1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report focuses on the "Fixed Income +" series, specifically the Stock - Bond Constant ETF. It aims to achieve a balanced risk - return solution through a fixed stock - bond ratio, automated rebalancing, and precise tracking of relevant indices [1][11]. - The product combines the growth potential of stocks and the stability of bonds, with a core goal of balancing risk and return, offering returns better than pure - bond products and lower volatility than pure - stock products [1][12]. - Domestic market conditions, including policy support, improved index supply, and overseas experience, provide a basis for the large - scale development of this product [34][35]. - The Stock - Bond Constant ETF will impact the bond market and the "Fixed Income +" fund industry, promoting a more diversified competition pattern [32][33]. 3. Summary by Directory 3.1 Definition and Objectives - The Stock - Bond Constant ETF is a passive "Fixed Income +" tool that maintains a preset asset allocation ratio through an automated rebalancing mechanism, aiming to achieve risk - return equilibrium and improve the Sharpe ratio [1][12]. 3.2 Asset Composition and Proportion Rules - The underlying assets consist of stock ETFs, bond ETFs, and a small amount of cash - like assets, covering multiple risk levels with preset fixed ratios [1][13]. - The stock - bond allocation ratio is determined by the target index, and currently, the indices are mainly issued by the China Securities Index Company and the Shanghai Stock Exchange [13]. 3.3 Rebalancing Trigger Mechanisms - Regular rebalancing is the most common mechanism, usually carried out quarterly or semi - annually, with a fixed frequency specified in the fund contract [14][15]. - Threshold rebalancing is a more flexible mechanism. When the actual weight of stocks or bonds deviates from the preset ratio by a certain threshold (e.g., ±5%), a temporary rebalancing operation is triggered [15]. 3.4 Reference Index and Market Foundation - The China Securities Index Company has launched 40 stock - bond constant indices since 2012, and the Shanghai Stock Exchange launched 3 such indices in 2024, providing a solid foundation for the development of Stock - Bond Constant ETFs [16]. - The index maintenance adopts a "regular + temporary" dual - track management model, with quarterly rebalancing and emergency adjustments for special events [18][20]. - The index calculation follows the "constant - ratio chained weighting" framework [20]. 3.5 Overseas Experience and Reference 3.5.1 Product System - BlackRock's iShares Core Allocation series, launched in 2008, offers four types of products based on risk levels: conservative, moderate, balanced, and aggressive, covering a full - spectrum of risk profiles [21][22]. 3.5.2 Operation Mode - The products use the ETF - FOF model, holding multiple core stock and bond ETFs under BlackRock, enabling global asset allocation [23]. 3.5.3 Performance - The return and volatility characteristics of the four ETFs are determined by their stock - bond ratios. The aggressive ETF with a high stock allocation has the highest long - term return but greater volatility, while the conservative ETF with a high bond allocation has a more stable performance [26]. 3.5.4 Scale Change - Market preferences have led to different trends in the scale of the four ETFs. Initially, the balanced and moderate ETFs had higher growth rates, but after 2023, the balanced and aggressive ETFs rebounded, while the moderate and conservative ETFs declined [27]. 3.6 Market Reshaping by Stock - Bond Constant ETFs 3.6.1 Core Driving Factors - Policy support from the CSRC and the upcoming new public - offering sales fee regulations provide policy and potential capital for the development of Stock - Bond Constant ETFs [31]. - The launch of stock - bond constant indices by the China Securities Index Company provides the underlying targets for product issuance [31]. - The low - level operation of the bond market has created a demand for products that can balance risk and enhance returns, making Stock - Bond Constant ETFs a suitable solution [31]. 3.6.2 Impact on the Bond Market - Stock - Bond Constant ETFs will create a regular allocation demand for specific bond varieties, and may provide temporary price support during the initial construction phase [32]. - The rebalancing mechanism can play a reverse - adjustment role, reducing irrational market fluctuations and acting as a market stabilizer [32]. 3.6.3 Impact on "Fixed Income +" Funds - The substitution effect will divert funds from investors seeking standardized and stable returns, as Stock - Bond Constant ETFs have clear risk - return characteristics and no style - drift risk [33]. - The industry - forcing effect will push active "Fixed Income +" funds to improve their timing, bond - selection, and stock - selection abilities and transform into a more differentiated competition model [33]. 3.7 Summary - Stock - Bond Constant ETFs offer a balanced risk - return solution with clear positioning, standardized operations, and low costs, meeting diverse investment needs [34]. - The domestic market has the basic conditions for large - scale development, and overseas experience provides important references [34][35]. - These ETFs will have a significant impact on the bond market and the "Fixed Income +" fund industry, and are expected to become core tools for asset allocation in the future [35].

