易方达近十年给股东分红121亿，广发证券分得27.9亿 根据广发证券2024年报数据，易方达基金营业收入121.09亿元，净利润39.00亿元。广发证券持有易方达 基金22.65%的股权，获得了2.70亿元的分红。即易方达给股东的分红总额为11.92亿元，分红率为 30.56%。 依此类推，近十年（从2015到2024），易方达基金累计净利润254.27亿元，累计给股东分红121.43亿 元。近十年广发证券累计从易方达基金获得分红27.93亿元。 | | | | 易方达基金历年分红率 | | | | --- | --- | --- | --- | --- | --- | | 年份 | | 广发证券获得 广发证券 易方达给股东 | | 易方达基金 | 分红率 | | | | 分红金额/亿元 持股比例 分红总额/亿元 净利润亿元 | | | | | 2015 | 0.75亿元 | 25.00% | 3.00亿元 | 11.90亿元 | 25.20% | | 2016 | 0.75亿元 | 25.00% | 3.00亿元 | 13.40亿元 | 22.39% | | 2017 | 2.10亿元 | 25.00% | ...

Core Viewpoint - The Central Economic Work Conference emphasizes the need for a balanced approach to economic policy, focusing on both short-term support and long-term structural reforms to stimulate economic potential and address external challenges [1][2]. Group 1: Economic Policy Framework - The conference introduced five new "musts" for economic policy, including the need to fully tap economic potential to address insufficient effective demand and release domestic demand space [2] - It highlighted the importance of combining policy support with reform and innovation to stimulate factor vitality [2] - The need to balance market vitality with regulatory frameworks was emphasized, aiming for both flexibility and effective governance [2] Group 2: Investment Focus - The conference stressed the importance of combining investments in physical assets with human capital, advocating for increased investment in areas such as population, education, healthcare, social security, and skills [2] - It called for a focus on internal demand expansion, technological self-reliance, industrial chain security, and green transformation to enhance economic resilience against external uncertainties [2] Group 3: Monetary Policy - The conference reiterated the implementation of a moderately loose monetary policy, with a focus on stabilizing economic growth and ensuring reasonable price recovery [3] - It emphasized the flexible and efficient use of various policy tools, including interest rate cuts and reserve requirement ratio reductions, to maintain ample liquidity and support key areas such as domestic demand, technological innovation, and small and medium enterprises [3] - The importance of maintaining the RMB exchange rate at a reasonable and balanced level was also highlighted [3]

Core Viewpoint - The Central Economic Work Conference emphasizes the need for a balanced approach to economic policy, focusing on both short-term support and long-term structural reforms to stimulate economic potential and address external challenges [1][2]. Group 1: Economic Policy Framework - The 2026 policy will exhibit more pronounced "cross-cycle" characteristics, with interest rate cuts and reserve requirement ratio reductions remaining viable policy tools [2]. - The conference introduced five new "musts" for economic policy, including the need to fully tap economic potential and to combine policy support with reform innovation [2][3]. - The focus on balancing total supply and demand, as well as enhancing quality while expanding total volume, will significantly influence the macro policy framework for 2025 [2]. Group 2: Monetary Policy - The implementation of a moderately loose monetary policy is to continue, with a focus on stabilizing economic growth and ensuring reasonable price recovery [3]. - The use of various policy tools, including interest rate cuts and reserve requirement reductions, is expected to be flexible and efficient, indicating that these remain options for policy action [3]. - Financial institutions are encouraged to support key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises, reflecting the priority of domestic demand in financial policy [3].

Core Viewpoint - The new Federal Reserve Chair's hawkish stance on interest rate cuts has led to a shift in market expectations, indicating a lower likelihood of extreme hawkishness in future monetary policy, which is expected to support a strong spring rally in Hong Kong stocks due to liquidity easing and potential excess capital inflow [1][18]. Group 1: Spring Rally in Hong Kong Stocks - The spring rally in Hong Kong stocks (from Christmas to before the Spring Festival) is expected to occur, with historical data showing a high probability of gains for the Hang Seng Technology Index and the Hang Seng Index during this period, at 72.7% and 80.0% respectively, with median gains of 6.3% and 4.7% [2][17]. - The current market conditions suggest that the spring rally will not be hindered by liquidity concerns, as the peak of stock unlocks has passed, and the market is not overly worried about the impact of Japanese interest rate changes [18]. Group 2: Historical Performance and Trends - Over the past 15 years, the spring rally has consistently shown strong performance, with the Hang Seng Technology Index achieving an average gain of 4.7% and the Hang Seng Index 3.8% during this period [2][17]. - The occurrence of a spring rally is often linked to factors such as liquidity easing and positive macroeconomic data, as seen in strong years like 2021 and 2023 [16][18]. Group 3: Market Sentiment and Future Expectations - The market's expectation of a dovish Federal Reserve Chair, following a significant drop in the probability of the hawkish candidate, suggests that the upcoming monetary policy will likely support market stability and growth [1][18]. - Anticipation for developments in DeepSeek's model and advancements in domestic internet companies' consumer applications is expected to positively influence the fundamentals of the Hang Seng Technology Index in the near future [18].

