证券板块 市场成交额抬高，据 Wind 数据显示，截至目前 2025Q3 日均股票成交额（单边）1.00 万亿元，同比增长 117%；两融 余额创新高，截至 2025 年 9 月 29 日两融余额达到 24287 亿元，日均余额同比+29.9%；2025 年第三季度上证指数上 涨 12.7%，同比+0.29pct；沪深 300 上涨 17.9%，同比+1.83pct；中债总财富指数下跌 1.0%，同比-2.02pct。我们预 计券商经纪、利息、自营等收入有望继续受益，券商三季报业绩预计表现较好。 投资建议：建议关注三条主线：（1）市场成交额抬高，主要指数上涨，建议关注经纪、两融、投资占比高的券商；券 商板块上半年业绩同比显著改善，高盈利与低估值的显著错配凸显配置性价比，建议关注估值显著低于平均水平的头 部优质券商；建议关注券商并购潜在标的机会。（2）四川双马：科技赛道占优，创投业务有望受益，布局基因治疗赛 道新标的，深化生物医药产业链。公司管理基金的已投项目：屹唐股份（科创板已上市）、奕斯伟材料（科创板 IPO 过 会）、奕斯伟计算以及群核科技（港交所 IPO 申报）、沐曦、邦德激光、丽豪半导体等上市进程加快 ...

Macro and News - In the first eight months of 2025, profits of large-scale industrial enterprises in China reached 46,929.7 billion yuan, a year-on-year increase of 0.9% [2] - State-owned enterprises saw a profit decrease of 1.7%, while private enterprises experienced a profit growth of 3.3% [2] - In August, profits of large-scale industrial enterprises turned from a decline of 1.5% to a growth of 20.4% year-on-year [2] Financial and Securities - The People's Bank of China suggested enhancing monetary policy regulation to improve foresight, targeting, and effectiveness [8] - The 2025 classification evaluation of securities firms revealed 53 A-class, 43 B-class, and 11 C-class firms, with A-class firms making up approximately 50% of the total [9] - A total of 36 companies will have their restricted shares unlocked this week, amounting to approximately 400.81 billion yuan in market value [17] Industry Developments - The Ministry of Industry and Information Technology, along with eight other departments, issued a plan for stable growth in the non-ferrous metals industry, targeting an average annual growth of 5% in added value from 2025 to 2026 [12] - The Jiangsu Provincial Department of Commerce announced the suspension of the automobile replacement subsidy policy effective September 28, 2025 [14] - The China Coking Industry Association clarified that it has never issued or authorized any notifications regarding "forced production cuts" or "joint price increases" [15] Market Events - The Shanghai, Shenzhen, and Beijing stock exchanges will be closed from October 1 to October 8 for the National Day and Mid-Autumn Festival [7] - A new stock, Daoshengtianhe, will be available for online subscription starting September 29, with a subscription price of 5.98 yuan per share [16]

根据《通知》内容，2025年证券公司分类评价在评价范围与方式上进行明确界定。本次评价继续采用母 子公司合并计算的方式，将券商旗下投行子公司、资管子公司、经纪子公司及依法设立的从事证券投资 咨询业务的子公司有关情况，统一纳入母公司分类评价工作底稿进行自评，且自评结果需上报至母公司 住所地证监局。按此计算标准，本次分类评价共计覆盖107家证券公司。 在评价执行层面，《通知》对各证监局的工作重点提出要求，明确证监局需重点关注证券公司的全面风 险管理、合规管理、人员违法违规行为以及各项业务发展等关键评价指标，并结合日常监管过程中掌握 的实际情况，提出相应的扣分建议，确保评价结果能够真实反映券商的经营管理水平与合规状况。 值得关注的是，本次分类评价还有多项专项评价内容，进一步丰富了评价维度。具体来看，专项评价将 围绕证券公司服务脱贫攻坚等社会责任履行情况、行业文化建设成效、功能发挥情况、服务中小企业的 能力以及参与北交所市场改革的表现展开，这意味着券商在履行社会责任与支持资本市场改革方面的表 现，将直接影响其分类评价结果。 同时，《通知》还建立了与专项监管工作挂钩的加减分机制，对在落实专项监管工作中表现突出的证券 公司 ...