继6月深圳首单民营创投机构科技创新债券成功落地，开创了科创企业融资新模式之后，11月6日，在"深圳创投日"三周年现场，国信证券与东方富海、力合 创投等6家创投机构，以及英唐智控、菲鹏生物等科创企业又签署科创债合作协议，进一步为科技企业提供"可进可退"的融资路径。 深圳商报·读创客户端首席记者 谢惠茜 自2022年11月启幕以来，"深圳创投日"已走过三载。2025年11月6日，"深圳创投日"在南山举办了年度重大基金招引成果发布仪式，本次活动以"AI时代"为 主题，设立主会场及六大分会场，全面展现深圳在推动创投行业高质量发展、培育新质生产力方面的战略布局与阶段成果，深圳市委常委、常务副市长陶永 欣出席活动并致辞。 会上透露，三年间，"深圳创投日"已累计举办34场主题活动以及近百场常态化路演活动，重点聚焦"20+8"产业赛道，吸引全球超7112家次创投机构云集，累 计推动近2000亿元重大基金签约落地，为估值逾千亿元近800家优质创新企业搭建了一个"线上+线下"全方位的路演平台，助力深圳建设"全球创投风投中 心"贡献力量。 当天活动上亮点纷呈，多项成果落地集中展示深圳资本的"磁吸效应"。 其中，在"深圳创投日"三周 ...

Market Performance - On November 6, the securities sector rose by 1.29%, with Northeast Securities leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Northeast Securities (000686) closed at 9.60, with a gain of 6.79% and a trading volume of 1.5123 million shares [1] - Huatai Securities (601688) closed at 22.46, up 5.64%, with a trading volume of 1.7308 million shares and a transaction value of 3.839 billion [1] - Other notable performers include: - GF Securities (000776) at 23.15, up 4.19% [1] - Guosen Securities (002736) at 14.26, up 3.78% [1] - Changjiang Securities (000783) at 8.97, up 3.10% [1] Capital Flow - The securities sector saw a net inflow of 1.499 billion in institutional funds, while retail investors experienced a net outflow of 0.526 billion [2] - Speculative funds had a net outflow of 0.973 billion [2]

Core Viewpoint - After several consecutive trading days of decline, brokerage stocks have rebounded, with the overall performance of the brokerage sector improving as the Shanghai Composite Index returned to 4000 points on November 6 [1][3][4]. Group 1: Market Performance - On November 6, the Shanghai Composite Index closed at 4007.76 points, up 0.97%, while the Shenzhen Component Index and the ChiNext Index rose by 1.73% and 1.84%, respectively [2]. - The CSI Brokerage Index increased by 1.27%, halting a five-day decline, with 46 out of 49 constituent stocks rising, led by Northeast Securities, which surged by 6.79% [1][3]. Group 2: Factors Influencing Brokerage Stocks - Analysts suggest that brokerage stocks are highly sensitive to market movements, and an increase in the index typically boosts the brokerage sector [1][4]. - The recent rise in brokerage stocks is attributed to a shift in market style, with financial and utility sectors gaining attention, while previously popular sectors like new energy and non-ferrous metals have seen corrections [4][5]. - The release of third-quarter reports from listed brokerages showed positive revenue and net profit growth, with 11 brokerages reporting revenues exceeding 10 billion yuan [4][5]. Group 3: Future Outlook - The brokerage sector is expected to perform well in the upcoming quarters due to high market trading volumes and a favorable low-interest-rate environment, which enhances the attractiveness of equity assets [5][6]. - The current market is in a phase of style rebalancing, and if the A-share market continues its upward trend, brokerage stocks are likely to benefit further [6].

