Economic Performance - Shanghai's GDP surpassed 4 trillion yuan in the first three quarters, with a financial market transaction volume growth of 12.7% year-on-year [1] - The manufacturing output increased by 8.5% year-on-year, and Shanghai Port's container throughput reached 50.56 million TEUs, expected to set a new annual record [1] - The region's GDP growth for the first three quarters was 5.5%, with strategic emerging industries accounting for 44.1% of the total industrial output [5] Development of "Five Centers" - The "Five Centers" initiative is driving high-quality economic and social development, with a focus on enhancing overall, platform, amplification, and radiation effects [1][4] - The establishment of the IMF Shanghai Center and other international organizations in the region signifies Shanghai's growing importance as a global financial hub [4] - Shanghai has seen a rise in high-tech enterprises, with 25,000 companies and an average of 320 new tech firms emerging daily [5] Innovation and Technology - Innovation is becoming a strategic cornerstone for the "Five Centers" construction, with significant growth in China's biopharmaceutical R&D market [9] - The internal rate of return for China's biopharmaceutical R&D is 8.5%, significantly higher than the 3.6% in the U.S., showcasing China's efficiency in innovation [9] - The city is focusing on key sectors like integrated circuits, biomedicine, and artificial intelligence to enhance its industrial competitiveness [10] Mergers and Acquisitions - Mergers and acquisitions are seen as a vital driver for resource optimization and economic transformation, with Shanghai's "M&A Twelve Articles" promoting a favorable environment for such activities [9][11] - By the end of September, Shanghai completed 25 M&A transactions totaling 220.4 billion yuan, enhancing the core competitiveness of industrial clusters [10] - The "M&A Alliance" aims to support over 1.2 trillion yuan in national M&A transactions and 400 billion yuan in the Shanghai region over the next three years [11] Future Goals and Challenges - The "Fifteen Five" period is viewed as a critical phase for Shanghai's "Five Centers" construction, emphasizing the need for continuous improvement and international benchmarking [12] - Shanghai aims to enhance its international shipping services and financial systems to compete with global leaders like Singapore and London [13] - The city is addressing challenges in offshore finance and cross-border services to strengthen its financial ecosystem [13]

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]

中信证券：内外兼顾，寻求交集 从此次中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于股票市场而言，内需品种 和外需品种的预期和定价与去年存在巨大差异：去年底，投资者对外需普遍谨慎，对内需充满期待，但最终外 需的表现大超预期；今年是重仓布局外需敞口品种，预期相对充分，但对内需品种欠缺信心。实际上，明年外 需继续超预期的难度在加大，但内需可期待的因素在增多。 从这些角度来看，海外敞口品种业绩兑现力强，但估值继续提升难度大；内需敞口品种景气度一般，但一旦超 预期修复，估值弹性不小。配置上要寻求交集，即海外敞口为基底、内需积极变化也会产生催化的品种。 国泰海通：当下是布局春季行情的重要窗口 对于后市，我们比市场共识更乐观：部分投资者以政策表述从"超常规"到"跨周期"解读政策不积极，但这存在 谬误，2025年超常规是相较于2024年尾部风险暴露而言。面向2026年，中央经济工作会议明确"巩固拓展经济 稳中向好势头"，并要求财政政策"更加积极"与"内需主导"，首次提出"推动投资止跌回稳"，并时隔十年重提 房地产"去库存"；中财办副主任韩文秀表示将根据形势变化出台实施增量政策，继续实施"国补"与靠前实 ...

