二、重要提示 经东方基金管理股份有限公司（以下简称"本公司"）与申万宏源证券有限公司（以下简称"申万宏源证 券"）、申万宏源西部证券有限公司（以下简称"申万宏源西部证券"）及兴业证券股份有限公司（以下 简称"兴业证券"）协商一致，自2025年11月17日起，新增申万宏源证券、申万宏源西部证券、兴业证券 三家机构办理本公司旗下部分基金的销售业务（仅限前端申购模式）。现将有关事项公告如下： 一、新增销售基金及业务范围 ■ 1.上述基金费率请详见基金的《基金合同》、《招募说明书（更新）》、《基金产品资料概要》等相关 法律文件及本公司发布的最新业务公告。 2.定期定额投资业务不额外收取手续费用，定期定额申购费率与相关基金的日常的申购费率相同。 3.基金转换是指投资者可将其持有的本公司旗下某只开放式基金的全部或部分基金份额转换为本公司管 理的另一只开放式基金份额的交易行为。上述基金列表中的基金，若同时采用前端收费和后端收费，则 只开通前端收费模式下的转换业务。 4.业务办理的业务规则和流程以上述机构的安排和规定为准。相关活动的具体规定如有变化，以上述机 构网站或平台的最新公告为准，敬请投资者关注。 三、投资者可通过以下 ...

导读 从基金销售合规整改到资产质量管控，从高管团队稳定到盈利模式优化，每一步都考验着这家区域银行 的战略定力与执行能力。 近日，桂林银行在IPO冲刺关键期却因基金销售业务违规被广西证监局出具警示函，暴露出合规管理的 深层裂痕。从1997年成立至今，桂林银行凭借"国有控股+地方法人"的特殊身份，在广西12个地级市构 建起覆盖县域乡镇的庞大网络，但近年来这家资产规模突破6000亿元的区域城商行，正深陷资产质量下 滑、盈利承压、高管频繁变动的多重困境。 从"广西首家冲刺A股城商行"的雄心壮志，到如今被监管"敲打"、业绩承压的现实处境，桂林银行上市 之路的"最后冲刺"正面临前所未有的考验。 合规警报：基金销售业务暴露三大硬伤 广西证监局〔2025〕036号警示函直指桂林银行基金销售业务的两大核心问题：人员资质与宣传合规。 据现场检查发现，该行个别分支机构的基金销售业务负责人及信息平台运维人员未取得基金从业资格， 这直接违反了《公开募集证券投资基金销售机构监督管理办法》对从业人员资质的强制性要求。 更值得关注的是，在宣传材料管理环节，基金销售业务负责人和合规风控人员未对宣传海报出具合规意 见书，部分海报甚至未突出风险提 ...

Core Viewpoint - The acquisition of Jinzhou Bank by Industrial and Commercial Bank of China (ICBC) is progressing, with regulatory approvals for the rebranding of Jinzhou Bank's branches to ICBC branches [2][4][5] Group 1: Acquisition Details - ICBC will officially take over Jinzhou Bank's assets, liabilities, business, branches, and personnel, with the transition expected to occur on November 15 and 16 [3][4] - As of November 5, 174 branches of Jinzhou Bank have been approved to be renamed as ICBC branches, including 14 branches that were downgraded from full branches to sub-branches [4][5] - The rebranding process includes the replacement of Jinzhou Bank's signage with ICBC's, while the operational addresses will remain unchanged [3][4] Group 2: Historical Context - Jinzhou Bank was established in 1997 and became a publicly listed company in Hong Kong in 2015 [7] - The bank faced a severe liquidity crisis in 2019, leading to its classification as a high-risk financial institution, prompting a restructuring and the introduction of several strategic investors, including ICBC [7][8] - ICBC had previously acquired a 10.82% stake in Jinzhou Bank through its subsidiary, ICBC Investment, during the bank's restructuring efforts [7] Group 3: Industry Implications - The acquisition of Jinzhou Bank by ICBC is seen as part of a broader trend of reform and risk management among small and medium-sized banks in China, with large banks playing a crucial role in stabilizing the financial system [9] - The recent changes reflect a market-oriented approach to addressing risks in local financial institutions, emphasizing the importance of capital support and restructuring [9]

