权益市场表现良好推动证券行业业绩高增。收入端，2025 年前三季度42家上市券商合计实现营业收入和归母净利润分别为4,195.6和1690.5亿元，同比分别+42.6%和+62.4%（扣除国泰海通非经常性损益后 42 家上市券商归 母净利润为1632.8 亿元，同比+56.8%）；其中 25Q3 实现营业收入和归母净利润1676.9、650.3亿元，环比+33.2%、+25.5%。分明细来看，经纪业务、投行业务、资管业务、自营业务、利息净收入分别为1117.8、251.5、332.5、1952.5和339.1亿元，同比分别+74.6%、+23.5%、+2.4%、+43.3%、+54.5%，经纪和自营收入占比分别为26.6%和46.5%。成本端，42家上市券商合计管理费用同比+24.2%至2040.75亿元，管理费用率下降24个百分点至49%；行业净利率由24Q1-3的35.4%提升至25Q1-3的40.3%。

2025年股票市场延续强势，交投活跃度大幅回升。1）2025年前三季度市场日均股基交易额为18723亿元，同比增长109%。2025年前三季度沪市投资者平均每月账户新开户数为247万户，同比增长46%。2）截至2025年三季度末，融券余额为158亿元，同比增长66%。2025年前三季度平均维持担保比为270%，较2024年提升22pct，保持在较高水平。3）监管指引下 IPO 持续收紧，再融资边际好转。2025年前三季度共发行119家IPO，募资规模773亿元，同比分别增长61%及16%，平均每家募资规模6.5亿元，同比增长40%。IPO项目撤否率大幅下降。2025 年前三季度再融资募集资金7981亿元，同比增长 573%。4）债券发行规模稳中有增。2025Q1—3券商参与的债券发行规模为12.1万亿元，同比增长22%。5）权益市场波动上行，同比大幅改善；债券市场表现较弱。25Q1—3万得全A指数+26.43%，去年同期+8.25%；中债总全价指数 25Q1—3下跌2.19%，去年同期+2.70%。6）权益类公募基金发行回暖，债券类基金规模大幅减少。25Q1—3股票+混合类公募基金发行规模4326亿份，同比+184%；债券型基金发行规模为3850亿份，同比下滑43%。

2024 年 9 月 27 日中央政治局会议提出“超常规”逆周期调节，对应也带来了 2025 年积极的财政和货币环境。展望 2026 年，我们认为彼时倒逼政策转向的内外制约因素已不复 存在。进入 2026 年后，“超常规逆周期政策”可能逐步退坡，以财政为代表的政策力度回归审慎的同时，结构投入可能重新回归以科技为主线。

Marine cables are specialized cables utilized for navigation, communication, power distribution, and safety systems on ships, boats, and other marine vessels.

A lottery is a legal form of gambling, which involves randomly drawing numbers to award a prize. Lotteries have different levels of acceptance across the globe, with some governments banning lotteries while some endorse lotteries at the state as well as national levels. Hence, it is a common phenomenon to find regulations around managing a lottery and the means of drawing a lottery. However, the popularity of lotteries has increased due to the growing prize amounts as well as rising awareness due to marketing techniques used by companies. The introduction of new games as well as lotteries at different price points, is making them affordable.

A geographic information system (GIS) is a set of tools used to interpret geospatial data using analytical tools. It integrates software, data, and services for processing data. A GIS digitizes the geospatial data received from data-capturing devices and processes it using analytics to provide the desired output. Sectors such as transportation, government, natural resources, military, utilities, and telecommunications are the major end-users of GIS solutions. Its trending applications include disaster management, viewing digital maps, finding location details, and designing facilities (including the 3D mapping of structures and locations). End-users across various industries rely on GIS solutions to enhance their decision-making ability, productivity, and security standards.

FMCG stands for fast-moving consumer goods. These are products that are sold quickly and at relatively low cost. FMCGs typically have a short shelf life due to high consumer demand or because they are perishable. Examples include packaged foods, beverages, toiletries, over-the-counter drugs, and other consumables such as cleaning and laundry products. FMCGs are characterized by high turnover and are often sold in large quantities.

Programmable logic controller (PLC) software is a type of industrial control systems software used to monitor and control industrial machinery, equipment, and processes. It is designed to receive input from sensors and other devices, perform specific logic and mathematical operations, and send output signals to actuators and other devices.

Pet care products include a wide range of products that are a necessity for pets. Pet keepers purchase pet care products online and through offline distribution channels.

Parenteral nutrition (PN) is a medical method of delivering essential nutrients including proteins, carbohydrates, fats, vitamins, minerals, and trace elements directly into the bloodstream through an intravenous (IV) catheter. It is used for patients of all ages, from infants to adults, who cannot eat or absorb adequate nutrients through regular or tube feeding. This sterile liquid formula helps maintain proper nutritional status by bypassing the digestive system entirely, ensuring patients receive the vital nutrients they need to support health and recovery.