Group 1 - The current bull market, which began with the "924" trend in 2024, is not over and is now entering its second phase, shifting from sentiment-driven to fundamentals-driven [1] - The complete bull market consists of three phases: incubation, explosion, and frenzy, with the current phase resembling the 519 market, characterized by structural features where "small assets" outperform "large assets" [1] - By 2026, the driving force of the bull market will transition to fundamentals, with steady recovery in ROE and improved profit expectations for listed companies [1] Group 2 - Technology is the main theme of the current bull market, with significant contributions from 15 major tech stocks accounting for a 10% increase in the overall market, particularly from companies like SMIC and Cambrian [2] - The AI industry is led by both China and the US, with over one-third of domestic hard-tech companies still in the growth phase, indicating substantial profit margin improvement potential compared to US counterparts [2] - Key focus areas for 2026 include application performance in AI glasses, robotics, smart driving, AI programming, and AI in life sciences [2] Group 3 - Mid-bull market often sees style rotation, with a focus on undervalued sectors such as liquor (high dividend), brokerage (high growth), and real estate (leading stock prices) [3] - For dividend assets that underperformed in 2025, maintaining a certain level of exposure is advisable due to their ability to withstand market fluctuations and the demand for dividend yields that exceed existing mortgage rates [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002736 证券简称：国信证券 公告编号：2025-084 国信证券股份有限公司 关于参加2025年度深圳辖区上市公司投资者 网上集体接待日活动的公告 为进一步加强与投资者的互动交流，国信证券股份有限公司（以下简称"公司"）将参加由深圳证监局和 中证中小投资者服务中心指导、深圳上市公司协会与深圳市全景网络有限公司联合举办的"2025年度深 圳辖区上市公司投资者网上集体接待日活动"。本次活动将采用网络远程的方式举行，投资者可登录"全 景路演"网站（http://rs.p5w.net），或关注微信公众号"全景财经"，或下载全景路演APP，参与本次互动 交流，活动时间为2025年11月20日（星期四）15:40-17:00。届时，公司财务负责人周中国先生、董事会 秘书廖锐锋先生将在线与投资者进行沟通与交流。 欢迎广大投资者踊跃参与！ 特此公告。 国信证券股份有限公司董事会 2025年11月15日 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。 ...

- The report tracks the performance of Guosen Financial Engineering's index enhancement portfolios, which are constructed based on multi-factor stock selection models targeting benchmarks such as CSI 300, CSI 500, CSI 1000, and CSI A500 indices[10][11][13] - The construction process of the index enhancement portfolios includes three main components: return prediction, risk control, and portfolio optimization[11] - The report monitors the performance of single-factor Maximized Factor Exposure (MFE) portfolios across different stock selection spaces, including CSI 300, CSI 500, CSI 1000, CSI A500 indices, and public fund heavy positions index[10][14][39] - The MFE portfolio construction process involves optimizing the portfolio to maximize single-factor exposure while controlling for constraints such as style exposure, industry exposure, individual stock weight deviation, and turnover rate[39][40][41] - The optimization model for MFE portfolios is defined as follows: $\begin{array}{ll}max&f^{T}\ w\\ s.t.&s_{l}\leq X(w-w_{b})\leq s_{h}\\ &h_{l}\leq H(w-w_{b})\leq h_{h}\\ &w_{l}\leq w-w_{b}\leq w_{h}\\ &b_{l}\leq B_{b}w\leq b_{h}\\ &\mathbf{0}\leq w\leq l\\ &\mathbf{1}^{T}\ w=1\end{array}$ where `f` represents factor values, `w` is the stock weight vector, and constraints include style factor deviation, industry deviation, individual stock weight deviation, and component stock weight limits[39][40] - The report highlights the weekly, monthly, and yearly performance of various factors in different stock selection spaces, such as CSI 300, CSI 500, CSI 1000, CSI A500 indices, and public fund heavy positions index[17][19][21][23][25] - Factors such as three-month volatility, one-month volatility, and three-month turnover performed well in the CSI 300 space recently, while factors like one-year momentum and single-quarter profit growth rate performed poorly[17][18] - In the CSI 500 space, factors like one-month turnover and BP showed strong performance recently, while one-year momentum and standardized unexpected earnings performed poorly[19][20] - In the CSI 1000 space, factors such as illiquidity shock and expected net profit growth performed well recently, while standardized unexpected revenue and one-year momentum showed weak performance[21][22] - In the CSI A500 space, factors like three-month volatility and one-month turnover performed well recently, while one-year momentum and standardized unexpected earnings performed poorly[23][24] - In the public fund heavy positions index space, factors such as one-month volatility and three-month turnover performed well recently, while standardized unexpected revenue and one-year momentum showed weak performance[25][26] - The report tracks the performance of public fund index enhancement products, including CSI 300, CSI 500, CSI 1000, and CSI A500 index enhancement funds, with detailed statistics on excess returns across different time periods[27][28][31][33][35][38]

