Group 1 - The three major indices opened lower but rebounded, with the ChiNext 50 Index (399673.SZ) rising by 3.22% at midday, driven by significant gains in constituent stocks such as Zhongji Xuchuang, which increased nearly 14%, Changying Precision rising over 11%, and Xinyi Sheng up more than 10% [1] - The ChiNext 50 ETF (159682) also saw a rise of 3.15%, with a trading volume of 266 million yuan, and as of November 25, the latest circulating share count was 3.623 billion shares, with a total market size of 4.954 billion yuan [1] - A notable development is the listing of the Invesco Great Wall ChiNext 50 ETF's depositary receipts on the Thailand Stock Exchange, allowing Thai investors to trade these receipts without cross-border remittance, marking the first product linked to the ChiNext 50 Index in Thailand [1] Group 2 - CITIC Securities reported that since 2025, both Chinese and U.S. tech stocks have performed impressively, with the computing power sector leading market gains, and there are emerging opportunities in models and applications [2] - Looking ahead to 2026, domestic computing power is expected to thrive, with performance elasticity and investment certainty, potentially replicating the long bull market seen in U.S. stocks since 2023 [2] - The AI sector is anticipated to see rapid advancements, particularly in areas such as AI-enabled internet tech giants, AI advertising, AI agents, AI video generation, and commercialized autonomous driving [2]

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！ 当前，随着券商业务日趋多元化、客户账户不断增加，客户主要有普通经纪、信用账户、股票期权户以及基金投顾账户 四类账户；各个账户间各自分立，客户资金划转不便。这对证券公司现有账户管理制度提出了整合和优化的新要求。 "支持证券公司从建立综合客户账户、允许同名划转、分类账户管理等方面开展账户管理功能优化试点，优化券商账户 主要是出于整合与优化账户体系的要求，优化客户体验，提升客户服务效率。"证监会指出。 监管同时强调，内部账户管理功能优化，应在现有客户交易结算资金第三方存管框架下开展。 智通财经记者 | 孙艺真 券商财富管理转型加速推进，券商综合账户试点再迎"新面孔"。 智通财经从业内获悉，近期，国联民生（601456．SH）、东方证券（600958.SH）、东吴证券（601555．SH）、平安 证券、西部证券（002673.SZ）、东北证券（000686.SZ）、东方财富（300059.SZ）、华鑫证券8家证券公司获批券商综 合账户试点。 这意味着，时隔三年，券商综合账户试点第三度迎来扩容，开展券商综合账户试点的券商数量从现有的12家已增加到 ...

Group 1 - The three major indices opened lower, but the brokerage sector was active during the session, with the brokerage ETF (159842) rising by 0.09% and trading volume exceeding 600 million yuan, indicating a premium trading trend [1] - The brokerage ETF (159842) has seen a net inflow of funds for four consecutive trading days, accumulating nearly 390 million yuan [1] - The brokerage ETF tracks the CSI All Share Securities Companies Index, which consists of up to 50 securities company stocks to reflect the overall performance of the industry [1] Group 2 - Overall financial valuations are low, increasing the probability of a bull market, with non-bank financials expected to have significant earnings elasticity due to accelerated inflows of resident funds [2] - The securities sector is likely to benefit from the bull market's Beta effect, leading to greater earnings elasticity [2] - Regulatory encouragement for ETF development, market capitalization management by listed companies, and long-term capital inflows are favorable for the securities sector, potentially serving as a key underlying factor in the current bull market [2] Group 3 - Brokerages are expected to benefit not only from market recovery but also from successful transformations that provide unique Alpha growth potential, enhancing profit quality [2] - The combination of policy expectations, improved funding conditions, and internal growth drivers enhances the profitability outlook for the brokerage sector, making it highly attractive for allocation [2]

