Group 1 - The 2025 Securities Times Analyst Annual Conference and Best Analyst Award Ceremony was held in Suzhou, featuring over 60 securities firms, nearly 100 listed companies, and around 2,000 guests [2][3] - The conference theme was "Going Far by Starting Small," focusing on enhancing financial service quality to support the real economy [2] - The event included a main forum and specialized forums, showcasing the strongest research teams and discussing investment hotspots [2][3] Group 2 - The 2025 Best Analyst Award winners were announced, with notable firms like Changjiang Securities, GF Securities, and others recognized for their research capabilities [3] - The award for "Visionary Investment Institutions" was given based on voting accuracy across 30 research areas, with several prominent funds receiving accolades [4] - Over 800 institutions participated in the voting process, managing assets exceeding 100 trillion yuan, marking a significant milestone [4] Group 3 - The conference included discussions on investment strategies for 2026, with insights from top analysts on macroeconomic trends and market directions [5] - Key themes included the rise of global narratives, economic differentiation, and the performance of precious metals and emerging market stocks [6] - Analysts expressed a cautious outlook for 2026, anticipating a narrowing of economic temperature differences and potential policy space in the real estate sector [6][7]

Group 1 - The total trading volume on the Longhu list has exceeded 60 trillion yuan, marking a growth of over 65% compared to the entire year of 2024, and setting a new historical record since the 2015 bull market [1] Group 2 - Dongfang Caifu Securities maintains its leading position with 7 branches in the top 100, achieving a total trading volume of 5119.37 billion yuan, with Lhasa Tuanjie Road No. 1 Securities Branch ranking first at 1233.75 billion yuan [3] - Guotai Haitong Securities has the highest number of branches in the top 100, with 13 branches totaling 4099.43 billion yuan, and the Shanghai Jing'an District New Zha Road branch notably rising from 559th to 13th place [3] - Foreign securities firms have seen significant ranking improvements, with UBS Shanghai Huayuan Shiqiao Road branch moving from 69th to 9th, and Goldman Sachs (China) Shanghai Pudong New District Century Avenue branch rising from 19th to 10th [3] - Smaller securities firms are also active, with Kaiyuan Securities Xi'an Xida Street branch jumping from 27th to 4th place, increasing its trading volume nearly eightfold [3] - Hualin Securities Beijing branch made a remarkable leap from 2588th to 28th place, improving its ranking by over 2500 positions [3] Group 3 - The advantages of internet branches continue to be evident, with Guosen Securities Zhejiang Internet branch's trading volume surging by 300% compared to the entire year of 2024, now ranking 11th on the Longhu list [4]

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A shares) and will be listed on the main board of the Shanghai Stock Exchange [1][2]. Group 1: IPO Details - The stock name is "Xihua Technology" with the stock code "603248" [2]. - The IPO will involve a total issuance of 100 million shares at a price of RMB 10.10 per share, representing 21.74% of the total share capital post-issuance [2][3]. - The initial strategic placement was set at 30 million shares, which is 30% of the total issuance, with the final strategic placement amounting to approximately 28.50% of the total issuance [3][4]. Group 2: Subscription and Allocation - The final allocation after the strategic placement resulted in 5,050.4951 million shares for offline issuance and 2,100 million shares for online issuance [3][4]. - The online subscription saw an initial effective subscription multiple of 7,423.41 times, leading to the activation of a mechanism to adjust the allocation between offline and online investors [4]. - The final online issuance quantity was 49,602,000 shares, accounting for 69.37% of the adjusted total, while the offline issuance was 2,190,295.51 shares, making up 30.63% [4][5]. Group 3: Financial Aspects - The total expenses for the IPO amounted to RMB 84.2343 million, including underwriting fees, audit fees, legal fees, and other costs [11]. - The underwriting fees were RMB 55.5 million, while audit and legal fees were RMB 1.33962 million and RMB 0.64151 million, respectively [11]. - The underwriting firm will cover all shares that were not subscribed by investors, totaling 307,509 shares, which is 0.31% of the total issuance [10].