Core Points - The company has announced a change in its continuous supervision sponsor representative due to personal work changes of the previous representative [1][2] - The new sponsor representative, Liu Yaxin, will take over the duties from Chen Zhenyu, ensuring the continuity of supervision work [1][2] - The continuous supervision period is extended until the obligations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange are fulfilled [2] Company Information - Liu Yaxin is a senior business director at Guosen Securities with a master's degree in clinical medicine and has been involved in investment banking since 2015 [4] - The company expresses gratitude to Chen Zhenyu for his contributions during his tenure as the sponsor representative [3]

Core Viewpoint - The securities industry is undergoing a trend of branch integration and optimization to enhance resource allocation and operational efficiency, with a total of 137 branch institutions announced for closure as of November 14 this year [1][2][3]. Group 1: Branch Integration and Closure - As of November 14, 30 securities firms have announced the closure of 137 branch institutions, including 14 branch companies and 123 business offices [2]. - Guotai Junan Securities has the highest number of closures at 21, followed by Founder Securities with 13, and Industrial Securities with 12 [2]. - The closures are part of a broader strategy to optimize network layout and adapt to market changes, leveraging improved online service platforms that reduce customer acquisition costs compared to traditional physical branches [3]. Group 2: Wealth Management Transformation - The transformation of branch institutions is closely linked to the performance of brokerage business, which has seen significant revenue growth due to favorable capital market conditions [4]. - In the first three quarters, 42 A-share listed securities firms achieved a net income of 111.77 billion yuan from brokerage fees, a year-on-year increase of 74.64%, marking the highest growth among the five main business segments [4]. - Analysts are optimistic about the future of brokerage business, anticipating growth in trading services, product sales, and wealth management as the capital market ecosystem stabilizes and investor protection systems improve [4]. Group 3: Strategic Shifts in Brokerage Firms - Securities firms are shifting from traditional brokerage services to comprehensive wealth management, with strategies focusing on high-quality client engagement and efficient online operations [4][5]. - Companies like GF Securities and China Merchants Securities are integrating AI into their wealth management ecosystems to enhance service capabilities and improve client interactions [4]. - The key to upgrading brokerage services lies in transitioning from a commission-based model to a management fee-based model, leveraging market investment capabilities and client bases [5].

Core Viewpoint - Guosen Securities has received approval from the China Securities Regulatory Commission (CSRC) for the public issuance of perpetual subordinated bonds, with a total issuance scale not exceeding 3 billion yuan [1][2]. Group 1: Stock Performance - As of November 14, 2025, Guosen Securities' stock closed at 13.73 yuan, down 2.56% from the previous trading day [1]. - The stock opened at 14.0 yuan, reached a high of 14.02 yuan, and a low of 13.73 yuan, with a trading volume of 7.37 billion yuan and a turnover rate of 0.55% [1]. Group 2: Bond Issuance Details - The company plans to issue the fifth phase of perpetual subordinated bonds aimed at professional investors, with a coupon rate determined to be 2.28% after an inquiry on November 13, 2025 [1]. - The interest rate range for the bonds was set between 1.80% and 2.80%, with the issuer having the right to choose between renewal or redemption at the end of each five-year interest period [1].

关于参加 2025 年度深圳辖区上市公司投资者网上集体接待日 活动的公告 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。 为进一步加强与投资者的互动交流，国信证券股份有限公司（以下简称"公 司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公司协会 与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投资者网 上集体接待日活动"。本次活动将采用网络远程的方式举行，投资者可登录"全 景路演"网站（http://rs.p5w.net），或关注微信公众号"全景财经"，或下载全景 路演 APP，参与本次互动交流，活动时间为 2025 年 11 月 20 日（星期四） 15:40-17:00。届时，公司财务负责人周中国先生、董事会秘书廖锐锋先生将在 线与投资者进行沟通与交流。 欢迎广大投资者踊跃参与！ 特此公告。 国信证券股份有限公司董事会 2025 年 11 月 15 日 证券代码：002736 证券简称：国信证券 公告编号：2025-084 国信证券股份有限公司 ...

