Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints of the Report - Asset price recovery and systematic inflation restoration are conditions for the continuous rise of long - term yields. In the scenario of the A - share market transitioning to a "slow - bull" and no significant increase in housing prices, China's long - term yields may stabilize [2]. - On October 10, Trump issued a new tariff threat with an intended effective date of November 1. If China and the US can manage their differences quickly, the impact on the international financial market may be limited. The US economic slowdown signals are more obvious, and the impact of new tariffs on US Treasury bonds may be less than that of the so - called "reciprocal tariffs" [2]. - The outcome of the US government "shutdown" affects US Treasury bonds. If Democrats in Congress compromise, it is positive for US Treasury bonds; otherwise, it is negative. The US economic growth highly depends on information technology investment, and stock market volatility may cause economic stagnation. The US debt market also faces the uncertainty of the US Supreme Court's ruling on tariff policies [2]. Summary by Relevant Catalogs High - Frequency Data Scanning - **Bond Yields and Asset Prices**: Low interest rates are usually due to low financing demand. Low interest rates and low asset valuations are interrelated. In Japan, when major inflation indicators fluctuated around 0, short - term interest rates bottomed out. Long - term yields are closely related to asset prices. After short - term rates bottomed out in the 1990s, long - term yields continued to decline during the housing price downturn. Only recently, with the joint increase in housing and stock prices, have Japanese long - term interest rates risen. In the scenario of A - shares transitioning to a "slow - bull" and no significant increase in housing prices, China's long - term yields may stabilize [2][11][12]. - **US Tariff Threat**: On October 10, Trump issued a tariff threat scheduled to take effect on November 1. If differences are managed quickly, the impact on the international financial market may be limited. The US economic slowdown signals are more obvious, and new tariffs may have less impact on US Treasury bonds. The outcome of the government "shutdown" affects US Treasury bonds. US economic growth depends on information technology investment, and stock market volatility may lead to economic stagnation. The US debt market faces uncertainty from the US Supreme Court's tariff policy ruling [2][13][17]. - **Production Data**: In the week of October 10, 2025, the average wholesale price of pork decreased by 2.66% week - on - week and 25.02% year - on - year; the Shandong vegetable wholesale price index increased by 2.54% week - on - week and decreased by 23.38% year - on - year. The edible agricultural product price index increased by 0.60% week - on - week on September 26. The production data price index remained flat week - on - week on September 26 [2][21]. High - Frequency Data and Important Macroeconomic Indicators Trend Comparison - The report provides multiple charts showing the relationships between high - frequency data and important macroeconomic indicators, such as the relationship between the RJ/CRB price index year - on - year and export amount year - on - year, and the relationship between the production data price index year - on - year and PPI industrial year - on - year [26][28]. Important High - Frequency Indicators in the US and Europe - The report presents charts on US weekly economic indicators and actual economic growth rates, initial jobless claims and unemployment rates, same - store sales growth rates and PCE year - on - year, etc., as well as the implied prospects of the US Federal Reserve and the European Central Bank for interest rate hikes or cuts [99][101][108]. Seasonal Trends of High - Frequency Data - The report shows the seasonal trends of high - frequency data through charts, including the seasonal trends of indicators such as the average daily production of crude steel (decadal) and the production data price index [110]. High - Frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen - The report provides charts on the year - on - year changes in subway passenger volumes in Beijing, Shanghai, Guangzhou, and Shenzhen [166][167][173].

Core Points - Dongcai Fund Management Co., Ltd. is participating in a fee discount activity for fund subscription and purchase through BOC International Securities Co., Ltd. to better meet investors' financial needs [1][3]. Group 1: Applicable Time - The fee discount period will be based on the announcement made by BOC International Securities [1]. Group 2: Applicable Fund Range - The fee discount activity will apply to fund products sold by Dongcai Fund Management through BOC International Securities starting from the date the fund is available for sale [2]. Group 3: Fee Discount Plan - During the fee discount period, there will be no limit on the discount rate for subscription and purchase fees, with specific rates to be announced by BOC International Securities [3]. Group 4: Applicable Investors - The fee discount is available to investors who subscribe or purchase the aforementioned funds through BOC International Securities [4]. Group 5: Important Notes - Detailed information about the funds and original fee rates can be found in the relevant legal documents and announcements from the company [5]. - Any changes to the fee discount plan and applicable time will be based on the latest announcements from BOC International Securities [5][6]. Group 6: Contact Information - Investors can consult details through Dongcai Fund Management Co., Ltd. or BOC International Securities via their respective customer service numbers and websites [7].

