Summary of Key Points Core Viewpoint The report highlights the issuance of short-term financing bonds and medium-term notes, indicating a total issuance of 1484.43 billion yuan, which shows an increase of 155.29 billion yuan compared to the previous week. The issuance is concentrated in high-rated and comprehensive investment categories, with a significant portion from local government financing vehicles. Group 1: Issuance Overview - Total issuance of short-term financing bonds and medium-term notes reached 1484.43 billion yuan, up by 155.29 billion yuan from the previous week [1] - Breakdown of issuance includes short-term bonds at 76 billion yuan, ultra-short-term bonds at 679.34 billion yuan, and medium-term notes at 729.09 billion yuan [1] - A total of 119 bonds were issued this week, with 18 from local government financing vehicles, accounting for 15.25% of the total [1] Group 2: Industry Distribution - The top five industries by issuance amount are comprehensive investment (201 billion yuan), electricity (153 billion yuan), highways (140 billion yuan), food and beverage (140 billion yuan), and petroleum (140 billion yuan) [1] - The issuance is heavily concentrated in high-rated categories, with AAA-rated issuers accounting for 1354.79 billion yuan, AA+ rated issuers at 101.58 billion yuan, and AA rated issuers at 23.06 billion yuan [1] Group 3: Rating Adjustments - Two rating adjustments were noted: China Medical was downgraded from 4+ to 4, and Global Tianjin was downgraded from 4- to 5+ [2]

Market Overview - The diversified financial sector experienced a decline of 0.8% on November 12, with Sichuan Shuangma leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers included *ST Rendo, which rose by 5.07% to a closing price of 7.26, and *ST Nengmao, which increased by 3.20% to 10.31 [1] - Sichuan Shuangma saw the largest decline, falling by 3.23% to a closing price of 20.68 [2] - The trading volume and turnover for *ST Rendo reached 169,500 shares and 121 million yuan, respectively [1] Capital Flow - The diversified financial sector saw a net outflow of 426 million yuan from major funds, while retail investors contributed a net inflow of 429 million yuan [2] - Major funds showed a significant outflow from Sichuan Shuangma, amounting to 33.14 million yuan [3] - Retail investors' net inflow into *ST Rendo was 15.61 million yuan, indicating strong interest despite the overall sector decline [3]

Core Viewpoint - Guokai International Investment (01062.HK) reported an unaudited net asset value per share of approximately HKD 0.3544 as of October 31, 2025 [1] Company Summary - As of November 11, 2025, Guokai International Investment's stock closed at HKD 0.11, unchanged from the previous trading day, with a trading volume of 260,000 shares and a turnover of HKD 27,800 [1] - The company has a market capitalization of HKD 311 million, ranking 73rd in the diversified financial industry [1] Industry Comparison - Key performance indicators for Guokai International Investment compared to the diversified financial industry average are as follows: - Return on Equity (ROE): -3.56% vs. industry average of -10.37%, ranking 80th out of 129 [1] - Market capitalization: HKD 311 million vs. industry average of HKD 7,001 million, ranking 73rd out of 129 [1] - Net profit margin: -1247.62% [1] - Gross profit margin: 48.67% [1] - Debt ratio: 1.74% vs. industry average of 40.41%, ranking 7th out of 129 [1]

Market Overview - The diversified financial sector experienced a decline of 1.13% on November 11, with Zhongyou Capital leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the diversified financial sector included: - Sichuan Shuangma, closing at 21.37 with a rise of 5.06% and a trading volume of 277,200 shares [1] - ST Nengmao, closing at 66.6 with a rise of 3.85% and a trading volume of 72,700 shares [1] - Zhejiang Dongfang, closing at 7.01 with a rise of 3.70% and a trading volume of 2,202,400 shares [1] - Major decliners included: - Zhongyou Capital, closing at 9.61 with a decline of 2.93% and a trading volume of 1,233,800 shares [2] - Nanjing Langqi, closing at 69.61 with a decline of 2.81% and a trading volume of 56,100 shares [2] - Yuexiu Capital, closing at 7.85 with a decline of 2.24% and a trading volume of 404,800 shares [2] Capital Flow - The diversified financial sector saw a net outflow of 773 million yuan from main funds, while retail investors contributed a net inflow of 527 million yuan [2] - The table of capital flow indicates that: - Zhejiang Dongfang had a main fund net inflow of 16.8 million yuan, but a retail net outflow of 19.2 million yuan [3] - ST Xiongmao experienced a main fund net inflow of 6.57 million yuan, with retail investors showing a net outflow of 2.03 million yuan [3] - Jiangsu Jinzu had a main fund net inflow of 3.70 million yuan, while retail investors had a net outflow of 9.25 million yuan [3]

