Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core View - The recent increase in egg futures prices is a short - term rebound. It is the result of short - term capital and spot price stabilization, but the long - term situation is still affected by high inventory, and the rebound height may be limited. Short - term long positions can be considered, and attention should be paid to elimination data and peak - season demand fulfillment [3]. - The stock index futures are expected to continue to fluctuate upward at a high level next week [5]. - Gold has large fluctuations currently, and it is not advisable to chase long positions in the short term. It is recommended to avoid risks first [10]. - For iron ore, although the terminal situation has not improved after the festival and hot metal may decline periodically, low - long opportunities can still be grasped due to the improved commodity sentiment recently [13]. - For glass, despite the afternoon decline today, it is at a relatively low level after previous adjustments, and low - long opportunities can be grasped considering the improved commodity sentiment [17]. - For eggs, although the egg supply is sufficient due to the increasing laying - hen inventory, the high loss in egg - chicken farming may bring short - term long opportunities [21]. - Pulp is expected to run weakly, and it should be treated as a low - level oscillation [25]. Group 3: Summary by Related Catalogs Hot Focus - On October 24, the main continuous price of eggs rose to 3092 yuan, with a daily increase of 3.25%. The direct reasons for the increase are the shift of the main contract from 2511 to 2512 and the accelerated terminal sales due to low spot prices. However, the fundamental situation has not improved fundamentally, with an over - supply problem as the national laying - hen inventory is about 1.37 billion, far exceeding the reasonable range of 1.15 - 1.2 billion [3]. Technical Analysis - Stock Index Futures - The trading volume is close to 2 trillion, and the Shanghai Composite Index has reached a new high in this round of the market. It is expected to continue to fluctuate upward at a high level next week [5]. Technical Analysis - Gold - Gold has large fluctuations currently, and short - term long - chasing is not advisable. It is recommended to avoid risks [10]. Technical Analysis - Iron Ore - After the festival, the terminal situation has not improved, and hot metal may decline periodically. Technically, it rose and then fell today, but low - long opportunities can be grasped due to the improved commodity sentiment. In the long - term, supply is expected to be loose with the commissioning of the Simandou project [13][14]. Technical Analysis - Glass - The daily melting change is small, and inventory has continued to accumulate this week. After previous adjustments, it is at a relatively low level, and low - long opportunities can be grasped considering the improved commodity sentiment [17][18]. Technical Analysis - Eggs - The laying - hen inventory continues to increase, and egg supply is sufficient, which suppresses the price rebound. However, according to current prices and costs, egg - chicken farming will face a loss of 16.90 yuan per chicken, so short - term long opportunities can be grasped [21]. Technical Analysis - Pulp - The pulp price in Shandong has increased steadily today. The supply - demand fundamentals have not changed significantly, the port de - stocking is lower than expected, and the purchasing end is cautious. Pulp is expected to run weakly and should be treated as a low - level oscillation [25].

Group 1: Industry Development and Opportunities - The Chinese capital market is currently in a development stage focused on "high-quality development," emphasizing financial strength as a national strategy [1] - The new "National Nine Articles" highlight the principles of serving the real economy and market-oriented legal frameworks [1] - Regulatory measures are centered around risk prevention, strong regulation, and promoting high-quality development, leading to a transformation in development paradigms [1] Group 2: Strategic Opportunities for Securities Firms - Capital market reforms have expanded the dimensions of securities firms' operations, providing strategic opportunities for transformation [2] - In wealth management, there is an upgrade towards a client trust model [2] - In investment banking, firms are evolving into roles that empower industries [2] - In trading, firms are becoming providers of risk management and asset allocation solutions [2] - In cross-border business, firms are building platforms for global resource allocation [2] Group 3: Investment Banking Business Development - The company focuses on serving the high-quality development of the real economy, aligning with national strategies and regulatory requirements [2] - It aims to strengthen industry leadership and resource accumulation in key sectors, particularly in the Greater Bay Area and Yangtze River Delta [2] - The company is enhancing cross-border collaboration and talent development to support Chinese enterprises' international expansion [2] Group 4: Derivatives and Asset Management - As a primary dealer in OTC derivatives, the company leverages its pricing and trading expertise to enhance product offerings and client services [3] - The investment management segment includes asset management, public fund management, and private fund management, focusing on a diverse product supply system [3] - The company aims to build a leading asset management brand through superior strategies and diverse product offerings [3] - As of June 2025, the public fund management scale of the company ranks third in the industry, while its partner ranks first [3]

Core Viewpoint - The appointment of Gong Qihua as the new chairman of China Postal Securities marks a significant leadership change after a two-month vacancy, reflecting the company's strategic direction and management continuity [1][2]. Group 1: Leadership Transition - Gong Qihua has been elected as the chairman of China Postal Securities, concurrently serving as the legal representative [1]. - Prior to this role, Gong served as the general manager of China Postal Securities for two years and has extensive management experience within the China Postal Group [1][3]. - The previous chairman, Guo Chenglin, was appointed as the Vice Governor of Guizhou Province, highlighting a rare case of a securities executive transitioning to a government role [2]. Group 2: Company Background - China Postal Securities, established in September 2002, is a wholly-owned subsidiary of the China Postal Group, focusing on securities and financial services [2]. - Gong Qihua's background includes leadership positions in various subsidiaries of the China Postal Group, such as China Postal Capital and China Postal Insurance, indicating a deep-rooted experience within the group [3][4][5][6]. Group 3: Financial Performance - In the past year, China Postal Securities has achieved significant growth, with a reported revenue of 1.033 billion yuan, a year-on-year increase of 27.33%, and a net profit of 107 million yuan, up 127.05% [7]. - The wealth management segment generated 349 million yuan, reflecting a 38.03% increase, while the asset management business saw a 56.71% growth [8]. - The company has also experienced a substantial increase in high-net-worth clients, with a nearly 30% rise in numbers, and total managed assets approaching 400 billion yuan [8]. Group 4: Capital Support - The China Postal Group has increased its support for China Postal Securities, contributing 207 million yuan in new registered capital, raising the total registered capital to 6.168 billion yuan [9].