Core Viewpoint - Zhejiang Securities Regulatory Bureau issued a warning letter to Zhejiang Zheshang Securities Asset Management Co., Ltd. due to insufficient due diligence on proposed directors and compliance loopholes in personnel management [1] Group 1: Regulatory Actions - The Zhejiang Securities Regulatory Bureau decided to take administrative regulatory measures by issuing a warning letter to Zheshang Securities [1] - The warning will be recorded in the integrity file of the securities and futures market [1] Group 2: Compliance Issues - From January to July 2025, Zheshang Securities failed to conduct adequate due diligence on proposed directors and did not enforce strict personnel admission standards [1] - There were errors in the regulatory information submitted by Zheshang Securities, indicating compliance vulnerabilities [1]

关于完成法定代表人工商变更登记的公告 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个别及连带责任。 证券代码：601878 证券简称：浙商证券 公告编号：2025-070 浙商证券股份有限公司 2025 年 10 月 24 日，浙商证券股份有限公司（以下简称"公司"）召开 第四届董事会第三十六次会议，审议通过了《关于选举公司董事长的议案》，同 意选举公司董事、总裁、财务负责人（代行）钱文海先生为公司董事长、法定代 表人，并召集和主持公司董事会战略发展与 ESG 委员会会议。具体内容详见公 司于 2025 年 11 月 11 日披露的《浙商证券股份有限公司关于公司董事长任职的 公告》（公告编号：2025-068）。 自 2025 年第三次临时股东会当日起，钱文海先生正式履行公司董事长、法 定代表人、董事会战略发展与 ESG 委员会主席职务，同时兼任公司总裁、代行 财务负责人。 近日，公司完成法定代表人变更登记手续，并取得浙江省市场监督管理局换 发的《营业执照》，现公司法定代表人为钱文海先生。除上述事项外，公司《营 业执照》的其他登记事项 ...

Core Viewpoint - Zhejiang Securities announced the election of Qian Wenhai as the chairman and legal representative of the company, effective from the third extraordinary shareholders' meeting in 2025 [1] Group 1 - The board meeting is scheduled for October 24, 2025, to formally elect Qian Wenhai [1] - Qian Wenhai will also serve as the president and act as the financial responsible person of the company [1] - The company has completed the legal representative change registration and obtained a new business license, with Qian Wenhai now listed as the legal representative [1]

Core Viewpoint - Weiteou is a leading domestic electronic assembly materials company with steady growth in revenue and profit [1] Company Overview - The company's core products include microelectronic soldering materials and supporting auxiliary materials, with significant advantages in solder paste and flux, ranking first and second in national sales respectively [1] - Revenue is projected to grow from 467 million yuan in 2018 to 1.212 billion yuan in 2024, with a 6-year CAGR of approximately 17% [1] - Net profit attributable to the parent company is expected to increase from 41 million yuan to 89 million yuan over the same period, with a 6-year CAGR of about 14% [1] Growth Drivers - The steady growth in revenue and profit is primarily due to the company's continuous deepening of cooperation with high-quality clients and the expansion into new fields and clients [1] - The electronic assembly materials business is anticipated to grow rapidly, transitioning from domestic substitution to global expansion [1] - The company is developing a reliable materials product matrix, with potential rapid growth in new energy and data center fire protection materials [1] Investment Rating - The company is expected to benefit significantly from the domestic substitution of microelectronic soldering materials and is actively exploring new materials to create new growth curves [1] - Considering the company's growth potential and safety margin, it has been given an "Accumulate" rating for the first time [1]

证券研究报告 | 浙商早知道 报告日期：2025 年 11 月 21 日 浙商早知道 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 2025 年 11 月 21 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 市场总览 重要观点 【浙商固收 覃汉/陈婷婷】债券市场专题研究：权益长牛如何重塑转债格局？——20251120 大势：周四上证指数下跌 0.40%，沪深 300 下跌 0.51%，科创 50 下跌 1.24%，中证 1000 下跌 0.63%，创业板指下 跌 1.1%，恒生指数上涨 0.02%。 行业：周四表现最好的行业分别是建筑材料（+1.40%)、综合（+0.87%)、银行（+0.86%)、通信（+0.51%)、房地 产（+0.33%)，表现最差的行业分别是美容护理（-2.39%)、煤炭（-2.10%)、电力设备（-1.96%)、石油石化（-1.52%)、 商贸零售（-1.42%)。 资金：周四沪深总成交额为 17082 亿元，南下资金净流入 159.9 亿港元 ...