Core Points - A-shares major indices weakened, with the Shanghai Composite Index falling 0.63% to below 4000 points, while the ChiNext Index dropped over 1% after briefly rising nearly 1% in the morning [1] - The Shenzhen Component Index decreased by 0.77%, and nearly 2600 stocks in the Shanghai and Shenzhen markets declined [1] Index Performance - Shanghai Composite Index: 3993.28, down 25.32 points, or -0.63% [2] - ChiNext Index: 3149.40, down 29.42 points, or -0.93% [2] - Shenzhen Component Index: 13324.21, down 103.40 points, or -0.77% [2] - Sci-Tech Innovation 50 Index: 1394.48, down 13.08 points, or -0.93% [2] - North Star 50 Index: 1507.74, down 4.78 points, or -0.32% [2] - CSI 300 Index: 4650.72, down 44.33 points, or -0.94% [2] - FJE 50 Index: 3025.57, down 28.28 points, or -0.93% [2] Sector Performance - Weaker sectors included coal, Hainan, insurance, diversified finance, and satellite internet [1] - Stronger sectors included cultivated diamonds, batteries, photovoltaic equipment, cement and building materials, and transportation equipment [1]

Core Viewpoint - Wutong International (00613.HK) announced the sale of 1.6 billion shares of Haotian International Construction Investment Group, representing approximately 14.75% of the total issued share capital of the company, for a total consideration of HKD 239 million, averaging HKD 0.1492 per share [1] Group 1: Company Actions - The sale was executed through PCL, a non-wholly owned subsidiary of Wutong International [1] - Following the completion of the sale, Wutong International no longer holds any shares in Haotian International [1] Group 2: Market Performance - As of November 10, 2025, Wutong International's stock closed at HKD 1.98, reflecting a 3.66% increase with a trading volume of 428,000 shares and a turnover of HKD 841,000 [1] - The stock has not received any ratings from investment banks in the past 90 days, indicating low attention from analysts [1] Group 3: Financial Metrics - Wutong International has a market capitalization of HKD 1.835 billion, ranking 30th in the diversified financial industry [1] - Key financial indicators include: - Return on Equity (ROE): 0.11%, outperforming the industry average of -10.37% [1] - Revenue: HKD 73.767 million, compared to the industry average of HKD 2.496 billion [1] - Net Profit Margin: 230.44%, significantly higher than the industry average of -1247.62% [1] - Debt Ratio: 14.16%, lower than the industry average of 40.41% [1]

Market Overview - The diversified financial sector increased by 1.01% on November 10, with Ruida Futures leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Ruida Futures (002961) closed at 25.11, up 9.99% with a trading volume of 242,800 shares and a transaction value of 584 million yuan [1] - Nanhua Futures (603093) closed at 20.26, up 3.74% with a trading volume of 86,200 shares and a transaction value of 172 million yuan [1] - Yong'an Futures (600927) closed at 15.68, up 3.70% with a trading volume of 98,700 shares and a transaction value of 153 million yuan [1] - Jiangsu Jinzu (106009) closed at 6.39, up 3.57% with a trading volume of 412,100 shares and a transaction value of 261 million yuan [1] - Other notable stocks include Electric Current Adjustment (600830) up 3.41% and Bohai Leasing (000415) up 2.79% [1] Capital Flow - The diversified financial sector experienced a net outflow of 89.37 million yuan from institutional investors, while retail investors saw a net inflow of 140 million yuan [2][3] - Major stocks like Ruida Futures and Electric Current Adjustment had significant net inflows from institutional investors, while others like Nanhua Futures and New Power Finance saw net outflows from retail investors [3]

