｜2025年11月26日 星期三｜ NO.1 近三年首次扩容，券商账户管理功能优化试点扩至20家 近日，券商账户管理功能优化业务试点迎来近三年首次扩容，东方证券、东北证券等8家券商获准加 入。至此，具备该试点资格的券商增至20家，标志着券商综合账户服务体系建设步入规模化推进的新阶 段。据了解，本轮共有8家券商获准参与账户管理功能优化试点，分别为东方证券、东吴证券、国联民 生、平安证券、西部证券、东北证券、东方财富证券、华鑫证券。这些券商在财富管理、合规风控与综 合实力方面普遍表现突出。据悉，部分券商将于本周内陆续发布相关公告。（证券时报） 点评：券商账户管理功能优化试点近三年来首次扩容，新增8家券商至20家，标志着行业综合账户服务 体系建设进入规模化阶段。此举将显著提升试点券商的财富管理能力与客户黏性，为其股价表现提供新 动能。同时，试点扩容有望加速行业数字化转型，推动证券板块整体竞争力提升。对市场而言，这一政 策利好释放了监管层支持券商创新的积极信号，有助于增强投资者对资本市场的信心，为市场长期健康 发展注入活力。 NO.2 中泰证券60亿元定增落地，发行价为6.02元/股 11月25日晚，中泰证券披露《向 ...

11月23日，港交所官网显示，京东工业股份有限公司(简称"京东工业")港交所已通过聆讯。本次联席保 荐人为美银美林、高盛、海通国际和UBS。 目前，京东集团旗下有多家上市企业，包括京东集团、京东健康、京东物流、德邦物流、达达集团。若 京东工业顺利上市，它将成为刘强东的第六家上市公司。 据悉，京东工业的上市之路并非一帆风顺。此前，该公司曾于2023年3月、2024年9月、2025年3月三次 向港交所递交招股书，但均因招股书有效期届满而失效。 从业绩表现来看，京东工业近年来实现了营收与利润的双重跨越式增长。招股书显示，京东工业2022 年、2023年、2024年营收分别为141.35亿元、173.36亿元、204亿元。 更值得关注的是，截至2025年8月底，京东工业总收入141亿元，较2024年同期增长18.9%。 盈利能力方面的转变更为亮眼，2022年还处于13亿元净亏损状态的京东工业，2023年成功扭亏为盈，实 现净利润480万元；2024年净利润飙升至7.6亿元，同比增幅达到惊人的1586%；2025年上半年延续盈利 增长态势，录得净利润4.5亿元，同比增长55.2%，盈利稳定性持续增强。 作为从京东企业业 ...

11月19日晚，首创证券（601136）发布公告称，毕劲松因到龄退休申请辞去公司第二届董事会董事长、 董事等职务，辞职后将不在公司担任任何职务。同时，张涛当选公司董事长，刘惠斌当选公司副董事 长，蒋青峰出任公司总经理。 首创证券表示，公司核心管理团队实现平稳交接，未来在新任管理团队带领下，公司将积极践行金融报 国使命，奋力书写高质量发展新篇章。 原董事长毕劲松到龄退休 公告显示，毕劲松于2007年1月加入首创证券，先后担任公司副总经理、总经理、董事及党委书记等重 要职务，并于2024年4月当选董事长，至2025年11月退休。首创证券在公告中对毕劲松任职期间为公司 发展所做出的贡献致以敬意和感谢。 首创证券表示，毕劲松以其深厚的金融素养和专业的领导才能，开拓进取、守正创新，积极把握资本市 场改革发展机遇，推动公司实现固定收益投资交易、资产管理等核心业务战略布局，不断完善公司治理 体系，持续提升规范运作水平与治理效能，成功推动公司实现上海证券交易所主板上市，资本实力、综 合竞争力和品牌影响力显著提升，为公司高质量发展奠定了坚实基础。 张涛履新董事长 此外，副董事长任命同步公布，首创证券董事刘惠斌当选副董事长。刘惠 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance [1]. Core Insights - The company has shown steady growth in revenue and net profit, with a year-on-year revenue increase of 15.47% and a net profit increase of 26.41% for the first three quarters of 2025 [4]. - The expansion of overseas business is progressing well, contributing to the overall growth and enhancing the company's market presence globally [8]. - The company is diversifying its product offerings across various sectors, including precision agriculture, public utilities, and geospatial information, which are expected to drive future growth [6][7]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.618 billion yuan and a net profit of 493 million yuan [4]. - The company’s earnings per share (EPS) are projected to grow from 1.34 yuan in 2025 to 2.16 yuan by 2027, reflecting a strong growth trajectory [9]. - The gross margin is expected to improve gradually, reaching 58.5% by 2027 [10]. Business Segments - The resource and public utilities segment is experiencing some slowdown due to project implementation and contract quality issues, but other areas like precision agriculture are seeing rapid growth with new product launches [4][5]. - The geospatial information segment is maintaining rapid growth, with advancements in 3D intelligent measurement and drone technology [6]. - The robotics and autonomous driving segment has made significant strides, with partnerships established with major automotive companies and a growing number of deliveries [7]. Market Expansion - The company has established a robust overseas distribution network, with products sold in over 100 countries, and is focusing on enhancing its presence in key international markets [8]. - The overseas revenue contribution is increasing, with a higher gross margin compared to domestic sales, indicating a successful international strategy [8]. Profitability Forecast - The company is expected to achieve net profits of 738 million yuan in 2025, with a compound annual growth rate (CAGR) of approximately 26.5% through 2027 [9]. - The price-to-earnings (P/E) ratio is projected to decrease from 24.0 in 2025 to 14.9 by 2027, suggesting an attractive valuation as earnings grow [10].

