招商证券研报指出，预计三季报非金融A股盈利增速在较低基数背景下有望边际改善。大类行业中盈利 增速较高的行业预计主要集中在信息技术、中游制造业；上游资源品和医疗保健业绩降幅有望较中报收 窄，金融地产和消费服务相对承压。重点关注业绩有望延续较高增速的信息技术（通信设备、半导体、 消费电子、游戏、计算机设备等；持续复苏的中高端制造业（汽车零部件、电池、光伏设备、工程机 械、航天装备等）；低位修复的资源品和医药生物（钢铁、有色金属、化学制药等）。 ...

"从延长产业链到切入新赛道，并购重组已然成为上市公司实现高质量发展的'助推器'。"近日，招商证 券投资银行委员会并购业务部负责人王大为在接受证券时报记者采访时表示，当前并购业务的机遇主要 来自政策红利与产业升级的共振。 中小市值企业并购领跑 自去年9月"并购六条"实施以来，全市场新增重大资产重组交易超过200单。政策工具创新也在释放市场 活力，已有案例显示，股份对价分期支付、简易审核程序等机制显著提升了交易效率，特别是市值超百 亿元且信息披露优质的公司享受到了审核流程精简的红利。 在王大为看来，当前A股并购交易的驱动因素主要有三类：一是战略转型，传统企业通过并购切入新赛 道；二是产业链延伸，上市公司通过横向或纵向整合强化核心竞争力；三是培育第二增长曲线，通过注 入优质资产拓展盈利增长点。 根据公开市场数据，按证监会二级行业统计，计算机、通信和其他电子设备制造业上市公司的重大资产 重组数量居于首位。不同规模的上市公司均有参与，但中小型市值企业（20亿—120亿元）表现得尤为 活跃，"因为既有扩张需求，又具备灵活决策机制"。 基于实操经验，王大为还勾勒了"最受买方青睐的资产"画像——首先，在行业属性上，高技术装备 ...

Core Viewpoint - Jiangxi Institute of Biological Products Inc. (referred to as "Jiangxi Biological") has submitted a prospectus to the Hong Kong Stock Exchange for an IPO, marking its second attempt after a previous application lapsed in April 2025 [2]. Business Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (human TAT) in China and operates a fully integrated antiserum platform with over 50 years of expertise in research, production, and sales [6][8]. - The company's human TAT is included in the national Class A medical insurance list and the national essential drug list, providing it with a high level of market recognition and full insurance reimbursement advantages [6]. - Jiangxi Biological has a global sales and distribution network covering over 23,500 medical institutions in China, including more than 1,500 tertiary medical institutions [6]. Product Portfolio - In addition to human TAT, Jiangxi Biological's product offerings include veterinary tetanus antitoxin, equine serum gonadotropin (PMSG), and various hormone drugs for PMSG treatment [6]. - The company is developing innovative products targeting high-potential markets, including human antivenom serum and equine rabies immunoglobulin F(ab')2 [6]. Shareholder Structure - Prior to the IPO, the shareholder structure shows that Ms. Jing Yue holds a combined 76.64% stake through Hainan Zhizheng and Qianhai Tianzheng [9][10]. Board of Directors and Management - The board consists of 9 members, including 4 executive directors led by Ms. Jing Yue as the chairperson and Mr. Yao Xiaodong as the general manager [13][14][15]. Financial Performance - Jiangxi Biological's revenue for the years 2022, 2023, 2024, and the first half of 2025 were RMB 141.96 million, RMB 198.02 million, RMB 220.76 million, and RMB 99.70 million respectively, with corresponding net profits of RMB 26.47 million, RMB 55.48 million, RMB 75.14 million, and RMB 36.84 million [16]. IPO Advisory Team - The IPO advisory team includes CICC and CMB International as joint sponsors, with Deloitte as the auditor [18].

消息面上，券商三季报陆续披露，中信证券第三季度实现营业收入227.8亿元，同比增长55.7%，环比增 长49.1%，归母净利润94.4亿元，同比增长51.5%，环比增长31.6%；东方财富第三季度实现营业总收入 47亿元，同比增长101%，归母净利润35亿元，同比增长78%。此外，2025金融街论坛年会将于10月27 日至30日在北京金融街举行，中国人民银行行长潘功胜、金融监督管理总局局长李云泽、中国证监会主 席吴清将出席年会并作主题演讲。 中航证券指出，伴随资本市场扩容与交投活跃度提升，券商板块正迎来重要的战略配置机遇。当前A股 市值已突破100万亿元，为券商各业务线打开了广阔的长期成长空间。市场交易活跃度显著改善，前三 季度全市场日均成交额同比大幅增长，叠加两融余额持续攀升并创下新高，共同强化了券商板块的业绩 确定性。市场活跃的势能有望延续，为券商业绩的持续增长提供坚实支撑。展望全年，资本市场预计将 保持稳步向上趋势，业绩增长的可持续性有望增强，板块具备估值修复潜力。 中资券商股集体上涨，截至发稿，中金公司(03908)涨4.06%，报23.58港元；招商证券(06099)涨3.7%， 报16.8港元；东 ...