Core Viewpoint - As of November 10, 2025, Ruida Futures (002961) closed at 25.11 yuan, marking a 9.99% increase and hitting the daily limit, with a turnover rate of 5.46% and a trading volume of 242,800 lots, amounting to a transaction value of 584 million yuan [1] Fund Flow Summary - On November 10, 2025, the net inflow of main funds was 142 million yuan, accounting for 24.39% of the total transaction value, while retail funds experienced a net outflow of 98.24 million yuan, representing 16.84% of the total transaction value [1] - Over the past five days, the stock has seen fluctuations in fund flows, with notable changes on November 7, where the main funds had a net outflow of 28.31 million yuan, and retail funds had a net inflow of 22.92 million yuan [2] Company Performance Metrics - Ruida Futures has a total market value of 11.175 billion yuan, with a net asset of 3.148 billion yuan and a net profit of 386 million yuan, ranking 15th in the multi-financial industry [3] - The company reported a 2.87% year-on-year decline in main revenue for the first three quarters of 2025, totaling 1.621 billion yuan, while the net profit increased by 42.15% to 386 million yuan [3] - The third quarter of 2025 showed a single-quarter main revenue of 575 million yuan, down 13.91% year-on-year, but the net profit rose by 17.41% to 158 million yuan [3] Analyst Ratings - In the last 90 days, four institutions have provided ratings for the stock, with three giving a "buy" rating and one an "increase" rating, while the average target price set by institutions is 29.88 yuan [4]

（文章来源：每日经济新闻） 每经AI快讯，11月10日，A股多元金融板块短线走高，瑞达期货涨停，江苏金租、永安期货、南华期 货、弘业期货、渤海租赁等个股跟涨。 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Views - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a significant increase in the sales proportion of savings products [44] - The securities sector is anticipated to experience new growth points due to transformation and favorable market conditions [44] - The multi-financial sector is entering a stable transition period, with trust companies focusing on management enhancement and product innovation [36] Summary by Sections Non-Bank Financial Sector Performance - In the recent five trading days (November 5-9, 2025), only the insurance sector outperformed the CSI 300 index, rising by 1.23%, while the overall non-bank financial sector declined by 0.17% [9][10] - Year-to-date performance shows the insurance sector up by 14.76%, multi-financial up by 11.49%, and securities up by 6.63%, all trailing the CSI 300 index which is up by 18.90% [10][11] Securities Sector Insights - Trading volume remains high, with the average daily stock trading amount reaching 23,661 billion yuan in November, a year-on-year increase of 10.44% [16] - The margin financing balance as of November 6 was 24,988 billion yuan, up 39.83% year-on-year [16] - The average price-to-book (PB) ratio for the securities industry is projected at 1.3x for 2025E, indicating potential for quality brokers to benefit from active capital market policies [22] Insurance Sector Insights - The insurance industry reported a 10.2% year-on-year increase in original premium income for the first nine months of 2025, totaling 40,895 billion yuan [24] - The third quarter saw a 25% year-on-year growth in life insurance premiums, although September's growth rate fell to -4.2% due to product switching [24][29] - The insurance sector's valuation is currently at 0.58-0.95 times 2025E P/EV, which is considered low historically, supporting an "Overweight" rating [29] Multi-Financial Sector Insights - The trust industry is projected to have total assets of 29.56 trillion yuan by the end of 2024, reflecting a year-on-year growth of 23.58% [30] - The futures market saw a trading volume of 7.70 billion contracts in September, with a transaction value of 71.50 trillion yuan, marking a 33.16% year-on-year increase [37] - The report suggests that innovation in risk management will be a key focus for the futures industry moving forward [43] Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial services, with key companies including China Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [44]