Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Viewpoints of the Report - In October, the total bond custody scale increased by 131.24 billion yuan month - on - month, ending the two - month trend of less growth. The rebound of inter - bank certificate of deposit custody scale was the main driving force, while the custody increment of interest - rate bonds declined significantly [3][6]. - The bond market performance eased in October. Long - term interest rates showed a recovery trend, and dropped significantly after the central bank announced the restart of treasury bond trading on the 27th. Trading desks' enthusiasm for bond buying increased significantly, while the allocation willingness of allocation - type institutions declined [3][10]. - Due to the increase in institutions' borrowed funds, the bond market leverage ratio increased slightly by 0.1 pct to 107.4% in October, remaining at a relatively low level. Non - bank institutions' leverage ratio increased, but the absolute level was still not high [3][37]. Group 3: Summary by Directory 10 - month Bond Custody Increment Rebounds, and Inter - bank Certificate of Deposit Net Financing is the Main Support - The total bond custody scale increased by 131.24 billion yuan month - on - month in October, with the inter - bank certificate of deposit custody scale turning from decline to increase for the first time since June this year. The net financing scale of short - term commercial paper and medium - term notes increased, while the custody increment of interest - rate bonds decreased significantly [3][6]. - For interest - rate bonds, the custody increment of treasury bonds, local bonds, and policy - bank bonds all decreased compared with the previous month. For credit bonds, the custody increment of short - term commercial paper and medium - term notes increased, while that of enterprise bonds and PPN continued to decline [6]. The Central Bank Restarts Bond Buying, Market Sentiment Improves, and the Willingness of Trading Desks to Increase Bond Holdings is Significantly Restored - In October, the bond market performance eased. After the central bank announced the restart of treasury bond trading, long - term interest rates dropped significantly. The trading desks' enthusiasm for bond buying increased, while the allocation willingness of commercial banks and insurance companies declined [10]. - **General Funds**: The bond custody scale increased by 104.45 billion yuan month - on - month, turning to increase holdings of inter - bank certificates of deposit, medium - term notes, and short - term commercial paper, and reducing the scale of selling financial bonds [15]. - **Securities Companies**: The bond custody volume increased by 134.8 billion yuan month - on - month, reaching a new high since July 2024, mainly due to a large increase in holdings of treasury bonds and policy - bank bonds [17][19]. - **Insurance Companies**: The bond custody volume decreased by 450 million yuan month - on - month, mainly due to the reduction of holdings of treasury bonds and inter - bank certificates of deposit [22]. - **Overseas Institutions**: The bond custody scale decreased by 5.42 billion yuan month - on - month, with an increased scale of selling domestic bonds, but turning to increase holdings of treasury bonds and reduce holdings of policy - bank bonds [24][25]. - **Other Institutions**: The bond custody volume increased by 35.56 billion yuan month - on - month, with an increase in holdings of treasury bonds and certificates of deposit, and a decrease in holdings of policy - bank bonds [27]. - **Commercial Banks**: The bond custody scale decreased by 25.14 billion yuan month - on - month, mainly due to a significant decrease in the scale of increasing holdings of treasury bonds and an increase in the scale of reducing holdings of local bonds [30]. - **Credit Unions**: The bond custody scale decreased by 206 million yuan month - on - month, mainly due to the reduction of holdings of treasury bonds and policy - bank bonds [34]. In October, the Non - bank Leverage Ratio Increased Beyond Seasonality, but the Absolute Level was Still Not High - In October, the bond market leverage ratio increased by 0.1 pct to 107.4% month - on - month, remaining at a relatively low level. The non - bank institutions' leverage ratio increased by 0.3 pct to 117.2%, but the absolute level was still not high in the past three - year dimension [37]. - Among them, the securities companies' leverage ratio decreased by 3.3 pct to 219.9%, while the leverage ratio of insurance and non - legal person products increased by 0.3 pct to 114.0% [37].

Investment Rating - The report maintains an "Outperform the Market" rating for the industry [2][5][16]. Core Viewpoints - The recent revival of equity refinancing among several brokerage firms indicates a gradual recovery in the sector, with new funds directed towards innovative areas such as technology finance and wealth management [4][5]. - The demand for capital among securities firms is increasing due to the rapid development of investment and credit businesses, suggesting a dual approach of equity and debt financing to enhance capital strength [5][12]. - The competitive landscape remains intense, with a focus on wealth management, market-making, and financial technology, making equity refinancing crucial for supporting business transformation [5][12][16]. Summary by Sections Recent Developments - Multiple brokerage firms have restarted equity refinancing, with East Wu Securities planning to raise up to 6 billion yuan for various business expansions and operational needs [4][6]. - The equity refinancing trend has been gradually recovering since 2025, with notable events such as Tianfeng Securities' successful refinancing [5][8]. Financing Trends - The scale of equity refinancing has significantly decreased since 2023, with only 5.992 billion yuan raised in 2023, 29.492 billion yuan in 2024, and 16 billion yuan in 2025 to date [8][9]. - Debt financing remains the primary method for securities firms, with a notable increase in debt financing activities compared to equity financing [10][12]. Market Outlook - The report anticipates that the recovery of equity refinancing will support the expansion of business scale and performance growth for securities firms, particularly in a favorable capital market environment [12][16]. - The report recommends leading brokerages such as CITIC Securities and Huatai Securities, as well as firms with strong flow advantages like Dongfang Wealth and Guolian Minsheng [16].