其中最关键的一项——美国股票代码申请与审核流程，原定计划是在 2026 年第二季度 才可能正式获 批，但如今在多方配合与数据完善的加速下，集团已收到明确反馈： 信锘有望在 2026 年第一季度提前获得股票代码。 这一成果不仅体现了信锘内部团队的执行效率，也反映出市场对信锘商业模式、盈利结构与未来增长潜 力的高度认可。 随着全球业务的快速扩张，信锘在过去数月取得的市场表现远超原定预期。无论是用户规模、资产管理 体量，还是系统化建设的推进速度，均达到集团内部的领先标准，也为公司后续的资本市场规划奠定更 扎实的基础。 在市场业绩持续强劲增长的推动下，信锘多项原本预计需较长周期的筹备工作，都以远高于预期的速度 顺利推进。 在此关键阶段，信锘创始人与核心管理层向全体市场代理与股东伙伴发出诚挚呼吁： 唯有上下一心，众志成城，才能让信锘在迈向资本市场的道路上稳步前进，提前完成这一具有历史意义 的里程碑。 未来，集团将继续坚持稳健、透明、合规的发展原则，加速行业布局，向成为区域领先的金融科技标杆 迈进。 ...

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - Recent market enthusiasm remains high, with Q3 brokerage performance expected to continue its growth trend. The long-term ROE central tendency is anticipated to rise. In the insurance sector, the logic of deposit migration, increased equity allocation, and improved new policy costs is confirmed, leading to greater certainty in long-term ROE improvement and accelerated valuation recovery. Overall, the cost-performance ratio for investment is gradually increasing [2][4] Summary by Sections Industry Performance - The non-bank financial index increased by 2.7% last week, with an excess return of 0.7% relative to the CSI 300. Year-to-date, the non-bank financial index is up 6.9%, but underperforms the CSI 300 by 11.0% [5][17] Market Activity - Market activity has slightly declined, with an average daily trading volume of 21,876.96 billion yuan, down 5.43% week-on-week. The average turnover rate is 2.28%, a decrease of 17.11 basis points [5][39] Insurance Sector - In August 2025, cumulative insurance premium income reached 479.99 billion yuan, a year-on-year increase of 9.63%. Life insurance premiums grew by 14.05%, while property insurance premiums increased by 4.67% [21][25] Brokerage Recommendations - The report recommends stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, along with companies like New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, and Tonghuashun based on performance elasticity and valuation [4][6] Financing Activities - In September 2025, equity financing reached 41.634 billion yuan, a month-on-month increase of 86.6%, while bond financing totaled 8.11 trillion yuan, up 8.3% [50]

Group 1: Global Market Performance - During the National Day holiday from October 1 to October 6, global assets saw a comprehensive rise, with U.S. stocks, Japanese stocks, gold, and Bitcoin reaching new historical highs [2] - The MSCI Global Index increased by 1.1%, with the MSCI Developed Markets Index rising by 1.0% and the MSCI Emerging Markets Index up by 1.9% [2] - The Hang Seng Technology Index rose by 1.3%, while the Hang Seng Index and FTSE China A50 futures increased by 0.4% and 0.1%, respectively [2] Group 2: Gold Market Insights - Gold prices surged significantly, with COMEX gold rising by 2.9% and silver by 3.8% during the holiday period [3] - On October 8, spot gold prices broke through $4000 per ounce for the first time, marking a year-to-date increase of nearly $1400 per ounce, or over 52% [3] - China's gold reserves increased to 74.06 million ounces by the end of September, marking the 11th consecutive month of increases [3] Group 3: Government Procurement Policy - The State Council issued a notice to implement a 20% price evaluation preference for domestically produced products in government procurement starting January 1, 2026 [4] - The policy aims to create a unified and competitive government procurement market, ensuring equal participation for various business entities [4] Group 4: AMD and OpenAI Partnership - AMD signed a four-year agreement with OpenAI, potentially generating hundreds of billions in new revenue and accelerating OpenAI's AI infrastructure [5] - AMD will provide tens of thousands of AI chips to OpenAI, starting with the MI450 chip, and will deepen collaboration on future products [5] Group 5: Capital Market Developments - The China Securities Regulatory Commission (CSRC) emphasized the need for high-quality planning and implementation of the "14th Five-Year" capital market plan [6] - The focus will be on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance market attractiveness and competitiveness [6] Group 6: Whistleblower Reward System - The CSRC and the Ministry of Finance have significantly increased the reward standards for whistleblowers, with the maximum reward for providing major illegal activity leads raised to 1 million yuan [7][8] - The reward percentage has been increased from 1% to 3% of the penalties collected from the cases reported [8] Group 7: North Exchange Stock Code Change - Starting October 9, the North Exchange will switch to new securities codes for all existing stocks, transitioning to the 920 code [9] - This change will not affect trading rules, and investors can still use both old and new codes to access complete trading records [9] Group 8: U.S. Government Shutdown - The U.S. federal government officially shut down on October 1 due to the Senate's failure to pass funding bills, affecting hundreds of thousands of federal employees [10] Group 9: Japanese Political Landscape - Japan's ruling party elected its first female president, likely leading to the country's first female prime minister [11] Group 10: U.S. Tariff on Heavy Trucks - The U.S. will impose a 25% tariff on medium and heavy trucks starting November 1, impacting several major manufacturers [12] Group 11: Stock Unlocking Events - Over 11.69 billion shares will be unlocked this week, with a total market value of approximately 38.48 billion yuan [13] - The companies with the highest unlocking values include Fuchuang Precision and Zhongfu Shenying [13][14]