Core Insights - The report suggests a shift towards a balanced strategy in response to external disturbances and internal market conditions, emphasizing the importance of equilibrium in investment approaches [2][4][29] - Four industries identified as having "low position + marginal improvement" potential, which are expected to benefit from low valuations and improving economic conditions [2][4] Industry Recommendations - **Low Position Recovery (Dynamic)**: The recommended sectors include Beauty Care, Transportation, Other Power Equipment, Semiconductors, Automotive, Bioproducts, Traditional Chinese Medicine, and Home Appliances [4][6] - **Low Position + Marginal Improvement (Dynamic)**: The sectors highlighted are Beauty Care, Transportation, Other Power Equipment, and Semiconductors [4][6] Market Analysis - The A-share market experienced significant adjustments in November due to three main factors: 1. Federal Reserve liquidity expectations were disrupted by the U.S. government shutdown, leading to market uncertainty regarding the December interest rate meeting [4] 2. The intensifying debate over AI narratives and technical corrections in high-performing stocks, particularly in the AI sector, caused a decline in market sentiment [4] 3. A rebalancing of market styles, with funds shifting from high-volatility growth stocks to low-valuation, high-dividend sectors, resulting in a rise in bank and oil sectors [4] Sector-Specific Insights - **Beauty Care**: The sector is expected to see a revival in new consumption themes towards the end of the year, with a 17.95% year-on-year increase in retail sales for cosmetics [6][10] - **Transportation**: Valuations are low, and improved U.S.-China relations are anticipated to boost export demand, leading to a recovery in shipping [6][10] - **Other Power Equipment**: Increased investments in power grid and supply equipment due to AI-related electricity shortages are expected [4][6] - **Semiconductors**: Continuous demand for AI computing power and a chip shortage in the automotive sector are driving a super cycle in storage [4][6] Economic Indicators - The report provides detailed indicators for the identified sectors, showing positive trends in various metrics such as retail sales, average prices, and investment levels [6][10][22]

Core Viewpoint - The transition of management for Wanlian Securities' public collective fund to Ping An Fund marks a significant move in the industry, showcasing a new path for the transformation of broker-dealer asset management products into public offerings [1][3]. Group 1: Management Transition - On November 28, Wanlian Securities announced that its Wanlian Tiantianli Money Management Plan would be managed by Ping An Fund, rebranded as "Ping An Tiantianli Money Market Fund" [1]. - This transition is one of the few instances of management changes between non-shareholder institutions in the broker-dealer asset management sector [1]. Group 2: Redemption Periods - Following the decision, a redemption period from November 28 to December 5 was established for holders of the collective plan shares, allowing them to choose to redeem their shares [3]. - Shares not redeemed during this period will automatically convert to shares of the Ping An Tiantianli Money Market Fund [3]. Group 3: Industry Trends - Other broker-dealers, such as Northeast Securities and Caida Securities, have also announced similar transitions to public fund management, indicating a broader trend in the industry [3][4]. - As of November 30, nearly 100 large collective products have yet to complete their transformation to public offerings, highlighting the urgency as the 2025 deadline approaches [6].

Core Points - Northeast Securities Co., Ltd. has decided to close the Guangzhou Huangpu Securities Office and transfer its clients to the Guangdong Branch [1][2] - The closure of the Guangzhou Huangpu Securities Office is scheduled for December 15, 2025, after which the Guangdong Branch will provide ongoing services [1][2] - Client agreements and services will be inherited by the Guangdong Branch, ensuring that client accounts, trading passwords, and transaction methods remain unchanged [1][2] Client Transition Details - Clients who do not agree to the transfer must contact the Guangzhou Huangpu Securities Office within five trading days to handle account closure and related procedures [2] - Clients can manage their accounts through the company's mobile app, online service platform, or nearby branch offices [2] - For inquiries regarding the closure and client transfer, clients can contact the company's customer service hotline or the branch office directly [2]

Core Viewpoint - The recent trend of financial institutions in China, such as Northeast Securities and China Aviation Fund, abolishing their supervisory boards reflects a significant shift in internal governance structures, driven by the new Company Law effective from July 2024, which allows for the audit committee to assume the supervisory board's responsibilities [1][2]. Group 1: Background and Context - Financial institutions established supervisory boards to prevent power abuse through financial and performance oversight, but issues such as lack of independence and professionalism have led to their marginalization [1]. - The new Company Law provides a legal basis for financial institutions to optimize governance structures by allowing the audit committee to take over the supervisory board's functions [1]. Group 2: Implications of the Change - The transition from supervisory boards to audit committees is expected to enhance governance efficiency by resolving overlapping supervisory functions, which previously led to unclear responsibilities and resource wastage [2]. - Audit committees, typically composed of independent directors with financial and risk management backgrounds, are seen as more capable of providing effective oversight compared to the often internally dominated supervisory boards [2]. - The integration of the audit committee within the board of directors allows for earlier involvement in major decision-making processes, thereby strengthening risk control from the outset [2]. Group 3: Challenges Ahead - While the audit committee is positioned to enhance internal governance, it faces the challenge of ensuring accountability not only to the management but also to the board of directors, which is crucial for effective oversight [2].