Core Viewpoint - Guotai Junan has launched the upgraded version of its AI-native investment app, Lingxi APP 2.0, which aims to enhance user experience through full AI interaction and lifecycle support, marking a significant evolution in the brokerage industry's intelligent service model [1][17]. Group 1: AI Interaction and User Experience - Lingxi APP 2.0 features an integrated interface for monitoring, trading, dialogue, and live streaming, allowing AI services to be deeply embedded in the investment decision-making process [2]. - The app introduces six different AI investment assistants with various personas, providing 24/7 support and transforming AI from a tool into a partner for users [2][5]. Group 2: Advanced Dialogue and Understanding - The app's dialogue system has advanced to provide professional companionship throughout the investment journey, integrating vast financial databases and real-time market data [5]. - It utilizes a memory intelligence system to accurately capture user preferences and trading habits, enhancing the AI's ability to understand user needs [5][11]. Group 3: Comprehensive Investment Support - Lingxi APP 2.0 offers a full-cycle AI service that supports users before, during, and after investments, enhancing long-term investment success rates [11]. - The app combines market analysis with personal diagnostics and strategy tracking, providing a one-stop investment decision-making engine [11]. Group 4: Innovative Trading Features - The app introduces a dual-layout trading interface that improves user experience and efficiency, allowing for quick access to key information without navigating away [13]. - Users can execute trades using natural language commands, enhancing responsiveness and precision in a dynamic market environment [13]. Group 5: Ecosystem and Future Development - Guotai Junan is committed to an "open securities" philosophy, collaborating with various AI platforms to expand service scenarios and enhance user experience [16]. - The transition from version 1.0 to 2.0 has resulted in significant improvements, including a 135% increase in service scenario replacement rate and a 105% increase in the accuracy of AI responses [16].

12月17日，被誉为"券商界奥斯卡"的第23届新财富最佳分析师评选结果正式出炉。 宏观经济领域，广发证券郭磊团队再获第一，华创证券张瑜、浙商证券李超、东吴证券芦哲、长江证券于博等研究小组分列其后。 策略研究领域，最佳分析师榜首为广发证券刘晨明研究小组，此后依次是申万宏源证券傅静涛、国联民生证券包承超、兴业证券张启尧、天风证券吴开达等 研究小组。 固收研究领域，华泰证券张继强位列第一，从2019年至今，团队已蝉联七届第一名；金融工程领域，兴业证券郑兆磊团队位列第一；银行领域，浙商证券梁 凤洁团队位列第一。 从机构直接投票选出的新财富最具影响力研究机构榜单来看，今年长江证券、广发证券、国泰海通证券、申万宏源证券、兴业证券摘得前五名。 从个人类奖项来看，浙商证券邱冠华获得巨匠分析师，长江证券邬博华、国联民生证券管泉森获得百星分析师，兴业证券孙媛媛、国盛证券何亚轩获得黄金 分析师。 | | | 東玲玲等 | | | --- | --- | --- | --- | | 3 | 浙商证券 | 研究小组（李超、林成炜、廖博、潘高 | 38987.917 | | | | 远、费瑾、陈冀、祁星等) | | | 4 | 东吴证券 ...

Group 1: Overall Rankings - The top-ranked research team is from GF Securities with a total score of 43316.423 [1] - The second place is held by Zheshang Securities with a score of 38987.917 [2] - The third position is occupied by Dongwu Securities with a score of 33427.801 [2] Group 2: Fixed Income Research - Huatai Securities ranks first in fixed income research with a score of 40340.296 [3] - Huaxi Securities follows in second place with a score of 31481.596 [3] - Yongan Securities is in third place with a score of 29564.247 [3] Group 3: Banking Sector - Zheshang Securities leads the banking sector with a score of 39943.811 [6] - Zhongtai Securities is in second place with a score of 32853.243 [6] - CITIC Construction Investment Securities ranks third with a score of 27210.612 [6] Group 4: Real Estate Sector - GF Securities ranks first in the real estate sector with a score of 46820.521 [7] - Changjiang Securities follows closely in second place with a score of 46290.409 [7] - Industrial Securities is in third place with a score of 31067.83 [7] Group 5: Electronics Sector - Zhongtai Securities leads the electronics sector with a score of 43237.391 [8] - Changjiang Securities is in second place with a score of 42166.206 [8] - GF Securities ranks third with a score of 29990.201 [8] Group 6: Chemical Sector - Shenwan Hongyuan Securities ranks first in the chemical sector with a score of 47658.726 [11] - Changjiang Securities follows in second place with a score of 46460.716 [11] - Guohai Securities is in third place with a score of 28746.495 [11] Group 7: Energy Sector - Changjiang Securities leads the energy sector with a score of 53802.76 [12] - Guosheng Securities is in second place with a score of 37234.974 [12] - GF Securities ranks third with a score of 26264.694 [12] Group 8: Transportation Sector - Changjiang Securities ranks first in the transportation sector with a score of 60044.382 [13] - Shenwan Hongyuan Securities is in second place with a score of 49153.183 [13] - Huachuang Securities ranks third with a score of 27952.359 [13] Group 9: Consumer Sector - Changjiang Securities leads the consumer sector with a score of 233982.376 [26] - Guotai Junan Securities is in second place with a score of 155271.877 [26] - GF Securities ranks third with a score of 140598.215 [26] Group 10: Best Research Teams - GF Securities is recognized as the best research team overall with a total score of 95012.572 [22] - Changjiang Securities follows in second place with a score of 92236.472 [22] - Guotai Haitong Securities ranks third with a score of 67717.896 [22]

