证券时报记者 程丹 （原标题：时报观察丨证券投资咨询机构要走稳合规路） 今年以来，监管部门对46家证券投资咨询机构开具了68份行政监管措施，而行业共有78家持牌证券投资 咨询机构，也就是说，超半数持牌机构在年内领了罚单。从行政监管措施看，问题证券投资咨询机构存 在一些通病：内部制度不完善；存有不实、误导性营销宣传、承诺投资收益等情形；个别未注册登记为 证券投资顾问的人员向客户提供投资建议；违规发布广告或进行虚假、误导宣传等。一系列乱象的根 源，是部分证券投资咨询机构对于合规经营、规范执业的重视程度不够，对从严监管的敬畏心不足。 要扭转这一局面，得从提升行业执业质量的角度出发，强化监管，促进从业人员规范履职，走稳合规之 路。一方面，要建立健全证券投资咨询业务事前、事中、事后内部管理制度，各机构应加强对证券投资 顾问等人员管理，促进从业人员规范执业行为，提升专业能力，在作出投资建议时，遵循诚实信用原 则，勤勉、审慎地为客户提供证券投资顾问服务，以赢得客户的信任和支持。另一方面，要持续加大对 违规行为的处罚力度，持续巩固并不断强化"严"的氛围，形成有效的震慑作用，使违法违规者不敢犯、 不能犯。 作为投资者，在接受证 ...

Report Industry Investment Rating Not provided in the given content. Core Viewpoints - The main concerns of the week include the continuous and significant decline in asphalt prices due to reduced downstream consumption in the off - season and low international crude oil prices; the weak supply - demand pattern of steel and cement; the sharp weakening of real estate sales; and the high - level decline of SCFI with the need to follow up on the details of Sino - US trade friction mitigation [5]. - Real estate sales remained weak this week, with the new home sales area in 20 cities tracked by Wind showing a month - on - month decrease of 28.04% and a year - on - year decrease of 42.60%. New home sales decreased both month - on - month and year - on - year, with the year - on - year decline widening [5]. - In terms of investment and production, most commodity prices declined. Steel, asphalt prices decreased, cement prices were basically flat, and glass futures prices rose slightly [5]. - In industrial production, the performance of operating rates was divided. The operating rates of petroleum asphalt and coking enterprises decreased, while those of steel mills' blast furnaces increased, and the operating rates of automobile tires, polyester filament, and PTA were basically stable or slightly decreased [5]. - In consumption, the momentum of travel was strong. Subway travel and domestic flights were above the seasonal level, while automobile consumption and movie box office were below the seasonal level [5]. - In terms of inflation, pork and vegetable prices increased, while oil prices decreased [5]. - In exports, SCFI decreased and BDI increased [5]. Summary by Directory 1. Real Estate Sales: New Home Year - on - Year Decline Widened Significantly - From October 31 to November 6, new home sales decreased both month - on - month and year - on - year, with the year - on - year decline widening. The new home sales area in 20 cities tracked by Wind decreased by 28.04% month - on - month and 42.60% year - on - year. New home sales in first - tier cities were significantly weaker than the previous period, while those in second, third, and fourth - tier cities were stronger. All cities' new home sales areas were significantly weaker than the same period last year [10]. - In October, new home sales decreased month - on - month, and the year - on - year decline widened. The year - on - year sales in first and second - tier cities turned negative, and the new home sales areas in third and fourth - tier cities continued to decline [10]. - Among key cities, in terms of month - on - month, most key cities' new home sales increased, except for Shanghai (-4.13%). In terms of year - on - year, except for Hangzhou (-54.70%) which turned negative from positive, other key cities maintained negative growth, and all key cities' new home sales areas were weaker than the same period last year, with Shenzhen (-70.48%) showing a significant decline [10]. - In October, among key cities, except for Shenzhen (1.00%) and Suzhou (19.29%), new home sales were significantly weaker than the previous period month - on - month. In terms of year - on - year, except for Hangzhou (-2.25%), other key cities' new home sales areas were significantly weaker than the same period last year [10]. - Second - hand home sales decreased both month - on - month and year - on - year. Among key cities, in terms of month - on - month, except for Shenzhen (-1.22%), other key cities' second - hand home sales areas were significantly weaker than the previous period. In terms of year - on - year, except for Shanghai (-8.49%) where the decline narrowed, other key cities' second - hand home sales areas decreased compared to the same period last year [11]. - In October, second - hand home sales weakened. In terms of month - on - month, except for Hangzhou (-4.52%) where the decline slightly narrowed, other key cities turned negative from positive, and second - hand home sales were significantly weaker than the previous period. In terms of year - on - year, all key cities turned negative, and second - hand home sales areas were significantly weaker than the same period last year [11] 2. Investment: Most Commodity Prices Declined - In investment, most commodity prices declined this week. Steel and asphalt prices decreased, cement prices were basically flat, and glass futures prices rose slightly [40] 3. Production: Operating Rates Showed Differentiated Performance - In production, the performance of operating rates was divided this week. The operating rates of petroleum asphalt and coking enterprises decreased, while those of steel mills' blast furnaces increased, and the operating rates of automobile tires, polyester filament, and PTA were basically stable or slightly decreased [49] 4. Consumption: Strong Travel Momentum - In consumption, subway travel and domestic flights were above the seasonal level, while automobile sales and movie box office were below the seasonal level [64] 5. Exports: SCFI Decreased, BDI Increased - In exports, the SCFI index decreased, the BDI index increased, and the CRB spot index decreased slightly this week [69] 6. Prices: Pork and Vegetable Prices Increased, Oil Prices Decreased - In terms of prices, pork and vegetable prices increased, while oil and steel prices decreased [72]