Market Overview - The participation fund sector declined by 0.53% on November 14, with Changjiang Securities leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers included: - Zhongshun Group (Code: 000039) with a closing price of 8.94, up 9.96% [1] - Guomai Technology (Code: 002093) with a closing price of 11.90, up 2.15% [1] - Major decliners included: - Changjiang Securities (Code: 000783) with a closing price of 8.80, down 2.98% [2] - Huatai Securities (Code: 601688) with a closing price of 22.17, down 2.93% [2] Capital Flow Analysis - The participation fund sector experienced a net outflow of 2.136 billion yuan from institutional investors, while retail investors saw a net inflow of 1.242 billion yuan [2] - The overall capital flow indicated that speculative funds had a net inflow of 894 million yuan [2] Detailed Capital Flow by Stock - Key stocks with significant capital flow: - Zhongshun Group had a net inflow of 597 million yuan from institutional investors, but a net outflow of 378 million yuan from speculative funds [3] - Industrial and Commercial Bank of China (Code: 601398) saw a net inflow of 145 million yuan from institutional investors [3] - Other stocks like Northeast Securities (Code: 000686) and Hanhua Technology (Code: 600226) showed mixed capital flows with both inflows and outflows from different investor types [3]

Market Overview - On November 14, the securities sector declined by 1.42%, with Changjiang Securities leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers included Huachuang Yuxin, which rose by 2.41% to a closing price of 7.65, and Dongbei Securities, which increased by 0.70% to 10.10 [1] - Major decliners included Changjiang Securities, which fell by 2.98% to 8.80, and Huatai Securities, down 2.93% to 22.17 [2] Trading Volume and Value - The trading volume for Huachuang Yuxin was 859,400 shares, with a transaction value of 666 million yuan [1] - Changjiang Securities had a trading volume of 1,008,200 shares, with a transaction value of 896 million yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 3.399 billion yuan from institutional investors, while retail investors saw a net inflow of 1.989 billion yuan [2] - The net inflow from speculative funds was 1.409 billion yuan [2] Detailed Capital Flow for Selected Stocks - Dongbei Securities had a net inflow of 19.9 million yuan from institutional investors, while it faced a net outflow of 3.2652 million yuan from speculative funds [3] - Huachuang Yuxin saw a net inflow of 30.2283 million yuan from institutional investors, but a net outflow of 1.2207 million yuan from speculative funds [3]

Market Overview - A-shares experienced a collective pullback with the Shanghai Composite Index down by 0.97%, Shenzhen Component down by 1.93%, and ChiNext down by 2.82% on November 14, 2025, with a total trading volume of 1,958.1 billion yuan [1] ETF Performance - Oil and gas-related ETFs led the gains, with the top performers including: - Oil and Gas ETF Bosera (561760) up by 2.02% - Oil and Gas Resource ETF (159309) up by 1.68% - Oil and Gas Resource ETF (263150) up by 1.48% [2] - Conversely, the top decliners included: - Sino-Korea Semiconductor ETF (513310) down by 4.45% - Hang Seng Internet ETF (159688) down by 3.66% - ChiNext AI ETF Guotai (159388) down by 3.64% [4] Sector Insights - Guolian Minsheng Securities noted that OPEC+ unexpected production increases and U.S. tariffs are pressuring oil prices, but a slowdown in U.S. oil and gas production growth may provide fundamental support. The focus remains on leading oil and gas central enterprises with quality upstream assets and high dividends [3] - The current investment strategy is diversified, emphasizing "anti-involution," domestic demand, and emerging industries. The traditional cyclical chemical sector is expected to see improvements as excess capacity is gradually eliminated [3] A-share Strategy Outlook - Guoxin Securities projected that the bull market initiated in 2024 is not over, entering its second phase with a shift from sentiment to fundamentals. The focus for 2026 will be on technology, particularly in AI applications, robotics, and smart driving [5] - The market is expected to revolve around themes of technological self-reliance, industrial upgrades, and resource security, with opportunities in AI, semiconductors, and high-end manufacturing [5] ETF Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume at 19.797 billion yuan, followed by Silver Hua Daily ETF (211880) at 12.553 billion yuan and Huabao Tianyi ETF (211990) at 11.818 billion yuan [6][7] - The National Debt Policy Bond ETF (511580) led in turnover rate at 275%, indicating high trading activity [7] New ETF Launch - A new QDII product, the Hang Seng Technology ETF Southern (520570), will be launched next Monday, tracking the Hang Seng Technology Index. It is suitable for investors optimistic about China's long-term tech development [8]