Core Viewpoint - Zhongwei Co., Ltd. completed its H-share issuance and listing on the Hong Kong Stock Exchange on November 17, 2025, marking a key step in its strategy of technological diversification, global development, digital operation, and industrial ecology, and positioning itself as a new starting point for Chinese new energy material companies to serve the global zero-carbon economy [1] Group 1: Company Performance - The company's shipments of ternary precursor materials continued to grow quarter-on-quarter in Q3 2025, indicating a sustained recovery in market conditions [1] - The shipments of cobalt tetroxide materials remained at a high level quarter-on-quarter, with a significant year-on-year increase expected due to the high demand in the consumer battery supply chain [1] - The shipments of iron phosphate are expected to see slight quarter-on-quarter growth, with capacity utilization already at a high level [1] Group 2: Future Outlook - Looking ahead, Zhongwei Co., Ltd. is expected to see continued growth in its ternary precursors and cobalt tetroxide businesses, with growth rates likely to exceed industry averages and market share continuing to increase [1] - The recovery in the ternary precursor market and ongoing growth in cobalt tetroxide are anticipated to drive sustained increases in shipments [1] - The company is projected to achieve a net profit attributable to shareholders of 2.2 billion yuan in 2026, with continued recommendations for investment [1]

Group 1 - The core viewpoint of the article is that Zhou Dasheng (SZ 002867) announced a meeting with investors scheduled for December 15, 2025, where key executives will address investor inquiries [1] - Zhou Dasheng's revenue composition for the first half of 2025 is entirely from jewelry, with a 100.0% share [2] - As of the report, Zhou Dasheng's market capitalization stands at 13.1 billion yuan [2]

Core Insights - The A-share market's margin trading balance has reached a historical high, prompting securities firms to frequently raise their margin business limits [1][4][6] - As of December 9, the margin trading balance in the A-share market stood at 25,105.72 billion, an increase of over 6,500 billion since the beginning of the year [1] - The number of new margin trading accounts opened in September surged by 288% year-on-year, reaching a monthly record high [1][2] Securities Firms' Actions - Multiple securities firms, including China Merchants Securities and Zheshang Securities, have raised their margin trading limits, with increases as high as 1,000 billion in a single adjustment [1][4] - Longjiang Securities and Dongwu Securities announced adjustments to their margin business limits on December 9, while Dongfang Securities had already revised its management methods for margin trading [4][6] - Huayin Securities has also increased its credit business limits twice within six months, demonstrating a proactive approach among smaller firms [4][5] Market Demand and Regulatory Support - The surge in demand for margin trading is attributed to a combination of policy support, market enthusiasm, and the need for industry transformation [6][7] - The China Securities Regulatory Commission has indicated a willingness to expand capital space and leverage limits for quality institutions, providing essential support for margin trading expansion [6] - Analysts predict that the margin trading scale could exceed 30 trillion, with long-term funds entering the market, which will support blue-chip stocks and the sci-tech sector [8][9] Risk Management and Future Outlook - The balance between expanding margin trading and managing risks is a critical challenge for securities firms, with a focus on maintaining a dynamic balance [6][8] - The average guarantee ratio for margin clients has remained within a safe range, indicating manageable risk levels [7][8] - The securities sector is expected to see a significant increase in net profits in 2025, with a projected 51% year-on-year growth [8][9]

Core Viewpoint - Changjiang Securities' research report indicates that Tianci Materials is deeply engaged in the new materials sector, unlocking mid-term value potential. The company's main business profitability continues to improve, and with the rise in 6F prices, there is expected to be significant market share growth. The company's iron phosphate business is anticipated to reach a supply-demand inflection point by 2026. Additionally, progress in solid-state battery business and high-value new materials like insulating adhesives further enhance the company's long-term market valuation. Under the expectation of rising 6F prices, Tianci Materials demonstrates strong cost-performance among its peers. The projected net profit attributable to shareholders for 2025 and 2026 is estimated to be 1.2 billion and 5.1 billion respectively [1] Group 1 - The company is focusing on new materials, which is expected to unlock mid-term value [1] - The profitability of the company's main business is continuously improving [1] - The rise in 6F prices is expected to significantly enhance the company's market share [1] Group 2 - The company's iron phosphate business is projected to reach a supply-demand inflection point by 2026 [1] - Progress in solid-state battery business is positive [1] - New materials such as insulating adhesives have high value potential [1] Group 3 - The company is expected to show strong cost-performance under the rising 6F price expectation [1] - Projected net profit for 2025 is estimated at 1.2 billion [1] - Projected net profit for 2026 is estimated at 5.1 billion [1]

