Core Insights - Chinese securities firms are accelerating their expansion in the Hong Kong market, driven by market recovery and increased overseas business activities [2][3] - The trend shows a dual approach of establishing new subsidiaries and increasing capital in existing ones, with significant investments announced throughout the year [2][3] Group 1: Market Activity - In 2025, the total capital increase by Chinese securities firms for Hong Kong subsidiaries has exceeded 5 billion HKD, marking a three-year high in capital layout [3] - The Hong Kong market is experiencing a surge in IPO sponsorship, with 456 equity financing events recorded in the first three quarters of 2025, a year-on-year increase of 34.91% [3][4] Group 2: Business Development - Major firms are enhancing their licensing capabilities to provide comprehensive financial services, including IPO sponsorship, mergers and acquisitions, and bond issuance [3][4] - The establishment of a "one-stop" cross-border financial solution is a key strategy for improving market competitiveness [3] Group 3: Wealth Management - Wealth management services are being developed to capitalize on cross-border capital flows, with firms like CITIC Securities International launching innovative services for high-net-worth clients [5] - The favorable market conditions, including a 29.06% increase in the Hang Seng Index, are supporting the growth of wealth management businesses [5] Group 4: Regulatory Environment - Recent regulatory changes, such as the relaxation of the 'A+H' share public holding requirements, are expected to expand business opportunities for securities firms [5] - The competitive landscape is intensifying, with over a hundred Chinese securities branches in Hong Kong facing challenges from established international investment banks [6]

根据万家基金管理有限公司（以下简称"本公司"）与第一创业证券股份有限公司（以下简称"第一创业 证券"）签订的销售协议，本公司自2025年10月14日起新增第一创业证券办理万家智胜量化选股股票型 证券投资基金（简称：万家智胜量化选股股票；基金代码：A类：025386，C类：025387）的销售业 务。万家智胜量化选股股票自2025年10月13日至2025年10月24日通过基金管理人指定的销售机构公开发 售，投资者可在第一创业证券办理万家智胜量化选股股票的开户及认购业务，待基金成立后也可办理申 购、赎回及定投等其他业务，具体费率以第一创业证券公告为准，具体办理程序请遵循第一创业证券的 相关规定。 投资者可以通过以下途径咨询有关详情： 1、第一创业证券股份有限公司 客服电话： 95358 网址：www.firstcapital.com.cn 2、万家基金管理有限公司 客服电话： 400-888-0800 客服传真：021-38909778 网址： www.wjasset.com 风险提示：敬请投资者于投资前认真阅读各基金的《基金合同》和《招募说明书》等法律文件，基金管 理人承诺以诚实信用、勤勉尽责的原则管理和运用基 ...

Core Viewpoint - The brokerage firms in China have significantly increased their bond issuance this year, with a total of 1.26 trillion yuan, marking a year-on-year growth of 75.42% [1][2][3] Group 1: Bond Issuance Details - As of October 10, 2023, several brokerages, including China International Capital Corporation (CICC), Industrial Securities, and Zhongyuan Securities, have announced progress in bond approvals or listings [1][2] - CICC plans to issue up to 10 billion yuan in corporate bonds, while Industrial Securities has received approval for a public issuance of up to 20 billion yuan [1][2] - China Galaxy Securities leads the bond issuance with 107.9 billion yuan, followed by Huatai Securities with 98.1 billion yuan, and Guotai Junan with 87 billion yuan [2] Group 2: Factors Driving Bond Issuance - The increase in bond issuance is attributed to a recovering market, rising capital-intensive businesses like margin trading and derivatives, and a slowdown in equity financing [3][4] - Company bonds have become the preferred method for brokerages, reflecting their long-term funding needs and the advantages of lower costs compared to equity financing [3][4] - Regulatory changes have also influenced the shift towards bond financing, as the pace of equity financing has slowed down due to new regulations promoting capital-efficient and high-quality development [4]

Core Viewpoint - The bond issuance by securities firms in China has surged significantly in 2023, reflecting a strong demand for capital amid a recovering market environment [1][3]. Group 1: Bond Issuance Data - As of October 10, 2023, the total bond issuance by securities firms in China reached 1.26 trillion yuan, representing a year-on-year increase of 75.42% [1][3]. - China Galaxy Securities leads the market with a bond issuance of 107.9 billion yuan, followed by Huatai Securities at 98.1 billion yuan and Guotai Junan at 87 billion yuan [3]. Group 2: Factors Driving Bond Issuance - The increase in bond issuance is attributed to a recovering market, heightened capital needs for margin trading and derivatives, and a slowdown in equity financing [3][4]. - Company bonds have become the preferred method for financing, with a notable shift away from short-term financing bonds and perpetual subordinated bonds [3]. Group 3: Purpose of Bond Financing - The primary uses of the funds raised through bond issuance include repaying maturing debts, supplementing working capital, and supporting daily operations and business development [4]. - The low interest rate environment has made bond financing more attractive compared to equity financing, allowing firms to manage financial expenditures effectively [4]. Group 4: Regulatory Environment - The regulatory environment has also influenced the shift towards bond financing, as the pace of equity financing through private placements and rights issues has slowed down [4].

