Group 1: Software ETF Performance - The Software ETF has a turnover rate of 2.14% during trading, with a transaction volume of 1.26 billion yuan. Over the past week, the average daily transaction volume reached 600 million yuan, ranking first among comparable funds [2] - The latest scale of the Software ETF has reached 5.936 billion yuan, marking a new high since its inception and also ranking first among comparable funds. In the past week, the ETF's shares increased by 80 million, achieving significant growth and leading among comparable funds [2] - The Software ETF has recorded a net inflow of 136 million yuan recently. Over the past 18 trading days, it has attracted a total of 963 million yuan [2] - As of November 3, the net value of the Software ETF has increased by 12.40% over the past three years. The highest monthly return since inception was 39.35%, with the longest consecutive monthly increase being three months and a maximum increase of 69.40%. The average return during the rising months was 10.06% [2] Group 2: Computer Sector Insights - According to Open Source Securities, the computer sector has seen improvements in revenue and profit in the first three quarters of 2025, with a year-on-year revenue growth of 3.10% and a net profit growth of 3.93%. The non-recurring net profit increased by 0.42%. This indicates a recovery in revenue growth while many companies in the sector have initiated cost-cutting and efficiency-enhancing strategies, leading to significant profit recovery [3] - Longjiang Securities highlights that in the context of intensified technological competition, achieving complete autonomy and control in key areas is essential for China's technological development. The domestic software systems have gradually developed the capability for domestic substitution [3] - As of October 31, 2025, the top ten weighted stocks in the CSI Software Service Index include iFLYTEK, Kingsoft Office, Tonghuashun, and others, collectively accounting for 63.09% of the index [3]

Core Viewpoint - The company has decided to terminate its plan for a specific stock issuance for 2022 and withdraw the application, citing various internal and external factors as well as strategic goals [1]. Group 1: Termination of Stock Issuance - The company announced the termination of its stock issuance plan and the withdrawal of the application, which was initially aimed at raising up to 3 billion yuan for the capital increase of Maigao Securities [1]. - The decision was made after careful consideration of the company's internal and external environment and strategic objectives, with thorough communication among relevant parties [1]. Group 2: Purpose of Fundraising - The fundraising was intended to help Maigao Securities overcome historical operational difficulties and strengthen its capital base, which is crucial for risk management [1]. - The company aims to transform Maigao Securities into a well-known financial service provider driven by financial technology and characterized by wealth management [1]. Group 3: Business Integration and Future Prospects - The integration of Maigao Securities is expected to enhance the company's business layout and core competitiveness, with the securities business becoming a vital part of the company's operations [2]. - The latest fundraising plan indicated a target of up to 2.9 billion yuan, with specific allocations for wealth management, margin financing, investment banking, and technology development [2]. - Maigao Securities, previously known as Wangxin Securities, has shown positive financial performance, with significant growth in net profit and revenue in 2023 and 2024 [3].

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The securities industry has shown significant growth, with a 62% year-on-year increase in net profit for the first three quarters of 2025, and a 59% increase in the third quarter alone [1][38] - Daily average stock trading volume reached 18,723 billion yuan, reflecting a 109% year-on-year growth [1][12] - The report anticipates a 47% year-on-year increase in industry net profit for the full year of 2025, driven by active market trading and improved performance across various business segments [7] Summary by Sections 1. Market Activity - The stock market has remained strong, with daily average stock trading volume of 18,723 billion yuan, up 109% year-on-year [12] - The number of new accounts opened in the Shanghai market increased by 46% year-on-year, averaging 2.47 million new accounts per month [12] - Margin financing and securities lending balances grew by 66% year-on-year, indicating increased investor confidence [15][17] 2. Performance of Listed Securities Firms - Listed securities firms reported a total revenue of 4,522 billion yuan, a 41% increase year-on-year, with net profit reaching 1,831 billion yuan, up 62% [38] - The average return on equity (ROE) for these firms was 5.51%, an increase of 2.65 percentage points year-on-year [39] - All firms reported positive growth or turned profitable, with significant increases in net profit for the third quarter [38] 3. Business Segment Performance - Brokerage commission income rose by 74% year-on-year, totaling 1,135 billion yuan, although the growth rate was lower than the trading volume increase [2] - Investment banking revenue increased by 23% year-on-year, benefiting from a recovery in refinancing activities [2] - Proprietary trading net income grew by 42% year-on-year, with total investment net income reaching 1,956 billion yuan [2] 4. Future Outlook - The report projects a 47% year-on-year increase in industry net profit for 2025, with expectations of growth across various business lines: brokerage income (+66%), investment banking (+18%), and proprietary trading (+50%) [7] - The report emphasizes the competitive advantages of large securities firms and recommends several key players, including CITIC Securities and China Galaxy [7]

