在财务数据及业务表现方面，广发证券2025年前三季度实现收入及净利润稳步增长，财富管理客户资产 规模持续扩张，投行业务在多项关键指标中保持稳固排名。与此同时，随着资本市场活跃度提升，该公 司在交易及机构业务与资产管理业务方面亦呈现出良好的增长态势与发展动能。此外，该公司持续推进 跨境业务联动，着力锻造各业务板块的核心竞争力，在推动业务功能全面发挥、提升综合服务效能的同 时，有力促进了自身的高质量发展与可持续成长。 业内人士认为，被纳入MSCI中国指数，标志着广发证券在市值规模、流动性、公司治理与业务稳健性 等多维度获得国际指数机构认可，将进一步吸引更多国际被动型资金配置该公司股票，提升该公司股票 流动性与市场活跃度。 广发证券拥有投资银行、财富管理、交易及机构与投资管理四大业务板块，具备全业务牌照，持续锻造 综合金融服务实力。2025年，广发证券积极服务实体经济量质双升，各项工作稳中向好，主要经营指标 位居行业前列。 本报讯 （记者昌校宇）近日，国际指数编制公司MSCI发布了最新一期指数评审结果，广发证券正式被 纳入MSCI中国指数成分股，本次调整于2025年11月24日收盘后生效。MSCI中国指数作为全球较 ...

Core Viewpoint - The merger of CICC, Dongxing Securities, and Xinda Securities marks a significant consolidation in the securities industry, driven by CICC's strategic acquisition approach and the alignment of interests under the central financial authority [5][10]. Group 1: Merger Details - CICC will absorb Dongxing Securities and Xinda Securities through a share exchange, with the merger officially announced on November 19, 2023, and trading suspension starting November 20, 2023, for up to 25 trading days [1][5]. - The merger is part of a broader trend of deep integration among securities firms following the release of the new "National Nine Articles" in 2024 [1]. Group 2: Business Complementarity - CICC excels in high-end investment banking and international business, reporting a revenue of 20.76 billion yuan and a net profit of 6.57 billion yuan for the first three quarters of 2025, reflecting a 130% year-on-year growth [8]. - Dongxing Securities and Xinda Securities have strong foundations in mid-to-back-end services and regional markets, with Dongxing achieving a net profit of 1.6 billion yuan (up 70%) and Xinda 1.35 billion yuan (up 53%) in the same period [8]. Group 3: Resource Integration and Development Opportunities - The combined net assets of the three firms will exceed 170 billion yuan, significantly enhancing capital strength and supporting business expansion [10]. - The merger will facilitate customer resource integration, allowing CICC's high-net-worth clients to access services through Dongxing and Xinda's extensive branch networks, while retail clients will benefit from CICC's wealth management products [10][11]. - The merger is expected to reshape the competitive landscape of the securities industry, enhancing the combined entity's capabilities across the entire business chain [10][11].

中金公司近年来坚定践行金融服务实体经济使命，在国家重大战略领域持续发力，成效显著。投资银行 领域，持续保持领先优势，近年完成的多个大型IPO市场标杆项目，为资本市场注入了活力，提升了中 国企业的国际形象和对全球资本的吸引力。同时，深入服务"硬科技"企业融资需求，支持战略性新兴产 业、前沿科技、专精特新企业上市融资。财富管理领域，持续推动从传统经纪业务向财富管理转型，引 领行业发展。资产管理领域，持续完善产品布局，全面提升以权益、固收、配置、量化为核心的投研能 力。股票业务领域，实现从单一经纪业务向产品业务的多元扩展，为境内外机构投资者提供"投研、销 售、交易、产品、跨境"等"一站式"综合服务。固定收益领域，持续完善业务布局，初步建立了覆盖全 球主要市场的固定收益、外汇和大宗商品业务平台。私募股权领域，累计管理资金规模超6，000亿元， 成为耐心资本的重要力量。国际化业务领域，通过全球布局和多年积累，中金公司在中资企业境外业务 已具备了一定的国际竞争能力，境外业务收入占比稳定在20%以上，保持行业领先。 2025年前三季度，中金公司实现营业收入207.6亿元，同比增长约54%；归母净利润65.7亿元，同比增长 ...