Core Insights - The 2025 Securities Times Best Analyst results have been released, showcasing the top research teams across various sectors in the investment banking industry [1]. Group 1: Macro Economy - The top three research teams in the macro economy sector are: 1. GF Securities with a score of 43,316.423 2. Huachuang Securities with a score of 41,109.579 3. Zheshang Securities with a score of 38,987.917 [3][4]. Group 2: Strategy Research - The leading teams in strategy research are: 1. GF Securities with a total score of 56,425.933 2. Jike Yiyuan with a score of 37,718.265 3. Guolian Minsheng Securities with a score of 36,072.893 [4]. Group 3: Fixed Income Research - The top teams in fixed income research include: 1. Huatai Securities with a score of 40,340.296 2. Huaxi Securities with a score of 31,481.596 3. Yongshimeixue with a score of 29,564.247 [5]. Group 4: Non-Banking Financial Institutions - The leading non-banking financial research team is: 1. Guotai Haitong Securities with a score of 42,038.478 [7]. Group 5: Real Estate - The top teams in real estate research are: 1. GF Securities with a score of 46,820.521 2. Changjiang Securities with a score of 46,290.409 3. Industrial Securities with a score of 31,067.83 [9]. Group 6: Electronics - The leading teams in electronics research are: 1. Zhongtai Securities with a score of 43,237.391 2. Changjiang Securities with a score of 42,166.206 3. GF Securities with a score of 29,990.201 [10]. Group 7: Computer - The top teams in computer research include: 1. Guosen Securities with a score of 35,633.713 2. Industrial Securities with a score of 31,972.141 [11]. Group 8: Chemical Industry - The leading team in the chemical sector is: 1. Jiangxi Securities with a score of 47,658.726 [13]. Group 9: Transportation and Storage - The top teams in transportation and storage research are: 1. Changjiang Securities with a score of 60,044.382 2. Jiachang Securities with a score of 49,153.183 [19]. Group 10: Food and Beverage - The leading teams in food and beverage research are: 1. Guotai Haitong Securities with a score of 45,045.012 2. Huachuang Securities with a score of 38,286.761 [20].

Core Insights - The article discusses the results of the 2025 Securities Times Best Analyst Awards, highlighting the top-performing research teams and their scores across various categories [1]. Macro Economy - The top research team in the macroeconomic category is from GF Securities, scoring 43316.423 points [4]. - Other notable teams include Zheshang Securities and Dongwu Securities, with scores of 38987.917 and 33427.801 respectively [6]. Fixed Income Research - Huatai Securities leads in fixed income research with a score of 40340.296 [7]. - Other top teams include Huaxi Securities and Huachuang Securities, scoring 31481.596 and 29564.247 respectively [7]. Financial Engineering Research - The top team in financial engineering is from Industrial Securities, scoring 41139.758 [7]. - Guosheng Securities and Changjiang Securities follow with scores of 36381.614 and 36238.989 respectively [7]. Banking - Zheshang Securities ranks first in the banking category with a score of 39943.811 [8]. - Other teams include Zhongtai Securities and CITIC Construction Investment, with scores of 32853.243 and 27210.612 respectively [8]. Non-Banking Financial - Guotai Junan Securities tops the non-banking financial category with a score of 42038.478 [9]. - GF Securities and Dongwu Securities follow with scores of 36687.686 and 36036.066 respectively [9]. Real Estate - GF Securities leads in real estate research with a score of 46820.521 [10]. - Changjiang Securities and Industrial Securities follow closely with scores of 46290.409 and 31067.83 respectively [10]. Electronics - The top team in electronics is from Zhongtai Securities, scoring 43237.391 [10]. - Changjiang Securities and GF Securities follow with scores of 42166.206 and 29990.201 respectively [10]. Computer - Guosheng Securities ranks first in the computer category with a score of 35633.713 [11]. - Industrial Securities and Tianfeng Securities follow with scores of 31972.141 and 31527.817 respectively [11]. Media and Culture - GF Securities leads in media and culture research with a score of 48879.888 [11]. - Dongwu Securities and Guohai Securities follow with scores of 34768.707 and 33765.945 respectively [11]. Chemical - Jiguangyuan Securities ranks first in the chemical category with a score of 47658.726 [12]. - Changjiang Securities and Guohai Securities follow with scores of 46460.716 and 28746.495 respectively [12]. Energy and Utilities - Huayuan Securities leads in energy and utilities research with a score of 54301.389 [13]. - Changjiang Securities and GF Securities follow with scores of 52990.649 and 35645.292 respectively [13]. Overall Rankings - The overall top research team is from Changjiang Securities with a score of 53802.76 [14]. - Guosheng Securities and GF Securities follow with scores of 37234.974 and 26264.694 respectively [14]. Best Industry Research Teams - In the financial sector, GF Securities ranks first with a total score of 95012.572 [26]. - In technology, GF Securities also leads with a score of 138087.874 [28]. - In energy and materials, Changjiang Securities ranks first with a score of 336474.84 [29].