Core Viewpoint - The regulatory authorities in China have initiated the classification evaluation of securities companies for 2025, with 107 firms participating in the self-assessment process [1][2] Summary by Relevant Sections Evaluation Criteria - The evaluation framework includes 17 positive indicators focusing on various aspects such as revenue rankings, asset allocation, profit margins, technology investments, and social responsibility [1][2] - Negative indicators emphasize capital adequacy, governance, risk management, compliance, and penalties from regulatory bodies [2] Regulatory Changes - The recent revision of the classification evaluation regulations marks the fourth adjustment since its implementation in 2009, with significant changes made to the evaluation criteria [2][3] - The new rules eliminate the revenue-based positive indicator, enhance the emphasis on Return on Equity (ROE), and expand the coverage of main business indicators from the top 20 to the top 30 firms [3] Industry Impact - The revised regulations are expected to benefit well-balanced and cost-efficient leading firms, as well as smaller firms with potential for differentiated development [4] - The changes aim to encourage smaller firms to explore niche markets and improve their ROE through refined cost management, thus enhancing their evaluation outcomes [4] - The classification evaluation will influence various operational aspects of securities firms, including risk management standards and regulatory resource allocation [3]

Group 1 - A-shares have surpassed 3800 points, reaching a ten-year high, driven by positive market sentiment and external factors [1][14] - The Federal Reserve's potential interest rate cut is expected to alleviate capital outflow pressures and attract funds to emerging markets, including China [3][5] - The Chinese central bank announced a significant liquidity injection of 600 billion yuan through MLF operations, marking the largest net injection since February 2025 [5][6] Group 2 - Various favorable policies are emerging, including encouragement for artificial intelligence, new regulations for rare earths, and measures to combat price competition in the photovoltaic industry [5][6] - The implementation of new evaluation standards for securities firms is expected to benefit leading brokerages and provide growth opportunities for smaller institutions [5][6] - The overall market sentiment remains optimistic, with expectations for further upward movement towards the 4000-point mark [14]

Group 1: Securities Company Classification Regulation - The China Securities Regulatory Commission (CSRC) has revised the classification regulation for securities companies to enhance the effectiveness of regulatory oversight [1] - The classification system serves as a foundational regulatory framework, allowing for differentiated supervision based on the classification results, impacting risk control indicators, capital preparation ratios, and inspection frequencies [1] - The revision emphasizes the importance of differentiated management for securities firms, potentially benefiting high-quality firms while increasing pressure on poorly performing ones [1] Group 2: Explosive Growth of Sci-Tech Bonds - There has been an explosive growth in the issuance of sci-tech bonds by securities firms, with 30 firms completing issuance or approval since May 7, totaling over 100 billion yuan [2] - This surge is driven by policy support and the need for firms to adapt to transformation pressures, broadening the capital intermediary role of securities firms [2] - The competitive landscape is evolving with banks and venture capital actively participating, which may enhance the efficiency and service capabilities of securities firms [2] Group 3: Floating Rate Funds - A total of 13 floating rate funds have been established, raising over 12.6 billion yuan, indicating increased market interest in innovative fund products [3] - The establishment of these funds is expected to enhance the business expansion potential of the involved fund companies [3] - The introduction of new funds may inject vitality into the market by increasing capital supply [3] Group 4: Public REITs Market Expansion - The public REITs market is expanding with new approvals, including entries from smaller institutions, indicating intensified competition in this sector [4] - Currently, there are 68 public REITs with a total fundraising scale of 177 billion yuan, managed by 24 public institutions [4] - The diversification of participants in the REITs market reflects a dynamic balance in competition and offers investors more asset allocation options [4]