Macroeconomic Overview - The macroeconomic focus is on the implementation of domestic growth stabilization policies, with a one-month outlook remaining unchanged[5] - The manufacturing PMI for September is reported at 49.8%, indicating a slight increase of 0.4 percentage points, while the non-manufacturing PMI is at 50.0%, down by 0.3 percentage points[19] - During the National Day holiday, daily sales revenue in consumption-related industries increased by 4.5% year-on-year, with goods and service consumption growing by 3.9% and 7.6% respectively[19] Asset Performance - The CSI 300 index fell by 0.51% this week, while the CSI 300 stock index futures rose by 1.49%[3] - Coal futures increased by 2.42%, while iron ore futures decreased by 0.38%[3] - The expected yield for bank wealth management products is at 1.85%, and the 7-day annualized yield for Yu'ebao dropped by 4 basis points to 1.05%[3] Asset Allocation Recommendations - The recommended asset allocation order is: Stocks > Commodities > Bonds > Currency[7] - Stocks are overweight due to the focus on the implementation of "incremental" policies[5] - Bonds and currency are underweight, with yields expected to fluctuate around 2%[5] Market Trends - The ten-year government bond yield decreased by 2 basis points to 1.85%, while active ten-year government bond futures rose by 0.26%[3] - The overall performance of A-shares shows a divergence, with small-cap stocks outperforming large-cap stocks this week[13] - The VIX index increased to 21.66, indicating heightened market volatility[17]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [3][8]. Core Views - The securities sector is expected to see a recovery in performance due to active market trading in the third quarter, with valuations currently at reasonable levels, indicating potential for valuation recovery [8][28]. - The average daily stock trading volume in the two markets reached 25,869 billion yuan, a significant increase of 19% week-on-week, reflecting a strong recovery in trading activity post-holiday [6][15]. - In September, the equity financing scale reached 43.7 billion yuan, a year-on-year increase of 109%, indicating robust activity in the investment banking sector [7][20]. Summary by Sections Market Review - The report notes that during the first week after the holiday, the securities sector performed actively, with the broker index rising by 0.5%, outperforming the CSI 300 index by 1 percentage point [5][10]. - The broker index's price-to-book ratio stands at 1.48x, maintaining a level consistent with the previous week and within the 48th percentile of the past decade [5][10]. Industry Weekly Data - **Brokerage Business**: The average daily stock trading volume in September was 23,927 billion yuan, reflecting a month-on-month growth of 5% and a year-on-year increase of 154% [6][15]. - **Investment Banking**: In September, 28 companies engaged in equity financing, with a total financing scale of 437 billion yuan, marking a year-on-year increase of 109% [7][20]. - **Capital Intermediation**: As of October 10, the margin trading balance reached 24,456 billion yuan, a 2.1% increase from the previous period, continuing to set new highs for the year [7][23]. Investment Recommendations - The report suggests focusing on internet brokers with strong beta attributes, such as Zhina Compass, and recommends attention to Jiufang Zhitu Holdings in the Hong Kong market due to their strong performance certainty amid active trading [8][28].

Group 1 - The core point of the news is that 深信服 experienced a decline of 5.05% in its stock price, reaching 118.71 yuan per share, with a trading volume of 581 million yuan and a turnover rate of 1.73%, resulting in a total market capitalization of 50.082 billion yuan [1] - 深信服科技股份有限公司 is located in Shenzhen, Guangdong Province, and was established on December 25, 2000, with its listing date on May 16, 2018. The company's main business involves information security [1] - The revenue composition of 深信服 includes: 47.68% from network security, 46.36% from cloud computing and IT infrastructure, and 5.96% from basic networking and IoT [1] Group 2 - 中银证券 has one fund heavily invested in 深信服, specifically the 中银证券中证500ETF联接A (008258), which held 100 shares in the second quarter, accounting for 0.01% of the fund's net value, ranking as the seventh largest holding [2] - The 中银证券中证500ETF联接A (008258) was established on May 14, 2020, with a latest scale of 64.8198 million yuan. Year-to-date, it has achieved a return of 30.02%, ranking 2087 out of 4220 in its category [2] - The fund managers, 刘先政 and 张艺敏, have tenures of 7 years and 5 years respectively, with 刘先政's best fund return being 118.04% and 张艺敏's best return being 23.99% during their respective tenures [2]

10月10日，立讯精密跌5.15%，截至发稿，报61.94元/股，成交76.13亿元，换手率1.66%，总市值 4510.35亿元。 资料显示，立讯精密工业股份有限公司位于广东省东莞市清溪镇北环路313号,中国香港铜锣湾希慎道33 号利园1期19楼1901室，成立日期2004年5月24日，上市日期2010年9月15日，公司主营业务涉及公司专 注于连接器的研发、生产和销售,产品主要应用于3C(电脑、通讯、消费电子)、汽车和通讯设备等领 域。主营业务收入构成为：消费性电子78.55%，通讯互联产品及精密组件8.91%，汽车互联产品及精密 组件6.95%，电脑互联产品及精密组件3.93%，其他连接器及其他业务1.65%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓立讯精密。中银证券鑫瑞6个月持有A（010170）二季度减持1000 股，持有股数7000股，占基金净值比例为0.53%，位居第四大重仓股。根据测算，今日浮亏损失约2.35 万元。 中银证券鑫瑞6个月持有A（010170）成立日期2020年11月11日，最新规模3117.41万。今年以来收益 3.01%，同类排名7402/8166；近一年收益 ...

