国联安证券ETF（159848）成立日期2021年2月9日，最新规模1.5亿。今年以来收益7.05%，同类排名 3823/4216；近一年收益7.4%，同类排名3570/3894；成立以来收益23.45%。 国联安证券ETF（159848）基金经理为黄欣、章椹元。 截至发稿，黄欣累计任职时间15年206天，现任基金资产总规模425.87亿元，任职期间最佳基金回报 192.96%， 任职期间最差基金回报-35.8%。 来源：新浪基金∞工作室 11月3日，中金公司跌0.54%，截至发稿，报36.65元/股，成交9.05亿元，换手率0.85%，总市值1769.19 亿元。中金公司股价已经连续3天下跌，区间累计跌幅6.1%。 资料显示，中国国际金融股份有限公司位于北京市建国门外大街1号国贸大厦2座6层、26层、27层及28 层,香港中环港景街1号国际金融中心第1期29楼，成立日期1995年7月31日，上市日期2020年11月2日， 公司主营业务涉及中国国际金融股份有限公司主要从事投资银行、股本销售及交易、固定收益、大宗商 品及货币、财富管理及投资管理业务。该公司通过六大分部运营业务。投资银行分部从事提供投资银行 服务 ...

Group 1: Company Performance - On October 31, CICC's stock price decreased by 1.68%, with a trading volume of 1.338 billion yuan [1] - As of October 31, CICC's total margin trading balance reached 2.893 billion yuan, accounting for 2.68% of its market capitalization, which is above the 90th percentile of the past year [1] - For the first nine months of 2025, CICC reported a net profit of 6.567 billion yuan, representing a year-on-year increase of 129.75% [3] Group 2: Shareholder and Dividend Information - CICC has distributed a total of 4.924 billion yuan in dividends since its A-share listing, with 2.607 billion yuan distributed in the last three years [4] - As of September 30, 2025, the number of CICC shareholders was 118,900, a decrease of 4.10% from the previous period [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 51.425 million shares to 123 million shares [4]

Group 1 - "National Team" funds increased holdings in insurance, resource, consumer, electronics, and communication sectors, with some stocks doubling in price during Q3 [1][8] - Over 800 A-share listed companies had "National Team" funds among their top ten shareholders by the end of Q3, with a total market value exceeding 100 billion yuan for 33 companies [2][5] - Major holdings by "National Team" funds included Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China, with market values of 1.11 trillion yuan, 1.03 trillion yuan, and 1.02 trillion yuan respectively [2][6] Group 2 - "National Team" funds also held significant stakes in companies with market values between 300 billion yuan to 500 billion yuan, including China Life Insurance and China Pacific Insurance [3] - New entries into the top ten shareholders list included nearly 180 companies, with notable holdings in Mindray Medical and Giant Network, each exceeding 1 billion yuan [7] - The overall adjustment by "National Team" funds indicated a shift towards cyclical stocks, with increased investments in financials, resources, and consumer goods [8][9]

Core Insights - "National Team" funds held over 800 A-shares as of the end of Q3, with significant investments in Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China, each exceeding 1 trillion yuan in market value [1][3] - The "National Team" increased holdings in sectors such as insurance, resources, consumer goods, electronics, and telecommunications, with some stocks doubling in price during Q3 [1][8] - The funds exited from the top ten shareholders in sectors like securities, banking, electricity, real estate, and pharmaceuticals [1][8] Holdings Overview - As of the end of Q3, "National Team" funds were among the top ten shareholders in over 800 A-share companies, with 33 companies having a market value exceeding 10 billion yuan [3] - The top three holdings by market value were Agricultural Bank of China (1.11 trillion yuan), Bank of China (1.03 trillion yuan), and Industrial and Commercial Bank of China (1.02 trillion yuan) [3][5] - Other significant holdings included China International Capital Corporation, China Ping An, and New China Life Insurance, each with market values above 60 billion yuan [3][5] Sector Adjustments - In Q3, "National Team" funds entered the top ten shareholders of nearly 180 new listed companies, with notable investments in Mindray Medical, Giant Network, and Unisoc, each exceeding 1 billion yuan in market value [6] - The funds increased their positions in financial stocks such as New China Life Insurance and China Pacific Insurance, as well as resource stocks like Baosteel and China Aluminum [8] - Growth-oriented stocks that saw increased holdings included electronic companies like Pengding Holdings and Sanan Optoelectronics, with some stocks like Deep South Circuit and EVE Energy experiencing price increases around 100% [9]