Core Insights - Standard Chartered's CEO for the Greater Bay Area, Li Haiqiang, reported a 40% year-on-year growth in new high-end personal cross-border clients in the Greater Bay Area for the first three quarters of this year, with expectations for continued double-digit growth in the future [1] Group 1: Expansion Plans - Currently, Standard Chartered has four branches in the Greater Bay Area, located in Shenzhen, Guangzhou, Foshan, and Zhuhai, in addition to its presence in Hong Kong and Macau [1] - The company plans to establish one to two additional wealth management centers in the Greater Bay Area next year, with Guangzhou being a likely candidate for the next location [1] Group 2: Human Resource Strategy - The company anticipates opportunities to increase staffing in both mainland China and Hong Kong, focusing on frontline personnel due to the high growth potential of the Greater Bay Area [1] - Standard Chartered aims to hire no fewer than 50 new staff members in the region [1]

Company Overview - M&T Bank is a community-focused banking franchise providing retail and commercial banking, trust, wealth management, and investment services [1] - Founded in 1856, M&T Bank is headquartered in Buffalo, New York [1] - As of September 30, M&T Bank had $211 billion in assets [1] Leadership - Rene Jones serves as the Chairman and Chief Executive Officer of M&T Bank [2] - Rene Jones has been with M&T for over 30 years, previously holding the position of Chief Financial Officer from 2005 to 2017 [2] - Under his leadership, the company has seen growth in its wealth and institutional businesses [2]

Group 1 - The normalization of US-China tensions is positively impacting capital markets in Hong Kong, making them more receptive to new products [1][2] - China's recovery from COVID-19 has been significant across various industries, with Hong Kong emerging as a key hub for capital raising [2][8] - Hong Kong is currently the most active IPO market globally, with a diverse range of sectors attracting investment [8][12] Group 2 - The competitive landscape for equity capital markets (ECM) has evolved, with Chinese banks increasingly participating in smaller deals, indicating a shift in market dynamics [10][12] - The dual listing of companies allows for greater capital raising opportunities and access to a broader investor base, enhancing the competitive environment [11][12] - Investors are seeking specific allocations in sectors like robotics and biotech, highlighting the importance of company-specific insights from investment banks [13][18] Group 3 - Morgan Stanley's wealth management strategy in Asia focuses on connecting clients with global perspectives while catering to high net worth individuals [19][21] - Hong Kong remains a critical financial center for capital flows, serving as a gateway for foreign banks to access the Chinese market [23][32] - The partnership with local firms is essential for providing transparency and local advice, which is crucial for successful capital raising [11][33] Group 4 - Japan's economic landscape is changing, with increased shareholder activism and a focus on governance, making it an attractive market for investment banking and wealth management [27][28] - The demographic challenges in India and China present opportunities for both markets to learn from each other, particularly in developing global competitors [35][36]

净利息收入超预期，YoY -1%，QoQ +1%。主要由于存款增长较好带动生息资产增长超预期，3Q25 存 款同比增长10%，环比增长2%，生息资产同比增长5%；3Q 较2Q 多1 天，季节性因素贡献环比增速约1 个百分点；此外，息差降幅小于预期，3Q25渣打净息差1.94%，季度环比下降9bp，定期存款重定价一 定程度上对冲贷款收益率下降。展望未来，公司对2025 年净利息收入增速指引仍是同比微负，即意味 着4Q25 单季净利息收入预计同比下滑；公司预计2026 年按货币加权平均基准利率由2025E的3.4%同比 平均下降55bps 至2.85%。 机构：中金公司 研究员：严佳卉/吕松涛/张帅帅 3Q25 业绩好于我们预期 渣打集团发布3Q25 业绩，实质营收同比增长5%，实质归母普通股净利润同比增长20%1，高于我们和 市场的预期，主要由于净利息收入高于预期，非息收入增长继续强劲。 发展趋势 3Q25 非息收入YoY +13%，增速较上半年回落但仍然保持双位数增长，基本符合预期：1）财富管理收 入增长持续强劲。3Q25财富管理收入同比增长28%，其中占比74%的投资产品分销业务同比+36%。近 期港股市场 ...

