Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The upcoming Q3 reports are expected to show continued high growth in brokerage performance, enhancing the sector's allocation value. The insurance sector reflects a trend of deposit migration, increased equity allocation, and improved new policy costs, leading to a higher certainty of long-term ROE improvement and accelerated valuation recovery. Overall, the cost-effectiveness of allocations is gradually increasing [2][6] - Recommendations include companies with stable profit growth and dividend rates such as Jiangsu Jinzu, China Ping An, and China Pacific Insurance, as well as firms with significant advantages in business models and market positions [6] - The report recommends specific stocks including Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][6] Market Performance - The non-bank financial index increased by 0.5% last week, with a relative excess return of +1.0% compared to the CSI 300, ranking in the middle of the industry [7] - Year-to-date, the non-bank financial index has risen by 7.4%, but with a relative excess return of -9.9% compared to the CSI 300, indicating a lower ranking [7] - The average daily trading volume in the market has increased to 26,029.82 billion yuan, up 18.98% week-on-week, with a daily turnover rate of 2.71%, up 42.99 basis points [7] Key Industry News & Company Announcements - The China Banking and Insurance Regulatory Commission issued a notice on strengthening the regulation of non-auto insurance business [8] - China Pacific Insurance's Chief Actuary Zhang Yuanhan has resigned [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 西部利得基金管理有限公司（以下简称"西部利得基金"）为西部证券股份有限公司的控股子公司。 近日，原西部利得基金总经理贺燕萍女士因到龄退休，辞去西部利得基金董事、总经理职务，辞职后贺 燕萍女士在西部利得基金不再担任任何职务。西部利得基金董事长何方先生代为履行总经理职责，代职 期不超过六个月。 特此公告。 西部证券股份有限公司董事会 2025年10月10日 证券代码：002673 证券简称：西部证券 公告编号：2025-069 西部证券股份有限公司 关于控股子公司西部利得基金管理有限公司主要负责人辞职的公告 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。 ...

10月10日，山西腾茂科技股份有限公司在山西证监局办理辅导备案登记，拟向不特定合格投资者公开发 行股票并在北交所上市，辅导券商为西部证券。 ...

Financial Performance - Jinling Mining reported a net profit of 220 million yuan for the first three quarters, representing a year-on-year increase of 47.09% [1] - Northern Rare Earth expects a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters, a year-on-year increase of 272.54% to 287.34% [2] - Chuanjinno anticipates a net profit of 290 million to 310 million yuan for the first three quarters, with a year-on-year growth of 162.56% to 180.66% [3] - Allwinner Technology expects a net profit of 260 million to 290 million yuan for the first three quarters, a year-on-year increase of 72.20% to 92.06% [15] - Youyan New Materials forecasts a net profit of 230 million to 260 million yuan for the first three quarters, a year-on-year growth of 101% to 127% [16] - Qianyuan Electric anticipates a net profit of 451 million to 531 million yuan for the first three quarters, representing a year-on-year increase of 70% to 100% [18] Corporate Actions - Aowei New Materials announced that its stock will resume trading on October 13 after a suspension due to unusual trading fluctuations [4] - Dongxin Co. plans to transfer 13.2675 million shares, accounting for 3.00% of the total share capital, through a pricing inquiry [5] - Xibei Securities announced the resignation of its fund manager due to retirement [6] - Aviation Control reported the resignation of its vice chairman due to job relocation [7] - BOE Technology Group announced the resignation of its vice chairman for personal reasons [9] - Standard Shares reported the resignation of its chairman due to work adjustments [10] - Kent Shares announced the resignation of its deputy general manager for personal reasons [10] Strategic Developments - Keda Li plans to establish a wholly-owned subsidiary in Hong Kong with an investment of up to 3 million HKD to enhance its international presence [13] - Jiekang Equipment completed the acquisition of 51% of Shandong Carbon Seeking's shares, which will be included in its consolidated financial statements [12] - China Energy Construction signed three total contracting projects for wind and solar power in Saudi Arabia, with a total contract value of approximately 19.554 billion yuan [14]

北京商报讯（记者 李海媛）10月10日，西部证券公告称，控股子公司西部利得基金原总经理贺燕萍因 到龄退休，辞去西部利得基金董事、总经理职务，辞职后贺燕萍在西部利得基金不再担任任何职务。西 部利得基金董事长何方代为履行总经理职责，代职期不超过六个月。 ...