2025年证券时报最佳分析师评选中，国泰海通 共斩 获 32 项大 奖 ， 在"最佳研究团队"、"最具影响力研究机构"、" 最佳销售服务团队 "、" 可持续发展研 究贡献机构" 四项机构大奖中均位列前五 。 "最佳分析师"奖项中，共有 19个 研究团队入围， 食品饮料、 非银行金融 团队 摘 得榜首； 批零和社会服务业、 非金属类建材 团队获第二名； 医药生物 获第三名； 家电、化工、 金属和金属新材料、 通信 获前五名。 电子 研究团队获"最具潜力分析师"。 销售类奖项中， 上海、北京、广深销售团队 均获 区域前三名。 获奖详情如下： 【 | 国泰海通址: 2025 年度 2025 年度 最佳分析师 最佳分析师 食品饮料 非银行金 第 1 第1 国家语期止 2025 年度 2025 年度 最佳分析师 最佳分析师 批零和 非金属建 社会服务 第2 第2名 2025 年度 2025 年度 最佳分析师 家电 新財富 最佳分析师 医药生物 IATK 传播与文化 IF 国泰国通址分 国泰母通址? 2025 年度 2025 年度 最佳分析师 最具潜力分析师 25 策略研究 曲子 研究团队 FS 新財富 杂志 国泰母退止 ...

Core Viewpoint - Artificial intelligence (AI) is a strategic force driving the current technological revolution and industrial transformation, becoming the core engine for high-quality development in the securities industry. Guotai Haitong actively implements the "All in AI" strategy, focusing on optimizing asset allocation for residents and leading a "dual reconstruction" in wealth management [1]. Group 1: AI Application and Development - On December 17, Guotai Haitong launched the upgraded version of its AI-native intelligent app, Lingxi APP 2.0, at the "7th International Financial Technology Forum" [2]. - Lingxi APP 2.0 features an "all-AI interactive experience" and aims to provide "full lifecycle companionship," marking a transition from an "AI native application" to an "AI investment partner" throughout the user journey [2]. - The upgrade from version 1.0 to 2.0 includes significant improvements in underlying capabilities, service closure, and customer experience, achieving a 135% increase in the replacement rate of AI service scenarios and a 105% improvement in the accuracy of AI Q&A capabilities [2]. Group 2: User Experience and Interaction - Lingxi APP 2.0 offers a fully integrated interface for "market watching, trading, dialogue, and live streaming," embedding AI services deeply into the investment decision-making process [3]. - The app introduces six different persona-based intelligent investment assistants, providing 24/7 companionship and support tailored to user preferences, marking a shift from "tool" to "partner" [3]. - The dialogue system has been upgraded to provide deep understanding and multi-turn reasoning capabilities, enhancing the user experience with intelligent stock selection, market monitoring, and risk assessment [5]. Group 3: Comprehensive Investment Support - Lingxi APP 2.0 provides a full-cycle AI support system, offering wisdom companionship and strategy tracking throughout the investment process, thereby enhancing long-term investment success rates [8]. - The app integrates a one-stop investment decision engine that combines market analysis, personal diagnostics, and strategy tracking, allowing users to make informed decisions based on their investment personality and market conditions [8]. Group 4: Trading Innovations - The app features a dual-layout trading interface that enhances user experience and trading efficiency, transitioning from manual execution to intelligent direct access for trading services [9]. - Users can perform trading queries, settings, or orders through natural language, with advanced features like intelligent conditional orders, enabling quick and precise responses in a dynamic market [9]. Group 5: Ecosystem and Future Development - Guotai Haitong is committed to an open securities philosophy, collaborating with various AI platforms to expand service scenarios and meet diverse user needs [12]. - The company aims to deepen AI innovation in wealth management, transforming AI applications into tangible benefits for users and contributing to the high-quality development of the industry [12].