Core Insights - Ping An Fund has taken over the management of Wanlian Securities' public collective fund, marking a significant shift in the asset management landscape [1] - This transition is part of a broader trend among securities firms to convert their collective asset management products into public offerings ahead of the 2025 deadline set by regulatory requirements [6] Group 1 - Wanlian Securities announced that its Wanlian Tiantianli money market fund will now be managed by Ping An Fund, which is a rare instance of a management change between non-affiliated institutions [1] - The redemption period for existing holders of the collective fund shares is set from November 28 to December 5, during which they can choose to redeem their shares or automatically convert them into shares of the new Ping An fund [3] - Other securities firms, such as Northeast Securities and Caida Securities, are also pursuing similar transitions to public fund management, indicating a growing trend in the industry [3][4] Group 2 - As of the end of Q3 this year, the combined management scale of Northeast Securities' asset management plans was 9.244 billion, and after the transition to Dongcai Fund, the management scale is expected to exceed 40 billion [3] - The asset management plans of Caida Securities are also being transferred to China Europe Fund Management, with a voting deadline for holders set for December 7 [4] - The 2018 asset management regulations require securities firms to complete the public offering transformation of their collective funds by the end of 2025, with nearly a hundred products still pending transformation as of November 30 [6]

Core Viewpoint - The transition of management for the Wanlian Securities' public collective fund to Ping An Fund marks a significant step in the ongoing transformation of broker asset management products in China, as firms seek to comply with regulatory requirements by the end of 2025 [1][2]. Group 1: Management Transition - Wanlian Securities announced that its Wanlian Tiantianli Money Management Plan will be managed by Ping An Fund, which will be renamed as "Ping An Tiantianli Money Market Fund" [1]. - The redemption period for existing holders of the collective plan shares is set from November 28 to December 5, allowing them to choose whether to redeem their shares [2]. Group 2: Industry Trends - Other securities firms, such as Northeast Securities and Caida Securities, have also begun similar transitions, indicating a broader trend in the industry towards public fund management [3]. - Northeast Securities' asset management plans, with a combined management scale of 9.244 billion, will be transferred to Dongcai Fund, which will exceed 40 billion in management scale post-transition [3]. Group 3: Regulatory Context - According to the 2018 asset management regulations, broker public collective funds must complete their transformation to public offerings by the end of 2025, leading to an accelerated pace of changes in the industry [3]. - As of November 30, nearly 100 large collective products have yet to complete their transformation, highlighting the urgency for compliance [4].

Group 1 - Northeast Securities held its 2025 eighth temporary board meeting on November 28, 2025, discussing the abolition of two institutional proposals, including the annual report work system of the audit committee [1] - For the first half of 2025, the revenue composition of Northeast Securities was as follows: securities brokerage business accounted for 51.98%, proprietary trading business 23.18%, fund business 15.14%, asset management business 11.85%, and futures business 3.86% [1] - As of the report date, the market capitalization of Northeast Securities was 21.5 billion yuan [1]

2025 年 11 月 28 日，东北证券股份有限公司（以下简称"公司"）2025 年 第三次临时股东大会审议通过了《关于撤销公司监事会的议案》。自该议案经公 司股东大会审议通过之日起，公司不再设置监事会，由董事会审计委员会行使《公 司法》及其他法律法规规定的监事会职权，《公司监事会议事规则》等监事会相 关制度同步废止。 根据前述股东大会决议和公司第三届员工代表大会2025年第15次会议决议， 公司第十一届监事会成员杨树财先生、李斌先生、王劲松先生、秦音女士、张羽 女士、季大坤先生、苏健先生、周博先生、尹航女士自 2025 年 11 月 28 日起不 再担任公司监事职务。经上述监事确认，其与公司董事会无不同意见，亦无任何 相关事项需要通知公司股东及债权人。 公司对监事会及全体监事对公司发展做出的贡献表示衷心感谢！ 特此公告。 东北证券股份有限公司董事会 二〇二五年十一月二十九日 股票代码：000686 股票简称：东北证券 公告编号：2025-065 东北证券股份有限公司 关于不再设置监事会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 ...

关于《东北证券股份有限公司战略与 ESG 管理 委员会工作规则》等制度的修订说明 2025 年 11 月 28 日，东北证券股份有限公司（以下简称"公司"）召开第十 一届董事会 2025 年第八次临时会议，审议通过了对公司治理和管理基本制度修 订的议案，相关制度具体修订内容如下： 一、《公司战略与 ESG 管理委员会工作规则》修订说明 本次共修订 14 条内容，具体情况如下： | 原制度 | 修订后 | | --- | --- | | （删除线处为删除内容） | （下划线处为新增内容） | | | 第一条 为规范东北证券股份有限公司 | | 第一条 为规范东北证券股份有限公司 | （以下简称"公司"）战略与 ESG 管理委员 | | （以下简称"公司"）战略与 ESG 管理委员 | 会的议事方式和决策程序，提高战略与 ESG | | 会的议事方式和决策程序，提高战略与 ESG | 管理委员会的工作效率和科学决策水平，根 | | 管理委员会的工作效率和科学决策水平，根 | 据《公司法》《证券法》《上市公司独立董 | | 据《公司法》《证券法》《上市公司独立董 | 事管理办法》《上市公司章程指引》《证券 | | ...

股票代码：000686 股票简称：东北证券 公告编号：2025-064 东北证券股份有限公司 2025 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1.会议召开时间： （1）现场会议召开时间：2025 年 11 月 28 日（星期五）14:30 时。 （2）网络投票时间：通过深圳证券交易所交易系统投票的时间为 2025 年 11 月 28 日（星期五）上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过 深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）进行投票的时 间为 2025 年 11 月 28 日（星期五）9:15-15:00 期间的任意时间。 2.现场会议召开地点：吉林省长春市生态大街 6666 号东北证券股份有限公 司 1118 会议室。 3.会议召开方式：本次股东大会采取现场表决与网络投票相结合的方式召开。 1.本次股东大会无否决或修改议案的情况。 4.会议召集人 ...