Core Viewpoint - The article promotes the "Shenwan Hongyuan Research Elite Training Camp," aimed at nurturing talent in the investment research field, offering free training and internship opportunities for students pursuing master's degrees or higher, regardless of their major [2][8][19]. Group 1: Company Overview - Shenwan Hongyuan Research was established in 1992 and is a comprehensive securities research consulting institution in mainland China, aiming to become a globally influential research-oriented financial advisor [3]. - The research team consists of over 300 professionals focusing on more than 1,000 key listed companies both domestically and internationally, covering various investment research areas including macroeconomics, industry analysis, and investment strategies [6]. Group 2: Training Program Details - The training camp is designed to enhance participants' understanding of the capital market, providing a comprehensive curriculum that includes core methodologies, financial analysis, and report writing [10][11]. - The program features a strong lineup of industry experts, including macroeconomists and top analysts, offering practical insights and mentorship [13]. - The initiative is free for selected participants, emphasizing its non-profit nature and commitment to developing industry talent [13][14]. Group 3: Application Process - The application deadline for the program is February 15, 2026, with the training commencing in March 2026 [16]. - The program includes various activities such as career counseling, practical workshops, and a final presentation where participants can showcase their skills to potential employers [16][19].

申万宏源研究 获上证报最佳分析师评选多项荣誉 在12月26日举办的"潮涌太湖湾"2025上证（无锡）新质生产力研讨会暨第七届上证最佳分析 师评选颁奖仪式上，2025上证鹰·上证最佳分析师榜单正式出炉。申万宏源研究荣获"最具影响力研 究机构"奖，研究所总经理王胜获"最佳研究所所长"奖。 上证鹰·上证最佳分析师评选是上海证券报推出的证券行业年度大型活动，2019年首次举办。 2025年今年9月，上海证券报正式启动"2025上证鹰·上证最佳分析师"评选。最终，来自24家券商的 158个个人、团队及机构获奖。 申万宏源研究 上海申银万国证券研究所有限公司（简称"申万宏源研究"）创建于1992年，隶属于申万宏源 证券有限公司，是中国大陆成立早、规模大、具有独立法人资格的综合性证券研究咨询机构，拥 有300余人的证券研究服务团队，聚焦研究千余家海内外重点上市公司，开展涵盖宏观经济、行 业公司、股票债券及衍生品投资策略、指数与产品设计、制度与发展等综合领域的投资研究，以 及产业研究、政策研究，强调"出思想、建体系"，以培育"百年团队"为梦想，为资本市场提供了 以体系见长、长期稳定的专业研究服务。 " 最佳分析师"奖项中，投 ...

Core Viewpoint - The article presents a more optimistic outlook on the fiscal and monetary policy statements from the recent economic work conference compared to market expectations, highlighting the expanded role of the central bank in promoting economic stability and reasonable price increases [1]. Summary by Sections Economic Policy Direction - The 2025 Central Economic Work Conference emphasizes five "musts" that align with the 2024 "overall" strategies, focusing on tapping economic potential and policy reform coordination, addressing the core issue of "strong supply but weak demand" [2]. - The fiscal policy continues to adopt a "more proactive" stance, maintaining necessary deficits and debt levels while focusing on local fiscal challenges and debt resolution [2]. - Monetary policy aims to stabilize growth and promote reasonable price increases, with plans to flexibly use tools like reserve requirement ratio (RRR) cuts and interest rate reductions [2]. Internal Demand and Reform - The conference underscores the importance of domestic demand, proposing measures to increase residents' income, enhance service consumption, and expand budgetary investments to stabilize consumption and investment [2]. - Deepening reform remains a priority, with initiatives to advance the construction of a unified national market and address "involution" competition [2]. Risk Management - The article discusses proactive measures to mitigate risks in key areas, particularly in real estate, with a three-pronged approach to address challenges and focus on active debt management and restructuring [2]. Comparison of Economic Work Conference Statements - A comparison of the statements from the December 2024 and December 2025 conferences reveals a consistent acknowledgment of the challenges posed by insufficient domestic demand and external environmental changes, while also highlighting the resilience and potential of the Chinese economy [3]. Fiscal and Monetary Policy Details - The fiscal policy will continue to be proactive, increasing the fiscal deficit rate and ensuring sustained fiscal strength, with a focus on enhancing spending in key areas and issuing special bonds [3]. - The monetary policy will maintain a moderately loose stance, utilizing various tools to ensure ample liquidity and support for key sectors such as technology innovation and small and micro enterprises [3]. Domestic Market and Innovation - The article emphasizes the need to build a strong domestic market by enhancing consumption and investment efficiency, implementing special actions to boost consumption, and increasing the income of low- and middle-income groups [3]. - It also highlights the importance of technological innovation in driving new productive forces and developing a modern industrial system [3]. Reform and Opening Up - The conference calls for significant reforms to enhance the vitality of high-quality development, including the deepening of state-owned enterprise reforms and the promotion of private sector growth [3]. - It stresses the importance of expanding high-level opening up to stabilize foreign trade and investment, while also promoting cooperation in various fields [3]. Urbanization and Rural Revitalization - The article discusses the need for coordinated development between urbanization and rural revitalization, emphasizing the importance of maintaining agricultural productivity and enhancing the competitiveness of the agricultural sector [3].

