14] Single Strategy Rankings and Recent Performance - The top three industries based on the high prosperity industry rotation strategy are machinery, coal, and non-bank financials [15][16] - The implied sentiment momentum strategy ranks the top three industries as communication, electronics, and electric equipment and new energy [20] Macro Style Rotation Strategy - The macro style rotation strategy identifies the top six industries based on current macro indicators as banks, home appliances, electric utilities, petrochemicals, transportation, and construction [23][24] Long-term Reversal Strategy - The long-term reversal strategy combines factors of 2-3 year reversal, 1-year momentum, and low turnover rates to select the top five industries for allocation each month [26]

Group 1 - Hengtong Optic-Electric Co., Ltd. experienced a stock price increase of 5.31%, reaching 23.80 CNY per share, with a trading volume of 966 million CNY and a turnover rate of 1.70%, resulting in a total market capitalization of 58.708 billion CNY [1] - The company, founded on June 5, 1993, and listed on August 22, 2003, specializes in high-end technology, product research and development, and system integration services in the communication network and energy interconnection sectors, particularly in global submarine cable communication network construction [1] - The revenue composition of Hengtong Optic-Electric includes: smart grid (36.98%), copper conductors (25.02%), industrial and new energy intelligence (11.28%), optical communication (10.94%), marine energy and communication (9.57%), and others (5.33%) [1] Group 2 - Bank of China Securities has a fund that heavily invests in Hengtong Optic-Electric, specifically the BOC Securities CSI 500 ETF Linked A (008258), which held 700 shares as of the third quarter, ranking it as the ninth largest holding [2] - The BOC Securities CSI 500 ETF Linked A (008258) was established on May 14, 2020, with a current size of 250 million CNY, achieving a year-to-date return of 23.07%, ranking 2070 out of 4197 in its category, and a one-year return of 19.9%, ranking 2255 out of 4147 [2] Group 3 - The fund managers of BOC Securities CSI 500 ETF Linked A (008258) are Liu Xianzheng and Zhang Yimin, with Liu having a tenure of 7 years and 326 days and Zhang having a tenure of 5 years and 97 days, both managing a total fund size of 794 million CNY [3] - During Liu's tenure, the best fund return was 118.04%, while the worst was -34.66%, whereas Zhang's best return was 22.12% and the worst was -40.75% [3]

Core Viewpoint - The Shanghai Communication Administration has announced the removal of 38 apps, including the Zhongyin Securities app, for failing to rectify user rights violations within the specified deadline [1][2]. Group 1: User Rights Violations - The Zhongyin Securities app was reported for issues such as lack of clear personal information processing rules, difficulty in account cancellation, and unauthorized collection of personal information [2]. Group 2: Company Response - Zhongyin Securities emphasized its commitment to user information protection and has initiated corrective actions in response to the issues raised by the Shanghai Communication Administration [2]. - The company is actively communicating with relevant parties to resolve the app's removal from certain application stores and is working to ensure compliance with regulatory feedback [2].

Core Viewpoint - The securities sector experienced a decline of 0.98% on December 18, with Zhongyin Securities leading the drop, while the Shanghai Composite Index rose by 0.16% to close at 3876.37, and the Shenzhen Component Index fell by 1.29% to 13053.98 [1] Group 1: Market Performance - The securities sector's main stocks saw a net outflow of 2.967 billion yuan in principal funds [2] - Retail investors contributed a net inflow of 1.73 billion yuan, while speculative funds saw a net inflow of 1.237 billion yuan [2]

针对APP被下架事件，中银证券相关负责人向21财经·南财快讯记者回应称，公司始终高度重视用户信 息保护工作，致力于为客户提供安全、可靠、放心的互联网应用使用体验。接到上海市通信管理局11月 通报指出的问题后，我司迅速开展整改并按要求提交整改及自评估报告。针对APP在部分应用商城被下 架问题，我司正积极与相关方沟通了解情况，力争尽快解决。我们充分尊重并虚心接受监管提出的意见 建议，切实采取有效措施保障整改到位。 中银证券投资关系部门则表示，公司正在以对应渠道进行核实确认，将争取尽快恢复上架，目前客户可 通过公司官网提供的浏览器网址或云平台下载新一代APP。至于股价波动问题，暂无法确认是否与APP 下架直接相关，但目前公司生产经营一切正常。 公开资料显示，中银证券成立于2002年，2020年于上交所主板上市，注册资本27.78亿元，主要股东包 括中银国际控股有限公司、中国石油集团资本有限责任公司等。 12月18日，中银证券（601696）（601696.SH）股价低开低走，截至收盘报14.24元/股，跌幅4.81%，总 市值跌破400亿元。 消息面上，上海市通信管理局12月17日通报，因侵害用户权益行为，中银证券 ...