Group 1 - Chinese brokerage stocks collectively rose, with notable increases in shares of major firms such as CITIC Securities, which rose by 4.06% to HKD 23.58, and Orient Securities, which increased by 3.75% to HKD 8.03 [1] - The third-quarter financial reports of brokerages revealed significant growth, with CITIC Securities reporting a revenue of CNY 22.78 billion, a year-on-year increase of 55.7%, and a net profit of CNY 9.44 billion, up 51.5% year-on-year [1] - Orient Wealth reported a total revenue of CNY 4.7 billion for the third quarter, marking a 101% year-on-year increase, with a net profit of CNY 3.5 billion, up 78% year-on-year [1] Group 2 - The brokerage sector is experiencing a strategic configuration opportunity due to the expansion of the capital market and increased trading activity, with the A-share market capitalization surpassing CNY 100 trillion [2] - The average daily trading volume in the market has significantly improved, with a notable year-on-year increase in the first three quarters, alongside a continuous rise in margin financing balances [2] - The capital market is expected to maintain a steady upward trend, enhancing the sustainability of performance growth in the brokerage sector, which possesses potential for valuation recovery [2]

Core Viewpoint - Jiangxi Biological has submitted a listing application to the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors [1] Company Overview - Jiangxi Biological is the largest provider and exporter of human TAT (tetanus antitoxin) in China and one of the largest globally, holding a global market share of 36.6% and a domestic market share of 65.8% in 2024 [1] - The company possesses a comprehensive anti-serum platform that includes products such as human TAT, veterinary TAT, and equine chorionic gonadotropin (PMSG), with plans to expand into snake antivenom and rabies immunoglobulin products [1] - Jiangxi Biological has a global sales and distribution network covering over 23,500 medical institutions in China, including more than 1,500 tertiary medical institutions [1] Industry Insights - According to Frost & Sullivan, the global human anti-serum market has grown from USD 321 million in 2019 to USD 409 million in 2024, with a compound annual growth rate (CAGR) of 4.9% [1] - The market is projected to continue increasing to USD 821 million by 2028 and reach USD 2.095 billion by 2033 [1]

招商证券收到中国证券监督管理委员会批复，同意公司向专业投资者公开发行面值总额不超过300亿元 次级公司债券。本次发行注册有效期为24个月，公司可在注册有效期内分期发行。发行应严格按照报送 上海证券交易所的募集说明书进行。如在注册生效日至发行结束日期间发生重大事项，需及时报告并按 规定处理。公司将依据法律法规、批复文件要求及股东大会授权推进发行事宜，并履行信息披露义务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年10月24日收盘，招商证券（600999）报收于17.07元，较上周的16.99元上涨0.47%。本周， 招商证券10月21日盘中最高价报17.28元。10月23日盘中最低价报16.71元。招商证券当前最新总市值 1484.5亿元，在证券板块市值排名9/50，在两市A股市值排名106/5160。 本周关注点 公司公告汇总 招商证券将于2025年10月31日上午10:00-11:00通过上证路演中心以网络互动方式召开2025年第三季度业 绩说明会，介绍公司经营成果及财务状况。参会人员包括执行董事、总裁朱江涛， ...

Core Viewpoint - The recent adjustment in the Hong Kong stock market is seen as an overreaction to external shocks, with expectations of a rebound supported by easing trade tensions and incremental policy benefits [1][2] Market Performance - The Hong Kong stock market experienced a broad decline last week, with the Hang Seng Index dropping by 3.97% and the Hang Seng Tech Index falling by 7.98% [2] - The AH premium significantly widened to 120, indicating a disparity between Hong Kong and mainland stock valuations [2] Industry Recommendations - The report recommends focusing on the internet and insurance sectors as key areas for investment [1] - The overall market style shift is expected to be gradual or wave-like rather than a sudden switch, with growth style remaining the main focus in the near term [1] Micro Fund Flow - There was a net inflow of capital from various sources, including a net inflow of 451 million HKD from southbound funds, primarily directed towards financial and non-essential consumer sectors [2] - Foreign capital saw a net sell-off of 3.8 million USD through ETFs, while local ETFs experienced a net outflow of 17 million HKD [2] Liquidity Changes - After a rapid rise, Hong Kong market interest rates have stabilized, with the overnight Hibor at 3.04% and the 3-month Hibor at 3.61% [2] - The USD to HKD exchange rate is approaching the strong-side Convertibility Undertaking at 7.77 [2]

Group 1 - The company has received approval from the China Securities Regulatory Commission to publicly issue subordinated bonds with a total face value of up to 30 billion yuan [1][2] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in installments during this period [2] - The company is required to report any significant events that occur from the date of approval until the completion of the bond issuance [2] Group 2 - The company will hold a performance briefing for the third quarter of 2025 on October 31, 2025, from 10:00 to 11:00 AM [5][6] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [5][10] - Investors can submit questions for the briefing from October 24 to October 30, 2025, and the company will address commonly asked questions during the session [5][7]

Core Insights - The course titled "Application of AI Technology in the Securities Industry and New Future of Financial Technology" was conducted by China Merchants Securities at Jinan University, focusing on the integration of AI in finance [1][2] - The course is part of a series aimed at enhancing practical knowledge in capital markets, emphasizing the importance of AI in investment analysis, wealth management, and operational optimization [1] Group 1 - The course was attended by 105 first-year graduate students specializing in financial technology [1] - The speaker, Hu Feiran, discussed the evolution of AI technology and its current trends, particularly in the context of the securities industry [1] - AI applications in investment analysis include information extraction, data mining, and report generation, while in wealth management, AI helps in identifying customer needs through multi-source data analysis [1] Group 2 - This course represents a further step in deepening the collaboration between China Merchants Securities and educational institutions [2] - The company aims to leverage its financial technology advantages to foster talent development, educational collaboration, and research synergy with universities [2] - The initiative is intended to contribute to the high-quality development of capital markets and support the growth of financial technology talent [2]