Core Insights - The report highlights the current industry allocation positions of the Bank of China’s multi-strategy system, with significant weights in non-bank financials (11.7%), communication (8.6%), and basic chemicals (8.3) [1] - The average weekly return for the CITIC primary industries was 0.2%, with the best-performing sectors being oil and petrochemicals (4.9%), communication (3.8%), and home appliances (2.0%) [3][10] - The report indicates a cumulative return of 27.4% for the industry rotation composite strategy year-to-date, outperforming the CITIC primary industry equal-weight benchmark by 4.4% [3] Industry Performance Review - The best-performing sectors for the week included oil and petrochemicals (4.9%), communication (3.8%), and home appliances (2.0%), while the worst performers were defense and military (-3.6%), electric equipment and new energy (-2.4%), and non-ferrous metals (-2.4%) [10][11] - The average monthly return over the past month was 0.7%, indicating a slight upward trend in industry performance [10] Valuation Risk Warning - The report employs a valuation warning system based on the PB ratio over the past six years, identifying sectors with high valuation risks. Currently, sectors such as retail, media, computing, electronics, and oil and petrochemicals are flagged for high valuation [12][13][14] Single Strategy Rankings and Recent Performance - The top three industries based on the high prosperity industry rotation strategy are non-bank financials, machinery, and communication [15][16] - The report outlines various strategies, with the highest excess return from the traditional multi-factor scoring strategy (18.4%) and the lowest from the funds flow strategy (-4.2%) [3] Composite Strategy Allocation and Performance Review - The composite strategy has increased allocations in financials, TMT (Technology, Media, and Telecommunications), and midstream cyclical sectors while reducing exposure to consumer non-cyclical sectors [3] - The report details the current weights of various strategies, with the traditional multi-factor scoring strategy holding the highest weight at 24.1% [3] Macro Style Rotation Strategy - The macro style rotation strategy identifies the top six industries favored by current macro indicators, which include banking, oil and petrochemicals, transportation, electric utilities, construction, and home appliances [24]

Core Viewpoint - As of October 24, 2025, China Merchants Securities (601696) closed at 14.26 yuan, with a slight increase of 0.28%, indicating a mixed performance in the market with significant net outflows from major funds [1][2]. Financial Performance - The company reported a main revenue of 1.505 billion yuan for the first half of 2025, representing a year-on-year increase of 20.79% [3]. - The net profit attributable to shareholders was 565 million yuan, up 33.13% year-on-year [3]. - The second quarter of 2025 saw a single-quarter main revenue of 753 million yuan, reflecting a 19.49% increase year-on-year [3]. - The net profit for the second quarter was 285 million yuan, marking a 28.15% increase year-on-year [3]. Market Activity - On October 24, 2025, the net outflow of major funds was 46.5953 million yuan, accounting for 8.59% of the total transaction volume [1][2]. - Retail investors contributed a net inflow of 443.956 million yuan, representing 8.18% of the total transaction volume [1][2]. - Over the past five days, the stock has experienced fluctuations in fund flows, with notable net inflows and outflows from different investor categories [2]. Company Metrics - The total market capitalization of China Merchants Securities is 39.614 billion yuan, ranking 67th in the industry [3]. - The company has a net asset value of 18.535 billion yuan, also ranking 67th [3]. - The price-to-earnings ratio (P/E) stands at 35.05, which is lower than the industry average of 48.85, ranking 38th [3]. - The return on equity (ROE) is 3.1%, ranking 67th in the industry [3].

证券代码：601696 证券简称：中银证券 公告编号：2025-045 2、上海清算所网站（http://www.shclearing.com.cn）。 特此公告。 中银国际证券股份有限公司董事会 1 中银国际证券股份有限公司 2025 年度第二期短期融资券已于 2025 年 10 月 24 日发行完毕，相关发行情况如下： | 债券名称 | | | 中银国际证券股份有限公司 | | 2025 | 年度第二期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 中银证券 25 | | CP002 | | 债券代码 | | 072510259 | | | 发行日 | 年 2025 | 10 | 月 23 | 日 | 起息日 | 年 2025 | 月 10 | 日 24 | | 到期日 | 2026 年 | 10 | 月 23 | 日 | 期限 | | 364 天 | | | 计划发行总额 | 10 | 亿元人民币 | | | 实际发行总额 | 10 | 亿元人民币 | | | 发行利率 | | 1.75% | | ...

Group 1 - Zhongyin Securities (601696.SH) closed at 14.22 yuan, with a decline of 0.28% [1] - The securities sector experienced an increase of 1.12%, with Zhongyin Securities being the only company in the sector to decline [1]

Market Overview - On October 23, the securities sector rose by 1.06%, with Haotou Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Haotou Co., Ltd. (600864) closed at 8.03, up 6.22% with a trading volume of 1.66 million shares and a transaction value of 1.299 billion [1] - Other notable performers included: - Tuxin Securities (002736) at 14.19, up 4.11% [1] - Guosheng Financial Holdings (002670) at 21.71, up 2.99% [1] - Huaxin Co., Ltd. (600621) at 16.61, up 2.40% [1] Capital Flow Analysis - The securities sector saw a net inflow of 358 million in institutional funds, while retail investors experienced a net outflow of 618 million [2] - Major stocks with significant capital inflows included: - Dongfang Fortune (300059) with a net inflow of 325 million [3] - Haotou Co., Ltd. (600864) with a net inflow of 16.6 million [3] - CITIC Securities (600030) with a net inflow of 13.8 million [3] Summary of Trading Data - The trading data for various securities showed mixed results, with some stocks experiencing gains while others faced declines [2][3] - The overall trading environment indicates a cautious sentiment among retail investors, contrasting with institutional buying activity [2][3]

