1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The fiscal policy in 2026 is expected to maintain an active tone to support stable growth, with a projected fiscal policy combination of a 4% deficit - rate (5.88 trillion yuan deficit), 2 trillion yuan in special treasury bonds, 4.7 trillion yuan in special local bonds, and 2 trillion yuan in replacement bonds, corresponding to 14.6 trillion yuan in net government bond financing [1][11][13]. - The government - sector leverage ratio is expected to rise to 74.6% in 2026, with a slightly slower upward slope compared to 2025 [1][15]. - The net financing of interest - rate bonds in 2026 is expected to be 17.1 trillion yuan, an increase of 0.8 trillion yuan compared to 2025, and the supply rhythm is in line with the front - loaded fiscal policy [2][16]. - After the "last dip" in the bond market, it is advisable to layout for the year - end pre - emptive market. The bond market strategy should flexibly switch between α and β strategies [4]. 3. Summary According to the Table of Contents 3.1 2026 Bond Supply Outlook - Fiscal Policy: The fiscal policy in 2026 is expected to remain active, but with limited room for further increasing the deficit rate. "Quasi - fiscal" tools may still have room for action [1][11]. - Government Bond Net Financing: The net government bond financing in 2026 is expected to be 14.6 trillion yuan, including 7.1 trillion yuan in treasury bonds, 7.5 trillion yuan in local bonds. The government - sector leverage ratio is expected to rise to 74.6%, with a slower growth rate, and the central and local government leverage ratios are expected to rise to 32.1% and 42.5% respectively [1][15][16]. - Interest - Rate Bond Net Financing: The net financing of interest - rate bonds in 2026 is expected to be 17.1 trillion yuan, including 7.1 trillion yuan in treasury bonds, 7.5 trillion yuan in local bonds, and 2.5 trillion yuan in policy - bank bonds. The supply rhythm is front - loaded, and the supply in the fourth quarter may be relatively small [2][16][19]. - Impact of Unused Quotas: If unused quotas are considered, there is still room for an increase in government bond supply in 2026, which may be decided based on economic conditions [3][20]. 3.2 Bond Market Strategy: Layout for the Year - End Pre - emptive Market after the "Last Dip" - Current Situation of 10 - year Treasury Bonds: The 10 - year treasury bonds are currently fluctuating narrowly around 1.8%, which is in the middle of the central bank's attention range. Due to limited expectations of interest - rate cuts this year and the unimplemented fund fee - rate regulations, the bond market lacks a trading theme, and 1.8% has become a short - term neutral psychological point formed by institutional games [4][28]. - Seasonal Pattern: Historically, there has often been a "last dip" in mid - to late November. After the negative factors are exhausted, the bond's allocation value becomes prominent, and institutions such as rural commercial banks usually start building positions, driving down yields [4]. - Strategy Switch: The α - mining strategy for medium - term bonds is nearing its end, and it is advisable to gradually switch back to the β strategy. There may be opportunities for both α and β in ultra - long - term bonds in December [34]. - Interest - Rate Bond Selection: Currently, bonds with α - space can be selected from multiple dimensions such as riding, variety spreads, and term spreads. A dumbbell strategy can be adopted to participate in short - term and ultra - long - term bonds [5][35]. 3.3 Interest - Rate Bond Market Review: The Bond Market Lacks a Trading Theme, and Yields Remain Narrowly Fluctuating - Overall Market: In the third week of November, the 10 - year treasury bond yields fluctuated weakly around 1.8%. The 1 - year treasury bond yield decreased by 0.5BP to 1.4%, the 10 - year treasury bond yield increased by 0.75BP to 1.8125%, and the 30 - year treasury bond yield increased by 1.05BP to 2.1585% [9]. - (1) Funding Situation: The central bank made large - scale net injections through open - market operations (OMO), and the funding situation was balanced but tight [10][52]. - (2) Primary Issuance: The net financing of policy - bank bonds increased, while the net financing of treasury bonds, local bonds, and inter - bank certificates of deposit decreased [52]. - (3) Benchmark Changes: The term spread of treasury bonds widened, while the term spread of China Development Bank bonds narrowed. The short - term treasury bonds performed better than the long - term ones, and the long - term China Development Bank bonds performed better than the short - term ones [50].

