Core Insights - The 2025 Wind "Gold Analyst" awards were announced on December 10, recognizing outstanding research teams based on the number of report reads from buy-side institutions [1]. Group 1: Award Winners - The awards included 33 individual research field awards and 4 institutional awards, with participation from over 600 teams from 38 research institutions [1]. - Notable winners in various categories include: - Strategy Research: - First: Galaxy Securities - Second: Guosen Securities - Third: Zheshang Securities [3] - Fixed Income: - First: Zheshang Securities - Second: Huachuang Securities - Third: Dongwu Securities [3] - ESG Research: - First: Guosen Securities - Second: Galaxy Securities - Third: Zheshang Securities [5] - Restaurant and Tourism: - First: Guosen Securities - Second: Kaiyuan Securities - Third: Dantan Haidao [6] - Media: - First: Dongwu Securities - Second: Guohai Securities - Third: Kaiyuan Securities [7] Group 2: Sector-Specific Insights - In the Electric Power and Utilities sector: - First: Dongwu Securities - Second: Guosen Securities - Third: Tianfeng Securities [8] - In the Real Estate sector: - First: Kaiyuan Securities - Second: Everbright Securities - Third: Zhongxin Jian Investment [11] - In the Automotive sector: - First: Dongwu Securities - Second: Minsheng Securities - Third: Guosen Securities [31] - In the Non-Bank Financial sector: - First: Zhongxin Jian Investment - Second: Kaiyuan Securities - Third: Dongwu Securities [21] Group 3: Overall Trends - The awards reflect a competitive landscape among research institutions, with a significant number of teams participating and a diverse range of sectors represented [1][3]. - The methodology for the awards was based on objective metrics, specifically the reading counts of research reports by buy-side institutions, ensuring a transparent evaluation process [1].

本周三大指数，上证指数涨0.37%，深证成指涨1.26%，创业板指涨1.86%。后市将如何发展？看看机构 怎么说。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券：当前市场震荡可能是基本面超预期变化出现前的常态 当前的市场震荡可能是基本面超预期变化出现前的常态，债市的调整导致股债平衡型策略在当下遭遇一 定挑战，对控制持仓波动率可能有更高的要求，也间接影响到股票配置策略。未来人民币的潜在升值压 力可能会带来超预期的货币宽松，这可能是超预期变化的来源并打破震荡格局，在此之前，配置上延续 资源/传统制造业定价权的重估和企业出海两个方向。 光大证券：国内外利好共振 市场有所回暖 市场大方向或仍处在牛市中，不过短期或进入宽幅震荡阶段。与往年牛市相比，当前指数仍然有相当大 的上涨空间，但是在国家对于"慢牛"的政策指引之下，牛市持续的时间或许要比涨幅更加重要。不过短 期来看，市场可能缺乏强力催化，叠加年末部分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势 为主。 华金证券：春季行情开启了吗？ 当前来看，明年春季行情可能于今年12 月中下旬提前开启。（1）短期政策和外部事件可能偏积极。一 ...

Core Points - The 2025 Fifth "21st Century Gold Medal Analyst" awards were announced, covering 33 industry analyst awards and 8 special awards, reflecting trends in traditional and emerging sectors like banking, non-bank finance, real estate, robotics, and innovative pharmaceuticals [1] - The special awards recognize institutions and individuals for their significant contributions in areas such as financial research, think tank studies, ESG research, overseas research, and influential brokerage research [1] Industry Awards - The awards included categories for various sectors, with notable winners such as: - **Banking**: First place went to GF Securities, followed by Zheshang Securities and Dongwu Securities [3][5] - **Strategy Research**: First place awarded to GF Securities, with Guotai Junan Securities and Tianfeng Securities following [3] - **Fixed Income**: Top honors went to Huachuang Securities, with Caitong Securities and Industrial Securities in the next positions [4] - **Real Estate and Construction**: GF Securities ranked first, followed by Shenwan Hongyuan and Changjiang Securities [8] Special Awards - The special awards recognized: - **Best Research Institution for Financial Articles**: Shenwan Hongyuan Research [16] - **Best Think Tank Research Institution**: Guotai Junan Securities Research Institute [17] - **Best ESG Research Institution**: Nanhua Futures Research Institute [17] - **Best Overseas Research Institution**: CITIC Securities Research Development Department [17] Individual Awards - Individual awards included: - **Influential Brokerage Research Institute Director**: Long River Securities [16] - **Best Chief Economist for High-Quality Development**: Li Xunlei from Zhongtai Securities [15] - **Growth Analyst**: Multiple analysts from various firms recognized [15]