钱文海 练强内功 抢抓机遇 党的二十届四中全会为做好"十五五"时期工作指明了前进方向、提供了根本遵循。中央金融工作会议擘 画了"加快建设金融强国"的宏伟蓝图。国有金融机构如何践行好使命担当、把握好发展机遇？钱文海认 为，强化自身建设是重中之重，只有自身高质量发展，才能更好地助力金融强国建设。 钱文海介绍，最近，浙商证券各级党组织全面掀起学习贯彻党的二十届四中全会精神的热潮，通过党委 理论中心组学习会、第一议题、"三会一课"等形式，全面系统深入开展学习，推动全会精神融会贯通、 一体落实。通过深入学习，公司党委对"十五五"发展有了更清晰的认识，对做好金融"五篇大文章"有了 更深刻的理解，对资本市场发展有了更坚定的信心，公司加快改革发展的步伐也更加坚定有力。 思想是行动的先导，理论是实践的指南。中央金融工作会议召开以来，浙商证券聚焦做好金融"五篇大 文章"开展了一系列改革，并出台改革促发展实施方案，聚焦4大业务改革、3大发展驱动和1项支撑保 障，形成了8个方面37项具体措施：在"大投行"改革方面，大力推进承揽综合化、承做平台化、承销前 置化，打通"三投联动"的各个堵点；在"大财富"改革方面，以"研究—投资—顾问"体 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年11月21日 1、 公告基本信息 ■ 注：管理人在每个收益集中支付日起两个交易日内，根据公告分配方案，以现金分红的形式向投资者支 付收益。 2、与收益支付相关的其他信息 ■ 注：（1）本基金收益支付方式暂不包括红利再投，因此不存在收益结转基金份额的情况。 （2）本基金采用摊余成本法估值，并通过计算暂估收益率的方法每日确认各类金融工具的暂估收益。 基金每万份基金暂估净收益和7日年化暂估收益率，与分红日实际每万份基金净收益和7日年化收益率存 在差异，原因是银行存款估值时以成本列示，每日按照约定利率预提收益，直至分红期末按累计收益除 以累计份额确定实际分配的收益率，具体的差异金额以公司官网展示为准。 （3）投资者当日申购的基金份额应当自下一个交易日起享有基金的分配权益；当日赎回的基金份额自 下一个交易日起不享有基金的分配权益。 （4）本基金收益每月集中支付一次。如投资者的累计实际收益为负，则为份额持有人缩减相应的份 额。投资者赎回基金份额时，其累计未支付收益不一并支付，将在月度分红时支付。投资者解约情形 下，管理人将按照当期年化暂估收益率与同 ...

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].

Core Viewpoint - Multiple brokerages are optimistic about China's economy in 2026, expecting it to maintain resilience and enter a phase of high-quality development, with the A-share market continuing its upward trend, although some predict a slowdown in growth [1][3][5]. Economic Outlook - The first three quarters of 2023 showed steady progress in China's economy, with expectations that 2026 will mark the beginning of a new high-quality development phase [3]. - Macro policies are anticipated to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [3]. - External demand is expected to remain resilient, while internal demand will rely on fiscal efforts to boost investment in human capital and consumer supply [3]. A-share Market Trends - Since 2025, the A-share market has been on a volatile upward trajectory, with significant attention on whether this trend will continue into 2026 [5]. - Some institutions believe that the A-share market may reach a peak in spring 2026, with potential triggers for a comprehensive market rally [5]. - The market is expected to experience a critical verification period in 2026, with indices likely to remain volatile but on an upward trend [6]. Sector Focus - The technology, cyclical, and manufacturing sectors are highlighted as key areas of focus for 2026 [8]. - Specific recommendations include monitoring recovery trades in basic chemicals and industrial metals, as well as trends in AI, humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industries [8]. - Resource products may emerge as a new mainline direction following technology, driven by global monetary easing and domestic inventory cycles [9]. Investment Sentiment - The A-share market's current rally is significantly supported by retail investors, with a notable influx of high-risk preference funds [6]. - The upcoming five-year planning period is expected to yield positive market performance, aligning with policy directions [6].

A+H 权益组合业绩评价框架 ——主动量化研究系列 核心观点 本报告中，我们对 A+H 跨市场权益组合业绩评价体系进行了构建，并给出了具体测 算流程。从结果看，可对组合收益来源及能力圈进行较好的评价。 ❑ A+H 组合评价：需解决哪些问题 组合评价体系包括业绩和风险两部分，一般我们需要其满足如下要求：精细化， 全面，灵敏，稳健。在这个过程中，需考虑不同市场结构对行业、风格的影响， 同时也需考虑汇率的波动。 ❑ 跨市场权益组合评价体系 对于 A+H 跨市场组合评价体系，基于现有成熟的风险维度，首先分别搭建两个 市场的模型：包含敞口和收益。对标基准，按市场进行权重分配，纳入汇率收 益。得到单独市场的敞口和收益拆分结果，然后进行汇总。 相关报告 1 《物价回归，决战 2026》 2025.11.18 2 《主线切换：涨价逻辑首选化 工》 2025.11.16 3 《A 股新常态：主线切换，情 绪不减》 2025.11.09 ❑ 收益拆分：汇率、市场、行业、风格、选股 以模拟组合为例，对其进行分析。整体看，组合超配 materials，低配 banks；偏 小市值、高换手、高盈利、动量。港股仓位超额收益为正，A 股为 ...