Investment Rating - The report indicates a positive outlook for the insurance sector, with a recommendation to focus on strong insurance companies such as New China Life Insurance, China Ping An, China Life Insurance H, and China Taiping [2][17] Core Insights - The non-bank financial sector (Shenwan) index increased by 2.27%, outperforming the CSI 300 index by 0.99 percentage points, while the insurance sector saw a significant rise of 5.08% [1][9] - The insurance sector's growth is attributed to several factors, including a reduction in long-term stock holding risk factors, expected strong performance in dividend insurance products, and improved global liquidity due to anticipated interest rate cuts in the US [2][16] - The brokerage sector is expected to experience a valuation correction, with a current price-to-book (PB) ratio of 1.36x, indicating potential for recovery in profitability and valuation [2][19] - The banking sector has underperformed, with a decline of 1.18%, and is currently undervalued with a PB ratio of 0.55x, suggesting room for future valuation improvement [3][20] Summary by Sections Insurance Sector - The insurance index rose by 5.08%, significantly outperforming the CSI 300 index by 3.80 percentage points, driven by regulatory adjustments that lowered risk factors for long-term stock holdings [1][13] - The sector is expected to benefit from a favorable environment for dividend insurance products, with strong growth anticipated in the coming year [2][16] - Key recommendations include focusing on companies like New China Life Insurance and China Ping An, which are positioned for growth [17] Brokerage Sector - The brokerage index increased by 1.14%, with a current PB ratio of 1.36x, indicating a potential mismatch between profitability and valuation [2][19] - Regulatory changes are expected to enhance capital efficiency for leading brokerages, creating opportunities for investment in firms with strong fundamentals [2][18] - Recommended stocks include Guotai Junan, Huatai Securities, and Orient Securities, particularly those involved in mergers or restructuring [19] Banking Sector - The banking sector saw a decline of 1.18%, with a PB ratio of 0.55x, indicating that banks are currently undervalued [3][20] - Concerns about asset quality, particularly related to real estate and local government debt, have affected market perceptions, but there is potential for recovery as regulatory support continues [23][24] - Recommendations include focusing on high-quality city commercial banks in economically developed regions, such as Hangzhou Bank and Ningbo Bank [20][24]

Core Insights - The 21st Century Economic Report held its annual securities industry conference and the 2025 Fifth Golden Analyst Awards in Guangzhou, recognizing 25 institutions for their achievements in research and analysis [1] Group 1: Awards and Participants - The awards attracted participation from over 30 institutions, including prominent firms like GF Securities, Changjiang Securities, Guotai Junan, and Tianfeng Securities [1] - A total of 33 industry analyst awards and 8 special awards were established, covering traditional sectors such as banking and real estate, as well as emerging fields like robotics and innovative pharmaceuticals [1] Group 2: Performance of Institutions - Changjiang Securities, Guotai Junan, and GF Securities were the top performers, winning 23, 23, and 22 awards respectively, with GF Securities leading in nine sectors including strategy research and real estate [2] - Other notable institutions such as Dongwu Securities, Shenwan Hongyuan, and Industrial Securities also performed well, each securing over 10 awards [2] Group 3: Special Awards - Over 20 institutions received honors in the institutional category, with GF Securities, Changjiang Securities, Guotai Junan, and CITIC Securities each winning three institutional awards [3] - In the personal awards category, 10 chief economists were recognized as "Best Chief Economist for High-Quality Development 2025," while 25 analysts were awarded "2025 Growth Analyst" titles [3]

2025.12. 06 本文字数：1028，阅读时长大约2分钟 作者 | 第一财经 周楠 中国证券业协会（下称"中证协"）新一届负责人名单出炉。 12月6日，中证协第八次会员大会在京召开，选举产生了协会第八届理事会、监事会。国泰海通证券党 委书记、董事长朱健当选为第八届协会常务理事、会长。 中证协成立30多年来，此前先后有七位会长（或理事长），分别为郭振乾、常振明、庄心一、黄湘 平、陈共炎、安青松、赵山忠。多人曾在监管系统任职，其中庄心一曾任证监会副主席，黄湘平曾任湖 北证监局党委书记、局长兼武汉稽查局局长。 2021年之后，中证协的两任会长安青松、赵山忠，也均来自监管部门。其中，安青松曾任证监会上市 公司监管部副主任、青岛证监局局长、天津证监局局长等；赵山忠也曾是地方局负责人，曾任重庆证监 局党委书记、局长。 简历显示，朱健1971年6月出生，现年54岁，曾任中国证监会上海证管办信息调研处副处长，中国证 监会上海监管局信息调研处副处长、处长，中国证监会上海监管局办公室主任、机构二处处长，中国证 监会上海监管局局长助理、副局长，国泰君安副总裁。 2023年12月底，朱健重回"老东家"，担任国泰君安证券董事长， ...