Core Viewpoint - Northeast Securities surged over 9%, while Guosen Securities increased by more than 5%. Other firms such as Huatai Securities, GF Securities, Changjiang Securities, Guotai Junan, Dongwu Securities also experienced significant gains [1] Group 1 - Northeast Securities saw a rise of over 9% [1] - Guosen Securities experienced an increase of more than 5% [1] - Other securities firms including Huatai Securities, GF Securities, Changjiang Securities, Guotai Junan, and Dongwu Securities also reported notable increases [1]

Group 1 - The A-share market showed strong performance with major indices, including the Shanghai Composite Index, returning to 4000 points and both the Shenzhen Component Index and the ChiNext Index rising over 1% [1] - The securities sector, referred to as the "bull market leader," continued to strengthen, with the Securities ETF (159841) increasing by 1.25% and achieving a trading volume exceeding 290 million yuan [1] - Notable stocks within the securities sector included Northeast Securities, which rose over 7%, along with other firms like Guosen Securities, Huatai Securities, and GF Securities also showing significant gains [1] Group 2 - The Securities ETF (159841) has seen a net inflow of funds for five consecutive trading days, accumulating 487 million yuan, and currently has a total size of 10.474 billion yuan, making it the largest and most liquid securities ETF in the Shenzhen market [1] - The ChiNext ETF Tianhong (159977) also performed well, rising by 1.46% with a trading volume exceeding 110 million yuan, and several of its constituent stocks, such as Shenghong Technology and Jinlang Technology, increased by over 4% [1] - Recent reports indicate that multiple foreign institutions have raised their forecasts for China's annual economic growth, expressing optimism about China's technology development and export growth, which contributes to a positive outlook for Chinese assets [2]

Group 1 - The core viewpoint indicates a strong performance in the securities sector, with the Guozheng Securities Leading Index (399437) rising by 1.32% and key stocks like Guosen Securities (002736) increasing by 4.15% [1] - A total of 2.246 million new A-share accounts were opened in the first ten months of 2025, bringing the total number of A-share investors close to 250 million, with expectations to surpass this milestone by year-end [1] - The brokerage sector is expected to see improved profitability driven by core businesses such as public funds, overseas investments, and derivatives, with a notable expansion in the return on equity (ROE) for leading brokerages [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index (399437) include Dongfang Caifu (300059), CITIC Securities (600030), and Huatai Securities (601688), collectively accounting for 78.89% of the index [2]

Fund Overview - The fund is named "Guotou Ruijin North Exchange 50 Component Index Fund" and is classified as an equity fund [17] - The fund operates as a contractual open-end fund [17] - The initial value of each fund share is set at 1.00 RMB [19] Fund Management and Custody - The fund is managed by Guotou Ruijin Fund Management Co., Ltd. and the custodian is Huatai Securities Co., Ltd. [1][49] Fund Subscription Details - The fund has two classes of shares: Class A shares, which charge subscription fees, and Class C shares, which do not charge subscription fees [2][30] - The subscription codes for Class A and Class C shares are 025455 and 025456, respectively [3][18] - The minimum subscription amount for individual investors is 1 RMB [5][33] Fund Raising and Limits - The maximum fundraising limit for the initial offering is set at 500 million RMB, excluding interest accrued during the fundraising period [21] - If the total subscription amount exceeds 500 million RMB on any given day, the fundraising will close, and the excess will be returned to investors [22] Subscription Period - The fund will be publicly offered from November 10 to November 14, 2025 [25] - The fund management may adjust the fundraising period based on sales conditions [26] Investor Eligibility - The fund is open to various types of investors, including individual investors, institutional investors, and qualified foreign investors [20] Subscription Process - Investors must open an account with the fund management company to subscribe [9] - Multiple subscriptions are allowed during the fundraising period, but confirmed applications cannot be revoked [10][12] Fund Investment Strategy - The fund primarily invests in stocks, with at least 90% of its assets allocated to equity securities [8] - The fund's investment scope includes various financial instruments, such as stocks, bonds, and derivatives [11] Fund Performance and Risk - The fund is expected to have higher risks and returns compared to mixed, bond, and money market funds [15] - The fund's performance is linked to the North Exchange 50 Index, which may involve specific market risks [10][12]

