Economic Indicators - The Shanghai Composite Index closed up 0.18% at 3946.74 points, while the Shenzhen Component remained flat and the ChiNext Index rose 0.25%[1] - The Hang Seng Index fell 0.38% to 25830.65 points, with the Hang Seng Tech Index down 0.69% and the Hang Seng China Enterprises Index down 0.26%[1] - The U.S. Dow Jones increased by 0.1%, the S&P 500 rose 0.38% to 6642.16 points, and the Nasdaq gained 0.59%[1] Federal Reserve Insights - The Federal Reserve's October meeting minutes indicated that many officials oppose a rate cut in December, suggesting that maintaining rates may be appropriate for the remainder of the year[12] - Market traders have reduced the probability of a rate cut by the end of the year to approximately 30%[8] Corporate Developments - China International Capital Corporation (CICC) plans to absorb and merge with Dongxing Securities and Xinda Securities, resulting in a combined registered capital of 11.3 billion RMB (approximately 1.6 billion USD)[8] - Nvidia reported a 62% increase in revenue for Q3, with a forecast of approximately 65 billion USD for the upcoming quarter, exceeding analyst expectations[12]

摩根基金管理（中国）有限公司（以下简称"本公司"）已与广发证券股份有限公司（以下简称"广发证 券"）签订了基金销售代理协议，现决定自本公告之日起，新增广发证券为本公司以下基金的代销机 构。投资人可通过广发证券开展以下基金的申购、赎回、定期定额等相关业务。具体的业务流程、办理 时间和办理方式以广发证券的规定为准。 ■ 有关上述基金销售的具体事宜请仔细阅读上述基金的招募说明书、基金产品资料概要及基金合同等相关 法律文件。 投资者可通过以下途径咨询有关详情： 1、广发证券股份有限公司 客服电话：95575 公司网址：www.gf.com.cn 2、摩根基金管理（中国）有限公司 公告送出日期：2025年11月20日 1.公告基本信息 ■ 注：人民币份额的限制金额单位为人民币元，美元份额的限制金额单位为美元。 客服电话：400-889-4888 公司网址：am.jpmorgan.com/cn 特此公告。 摩根基金管理（中国）有限公司 二○二五年十一月二十日 摩根标普500指数型发起式证券投资基金(QDII)调整申购、定期定额投资及转换转入业务限制金额的公 告 关于恢复本基金大额申购、定期定额投资及转换转入业务的时间，基 ...

Group 1 - The China Securities and Insurance Index (399966) increased by 0.97% as of November 20, 2025, with notable gains from stocks such as First Capital Securities (up 5.61%) and Dongfang Securities (up 3.01%) [1] - Sunshine Life Insurance, a subsidiary of Sunshine Insurance, signed a fund contract with two companies and plans to expedite the filing process for the pilot fund [1] - Dongwu Securities highlighted that market demand remains strong, with a reduction in the preset interest rate and transformation of dividend insurance expected to optimize liability costs, alleviating pressure from interest margin losses [1] Group 2 - The Insurance Securities ETF closely tracks the China Securities and Insurance Index, which selects securities from the insurance sector based on the China Securities 800 Index, providing investors with diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities and Insurance Index accounted for 62.44% of the index, including major companies like China Ping An and CITIC Securities [2]

I ...

Core Insights - Solid-state batteries are considered the ultimate form of lithium batteries, entering the pre-mass production phase, with major manufacturers expected to start mass production between 2027 and 2028 [1][2] - The global shipment of all-solid-state batteries is projected to reach 181 GWh by 2030 [1] Group 1: Industry Development - Solid-state batteries utilize solid electrolytes, offering advantages such as higher energy density, enhanced safety, and longer cycle life compared to liquid lithium batteries [1] - The solid-state battery production process is divided into three main stages: front-end, mid-end, and back-end, with significant changes in the front and mid-end processes compared to liquid battery production [3] Group 2: Technological Advancements - The solid-state battery technology is exploring various routes for electrolyte, cathode, and anode materials, with sulfide electrolytes showing the most promise despite high material costs and stringent processing conditions [2] - The cathode materials are expected to transition from ternary materials to high-nickel and lithium-rich manganese-based materials, while anode materials are moving from graphite to silicon-carbon composites [2] Group 3: Equipment and Manufacturing - Equipment manufacturers are likely to benefit from the shift to solid-state batteries, particularly those capable of delivering complete production lines and those adapting to process changes [1] - Key equipment changes include the replacement of wet processes with dry processes in the front-end, the introduction of stacking machines in the mid-end, and the need for high-pressure upgrades in back-end processes [3]

