Core Points - Company acquired additional shares of Minsheng Securities, increasing its ownership from 99.26% to 99.98% [1] - The shares were purchased through a judicial auction for a total price of RMB 171,240,340.00, representing 0.72% of Minsheng Securities' total share capital [1] - The transaction is pending completion of share transfer procedures, and the company will fulfill its information disclosure obligations as the process progresses [1] Summary by Sections - **Ownership Change** - Company holds 99.26% of Minsheng Securities and will increase this to 99.98% after the acquisition [1] - **Transaction Details** - Acquired 81,543,019 shares at a price of RMB 171,240,340.00 [1] - **Future Actions** - Company will continue to disclose information regarding the transaction as it progresses [1]

Core Viewpoint - A class action lawsuit has been filed against Marex Group plc, alleging securities fraud that affected shareholders between May 16, 2024, and August 5, 2025 [2]. Group 1: Lawsuit Details - The lawsuit seeks to recover losses for shareholders who were adversely affected by alleged securities fraud during the specified period [2]. - Defendants are accused of making false statements and concealing information regarding the improper inflation of cash flow, revenues, assets, and profits in its Market Making segment through off-book intercompany transactions [3]. - The positive statements made by the defendants about the company's business and prospects are claimed to be materially false and misleading [3]. Group 2: Next Steps for Affected Shareholders - Shareholders who suffered losses in Marex Group plc stock during the relevant timeframe are encouraged to learn about their rights to seek recovery, with no cost or obligation to participate [4]. Group 3: Legal Representation - Levi & Korsinsky LLP is highlighted as a nationally-recognized securities litigation firm with a strong track record in securing recoveries for aggrieved shareholders [5]. - The firm has been ranked in the Top 50 Report by ISS Securities Class Action Services for seven consecutive years, indicating its expertise in complex securities litigation [5].

记者丨李域 编辑丨姜诗蔷 11月12日，21世纪经济报道记者从业内获悉，前海开源基金创始人暨首任董事长王兆华因病医 治无效，于2025年11月10日在西安去世，终年69岁。 前海开源基金在悼念通知中写道："王兆华是公司的奠基者，为公司的成立和发展作出了不可 磨灭的贡献。他的离去，是我们公司巨大的损失，他的精神与风范，将长存于我们心中。" 前海开源基金终身顾问、知名业内人士王宏远亦发文悼念称，王兆华掌舵前海开源基金期间， 带领公司从零起步，一路披荆斩棘，将管理规模从零做到了千亿元级别，使公司迅速崛起为行 业中的重要力量。 公开资料显示，王兆华，出生于陕西乾县，1980年至1983年任中国人民银行西安市分行工 作，1983年至1986年脱岗学习。1986年至1998年历任中国工商银行西安市分行工业信贷处副 科长；中国工商银行西安开发区支行副行长；中国工商银行西安市分行信贷处副处长、处长。 1998年至2004年，王兆华历任华夏证券股份有限公司西安营业部副总经理、常务副总、总经 理；华夏证券股份有限公司济南管理总部党委书记、总经理；华夏证券股份有限公司总裁助理 兼重庆分公司党委书记、总经理；华夏证券股份有限公司总裁 ...

国联民生（601456）(01456)发布公告，国联民生证券股份有限公司(以下简称"公司")持有民生证券股份 有限公司(以下简称"民生证券")99.26%股份，为民生证券的控股股东。 2025年11月12日，公司通过司法拍卖竞得泛海控股股份有限公司持有的民生证券8154.3万股股份(占民 生证券总股本的0.72%)，成交价格人民币1.71亿元，并已收到《成交确认书》。本次交易尚需办理股份 交割等手续。本次交易完成后，公司持有民生证券的股份比例将由99.26%上升至99.98%。 ...

