Core Viewpoint - The most unfavorable phase for institutions is about to pass, with a shift in market dynamics expected as December approaches, leading to a stronger correlation between market movements and fundamentals [1] Group 1: Market Timing and Trends - The period from December to January is identified as an excellent time for positioning in the market, particularly for sectors with favorable annual report forecasts [1] - The "spring market excitement" window, lasting approximately 20 trading days, is anticipated between the Spring Festival and the Two Sessions, characterized by a shift from low to high win rates and a transition from large-cap to small-cap styles [1] Group 2: Market Adjustments - Many sectors have already experienced an average adjustment of around 20%, aligning with historical averages for mainline varieties, suggesting that December is a suitable time to start monitoring these sectors [1]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Views - The insurance sector is preparing actively for the 2026 "opening red" period, with a focus on dividend insurance products, which are expected to outperform traditional insurance due to higher yield rates [6] - The brokerage sector continues to show high profitability, with wealth management, investment banking, and overseas business expected to drive earnings improvement [5][7] - The long-term interest rates are stabilizing at the bottom, which is expected to support the asset side logic and improve the liability cost for insurance companies [6] Summary by Sections Insurance Sector - The insurance companies are gearing up for the 2026 "opening red" with dividend insurance becoming the main product, offering a yield rate significantly higher than traditional insurance [6] - The market share of listed insurance companies is expected to increase due to the expansion of bank insurance channels and the release of "storage demand" [6] - The overall outlook for the liability side is optimistic, with potential improvements in the value rate of dividend insurance supported by rate adjustments and structural optimization [6] Brokerage Sector - The average daily trading volume of stock funds from January to November increased by 77.1% year-on-year, indicating strong market activity [7] - The China Securities Regulatory Commission has proposed to include commercial real estate in the public REITs pilot program, which is expected to enhance the market for REITs [7] - Major brokerage firms are expected to see significant ROE expansion under the current growth-oriented strategy, with low valuations presenting strategic allocation opportunities [7] Recommended Stocks - Recommended stocks include China Pacific Insurance, Ping An Insurance, China Life Insurance H, Huatai Securities, Guotai Junan, and others [8]

Core Insights - The seventh Sina Finance Golden Unicorn Best Analyst Awards were announced on November 28, highlighting the achievements of various research teams and analysts in the capital markets [1] Group 1: Awards and Recognitions - GF Securities' research team was awarded "Best Research Institution Second Place" and "Most Honorable Research Institution Fifth Place" [1] - GF Securities won awards in 24 research fields, with 6 industries achieving first place [1] - Analyst Jiang Tao from GF Securities was honored with the "Golden Unicorn Securities Analyst - Future Star" award in the public utilities sector [1]

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]

Core Insights - 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] Group 1: Event Overview - The event highlighted the future opportunities in the Chinese capital market, emphasizing collaboration among various financial professionals [1] - The results of the 7th Sina Finance Golden Unicorn Outstanding Research Institution evaluation were announced during the conference [1] Group 2: Award Winners - The top ten institutions recognized for their research capabilities in frontier technology are as follows: 1. Guangfa Securities 2. Changjiang Securities 3. Guosheng Securities 4. Industrial Securities 5. Tianfeng Securities 6. Guotai Junan Securities 7. CITIC Securities 8. Zheshang Securities 9. Dongwu Securities 10. Zhongtai 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 retail and social services sector were recognized, with the first place awarded to the Changjiang Securities Research Team led by Chief Analyst Zhao Gang, followed by the Guangfa Securities Research Team and the Guotai Haitong Securities Research Team in second and third places respectively [3] - The awards highlighted the contributions of various research teams, including those from Industrial Securities, Dongwu Securities, Zheshang Securities, and Tianfeng Securities, showcasing a diverse range of expertise in the industry [3]