【大河财立方消息】2025年A股已进入收官倒计时，步入年末，市场正处于全年业绩兑现与2026年开局 衔接的关键节点。来年如何布局？跨年行情怎么看？大河财立方记者梳理了6家券商最新解读。 中信建投：跨年行情蓄势待发 中信建投分析师夏凡捷、何盛发表研报认为，从9月初至12月初，AH两地市场经历了较长时间的调整， 投资者情绪趋于谨慎，而近期，多项关键事件与数据相继公布，整体基调符合或略好于市场预期。 中信建投认为，牛市底层逻辑仍在，主要由结构性行情和资本市场改革政策推动。目前市场已经基本完 成调整，叠加基金排名基本落地，跨年有望迎来新一波行情。 中期行业配置方面，中信建投建议重点关注具有一定景气催化的有色金属和AI算力，主题上以商业航 天为主，可控核聚变和人形机器人为辅；港股也具有投资机会，潜在热点板块主要有互联网巨头、创新 药。重点关注：有色、商业航天、AI、人形机器人、可控核聚变、创新药、非银金融等。 中信证券：内外兼顾，寻求交集 中信证券裘翔、刘春彤等人发表研报认为，从此次中央经济工作会议内容来看，做大内循环仍是重心， 定位和去年相似。 研报中提到，但对于股票市场而言，内需品种和外需品种的预期和定价与去年存在 ...

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].

Group 1: Market Outlook - The report indicates that after a prolonged period of sideways movement, China's "transformation bull market" is expected to regain momentum and reach new heights, with a cross-year offensive already underway [1][3][4] - The Shanghai Composite Index fell to 3,800 points on November 24, which was seen as a critical position for market recovery, with the ChiNext Index having recently regained lost ground [7][9] - The central economic work conference emphasizes the need to consolidate and expand the positive momentum of the economy, calling for a more proactive fiscal policy and a focus on domestic demand [4][8] Group 2: Spring Market Trends - Historical analysis shows that spring market trends typically occur from December of the previous year to April of the current year, with a significant start point around 10-15 trading days before the Spring Festival [9][10] - The report notes that large-cap stocks tend to perform better before the Spring Festival, while small-cap stocks often outperform after the festival due to seasonal liquidity improvements [10][12] - The current market environment, characterized by significant prior adjustments and supportive policies, presents an important window for positioning ahead of the spring market [10][12] Group 3: Industry Comparisons - The report highlights a positive outlook for technology, financial services, and consumer sectors as the market transitions into a cross-year offensive [4][8] - In the technology sector, advancements in AI models and applications are accelerating, with a recommendation for investments in internet, media, computing, and competitive manufacturing sectors [4][8] - The financial sector is expected to benefit from deepened capital market reforms, with recommendations for brokerage and insurance stocks [4][8] - The consumer sector is showing signs of recovery after three years of adjustment, with recommendations for low-priced, low-inventory consumer stocks such as food and beverage, agriculture, and tourism services [4][8]

来源：乔叔观潮 2023年，龚德雄来到东方证券，没多久公司风格就变了。过去的稳妥做法被他打破，新官上任没等风 凉，他直接动手，把核心高管团队换了一遍，旗下的明星资管和基金公司也接连换了领导。 这一波操作让东方证券整个气场都不一样了。数据不会骗人，2025年前三季度，公司营业收入、净利润 都涨了不少，经纪、投行和自营业务也一路高歌 最抢眼的是基金投顾，服务了二十多万投资者，这数目在行业里很能打。 但是，改革总是有两面，资产管理规模缩水了近四成，一度让人忧心。可第三季度资产管理收入开始回 温，证明他的改革方案开始见效。 正当大家关注东方证券的业绩能不能持久时，龚德雄却突然离开了，"强基固本"的评价也成了送别他的 最好注脚。 上海国际集团：更大的舞台和新角色 龚德雄的新头衔，是上海国际集团党委副书记兼总裁。 相比东方证券，这家公司属于更高一层的上海金融"指挥台"，控制着几家大银行、保险巨头，还刚完成 国泰君安和海通证券的合并，能掌舵这样的平台，压力和机会都不是一个量级。 这几年，上海力推金融国资整合，不只拼资产，更拼协同。 上海国际集团承担的不只是资产投入，更重要的是让旗下的证券、银行、保险和金融市场平台实现资源 ...