1998年至2004年，王兆华历任华夏证券股份有限公司西安营业部副总经理、常务副总、总经理；华夏证 券股份有限公司济南管理总部党委书记、总经理；华夏证券股份有限公司总裁助理兼重庆分公司党委书 记、总经理；华夏证券股份有限公司总裁助理。2004年至2008年，任陕西海大实业有限责任公司总经 理。 2008年至2015年，王兆华历任开源证券股份有限公司总经理、董事长；2013年至2022年，王兆华担任前 海开源基金董事长，为公司的首任董事长，后因工作变动于2022年6月21日离任。现任前海开源基金董 事。 从业40多年，王兆华历经银行、证券、公募基金等多个金融业态的变迁，几乎完整参与了中国金融市场 化改革的全过程。 11月12日，21世纪经济报道记者从业内获悉，前海开源基金创始人暨首任董事长王兆华因病医治无效， 于2025年11月10日在西安去世，终年69岁。 前海开源基金在悼念通知中写道："王兆华是公司的奠基者，为公司的成立和发展作出了不可磨灭的贡 献。他的离去，是我们公司巨大的损失，他的精神与风范，将长存于我们心中。" 前海开源基金终身顾问、知名业内人士王宏远亦发文悼念称，王兆华掌舵前海开源基金期间，带领公司 ...

Core Points - The news announces the passing of Wang Zhaohua, the founder and first chairman of Qianhai Kaiyuan Fund Management Co., Ltd., who died on November 10, 2025, at the age of 69 due to ineffective medical treatment [1][3][4] - Wang Zhaohua is remembered as a significant figure in the financial sector and capital markets, with a career spanning over 40 years [3][6] Company Overview - Wang Zhaohua was instrumental in the establishment and growth of Qianhai Kaiyuan Fund Management Co., Ltd., leading the company from its inception to a management scale of approximately 150 billion RMB [6][7] - Under his leadership, the company achieved significant milestones, including generating over 20 billion RMB in profits for 19.2 million fund holders and increasing shareholder value by 13 times over 13 years [6][7] Career Highlights - Wang Zhaohua's career included key positions at various financial institutions, such as the People's Bank of China, Industrial and Commercial Bank of China, and Huaxia Securities, where he demonstrated exceptional leadership and reform capabilities [4][5][6] - His tenure at Qianhai Kaiyuan Fund Management Co., Ltd. was marked by a transformation from a startup to a major player in the industry, showcasing his vision and strategic acumen [6][7] Legacy - Wang Zhaohua is celebrated for his integrity, dedication, and contributions to the financial market reform and development of capital markets in China [7][8] - His life and work continue to inspire colleagues and industry peers, leaving a lasting impact on the financial community [7][9]

Group 1 - The Hang Seng Technology Index fell by 1.2% last week, while the Hang Seng Index rose by 1.3%, indicating short-term volatility in the Hong Kong stock market with a potential slowdown in upward momentum [1] - The Hang Seng Index reached a one-month high on Tuesday, closing up 0.2%, as traders focused on the recovery of fundamental data and macroeconomic performance, amidst rising concerns about the sustainability of tech stock investments [1][4] - There is a growing concern among investors regarding the bubble valuations of tech stocks and the sustainability of AI investment spending, leading to a shift towards more defensive positions in the market [4] Group 2 - Analysts from Pacific Securities noted that while the trading congestion in tech stocks has eased, it remains limited, and future performance may diverge significantly, especially for stocks lacking earnings support [4] - According to GF Securities, the foundation of the Hong Kong stock market bull run remains intact, but the evolution is likely to exhibit characteristics of "volatile upward movement" rather than rapid one-sided increases, with a strong fundamental driving effect expected in November [4] - The strategy for asset allocation in the Hong Kong market involves a barbell approach, focusing on stable value assets, particularly H-shares with relatively high AH premiums, while maintaining a solid industrial logic for growth assets amidst market fluctuations [4]