会议指出，"我国经济长期向好的支撑条件和基本趋势没有改变"。刘元瑞认为，会议对当前经济形势的 判断，可以用"客观且积极"来概括。"客观"体现在对外部形势的清醒研判，"积极"体现在面对内外挑战 所彰显的必胜信心。 在他看来，继今年4月底政治局会议、12月初政治局会议后，本次会议再次提到了"统筹国内经济工作和 国际经贸斗争"，这延续了党的二十届四中全会的判断基调，体现了对外部形势研判的连贯性。 与去年会议相比，刘元瑞认为，今年会议同样提出了"经济发展中的老问题和新挑战"，也同样强调 了"长期向好的支撑条件和基本趋势没有变"。但不同之处在于，今年会议新增了"这些大多是发展中、 转型中的问题，经过努力是可以解决的"的判断，这和党的二十届四中全会的"保持必胜信心"相互印 证。信心不仅来自于制度优势，更来自于对于困难的本质的深刻理解，以及能否解决的精准判断。 会议提出，"推动经济实现质的有效提升和量的合理增长"。刘元瑞表示，随着我国经济从高速增长转向 高质量发展，经济增长更加注重质的有效提升。从此前《党的二十届四中全会〈建议〉学习辅导百问》 中的论述来看，未来十年只要能保持GDP年均增速不低于4.17%，就能够实现203 ...

格隆汇12月12日｜据蓝鲸新闻，日前，长江证券、东吴证券先后公告，宣布上调两融业务规模上限。其 中，长江证券将信用业务总规模上限提升至净资本的300%，东吴证券则将两融授信总规模上限调整至 不超过净资本的600%。据不完全统计，2025年以来至少9家券商公开调整两融业务，包括上调业务规模 上限、调整授信管理方式等。 长江证券指出，公司此次调整是基于满足客户需求、支持业务发展的目的，限额调整思路与同业基本一 致。东吴证券则指出，此次调整主要为缓解今年以来两融业务规模增长带来的授信额度短缺压力，为未 来新开户业务的顺利开展提供保障。 业内人士指出，驱动此轮券商集体行动主要有两方面原因，一则当前证券市场整体活跃度有所提升，券 商是为满足市场需求，扩大业务规模，二则券商自身也有通过拓展两融业务来增加收入、优化利润结构 的内在需求。 ...

Core Viewpoint - The margin trading market has been heating up since 2025, prompting frequent adjustments by brokerage firms to meet strong credit trading demand and optimize their business layout [1] Group 1: Brokerage Adjustments - As of November, three brokerages have made adjustments to their margin trading businesses: Dongwu Securities announced a credit limit adjustment to no more than 600% of its net capital, while Changjiang Securities set its credit business limit to 300% of its audited consolidated net capital by the end of 2024 [1] - Earlier, on November 27, Dongfang Securities disclosed plans to revise its margin trading management measures [1] Group 2: Industry Trends - A total of nine brokerages have optimized their margin trading business layout in 2025 by increasing business limits and adjusting credit management models, including Dongwu Securities, Changjiang Securities, Dongfang Securities, Huatai Securities, China Merchants Securities, Hualin Securities, Shanxi Securities, Industrial Securities, and Zheshang Securities [1]