Export Performance - In October 2025, China's exports totaled $305.35 billion, a year-on-year decline of 1.1%, significantly lower than the expected increase of 3.2%[2] - The decline in export growth is attributed to a high base effect from the previous year and calendar effects, with one less working day in October 2025 compared to October 2024[4] - Major contributors to export growth included integrated circuits and automobiles, while labor-intensive products saw a negative contribution, with a 14.8% year-on-year decline in seven key labor-intensive products[14] Import Trends - Imports in October 2025 reached $215.28 billion, with a year-on-year growth of 1.0%, below the expected 4.1%[2] - The decline in export growth negatively impacted the import of related raw materials and intermediate goods, with semiconductor imports showing strong demand, growing by 29.6%[20] - The import price of major commodities increased, with iron ore and copper prices rising by 8.8% and 22.2% respectively[20] Trade Balance - The trade surplus for October 2025 was $90.07 billion, slightly down from the previous month's surplus of $90.45 billion[2] - The combined export share from the US, EU, and ASEAN accounted for 43.3% of total exports, while Latin America and Africa contributed 13.7%[5] Future Outlook - The export growth for the remaining two months of the year is expected to be influenced by high base effects, but the overall positive export trend is anticipated to continue[24] - Emerging markets, particularly in Africa and Latin America, are expected to support export growth, with manufacturing PMIs in these regions remaining in the expansion zone[24] - A potential easing of trade tensions with the US, including a reduction in tariffs on certain products, may lead to a marginal recovery in exports to the US[24]

Inflation Data - The U.S. September CPI year-on-year is 3.0%, lower than the expected 3.1% and previous 2.9%[3] - The month-on-month CPI is 0.3%, matching the expected and previous values of 0.4%[3] - Core CPI year-on-year is also 3.0%, below the expected 3.1% and the previous 3.1%[3] Market Reactions - The lower-than-expected CPI data has increased market expectations for interest rate cuts by the Federal Reserve[3] - Following the data release, U.S. stock indices rose, while U.S. Treasury yields and the dollar saw slight increases[3] Energy and Food Prices - Energy prices rose significantly, with a month-on-month increase of 1.5%, up from 0.7% in the previous month[4] - Gasoline prices surged by 4.1%, contributing approximately one-third to the overall CPI increase[4] - Food CPI month-on-month decreased to 0.2%, down from 0.5% in the previous month, indicating a weakening impact from tariffs[4] Core Components - Core goods prices showed slight fluctuations, with a month-on-month increase of 0.2%, down from 0.3%[5] - Used car prices fell significantly by 0.4%, while new car prices increased by 0.2%[5] - Housing prices remained stable, with a month-on-month increase of 0.2%, down from 0.4%[5] Economic Outlook - The moderate inflation performance creates conditions for the Federal Reserve to consider easing monetary policy[5] - Upcoming economic indicators to watch include the FOMC meeting on October 29 and the Q3 GDP release on October 30[5]