Core Viewpoint - The appointment of Zhu Jian as the new chairman of the China Securities Association (CSA) is aimed at enhancing the quality and functionality of the securities industry, aligning it with national strategies [1] Group 1: Leadership Changes - Zhu Jian, chairman of Guotai Junan Securities, has been appointed as the new chairman of the CSA [1] Group 2: Strategic Focus - The CSA will focus on its core business, strengthen its functions, and improve its systems to promote high-quality development [1] - The association aims to effectively leverage the functions of the securities industry and enhance the investment and financing mechanisms [1] Group 3: Implementation and Guidance - The CSA will guide the implementation of the "14th Five-Year Plan" and direct the industry to integrate into national strategies [1]

Core Viewpoint - The chairman of Guotai Junan Securities, Zhu Jian, has been appointed as the new president of the China Securities Association, emphasizing a focus on risk prevention and strong regulation in the securities industry [1] Group 1: Leadership and Governance - Zhu Jian will lead the China Securities Association in aligning with the "14th Five-Year Plan" for the securities industry, focusing on top-level design [1] - The association aims to enhance governance rules through member collaboration, promoting a shared management system within the industry [1] Group 2: Risk Management and Professional Development - The new leadership will prioritize the prevention of systemic risks and the improvement of professional capabilities and core competencies within the industry [1]

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]

Group 1 - The core message of the meeting emphasizes the need for the new leadership of the China Securities Association to enhance member recognition, cohesion, and participation to improve collaborative governance and shared effectiveness [1] - The eighth member congress of the China Securities Association elected new leadership, including Zhu Jian as the president and several other industry representatives as executive vice presidents and directors [2] - The newly elected leadership includes prominent figures from various securities firms, indicating a diverse representation within the association [2][3] Group 2 - The meeting highlighted the importance of the association's role in promoting high-quality development in the capital market through a first-class investment banking and investment institution framework [1] - The election results reflect a strategic move towards strengthening the association's governance structure by involving industry representatives in key positions [2] - The new leadership aims to foster a collaborative environment among members to enhance the overall effectiveness of the association [1][2]

Core Points - The eighth member conference of the China Securities Association was held on December 6, where the new leadership was announced [1] - Zhu Jian from Guotai Junan Securities was appointed as the Executive Director and President [1] - Wu Yunhao from the China Securities Association was appointed as the Executive Director and Vice President [1] Group 1 - The new leadership includes several prominent figures from major securities firms, such as Liu Cheng from CITIC Securities and Lin Chuanhui from GF Securities, who were appointed as Executive Directors and Vice Presidents [1] - Other notable appointments include Liu Jian from Shenwan Hongyuan Securities, Zhou Yi from Huatai Securities, Zou Yingguang from CITIC Securities, Huo Da from China Merchants Securities, Zhang Nashan from Guosen Securities, Zeng Shan from Yimeng Co., and Chen Liang from China International Capital Corporation [1] - Supervisory roles were filled by Wang Sheng from Galaxy Securities as Chairman and Su Junliang from Industrial Securities as Vice Chairman [2]

吴清：国泰海通合并初步实现1+1>2的效果 证券行业积极融入经济社会发展全局，实力明显提升，推进国泰海通合并等标志性重组案例平稳落地， 初步实现"1+1＞2"的效果。 12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发表致辞。 吴清：A股实现了量的合理增长和质的有效提升 吴清指出，今年以来，A股市场总体活跃，市值从8月份开始超过100万亿，实现了量的合理增长和质的 有效提升。 吴清表示，证券机构是资本市场链接投融资各方最重要的桥梁，对市场功能和生态完善发挥至关重要。 证券公司总资产达到14.5万亿元，净资产约3.3万亿元，四年多来，增长分别超过60%和40%，服务1200 多家科技创新企业上市。证券行业结构不断优化，包括国泰海通合并等标志性案例平稳的推动，1+1>2 的效果初步实现。中小机构聚焦细分赛道取得突破，向差异化、特色化发展转变。外资机构在境内业务 加快布局，对外开放进一步推进，有11家外资独资或控股的公司在华开展业务，展业兴业。 吴清：证券公司和投资机构要与投资者共赢共进 证券公司和投资机构在权益投资、风险管理等方面专业优势明显，要对接投资者不同的风险偏好、不同 规 ...

Group 1 - The chairman of the China Securities Regulatory Commission, Wu Qing, stated that the securities industry is actively integrating into the overall economic and social development, with significant strength improvements [1][2] - The merger of Guotai Junan and Haitong Securities is highlighted as a landmark restructuring case that has been smoothly implemented, achieving a preliminary effect of "1+1>2" [1][2]