Investment Rating - The industry investment rating is "In line with the market" [52] Core Insights - The brokerage sector index experienced a range-bound fluctuation in October 2025, with a decline of 0.73%, underperforming the CSI 300 index by 0.73 percentage points [4][7] - The average P/B ratio for the brokerage sector fluctuated between 1.510 and 1.580 times, closing at 1.510 times at the end of October [11] - The overall operating performance of listed brokerages is expected to decline in November 2025, with a forecasted drop to mid-low levels for the year [47][48] Summary by Sections 1. October 2025 Brokerage Sector Review - The brokerage index maintained a range-bound fluctuation with a significant reduction in volatility, closing down 0.73% for the month [4][7] - A total of 42 listed brokerages saw 17 increase in stock prices, with notable gains from Dongxing Securities (10.08%) and Changjiang Securities (6.27%) [8] - The average P/B ratio for the sector was 1.510 times, indicating a slight decrease from previous months [11] 2. Key Market Factors Affecting October 2025 Performance - Increased volatility in equity markets and a rebound in fixed income markets led to a decline in proprietary trading performance [6] - The average daily trading volume in October was 21,640 billion, down 10.5% month-on-month [25] - The margin financing balance reached a historical high of 24,864 billion, reflecting a stable outlook among investors [32] 3. November 2025 Performance Outlook - Proprietary trading is expected to face pressure due to a comprehensive market correction, with a forecasted decline in monthly investment returns [40][43] - The brokerage sector is anticipated to see a slight recovery in brokerage business due to an increase in trading days, despite a decrease in average daily trading volume [44] - The investment banking sector is expected to remain stable, with equity financing slightly declining and debt financing rebounding [46] 4. Investment Recommendations - The brokerage sector index has shown signs of further downward adjustment, with a significant gap from the average valuation since 2016 [48] - It is recommended to focus on leading brokerages with strong wealth management capabilities and those with valuations significantly below the sector average [50]

Group 1: International Capital Confidence in Hong Kong - International investors are reassessing asset risk and adjusting strategies, with Hong Kong emerging as a safe haven for capital [3] - Hong Kong has seen significant fundraising from major new stocks this year, attracting cornerstone investors from the West and the Middle East [3] - The total bank deposits in Hong Kong have increased by over 10% this year, surpassing 19 trillion HKD, indicating strong confidence in the market [3] Group 2: Economic Resilience Beyond Finance - Hong Kong's shipping and trade sectors are demonstrating strong resilience, with a 11.3% year-on-year increase in goods exports over the first three quarters [4] - The Hong Kong government is actively promoting the advantages of its shipping industry, including strategic partnerships with ports in the Belt and Road regions [4] Group 3: Recovery of the Exhibition Industry - The recent hosting of the International Exhibition Association's global annual meeting in Hong Kong highlights the city's recognition as an international exhibition hub [5] - Hong Kong's connectivity and favorable business environment support its exhibition industry, with over 1,100 flights daily to more than 200 destinations [5] Group 4: International Private Equity Expansion - Adams Street, a leading global private equity firm, has opened a new office in Hong Kong, marking its sixth office in Asia and indicating a strategic focus on the Chinese market [6][7] - Ardian, another prominent investment firm, has also established a Hong Kong office, enhancing its penetration into the Chinese market [9] Group 5: Return of Dollar Funds to China - The return of dollar funds to China is driven by a restructuring of global asset valuations, with international capital focusing on sectors like technology and high-end manufacturing [10] - The recent fundraising activities of dollar funds indicate a renewed interest in the Chinese market, with significant participation from international investors [10] Group 6: Increased Competition Among Chinese Securities Firms - Chinese securities firms are intensifying their presence in Hong Kong, with several firms announcing the establishment of subsidiaries and significant capital increases [11] - The total capital increase by Chinese securities firms in Hong Kong has exceeded 5 billion HKD since 2025, reflecting their strategic focus on market opportunities [11][12] - The demand for IPO sponsorship, cross-border mergers, and wealth management services is driving the expansion of Chinese firms in Hong Kong [12]