Core Viewpoint - Shouchuang Securities has submitted an application for listing on the Hong Kong Stock Exchange, with several major securities firms acting as joint sponsors [1]. Group 1: Company Overview - Shouchuang Securities is recognized for its leading value creation capabilities and outstanding asset management, focusing on differentiated financial services [3]. - The company operates a one-stop financial service platform based in Beijing, serving a diverse and steadily growing client base [3]. - According to Frost & Sullivan, from 2022 to 2024, Shouchuang Securities ranks fifth and tenth in revenue and net profit compound annual growth rates among 42 A-share listed securities firms in China [3]. Group 2: Business Segments - The company engages in four main business categories: 1. Asset Management, including asset management services, private equity funds, and public fund operations through joint ventures [4]. 2. Investment, which encompasses fixed income trading, equity securities investment, New Third Board market making, and alternative investments [4]. 3. Investment Banking, focusing on bond underwriting, stock sponsorship, and financial advisory services [4]. 4. Wealth Management, offering brokerage services, investment consulting, financial product sales, credit services, research, and futures business [4]. Group 3: Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported total revenues of approximately RMB 2.519 billion, RMB 2.970 billion, RMB 3.588 billion, and RMB 1.845 billion, respectively [5]. - The net profits for the same periods were approximately RMB 555 million, RMB 701 million, RMB 985 million, and RMB 490 million, respectively [5]. - The company has maintained robust profit growth and a scientific capital operation strategy, consistently implementing high cash dividend ratios [4].

Core Insights - Technical analysis is a crucial tool for investors in short-term stock market operations, allowing them to better grasp buying and selling opportunities through the analysis of price trends and trading volumes [1] Group 1: Technical Analysis Tools - The moving average system plays a key role in trend judgment, indicating an upward trend when stock prices are above short-term moving averages and in a bullish arrangement [3] - The MACD indicator is favored for its sensitivity to trend changes, with golden cross and death cross signals reflecting market momentum changes [3] - Volume analysis is irreplaceable in technical systems, as genuine trend breakthroughs are often accompanied by significant volume increases, enhancing reliability [3] Group 2: Investment Strategies - Investors are advised to establish a personal analysis system and master the usage of core indicators while maintaining risk awareness and effective capital management [4] - Practicing through simulated trading can help investors familiarize themselves with technical analysis methods before engaging in real trading [4] - A calm mindset is essential to avoid emotional trading decisions due to short-term market fluctuations [4] Group 3: Company Overview - Hunan Jinzheng is recognized as the first batch of institutions approved by the China Securities Regulatory Commission and the first in Hunan to obtain a securities investment consulting business license, offering comprehensive financial investment services [4]

Core Insights - The company reported a total order amount of RMB 1.705 billion, representing a year-on-year increase of 83.3% [1] - Revenue reached RMB 2.0997 billion, marking a year-on-year increase of 133.8% [1] - The profit attributable to equity shareholders was RMB 0.865 billion, a turnaround from a loss of RMB 0.174 billion in the same period last year [1] - Earnings per share were RMB 1.96, with an interim dividend proposed at HKD 0.51 per share [1] Financial Performance - The company achieved a revenue of approximately RMB 2.0997 billion, reflecting a year-on-year growth of about 133.8% [1] - The profit attributable to shareholders was approximately RMB 0.865 billion, indicating a significant recovery from a net loss of approximately RMB 0.174 billion in the previous year [1] - The increase in profit during the reporting period was about RMB 1.04 billion, showcasing the effectiveness of the company's strategic execution and market adaptability [1] Strategic Initiatives - The company is actively developing "AI+" and exploring AI empowerment in the securities sector, reinforcing its commitment to "buy-side advisory" [1] - The company aims to enhance its "1+N" research and investment system, ensuring comprehensive integration of research into business processes to create long-term value for clients [1] - Through refined traffic operations, the company is achieving traffic reuse, which not only effectively scales business but also optimizes operational efficiency to further enhance profit margins [1] Market Conditions - The performance improvement was driven by a stabilization and recovery in the capital market, leading to increased market activity and restored investor confidence [1] - The growth in demand for the company's products and services was supported by multiple factors, contributing to the overall performance enhancement [1]