Core Viewpoint - The financial technology company, Guide Compass, has announced the termination of its stock issuance plan aimed at raising up to 2.905 billion yuan for its wholly-owned subsidiary, Maigao Securities, which is experiencing a strong recovery in performance [1][2]. Group 1: Termination of Fundraising Plan - The stock issuance plan, which had been in progress for over three years, was officially terminated on October 31, with the company citing various internal and external factors as reasons for the decision [2][3]. - The initial plan was proposed in May 2022, shortly after Guide Compass acquired Maigao Securities, with the goal of raising up to 3 billion yuan to support the subsidiary [2][6]. - The latest revision of the fundraising plan, published in May 2025, adjusted the total amount to no more than 2.905 billion yuan [3]. Group 2: Performance of Maigao Securities - Maigao Securities has shown significant recovery, achieving a net profit of 70.36 million yuan in the first half of 2025, representing a year-on-year increase of 614.55% [4][5]. - The company reported a substantial increase in operating revenue, reaching 487 million yuan in 2024, with a net profit of 70.91 million yuan [4]. - For the first three quarters of 2025, Maigao Securities achieved a net income of 366 million yuan from fees and commissions, a 171.07% increase year-on-year [5]. Group 3: Future Strategies and Market Position - Despite the termination of the fundraising plan, Maigao Securities plans to monitor capital market dynamics and utilize various capital market tools to support its long-term business development [3][5]. - The company aims to enhance its business landscape by focusing on wealth management, brokerage services, and supplementing with investment banking, asset management, and proprietary trading [5]. - Maigao Securities is still working towards obtaining full operational licenses, as some of its investment banking and asset management services are pending regulatory approval [7].

Core Points - The company announced the termination of the 2022 private placement of shares and the withdrawal of the application documents [1] - The decision was made after comprehensive consideration of various factors including internal and external environments and the company's strategic goals [1] Summary by Sections Termination of Share Issuance - The company held its 11th meeting of the 14th Board of Directors on October 31, 2025, where it approved the resolution to terminate the private placement of shares for 2022 and withdraw the application documents [1] - The company stated that the termination was based on thorough communication and careful analysis with relevant parties [1] Fundraising Details - The revised fundraising prospectus disclosed on May 15, 2025, indicated that the total amount to be raised from the private placement would not exceed 290,458.00 million yuan (including the principal) [2] - The funds were intended to be used entirely for increasing the capital of the company's wholly-owned subsidiary, Maigao Securities, after deducting related issuance costs [2] - Prior to the actual arrival of the raised funds, the company had already injected 700 million yuan of self-raised funds into Maigao Securities based on its operational status and development plans [2] - The company’s board could adjust the amount of funds allocated to the project based on actual needs without changing the intended use of the raised funds [2] - The underwriter for this private placement was CITIC Securities Co., Ltd., with representatives Li Xiaoli and Hu Yan [2]

Group 1: Liquidity and Scale of Software ETF - The software ETF had an intraday turnover of 6.26% and a transaction volume of 366 million yuan [1] - Over the past month, the software ETF's average daily transaction volume reached 569 million yuan, ranking first among comparable funds [1] - In the past week, the software ETF's scale increased by 19.89 million yuan, also ranking first among comparable funds [1] - Over the last 17 trading days, the software ETF attracted a total of 827 million yuan in inflows [1] Group 2: Performance and Returns - As of October 31, the software ETF's net value has increased by 10.46% over the past three years [1] - The highest monthly return since inception was 39.35%, with the longest consecutive monthly gains being three months and the longest cumulative gain reaching 69.40% [1] - The average return during the months of increase was 10.06% [1] Group 3: Policy and Industry Outlook - The 20th Central Committee's Fourth Plenary Session emphasized high-level technological self-reliance as a key development goal [1] - In the context of major power technology competition, the trend towards domestic core software and hardware is expected to accelerate [1] - The "Suggestions" highlight the need for "extraordinary measures" to promote breakthroughs in key areas such as integrated circuits and foundational software [1] - Collaborative innovation between emerging technologies and foundational software is anticipated to be a significant driver of high-quality technological development during the 14th Five-Year Plan period [1] Group 4: Major Stocks in Software Service Index - As of October 31, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Kingsoft Office, and Tonghuashun, collectively accounting for 63.09% of the index [2] - The weightings of the top stocks are as follows: iFlytek (13.80%), Tonghuashun (8.49%), Kingsoft Office (7.78%), and others [4] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [4]