点评： 总体而言，前三季度公司ROE 提升明显，杠杆倍数、ROA 及净利润率均有提升。前三季度市场利率维 持低位震荡，公司整体负债成本率亦下降明显，明显提升了公司净利润率。公司报告期内ROE 为 5.7%，同比+3.1pct，杜邦拆分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：5.08 倍，同比+0.39倍，环比+0.5 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收入后）为3.5%，同比 +0.9pct。 机构：华创证券 研究员：徐康/刘潇伟 事项： 中金公司发布2025 年三季报。剔除其他业务收入后营业总收入：207 亿元，同比+54.5%。 归母净利润：65.7 亿元，同比+129.8%。 3）公司报告期内净利润率为31.7%，同比+10.4pct。 自营权益类证券及其衍生品/净资本为46.5%，较上期+7.5pct（预警线为80%）。 自营非权益类证券及其衍生品/净资本为344%，较上期-11.2pct（预警线为400%）。 2）信用业务：公司利息收入为61.9 亿元。两融业务规模为622 亿元，环比+168.8亿元。两融市占率为 2.6%，同比+0.22 ...

Core Viewpoint - The report highlights a significant increase in profitability and asset expansion for China International Capital Corporation (CICC) in the first three quarters of 2025, driven by strong performance in brokerage and investment businesses [1][2]. Financial Performance - CICC achieved a net profit attributable to shareholders of 6.57 billion yuan, representing a year-on-year increase of 129.8% [1]. - The company reported total revenue of 20.76 billion yuan, with a growth rate of 54.4%, and revenue excluding other businesses was 20.71 billion yuan, growing at 55.3% [1]. - Total assets and net assets attributable to shareholders reached 764.94 billion yuan and 115.5 billion yuan, respectively, with year-on-year growth of 16.7% and 6.2% [1]. - The operating leverage increased to 5.5x, up by 0.3x year-on-year [1]. Revenue Structure - The revenue structure is balanced, with significant contributions from brokerage and investment businesses [1]. - In the first three quarters of 2025, CICC's revenue from brokerage, investment banking, asset management, net interest, and net investment was 4.52 billion, 2.94 billion, 1.06 billion, -1.02 billion, and 11.43 billion yuan, respectively [1]. - The proportion of revenue from brokerage, investment banking, and asset management in light capital businesses was 22%, 14%, and 5%, showing slight year-on-year changes of +2.7, -1.2, and -1.1 percentage points [1]. - In capital businesses, net investment and net interest accounted for 55% and -5%, with year-on-year changes of +0.1 and +4.0 percentage points [1]. Growth Drivers - The growth in performance is primarily driven by improvements in the market environment and increased client activity, leading to significant revenue growth across all business segments [2]. - Revenue from brokerage, investment banking, asset management, net interest, and net investment grew by 76.3%, 42.6%, 26.6%, 14.5%, and 54.7% year-on-year, respectively [2]. - Brokerage and investment businesses are identified as the key engines for revenue growth [2]. Investment Outlook - Given the overall increase in market trading activity, CICC expects net profit attributable to shareholders to reach 8.5 billion, 9.4 billion, and 10.6 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of 49%, 11%, and 13% [2]. - The corresponding price-to-book ratios are projected to be 0.7, 0.7, and 0.6 times for the respective years [2].

Core Viewpoint - CICC reported strong financial performance for the first three quarters of 2025, with significant increases in both revenue and net profit, driven by robust growth in fee-based and capital-based businesses [1][2]. Financial Performance - For the first three quarters of 2025, CICC achieved revenue of 20.76 billion yuan, up 54.4% year-on-year, and a net profit attributable to shareholders of 6.57 billion yuan, up 129.8% year-on-year [1]. - The weighted average return on equity (ROE) increased by 3.65 percentage points to 6.29% [1]. - The company's leverage, excluding client funds, was 5.31x, an increase of 5.0% year-on-year [1]. Business Segments - Revenue from brokerage, investment banking, asset management, and proprietary trading was 4.52 billion, 2.94 billion, 1.06 billion, and 11.03 billion yuan, respectively, with year-on-year growth rates of 76.3%, 42.6%, 26.6%, and 47.7% [1]. - The average daily trading volume for equity funds was 1.93 trillion yuan, up 109.5% year-on-year, while brokerage revenue increased by 76.3% [2]. Internationalization and Market Position - CICC is actively expanding its international business, maintaining a leading position in cross-border trading and enhancing its market presence in developed Asian markets [2]. - The company ranked first in the execution of H-share full circulation projects and provided market-making services for all 24 RMB dual-counter stocks on the Hong Kong Stock Exchange [2]. Underwriting and Asset Management - CICC led the market in Hong Kong IPO financing with a scale of 31.82 billion HKD, up 56.8% year-on-year, and ranked first in A-share IPO and refinancing scales, with year-on-year increases of 325% and 262%, respectively [3]. - The company's financial asset scale reached 416.3 billion yuan, up 18.0% year-on-year, with an investment return rate of 3.73%, an increase of 0.90 percentage points year-on-year [3]. Future Outlook - The company is expected to maintain a competitive advantage in brokerage, investment banking, asset management, and trading, with projected net profits of 8.68 billion and 9.48 billion yuan for 2025 and 2026, respectively [3].