Core Viewpoint - The recent board elections at Zhongyin Securities revealed a notable divide in support from minority shareholders, indicating potential dissatisfaction with the company's governance and future direction [1][5][21]. Group 1: Board Elections and Shareholder Support - Two candidates from the "PetroChina system," Liang Gang and Dong Shangbin, were elected as directors with over 99.8% support overall, but received only 90.44% and 89.34% support from minority shareholders, respectively [1][4]. - This marks a significant drop in support compared to previous directors from the same system, who received over 99% support from minority shareholders two years ago [4][5]. - The voting results suggest a growing fatigue among minority shareholders regarding the "shareholder appointment/internal circulation" model and a demand for greater transparency in governance [5][21]. Group 2: Company Performance and Financials - Zhongyin Securities reported a revenue of 24.38 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.95%, and a net profit of 8.54 billion yuan, up 29.28% [13][19]. - The company remains heavily reliant on brokerage services, which generated a net income of 9.78 billion yuan, reflecting an over 80% increase [13][19]. - Despite the growth in brokerage income, the asset management business saw a decline, with net income dropping 7.76% in the first half of the year [13][15]. Group 3: Strategic Moves and Future Outlook - In August 2025, Zhongyin Securities announced a 1.4 billion yuan capital increase for its private equity subsidiary, signaling a strategic shift towards financial technology and wealth management [2][21]. - The management aims to leverage its strong shareholder background to create a comprehensive financial ecosystem, integrating commercial banking, investment banking, and wealth management [21][23]. - The company faces challenges in improving its industry ranking, having dropped to 37th in revenue and 35th in net profit among A-share listed brokers as of 2025 [19][21].

Core Viewpoint - The A-share market experienced a significant decline on November 21, with over 5,000 stocks falling, leading to a 2.45% drop in the Shanghai Composite Index, which fell below 3,900 points, and a 4.02% drop in the ChiNext Index [1] Group 1: Market Performance - The securities sector followed the market trend, with the leading securities ETF (560090) dropping 3.45%, reflecting a bearish sentiment with two consecutive days of decline [1] - Despite the overall market downturn, the securities ETF (560090) attracted over 100 million yuan in capital inflow over the past five days, indicating active buying interest [1] Group 2: Securities Sector Analysis - Nearly all component stocks of the securities ETF (560090) experienced declines, with notable drops including over 5% for Industrial Securities and over 4% for Huatai Securities and GF Securities [3] - The securities sector has seen a slight decline of 0.79% year-to-date, but the net profit growth for the first three quarters reached 62%, highlighting its high growth potential despite current low valuations [5] Group 3: M&A Activity and Future Outlook - The recent merger activity, particularly the absorption of Dongxing Securities and Xinda Securities by China International Capital Corporation (CICC), is expected to reignite investor interest in securities stocks [6][7] - Analysts are optimistic about the long-term growth potential and valuation recovery of the securities sector, driven by active market trading and a stable capital market environment [7][8]

Core Viewpoint - The number of penalties in the securities industry has increased recently, but the total for the year remains significantly lower than the previous year, with 310 penalties issued so far, representing 61.63% of last year's total [1] Summary by Sections Penalty Statistics - As of November 19, 310 penalties have been issued this year, which is 61.63% of the 503 penalties from the same period last year [1] - In the fourth quarter alone, 37 penalties have been issued, down from 78 in the same period last year [1][4] Types of Violations - The main types of violations in the fourth quarter include: - Employee violations of trading regulations - Breaches of integrity in the workplace - Failures in ongoing supervision - Violations in client solicitation - These categories account for 59.46% of all penalties issued [1][6] Specific Cases - The highest number of penalties was issued to Shanghai Securities, totaling 6, followed by Caixin Securities and Founder Securities with 3 each [5] - Notably, some penalties are linked to "penetrating" regulatory enforcement, where multiple entities within a firm are penalized for the same violation [5] Regulatory Environment - Despite a decrease in total penalties, the regulatory environment remains strict, with a focus on effective enforcement and deterrence against violations [8] - The China Securities Regulatory Commission emphasizes the need for a more resilient and robust market, with improved compliance monitoring and training [9]

Group 1 - Jepter's stock price dropped by 5% on November 21, reaching 133.28 CNY per share, with a trading volume of 124 million CNY and a turnover rate of 0.96%, resulting in a total market capitalization of 12.668 billion CNY [1] - The stock has experienced a continuous decline for three days, with a cumulative drop of 2.79% during this period [1] - Jepter specializes in the research, development, production, and sales of lasers and intelligent equipment for precision testing and micro-processing related to integrated circuits and semiconductor optoelectronic devices, with its main business revenue composition being 53.32% from lasers, 38.19% from laser/optical intelligent equipment, 6.61% from other main businesses, 1.81% from fiber optic devices, and 0.07% from other sources [1] Group 2 - According to data, a fund under Bank of China Securities holds Jepter as one of its top ten heavy stocks, specifically the Bank of China Securities New Energy Mixed A Fund (005571), which held 17,200 shares in the third quarter, accounting for 4.28% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 120,900 CNY, with a floating loss of 69,200 CNY during the three-day decline [2] - The Bank of China Securities New Energy Mixed A Fund was established on August 2, 2018, with a latest scale of 35.507 million CNY, achieving a year-to-date return of 41.13% and ranking 1347 out of 8136 in its category [2]