Group 1 - The stock of Tu Bao fell by 5.01%, trading at 12.32 CNY per share, with a total market capitalization of 10.223 billion CNY as of the report date [1] - Tu Bao is primarily engaged in the production and sales of decorative materials, accounting for 77.04% of its main business revenue, followed by cabinet products at 12.15%, brand usage fees at 5.54%, flooring at 3.90%, and other products [1] Group 2 - Zhongyin Securities holds a significant position in Tu Bao, with its fund increasing its holdings by 20,000 shares to a total of 432,000 shares, representing 3.51% of the fund's net value [2] - The Zhongyin Securities Value Select Mixed Fund has achieved a year-to-date return of 27.26% and a one-year return of 17.14%, ranking 3094 out of 8159 and 4239 out of 8030 respectively [2] - The fund manager, Lin Bocheng, has a tenure of 7 years and 226 days, with the best fund return during his tenure being 110.75% [2]

Group 1 - Yifang Biotechnology experienced a decline of 5.09% on October 23, with a stock price of 26.48 yuan per share, a trading volume of 148 million yuan, a turnover rate of 1.32%, and a total market capitalization of 15.315 billion yuan [1] - The company, established on January 11, 2013, and listed on July 25, 2022, is located in the China (Shanghai) Free Trade Pilot Zone and focuses on the research, production, and sales of innovative drugs, with 100% of its main business revenue coming from technology licensing and cooperation [1] Group 2 - According to data, a fund under Bank of China Securities holds a significant position in Yifang Biotechnology, with the Bank of China Health Industry Mixed Fund (002938) reducing its holdings by 260,000 shares in the second quarter, now holding 450,000 shares, which constitutes 9.35% of the fund's net value, making it the largest holding [2] - The Bank of China Health Industry Mixed Fund (002938) was established on September 7, 2016, with a current size of 158 million yuan, achieving a year-to-date return of 41.74% and a one-year return of 27.97%, ranking 1420 out of 8159 and 2547 out of 8030 in its category, respectively [2]

Group 1 - The core point of the announcement is that the Zhongyin Securities Xinrui 6-Month Holding Mixed Securities Investment Fund has continuously had a net asset value below 50 million yuan for 30 consecutive working days, which may trigger the termination of the fund contract [1] - According to the fund contract, if the number of fund unit holders is less than 200 for 20 consecutive working days or the net asset value is below 50 million yuan for 50 consecutive working days, the fund manager must disclose this in the periodic report and may terminate the fund contract without convening a unit holder meeting [1] - As of October 22, 2025, the fund has met the condition of having a net asset value below 50 million yuan for 30 consecutive working days, prompting this notification [1] Group 2 - If the fund contract is terminated, the fund manager will establish a fund property liquidation team to carry out the liquidation process according to relevant laws and regulations and the fund contract [1] - Once the fund enters the liquidation process, it will no longer process subscription or redemption transactions, highlighting the need for investors to be aware of liquidity risks and to make appropriate investment arrangements [1]

Core Viewpoint - Western Superconducting Technologies Co., Ltd. has shown a significant increase in stock price, indicating positive market sentiment and potential investment interest [1] Group 1: Company Overview - Western Superconducting Technologies Co., Ltd. is located in Xi'an Economic and Technological Development Zone, established on February 28, 2003, and listed on July 22, 2019 [1] - The company specializes in the research, production, and sales of high-end titanium alloy materials, superconducting products, and high-performance high-temperature alloy materials [1] - The revenue composition of the company is as follows: high-end titanium alloy materials 57.59%, superconducting products 29.34%, high-performance high-temperature alloy materials 9.01%, and others 4.07% [1] Group 2: Fund Holdings - A fund under Bank of China Securities holds a significant position in Western Superconducting, specifically the Bank of China Securities CSI 500 ETF Linked A (008258), which held 200 shares in the second quarter, accounting for 0.01% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 722 yuan today [2] - The fund was established on May 14, 2020, with a latest scale of 64.8198 million yuan and has achieved a year-to-date return of 24.19%, ranking 2145 out of 4218 in its category [2] Group 3: Fund Manager Performance - The fund managers, Liu Xianzheng and Zhang Yimin, have tenures of 7 years and 5 years respectively, with the fund's total asset size at 287 million yuan [3] - Liu Xianzheng has achieved a best fund return of 118.04% and a worst return of -34.66% during his tenure [3] - Zhang Yimin has achieved a best fund return of 20.06% and a worst return of -40.75% during his tenure [3]

Core Viewpoint - Baipusais Biotechnology Co., Ltd. has shown a significant stock price increase of 5.03%, reaching 61.21 CNY per share, with a total market capitalization of 10.274 billion CNY as of October 21 [1] Company Overview - Baipusais Biotechnology Co., Ltd. was established on July 22, 2010, and went public on October 18, 2021. The company is located in Beijing Economic and Technological Development Zone [1] - The main business involves providing key biological reagent products and technical services, with revenue composition as follows: 82.27% from recombinant proteins, 12.88% from antibodies and other reagents, 3.04% from technical services, and 1.80% from other sources [1] Fund Holdings - According to data, a fund under Bank of China Securities holds a significant position in Baipusais, with 99,000 shares, accounting for 4.48% of the fund's net value, making it the seventh-largest holding [2] - The fund, named Bank of China Securities Health Industry Mixed Fund (002938), has a total scale of 158 million CNY and has achieved a year-to-date return of 42.47%, ranking 1188 out of 8162 in its category [2] Fund Manager Information - The fund manager of Bank of China Securities Health Industry Mixed Fund is Li Mingwei, who has been in the position for 2 years and 243 days. The fund's total asset size is 158 million CNY [3] - During Li Mingwei's tenure, the best fund return was -4.25%, and the worst was also -4.25% [3]