Core Insights - The "Second Golden Kylin Best Investment Advisor Selection" event is currently ongoing, organized by Sina Finance in collaboration with Yinhua Fund, aiming to identify outstanding investment advisors and enhance their professional development [1][2]. Group 1: Investment Advisor Rankings - The top three investment advisors in the public fund simulation configuration group for October are: 1. Zhou Jianhua from Everbright Securities with a monthly return of 8.14% 2. Bai Jiangbo from CICC Wealth with a monthly return of 5.18% 3. Ling Tonglong from Bank of China Securities with a monthly return of 4.90% [1][2][4]. Group 2: Performance Metrics - The performance of the top 50 investment advisors in the public fund simulation configuration group shows a range of monthly returns, with the top five advisors achieving returns between 4.29% and 8.14% [2][5][6]. - The monthly return of the 50th ranked advisor is 0.67%, indicating a significant performance gap between the top and bottom advisors [6][8].

11月1日，中金公司披露第三届董事会第十一次会议决议公告，正式宣布公司党委副书记、总裁王曙光 当选副董事长。 这意味着，这位刚刚在8月份晋升为公司总裁的"70后"投行老将再度晋升，一跃成为公司副董事长，将 在中金公司的治理上起到更加重要的作用。 王曙光当选副董事长 据悉，中金公司于2025年10月31日以书面方式发出第三届董事会第十一次会议通知，并于2025年10月31 日完成本次会议的书面投票并形成会议决议。 董事会全票同意选举王曙光担任公司副董事长，任期自董事会审议通过之日起，至本届董事会任期结束 之日止。 中金公司还公布了多项董事会决议。其中，董事会同意对公司董事会专门委员会构成作出调整，选举王 曙光担任公司董事会战略与ESG委员会成员、薪酬委员会成员及风险控制委员会成员。 来源：中金公司官微 伴随职务调整，王曙光在中金公司的组织架构中承担了更多角色，也将对中金公司整体的经营、治理起 到更重要的作用。 27年投行"老将" 公开资料显示，王曙光出生于1974年11月，于1996年获得清华大学理学学士学位及经济学学士学位，于 1998年获得清华大学工学硕士学位。 大学毕业之后，王曙光于1998年加入中金公司 ...

Core Viewpoint - Huachuang Securities expresses optimism about China International Capital Corporation (CICC) due to its high leverage and excellent business capabilities, anticipating growth opportunities amid supply-side reforms in the industry [1] Financial Performance - CICC's total revenue for the first three quarters of 2025 reached 20.7 billion yuan, a year-on-year increase of 54.5%, while net profit attributable to shareholders was 6.57 billion yuan, up 129.8% year-on-year [2] - The company's return on equity (ROE) improved significantly, with a reported ROE of 5.7%, an increase of 3.1 percentage points year-on-year [2] - The financial leverage ratio at the end of the reporting period was 5.08 times, an increase of 0.39 times year-on-year and 0.5 times quarter-on-quarter [2][3] - The net profit margin for the reporting period was 31.7%, up 10.4 percentage points year-on-year [3] Asset and Liability Management - CICC's total assets, excluding client funds, amounted to 587.3 billion yuan, an increase of 76.43 billion yuan year-on-year, with net assets of 115.5 billion yuan, up 6.69 billion yuan year-on-year [3] - The company's interest-bearing liabilities totaled 312 billion yuan, an increase of 25.51 billion yuan quarter-on-quarter [3] Business Segments - Proprietary business income totaled 10.97 billion yuan, with a quarterly proprietary yield of 1.2%, showing a slight decrease of 0.1 percentage points quarter-on-quarter but an increase of 0.1 percentage points year-on-year [3] - Interest income from credit business was 6.19 billion yuan, with a margin trading scale of 62.2 billion yuan, up 168.8 billion yuan quarter-on-quarter [4] - Brokerage business revenue was 4.52 billion yuan, with a quarterly revenue of 1.86 billion yuan, reflecting a quarter-on-quarter increase of 37.6% and a year-on-year increase of 135.5% [4] - Investment banking revenue was 2.94 billion yuan, with a quarterly revenue of 1.27 billion yuan, showing slight growth from the previous quarter and a year-on-year increase of 4.9 billion yuan [4] Regulatory Metrics - CICC's risk coverage ratio stood at 196%, well above the warning line of 120%, with risk capital reserves of 23.5 billion yuan, an increase of 3.4% from the previous period [4] - The net capital was 46 billion yuan, with a net stable funding ratio of 139%, also above the warning line of 120% [4]