Core Viewpoint - The A-share market experienced a strong opening on the first trading day after the holiday, with all three major indices rising, and the Shanghai Composite Index breaking through the 3900-point mark, reaching a 10-year high [1] Group 1: Market Performance - The brokerage sector opened lower but quickly rebounded, with the top brokerage ETF (512000) seeing a 0.5% increase in price and a trading volume exceeding 1.1 billion yuan within half a day [1] - The brokerage sector is expected to show significant year-on-year growth in Q3 earnings, driven by increased market trading activity and margin financing scale [2][3] - The top brokerage ETF (512000) has attracted a net inflow of 5.383 billion yuan over the last 20 trading days, with its total scale exceeding 35 billion yuan and an average daily trading volume of over 1 billion yuan this year [3] Group 2: Individual Stock Performance - Red Tower Securities led the gains with a 7.13% increase, followed by First Entrepreneurship with over a 3% rise, and several other brokerages like Zhongtai Securities and Huachuang Yuxin also showing positive performance [4] - The brokerage ETF (512000) includes 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages, while the remaining 40% focuses on smaller brokerages with high earnings elasticity [5]

Core Insights - The Hong Kong securities market has experienced a surge in trading activity this year, leading to a significant increase in brokerage and investment banking revenues [1] - The net profit of the Hong Kong securities industry rose by 14% in the first half of the year, driven by record trading volumes [1] - The most notable revenue growth came from trading commission income and investment banking, which increased by 23% and 33% respectively [1] - Virtual asset trading generated commission income of HKD 128 million [1] Industry Developments - With the recovery of both primary and secondary markets, Chinese companies are increasingly expanding overseas, positioning Hong Kong as a strategic hub for Chinese securities firms [1] - Several securities firms, including Northeast Securities, Western Securities, and First Capital, have announced the establishment of subsidiaries in Hong Kong this year [1] - The industry consensus is to enhance international influence under the goal of building a first-class investment bank [1] Competitive Advantages - Chinese securities firms leverage their deep understanding of domestic enterprises, mature underwriting experience, and precise value discovery capabilities to build a competitive edge in Hong Kong's IPO and wealth management sectors [1] - Leading securities firms are converting these advantages into significant growth in international business [1] - Chinese securities firms are expected to gain greater pricing power on the international capital stage in the future [1]

Core Viewpoint - The company reported that as of September 19, 2025, the total number of shareholders is 247,478 [1] Summary by Categories - **Shareholder Information** - The total number of shareholders is 247,478 as of September 19, 2025 [1]

Core Viewpoint - The China Securities Regulatory Commission has emphasized the importance of digital finance and technology in enhancing the capital market, which aligns with the strategic initiatives of First Capital Securities to leverage financial technology for improved customer service and operational efficiency [1][2]. Group 1: Technological Empowerment - First Capital Securities is actively exploring cutting-edge financial technologies, increasing investments in AI, big data, blockchain, and cloud computing to optimize business processes and enhance service capabilities [2]. - The company has developed six core AI capabilities, including a large model platform and an internal knowledge base, which have significantly improved operational efficiency across various business scenarios [2]. - The company's AI collaboration project has been recognized as a typical case of financial technology innovation in the asset management industry by China Fund News [2]. Group 2: Independent R&D and System Upgrades - Following the launch of the securities industry's innovation work in 2024, First Capital Securities has integrated innovation governance into its IT development plan, establishing a "145 digital strategy" to support system construction [3]. - The company has enhanced its fixed income business by developing pricing models and trading systems, embedding AI models to create a fully intelligent ecosystem [3]. - In wealth management, the company has developed a comprehensive platform matrix through its "One Creation Smart Wealth" app, achieving a closed-loop of intelligent operations [3]. Group 3: Risk Management - First Capital Securities places a high priority on building a systematic information security framework, having obtained ISO27001 certification in 2022 and enhancing its security management processes [4]. - The company has implemented a network security management strategy that separates technical and business operations, ensuring a secure environment for partners and clients [4]. - Future plans include continuing to deepen innovation construction and optimizing customer experience while maintaining a focus on compliance and risk control [4].