会上，中国证券业协会第八届会长朱健和协会监事长王晟分别作为第八届理事会代表发言。 中国证券业协会第八届负责人名单公布（央广网记者 樊瑞 摄） 中国证监会党委书记、主席吴清以《加快打造一流投资银行和投资机构更好助推资本市场高质量发展》为题发言。吴清指出，中国证券业协会的新一届会长 将由行业代表担任，这对协会制度提出新的要求，无论是专职还是兼职，都要和舟共济，不断增强全体会员的认同感、向心力和参与度，切实提升共建、共 治、共享质效。 此次会员大会选举出中国证券业协会第八届负责人。中国证券业协会吴运浩当选协会常务理事、执行副会长，来自中国证券业协会的徐刚、张冀华、汪兆军 当选协会常务理事、专职副会长。 国泰海通证券董事长朱健当选中国证券业协会第八届理事会会长职务，另外还有九位行业人士当选协会常务理事、兼职副会长，分别是：中信建投证券刘 成、广发证券林传辉、申万宏源证券刘健、华泰证券周易、中信证券邹迎光、招商证券霍达、国信证券张纳沙、益盟股份曾山和来自中金公司的陈亮。 央广网北京12月6日消息（记者 樊瑞）12月6日下午，中国证券业协会第八次会员大会在北京举行。 ...

Market Performance - The Hong Kong stock market showed a rebound after an initial decline, with the Hang Seng Index successfully returning to the 26,000-point mark, significantly boosting market sentiment [1] - The Hang Seng Index closed at 26,085.08 points, up 149.18 points, a gain of 0.58% [2] - The Hang Seng Tech Index performed even better, closing at 5,662.46 points, up 47.03 points, a gain of 0.84% [3] Sector Performance - There was a clear divergence among sectors, with the large financial sector being the core driver of the afternoon market rally. Insurance stocks performed particularly well, with China Ping An (HK02318) rising over 6% and China Taiping (HK00966) increasing over 7% [5] - Brokerage stocks also saw gains, with Huatai Securities (HK06886), Shenwan Hongyuan Hong Kong (HK00218), and Hongye Futures (HK03678) all rising over 3% [5] - The tech sector saw broad gains, with Baidu Group-SW (HK09888) up over 5% and Kuaishou-W (HK01024) up over 2% [5] - The non-ferrous metals sector showed strong performance in the morning, with Jiangxi Copper (HK00358) rising over 6% [5] New Listings - Two new stocks were listed today: Tianyu Semiconductor (HK02658) and Yujian Xiaomian (HK02408), both of which saw significant declines of 30.17% and 27.84%, respectively, falling below their issue prices [5] Market Outlook - Hong Kong Yongfeng Financial Group noted that many investors are reluctant to engage in the market as the year-end approaches, with some investors looking to take profits after substantial gains throughout the year [7] - The outlook for the Hong Kong stock market in the first half of 2026 is optimistic, with potential catalysts including reassessment of China's economic growth momentum, currency exchange rates, price trends, and corporate earnings prospects [9] - Key events such as the Central Economic Work Conference in mid-December and the upcoming local and central meetings in the first quarter will serve as important observation windows for new policies [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 申萬宏源(香港)有限公司 | | | 呈交日期: | 2025年12月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00218 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,561,138,689 | | 0 | | 1,561,138,689 | | 增加 ...