截至发稿，西部证券市值为391亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 曾健辉） 每经AI快讯，西部证券（SZ 002673，收盘价：8.74元）10月10日晚间发布公告称，近日，原西部利得 基金总经理贺燕萍女士因到龄退休，辞去西部利得基金董事、总经理职务，辞职后贺燕萍女士在西部利 得基金不再担任任何职务。 2025年1至6月份，西部证券的营业收入构成为：证券投资业务占比37.63%，证券经纪业务占比 21.87%，总部及其他占比14.44%，资产管理业务占比10.33%，信用业务占比9.69%，投资银行业务占比 7.04%。 ...

西部证券公告，西部利得基金管理有限公司原总经理贺燕萍女士因到龄退休，已辞去总经理职务。目 前，西部利得基金董事长何方先生代为履行总经理职责，代职期不超过六个月。 ...

Core Viewpoint - Western Securities announced the retirement of He Yanping, the general manager of Western Lide Fund Management Co., a subsidiary of Western Securities, due to reaching retirement age [1] Group 1 - He Yanping has resigned from her positions as director and general manager of Western Lide Fund, and will not hold any position in the company after her resignation [1] - He Fang, the chairman of Western Lide Fund, will temporarily assume the responsibilities of the general manager for a period not exceeding six months [1]

证券代码：002673 证券简称：西部证券 公告编号：2025-069 西部利得基金管理有限公司（以下简称"西部利得基金"）为西 部证券股份有限公司的控股子公司。 近日，原西部利得基金总经理贺燕萍女士因到龄退休，辞去西部 利得基金董事、总经理职务，辞职后贺燕萍女士在西部利得基金不再 担任任何职务。西部利得基金董事长何方先生代为履行总经理职责， 代职期不超过六个月。 特此公告。 西部证券股份有限公司董事会 2025 年 10 月 10 日 西部证券股份有限公司 关于控股子公司西部利得基金管理有限公司 主要负责人辞职的公告 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。 ...

Market Overview - On October 9, the A-share market saw a strong rally, with the Shanghai Composite Index rising over 1% to surpass 3900 points, marking a 10-year high [1] - The total trading volume in the Shanghai and Shenzhen markets reached 26,723 billion yuan, an increase of 4,748 billion yuan compared to the previous trading day [1] - The technology sector, particularly the STAR Market, experienced significant gains, with the STAR 50 Index surging over 6% during the session [1] Sector Performance - The non-ferrous metals sector showed remarkable performance, with stocks like Tongling Nonferrous Metals, Northern Copper, and Yunnan Copper hitting the daily limit [1][5] - The rare earth sector also saw gains, with companies like China Rare Earth and Northern Rare Earth reaching their daily limit [8] - The storage chip concept remained active, with stocks such as Zhaoxin Semiconductor and Huahong Semiconductor hitting their daily limit [12] Notable Stocks - Newly listed stock Yunhan Chip City (301563) closed up 40.89%, reaching 164.56 yuan per share, with an intraday high of over 70% [2] - In the Hong Kong market, stocks like Xin Mining Resources and Hang Seng Bank saw significant increases, with Xin Mining Resources rising over 120% [4] Gold and Precious Metals - International spot gold prices surged past $4000 per ounce, reaching a historical high, driven by factors such as the U.S. government shutdown and ongoing expectations of interest rate cuts by the Federal Reserve [6][7] - Analysts suggest that the rise in gold prices is also influenced by global central banks' continued purchases of gold [7] Fusion Energy Sector - The controlled nuclear fusion concept gained traction, with stocks like Changfu Co. and Western Superconducting Technologies hitting their daily limit [9] - The BEST project in Hefei achieved a key breakthrough, marking a new phase in its construction [10] - The upcoming International Atomic Energy Fusion Energy Conference is expected to catalyze further developments in the fusion sector [11] Semiconductor Market - The storage chip market is projected to see price increases, with expectations of a 10% rise in eSSD prices and a 10-15% increase in DDR5 RDIMM prices by Q4 2025 [12][14] - NAND Flash prices are also expected to rise, with estimates of a 5-10% increase in Q4 2025 due to high demand from data centers [14]