Group 1 - The core viewpoint of the article highlights that Shenwan Hongyuan Research was awarded the "Best Golden Bull Research Institution" at the 2025 Wealth Allocation and Asset Management Conference held by China Securities Journal, with 12 research fields recognized for the "Best Golden Bull Analyst" awards [1][7] - The conference featured a roundtable forum with Dong Liang, Vice Chairman of Shenwan Hongyuan Research, discussing the outlook for the A-share market in 2026, including market trends, styles, positive factors, and investment opportunities [3] - The "Golden Bull Analyst Award" has been held annually since 2010, aiming to showcase outstanding institutions and analysts in the securities research field, encouraging continuous improvement in research capabilities and enhancing the industry's social influence [7] Group 2 - Shenwan Hongyuan Research, established in 1992, is a comprehensive securities research consulting institution under Shenwan Hongyuan Securities Co., Ltd., with over 300 research service team members focusing on more than 1,000 key listed companies domestically and internationally [9] - The institution conducts extensive investment research covering macroeconomics, industry companies, stock and bond investment strategies, product design, and policy research, emphasizing the development of a long-term stable professional research service [9]

Core Viewpoint - Shenwan Hongyuan has been recognized as one of the most influential research institutions and best research teams for 23 consecutive times, highlighting its consistent performance in the industry [2] Group 1: Awards and Recognition - Shenwan Hongyuan received a total of 25 awards at the recent analyst conference, including first place for Sustainable Development Research Contribution for the fourth consecutive time [4] - The firm ranked fourth in both the Best Research Team and Most Influential Research Institution categories [4] Group 2: Research Team Achievements - The Light Industry and Paper Research Team has achieved first place 15 times, while the Light Industry and Textile Apparel Research Team has been first for seven consecutive times [5] - The Chemical Research Team secured first place, and the Strategy Research Team ranked second [5] - Other notable rankings include second place for the Transportation and Warehousing Research Team, and third place for the Computer Research Team [5] Group 3: Event Overview - The event was organized by the Securities Times and involved participation from nearly 50 securities firms and over 2000 analysts, with voting eligibility extended to more than 800 domestic and international institutions managing assets exceeding 100 trillion yuan [5] - The conference aims to promote high-quality development in the Chinese securities research industry and support the modernization of China's economy [5] Group 4: Company Background - Shenwan Hongyuan Research, established in 1992, is one of the earliest and largest independent securities research institutions in mainland China, with a team of over 300 professionals [6] - The firm focuses on research across various sectors, including macroeconomics, industry companies, investment strategies, and policy research, emphasizing a systematic approach to provide stable professional research services [6]

