据交易所数据显示，12月17日，一盈证券(GSIW)开盘上涨7.69%，截至22:30，报0.14美元/股，成交1.02 万美元，总市值3054.09万美元。 财务数据显示，截至2025年03月31日，一盈证券收入总额546.62万美元，同比增长288.1%；归母净利 润-431.76万美元，同比增长5.92%。 资料显示，Garden Stage Limited是一家在开曼群岛注册成立的境外控股母公司,主要通过其在香港的实 体子公司一盈证券有限公司及一盈资产管理有限公司运营。一盈证券有限公司的理念是提供高品质的经 纪服务,并与客户建立长期合作伙伴关系。公司主要为投资者提供在香港买卖证券服务,具体服务如下:1. 为客户在香港开设投资证券帐户,提供港股票买卖服务,2.为投资者提供新股上市(IPO)申请,3.为上市公司 配售新、旧股票,4.为上市公司提供包销服务。一盈资产管理有限公司的理念是提供高品质的资产管理服 务,并与客户建立长期合作伙伴关系,具体服务如下:1.基金管理业务,2. 全权委托投资组合管理服务,3.第三 方资产管理。 本文源自：市场资讯 作者：行情君 ...

本文源自：市场资讯 作者：行情君 资料显示，Garden Stage Limited是一家在开曼群岛注册成立的境外控股母公司,主要通过其在香港的实 体子公司一盈证券有限公司及一盈资产管理有限公司运营。一盈证券有限公司的理念是提供高品质的经 纪服务,并与客户建立长期合作伙伴关系。公司主要为投资者提供在香港买卖证券服务,具体服务如下:1. 为客户在香港开设投资证券帐户,提供港股票买卖服务,2.为投资者提供新股上市(IPO)申请,3.为上市公司 配售新、旧股票,4.为上市公司提供包销服务。一盈资产管理有限公司的理念是提供高品质的资产管理服 务,并与客户建立长期合作伙伴关系,具体服务如下:1.基金管理业务,2. 全权委托投资组合管理服务,3.第三 方资产管理。 据交易所数据显示，12月17日，一盈证券(GSIW)盘中上涨5.0%，截至22:37，报0.137美元/股，成交1.3 万美元，总市值2977.73万美元。 财务数据显示，截至2025年03月31日，一盈证券收入总额546.62万美元，同比增长288.1%；归母净利 润-431.76万美元，同比增长5.92%。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $13.88 [1][7]. Core Insights - The company continues to experience high growth in client assets, with brokerage and interest income showing sustained quarter-on-quarter growth. The ongoing improvement in the business structure is expected to lead to a continuous reduction in cost rates, further supporting high net profit growth [2][7]. Financial Summary - Total revenue is projected to grow from $273 million in 2023 to $1,022 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 31% [5][9]. - Net profit is expected to increase significantly from $33 million in 2023 to $386 million in 2027, with a notable growth rate of 186% in 2025 [5][9]. - The company’s price-to-earnings (PE) ratio is forecasted to decrease from 44.80 in 2023 to 4.29 in 2027, indicating improved valuation over time [5][9]. Client Growth and Asset Management - In Q3 2025, the company added 31,500 new funded clients, a 46.75% increase compared to the same period in 2024, achieving its annual target of 150,000 new funded clients [7]. - Client assets reached a historical high of $61 billion, with a 17% quarter-on-quarter increase, driven by 30% from net capital inflows and 70% from market gains [7]. Revenue Breakdown - Total trading volume increased by 100.68% year-on-year to $710.91 billion, leading to brokerage income growth of 90.14% to $196 million and interest income growth of 36.57% to $186 million [7]. - The cost-to-income ratio has decreased to a historical low of 6%, supported by the SEC's decision to eliminate transaction fees, which has positively impacted commission income [7].

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

Core Viewpoint - Southbound funds have significantly reduced their holdings in Jingji Financial International (01468.HK), indicating a bearish sentiment towards the company in recent trading days [1][2]. Summary by Sections Southbound Fund Holdings - On November 3, southbound funds reduced their holdings by 560,000 shares of Jingji Financial International [1]. - Over the past five trading days, there has been a total net reduction of 3,692,000 shares [1]. - In the last 20 trading days, the cumulative net reduction reached 19,668,000 shares [1]. - Currently, southbound funds hold 968 million shares, which accounts for 55.71% of the company's total issued ordinary shares [1]. Trading Data - The total number of shares held as of November 3 is 968 million, with a decrease of 560,000 shares, reflecting a change of -0.06% [2]. - On October 31, the reduction was 1,642,000 shares, representing a -0.17% change [2]. - Other notable reductions include 330,000 shares on October 30 and October 28, both showing a -0.03% change, and 830,000 shares on October 27, with a -0.09% change [2]. Company Overview - Jingji Financial International is primarily engaged in insurance business as an investment holding company [2]. - The company operates through seven divisions, including insurance brokerage, insurance technology, network and investment, fur sales, securities, lending, and asset management [2].