Investment Rating - The report maintains a "Recommendation" rating for the securities industry, indicating a positive outlook for investment opportunities in the sector [3]. Core Insights - The securities industry has benefited from a slow bull market, with listed brokers achieving a year-on-year increase in operating income of 43% and net profit of 63% in Q3 2025 [6][16]. - The report emphasizes the importance of brokers as "flag bearers" of the bull market, despite their overall underperformance, suggesting they warrant more attention and allocation [7][16]. - The report forecasts that the industry will achieve total revenue of 556.7 billion yuan, a year-on-year increase of 23%, and net profit of 233.8 billion yuan, a year-on-year increase of 40% for the year 2025 [7][16]. Summary by Sections 1. Performance Benefiting from Slow Bull Market - The market environment is characterized by a strong stock market and weak bond market, with the ChiNext Index rising by 51.2% in Q3 2025 [9][11]. - Listed brokers reported total operating income of 419.6 billion yuan and net profit of 169 billion yuan in Q3 2025, reflecting significant growth [16][20]. - The average annualized ROE for 42 listed brokers was 7.51%, an increase of 2.2 percentage points from the previous year [25]. 2. Business Segment Performance - Brokerage income increased by 68% year-on-year, reaching 111.8 billion yuan in Q3 2025, driven by a significant expansion in the client base [39]. - Investment banking income grew by 16% year-on-year, totaling 25.2 billion yuan, with a notable increase in IPO and refinancing activities [47][56]. - Asset management income decreased by 2% year-on-year, amounting to 33.3 billion yuan, but the decline rate has narrowed [64]. 3. Annual Outlook - The report anticipates a perfect closing year for the industry, with a focus on policy and liquidity outlooks [7][16]. - The report highlights the ongoing trend of cost reduction among brokers, which is expected to impact revenue and profit concentration differently across firms [28]. 4. Investment Recommendations - The report suggests focusing on potential catalysts for low-cost acquisition of related stocks, particularly in light of upcoming policy meetings and economic work conferences [7][16]. - Specific recommendations include increasing positions in high-performing stocks such as Guotai Junan, Huatai Securities, and CICC, while also considering flexible stocks like GF Securities and Guosen Securities [7][16].

Core Viewpoint - The current market logic is driven by liquidity contraction rather than risk aversion, primarily due to the U.S. federal government shutdown, which has led to a significant liquidity gap of $1.5 to $1.8 trillion [1][2]. Group 1: Market Overview - Various asset classes have experienced notable pullbacks, including the S&P 500 and Nasdaq 100 futures falling below their 20-day moving averages, and gold dropping below 4000 [1]. - The U.S. Treasury yield has shown a steady decline, indicating a broader trend of liquidity contraction affecting both risk and safe-haven assets [1]. Group 2: U.S. Government Shutdown Impact - The U.S. federal government shutdown is projected to create an annualized liquidity gap of $1.85 trillion, with a weekly absorption of $35.5 billion from the private sector [2]. - The shutdown is expected to reduce annualized revenue by $85 billion while cutting expenditures by $1.93 trillion, exacerbating the liquidity crunch [2]. Group 3: Short-term Outlook - U.S. investment banks anticipate that the federal government will resume operations within two weeks, with bipartisan agreement expected on fiscal issues [3]. - Confidence among Republican senators suggests that the political deadlock may soon be resolved, potentially alleviating liquidity concerns [3]. Group 4: Investment Opportunities - The current market pullback in U.S. equities is viewed as a buying opportunity, with the S&P 500's fair valuation range estimated between 6900 and 6950, indicating no significant valuation burden [4]. - In the Hong Kong market, the ongoing process of valuation digestion is expected to be limited due to the high certainty of interest rate cuts by the Federal Reserve, creating favorable conditions for investment [5]. Group 5: Sector Recommendations - Strong sectors facing profit-taking pressure before liquidity recovery may present greater opportunities post-recovery, particularly in semiconductors and materials [6]. - The semiconductor sector, especially storage chips, is positioned for a cyclical upswing, while gold and industrial metals are expected to benefit from stable demand and favorable market conditions [6].