Group 1 - As of October 28, 2025, Yong'an Futures (600927) closed at 15.35 CNY, up 2.74% with a turnover rate of 0.97% and a trading volume of 141,400 shares, amounting to a transaction value of 215 million CNY [1] - On October 28, 2025, the net inflow of main funds was 43.91 million CNY, accounting for 20.41% of the total transaction value, while retail investors experienced a net outflow of 22.77 million CNY, representing 10.58% of the total transaction value [1][2] Group 2 - Over the past five days, the stock has shown fluctuations in net fund flows, with the highest net inflow of main funds recorded on October 28, 2025, at 43.91 million CNY, while the lowest was a net outflow of 1.12 million CNY on October 27, 2025 [2] - The stock's performance over the last five days includes a closing price of 15.35 CNY on October 28, 2025, with a 2.74% increase, contrasting with a decrease of 0.13% on October 27, 2025 [2] Group 3 - Yong'an Futures has a total market value of 22.343 billion CNY, which is below the industry average of 24.096 billion CNY, ranking 8th out of 21 in the multi-financial industry [3] - The company's net profit for the first half of 2025 was 170 million CNY, a decline of 44.69% year-on-year, with a debt ratio of 79.4% and investment income of 264 million CNY [3] Group 4 - In the last 90 days, four institutions have rated the stock, with three giving a buy rating and one an increase rating, while the average target price set by institutions is 19.81 CNY [4]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the rebound opportunities in the brokerage segment [2][3]. Core Insights - The report emphasizes the strong performance of major brokerages such as CITIC Securities and Dongfang Wealth, with significant profit growth in Q3 2025, indicating a robust recovery in the brokerage sector [3]. - The insurance sector is expected to benefit from the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," focusing on high-quality development and risk management [3]. - The report identifies three main investment themes in the brokerage sector: strong head institutions benefiting from competitive landscape optimization, brokerages with high earnings elasticity, and firms with strong international business capabilities [3]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,660.68 with a weekly change of +3.24%, while the non-bank index closed at 2,017.91 with a change of +2.02% [6]. - The brokerage, insurance, and diversified financial indices reported changes of +2.05%, +1.85%, and +2.46% respectively [6]. Non-Bank Financial Data - As of October 24, 2025, the average daily trading volume in the stock market was 20,966.76 billion, reflecting a decrease of 29.04% compared to the previous month [15][50]. - The margin trading balance reached 24,510.45 billion, an increase of 31.5% from the end of 2024 [15][47]. Key Company Announcements - China Life Insurance expects a net profit increase of approximately 50% to 70% year-on-year for the first three quarters of 2025, driven by effective investment strategies and market recovery [37][38]. - Dongfang Wealth reported a net profit of 9.1 billion for the first nine months of 2025, marking a 51% year-on-year increase [3]. Investment Recommendations - The report recommends investing in leading brokerages such as Guangfa Securities, Guotai Junan, and CITIC Securities, as well as insurance companies like China Life and China Pacific Insurance, due to their strong fundamentals and market positioning [3].

Core Viewpoint - The stock of Yong'an Futures (600927) has shown a slight increase in price, but the company's financial performance has significantly declined, indicating potential challenges ahead [1][2]. Financial Performance - As of the latest report, Yong'an Futures has a total market value of 21.848 billion yuan, with a net asset value of 12.859 billion yuan and a net profit of 170 million yuan, all of which are below the industry averages [2]. - The company's main revenue for the first half of 2025 was 5.556 billion yuan, a year-on-year decrease of 54.12%, while the net profit dropped by 44.69% [2]. - The second quarter of 2025 saw a single-quarter main revenue of 3.279 billion yuan, down 57.81% year-on-year, and a net profit of 161 million yuan, down 29.96% [2]. Market Activity - On October 23, 2025, Yong'an Futures closed at 15.01 yuan, with a trading volume of 84,100 hands and a total transaction amount of 125 million yuan [1]. - The net inflow of main funds on that day was 938,100 yuan, accounting for 0.75% of the total transaction amount, while retail investors saw a net outflow of 6.3063 million yuan, representing 5.05% of the total [1]. Institutional Ratings - In the last 90 days, four institutions have provided ratings for Yong'an Futures, with three giving a "buy" rating and one an "increase" rating, while the average target price set by institutions is 19.81 yuan [3].

Core Viewpoint - Hainan Bank has been ordered to rectify five regulatory violations by the Hainan Securities Regulatory Bureau, highlighting ongoing compliance issues in its fund sales operations [2][3]. Summary by Relevant Sections Regulatory Violations - Hainan Bank failed to timely apply for a new license after changes in its securities and futures business operations [3]. - Some fund sales department managers and branch personnel lacked the necessary qualifications for fund sales [3]. - The bank did not include long-term investment returns of investors in the assessment criteria for its branches and fund sales personnel, violating Article 30 of the Sales Measures [3]. - The product approval decision-making meeting lacked participation from product researchers and compliance risk control personnel [3]. Previous Compliance Issues - In 2023, Hainan Bank was previously required to rectify violations related to its fund sales operations, including the lack of qualified personnel in its fund sales department [4]. - The bank's fund sales department had less than half of its employees qualified for fund sales, and it failed to incorporate key performance indicators related to fund sales into its assessment system [4]. - The bank's documentation for fund sales was inadequate, and it did not conduct semi-annual suitability self-assessments [4].

