摩根基金管理（中国）有限公司（以下简称"本公司"）已与广发证券股份有限公司（以下简称"广发证 券"）签订了基金销售代理协议，现决定自本公告之日起，新增广发证券为本公司以下基金的代销机 构。投资人可通过广发证券开展以下基金的申购、赎回、定期定额等相关业务。具体的业务流程、办理 时间和办理方式以广发证券的规定为准。 ■ 有关上述基金销售的具体事宜请仔细阅读上述基金的招募说明书、基金产品资料概要及基金合同等相关 法律文件。 投资者可通过以下途径咨询有关详情： 1、广发证券股份有限公司 客服电话：95575 公司网址：www.gf.com.cn 2、摩根基金管理（中国）有限公司 公告送出日期：2025年11月20日 1.公告基本信息 ■ 注：人民币份额的限制金额单位为人民币元，美元份额的限制金额单位为美元。 客服电话：400-889-4888 公司网址：am.jpmorgan.com/cn 特此公告。 摩根基金管理（中国）有限公司 二○二五年十一月二十日 摩根标普500指数型发起式证券投资基金(QDII)调整申购、定期定额投资及转换转入业务限制金额的公 告 关于恢复本基金大额申购、定期定额投资及转换转入业务的时间，基 ...

Group 1 - The Hang Seng Index opened up by 0.65%, and the Hang Seng Tech Index rose by 0.7%. Brokerage stocks performed strongly, with China Galaxy, Orient Securities, and Everbright Securities all rising over 4%. However, new energy vehicle makers like Xpeng Motors saw a decline of 1.87% [1] - Huaxin Securities noted that the recent adjustment in the Hong Kong stock market has been relatively large, and valuations are more reasonable, indicating limited further downside. Although risk appetite may not be high towards year-end, sectors with high certainty for 2026 are expected to trend upwards [1] - According to招商香港, after the consolidation in October, pessimistic expectations for the Hong Kong market are gradually clearing. The firm believes that with improvements in supply-demand dynamics, the Chinese economic cycle may reach an inflection point [1] Group 2 - GF Securities suggested that the Hong Kong stock market may present a good opportunity for investment again, especially if the U.S. government shutdown ends and the Federal Reserve signals a dovish stance in December [2] - The firm emphasized a "barbell strategy" for investment, focusing on dividend stocks as a base and technology growth stocks for potential upside. They believe the foundation for a bull market in Hong Kong remains intact, but the market may experience a "volatile upward trend" rather than a rapid increase [2] - Galaxy Securities indicated that as the year-end approaches, market risk appetite is becoming cautious, and the Hong Kong stock market may continue its volatile trend. They recommend focusing on sectors such as cyclical stocks benefiting from rising downstream commodity prices and dividend stocks for defensive positioning [2]

Group 1 - The China Securities and Insurance Index (399966) increased by 0.97% as of November 20, 2025, with notable gains from stocks such as First Capital Securities (up 5.61%) and Dongfang Securities (up 3.01%) [1] - Sunshine Life Insurance, a subsidiary of Sunshine Insurance, signed a fund contract with two companies and plans to expedite the filing process for the pilot fund [1] - Dongwu Securities highlighted that market demand remains strong, with a reduction in the preset interest rate and transformation of dividend insurance expected to optimize liability costs, alleviating pressure from interest margin losses [1] Group 2 - The Insurance Securities ETF closely tracks the China Securities and Insurance Index, which selects securities from the insurance sector based on the China Securities 800 Index, providing investors with diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities and Insurance Index accounted for 62.44% of the index, including major companies like China Ping An and CITIC Securities [2]

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Core Insights - Solid-state batteries are considered the ultimate form of lithium batteries, entering the pre-mass production phase, with major manufacturers expected to start mass production between 2027 and 2028 [1][2] - The global shipment of all-solid-state batteries is projected to reach 181 GWh by 2030 [1] Group 1: Industry Development - Solid-state batteries utilize solid electrolytes, offering advantages such as higher energy density, enhanced safety, and longer cycle life compared to liquid lithium batteries [1] - The solid-state battery production process is divided into three main stages: front-end, mid-end, and back-end, with significant changes in the front and mid-end processes compared to liquid battery production [3] Group 2: Technological Advancements - The solid-state battery technology is exploring various routes for electrolyte, cathode, and anode materials, with sulfide electrolytes showing the most promise despite high material costs and stringent processing conditions [2] - The cathode materials are expected to transition from ternary materials to high-nickel and lithium-rich manganese-based materials, while anode materials are moving from graphite to silicon-carbon composites [2] Group 3: Equipment and Manufacturing - Equipment manufacturers are likely to benefit from the shift to solid-state batteries, particularly those capable of delivering complete production lines and those adapting to process changes [1] - Key equipment changes include the replacement of wet processes with dry processes in the front-end, the introduction of stacking machines in the mid-end, and the need for high-pressure upgrades in back-end processes [3]