健信超导扎根医用磁共振成像设备核心部件行业多年，形成了包括1.5T、3.0T及开放式零挥发超导磁体 和1.5T无液氦超导磁体在内丰富的产品矩阵，已成为全球排名第一的超导磁体独立供应商。 尊敬的各位嘉宾、各位投资者朋友： 大家好！ 非常感谢各位参加宁波健信超导科技股份有限公司首次公开发行股票并在上交所科创板上市网上投资者 交流活动。在此，我谨代表广发证券，向大家表示热烈的欢迎及衷心的感谢！ 作为健信超导本次发行上市的保荐人及主承销商，广发证券在与公司长期合作进程中，既见证其稳健快 速发展，亦深切体会到公司管理层具备的超前行业洞察力与深厚的从业经验。我们相信，以本次发行上 市为重要契机，健信超导必将在为国内企业提供更多超导技术国产方案的同时，努力开拓全球市场，开 启高质量发展新篇章。 在今天的网上交流中，我们将认真负责地回答各位投资者和各位朋友提出的问题，让大家能更全面、深 入地了解健信超导，把握投资机会，共享健信超导发展的硕果。欢迎大家踊跃提问，积极参与申购。 最后，预祝健信超导首次公开发行A股圆满成功！谢谢大家！ （文章来源：上海证券报） 在零挥发超导技术领域，公司追平了与国际巨头约20年的技术差距，并通过设 ...

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Investment Rating - The report indicates a positive outlook for the insurance sector, recommending specific companies such as China Pacific Insurance, China Ping An, China Life (H), and China Taiping, while also recommending New China Life Insurance [4][17]. Core Insights - The financial industry experienced a mixed performance, with the non-bank financial index rising by 0.81%, outperforming the CSI 300 index by 0.89 percentage points. The insurance sector showed a notable increase of 2.36%, while the banking sector declined by 1.77% [2][11]. - The central economic work conference emphasized a proactive fiscal policy, which is expected to benefit the insurance sector by increasing infrastructure asset supply and improving credit risk perceptions [14][15]. - The report highlights the potential for valuation recovery in the brokerage sector, driven by regulatory changes that align public fund interests with long-term investor returns [18][19]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index rose by 0.81%, with the insurance sector outperforming the CSI 300 index by 2.44 percentage points [2][11]. - The banking sector underperformed, with a decline of 1.77%, attributed to macroeconomic policy expectations [3][21]. 2. Insurance Sector Data Tracking - The insurance sector's premium income showed steady growth, with life insurance and property insurance premiums increasing by 9.6% and 4.0% year-on-year, respectively [17][26]. - The report notes that the 10-year government bond yield decreased to 1.84%, which is favorable for the insurance sector's investment strategies [31]. 3. Brokerage Sector Data Tracking - The brokerage sector's PB valuation stands at 1.37x, indicating potential for valuation recovery as earnings improve [19][42]. - Regulatory changes in public fund sales are expected to enhance the industry's focus on long-term investor interests [18][19]. 4. Banking Sector Data Tracking - The banking sector's PB valuation is at 0.54x, suggesting it remains undervalued [21][25]. - The central economic work conference's focus on domestic demand and flexible monetary policy is expected to support the banking sector's growth [22][23].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The non-bank financial index increased by 0.81%, outperforming the CSI 300 index which decreased by 0.08%. The brokerage and insurance sectors continue to show good trends, with valuations at low levels and relatively stagnant performance throughout the year. The Federal Reserve's interest rate cuts are beneficial for the equity market, directly favoring the profitability of securities firms' overseas businesses due to lower liability costs and asset expansion [4][5] - The average daily trading volume of stock funds reached 2.39 trillion, a 15.1% increase month-on-month, indicating a recovery in trading activity. The cumulative average daily trading volume for the year is 2.05 trillion, a 69.5% year-on-year increase [5] - The China Securities Regulatory Commission's recent positive stance signals a potential "policy easing period" for the industry, which may lead to an increase in leverage limits and support for the profitability of the securities industry. The report recommends focusing on strategic opportunities in undervalued leading companies in the brokerage and insurance sectors [5][6] Summary by Sections Brokerage Sector - The Federal Reserve's interest rate cuts are favorable for the overseas business of brokerages, and new regulations are set to standardize fund sales practices. The report highlights three main lines of recommended stocks: Huatai Securities, Guotai Junan, and CICC for their advantages in overseas and institutional business; GF Securities and Dongfang Securities for their wealth management strengths; and Guosen Securities for its retail advantages [5][6][7] Insurance Sector - The liability side is expected to achieve a "good start," with the transformation of dividend insurance continuing to progress. The demand for "savings" from residents is likely to persist, and the insurance distribution channel is expected to maintain high growth. On the asset side, stable long-term interest rates and a favorable equity market are expected to boost investment returns in the medium to long term [6][7]