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] Group 1: Event Overview - The event highlighted the future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Outstanding Research Institution evaluation were announced [1] Group 2: Award Results - The top ten best research institutions were recognized, with Changjiang Securities taking first place, followed by GF Securities and Guotai Junan Securities in second and third respectively [1] - The complete ranking of the top ten institutions is as follows: 1. Changjiang Securities 2. GF Securities 3. Guotai Junan Securities 4. Industrial Securities 5. Tianfeng Securities 6. Shenwan Hongyuan Securities 7. Zheshang Securities 8. CITIC Securities 9. Guosheng Securities 10. Guoxin Securities [1]

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top analysts in the Robotics and High-end Manufacturing sectors were recognized, with the first place awarded to the Guangfa Securities Research Team, led by Chief Analyst Dai Chuan and Co-Chief Analyst Sun Boyang, along with team members [3] - The second place was awarded to the Changjiang Securities Research Team, led by Chief Analyst Zhao Zhiyong, with several team members [3] - The Zhejiang Merchants Securities Research Team secured third place, led by Chief Analyst Qiu Shiliang, with a large team of contributors [3] - Other notable rankings include Dongwu Securities in fourth place, Guotai Haitong Securities in fifth, Guojin Securities in sixth, Tianfeng Securities in seventh, Guosheng Securities in eighth, and Shenwan Hongyuan Securities in ninth place, each with their respective chief analysts and team members [3]

（首席分析师：李超；团队成员：于科、林成炜、廖博、潘高远、费瑾、王瑞明、靳风、陈冀、祁星） 第二名 广发证券研究团队 （首席分析师：郭磊；团队成员：陈礼清、陈嘉荔、钟林楠、王丹、吴棋滢、贺骁束、文永恒） 第三名 东吴证券研究团队 （首席分析师：芦哲；团队成员：张佳炜、刘子博、王洋、潘京、占烁、李昌萌、董含星、韦祎） 第四名 东方证券研究团队 （首席分析师：孙金霞；团队成员：曹靖楠、王仲尧、陈至奕、孙国翔、戴思崴、吴泽青） 专题：第七届新浪财经金麒麟最佳分析师荣誉榜 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟最佳分析师评选结果隆重揭晓。 第七届新浪财经金麒麟宏观经济研究"最佳分析师"荣誉榜如下： 第一名 浙商证券研究团队 第六名 华创证券研究团队 （首席分析师：张瑜；团队成员：陆银波、文若愚、殷雯卿、高拓、付春生、李星宇、夏雪、袁玲玲、 韩港） 第七名 国盛证券研究团队 （首席分析师：熊园；团队成员：刘新宇、杨涛、穆仁文、 ...

专题：第七届新浪财经金麒麟最佳分析师荣誉榜 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 第二名 兴业证券研究团队 （首席分析师：石康；联席首席：李博彦；团队成员：石砾、董昕瑞、徐东晓、周登科） 第三名 长江证券研究团队 同时，第七届新浪财经金麒麟最佳分析师评选结果隆重揭晓。 第七届新浪财经金麒麟军工行业"最佳分析师"荣誉榜如下： 第一名 广发证券研究团队 （首席分析师：孟祥杰；团队成员：吴坤其、邱净博、邵艺阳） （首席分析师：韩强；团队成员：武雨桐、穆少阳） 第六名 天风证券研究团队 （首席分析师：王贺嘉；团队成员：王清、杨继虎、张晨晨、张飞、李麟君） 第四名 中信建投证券研究团队 （首席分析师：黎韬扬；团队成员：任宏道、王春阳、郭枫、汪正鑫） 第五名 申万宏源证券研究团队 （首席分析师：王泽宇；团队成员：赵博轩） 责任编辑：郭栩彤 ...