Market Performance - On November 13, the securities sector rose by 1.03%, with Dongxing Securities leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Dongxing Securities (601198) closed at 13.12, up 4.13% with a trading volume of 729,200 shares and a turnover of 938 million [1] - Huaxi Securities (002926) closed at 66.6, up 2.67% with a trading volume of 485,400 shares [1] - Zhongyin Securities (601696) closed at 13.86, up 2.67% with a trading volume of 549,300 shares [1] - Huatai Securities (601688) closed at 22.84, up 2.42% with a trading volume of 1,895,800 shares [1] - Other notable stocks include Guangfa Securities (000776) and Dongfang Fortune (300059), which also saw increases in their closing prices [1] Capital Flow Analysis - The securities sector experienced a net inflow of 328 million from institutional investors, while retail investors saw a net outflow of 124 million [1] - Dongfang Fortune (300059) had a significant net inflow of 460 million from institutional investors, despite a net outflow of 309 million from retail investors [2] - Dongxing Securities (601198) saw a net inflow of 126 million from institutional investors, with retail investors showing a net outflow of 14.89% [2]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry, particularly focusing on equity wealth management [1]. Core Insights - The equity market in China is experiencing a recovery, with significant growth in the issuance of equity mutual funds, indicating a robust development in equity wealth management [4][9]. - The demand for wealth preservation and appreciation among residents is strong, suggesting a shift in asset allocation towards equities, which presents substantial potential for the equity wealth management market [25][30]. - Securities firms are positioned as key players in equity wealth management, benefiting from the sector's growth due to their inherent advantages in market investment capabilities, asset acquisition, research capabilities, and customer base [30][34]. Summary by Sections 1. Equity Market Recovery - As of September 2025, the total market capitalization of the Chinese stock market reached 105 trillion yuan, accounting for 78% of GDP, marking a high since 2022 [9]. - The average monthly new account openings reached 2.9 million from October 2024 to September 2025, a 48% increase from 2023 [9]. - Daily average trading volumes for stock funds hit historical highs, with a peak of 3.6 trillion yuan [9][18]. 2. Future of Equity Wealth Management - The report emphasizes the strong potential for equity wealth management, driven by structural upgrades in the economy, declining interest rates, and supportive policies [25][30]. - The shift in asset allocation from real estate to equities is anticipated, with a growing focus on equity wealth management services [25][30]. 3. Securities Firms' Role - Securities firms are transitioning from traditional brokerage services to wealth management, with a significant reduction in brokerage income share from 70.5% in 2008 to 27% in 2025 [31][32]. - The firms are enhancing their product offerings and investment advisory services, with 29 firms approved for fund advisory business trials [30][35]. - The market share of securities firms in mutual fund distribution has increased from 6% in 2017 to 11% in 2023, with a notable advantage in ETF sales [41][47].

Core Viewpoint - Major brokerage firms are optimistic about the securities industry in 2026, anticipating a "Davis Double Play" due to recovering market conditions and improving fundamentals, while current valuations remain at historical lows [1] Group 1: Performance Growth - The A-share market's upward trend has significantly boosted brokerage firms' performance, with a total margin balance nearing 2.4 trillion yuan and a record high trading volume of 301.56 trillion yuan in the first three quarters of 2025 [2] - Listed brokerages achieved a net profit of 169.4 billion yuan in the first three quarters of 2025, marking a 63% year-on-year increase, with the third quarter alone reaching a record 72.5 billion yuan [2] - Core business segments such as brokerage, investment banking, asset management, interest income, and investment returns saw year-on-year growth rates of 74%, 23%, 2%, 56%, and 43% respectively, indicating a broad-based recovery [2] Group 2: Valuation Discrepancy - Despite strong performance, the brokerage sector's stock prices have lagged, with the Wind brokerage index rising only 6.02% year-to-date compared to significant gains in major indices [3] - The industry is expected to see a return on equity (ROE) of approximately 7.2% in 2026, which is above the 70th percentile since 2016, while current valuations are at the 40th percentile, indicating substantial room for future growth [3] - Institutional holdings in the brokerage sector are at a historical low, with the sector accounting for only 0.86% of actively managed fund holdings as of Q3 2025, underweighting the standard allocation by 3.21 percentage points [3] Group 3: Future Growth Drivers - Wealth management, institutional business, and internationalization are identified as the three main growth engines for the brokerage industry moving forward [6] - The wealth management sector is expected to see a clear upward trend, with daily trading volumes in A-shares potentially stabilizing at 2 trillion yuan, and a recovery in financial product distribution [6] - The investment banking market is recovering, and the international business is benefiting from improved liquidity in the Hong Kong market, with major brokerages increasing their overseas revenue contributions [6] - Mergers and acquisitions, along with the application of AI technology, are anticipated to catalyze further growth in the sector, with policies encouraging consolidation among quality brokerages [6]

