Group 1 - The report highlights that the brokerage industry is entering an upward trajectory after hitting a low in Q4 2023, with significant growth observed in Q2 and Q3 of 2025 [5][18]. - The brokerage sector has seen a shift from "customer acquisition" to "existing customer management and institutional deepening," focusing on creating a comprehensive product matrix across various investment types [5][29]. - The report identifies three categories of brokers that have outperformed: those with low valuations and improving fundamentals, those involved in mergers and acquisitions, and those driven by innovative business models [5][12]. Group 2 - The report indicates that the performance of H-shares has outpaced A-shares due to a stronger Hong Kong market, lower valuations, and accelerated interconnectivity between capital markets [11][12]. - As of November 14, 2025, the brokerage index has increased by 4.29%, while the Shanghai Composite Index has risen by 19.06%, indicating a significant underperformance of the brokerage sector compared to the broader market [11][12]. - The report notes that the brokerage sector's price-to-book ratio is currently at 1.41 times, which is at the 47th percentile since 2018, suggesting that the sector is undervalued [5]. Group 3 - The report emphasizes the importance of wealth management as a core support for brokerage businesses, driven by increased asset allocation from residents into the equity market [5][34]. - The brokerage industry is expected to benefit directly from the increasing attractiveness of the equity market, with specific recommendations for companies like GF Securities, Huatai Securities, and China Galaxy Securities [5]. - The report outlines that the brokerage sector's net profit for the first nine months of 2025 has increased by 66% year-on-year, with significant contributions from brokerage and interest income [18][34]. Group 4 - The report discusses the internationalization of brokerage services, driven by client demand, with major firms establishing overseas subsidiaries and focusing on cross-border services [5][18]. - The brokerage sector is experiencing a "counter-cyclical" asset allocation strategy, with a continued increase in equity asset allocation expected in 2025 [5][18]. - The report highlights that the brokerage industry is positioned for a recovery in public fund profitability, with the potential for increased allocations from public funds to the non-bank financial sector [5][18].

Group 1 - The company, Hongtu Innovation Fund Management Co., has signed a sales agreement with Great Wall Securities Co., allowing the latter to act as a sales agency for certain fund products starting from November 17, 2025 [1] - Investors will be able to open accounts, subscribe, redeem, and set up regular investments through Great Wall Securities for the specified funds from the effective date [1] - The business operations are applicable only during normal subscription and redemption periods, as well as on specific open days and times, with special provisions during fund closure periods detailed in the respective fund contracts and prospectuses [2] Group 2 - There will be specific fee rate discounts for investors who subscribe to the company's funds through Great Wall Securities, with the exact terms subject to Great Wall Securities' rules [3] - The fee discount will be available from the date the fund products are open for subscription and will apply to the newly designated sales agency funds [3] Group 3 - Investors can consult for further details through Great Wall Securities or Hongtu Innovation Fund Management Co. via their respective customer service numbers and websites [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 网址：www.cgws.com/cczq 三、实行费率优惠 对通过长城证券申购本公司旗下前述基金的投资者实施的具体费率优惠情况请以长城证券的规则为准。 基金原费率请详见基金合同、招募说明书（更新）等法律文件，以及本公司发布的最新业务公告。费率 优惠期限内，如本公司新增长城证券为销售机构的基金产品，则自该基金产品开放认、申购当日起，将 同时开通该基金上述优惠活动。 四、投资者可通过以下途径咨询有关详情： 1、长城证券股份有限公司 客服电话：95514或400-6666-888 根据红土创新基金管理有限公司（以下简称"本公司"）与长城证券股份有限公司（以下简称"长城证 券"）签署的销售协议，本公司旗下部分基金产品自2025年11月17日起新增长城证券为销售机构。现将 相关事项公告如下： 一、自2025年11月17日起，投资者可通过上述销售机构办理下表中对应基金的开户、申购、赎回、定投 等业务。 ■ 二、重要提示 上述业务仅适用于处于正常申购、赎回期及处于特定开放日和开放时间的基金。基金封闭期等特殊期间 的有关规定详见对应基金的《基金合同》和 ...

