Core Insights - The wealth management industry in China is experiencing high-quality development, with significant progress in internationalization, ecological construction, and digitalization [1] Group 1: Investor Behavior - Individual investors are increasingly embracing intelligent tools, showing a shift towards long-term investment preferences and diversified allocation needs [2] - The number of personal pension accounts has surpassed 200,000, indicating a trend from short-term trading to long-term allocation [2] - Investors are favoring stable assets, risk management tools, and efficient instruments, leading to a more balanced and globalized asset allocation structure [2] Group 2: Challenges and Opportunities - The wealth management sector faces challenges in creating competitive product offerings that meet diverse client needs, particularly in developing rights-based products [3] - There is a need to shift client thinking from transaction-based to allocation-based strategies, emphasizing customer-centric agile services [3] Group 3: Product Configuration - The current market environment necessitates a focus on diversified product configuration, as traditional safe assets yield lower returns [4] - The ETF market has surpassed 5 trillion, offering a variety of products that can balance returns during market downturns [4] - A scientific allocation framework supported by technology is essential for building a comprehensive lifecycle management system [4] Group 4: Industry Transformation - The recent public fund fee reform is expected to shift the industry from a scale-driven model to a value-driven one, enhancing service quality for individual clients [5] - Future growth in wealth management will focus on customer-centric services, transitioning from transaction commissions to advisory fees based on client asset scales [5] Group 5: Service and Product Development - The company is enhancing its service, product, and advisory systems to meet the full lifecycle wealth management needs of various investors [6] - A dual-track approach combining offline and online advisory services is being implemented to improve client engagement and understanding [7] Group 6: Recommendations for Industry Development - The company suggests gradually expanding financial opening-up pilot programs to meet the growing global asset allocation needs of residents [8] - Encouraging innovative practices within the regulatory framework can enhance product design and service models [9] - Establishing a secure and efficient data governance system is crucial for promoting high-quality financial development [9]

中国银河固收认为，随着美联储在9月议息会议上启动降息，探寻后续降息路径变得关键。当前美国经 济正处于劳动力市场持续放缓与通胀持续回升的组合之中，美联储面临着在防范经济过度下滑和抑制潜 在通胀压力之间的权衡。因此，未来降息的节奏与幅度仍存在一定不确定性，因此对未来降息进行多路 径展望，并判断年内美债收益率的可能区间。 就业下行风险爆发情形：若失业率加速攀升并突破4.6%、平均新增非农就业回落至3万人以内，则经济 将面临衰退压力，美联储将转向更激进的宽松政策，美联储年内剩余降息空间50-75BP，对应后续还有 2次降息，单次幅度25-50BP，叠加避险情绪下资金流入美债市场，年内10年期美债收益率可能的区间 为【3.5%-3.8%】。 通胀回升情形：若美联储启动降息后，通胀因结构性与外生冲击而加速上行（核心PCE通胀加速突破 3.1%），而劳动力市场未有明显改善（失业率升至4.5%左右），导致滞胀风险增加。美联储将采取鹰 派降息，年内剩余降息空间0-25BP，对应后续还有至多1次降息，同时点阵图显示2026年不降息（目前 显示降息1次），参考去年降息周期的经验，这将导致10年期美债收益率重回上行通道，年内可能的区 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. ...

Core Viewpoint - Lio Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and China Galaxy International as sponsors [1] Group 1: Business Overview - Lio Co., Ltd. operates with a dual core business model of AI-driven digital marketing and smart pumps and systems, creating unique industrial barriers through complementary advantages [1] - In the smart pumps and systems sector, the company ranks second in China and thirteenth globally, establishing itself as the leading provider in the domestic civil pump export market [1] - The company's products are distributed across over 160 countries and regions [1]

外资重估中国资产。 当地时间9月29日，纳斯达克中国金龙指数涨2.03%，热门中概股集体上涨，哔哩哔哩、阿里巴巴、新东方涨 超4%，理想汽车、京东涨超3%。 全球基金经理正重返中国市场 美东时间9月29日，据彭博社报道，全球基金经理正重返中国市场，这源于在全球范围内领先的股市反弹和中 国高科技产业的进步。 高盛指出，全球对冲基金上个月在中国境内股票市场的活跃度为近年来最高。 Pacific Investment Management Co.表示，投资者现在更担心错失良机，而不是风险。官方数据显示，外资正在 流入中国各类资产，这种同步增长的现象过去十年仅出现过三次。 根据彭博汇编数据，截至9月19日当周，在投资新兴市场的美国上市交易所交易产品中，追踪中国香港和中国 内地股票和债券的产品资金流入规模最大。 摩根士丹利表示，截至8月底，外国多头基金的资金流入规模已达10亿美元，去年则流出170亿美元。 报道称，目前全球基金对中国股市的配置处于"低配"状态，意味着仍有大量空间可以加仓。根据摩根士丹利本 月早些时候发布的报告，全球基金对中国资产的配置仍低配1.3个百分点。 据彭博社最新报道，全球基金经理正重返中国市场。 ...

