Core Insights - The 19th Shanghai Financial Services for the Real Economy Fair (referred to as "Jin Qiao Hui") successfully held a special event in Jinshan District, focusing on directing financial resources to the real economy [1] Group 1: Event Overview - The event gathered representatives from government departments, financial institutions, parks, and enterprises to promote precise financial support for the real economy [1] - The Jinshan District has introduced specific policies to support insurance premiums for technology-based enterprises, encouraging the development of innovative insurance products [5] Group 2: Financial Services and Support - Companies such as Shanghai Yongsheng Packaging Co., Shanghai Xianglun New Materials Technology Co., and others expressed their operational and financing concerns during the interactive session [4] - Financial advisors from various institutions provided specific suggestions for financing issues, including the use of technology-based loan products for advanced manufacturing enterprises [5][6] - Insurance companies can offer research and development insurance during project processes to enhance the security of R&D loans, thereby reducing banks' credit concerns [6] - In cases where factory assets cannot be effectively mortgaged, companies may consider using leasing companies to activate production line equipment to alleviate financial pressure [7] Group 3: Future Initiatives - The Jin Qiao Hui will continue to innovate its format and content, with over ten special "park tours" planned before the end of the year, and an online exhibition lasting until September 2026 [7] - The fair aims to enhance the quality and effectiveness of financial services, aligning with Shanghai's mission to support the real economy [7]

Market Schedule - The U.S. bond market will close on November 11 in observance of Veterans Day, while stock markets will operate as usual [1] - Both markets will close for Thanksgiving on November 27, with trading resuming on November 28, ending early at 1 p.m. for stocks and 2 p.m. for bonds [1] - On December 24, the stock market will close at 1 p.m. and the bond market at 2 p.m., remaining closed through December 25 [2] - Both markets will also close on January 1 for New Year's Day, with bond trading ending at 2 p.m. on December 31 [2]

Group 1 - Financial Street Securities (01476.HK) announced the resignation of Li Ye as a non-executive director and member of the board's strategic and investment decision committee due to work arrangements, effective from the date of the temporary shareholders' meeting approving the appointment of new directors [1] - Yang Qin also resigned as a non-executive director for similar reasons, with the same effective date as mentioned above [1] - The board will present the following ordinary resolutions at the temporary shareholders' meeting: to elect Yin Guohong as an executive director of the fifth board; to elect Xie Xin as a non-executive director of the fifth board; and to elect Qi Liang as an independent non-executive director of the fifth board [1]

Core Points - The company disclosed its cumulative new borrowing situation from January to October 2025, highlighting a significant increase in debt levels [1] - As of October 31, 2025, the company's total borrowing reached RMB 487.49 billion, with a cumulative increase of RMB 117.51 billion, representing 40.50% of the net assets as of the end of the previous year [1] Financial Data Overview - As of December 31, 2024, the company's audited net assets were RMB 290.15 billion, and the borrowing balance was RMB 369.98 billion [1] - The borrowing balance increased to RMB 487.49 billion by October 31, 2025, indicating a substantial rise in leverage [1] New Borrowing Classification - **Bank Loans**: The company's subsidiaries saw an increase of RMB 1.05 billion in bank loans compared to the end of 2024, accounting for 0.36% of the previous year's net assets, primarily due to an increase in short-term borrowings [2] - **Corporate Bonds**: The balance of corporate bonds increased by RMB 11.60 billion, representing 4.00% of the previous year's net assets, mainly due to the issuance of corporate bonds and short-term financing notes [3] - **Other Borrowings**: Other borrowings rose by RMB 104.86 billion, which is 36.14% of the previous year's net assets, attributed to increased borrowed funds, repurchase agreements, and the scale of income certificates [5] Impact on Debt Servicing Ability - The new borrowings are in compliance with relevant laws and regulations and fall within the company's normal business activities. The company's financial condition remains stable, with all debts being serviced on time, indicating that the new borrowings will not adversely affect the company's operational status or debt servicing capability [6]

Core Viewpoint - Marex Group plc is under investigation by Faruqi & Faruqi, LLP for potential claims related to allegations made in a report by NINGI Research released on August 5, 2025 [1] Group 1 - Faruqi & Faruqi, LLP is a prominent national securities law firm with a history of recovering hundreds of millions of dollars for investors since its establishment in 1995 [1] - The investigation pertains to claims against Marex Group plc, which is listed on NASDAQ under the ticker MRX [1]