Core Insights - 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] Group 1: Event Overview - The event highlighted the future opportunities in the Chinese capital market [1] - The 7th Sina Finance Golden Unicorn Awards recognized outstanding research institutions [1] Group 2: Award Results - The top research institutions recognized were: - 1st: Shenwan Hongyuan Securities - 2nd: Changjiang Securities - 3rd: Guotai Junan Securities - 4th: Tianfeng Securities - 5th: GF Securities - 6th: Guoxin Securities - 7th: Industrial Securities - 8th: CITIC Securities - 9th: Zheshang Securities - 10th: Guolian Minsheng 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 food and beverage industry for the 7th Sina Finance Golden Unicorn Awards are as follows: 1. First place: Guotai Junan Securities Research Team, led by Chief Analyst Zi Meng and Co-Chief Analyst Yan Huijing, with team members including Xu Yang, Yao Shijia, and others 2. Second place: GF Securities Research Team, led by Chief Analyst Fu Rong, with team members including Hao Yuxin, Wu Siying, and others 3. Third place: Changjiang Securities Research Team, led by Chief Analyst Dong Siyuan, with team members including Xu Shuang, Fan Chenhao, and others 4. Fourth place: Huachuang Securities Research Team, led by Chief Analyst Ouyang Yu, with team members including Fan Zipan, Tian Chenxi, and others 5. Fifth place: Zheshang Securities Research Team, led by Chief Analyst Yang Ji, with team members including Sun Tianyi, Du Wanze, and others 6. Sixth place: Huaxi Securities Research Team, led by Chief Analyst Kou Xing, with team members including Lu Zhouwei, Wu Yue, and others 7. Seventh place: Dongwu Securities Research Team, led by Chief Analyst Su Cheng, with team members including Guo Xiaodong, Li Yinqi, and others 8. Eighth place: Shenwan Hongyuan Securities Research Team, led by Chief Analyst Lv Chang, with team members including Zhou Yuan 9. Ninth place: Tianfeng Securities Research Team, led by Chief Analyst Zhang Xiaoqian and Co-Chief Analyst Chen Xiao, with team members including Tang Jiaquan, Li Benyuan, and others [3]

Group 1 - 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] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top teams in the 7th Sina Finance Golden Unicorn Strategy Research "Best Analyst" awards are as follows: - 1st place: Guangfa Securities Research Team, led by Chief Analyst Liu Chenming and Co-Chief Zheng Kai, with team members including Li Rujuan, Ni Gen, Xu Xiangzhen, Zhao Yang, Yu Kecheng, Chen Zhenwei, Yang Zezhen, and Yang Qingyuan [3] - 2nd place: Shenwan Hongyuan Securities Research Team, led by Chief Analyst Fu Jingtai, with team members including Lin Limei, Jin Qianjing, Lu Haocuan, Liu Yajing, Feng Xiaoyu, Dong Yi, Wang Xueying, Hao Danyang, Wei Chunze, Cheng Xiang, Li Yimin, and Wang Sheng [3] - 3rd place: Guolian Minsheng Securities Research Team, led by Chief Analyst Bao Chengchao, with team members including Deng Yulin, Zhang Xiaochun, Wu Andong, Wan Qingyu, Xiao Yaozhi, Zhou Changmin, Fu Qitai, and Xiao Huihuang [3] - 4th place: Tianfeng Securities Research Team, led by Chief Analyst Wu Kaida, with team members including Lin Chen, Sun Ximin, Xiao Feng, and Ye Huichao [3] - 5th place: Industrial Securities Research Team, led by Chief Analyst Zhang Qiyao, with team members including Zhang Qianting, Cheng Luyao, Hu Siyu, Zhang Xun, Chen Yuhao, Chen Gongyi, Lin Yi, Xia Qiu, Geng Anchuan, Yu Chenfeng, Wu Feng, and Yang Zhenyu [3] - 6th place: Zheshang Securities Research Team, led by Chief Analyst Liao Jingchi and Co-Chief Wang Yang, with team members including Wang Daji, Gao Qisheng, Zhao Wenkai, Huang Yucheng, Li Pei, Chen Hao, Lin Qi, and An Jian [3] - 7th place: China Merchants Securities Research Team, led by Chief Analyst Zhang Xia, with team members including Tu Jingqing, Chen Xingyu, Tian Dengwei, Li Haoyang, and Guo Jiayi [3][4]

（首席分析师：张韦华；团队成员：司旗、宋尚骞、刘亚辉） 第二名 广发证券研究团队 （首席分析师：姜涛；联席首席：郭鹏；团队成员：许子怡、郝兆升） 第三名 华源证券研究团队 专题：2025分析师大会：资本市场"奥斯卡"启幕 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公用事业行业"最佳分析师"荣誉榜如下： 第一名 长江证券研究团队 （首席分析师：郭丽丽；团队成员：无） 责任编辑：凌辰 （首席分析师：查浩；团队成员：刘晓宁、邹佩轩、戴映炘、邓思平、蔡思、邱达治） 第四名 天风证券研究团队 ...