Core Points - The China Securities Regulatory Commission (CSRC) has released three financial industry standards that will take effect immediately, aimed at enhancing data governance and digital transformation in the securities and futures industry [1][2]. Group 1: Data Standards - The "Data Element Specification for Securities Exchanges" standardizes data attributes related to securities exchange operations, providing guidance for data construction and application in the securities and futures industry [1]. - The "Data Element Specification for Enterprise Asset Securitization" establishes a comprehensive data element specification for the entire lifecycle of enterprise asset securitization, promoting efficient data sharing and high-quality digital capital markets [1]. Group 2: Regulatory Data Collection - The "Regulatory Data Collection Specification for Asset Management Business" defines data elements for asset management business in futures companies, enhancing data governance and standardization in regulatory data collection [2]. - The CSRC plans to continue developing data governance and business service standards to advance the digitalization of capital market information and strengthen the foundation for technology-driven regulation [2].

Group 1 - The China Securities Regulatory Commission (CSRC) has released three financial industry standards related to data management in the securities and futures sectors, effective immediately [1][2] - The standards aim to enhance data processing, storage, and circulation efficiency, while promoting digital transformation in the securities and futures industry [1] - The standards include specifications for data elements related to securities exchanges and enterprise asset securitization, providing a framework for data governance and efficient information sharing [1][2] Group 2 - The "Futures Company Regulatory Data Collection Specification Part 2: Asset Management Business" standardizes data elements for asset management, improving data governance and regulatory data standardization in the industry [2] - The CSRC plans to continue developing data governance and business service standards to advance the digitalization of capital market information [2]

Core Viewpoint - Tongcheng Travel has become the first online travel platform to achieve dual-end coverage of the "Easy Security Check" service, enhancing user experience in airport security processes [1][6]. Group 1: Service Overview - Users can access the "Easy Security Check" service through four methods: WeChat search, Tongcheng Travel WeChat mini-program, Tongcheng Travel APP, and specific city services in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [3][6]. - The service allows ticket holders to book the "Easy Security Check" up to 48 hours in advance, significantly reducing average security check times to as low as 3 minutes during peak hours [3][8]. Group 2: Strategic Implications - The launch of this convenient service before the Mid-Autumn and National Day holidays is expected to enhance travel experiences for users within the WeChat ecosystem [6]. - By deepening its integration within the WeChat environment, Tongcheng Travel is building a unique competitive advantage in the "social + travel" space, potentially setting a new benchmark for digital transformation in the industry [6].