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Viewpoints - The report highlights a significant increase in equity allocation among insurance companies, indicating a proactive approach to the upcoming market opportunities [4] - The merger of CICC with Dongxing Securities and Xinda Securities is expected to enhance CICC's capital strength and market position, moving towards becoming a leading international investment bank [7] - The report emphasizes the potential for improved return on equity (ROE) post-merger, with a focus on two categories of brokers: those with strong fundamentals and low valuations, and those with potential merger opportunities [7] Summary by Sections Industry Overview - The non-bank financial sector is showing a positive trend, with a projected performance exceeding the overall market [2][3] Mergers and Acquisitions - CICC plans to merge with Dongxing Securities and Xinda Securities, with the merger expected to be completed within 25 trading days [4] - The merger will result in a significant increase in CICC's net assets, elevating its ranking in the industry [6] Financial Metrics - Post-merger, CICC's total assets and net assets are projected to reach 10096 billion and 1715 billion respectively, improving its asset-to-equity ratio and market ranking [6] - The expected price-to-book (PB) ratios for CICC, Dongxing Securities, and Xinda Securities are 1.84, 1.32, and 3.04 respectively, with a combined PB of 2.02 [5] Market Position - The merger will expand CICC's network coverage, enhancing its brokerage business and improving its market ranking from 9th to 8th [6] - The report suggests that the merger will open up new opportunities for leverage and cross-border business [6]

| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 06881 | 中国银河 | | 4.62% | 11.090 | 1212.63亿 | 64.58% | | 03958 | 东方证券 | | 4.46% | 7.500 | 637.25 Z | 55.61% | | 06178 | 光大证券 | | 4.41% | 9.710 | 447.71亿 | 25.11% | | 06806 | 申万宏源 | | 4.08% | 3.320 | 831.33亿 | 49.46% | | 01375 | 中州证券 | | 3.91% | 2.390 | 110.96亿 | 41.20% | | 06066 | 中信建投证券 | | 3.61% | 12.900 | 1000.61亿 | 33.83% | | 06030 | 中信证券 | | 3.25% | 28.580 | 4235.71亿 | 35.81% | | 06886 | 华泰证券 | | 2.75% | 19.400 | 17 ...

Core Viewpoint - The integration of Central Huijin's brokerage firms marks a significant step in the ongoing trend of mergers and acquisitions within the securities industry, with a focus on enhancing competitiveness and market position [1][4]. Group 1: Merger and Acquisition Details - On November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced a major asset restructuring plan involving a share swap to merge Dongxing and Xinda into CICC [1]. - The restructuring involves both A-share and H-share listed companies, indicating a complex process that is expected to take no more than 25 trading days for the suspension of trading [2]. - If successful, the combined assets of the three firms will reach approximately 1009.58 billion, with revenues of 27.39 billion and net profits of 9.52 billion, positioning them as the fourth largest in the industry by total assets [3]. Group 2: Financial Performance - For the first three quarters of 2025, CICC reported revenues of 20.76 billion, a year-on-year increase of 54.36%, and a net profit of 6.57 billion, up 129.75% [2]. - Dongxing Securities achieved revenues of 3.61 billion, a 20.25% increase, and a net profit of 1.60 billion, up 69.56% [2]. - Xinda Securities reported revenues of 3.02 billion, a 28.46% increase, and a net profit of 1.35 billion, up 52.89% [2]. Group 3: Industry Context and Trends - The restructuring is part of a broader trend of consolidation in the securities industry, driven by regulatory support for larger firms to strengthen their market positions [7][8]. - Analysts predict that mergers will continue to increase as firms seek to enhance their scale and comprehensive capabilities, with larger firms acquiring smaller ones to fill gaps and achieve synergies [7]. - The industry is expected to see a rise in asset and profit concentration, leading to a "two super, many strong" market structure, with increased focus on top-tier firms [7][8].

广发证券董事长林传辉日前在接受中国证券报记者专访时表示，多年来，广发证券响应中国证监会号 召，在中国证券业协会引导下，积极开展"一司一县"扶贫和乡村振兴工作，同时按照广东省委、省政府 部署，持续深入推进省内帮扶，将金融工作的政治性、人民性转化为行动自觉，通过精准施策构建递进 式帮扶路径，利用金融工具激活乡村内生动力并形成可持续的"造血"机制，同时聚焦乡村发展短板，在 民生领域不断提升群众的获得感。 "十五五"规划建议提出，优化金融机构体系，推动各类金融机构专注主业、完善治理、错位发展。展望 未来，广发证券将继续坚守服务实体经济发展、服务国家战略、服务居民财富管理的功能性定位，扎实 做好金融"五篇大文章"，为贯彻落实国家乡村振兴战略相关要求和广东省"百千万工程"工作部署作出新 的更大的贡献。 广发证券大楼 公司供图 精准施策 构建递进式帮扶路径 从捐资助学到助力乡村全面提升公共服务水平，从建言献策到扶持区域特色产业发展壮大，在投身乡村 振兴的伟大征程上，包括广发证券在内的证券机构勇担政治责任，恪守金融报国初心，发挥金融机构优 势，持续赋能乡村振兴事业蓬勃发展。 据林传辉介绍，在脱贫攻坚阶段，广发证券聚焦以精准扶 ...

转自：证券时报 11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会在广州南沙成功举办。 广州期货交易所党委委员、副总经理李慕春在演讲中介绍，为助力绿色低碳转型，广期所近年来已陆续推出工业硅期货与期权、碳酸锂期货与期权、多晶 硅期货与期权。这些期货品种已在产业发展中发挥多方面重要功能：价格发现作用良好，实物交割平稳运行，产业参与度逐步提高，同时投资者结构持续 优化，工业硅期货法人客户持仓占比达60%。下一步，广期所将聚焦加快打造绿色期货交易所，通过进一步丰富完善品种体系、持续加强市场服务和培 育、深入推进高水平对外开放，为绿色低碳转型贡献更多期货力量。 广州市南沙区委常委、常务副区长孙勇表示，近三年来，南沙高质量发展跑出加速度、彰显高质量，2025年前三季度GDP增速跃居全市第二，"稳中向 好、向新提质"的发展态势愈发强劲。据介绍，目前南沙区金融业增加值占全区GDP占比超11%，居行业第三，金融业产生的税收常年位居行业前五，成 为全区支柱性产业之一， "南沙金融30条"的重磅发布使南沙成为目前全国唯一连续三次获批国家级金融专项政策的区级地区，累计落地近百项金融创新 成果，近40项 ...