Core Viewpoint - The article emphasizes the role of the securities industry in supporting national strategies and deepening financial supply-side reforms, highlighting the integration of the "Five Major Articles" into the high-quality development framework of First Capital Securities [1][2]. Group 1: Implementation of the "Five Major Articles" - First Capital Securities has incorporated the "Five Major Articles" into its strategic development plan for 2025-2027, focusing on enhancing its functional positioning in serving the real economy [3]. - The investment banking sector will prioritize services for technology innovation-driven SMEs, particularly those characterized as "specialized, refined, and new," providing comprehensive financial services [3]. - The company aims to strengthen project reserves for quality innovative SMEs on the Beijing Stock Exchange and promote the issuance of innovative bond products to support small and micro enterprises [3]. Group 2: Green and Digital Finance - In the green finance sector, First Capital Securities plans to develop innovative bond products such as green bonds and apply ESG investment strategies in asset management products [4]. - The company will enhance its pension product offerings and explore the application of financial technologies like artificial intelligence to improve customer service and operational efficiency [4]. Group 3: Support for Hard Technology Enterprises - First Capital Securities is creating a service ecosystem that covers the entire lifecycle of technology innovation enterprises, acting as a crucial link between technological innovation and industrial development [5]. - The company has reserved dozens of projects in hard technology sectors, including biomedicine and artificial intelligence, and has established a three-dimensional evaluation system for assessing the innovation attributes of SMEs [6]. Group 4: Advancements in Bond and REITs Markets - The investment banking division is positioned as a key player in the construction of the technology board, providing professional financing solutions and expanding the service boundaries for technology bonds [7]. - First Capital Securities has achieved a top 10 ranking in the underwriting scale of technology bonds in the first half of 2023, assisting nine state-owned enterprises in raising 30.1 billion yuan through 22 technology bond issuances [7]. - The company has also ventured into the REITs market, with a notable project focusing on the "headquarters economy," which raised 3.685 billion yuan [7]. Group 5: Building a Technology Finance Ecosystem - As an important financial platform within the Beijing State-owned Assets Management System, First Capital Securities aligns its development strategy with national innovation-driven development and the capital's strategic positioning [8]. - The company integrates resources within the Beijing state-owned system to enhance financial service efficiency for state-owned enterprises, focusing on IPO guidance and comprehensive services for mergers and acquisitions [8].

Core Viewpoint - The company is integrating the "Five Major Articles" into its high-quality development strategy, focusing on enhancing its financial services to support the real economy and technological innovation [2][3]. Group 1: Strategic Development - The company has incorporated the "Five Major Articles" into its strategic development plan for 2025-2027, aiming for high-quality growth by enhancing its functional positioning in financial services [3]. - The investment banking sector will focus on serving technology-driven small and medium-sized enterprises (SMEs) and providing comprehensive financial services [3]. - The company plans to strengthen its project reserves for quality innovative SMEs listed on the Beijing Stock Exchange and promote innovative bond products to support SMEs [3][4]. Group 2: Financial Services and Innovations - The company is committed to developing green finance by promoting innovative bond products such as green bonds and applying ESG investment strategies in asset management [3]. - In the pension finance sector, the company will continue to enhance its pension product offerings [4]. - The company is exploring the application of financial technologies like artificial intelligence to improve customer service, business innovation, compliance, and operational efficiency [4]. Group 3: Technology Finance and Project Development - The company is creating a service ecosystem that covers the entire lifecycle of technology innovation enterprises through multi-department collaboration [5]. - It has established a three-dimensional evaluation system to identify hard technology enterprises, utilizing internal assessments, external resource collaboration, and third-party assistance [5][6]. - The company has reserved dozens of projects in sectors such as biomedicine, high-end equipment manufacturing, military industry, and artificial intelligence [5][6]. Group 4: Bond Issuance and REITs - The investment banking division is playing a crucial role in the construction of the technology board, providing professional financing solutions for issuers [7]. - The company ranked among the top 15 in the industry for technology bond underwriting in 2023 and 2024, with a total fundraising of 30.1 billion yuan from 22 technology bonds issued for nine state-owned enterprises in Beijing [7]. - The company has also ventured into the REITs market, with a notable project focusing on the "headquarters economy," which raised 3.685 billion yuan [7]. Group 5: Integration with National Strategies - The company aligns its development strategy with national innovation-driven development and the capital's strategic positioning [8]. - The largest shareholder, Beijing State-owned Capital Operation Management Co., has established a market-oriented fund system to support the cultivation of new productive forces [8]. - The company is enhancing its financial service efficiency for state-owned enterprises in Beijing, focusing on listing guidance and comprehensive services for mergers and acquisitions [8].