Core Viewpoint - Tongcheng Travel has become the first online travel platform to achieve dual-end coverage of the "Easy Security Check" service, allowing users to enjoy a convenient security check experience at 41 major airports nationwide [1][6]. Group 1: Service Overview - Users can access the "Easy Security Check" service through four methods: searching "Easy Security Check Appointment" on WeChat, using the Tongcheng Travel WeChat mini-program, searching on the Tongcheng Travel APP, or selecting the service through the WeChat city service menu in cities like Beijing, Shanghai, Guangzhou, and Shenzhen [3][6]. - After integrating the "Easy Security Check" service, users who have purchased tickets can make appointments for the service up to 48 hours in advance, with average security check times reduced to as fast as 3 minutes, especially beneficial during peak hours [3][7]. Group 2: Strategic Implications - The launch of this convenient service ahead of the Mid-Autumn and National Day holidays is expected to enhance the travel experience for users within the WeChat ecosystem [6]. - By continuously deepening its integration within the WeChat environment, Tongcheng Travel is building a unique competitive advantage in the "social + travel" space, potentially setting a new benchmark for digital transformation in the industry [6].

Core Viewpoint - The new national standard for car rental services, effective from November 1, aims to enhance consumer protection and industry regulation by establishing strict verification processes for rental operators and vehicles, thereby addressing existing market chaos and ensuring safety for consumers [4][5][9]. Summary by Sections New Regulations Highlights - The revised standard introduces a dual verification mechanism for rental operators and vehicles, ensuring that only qualified businesses can operate in the market [5][10]. - It emphasizes the platform's responsibility to prevent malicious competition and false advertising through the use of advanced technology [6][11]. Safety and Consumer Protection - The new regulations establish a comprehensive safety protection network, including a "prevention-response-compensation" mechanism to address consumer issues promptly [6][10]. - A first-response compensation system is introduced, allowing rental companies to compensate consumers immediately in case of disputes, thus expediting resolution [6][10]. User Experience Improvements - The regulations mandate clear disclosure of fees and insurance responsibilities in rental agreements, enhancing transparency and reducing hidden charges [7][10]. - Customizable rental services are encouraged to meet diverse consumer needs, reflecting the growing demand for personalized rental solutions [7][10]. Industry Challenges and Opportunities - The car rental market in China is expanding, driven by tourism and business travel, but faces challenges such as lack of standardization and regulatory oversight [9][10]. - The new standard aims to unify industry practices, improve service quality, and enhance consumer trust, paving the way for sustainable growth [9][10]. Technological Advancements - The incorporation of information technology in the new regulations is expected to accelerate the digital transformation of the industry, improving vehicle management and service efficiency [11][12]. - The use of blockchain technology for credit assessment is anticipated to enhance the reliability of consumer data and enable personalized services [11][12]. International Standards Alignment - The revised standard aligns with international rental service standards, providing a framework for Chinese rental companies to expand into global markets [12]. - This alignment is expected to boost the international competitiveness of Chinese rental firms and establish a globally recognized service standard [12].

Core Insights - The domestic nitrogen fertilizer supply is expected to remain stable in the second half of the year, but companies should adopt a cautious and rational approach due to declining agricultural demand, weak industrial demand, and increasing uncertainties in the international market [1][2] Group 1: Production and Capacity - The domestic nitrogen fertilizer supply capacity has been increasing, with an additional urea production capacity of 2.64 million tons expected in the second half of 2024 and 0.95 million tons in the first half of 2025, leading to a cumulative supply increase of over 1.3 million tons [1] - The average daily production of urea in the first half of 2025 is projected to be 193,000 tons, an increase of 8.4% year-on-year, with a cumulative operating rate of 83.2% [1] - The first half of 2025 saw a daily production level of urea fluctuating between 190,000 and 200,000 tons, marking the highest level in nearly a decade [1] Group 2: Demand and Consumption - The apparent consumption of synthetic ammonia reached 38.973 million tons in the first half of the year, a year-on-year increase of 9.3%, while the apparent consumption of nitrogen fertilizer was 23.919 million tons (pure), up 7% [1] - Urea apparent consumption was 36.057 million tons, reflecting a year-on-year growth of 9.4% [1] - Cumulative nitrogen fertilizer exports in the first half of the year totaled 2.818 million tons, representing a year-on-year increase of 33.2% [1] Group 3: Market Challenges and Strategic Focus - The nitrogen fertilizer market faces multiple challenges in the second half of the year, including increasing pressure from excess domestic capacity, widening cost disparities between coal-based and gas-based enterprises, and a gradual decline in domestic agricultural demand [2] - An estimated 3.38 million tons of synthetic ammonia and 4.22 million tons of urea production capacity are expected to come online in the second half of the year, with some capacity already operational [2] - The industry is urged to focus on strict capacity control, rational production management, self-discipline in export mechanisms, international market expansion, technological innovation, digital transformation, and supply-side structural reforms [2]