经上海证券交易所、深圳证券交易所确认，根据东财基金管理有限公司（以下简称：本公司）与长城证 券股份有限公司签署的相关协议，本公司决定自2025年11月17日起增加长城证券股份有限公司为以下基 金的申购赎回代理券商： 1.西藏东财中证新能源汽车交易型开放式指数证券投资基金（基金简称：新能源车龙头ETF，基金代 码：159637） 2.西藏东财中证沪港深创新药产业交易型开放式指数证券投资基金（基金简称：创新药ETF沪港深，基 金代码：159622） 3.西藏东财中证证券公司30交易型开放式指数证券投资基金（基金简称：证券ETF东财，基金代码： 159692） 4.西藏东财中证芯片产业交易型开放式指数证券投资基金（基金简称：芯片ETF基金，基金代码： 159599） 5.西藏东财沪深300交易型开放式指数证券投资基金（基金简称：沪深300ETF基金，基金代码： 159330） 6.西藏东财中证500交易型开放式指数证券投资基金（基金简称：中证500ETF基金，基金代码： 159337） 7.西藏东财中证A500交易型开放式指数证券投资基金（基金简称：A500ETF东财，基金代码：159380） 8.西藏东财上证50 ...

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]

Core Points - Duople's shareholder Cai Shuping plans to reduce his stake by up to 619,000 shares, representing no more than 1% of the total share capital, due to personal financial needs [1] - As of the announcement date, Cai Shuping holds 4,060,560 shares, accounting for 6.56% of Duople's total share capital [1] - Duople was listed on the Shenzhen Stock Exchange's ChiNext board on August 28, 2023, with an initial issuance of 15.5 million shares at a price of 71.80 yuan per share [1] - The stock reached a peak price of 185 yuan on its first trading day but has since experienced a decline, currently trading below its initial offering price [1] - The total funds raised from the IPO amounted to 1.1129 billion yuan, with a net amount of 1.0079 billion yuan after deducting issuance costs [1] - The final net fundraising amount exceeded the original plan by 518.65 million yuan [1] - The funds are intended for the construction of a non-destructive testing intelligent production base, headquarters building, and R&D center [1][2]

Announcement Details - The Hua Bao Nasdaq Select Stock Fund (QDII) will adjust the daily single account subscription limit to 50 yuan starting from November 17, 2025, for sales agents, while the limit remains at 100,000 yuan for direct sales [1] - If a single account's subscription exceeds the limit, the fund manager will confirm the subscription up to the limit, and any excess will be deemed unsuccessful [1] - During the suspension of large subscriptions, other fund operations will continue normally, and a future announcement will be made regarding the resumption of large subscriptions [1] New Sales Agents - Hua Bao Fund Management Company has added China Postal Savings Bank as a sales agent for certain funds effective November 14, 2025, following a sales agency agreement [4] - Investors can conduct account opening, subscription, and redemption through the "You Ni Tong Ying" platform of Postal Savings Bank [5] Additional Sales Agent - Hua Bao Fund Management Company has also added Great Wall Securities as a sales agent for certain funds effective November 14, 2025, following a sales agency agreement [8] - Investors can perform account opening, subscription, and redemption through Great Wall Securities [9]

| 证券代码：002939 | 证券简称：长城证券 | | | 公告编号：2025-087 | | --- | --- | --- | --- | --- | | 债券代码：148510 | 债券简称：23 | 长城 | 10 | | 长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第五期） （品种二）2025 年付息公告 本公司及公司全体董事会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。 特别提示： 长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第五期） （品种二）（债券简称：23 长城 10，债券代码：148510，以下简称本期债券）将 于 2025 年 11 月 17 日（2025 年 11 月 16 日为周日，顺延至其后第一个交易日） 支付 2024 年 11 月 16 日至 2025 年 11 月 15 日期间的利息，债权登记日为 2025 年 11 月 14 日。 根据《长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第 五期）募集说明书》和《长城证券股份有限公司 2023 年面向专业投资者公开发 行公司债券 ...

| 证券代码：002939 | 证券简称：长城证券 | | | 公告编号：2025-086 | | --- | --- | --- | --- | --- | | 债券代码：148509 | 债券简称：23 | 长城 | 09 | | 长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第五期） （品种一）付息兑付暨摘牌公告 本公司及公司全体董事会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。 特别提示： 长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第五期） （品种一）（债券简称：23 长城 09，债券代码：148509，以下简称本期债券） 将于 2025 年 11 月 17 日（2025 年 11 月 16 日为周日，顺延至其后第一个交易日） 支付 2024 年 11 月 16 日至 2025 年 11 月 15 日期间的利息并兑付本金。 本期债券本次兑付兑息的债权登记日为 2025 年 11 月 14 日，最后交易日为 2025 年 11 月 14 日，摘牌日为 2025 年 11 月 17 日，凡在 2025 年 11 月 14 日（含 ...