Group 1: Macro Environment and Market Outlook - The macro environment for A-shares has "returned" since late November, but the upward space remains limited, with concerns about the capital expenditure decline of US tech giants in 2026 and pressure on the AI industry chain [7] - The Central Economic Work Conference emphasizes internal strengthening to cope with external challenges, indicating limited short-term expectations for A-share style characteristics [7] - The mid-term judgment remains a "two-stage bull market," with the current phase (Bull Market 1.0) at a high level and a potential Bull Market 2.0 expected in the second half of 2026, driven by various positive factors [8] Group 2: Industry Valuation and Comparison - As of December 12, 2025, the valuation metrics for major indices are as follows: - CSI All Share (excluding ST) PE at 21x, PB at 1.8x, at historical percentiles of 77% and 39% - SSE 50 PE at 11.7x, PB at 1.3x, at historical percentiles of 62% and 40% - CSI 300 PE at 13.9x, PB at 1.4x, at historical percentiles of 61% and 31% - CSI 500 PE at 32.7x, PB at 2.2x, at historical percentiles of 61% and 45% - ChiNext Index PE at 40.7x, PB at 5.2x, at historical percentiles of 35% and 59% [11][12] - Industries with PE valuations above the 85th percentile include real estate, retail, and IT services, while the healthcare sector is below the 15th percentile for both PE and PB [11] Group 3: Global Asset Allocation - The US Federal Reserve announced a 25 basis point rate cut, bringing the target range for the federal funds rate to 3.50%-3.75%, indicating a complex policy signal that has led to mixed movements in global equities and commodities [14] - The focus on achieving reasonable growth was reiterated in the December 2025 Political Bureau meeting, emphasizing the need for proactive fiscal and moderate monetary policies [15][16]

Core Viewpoint - The A-share market has reverted to its previous state before late October, but the upward potential remains constrained. The only industry showing short-term upward movement is optical connectivity, while concerns about the decline in capital expenditure among leading US tech companies in 2026 persist, impacting the AI industry chain [2][3]. Group 1: Market Environment and Trends - Since late November, the macro environment for the A-share market has "reverted," reflecting the characteristics seen before late October. However, the upward space remains limited, with only optical connectivity showing potential for upward breakthroughs [2][3]. - The expectation for stable growth has been adjusted downward, and the anticipated return of the Federal Reserve's easing policies has led to a resurgence in optical connectivity, while other tech growth sectors are experiencing a rebound [2][3]. - The market is currently in a high-level oscillation phase, with the structural characteristics reverting to those observed before late October [2][3]. Group 2: Economic Policy Insights - The core idea of the 2025 Central Economic Work Conference is to "practice internal skills to cope with external challenges," with a focus on maintaining policy momentum in 2024 and potential marginal improvements in 2026 [5][6]. - Key policy points include addressing issues related to development and transformation, emphasizing quality and efficiency, stimulating domestic demand, and promoting technological innovation in key regions [6][7]. - The market anticipates that if economic results improve in the first half of 2026, additional efforts to stabilize growth in the second half are likely [5][7]. Group 3: Market Outlook and Investment Opportunities - The medium-term outlook remains a "two-stage bull market," with the first stage (tech structural bull) already at a high level, and the market currently in a quarterly high-level oscillation phase [7][8]. - The first half of 2026 is expected to favor cyclical and value styles, while the second half may see a comprehensive bull market driven by fundamental improvements and technological trends [7][8]. - Spring market trends are expected to focus on small-scale opportunities, particularly in optical connectivity and other tech sectors, with potential for new high-level oscillation phases [8].

