Investment Rating - The report maintains a positive outlook on the brokerage sector, recommending stocks such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy [4][3][18]. Core Insights - The report highlights that the brokerage sector is expected to benefit directly from the increased attractiveness of the equity market, particularly in wealth management and asset management businesses [4][3]. - The insurance sector is anticipated to undergo a systematic value reassessment in 2026, driven by rising long-term interest rates and continued investment from insurance funds [4][3]. Market Performance - The Shanghai and Shenzhen 300 Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, up 0.68% [7][4]. - The brokerage sector index increased by 0.74%, while the insurance sector index saw a rise of 0.20% [7][4]. Key Data Points - As of November 28, 2025, the average daily trading volume in the Shanghai and Shenzhen markets was 19,147.38 billion [18][46]. - The financing balance in margin trading reached 24,720.45 billion, reflecting a year-on-year increase of 32.6% [18][49]. - The insurance industry reported a total premium income growth, with significant contributions from new business value (NBV) [4][3]. Individual Stock Highlights - In the insurance sector, notable A-share performances included China Life (0.09%) and New China Life (0.41%), while AIA Group in H-shares saw a significant increase of 4.95% [9][4]. - Among brokerages, Guosheng Securities led with a weekly increase of 3.68%, followed by Industrial Securities (3.36%) and Northeast Securities (2.45%) [9][4]. Regulatory and Market Developments - The report notes the expansion of the pilot program for optimizing brokerage account management, which now includes 20 qualified brokerages [21][4]. - The private equity fund sector reached a record high of 22.05 trillion, with a notable increase in new registrations [19][4].

中金公司（601995）报告指出，基于媒体数据，追踪国企指数的 ETF规模约为 75.9亿美元。结合成分 和股权重变化，以及个股过去三个月日均成交额，预计百胜中国纳入国企指数后，将带来约9000万美元 的资金流入。 11月21日，恒生指数公司发布季度指数检讨结果，多个指数的成份股将有调整。百胜中国 （香港交易 所代码：9987）被纳入为恒生中国企业指数成分股，纳入权重为1.21%。所有变动将于 2025 年 12 月 5 日收市后实施并于 2025 年 12 月 8 日起生效。 作为国际市场衡量在港上市中国企业的重要标杆之一，恒生中国企业指数由在香港上市交易的市值大、 流动好的50只中国内地企业证券组成，以反映在香港上市的中国内地企业的整体表现。该指数具备成熟 的被动跟踪与衍生品生态，纳入后通常会带来被动资金配置与交易活跃度的提升。 百胜中国是中国最大的餐饮公司，在中国超过2,500个城镇经营六个品牌超17,000家餐厅。公司在11月17 日举行的投资者日公布新增长目标，包括正在稳步推进2026年门店总数达2万家的目标；2028年门店总 数增加至超过2.5万家；到2030年门店总数力争突破3万家。以10月31 ...

11月21日，恒生指数公司发布季度指数检讨结果，多个指数的成份股将有调整。百胜中国(香港交易所 代码：9987)被纳入为恒生中国企业指数成分股，纳入权重为1.21%。所有变动将于 2025 年 12 月 5 日收 市后实施并于 2025 年 12 月 8 日起生效。 作为国际市场衡量在港上市中国企业的重要标杆之一，恒生中国企业指数由在香港上市交易的市值大、 流动好的50只中国内地企业证券组成，以反映在香港上市的中国内地企业的整体表现。该指数具备成熟 的被动跟踪与衍生品生态，纳入后通常会带来被动资金配置与交易活跃度的提升。 中金公司报告指出，基于彭博数据，追踪国企指数的ETF规模约为75.9亿美元。结合成分和股权重变 化，以及个股过去三个月日均成交额，预计百胜中国纳入国企指数后，将带来约9000万美元的资金流 入。 百胜中国是中国最大的餐饮公司，在中国超过2,500个城镇经营六个品牌超17,000家餐厅。公司在11月17 日举行的投资者日公布新增长目标，包括正在稳步推进2026年门店总数达2万家的目标；2028年门店总 数增加至超过2.5万家；到2030年门店总数力争突破3万家。以10月31日收市价335港元计 ...

Group 1 - Horizon Robotics-W (09660) saw a rise of over 6%, reaching a new high of HKD 10.45, and is currently trading at HKD 10.18 with a transaction volume of HKD 21.66 million [1] - The Hang Seng Index Company announced the results of its quarterly review on August 22, which became effective on September 8, maintaining the number of constituents in the Hang Seng Tech Index at 30 [1] - CICC estimates that due to the reset of the individual stock weight limit of 8%, passive fund inflows will take the longest time for Horizon Robotics-W and BYD (002594), with expected inflows of approximately USD 560 million and USD 500 million, respectively, taking 3.4 days and 0.9 days to materialize [1] Group 2 - On August 29, Horizon Journey officially announced that its vehicle-mounted intelligent chip production has officially surpassed 10 million units [1] - Horizon Robotics has become the first domestic autonomous driving technology company to achieve a shipment milestone of 10 million units [1] - The founder and CEO of the group, Yu Kai, expressed optimism about the annual shipment volume, projecting around 4 million units for the year, with low-end and mid-to-high-end products each accounting for half of the total [1]

Group 1 - FTSE Russell announced changes to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, with the most notable inclusion being BeiGene, NewEase, WuXi AppTec, and Zhongji Innolight, while excluding China National Nuclear Power, China United Network Communications, NARI Technology Development, and Wanhua Chemical Group [2][4] - The changes will take effect after the market closes on September 19, 2023, and will officially be implemented on September 22, 2023 [2] - Zhongji Innolight's stock price surged approximately 11% on September 3, reaching a historical high with a market capitalization exceeding 470 billion yuan, ranking second on the ChiNext board [7] Group 2 - The newly included companies in the FTSE China A50 Index are primarily from the innovative drug and optical module sectors, which have shown significant stock price increases this year [4] - The FTSE China A50 Index's reserve list includes Minsheng Bank, CMOC Group, Hithink RoyalFlush Information Network, SAIC Motor, and Seres Group, which may be activated if any of the current constituents are removed before the next quarterly review [7][8]

Core Viewpoint - FTSE Russell announced changes to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, with the most notable changes occurring in the FTSE China A50 Index, which will include new companies and exclude others starting September 22, 2023 [1][3]. Group 1: Index Changes - The FTSE China A50 Index will include BeiGene Ltd (百济神州-U), Eoptolink Technology (新易盛), WuXi AppTec (药明康德), and Zhongji Innolight (中际旭创) [1][3]. - The index will exclude China National Nuclear Power (中国核电), China United Network Communications (中国联通), NARI Technology Development (国电南瑞), and Wanhua Chemical Group (万华化学) [1][3][4]. Group 2: Market Impact - Companies added to the FTSE China A50 Index are expected to attract more passive fund inflows, which could positively impact their stock prices [5]. - Zhongji Innolight's stock price increased by approximately 11% on September 3, reaching a historical high with a market capitalization exceeding 470 billion yuan, making it the second-largest company on the ChiNext board [4]. - From August 1 to September 3, Zhongji Innolight's stock price surged over 95% [4]. Group 3: Backup List - The backup list for potential replacements in the FTSE China A50 Index includes Minsheng Bank, Luoyang Molybdenum, Tonghuashun, SAIC Motor, and Seres [5].