Core Insights - Hong Kong's IPO fundraising has surpassed $30 billion this year, nearly doubling from last year's $10 billion and significantly up from less than $6 billion two years ago, indicating a robust market environment [1] - The presence of international long-term investors and sovereign funds has increased, with cornerstone investments totaling approximately $12 billion this year, of which foreign capital accounts for 42% [1] - The "A+H" listing theme has emerged as a significant trend, with 17 out of 85 IPO projects being A+H, contributing over $18 billion, or 60% of the total fundraising in Hong Kong this year [1][2] IPO Market Dynamics - The trend of A-share companies preparing for Hong Kong IPOs is expected to continue, with more high-tech firms like those in semiconductors and robotics anticipated to list [2] - The return of Chinese concept stocks to Hong Kong is likely to provide additional support to the IPO market, helping to mitigate delisting risks for these companies [2] - Recent occurrences of new stocks breaking below their issue price may be attributed to industry positioning, suggesting that not all companies possess scarcity in the Hong Kong market [2] New Mechanisms and Market Performance - The new IPO mechanism introduced in August has revitalized the market, allowing for a fixed public subscription ratio of 10%-60%, which benefits institutional investors and reduces selling pressure [3] - Data shows that since the implementation of the new mechanism, 22 out of 25 new stocks have opted for the new approach, with 21 of them experiencing price increases on their first trading day [3] - The participation rate of the company in new listings has been notable, with 29.1% in the past 24 months, 32.0% in the last 12 months, and 33.8% this year [3]

来源：瑞恩资本RyanbenCapital 01等 香港今年IPO表现亮眼。 中金公司董事总经理、资本市场部执行负责人施琦在周二(11月11日)举行的「媒体工作坊」上表示，今 年IPO融资规模已经突破300亿美元，较之于去年的100亿美元，与前年的不足60亿，无论从规模、主 题、以及参与度都振奋人心。 施琦透露，目前中金公司在手的IPO储备项目已超100家，其中不乏A股头部企业的港股上市计划。 美股公司回港助纾风险 美股中概股回港潮，则为香港IPO市场提供额外支撑。近期许多在美国上市的中概股，回港双重主要上 市，对于中概股本身也具有提振作用，相信可纾缓一部分退市的风险。 施琦又提及，部分中概股在港上市后，带动美股股价造好，相信可以鼓励更多中概股积极考虑来港双重 上市。 不过近期亦有新股破发，施琦认为或是因行业定位，在港股未算具备稀缺性，但最终的股价表现，相信 仍会是对业绩的兑现。 长线外资参与基石投资更活跃 施琦强调，今年国际长线投资者、主权基金都更加活跃，甚至罕见成为基石投资者。其相信IPO强劲的 势头可以在2026年延续。 年内的基石投资总额约为120亿美元，按照区域口径划分，其中外资占比高达42%。 她 ...

Group 1 - The core viewpoint of the report is that the overall valuation of A-shares is relatively reasonable and not overvalued [1] - As of November 4, 2025, the P/E TTM of the CSI 300 is approximately 14.2 times, compared to 25.5 times for the S&P 500, 23.8 times for the Nikkei 225, 19.3 times for the French CAC 40, 17.4 times for the MSCI Asia-Pacific, and 17.2 times for the German DAX, indicating that A-share valuations remain low in an international comparison [1] - The current dividend yield of the CSI 300 is about 2.5%, which is attractive compared to the approximately 1.8% yield of ten-year government bonds [1] - The market capitalization of A-shares relative to China's GDP is about 77%, which is low compared to other major global markets, such as approximately 230% for the U.S. and 180% for Japan [1] - The total market capitalization of A-shares to M2 ratio is approximately 35.6%, close to the historical average of 35.7%, suggesting a "repair" in valuation rather than overvaluation [1] Group 2 - The report indicates that Chinese stock assets face a historical opportunity due to the global monetary system's restructuring, with asset revaluation potentially still in its early stages [2] - The restructuring of the global monetary order may prompt global funds to reallocate in two ways: diversification, where investors seek alternatives to the U.S. dollar, and fragmentation, where previously globally allocated funds return to their respective markets [2] - If policies are appropriately addressed, the international status of the renminbi is expected to improve, and renminbi assets may benefit from the global fund reallocation [2] - The forces of the global monetary order's restructuring and the resulting changes in capital flows may outweigh the fundamental strengths of any single country or market [2]