当前，金融黑灰产已告别传统粗放诈骗模式，转而依托算法精准投流，围猎高学历、高收入群体，通过 打造专业人设、发布伪科普内容，还借助AI制作虚假材料，把用户引流至私域，以"低息贷款""债务协 商"等名义诱骗受害者。 对此，监管部门不仅开展专项行动破获多起案件，还发布处置指南规范治理。奇富科技、信也科技等机 构也加码技术反诈，行业正构建多方协同的治理防线，遏制虚假金融陷阱蔓延。 短视频引流陷阱 第二种支付方式为一次性付款，合计费用6000元，相比第一种分笔支付方式享有优惠，该方式同样需先 支付1000元定金并签署委托合同，合同签订后补齐5000元尾款即可。对方称这笔费用仅相当于借款两三 期省下来的息费。 如今的金融黑灰产的"行骗路径"已经和以往大不一样，不再是传统"广撒网"的粗放套路，而是把自己包 装得"既合规又专业"，非常具有迷惑性。 当谈及支付费用时，客服表示，"比起利息，这点服务费不值一提。这点费用保的是3年，直到债务结清 为止。此前有客户在其他机构协商还款被骗，30万元欠款6千元处理，成本都不够，还是个人收款，收 完立马拉黑客户。" 来自广西的飞飞（化名）对本报记者坦言，自己也算有文化、懂互联网、了解前沿科 ...

关于子公司东方财富证券股份有限公司 2025 年度第十二期 证券代码：300059 证券简称：东方财富 公告编号：2025-081 东方财富信息股份有限公司 短期融资券发行情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 东方财富信息股份有限公司子公司东方财富证券股份有限公司 2025 年度第 十二期短期融资券已发行完毕，具体发行结果如下： | 短期融资券名称 | | | | 东方财富证券股份有限公司 | 2025 | 年度第十二期短期融资券 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 25 | 东财证券 | | CP012 | 短期融资券代码 | 072510291 | | | | | 发行价格 | 100.00 | 元 | | | 币种 | 人民币 | | | | | 短期融资券期限 | 365 天 | | | | 息票类型 | 固息 | | | | | 发行日期 | 2025 | 年 | 11 月 | 21 日 | 起息日期 ...

21世纪经济报道记者 孙永乐 上海报道 11月25日，国联民生（601456.SH）、西部证券（002673.SZ）等多家上市券商公告称，证监会机构司对 公司申请开展账户管理功能优化试点业务相关事项无异议。 21世纪经济报道记者获悉，近期，监管已最新批准第三批账户管理功能优化试点证券公司，包括东方证 券、东吴证券、国联民生、平安证券、西部证券、东北证券、东方财富、华鑫证券8家券商。自2021年 12月证监会同意开展试点以来，证券公司账户管理功能优化试点已历经多轮扩容。本轮第三批共批准8 家，试点阵营扩大至20家。 南开大学金融发展研究院院长田利辉在接受21世纪经济报道记者采访时指出，本次获批的8家券商均是 财富管理业务推动较快、综合实力比较突出的机构，体现了监管"以点带面、稳步推进"的思路。券商以 建立综合客户账户为核心开展试点，将为财富管理业务转型筑牢坚实基础，进一步提升证券期货行业数 字化水平。 回溯来看，2021年12月，证监会同意开展证券公司账户管理功能优化试点，支持证券公司从建立综合客 户账户、允许同名划转、分类账户管理等方面开展账户管理功能优化试点。 同时，为确保改革平稳，防范业务风险，证监会按照 ...

（原标题：首次！创业板50ETF泰国上市 中国核心科技资产"出海"东南亚） 中国核心科技资产成功开拓东南亚市场！ 11月25日，以景顺长城创业板50ETF为底层资产的存托凭证（Depository Receipt）（创业板50ETF-DR）在泰国证券交易所敲钟上市，为泰国投资 者提供投资创业板50指数的上市产品。 这是中国A股上市ETF首次以存托凭证的形式在泰国上市交易，也是泰国首只创业板50指数的上市产品，标志中国核心科技资产走进东南亚市场， 为中泰金融合作增添新的实践案例。 一直以来，创业板50指数出海进程蹄疾步稳，去年6月成功登陆爱尔兰、英国、德国、瑞士、意大利等欧洲五大主流交易所。 对中国核心资产投资需求快速增加 2025年是中国与泰国建交的五十周年，两国经济和金融合作日益深化。随着中国经济高质量发展以及资本市场的制度型开放，泰国投资者对中国 核心资产的投资需求快速增加，近年来当地市场不断涌现出投资中国的相关产品，中国投资成为热门话题。 记者获悉，景顺集团发挥自身在全球客户网络的优势，与当地发行商InnovestX合作在泰国证券交易所发行上市底层为景顺长城创业50ETF的存托 凭证，为泰国投资者提供直 ...