丨证券研究报告丨 世界经济与海外市场丨点评报告 ——2025 年 12 月美联储议息会议点评 报告要点 [Table_Summary] 12 月议息会议如期降息 25BP，同时宣布未来 30 天买入 400 亿美元短期国债，即重启准备金 管理型扩表，会议声明整体则变化不大。经济预测方面，本次美联储继续上调经济增长预期， 稳健增长仍是基准情形。降息路径方面，点阵图指向分歧加大，但政策路径预期变化不大。向 前看，1）就业疲软暂无加速迹象，关税对通胀影响或在明年一季度逐步反应，我们维持此前对 于美联储 2026 年一季度暂缓降息的判断；2）明年 5 月美联储主席换届，特朗普大概率提名鸽 派候选人就任，后续视经济情况择机再度开启降息可能性较大，年内预计累计降息至少 50BP。 分析师及联系人 1 SAC：S0490520090001 SFC：BUX667 于博 敬成宇 请阅读最后评级说明和重要声明 [Table_Title] 重启准备金管理型扩表 %% %% %% %% research.95579.com [Table_Author] [Table_Title 重启准备金管理型扩表 2] ——2025 年 12 月 ...

Group 1: Core Insights - The Chinese private equity industry is transitioning from quantitative expansion to qualitative transformation, supported by the "Golden Yangtze" private equity empowerment plan launched by Changjiang Securities, Industrial Bank, and Securities Times [1] - As of October 2025, the private fund scale reached 22.05 trillion yuan, marking a significant increase of 1.31 trillion yuan from September, surpassing the previous historical peak of 20.81 trillion yuan in September 2023 [3] - The surge in private equity is primarily driven by private securities investment funds, which saw a record high of 7.01 trillion yuan, with a month-on-month increase of 1.04 trillion yuan, reflecting a growth rate of 17.42% [3] Group 2: Market Trends and Opportunities - The A-share market has experienced significant growth this year, with various sectors, including precious metals and industrial metals, performing well, creating a favorable environment for private equity [3] - The "Golden Yangtze" initiative aims to provide comprehensive services to private fund managers, facilitating connections between long-term capital and quality managers [6] - The commodity market is viewed as having strategic allocation opportunities due to factors such as resource scarcity, low supply growth, and a recovering global economy, which are expected to drive demand for commodities [9][10] Group 3: Investment Strategies and Insights - Factor investing is entering a new era, with a noticeable decline in factor momentum and a divergence in factors across different market segments [7][8] - Private fund managers emphasize the importance of focusing on undervalued sectors and long-term value creation, suggesting a shift towards low-valuation areas for better returns [11][12] - The ongoing technological revolution, particularly in AI, is seen as a critical opportunity for China's economic growth, with a focus on innovation and investment in leading companies [13]

来源：黄石发布 10日，市人民政府与长江证券股份有限公司签订"十五五"合作协议。市委书记郄英才，长江证券股份有 限公司党委书记、董事长刘正斌出席活动并致辞。市委副书记、市长吴之凌主持活动。 郄英才代表市委、市政府对刘正斌一行的到来表示欢迎，向长江证券长期以来对黄石经济社会发展的支 持表示感谢。他说，黄石和长江证券携手同行30余年，不仅实现了彼此共同发展，更积累了深厚友谊， 为"十五五"发展筑牢了互利共赢的坚实基础。当前，黄石正抢抓多重战略机遇，全力以赴决胜"十四 五"圆满收官、实现"十五五"良好开局，良好的发展态势、旺盛的资金需求和优良的营商环境，必将助 力双方抢抓发展机遇，更好聚势赋能、点石成金。希望长江证券继续深耕黄石，双方同心致远、并肩共 绘"十五五"发展新蓝图。 郄英才代表市委、市政府对刘正斌一行的到来表示欢迎，向长江证券长期以来对黄石经济社会发展的支 持表示感谢。他说，黄石和长江证券携手同行30余年，不仅实现了彼此共同发展，更积累了深厚友谊， 为"十五五"发展筑牢了互利共赢的坚实基础。当前，黄石正抢抓多重战略机遇，全力以赴决胜"十四 五"圆满收官、实现"十五五"良好开局，良好的发展态势、旺盛的资金需 ...