Core Insights - The article highlights the strategic transformation of Guangfa Securities from a product-selling model to a client-centric investment advisory approach, emphasizing the importance of generating returns for clients [2][4]. Group 1: Company Performance - As of the end of Q3 2023, over 95% of clients holding the "Qiji" series solutions for more than three months have reported profits, indicating the effectiveness of the company's investment strategies [1][3]. - The company’s financial product distribution scale reached 350 billion yuan, reflecting a 30% increase compared to the end of 2022, positioning it among the top tier in the industry [1][3]. Group 2: Strategic Transformation - Guangfa Securities initiated a strategic shift in 2016 towards a buy-side advisory model, focusing on client profitability and embedding this philosophy into its corporate culture [2][4]. - The company has implemented a clear transformation path, including the launch of the "Star Investment Advisor" training system in 2016 and the introduction of the "Qiji" series asset allocation solutions in 2023 [2][4]. Group 3: Service Logic Reconstruction - The transformation is based on the "Three Transformations" principle: buy-side advisory, asset allocation, and solution-oriented services, fundamentally restructuring the service logic [4]. - The company has reformed its advisor assessment system to focus on client account returns and satisfaction rather than sales volume, aligning advisor incentives with client interests [4]. Group 4: Team and Technology Integration - Guangfa Securities has built a robust advisory team exceeding 4,700 members, ranking second in the industry, and has embraced digital transformation to enhance service delivery [5]. - The company has developed a comprehensive suite of digital tools to support advisors in market analysis, client profiling, product selection, and risk monitoring, allowing them to focus on complex decision-making and client relationships [5]. Group 5: Future Outlook - The company anticipates the full emergence of the 2.0 era of wealth management in China, positioning itself as a "private wealth steward" to assist families in navigating economic cycles [6].

中国经济网北京12月13日讯 北京证券交易所上市委员会2025年第43次审议会议于昨日召开，审议 结果显示，广东美亚旅游科技集团股份有限公司（简称"美亚科技"）首发符合发行条件、上市条件和信 息披露要求。这是今年过会的第93家企业（其中，上交所和深交所一共过会51家，北交所过会42家）。 美亚科技的保荐机构为广发证券股份有限公司，保荐代表人为陈胜圳、郭国。这是广发证券今年保 荐成功的第3单IPO项目。此前，9月12日，广发证券保荐的雅图高新材料股份有限公司过会；10月21 日，广发证券保荐的宁波健信超导科技股份有限公司过会。 美亚科技是国内知名的泛商旅综合解决方案提供商，下设美亚航旅、美亚商旅、美亚旅行三大业务 板块，主要面向旅业同行客户和企事业客户，提供涵盖航旅票务、商旅管理和会奖旅游三大场景的数字 化泛商旅出行服务。 截至招股说明书签署日，公司股权结构分散，单一股东持股比例均未超过50.00%，不存在单一股 东对股东会的决议产生重大影响的情形，因此公司无控股股东。截至招股说明书签署日，伍俊雄、陈培 钢、陈连江、蔡洁雯为公司的共同实际控制人，广州旅商投资合伙企业（有限合伙）（简称：广州旅 商）认定为实际控制 ...