Core Viewpoint - The successful listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant step for Chinese core technology assets entering the Southeast Asian market, enhancing Sino-Thai financial cooperation [2][4]. Group 1: Market Expansion - This is the first time a Chinese A-share listed ETF has been launched in Thailand via depository receipts, representing a new product for the Thai market [2]. - The ChiNext 50 Index has been expanding internationally, having previously listed in major European exchanges [2]. - The Shenzhen Stock Exchange is committed to internationalizing ChiNext products, aiming to create a cross-border trading ecosystem for these ETFs [2][4]. Group 2: Investment Demand - There is a rapidly increasing demand from Thai investors for Chinese core assets, driven by China's high-quality economic development and capital market reforms [4]. - The collaboration between Invesco and local issuer InnovestX aims to provide Thai investors with direct access to the ChiNext 50 Index [4]. Group 3: Index Characteristics - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for capturing China's technological growth [6]. - The index has shown strong liquidity and market performance, with a year-to-date increase of 51.58% and a cumulative increase of 56.49% as of November 18 [7][8]. Group 4: Performance Metrics - The average revenue growth rate for the ChiNext 50 Index constituents was 21.07% in the mid-2025 reporting season, with a net profit growth rate of 16.63% [9]. - The top ten weighted stocks in the index demonstrated significant growth, with an average revenue growth of 48.93% and a net profit growth of 82.03% [9]. - The index excludes traditional cyclical industries, focusing instead on high-tech sectors, which enhances its technological concentration [10]. Group 5: Industry Insights - The ChiNext 50 Index is positioned to support innovative enterprises in sectors like power batteries and photovoltaic inverters, which have international competitiveness [11]. - The overseas revenue proportion for the ChiNext 50 Index is 35.17%, indicating strong global market integration [11].

25Q1-3煤炭板块归母净利同比-29%，25Q3板块归母净利312亿元、环比+22%，并且高于25Q1的297亿 元。2025Q1-3煤炭行业营业收入/成本9013/6564亿元，同比-15%/-13%，归母净利合计863亿元，同 比-29%(剔除神华后473亿元、同比-23%)。25Q3营业收入/成本3188/2299亿元，环比+11.4%/+9.9%，归 母净利合计312亿元，环比+22.2%(剔除神华后168亿元、环比+30.7%)。该行认为，7月以来随着煤炭市 场回暖，煤炭售价明显提升，25Q3业绩已经高于25Q1、25Q2的297、255亿元以及24Q4的303亿元，在 25H1持续煤价压力下，主要上市煤企持续降本增效，10月以来随着煤价持续回升以及旺季行情可期， 25Q4业绩有望继续环增。 25Q1-3煤炭行业盈利和现金流指标环比改善，头部动力煤公司维持盈利韧性 25Q1-3样本公司(剔除焦炭公司和安源煤业)平均ROE为2.7%，年化后较2024年9.6%下降6.1pct。25Q3样 本公司账面平均现金流127.4亿元，较25H1的135亿元下降5.7%，较24年底基本持平。2025Q1-3煤炭 ...

Core Insights - The successful listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks the first time a Chinese A-share ETF has been listed in Thailand, enhancing financial cooperation between China and Thailand [1][2] - The demand for investment in Chinese core assets is rapidly increasing among Thai investors, driven by China's high-quality economic development and capital market reforms [2][3] - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for Thai investors looking to capture the benefits of China's technological advancements [3][4] Market Performance - The ChiNext 50 Index has shown strong performance, with a cumulative increase of over 51% as of November 18, outperforming other broad-based indices [3][4] - The average revenue growth rate for the index's constituent stocks was 21.07% year-on-year in the mid-2025 reporting season, with net profit growth at 16.63% [4] - In the third quarter, the revenue growth rate for the constituent stocks remained robust at 15.75%, while net profit growth increased to 22.58% [4] Sector Analysis - The ChiNext 50 Index is heavily weighted towards high-growth sectors, with significant representation from batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [5] - The index's top ten constituent stocks have shown exceptional growth, with an average revenue growth rate of 48.93% and net profit growth of 82.03% [4][5] - The index aims to support innovative enterprises in sectors with international competitiveness, contributing to the global value chain and enhancing the performance of ChiNext 50 companies [5]