Core Viewpoint - The A-share market is expected to continue its upward trend into 2026, driven by improving fundamentals and a more balanced market style between growth and value sectors [1][2][4]. Group 1: Market Performance and Outlook - The A-share market has experienced a significant upward trend since September 2024, supported by favorable policies and low valuations [2]. - Analysts predict that the overall profit growth for A-shares in 2026 could be around 4.7%, with non-financial profit growth expected to rise to approximately 8.2% [2][3]. - The market is currently in a high-level consolidation phase, with the Shanghai Composite Index fluctuating around the 4000-point mark [1]. Group 2: Sector and Style Analysis - The market is anticipated to see a rebalancing of styles in 2026, with both growth and value sectors presenting opportunities [4][5]. - High-growth sectors such as AI and semiconductors are expected to validate their performance, while advanced manufacturing sectors may begin to rebound [3][5]. - The current macroeconomic environment and innovation trends are still favorable for growth styles, but a more balanced approach is expected as cyclical industries approach supply-demand equilibrium [4][5]. Group 3: Investment Themes and Strategies - Key investment themes for 2026 include technology growth, overseas expansion, and cyclical recovery, with specific focus on AI applications, robotics, and renewable energy [6][7]. - Analysts suggest that investors should also pay attention to policy cycles, real estate cycles, and capital market reforms as potential investment clues [7]. - The sectors of interest include consumer electronics, automotive, innovative pharmaceuticals, and various cyclical industries like chemicals and aquaculture [6][7].

Group 1: Market Opening and Investment Opportunities - The Shanghai Stock Exchange (SSE) is committed to creating a more open and inclusive market ecosystem, expanding cross-border investment opportunities for global investors [1][2] - The China Securities Regulatory Commission (CSRC) emphasizes the steady expansion of high-level institutional opening in the capital market, aiming to create a favorable investment environment for international investors [1][3] - Global asset management firms express increasing confidence in the long-term value of investing in China, driven by a stable macroeconomic environment and ongoing policy optimization [1][2] Group 2: Capital Market Reforms - The "15th Five-Year Plan" suggests a steady expansion of institutional opening, providing guidance for capital market cooperation [2] - The CSRC plans to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and adaptability of capital market systems [2][4] - The SSE aims to optimize key systems related to issuance, refinancing, and mergers and acquisitions to guide capital towards advanced technologies and future industries [4] Group 3: Mergers and Acquisitions (M&A) Trends - The A-share market has entered a new active cycle for mergers and acquisitions, with over 1,000 disclosed transactions since the release of new M&A reform opinions [5] - M&A activities reflect profound changes in China's economic development dynamics, with emerging industries accelerating their layout through acquisitions [5][6] - International investors are presented with new opportunities in the M&A market, particularly in technology and advanced manufacturing sectors [6][7] Group 4: Long-term Capital Investment Strategies - Long-term capital is increasingly being allocated to equity assets, with a focus on high-dividend assets in a low-interest-rate environment [9][10] - The importance of maintaining a long-term investment perspective is emphasized, particularly in the context of high volatility in technology stocks [9][10] - The need for a systematic approach to enhance the integration of long-term capital into the market is highlighted, including improving the stability of dividend mechanisms among listed companies [10][11] Group 5: Future Outlook - Experts predict that China's stock market is attractive for long-term investors, driven by manufacturing, innovation, and talent [11] - The capital market is expected to enter a golden development period amid ongoing reforms and innovations [11] - Current conditions present a significant opportunity for strategic investments in China's high-quality development [11]

Core Points - Shanghai Rendu Biotechnology Co., Ltd. announced a change in its continuous supervision sponsor representative due to the work relocation of the original representative [2] - China International Capital Corporation (CICC) is the sponsor for the company's initial public offering (IPO) and listing on the Sci-Tech Innovation Board, with the continuous supervision period lasting until December 31, 2025 [2] - Yang Wei has been appointed as the new sponsor representative to ensure the orderly continuation of supervision work [2]

Core Viewpoint - China International Capital Corporation (CICC) announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size of up to RMB 3 billion, including RMB 3 billion [1] Group 1 - The first phase of the bond issuance has a final coupon rate set at 2.23% based on the results of the offline investor inquiry [1]