探索市场脉动，洞悉行业趋势。申万宏源研究特别推出系列访谈—— "走近申万宏源研究 人" ，我们将聚焦所内的杰出分析师，深刻探索他们的从业经历、研究见解，向您展现分析师 的多面性，带您走进Ta背后的成长故事。 本期"走近申万宏源研究人"带您了解 计算机首席分析师—黄忠煌。 黄忠煌，申万宏源研究 计算机首席分析师 。毕业于厦门大学，毕业后加入申万宏源研究，专注于 计算机产业研究，拥有8年行业研究经验， 深度覆盖AI、云计算、华为链等方向。 获得荣誉：2 021-2023年《新财富》计算机最佳分析师第二名；2024年《新财富》计算机最佳分析 师第四名。 Q&A 对话黄忠煌 01 【 入行初心 】 您是如何进入计算机分析领域的？ 这个领域吸引您的点是什么？ 科技行业最有意思的地方在于，唯一不变的地方就是变化。 除了公开的财报信息，我认为科技公司最重要的研究是 研究公司 治理。 科技行业每隔5-10年都有 重要的变化，过去10年是云计算、国产化，这5年是大模型。技术会迭代，产品有周期，但是优秀的公 司治理，能够帮助公司在技术的蝶变中抓住机会，穿越周期并茁壮成长。申万宏源研究计算机产业研究 的要求是： 对于 深度推荐的公 ...

2025第五届21世纪金牌分析师评选由《21世纪经济报道》发起的年度评选盛事，恪守专业、公正、透明的原则，为广大投资者甄选出最具实力 与价值的分析师及研究机构。本届评选由来自公募基金、保险公司、私募机构、银行理财子公司，以及学界与上市公司核心高管组成的权威专家委 员会，共同为评选结果的专业与公正保驾护航。 上海申银万国证券研究所有限公司（简称"申万宏源研究"）创建于1992年，隶属于申万宏源证券有限公司，是中国大陆成立早、规模大、具有 独立法人资格的综合性证券研究咨询机构。截至目前，申万宏源研究拥有300余人的证券研究服务团队，聚焦研究千余家海内外重点上市公司，开 展涵盖宏观经济、行业公司、股票债券及衍生品投资策略、指数与产品设计、制度与发展等综合领域的投资研究，以及产业研究、政策研究，强 调"出思想、建体系"，以培育"百年团队"为梦想，为资本市场提供了以体系见长、长期稳定的专业研究服务。 申万宏源研究获21世纪金牌分析师评选 多项大奖 12月6日，21世纪经济报道主办的2025年第五届"21世纪金牌分析师"评选结果正式揭晓。申万宏源研究荣获"年度践行金融五篇大文章最佳研究 机构"、"年度影响力券商研究所"2 ...

Core Viewpoint - The article emphasizes the adjustment of risk factors for insurance companies, encouraging long-term investments in specific equity indices and stocks, while highlighting the potential for a significant increase in equity allocation space due to these adjustments [2][3]. Group 1: Risk Factor Adjustments - The risk factors for holding stocks in the CSI 300 and the CSI Dividend Low Volatility 100 indices for over three years, as well as for the Sci-Tech Innovation Board for over two years, have been reduced to 90% [3]. - This adjustment is seen as a policy to encourage long-term capital entry into the market, particularly benefiting state-owned insurance companies that have already allocated a high proportion of new premiums to the market [3]. - The reduction in risk factors is expected to release an equity allocation space in the range of hundreds of billions, which is crucial for increasing the equity investment ratio of insurance funds [3]. Group 2: Spring Market Outlook - The spring market is anticipated to be a small-scale rally, potentially characterized by high-level fluctuations, with a focus on the technology sector and cyclical assets [4]. - The market is expected to react to policy layouts starting from mid-December, which may trigger the spring rally, alongside the "insurance opening red" phenomenon [4]. - The overall market sentiment is cautious, with expectations of a rebound in the technology sector as it transitions from a correction phase to a consolidation phase [4]. Group 3: 2026 Market Style and Rhythm - The first half of 2026 is predicted to be a consolidation phase for the "Bull Market 1.0," favoring cyclical and value styles, while the second half is expected to transition into a comprehensive bull market led by technology and advanced manufacturing [5]. - The anticipated improvement in PPI year-on-year in 2026, along with cyclical price increases, positions cyclical assets as foundational for the spring market [5]. - There is a focus on high-dividend opportunities and the potential for a broad rebound in technology stocks, particularly in AI, storage, energy storage, and robotics [5].