Focus Review - The People's Bank of China (PBOC) will conduct a 6-month reverse repurchase operation of 800 billion yuan to maintain liquidity in the banking system, resulting in a net injection of 500 billion yuan after accounting for maturing operations [3] - The PBOC has established a pattern of monthly liquidity injections, indicating a continued focus on maintaining a loose monetary environment amid increased growth demands [3] Equity Market - CITIC Securities suggests that China's capital market is transitioning from an emerging market to a mature market, with an increasing global business exposure for listed companies, which is foundational for a low-volatility bull market [5] - Huatai Securities predicts that the A-share profit cycle will likely recover in the first half of 2026, driven by positive signals from capacity inventory cycles and overseas expansion [6] - Galaxy Securities warns of a potential decline in market risk appetite as the year-end approaches, suggesting a focus on cyclical sectors and dividend stocks that may benefit from improved Sino-U.S. trade relations [7] Industry Research - HSBC Jintrust Fund highlights the storage industry as a sector with multiple opportunities, driven by policy shifts and increased demand, particularly from AI data centers, suggesting a strategic opportunity for high growth [12] -招商证券 identifies investment potential in sectors experiencing supply clearing, particularly in resources, consumer goods, and traditional machinery, recommending focus on quality leaders and low-inventory industries [13] - 嘉实基金 sees significant long-term growth potential in China's innovative pharmaceutical sector, suggesting that recent corrections are a market adjustment rather than an end to the growth trend [14] Asset Allocation - Guosen Securities indicates that the bull market may be entering its second phase, with economic conditions improving and a broadening market trend, particularly in technology and undervalued sectors like liquor and real estate [22]

Report Summary 1. Investment Rating of the Reported Industry The document does not mention the industry investment rating. 2. Core Views of the Report - This week, the REITs index rose slightly, outperforming major equity - linked indices. The top - performing sectors were affordable housing, transportation, and consumption. The average weekly price changes of equity - type REITs and franchise - type REITs were +0.7% and +1.0% respectively. From the comparison of weekly price changes of major indices, CSI REITs > CSI Convertible Bonds > CSI Aggregate Bonds > SSE 50 Index. As of November 14, 2025, the dividend yield of equity REITs was 6BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 253BP [1]. - The CSI REITs index had a weekly price change of +0.8% and a year - to - date price change of +3.6%. As of November 14, 2025, its closing price was 818.17 points. The REITs' total market capitalization increased to 222.5 billion yuan on November 14, up 1.9 billion yuan from the previous week, and the average daily turnover rate for the week was 0.56%, down 0.03 percentage points from the previous week [2]. - Most REITs sectors closed up, with affordable housing, transportation, and consumption leading the gains. In terms of trading activity, water conservancy facilities REITs had the highest trading activity, and park infrastructure REITs had the highest proportion of trading volume this week. The State Council's new measures support the issuance of more REITs by private investment projects [3]. 3. Summary by Relevant Catalogs Secondary Market Trends - **Index Performance**: The CSI REITs index had a weekly price change of +0.8%, outperforming the CSI Convertible Bonds index (+0.5%), the CSI Aggregate Bonds index (+0.1%), and the SSE 50 index (-1.1%). Year - to - date, the order of price changes of major indices was: CSI Convertible Bonds (+18.6%) > SSE 50 (+17.6%) > CSI REITs (+3.6%) > CSI Aggregate Bonds (+0.9%). The one - year return of the CSI REITs index was 5.9%, with a volatility of 7.5%. The return was lower than that of the SSE 50 index and the CSI Convertible Bonds index but higher than that of the CSI Aggregate Bonds index; the volatility was lower than that of the SSE 50 index and the CSI Convertible Bonds index but higher than that of the CSI Aggregate Bonds index [2]. - **Sector and Individual Performance**: Most REITs sectors closed up. The top three weekly gainers were CICC Liandong Science and Technology Innovation REIT (+6.24%), CICC Shandong Expressway REIT (+5.18%), and China Merchants Shekou Rental Housing REIT (+4.10%). Water conservancy facilities REITs had the highest average daily turnover rate of 1.3%, and park infrastructure REITs had the highest trading volume proportion, accounting for 22.8% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Yin Hua Shaoxing Raw Water Water Conservancy REIT (12.91 million yuan), China Merchants Shekou Rental Housing REIT (12.72 million yuan), and Huaxia Zhonghai Commercial REIT (11.16 million yuan) [3]. Primary Market Issuance - As of November 14, 2025, there was 1 REITs product in the "accepted" stage, 2 in the "inquired" stage, 5 in the "feedback" stage, 6 in the "passed and awaiting listing" stage, and 14 first - issued products that had passed and been listed on the exchange [23]. Valuation Tracking - REITs have both bond and equity characteristics. The average annualized cash distribution rate of public REITs was 6.22% as of November 14. For equity - type REITs, the focus is on the dividend yield, and for franchise - type REITs, the focus is on the internal rate of return. As of November 14, 2025, the dividend yield of equity REITs was 6BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 253BP [25][26]. Industry News - The State Council issued measures to promote private investment and actively support the issuance of REITs by private investment projects. The National Development and Reform Commission has recommended 105 REITs projects to the CSRC, with 83 projects issued and listed, raising approximately 207 billion yuan. Fourteen private investment projects have been listed, raising nearly 30 billion yuan. The public subscription multiple of "Huaxia Anbo Warehouse REIT" was only about 17.1 times, indicating that public investors' subscription sentiment is shifting from irrational speculation to rational judgment based on fundamentals [3][4][33].

Core Insights - The organic silicon industry is experiencing a high operating rate of 80.69% in January 2025, with a subsequent stabilization around 70% [1][2] - Domestic demand for organic silicon intermediates has shown significant growth, while export growth has slowed due to high base effects from the previous year [1] - The industry is expected to see a price recovery and positive average profits due to planned production cuts of 30% by single factories [3] Demand Side - Domestic consumption of organic silicon intermediates reached 1.5128 million tons in the first three quarters of 2025, marking a year-on-year increase of 19.66% [1] - Export volume for organic silicon intermediates was 420,100 tons in the same period, with a year-on-year growth rate of 2.30%, reflecting a slowdown due to high base effects [1] Supply Side - The peak of capacity expansion has passed, leading to an improved supply landscape; domestic production capacity for organic silicon intermediates increased from 1.675 million tons in 2020 to 3.44 million tons in 2024, with a compound annual growth rate of 19.71% [2] - The industry maintains a high concentration of production capacity, with major players like Hoshine Silicon Industry holding a 26% market share [2] Product Pricing - The average price of DMC is currently at 12,500 yuan per ton, having increased by 1,000 yuan per ton recently; the industry is positioned at historically low price levels [3] - The planned production cuts are expected to help stabilize prices and potentially lead to a recovery in industry average profits [3]

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 ...