Core Viewpoint - The performance report for the third quarter of 2025 indicates that China Merchants Bank (CMB) is facing operational pressures, particularly in retail lending and net interest margin, but remains committed to increasing its market share in retail assets despite these challenges [5][6]. Retail Lending - CMB's retail loan growth has slowed, with a growth rate of 1.43%, which still exceeds the industry average of 1.2%, indicating an increase in market share [6] - The bank emphasizes that retail loans will continue to be a key focus area, with strategies in place to enhance this "anchor" asset [6] - The bank's management is cautious about the "volume compensating for price" strategy, stressing that risk should not be sacrificed for volume growth [5] Corporate Lending - CMB's corporate loans reached 3.15 trillion yuan, reflecting a 10.01% increase from the previous year [8] - The bank is re-evaluating its corporate loan strategy, focusing on various client segments, particularly mid-sized clients, in alignment with the "14th Five-Year Plan" [8] Net Interest Margin - For the first nine months of 2025, CMB's net interest margin slightly narrowed to 1.87% [11] - The bank maintains a strong deposit structure, with 85% of liabilities in deposits, and is focusing on optimizing its funding sources [11] Wealth Management - CMB's wealth management business has shown strong growth, with net fee and commission income increasing by 0.90% year-on-year, marking the first positive growth in three years [13] - The bank's wealth management strategy focuses on four dimensions: client growth, digital service enhancement, professional advisory services, and client-centered product development [14][15] Customer Base Growth - CMB reported a 4.76% increase in retail customers, totaling 220 million, with significant growth in high-value client segments [17] - The corporate client base also grew by 10%, indicating a robust demand for banking services across both retail and corporate sectors [18] Subsidiary and International Business - CMB's subsidiaries have shown positive growth, with total assets exceeding 900 billion yuan, a year-on-year increase of 8% [20] - The bank's international operations have also expanded, with total assets growing by 10% and revenue increasing by 25% in the first three quarters [20]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a slight revenue decline of 0.5% year-on-year for the first nine months of 2025, but the third quarter showed a positive revenue growth of 2.1% [5][7] - The net profit attributable to shareholders increased by 0.5% year-on-year for the first nine months of 2025, indicating stable profit growth [5][7] - The bank's interest income showed a year-on-year growth of 1.7%, contributing positively to revenue growth [7] - The bank's wealth management income grew by 19% year-on-year, with fund distribution income increasing nearly 40% [7] - The bank's non-performing loan (NPL) ratio slightly increased to 0.94%, while the provision coverage ratio decreased to 406% [5][10] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 338,016.55 million, with a year-on-year growth rate of 0.16% [6] - The net profit attributable to shareholders is forecasted to be 149,691.54 million for 2025, with a growth rate of 0.88% [6] - The bank's return on equity (ROE) is expected to be 13.19% in 2025 [6] - The bank's price-to-book (PB) ratio is currently at 0.90 times, indicating a favorable valuation [10] Loan and Deposit Performance - The bank's loan growth remained stable, with a quarterly growth rate of approximately 5.6% [7] - The bank's deposit growth outpaced loan growth, with a deposit growth rate of 9% in the third quarter of 2025 [7][12] - The proportion of demand deposits remained close to 50%, reflecting a strong low-cost funding advantage [12] Asset Quality - The bank's asset quality remains stable, with minimal new NPL generation in corporate loans and a gradual decline in real estate NPLs [10][14] - Retail NPL generation remains high but is stabilizing, with proactive write-offs ensuring continued asset quality [10][14]

Financial Data and Key Metrics Changes - Operating earnings for the third quarter were $101.3 million, or $0.55 per share, reflecting strong profitability and positive operating leverage [4][9] - Total revenue reached an all-time high, driven by growth in net interest income and fee income, with an efficiency ratio of 56.5% and an operating ROA of 1.29% [5][7] - The company repurchased 1.65 million shares at a weighted average cost of $18.67, while tangible book value per share grew 18% on a linked quarter annualized basis [5][16] Business Line Data and Key Metrics Changes - Deposit growth outpaced loan growth, with deposits increasing by $194 million, primarily from demand and savings accounts, while total loan balances grew by $29 million [6][10] - Non-interest income for the quarter was $70.4 million, accounting for 21% of total revenue, with significant contributions from the wealth management business [14] Market Data and Key Metrics Changes - The loan-to-deposit ratio ended the quarter at 91%, with a decline in non-interest-bearing balances to 19.5% of total deposits [11][12] - The average cost of total deposits decreased by 2 basis points to 1.96%, while the total cost of funds declined by 4 basis points [13] Company Strategy and Development Direction - The company aims to continue its community banking strategy and regional scale to deliver customer value and strong results for shareholders [4] - There is a focus on organic growth and maintaining a balanced approach to capital deployment, including share repurchases and potential M&A opportunities [16][49] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding credit performance due to economic uncertainties but noted steady performance in the loan portfolio, with improvements in non-performing loans and charge-offs [7][15] - The company updated its 2025 operating guidance, increasing net interest income expectations while tightening provisions and operating expenses [17] Other Important Information - The company anticipates a seasonal outflow of municipal balances in the fourth quarter, which typically sees a 40% to 50% reduction from the third quarter inflows [11][60] - The company maintains a healthy capital position with a tangible common equity to tangible asset ratio of 8.3% and a CET1 ratio of 11.5% [16] Q&A Session Summary Question: Impact of net interest income guidance revision - Management acknowledged that the revised guidance implies some margin pressure in the fourth quarter due to rate cuts, estimating a $2 million annualized NII headwind for every 25 basis points [20][21] Question: Positive operating leverage in 2026 - Management emphasized the focus on generating organic growth to drive positive operating leverage, with a neutral balance sheet position aiding this goal [22][23] Question: Cumulative interest-bearing deposit beta expectations - Management aims to maintain the cumulative interest-bearing deposit beta around 30% as loan growth normalizes [27] Question: Organic growth opportunities in specific markets - Management highlighted opportunities for organic growth in Virginia, Maryland, and Philadelphia, driven by customer acquisition and talent recruitment [33] Question: Capital management and repurchase strategy - Management stated that organic growth remains the priority, followed by corporate activities and then share buybacks, with $86 million remaining in buyback authorization [49][50]