Group 1 - Jiufang Zhitu Holdings (09636) saw its stock price increase by over 18%, currently trading at 58.95 HKD with a transaction volume of 761 million HKD [1] - On August 14, A-share trading volume surged to 2.3 trillion, marking it as the 7th highest in history and the 2nd highest in the last decade for both trading volume and margin financing [1] - According to Cinda Securities, the retail securities investment consulting market has significant growth potential, driven by increasing wealth accumulation among residents [1] Group 2 - Jiufang Zhitu, as a leading company in the fintech and services sector, is rapidly capturing market share through innovative and efficient business models along with solid investment education content [1] - The acquisition of Yintech Financial, announced on April 3, includes core assets such as Fangde Securities and Fangde Capital, which is expected to enhance synergy and diversify the business landscape [1] - In July, the company completed a strategic placement, achieving multiple times oversubscription and raising 100 million USD, which is anticipated to enrich the company's business ecosystem and expand into various niche markets [1] Group 3 - The company aims to extend its global market reach, focusing on Hong Kong and the Middle East, thereby broadening its regional coverage and providing more international revenue sources [1] - Jiufang Zhitu is working towards creating a closed-loop system that integrates trading, asset management, and investment advisory services [1]

Core Viewpoint - Jiufang Zhitu Holdings (09636) has seen a significant stock price increase, rising over 18% in the afternoon trading session, reflecting strong market interest and potential growth in the financial technology sector [1] Group 1: Market Performance - As of the latest report, Jiufang Zhitu's stock price is at 58.95 HKD with a trading volume of 7.61 billion HKD [1] - On August 14, the A-share market recorded a trading volume of 2.3 trillion CNY, marking it as the 7th highest in history and the 2nd highest in the last decade for both trading volume and margin financing [1] Group 2: Industry Insights - According to Xinda Securities, the retail securities investment consulting market has significant growth potential, driven by increasing wealth accumulation among residents [1] - Jiufang Zhitu, as a leading player in the financial technology and services industry, is positioned to benefit from the growing wealth of domestic residents through its innovative business model and solid investment education content [1] Group 3: Strategic Developments - On April 3, Jiufang Zhitu announced the acquisition of Yintech Financial, which includes core assets such as Fangde Securities and Fangde Capital, expected to enhance synergy and diversify its business landscape [1] - In July, the company completed a strategic placement, achieving multiple times oversubscription and raising 100 million USD, which is anticipated to enrich its business ecosystem and expand into various niche markets including RWA underlying assets, digital asset exchanges, and custodial banking [1] - The company aims to extend its global market reach, focusing on Hong Kong and the Middle East, to provide a more international revenue source [1] - Jiufang Zhitu is working towards creating a closed-loop system encompassing trading, asset management, and investment advisory services [1]

Core Viewpoint - The Shanghai police have intensified efforts to combat malicious agency behavior in securities investment consulting, successfully cracking down on extortion cases involving illegal profits exceeding 6 million yuan [1][2]. Group 1: Case Details - The suspects obtained client information through illegal means and posed as legal consultants to extort refunds from securities consulting companies, charging 30%-40% in fees for their services [1][4]. - A total of over 3,400 contracts were signed with clients, resulting in illegal fees exceeding 6 million yuan [1][5]. - The case marks a shift in legal approach, with the police applying "extortion" charges rather than "infringement of citizen information," indicating a stricter stance against financial black and gray market activities [2][3]. Group 2: Industry Implications - The successful prosecution of this case is expected to unify the legal treatment of malicious agency behavior across the securities and banking insurance sectors, enhancing deterrence against such crimes [5][6]. - Industry experts believe that the recognition of these actions as extortion will increase legal pressure on offenders, effectively curbing the growth of such criminal activities [2][3]. Group 3: Ongoing Challenges - Despite increased law enforcement efforts, malicious agency organizations continue to attract clients through social media and short video platforms, employing tactics to evade regulatory scrutiny [6][8]. - These organizations utilize partnerships with financial influencers to promote refund services, creating a significant flow of potential clients [6][9]. - The lack of stringent regulatory measures on social media platforms allows these organizations to proliferate, as they exploit loopholes in account verification and content moderation [9][10]. Group 4: Recommendations for Improvement - Experts suggest that a collaborative approach involving industry associations, financial institutions, and regulatory bodies is necessary to effectively combat financial black and gray market activities [10]. - Recommendations include enhancing penalties, standardizing complaint handling mechanisms, and improving the control of financial black and gray market information on social media platforms [10].