近期，已有多家券商获批发行百亿元级别大额债券。例如，12月11日晚间，招商证券发布公告称，收到 中国证监会批复，同意公司向专业投资者公开发行面值总额不超过400亿元公司债。 本报记者 于宏 当前，资本实力已成为影响券商经营与发展的关键因素之一。今年以来，为把握资本市场向好带来的发 展机遇，券商积极通过发行债券等多种方式补充资本金，以优化公司业务结构、提升盈利能力及市场竞 争力。 多因素驱动券商发债升温 整体来看，今年以来，券商发债"热情"较去年显著提升。Wind资讯数据显示，截至12月12日，年内券 商合计在境内发行了925只债券，发行规模合计达1.8万亿元，较去年同期增长44.79%。具体来看，年内 券商合计发行证券公司债502只，发行规模达1.08万亿元；发行证券公司短期融资券311只，发行规模为 5408.7亿元；发行证券公司次级债112只，发行规模为1812.89亿元。 对此，巨丰投资首席投资顾问张翠霞在接受《证券日报》记者采访时表示："年内券商发债规模同比显 著增长，受到多重因素的驱动。首先，在市场交投活跃背景下，券商扩张业务规模的意愿和资金需求更 加旺盛，通过发行债券进行融资，可以快速有效地补充运 ...

Core Viewpoint - The event "I am a Shareholder" provided investors with an opportunity to gain in-depth insights into the leading industrial drone company, Zongheng Co., through factory visits and discussions, highlighting the growth potential in the low-altitude economy supported by national policies and technological advancements [1][8]. Company Overview - Zongheng Co. was established in 2010, focusing on the research and development of drone flight control navigation systems and complete systems, participating in major national aircraft projects and setting multiple industry standards [3][10]. - The company has developed four main product lines: vertical take-off and landing fixed-wing drones, multi-rotor drones, unattended systems, and sliding fixed-wing drones, with the unattended system allowing remote autonomous flight across the country [3][10]. Financial Performance - In the third quarter, Zongheng Co. reported revenue of 322 million yuan, a year-on-year increase of 57%, and a quarterly profit of 16.52 million yuan, marking a return to profitability [4][11]. - The gross profit margin for the first three quarters reached 48.9%, an increase of 2.2 percentage points compared to the previous year [4][11]. Technological Advancements - The company developed a smart air traffic control system in 2022, which won a special award from the Transportation Association, and the UTMIS system, co-developed with the Civil Aviation Second Institute, has become the national air traffic control baseline version [4][11]. - Zongheng Co. holds nearly 500 intellectual property rights, including over 100 invention patents, and has participated in the formulation of numerous industry standards [4][11]. Future Outlook - Zongheng Co. plans to increase R&D investment, enhance its product portfolio, and expand its applications in smart governance, with expectations for overseas business to gradually account for one-third or more of its operations [6][13]. - The company aims to focus on the low-altitude digital economy and logistics sectors, leveraging unattended systems and AI technology to promote the large-scale development of the low-altitude economy [6][13].

每经记者｜王海慜 每经编辑｜叶峰 日前，深交所在《关于对中节能铁汉生态环境股份有限公司及相关当事人的监管函》中披露，2023年12 月8日，深交所受理节能铁汉发行股份购买资产并募集配套资金申请，标的公司为大地修复。根据当时 披露的交易报告书草案，大地修复对环境修复项目按履约进度确认收入，履约进度按照各项目实际累计 发生成本占合同预计总成本的比例确定，且有供应商产值确认表、客户或监理确认单双重佐证。节能铁 汉在回复深交所审核问询时，声称大地修复收入确认相关内控制度健全且有效执行。 然而，深交所核查结果却与节能铁汉披露内容存在显著偏差。经查，大地修复部分项目存在提前确认收 入的情况，对其2022年、2023年财务数据产生直接影响：2022年、2023年营业收入的影响金额分别为 6638.64万元、-473.77万元，占其当期营业收入的比例分别为11.35%、-0.81%，对其当期利润总额的影 响金额分别为1695.41万元、-63.49万元，占其当期利润总额的比例分别为46.98%、-1.13%。与此同时， 大地修复2022年和2023年前十大项目之一曾于2022年12月调整了项目预算，2022年全年及之后的履约 ...