Core Viewpoint - The 2026 Capital Market Annual Conference hosted by CITIC Securities emphasizes the transformation of Chinese companies into global players and the evolution of the A-share market from an emerging to a mature market, setting the stage for a low-volatility bull market [3][12]. Economic Outlook - CITIC Securities forecasts a moderate recovery in China's economy, with a growth target of approximately 5.0% in 2025 and around 4.9% in 2026, indicating a "front low, back high" growth pattern [8]. - The fiscal policy for 2026 is expected to be more proactive, maintaining a deficit ratio around 4%, with an increase in special bond quotas directed towards project construction [8]. - Monetary policy may continue to have room for rate cuts, with structural monetary tools remaining in play, supporting economic growth [8]. Market Dynamics - The positive momentum in the capital market is attributed to the increasing international influence of China, the rising position of Chinese enterprises in the global value chain, and the maturation of market systems [5]. - The A-share market is transitioning to a global perspective, with Chinese companies expected to enhance their pricing power in the global value chain during the 14th Five-Year Plan period [3][12]. Investment Strategy - The investment strategy for 2026 highlights three key areas: 1. Upgrading traditional manufacturing and resource industries to enhance pricing power and profit margins [13]. 2. The globalization of Chinese enterprises, which significantly expands profit growth potential and market capitalization [13]. 3. The continued commercialization of AI applications, which will amplify the competitive advantages of Chinese companies in the tech sector [13]. Industry Focus - The conference identified three major themes for industry allocation: 1. Upgrading traditional manufacturing and resource sectors [13]. 2. The international expansion of Chinese companies [13]. 3. The broadening application of AI technologies [13].

Core Viewpoint - The conference highlighted the transformation of Chinese companies from local to global players, indicating a shift in the A-share market towards a more mature market structure, which is expected to lead to a stable and gradual bull market [3][11]. Economic Outlook - The Chinese economy is projected to achieve a growth rate of approximately 5.0% in 2025 and around 4.9% in 2026, with a "front low, back high" growth pattern anticipated for 2026 [7][9]. - Fiscal policy is expected to remain proactive, with a deficit rate around 4% and an increase in special bond quotas directed towards project construction [7]. - Monetary policy may continue to have room for adjustments, including potential rate cuts and structural monetary tools [7][9]. Market Dynamics - The capital market is accumulating positive momentum due to the enhancement of China's international discourse power and the improvement of Chinese companies' positions in the global value chain [5][9]. - The A-share market is transitioning from being an emerging market to a more mature market, with Chinese companies gaining pricing power in the global value chain [3][11]. Investment Strategy - The investment strategy for 2026 emphasizes three key areas: 1. Upgrading traditional manufacturing industries to enhance pricing power and profit margins [12]. 2. The globalization of Chinese companies, which opens up significant profit growth potential and market capitalization [12]. 3. The expansion of AI applications, which continues to enhance the competitive advantages of Chinese enterprises in the technology sector [13]. Asset Allocation - The global macro environment is generally accommodative, with expectations for a mild appreciation of the RMB and continued attractiveness of gold as a long-term asset [8].

Group 1: Economic Outlook - The Chinese economy is expected to maintain a recovery trend with a projected growth of approximately 5.0% in 2025 and around 4.9% in 2026, with a "front low, back high" growth pattern anticipated for 2026 [3][6] - Fiscal policy in 2026 is expected to be more proactive, with a deficit rate likely to remain around 4%, and an increase in special bond quotas directed towards project construction [3][6] - The global economic landscape is anticipated to undergo a rebalancing phase, with both China and the U.S. expected to experience a "front low, back high" economic cycle [3][6] Group 2: Capital Market Dynamics - The Chinese capital market is transitioning from an emerging market to a mature market, with A-share companies increasingly becoming global players [1][7] - The capital market is expected to accumulate positive momentum, supported by enhanced international discourse power and the rising position of Chinese enterprises in the global value chain [2][5] - The market is likely to experience a low-volatility slow bull trend, driven by the transformation of Chinese companies into multinational corporations [1][7] Group 3: Investment Strategies - The investment strategy for 2026 emphasizes the importance of global market demand over local demand, as A-share companies expand their international exposure [7][8] - Three key investment themes are highlighted: upgrading traditional manufacturing for better pricing power, the globalization of Chinese enterprises, and the expansion of AI applications [8] - The upcoming market dynamics are influenced by the U.S.-China relationship, with significant events such as trade agreements and U.S. midterm elections expected to shape market conditions [7][8]