Core Viewpoint - Southbound funds have significantly reduced their holdings in Jingji Financial International (01468.HK), indicating a bearish sentiment towards the company in recent trading days [1]. Group 1: Shareholding Changes - On October 17, southbound funds reduced their holdings by 1.86 million shares, marking a decrease of 0.19% [2]. - Over the past five trading days, there has been a cumulative net reduction of 6.22 million shares [1]. - In the last twenty trading days, the total net reduction reached 27.51 million shares [1]. Group 2: Current Holdings - As of now, southbound funds hold 975 million shares of Jingji Financial International, which constitutes 56.14% of the company's total issued ordinary shares [1]. Group 3: Company Overview - Jingji Financial International is primarily engaged in insurance business and operates through seven divisions, including insurance brokerage, insurance technology, network and investment, fur sales, securities, lending, and asset management [2].

Core Insights - Southbound funds reduced their holdings in Jingji Financial International (01468.HK) by 1.79 million shares on October 16, 2025, marking a decrease of 0.18% [1] - Over the past five trading days, there has been a cumulative net reduction of 4.56 million shares, while in the last twenty trading days, the total net reduction reached 27.1875 million shares [1] - As of now, southbound funds hold 977 million shares of Jingji Financial International, accounting for 56.25% of the company's total issued ordinary shares [1] Trading Data Summary - On October 16, 2025, total shares held were 977 million, with a decrease of 1.79 million shares [2] - On October 15, 2025, total shares held were 979 million, with a decrease of 0.58 million shares [2] - On October 14, 2025, total shares held were 276.26 million, with a decrease of 0.85 million shares [2] - On October 13, 2025, total shares held were 980 million, with a decrease of 1.14 million shares [2] - On October 3, 2025, total shares held were 981 million, with a decrease of 0.20 million shares [2] Company Overview - Jingji Financial International Holdings Limited primarily engages in insurance business through seven divisions, including insurance brokerage, insurance technology, network and investment, fur sales, securities, lending, and asset management [2]

Group 1 - Southbound funds reduced their holdings in Jingji Financial International (01468.HK) by 580,000 shares on October 15, 2025, marking a decrease of 0.06% [1][2] - Over the past five trading days, southbound funds have reduced their holdings for five consecutive days, with a total net reduction of 3.75 million shares [1][2] - In the last 20 trading days, there has been a total net reduction of 26.77 million shares, with southbound funds reducing their holdings every day during this period [1][2] Group 2 - As of now, southbound funds hold 979 million shares of Jingji Financial International, which accounts for 56.35% of the company's total issued ordinary shares [1][2] - Jingji Financial International operates primarily in the insurance brokerage business through seven divisions, including insurance brokerage, insurance technology, network and authorization, fur, securities, lending, and asset management [2]

Core Viewpoint - China Galaxy Securities Co., Ltd. has signed a supplementary agreement to the Securities and Financial Services Framework Agreement with its controlling shareholder, China Galaxy Financial Holdings Co., Ltd., to adjust the upper limit of related transactions for the years 2025-2027, ensuring that these transactions do not harm the interests of the company and its shareholders [2][6][16]. Group 1: Related Transactions Overview - The board of directors approved the signing of the supplementary agreement on October 13, 2025, which does not require shareholder meeting approval [2][5]. - The supplementary agreement was necessitated by a change in the management of a cash management product, which exceeded the original service revenue cap [4][6]. - The newly set upper limits for related transactions are RMB 231 million, RMB 944 million, and RMB 961 million for the years 2025, 2026, and 2027, respectively, with interest expenses of RMB 10 million [6][16]. Group 2: Related Party Information - China Galaxy Financial Holdings Co., Ltd. is the controlling shareholder of China Galaxy Securities, holding 47.43% of its shares [11]. - As of December 31, 2024, China Galaxy Financial Holdings reported total assets of RMB 772.105 billion and net profit of RMB 10.740 billion [10]. Group 3: Transaction Details and Pricing Policy - The services provided under the agreement include securities brokerage, agency sales, trading seat leasing, and other related financial services [13]. - Fees for these services will be determined based on market rates and will not be less favorable than those offered to independent third parties [14][15].

Group 1 - Southbound funds reduced their holdings in Jingji Financial International (01468.HK) by 1.14 million shares on October 13, 2025, marking a decrease of 0.12% [1][2] - Over the past five trading days, there has been a cumulative net reduction of 6.29 million shares, with reductions occurring on all five days [1][2] - In the last twenty trading days, the total net reduction reached 26.74 million shares, with reductions on all twenty days [1][2] Group 2 - As of now, southbound funds hold 980 million shares of Jingji Financial International, accounting for 56.43% of the company's total issued ordinary shares [1][2] - Jingji Financial International is primarily engaged in insurance brokerage and operates through seven divisions, including insurance brokerage, insurance technology, network and authorization, fur, securities, lending, and asset management [2]