Group 1 - The company, Huazhong Securities, stated on November 6 that it has not engaged in stablecoin business, and the specific business operations will be disclosed in the company's regular reports [1]

Core Viewpoint - Guangfa Securities (01776) announced the public issuance of corporate bonds for professional investors, with interest payments scheduled for November 10, 2025, covering the period from November 8, 2024, to November 7, 2025 [1] Summary by Category - **Bond Issuance Details** - The fourth phase of corporate bonds will be issued by Guangfa Securities, specifically targeting professional investors [1] - The bond types include "24 Guangfa 08" with a coupon rate of 2.14% and "24 Guangfa 09" with a coupon rate of 2.20% [1] - **Interest Payment Information** - For the bond "24 Guangfa 08," the interest payment per hand (face value of 1,000 yuan) will be 21.40 yuan (tax included) [1] - For the bond "24 Guangfa 09," the interest payment per hand (face value of 1,000 yuan) will be 22.00 yuan (tax included) [1]

Core Viewpoint - Southwest Securities announced that in 2025, Yufu Holdings plans to acquire 1.961 billion shares from Yufu Capital, representing 29.51% of the total share capital, making Yufu Holdings the controlling shareholder while the actual controller remains the Chongqing State-owned Assets Supervision and Administration Commission [1] Group 1 - The acquisition will result in Yufu Capital no longer holding shares in the company [1] - The acquisition is currently pending administrative approval and requires compliance confirmation from the Shanghai Stock Exchange before the share transfer can be processed, indicating uncertainty in the timeline [1]

Core Insights - Guolian Minsheng Securities has welcomed a significant talent addition with the recruitment of Kong Rong, former co-director of Tianfeng Securities' Global Forward Industry Research Institute, who will serve as the deputy director of the research institute focusing on overseas research [1][2] - The company has demonstrated strong growth momentum, reporting operating income of 6.038 billion yuan and a net profit of 1.763 billion yuan for the first three quarters of 2025, marking a threefold increase year-on-year, positioning it among the top listed securities firms [1] - The enhancement of research capabilities is a strategic priority for the company, with Kong Rong's expertise expected to strengthen its research capabilities in overseas markets and cutting-edge technology sectors [1][3] Talent Profile - Kong Rong holds a bachelor's degree from the University of Nottingham and a master's degree from the University of Exeter, with 15 years of experience in securities research [2] - She specializes in TMT, artificial intelligence, and global technology supply chains, particularly in the media and internet sectors, and has been recognized as a leading analyst in overseas research [2] - Kong has established extensive connections with thousands of industry companies globally and has received accolades as the best analyst by Sina Finance in 2023 and 2024 [2] Strategic Development - Guolian Minsheng Securities is focusing on a differentiated development strategy of "regional deep cultivation + industry binding" across its five core business areas [3] - The company aims to leverage Kong Rong's overseas research expertise to create a narrative of "global resources connecting Chinese momentum" [3]

【导读】MSCI发布最新调整结果 当地时间11月5日，国际指数编制公司MSCI发布11月指数调整结果，所有调整将于2025年11月24日收盘 后实施。 紫金黄金国际、广发证券被纳入MSCI新兴市场指数 具体来看，MSCI全球标准指数系列中，MSCI全球指数将新增69只证券，并剔除64只证券。 按总市值计算，MSCI全球指数新增的最大3只证券为美国CoreWeave A、荷兰Nebius Group A、美国 Insmed。MSCI新兴市场指数新增的最大3只证券为印度尼西亚Barito Renewables Energy、中国紫金黄金 国际、中国广发证券H股。 MSCI全球小盘股指数将新增207只证券，剔除224只证券；MSCI全球可投资市场指数将新增199只证 券，剔除211只证券；MSCI全球全市场指数将新增175只证券，剔除71只证券。 MSCI前沿市场指数将新增8只证券，剔除2只证券。按公司总市值计算，该指数新增的最大3只证券为越 南航空股份公司、巴基斯坦米赞银行、约旦阿提哈德银行。 此外，MSCI前沿市场小盘股指数将新增29只证券，剔除9只证券。 MSCI中国A股指数系列将新增17只，剔除16只 对于 ...