广发证券董事长林传辉日前在接受中国证券报记者专访时表示，多年来，广发证券响应中国证监会号 召，在中国证券业协会引导下，积极开展"一司一县"扶贫和乡村振兴工作，同时按照广东省委、省政府 部署，持续深入推进省内帮扶，将金融工作的政治性、人民性转化为行动自觉，通过精准施策构建递进 式帮扶路径，利用金融工具激活乡村内生动力并形成可持续的"造血"机制，同时聚焦乡村发展短板，在 民生领域不断提升群众的获得感。 "十五五"规划建议提出，优化金融机构体系，推动各类金融机构专注主业、完善治理、错位发展。展望 未来，广发证券将继续坚守服务实体经济发展、服务国家战略、服务居民财富管理的功能性定位，扎实 做好金融"五篇大文章"，为贯彻落实国家乡村振兴战略相关要求和广东省"百千万工程"工作部署作出新 的更大的贡献。 广发证券大楼 公司供图 精准施策 构建递进式帮扶路径 从捐资助学到助力乡村全面提升公共服务水平，从建言献策到扶持区域特色产业发展壮大，在投身乡村 振兴的伟大征程上，包括广发证券在内的证券机构勇担政治责任，恪守金融报国初心，发挥金融机构优 势，持续赋能乡村振兴事业蓬勃发展。 据林传辉介绍，在脱贫攻坚阶段，广发证券聚焦以精准扶 ...

从捐资助学到助力乡村全面提升公共服务水平，从建言献策到扶持区域特色产业发展壮大，在投身乡村 振兴的伟大征程上，包括广发证券（000776）在内的证券机构勇担政治责任，恪守金融报国初心，发挥 金融机构优势，持续赋能乡村振兴事业蓬勃发展。 广发证券董事长林传辉日前在接受中国证券报记者专访时表示，多年来，广发证券响应中国证监会号 召，在中国证券业协会引导下，积极开展"一司一县"扶贫和乡村振兴工作，同时按照广东省委、省政府 部署，持续深入推进省内帮扶，将金融工作的政治性、人民性转化为行动自觉，通过精准施策构建递进 式帮扶路径，利用金融工具激活乡村内生动力并形成可持续的"造血"机制，同时聚焦乡村发展短板，在 民生领域不断提升群众的获得感。 "十五五"规划建议提出，优化金融机构体系，推动各类金融机构专注主业、完善治理、错位发展。展望 未来，广发证券将继续坚守服务实体经济发展、服务国家战略、服务居民财富管理的功能性定位，扎实 做好金融"五篇大文章"，为贯彻落实国家乡村振兴战略相关要求和广东省"百千万工程"工作部署作出新 的更大的贡献。 ● 本报记者 徐昭 胡雨 精准施策 构建递进式帮扶路径 2010年至2016年，广发证券 ...

从捐资助学到助力乡村全面提升公共服务水平，从建言献策到扶持区域特色产业发展壮大，在投身乡村 振兴的伟大征程上，包括广发证券在内的证券机构勇担政治责任，恪守金融报国初心，发挥金融机构优 势，持续赋能乡村振兴事业蓬勃发展。 广发证券董事长林传辉日前在接受中国证券报记者专访时表示，多年来，广发证券响应中国证监会号 召，在中国证券业协会引导下，积极开展"一司一县"扶贫和乡村振兴工作，同时按照广东省委、省政府 部署，持续深入推进省内帮扶，将金融工作的政治性、人民性转化为行动自觉，通过精准施策构建递进 式帮扶路径，利用金融工具激活乡村内生动力并形成可持续的"造血"机制，同时聚焦乡村发展短板，在 民生领域不断提升群众的获得感。 精准施策 构建递进式帮扶路径 林传辉告诉记者，自2010年起，广发证券在广东省委、省政府的指导下，积极承担起了广东省内的脱贫 攻坚和乡村振兴任务，以知识分子的家国情怀为精神纽带，将金融工作的政治性、人民性转化为行动自 觉。 2010年至2016年，广发证券根据广东省"扶贫双到"（规划到户、责任到人）的政策要求，开始结对帮扶 韶关市龙溪村、百家洞村；2021年至2024年，广发证券驻镇帮扶云浮市镇安镇 ...

Group 1 - Southbound funds increased their holdings in GF Securities (01776.HK) by 2,800 shares on November 19, 2025 [1] - Over the past 5 trading days, southbound funds have increased their holdings for 4 days, with a total net increase of 3.5166 million shares [1] - In the last 20 trading days, there were 13 days of net increases in holdings by southbound funds, totaling 15.1412 million shares [1] Group 2 - As of now, southbound funds hold 1.002 billion shares of GF Securities, accounting for 58.87% of the company's total issued ordinary shares [1] - The total number of shares held by southbound funds on November 19, 2025, was 1.002 billion, with a change of 0.00% [2] - The trading data shows fluctuations in shareholding, with a maximum increase of 1.413 million shares on November 13, 2025 [2]

Core Viewpoint - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated bonds not exceeding RMB 20 billion, indicating a strategic move to enhance its capital structure and funding capabilities [1] Group 1: Bond Issuance Details - The company plans to issue subordinated bonds with a total scale of up to RMB 3 billion, priced at RMB 100 per bond, targeting professional institutional investors through a pricing inquiry and allocation method [1] - The issuance period for the bonds is set from November 18, 2025, to November 19, 2025, with a maturity of 3 years [1] - The final issuance scale reached RMB 2.95 billion, with a coupon rate of 2.00% and a subscription multiple of 2.58 times [1]