编辑丨叶映橙 | 27 | 乙才甲醇 | 乙才甲聘集团有限公司 | 沪ICP备2024070051号-3A | | --- | --- | --- | --- | | 28 | 乙才甲聘人 才服务 | 乙才甲聘集团有限公司 | 沪ICP备2024070051号-4X | | 29 | 医賞家 | 上海益中巨泰（集团）股份有限公司 | 沪ICP备06001119号-8X | | 30 | 大小大建筑 设备整机促 销平台 | 沃尔沃建筑设备投资(中国)有限公司 | 沪ICP备10007045号-13X | | 31 | 智慧悠悦 | 上海保利物亚酒店复理集团有限公司 | 沪ICP备09097591号-4A | | 32 | 来来推 | 上海京东到家友恒电商信息技术有限公司 | 沪ICP备16027790号-3A | | 33 | 立到丁目 | 立邦投资有限公司 | 沪ICP备14021878号-12X | | 34 | 中银证券 | 中银国际证券股份有限公司 | 沪ICP备08011679号-5A | | 32 | 上行惠相伴 | 上海银行股份有限公司 | 沪CP备14020744号-20X | | 36 | 众 ...

针对APP被下架事件，中银证券相关负责人向21财经·南财快讯记者回应称，公司始终高度重视用户信 息保护工作，致力于为客户提供安全、可靠、放心的互联网应用使用体验。接到上海市通信管理局11月 通报指出的问题后，我司迅速开展整改并按要求提交整改及自评估报告。针对APP在部分应用商城被下 架问题，我司正积极与相关方沟通了解情况，力争尽快解决。我们充分尊重并虚心接受监管提出的意见 建议，切实采取有效措施保障整改到位。 中银证券投资关系部门则表示，公司正在以对应渠道进行核实确认，将争取尽快恢复上架，目前客户可 通过公司官网提供的浏览器网址或云平台下载新一代APP。至于股价波动问题，暂无法确认是否与APP 下架直接相关，但目前公司生产经营一切正常。 公开资料显示，中银证券成立于2002年，2020年于上交所主板上市，注册资本27.78亿元，主要股东包 括中银国际控股有限公司、中国石油集团资本有限责任公司等。 从财务数据看，中银证券近期业绩表现良好。2025年前三季度，公司实现营业总收入24.38亿元，同比 增长26.95%；归母净利润8.54亿元，同比增长29.28%。业绩增长主要得益于经纪业务和投资银行业务手 续费净收 ...

Group 1 - The Shanghai Municipal Communications Administration announced the removal of 38 apps, including "Maserati Connect," "CITIC Securities," and "Liulishuo Reading," due to violations of user rights [1] - The "Maserati Connect" app was previously reported for excessive and unclear requests for user permissions and failure to disclose personal information processing rules [1] - The Shanghai Municipal Communications Administration will continue to monitor these 38 apps and may take further actions such as suspending access, imposing administrative penalties, or including them in a list of poorly performing telecommunications businesses [1] Group 2 - The "Maserati Connect" app integrates driving data, vehicle alerts, and remote control features, aimed at ensuring the safety of vehicles and personnel [2]

【#中银证券回应APP下架#】上海市通信管理局12月17日通报下架中银证券在内的38款APP，对此中银 证券回应表示，公司始终高度重视用户信息保护工作，致力于为客户提供安全、可靠、放心的互联网应 用使用体验。接到上海市通信管理局11月通报指出的问题后，公司迅速开展整改并按要求提交整改及自 评估报告。针对APP在部分应用商城被下架问题，公司正积极与相关方沟通了解情况，力争尽快解决。 我们充分尊重并虚心接受监管提出的意见建议，切实采取有效措施保障整改到位。（智通财经） ...