Core Viewpoint - Beijing Compass Technology Development Co., Ltd. has announced the termination of its plan to issue shares to specific investors after three years of planning, which aimed to raise up to 2.905 billion yuan for its wholly-owned subsidiary, Maikao Securities [2][5][6] Group 1: Termination of the Fundraising Plan - The company decided to terminate the share issuance plan after comprehensive consideration of various internal and external factors, including its strategic development goals [6] - The fundraising plan was initially approved in May 2022, with multiple board meetings held to adjust the plan and extend the validity of shareholder resolutions [5][6] - The termination of the fundraising plan is not expected to have a significant adverse impact on the company's normal operations or the interests of shareholders, especially minority shareholders [6] Group 2: Financial Performance of Maikao Securities - Maikao Securities, previously known as Wangxin Securities, experienced continuous losses from 2018 to 2021, with net profits of -2.88 billion yuan, -1.292 billion yuan, -59.798 million yuan, and -508 million yuan respectively [5][7] - However, recent performance indicates a recovery, with Maikao Securities achieving positive revenues in 2023 and 2024, and a net profit of 70.3624 million yuan in the first half of 2025, representing a 614.55% increase year-on-year [7] - In the first three quarters of 2025, Maikao Securities reported a net commission income of 366 million yuan, a 171.07% increase year-on-year, and net interest income of 70.8372 million yuan, a 54.46% increase year-on-year [7] Group 3: Industry Context - The cancellation of the fundraising plan may have limited impact on financially strong companies, while it could affect the long-term development plans of companies with tighter capital chains [8] - Despite the termination of Compass's plan, several other securities firms are actively pursuing their own fundraising initiatives, with recent plans from Zhongtai Securities, Nanjing Securities, Dongwu Securities, and Tianfeng Securities [8]

Core Viewpoint - The company Beijing Guiding Compass Technology Development Co., Ltd. has announced the termination of its private placement plan, which aimed to raise up to 2.905 billion yuan for its wholly-owned subsidiary, Maikao Securities, after three years of progress since 2022 [1][4][5]. Group 1: Termination of Private Placement - On October 31, the company announced the decision to withdraw its application for the private placement of shares, which had been under consideration since May 2022 [4][5]. - The private placement was intended to raise funds for Maikao Securities, which had previously experienced consecutive losses from 2018 to 2021, with net profits of -2.88 billion yuan, -1.292 billion yuan, -59.798 million yuan, and -508 million yuan respectively [4][6]. - The company stated that the termination of the private placement would not significantly adversely affect its current operations or harm the interests of shareholders, particularly minority shareholders [6]. Group 2: Performance of Maikao Securities - Maikao Securities, formerly known as Wangxin Securities, was acquired by the company in 2022 after undergoing bankruptcy restructuring [7]. - Recent performance indicators show that Maikao Securities has achieved positive revenue and profit figures in 2023 and 2024, with a net profit of 70.3624 million yuan in the first half of 2025, representing a 614.55% increase year-on-year [7]. - For the first three quarters, Maikao Securities reported a net commission income of 366 million yuan, a 171.07% increase year-on-year, and net interest income of 70.8372 million yuan, a 54.46% increase year-on-year [7]. Group 3: Industry Context - The cancellation of the private placement may have limited impact on financially strong companies, while those with tighter capital chains could face challenges in their long-term development plans [8]. - Despite the termination of the private placement by the company, several other securities firms are actively pursuing their own private placement plans, indicating ongoing market confidence [8].

Core Viewpoint - The company, Guiding Compass, has shown significant growth in revenue and net profit, driven by a recovery in the capital market and the rapid development of its subsidiary, Maikao Securities [6][7]. Group 1: Company Overview - Guiding Compass was established on April 28, 2001, and listed on the Shenzhen Stock Exchange on November 18, 2019. It is a leading financial information service provider in China, known for its professional financial data and analytical capabilities [1]. - The company operates in the computer software development sector, specifically in vertical application software, and is involved in various concept sectors including domestic software and financial technology [1]. Group 2: Financial Performance - For Q3 2025, Guiding Compass reported a revenue of 9.63 billion yuan, ranking 27th out of 102 in its industry, with the industry leader, Shanghai Steel Union, generating 573.18 billion yuan [2]. - The net profit for the same period was 1.14 billion yuan, placing the company 15th in its industry, with the top performer, Desai Xiyi, achieving 18.05 billion yuan [2]. - The company’s total revenue for the first nine months of 2025 reached 14.02 billion yuan, reflecting a year-on-year increase of 80.54%, while the net profit rose by 205% to 1.16 billion yuan [7][8]. Group 3: Profitability and Debt - As of Q3 2025, Guiding Compass had an asset-liability ratio of 81.08%, which is higher than the industry average of 31.94% [3]. - The gross profit margin for the same period was 87.08%, exceeding the industry average of 41.71% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 55.31% to 144,700, while the average number of circulating A-shares held per shareholder decreased by 35.61% to 4,136.5 shares [5]. Group 5: Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 19.0 billion yuan, 24.7 billion yuan, and 29.1 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 24%, 30%, and 18% [6]. - The earnings per share (EPS) are forecasted to be 0.42 yuan, 0.62 yuan, and 0.77 yuan for the same years [6].

指南针（300803）(300803.SZ)发布公告，自启动本次向特定对象发行股票事项以来，公司董事会、管 理层及相关中介机构持续积极推进各项准备工作。现经综合考虑公司内外部客观环境、自身发展战略目 标等多种因素，并经相关各方充分沟通和审慎分析论证后，公司决定终止本次向特定对象发行股票事项 并撤回相关申请文件。 ...