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 ...

10月10日，亿纬锂能跌5.31%，截至发稿，报85.48元/股，成交32.04亿元，换手率2.04%，总市值 1748.68亿元。 资料显示，惠州亿纬锂能股份有限公司位于广东省惠州市仲恺高新区惠风七路38号,香港铜锣湾希慎道 33号利园1期19楼1910室，成立日期2001年12月24日，上市日期2009年10月30日，公司主营业务涉及消 费电池(包括锂原电池、小型锂离子电池、三元圆柱电池)和动力电池(包括新能源汽车电池及其电池系 统、储能电池)的研发、生产和销售。主营业务收入构成为：动力电池45.26%，储能电池36.56%，消费 电池18.03%，其他0.16%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓亿纬锂能。中银证券创业板ETF（159821）二季度减持2200股， 持有股数8265股，占基金净值比例为1.66%，位居第十大重仓股。根据测算，今日浮亏损失约3.96万 元。 中银证券创业板ETF（159821）成立日期2020年9月29日，最新规模2284.25万。今年以来收益52.91%， 同类排名785/4220；近一年收益43.4%，同类排名1137/3852；成立以来收益22 ...

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]

10月9日，中控技术涨5.1%，截至发稿，报57.89元/股，成交14.99亿元，换手率3.40%，总市值458.02亿 元。 中银证券中证500ETF联接A（008258）成立日期2020年5月14日，最新规模6481.98万。今年以来收益 27.96%，同类排名2141/4221；近一年收益28.14%，同类排名1877/3848；成立以来收益47.08%。 资料显示，中控技术股份有限公司位于浙江省杭州市滨江区六和路309号，成立日期1999年12月7日，上 市日期2020年11月24日，公司主营业务涉及面向流程工业为主的工业企业提供以自动化控制系统为核 心,涵盖工业软件、自动化仪表及运维服务的智能制造产品及解决方案,赋能用户提升自动化、数字化、 智能化水平,实现工业生产自动化控制和智能化管理。主营业务收入构成为：工业自动化及智能制造解 决方案58.43%，仪器仪表17.66%，S2B业务10.80%，工业软件7.62%，运维服务4.43%，其他(补 充)1.06%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓中控技术。中银证券中证500ETF联接A（008258）二季度持有股 数200股， ...

10月9日，百普赛斯涨5.07%，截至发稿，报62.58元/股，成交1.05亿元，换手率1.36%，总市值105.04亿 元。 中银证券健康产业混合（002938）基金经理为李明蔚。 截至发稿，李明蔚累计任职时间2年231天，现任基金资产总规模1.58亿元，任职期间最佳基金回报 4.39%， 任职期间最差基金回报4.39%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，北京百普赛斯生物科技股份有限公司位于北京市大兴区北京经济技术开发区宏达北路8号4幢 4层,5幢4层，成立日期2010年7月22日，上市日期2021年10月18日，公司主营业务涉及提供重组蛋白等 关键生物试剂产品及技术服务。主营业务收入构成为：重组蛋白82.27%，抗体及其他试剂12.88%，技 术服务3.04%，其他(补充)1.80%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓百普赛斯。中银证券健康产业混合（002938）二季度持有股数9.9 万股，占基金净 ...