Core Viewpoint - Lixun Precision experienced a decline of 5.11% on November 21, with a stock price of 52.90 CNY per share and a total market capitalization of 385.22 billion CNY [1] Company Overview - Lixun Precision Industrial Co., Ltd. is located in Dongguan, Guangdong Province, China, and was established on May 24, 2004, with its listing date on September 15, 2010 [1] - The company focuses on the research, production, and sales of connectors, primarily serving the 3C (computer, communication, consumer electronics), automotive, and communication equipment sectors [1] - The revenue composition of the company is as follows: Consumer electronics 78.55%, communication interconnect products and precision components 8.91%, automotive interconnect products and precision components 6.95%, computer interconnect products and precision components 3.93%, and other connectors and businesses 1.65% [1] Fund Holdings - According to data, a fund under Bank of China Securities holds a significant position in Lixun Precision, with a reduction of 1,200 shares in the third quarter, leaving a total of 5,800 shares, which represents 0.78% of the fund's net value [2] - The fund, named Zhongyin Securities Xinrui 6-Month Holding A (010170), was established on November 11, 2020, with a latest scale of 32.9375 million CNY [2] - Year-to-date returns for the fund are 2.86%, ranking 7,275 out of 8,136 in its category, while the one-year return is 3.89%, ranking 6,989 out of 8,056 [2] Fund Manager Profile - The fund manager for Zhongyin Securities Xinrui 6-Month Holding A is Wang Wenhua, who has a cumulative tenure of 11 years and 41 days [3] - The total asset scale of the fund is 5.288 billion CNY, with the best return during Wang's tenure being 28.07% and the worst return being -5.79% [3]

Core Points - The company successfully issued the third phase of short-term financing bonds for the year 2024 on November 19, 2024, amounting to RMB 1 billion with a coupon rate of 1.92% [1] - The maturity period for the bonds is set for one year, with the repayment date scheduled for November 19, 2025, subject to adjustment for holidays [1] - The total principal and interest repayment on the bonds amounted to RMB 1,019,200,000.00 on the due date [1] Summary by Sections - **Issuance Details** - The company issued short-term financing bonds totaling RMB 1 billion with a coupon rate of 1.92% [1] - The bonds have a maturity of one year, with repayment due on November 19, 2025 [1] - **Repayment Information** - The company completed the repayment of the principal and interest totaling RMB 1,019,200,000.00 on November 19, 2025 [1]

Core Points - The company successfully issued its third short-term financing bond for the year 2024, amounting to RMB 1 billion with a coupon rate of 1.92% [1] - The bond has a maturity period of one year, with a repayment date set for November 19, 2025, which will be adjusted for holidays if necessary [1] - The total amount to be repaid on the maturity date, including principal and interest, is RMB 1,019,200,000 [1]

Core Viewpoint - The 2025 China Securities Industry Investment Banking Summit Forum highlighted the transformation strategies of investment banks amid capital market changes, with a focus on the resurgence of Chinese enterprises listing in Hong Kong and the anticipated growth in IPO activities in 2025 [2]. Group 1: Market Trends - Since the second half of 2024, there has been a notable recovery in Chinese enterprises listing in Hong Kong, with a projected increase in IPO issuance in 2025, leading to a financing scale that is expected to rise by over 200% year-on-year [2]. - The average first-day increase for IPO companies is reported at 59.3%, indicating strong market performance [2]. - The hot trend in the Hong Kong stock market is expected to continue until 2026, presenting cross-border business opportunities for Chinese investment banks [2]. Group 2: Strategic Focus - Domestic investment banks are adopting "regional deep cultivation" and "track specialization" as their two core strategies to reshape the competitive landscape [2]. - Changjiang Securities has been exploring iterative deep cultivation models and plans to enhance its role as a "guide" for industries by serving local platform companies and forming funds to attract quality enterprises along the industrial chain [2]. Group 3: Forum Discussions - The forum featured two roundtable discussions focusing on investment banking strategic transformation and the integration of technology and finance [3]. - Key executives from various securities firms participated in discussions about navigating cycles and embracing new production capabilities in the context of technology finance [3]. Group 4: Awards - The forum also announced the results of the "2025 China Securities Industry Investment Banking Jun Ding Award," recognizing outstanding contributions in various categories, including underwriting and sponsorship [5][6][7][8][10][11][13][14][21].

证券代码：601696 证券简称：中银证券 公告编号：2025-052 中银国际证券股份有限公司 2024 年度第三期短期融资券兑付完成公告 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。 中银国际证券股份有限公司（以下简称"本公司"）于 2024 年 11 月 19 日 成功发行了中银国际证券股份有限公司 2024 年度第三期短期融资券（以下简称 "本期短期融资券"）。本期短期融资券发行额为人民币 10 亿元，票面利率为 1.92%，短期融资券期限为 1 年，兑付日期为 2025 年 11 月 19 日（若遇节假日顺 延 ） 。 详 见 本 公 司 于 2024 年 11 月 20 日 刊 登 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《中银国际证券股份有限公司 2024 年度第三期短期融资 券发行结果公告》（公告编号：2024-037）。 2025 年 11 月 19 日，本公司兑付了本期短期融资券本息共计人民币 1,019,200,000.00 元。 特此公告。 中银国际证券股份有限公司董 ...