Core Viewpoint - EVE Energy Co., Ltd. experienced a decline of 5.31% in stock price, closing at 85.48 CNY per share, with a trading volume of 3.204 billion CNY and a turnover rate of 2.04%, resulting in a total market capitalization of 174.868 billion CNY [1] Group 1: Company Overview - EVE Energy Co., Ltd. is located in Huizhou, Guangdong Province, and was established on December 24, 2001, with its listing date on October 30, 2009 [1] - The company specializes in the research, production, and sales of consumer batteries (including lithium primary batteries, small lithium-ion batteries, and ternary cylindrical batteries) and power batteries (including electric vehicle batteries and energy storage batteries) [1] - The revenue composition of the company is as follows: power batteries account for 45.26%, energy storage batteries 36.56%, consumer batteries 18.03%, and others 0.16% [1] Group 2: Fund Holdings - According to data, one fund under Bank of China Securities holds a significant position in EVE Energy, specifically the Bank of China Securities ChiNext ETF (159821), which reduced its holdings by 2,200 shares in the second quarter, now holding 8,265 shares, representing 1.66% of the fund's net value [2] - The current estimated floating loss for the fund is approximately 39,600 CNY [2] - The Bank of China Securities ChiNext ETF was established on September 29, 2020, with a latest scale of 22.8425 million CNY, achieving a year-to-date return of 52.91% and a one-year return of 43.4% [2]

Core Insights - The brokerage industry is enhancing its professional capabilities to support national strategies and promote the integration of technology innovation and capital, leading to an expansion of direct financing channels for enterprises [1] Industry Competition Restructuring - In the first three quarters, the total amount of A-share equity underwriting by brokerages reached 854.04 billion, a year-on-year increase of 414.42%, primarily driven by a significant rise in funds raised through private placements, which amounted to 732.26 billion [2] - The top five brokerages accounted for 71% of the market share in equity underwriting, with CITIC Securities leading at 186.44 billion, followed by Bank of China Securities at 131.52 billion, and Guotai Junan at 130.12 billion [2] - The IPO underwriting business showed steady growth, with a total of 75.97 billion, up 66.67% year-on-year, led by CICC at 12.54 billion [2] Financial Support for Emerging Industries - Brokerages are increasing financial support for strategic emerging industries, providing differentiated financing services [3] - In the Sci-Tech Innovation Board IPO underwriting, Guotai Junan led with 2.64 billion, while CITIC Securities and Zhongtai Securities followed [3] - The total scale of private placement projects reached 732.26 billion, a year-on-year increase of 670.69%, with CITIC Securities leading at 171.10 billion [3] Growth Prospects for Investment Banking - The investment banking business of brokerages has shown signs of stabilization, with net income growing by 18% year-on-year in the first half of the year, laying a foundation for annual growth [4] - Analysts believe that the investment banking business is likely to maintain resilience, with competition shifting from scale expansion to quality comparison [4] Future Strategies of Brokerages - Different brokerages have varying strategies for future development, with CITIC Securities focusing on national strategic areas and technology innovation [5] - Guosen Securities aims to strengthen business expansion and transformation, while Shenwan Hongyuan is shifting from a project-centered model to a client-centered approach [5]

Core Insights - The "Second Sina Finance Golden Unicorn Best Investment Advisor Selection" is currently underway, aiming to identify outstanding investment advisors and enhance the investment advisory IP construction [1] - The competition includes various categories such as stock simulation trading, ETF simulation trading, public fund simulation allocation, and social service evaluation, with over 10,000 investment advisors participating [1] ETF Simulation Trading Rankings - Liu Lichao from Dongguan Securities achieved the highest monthly return of 34.52% in the ETF simulation trading for September [2] - The second place was secured by She Wenzhi from Xiangcai Securities with a return of 24.66%, followed by Zhou Yang from Guoxin Securities with a return of 22.61% [2] - Other notable performers include Fan Chunqing from Nanjing Securities (19.86%) and Yang Yun from Zhongtai Securities (19.66%) [2][3] Performance Metrics - The top 10 investment advisors in the ETF simulation trading all reported returns above 16%, indicating strong performance in the simulated trading environment [2][3] - The rankings reflect a competitive landscape among investment advisors, showcasing their ability to generate significant returns in a simulated setting [1][2]

Group 1 - The core point of the news is that Haoneng Co., Ltd. experienced a stock price decline of 5.23%, trading at 15.76 CNY per share, with a total market capitalization of 14.496 billion CNY as of the report date [1] - Haoneng Co., Ltd. is primarily engaged in the research, production, and sales of synchronizer components for automotive transmissions, with its main business revenue composition being: synchronizers 48.89%, differentials 21.21%, other components 14.50%, aerospace parts 13.22%, and others 2.19% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Bank of China Securities holds Haoneng shares, specifically the Bank of China Securities Vision Value Mixed A fund, which held 81,200 shares, accounting for 2.21% of the fund's net value, ranking as the seventh largest holding [2] - The Bank of China Securities Vision Value Mixed A fund has a total scale of 52.1754 million CNY and has achieved a year-to-date return of 48.11%, ranking 1448 out of 8238 in its category [2]