Group 1 - The company, LEO Group Co., Ltd., has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are Huatai International and China Galaxy International [1]

Investment Rating - The report maintains a "Market Perform" rating for the securities industry relative to the CSI 300 index [2] Core Insights - The securities industry achieved its best half-year operating performance since 2016 in the first half of 2025, with revenue increasing by 23.47% year-on-year and net profit rising by 40.37% [9][15] - The report highlights significant improvements across various business segments, particularly in proprietary trading and brokerage services, driven by a recovery in the equity market and increased market activity [9][21] Summary by Sections 1. Industry Performance - In the first half of 2025, the securities industry generated total revenue of CNY 2,510.36 billion, a year-on-year increase of 23.47%, and net profit of CNY 1,122.80 billion, up 40.37% [15][16] - The performance of listed securities firms showed notable improvement, with 42 firms reporting a combined revenue of CNY 2,518.66 billion, a 30.58% increase year-on-year, and a net profit of CNY 1,040.17 billion, up 65.08% [16][21] - The industry experienced a slight decline in leverage, with an average leverage ratio of 3.29 times, while the weighted average return on equity (ROE) increased to 3.53%, up 0.85 percentage points year-on-year [23][24] 2. Business Segment Analysis - Proprietary trading revenue reached a new high, accounting for 39.9% of total income, while brokerage revenue increased to 28.7% [32][33] - The brokerage business saw a significant year-on-year growth of 47.0%, while proprietary trading revenue grew by 21.3% [33][34] - Investment banking activities showed marginal improvement, with equity financing volumes rebounding significantly and debt financing continuing to expand [9][21] 3. Market Conditions and Future Outlook - The report indicates a favorable policy environment aimed at enhancing the attractiveness and inclusivity of the domestic capital market, which is expected to support continued growth in the securities industry [9][30] - The average price-to-book (P/B) ratio for the brokerage sector is projected to fluctuate between 1.40 and 1.60 in the fourth quarter of 2025, suggesting limited downside potential for the sector [9][30] - The report recommends focusing on leading firms with strong wealth management capabilities and deep engagement in equity investments, particularly those with valuations significantly below the sector average [9][30]

Core Viewpoint - The Hong Kong stock market is experiencing a strong recovery, driven by a surge in IPO activities and international investment interest, with significant contributions from Chinese securities firms [1][4][11]. Group 1: Market Performance - As of August 2025, the total financing amount for new stock issuances reached HKD 134.5 billion, a nearly sixfold increase compared to the same period in 2024, significantly outpacing global IPO financing growth [1]. - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion in the first half of 2025, representing a year-on-year increase of 118% [4]. - The IPO fundraising amount in the first half of 2025 was HKD 109.4 billion, a staggering 716% increase year-on-year, making it the leading capital market globally [4]. Group 2: Performance of Chinese Securities Firms - The international business revenue of 15 A-share listed securities firms reached CNY 20.12 billion in the first half of 2025, a year-on-year increase of 3.35% [7]. - Among these firms, CITIC Securities led the industry with an international business revenue of CNY 6.91 billion, a growth of 13.57% year-on-year [7]. - CICC maintained its position as the top underwriter for Hong Kong IPOs, with a market share of 35% and an underwriting scale of USD 3.9 billion [4]. Group 3: Strategic Developments - Chinese securities firms are increasingly positioning Hong Kong as a strategic high ground for international business, with major firms like CICC and CITIC Securities actively hosting global investor conferences [3][11]. - The Hong Kong market is seen as a critical bridge for Chinese companies to access international capital, with a significant portion of IPOs being driven by domestic firms seeking to expand globally [2][12]. - The Hong Kong government is implementing policies to enhance the financial market environment, including simplifying the licensing process for foreign firms, which is expected to lower entry barriers for smaller securities firms [14]. Group 4: Future Outlook - The ongoing global economic integration and financial reforms in emerging markets are creating favorable conditions for the overseas expansion of Chinese securities firms [19]. - The demand for cross-border services is expected to grow as Chinese companies continue to seek international financing and as global investors look to allocate more capital to Chinese assets [19].

Market Overview - A-shares experienced a significant rise, with the ChiNext Index increasing by 2.75% and the Shanghai Composite Index closing at 3862.53 points, up 0.90% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 146 billion yuan compared to the previous trading day [2] Sector Performance - The brokerage sector, often seen as a "bull market flag bearer," surged by 4.89%, with notable individual stocks like Huatai Securities and GF Securities hitting the daily limit [3][4] - The precious metals sector rose by 4.3%, with spot gold breaking through the $3810 mark, setting a new historical high [7][9] - The solid-state battery index saw a strong increase, with related stocks like EVE Energy rising by 8.3% [10][11] Individual Stock Highlights - Key brokerage stocks such as GF Securities and Huatai Securities saw gains of over 10% [4] - In the precious metals sector, Shengda Resources hit the daily limit, while other stocks like Zhaojin Mining and Xiaocheng Technology rose over 6% [8] - In the solid-state battery sector, Tian Nai Technology surged by 14.36%, and several other stocks achieved significant gains [12] Economic Indicators - The People's Bank of China emphasized the importance of maintaining capital market stability during its recent monetary policy meeting [5] - The fiscal revenue from securities transaction stamp duty reached 118.7 billion yuan, a year-on-year increase of 81.7% [5]