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

Core Viewpoint - The company maintains a "buy" rating for Shoucheng Holdings (00697) due to strong performance in the first three quarters of 2025, with revenue and net profit increasing by 30% and 22% year-on-year respectively [1] Performance Summary - In the first three quarters of 2025, the company achieved revenue of HKD 1.215 billion (yoy +30%) and a net profit attributable to shareholders of HKD 488 million (yoy +22%) [1] - The company announced a new share buyback plan to repurchase up to HKD 1 billion worth of shares from the open market between November 17, 2025, and December 31, 2028 [1] Strategic Transformation - The company is committed to transforming into a comprehensive service platform for the robotics industry, focusing on "investment incubation, operational empowerment, and ecological co-construction" to enhance its full-cycle service capabilities [2] - Investments have been made in key enterprises within the robotics supply chain, including humanoid robots and flying robots, through various industry funds [2] Business Development - The company established the first regular operation robotics technology experience store, "Tao Zhu New Manufacturing Bureau," during the National Day holiday, with additional stores opening at Beijing Capital International Airport and Chengdu Chunxi Road [3] - The launch of the online robotics live streaming platform "Shoucheng W" aims to expand the consumer market for "new consumption + new technology" [3] Asset Management - The company has strengthened its asset management capabilities centered around REITs, completing strategic investments in multiple REITs covering technology innovation parks, data centers, and clean energy [4] - The company is actively expanding its asset reserves in quality rental housing and consumer infrastructure across key regions [4] Profit Forecast and Valuation - The company is expected to generate revenues of HKD 1.52 billion, HKD 1.71 billion, and HKD 1.89 billion for the years 2025 to 2027, with corresponding net profits of HKD 580 million, HKD 790 million, and HKD 960 million, leading to PE ratios of 30.7x, 22.4x, and 18.5x respectively [5]

Core Viewpoint - The announcement details the pledge of 82,800,000 shares of Northeast Securities by its major shareholder, Jilin Trust, confirming no significant asset restructuring obligations or risks of forced liquidation associated with the pledged shares [1]. Group 1: Share Pledge Details - Jilin Trust has pledged 82,800,000 shares of Northeast Securities as of November 19, 2025 [1]. - The pledged shares do not carry significant obligations related to major asset restructuring or performance compensation [1]. Group 2: Cumulative Pledge Status - As of the announcement date, Jilin Trust's total pledged shares do not present any risk of forced liquidation [1]. Group 3: Documentation - The announcement includes references to several documents for verification, such as the share pledge registration certificate and details from the China Securities Depository and Clearing Corporation [1].

Core Points - Northeast Securities announced that its major shareholder, Jilin Trust, has pledged 82,800,000 shares of the company on November 19, 2025 [2] Group 1 - The announcement was made on the evening of November 20 [2] - Jilin Trust holds more than 5% of the company's shares [2] - The pledged shares represent a significant portion of Jilin Trust's holdings in Northeast Securities [2]

Core Viewpoint - Northeast Securities announced that its major shareholder, Jilin Trust, has pledged 82.8 million shares, which represents 29.99% of Jilin Trust's holdings and 3.54% of Northeast Securities' total share capital, for financing purposes [1] Summary by Relevant Sections - **Shareholder Action** - Jilin Trust has pledged 82.8 million shares of Northeast Securities [1] - This pledge accounts for 29.99% of Jilin Trust's total holdings in the company [1] - The pledged shares represent 3.54% of the total share capital of Northeast Securities [1] - **Purpose of Pledge** - The purpose of the share pledge is for financing [1]

Company Overview - Northeast Securities announced that as of the date of the announcement, Jilin Trust has pledged a total of 82.8 million shares, accounting for 29.99% of its holdings [1] Financial Performance - For the first half of 2025, the revenue composition of Northeast Securities is as follows: - Securities brokerage business accounts for 51.98% - Securities proprietary trading accounts for 23.18% - Fund business accounts for 15.14% - Asset management business accounts for 11.85% - Futures business accounts for 3.86% [1] Market Position - As of the time of reporting, the market capitalization of Northeast Securities is 22.4 billion yuan [1]

证券代码：000686 证券简称：东北证券 公告编号：2025-061 东北证券股份有限公司 关于持股5%以上股东部分股份质押的公告 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次质押 股份数量 （股） 占其所 持股份 比例 占公司 总股本 比例 是否 为限 售股 是否为 补充 质押 质押 起始日 质押 到期日 质权人 质押 用途 吉林 信托 否 82,800,000 29.99% 3.54% 否 否 2025-11-19 质权人向登记 公司申请办理 解除质押为止 中国信托业 保障基金有 限责任公司 融资 合计 - 82,800,000 29.99% 3.54% - - - - - - 一、本次股份质押基本情况 特此公告。 注：经吉林信托确认，上述质押股份没有负担重大资产重组等业绩补偿义务。 二、股东股份累计质押基本情况 截至本公告披露日，吉林信托所持质押股份情况如下： | | | | 本次质 押前质 | 本次质押后 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Points - Jilin Trust has pledged 82.8 million shares of Northeast Securities, accounting for 29.99% of its holdings and 3.54% of the company's total share capital [1] Summary by Category Share Pledge Details - The pledged shares are intended for financing purposes [1] - As of the announcement date, Jilin Trust has cumulatively pledged 82.8 million shares, which represents 29.99% of its total shareholding [1] - The total share capital of Northeast Securities is impacted by this pledge, with the pledged shares constituting 3.54% of the total [1]