Core Viewpoint - The appointment of Qi Jinbo as the new Party Secretary of Dezhou Bank is expected to fill the long-standing vacancy of the chairman position and potentially bring new development opportunities for the bank [2] Group 1: Regulatory Issues - Dezhou Bank has been found to have four major violations in its fund sales operations, including the employment of unqualified personnel in key roles, which undermines its compliance and risk control mechanisms [3] - The bank lacks a dedicated fund product admission committee, leading to inconsistent standards in product selection and management [3] - The performance evaluation system focuses on short-term sales results, neglecting long-term investor returns, which could harm investor interests [3] Group 2: Financial Performance - In 2024, Dezhou Bank reported operating income of 1.329 billion yuan, a slight decrease of 1.25% from 2023, and a net profit of 124 million yuan, down 50.99% from 2023 [4] - The significant decline in net profit is closely linked to a substantial increase in asset impairment losses, which rose by 88.74% to 436 million yuan in 2024 [5] - The bank did not disclose key asset quality metrics such as non-performing loan balances and rates, raising concerns about its asset quality [5] Group 3: Shareholder Issues - The seventh largest shareholder of Dezhou Bank, Qihe County Qimin Asset Management Co., Ltd., has had its shares worth 42.884 million yuan frozen due to a guarantee contract dispute, with a freeze period lasting three years [8][9] - This is not the first instance of share freezes for Dezhou Bank, as two other instances occurred in June and July 2024, involving a total of 27.916 million shares [10] - Frequent share freezes may impact board decision-making efficiency and investor confidence, potentially hindering the bank's capital replenishment and business expansion efforts [10] Group 4: Information Disclosure - Dezhou Bank's investor relations section on its website has multiple restrictions for accessing historical annual reports, contrasting with the more user-friendly "one-click query" models of other banks [6] - This lack of transparency in information disclosure raises questions about the bank's commitment to open and transparent communication with investors [7]

Core Viewpoint - Yong'an Futures reported a significant decline in revenue and net profit for the first half of 2025, but showed improvement in Q2 net profit and positive trends in fund sales and asset management business, leading to a "buy" rating from Dongwu Securities [1][2]. Financial Performance - For the first half of 2025, Yong'an Futures recorded operating revenue of 5.56 billion yuan, a year-on-year decrease of 54.1%, and a net profit attributable to shareholders of 170 million yuan, down 44.7%, with an EPS of 0.12 yuan and ROE of 1.32%, a decline of 1.1 percentage points year-on-year [1]. - In Q2, the company achieved operating revenue of 3.28 billion yuan, a year-on-year decrease of 57.8%, but a net profit of 160 million yuan, a year-on-year decrease of 30.0%, showing a 16-fold increase quarter-on-quarter [1]. Business Segments - Futures brokerage remains the core profit driver, with net income from commissions and interest at 240 million yuan and 210 million yuan respectively, showing increases of 4.5% and decreases of 13.5% year-on-year. Investment income and fair value changes totaled 160 million yuan, down 63% year-on-year [2]. - The futures brokerage business reported an operating profit of 150 million yuan, a year-on-year decrease of 10%, while risk management shifted from profit to a loss of 60 million yuan [2]. - Fund sales and asset management showed positive growth, with profits of 20 million yuan and 5 million yuan respectively, increasing by 105% and 40% year-on-year [2]. Market Trends - The company’s offshore business saw a revenue of 120 million yuan, down 59% year-on-year, but the trading volume in offshore futures brokerage increased by 22%, with institutional clients making up 78% of the client structure [3]. - Fund sales significantly increased, with new sales reaching 172 million USD, a year-on-year growth of 186% [3]. Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025, expecting net profits of 470 million yuan, 590 million yuan, and 660 million yuan for 2025, 2026, and 2027 respectively, with a current market value corresponding to a PE of 48 times for 2025 [2].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to accounting adjustments and challenges in investment income, although there are signs of recovery in Q2 [1][6]. Group 1: Financial Performance - The company achieved operating revenue of 5.556 billion yuan in the first half of 2025, a year-on-year decrease of 54.12% [1]. - The net profit attributable to shareholders was 170 million yuan, down 44.69% year-on-year, with Q2 showing improvement with a net profit of 161 million yuan, a year-on-year decline of 29.96% but a quarter-on-quarter increase of 1630.64% [1][6]. - The company plans to distribute a cash dividend of 0.02 yuan per share (tax included) for the interim period [1]. Group 2: Business Segments - The futures brokerage and fund sales segments showed steady growth, with the company achieving 102 million domestic futures agency transactions, a year-on-year increase of 13%, and a transaction amount of 7.25 trillion yuan, up 7% [3]. - The net income from brokerage fees reached 210 million yuan, reflecting a 4% year-on-year growth [3]. - The fund sales business generated revenue of 28.9 million yuan, marking a 21% increase year-on-year [4]. Group 3: Risk Management and International Expansion - The company maintained a leading position in the commodity risk management sector, achieving a total spot trade volume of 19.646 billion yuan [5]. - The off-exchange derivatives business saw a nominal amount of 160.3 billion yuan, a 72% increase year-on-year, while market-making business transactions reached 601.8 billion yuan, up 23% [5]. - The company is expanding its international presence, planning to invest up to 536 million Hong Kong dollars to establish a subsidiary in the UK, which has received regulatory approval [5]. Group 4: Earnings Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.35, 0.39, and 0.42 yuan, representing increases of 21%, 15%, and 9% respectively [6]. - The target price for the company is set at 20.84 yuan, based on a price-to-book (PB) ratio of 1.7 times for 2025, reflecting a discount compared to comparable companies [6].