（来源：一观大势） 作者：方奕/李健 核心观点：上周（2025/12/1-2025/12/5）成交活跃度上升，创业板指领涨。宽基指数：估值全面上涨，创业板指领涨。行业指数：PE估值家电，PB估值有 色金属领涨。情绪：交易活跃度上升，换手率全面上升，成交额全面下降。ERP：环比下降。 投资要点 ▶指数估值：估值全面上涨，创业板指领涨。宽基指数：估值全面上涨，创业板指领涨。PE-TTM历史分位：各指数全面上涨，创业板指领涨，涨1.7个 pct。PB-LF历史分位：各指数全面上涨，创业板指领涨，涨1.3个pct。风格指数：估值涨多跌少，大盘股风格领涨。PE-TTM历史分位：各风格涨多跌 少，大盘股风格领涨1.4个pct。PB-LF历史分位：各风格涨多跌少，大盘股风格领涨5.1个pct。 ▶行业估值：PE估值家电，PB估值有色金属领涨。行业PE：估值涨多跌少，家电领涨。PE-TTM历史分位：各行业估值涨多跌少，家电领涨3.7个pct。 PE-G对比：电力设备及新能源具有性价比。行业PB：估值涨多跌少，有色金属领涨。PB-LF历史分位：各行业估值涨多跌少，有色金属领涨8.9个pct。 PB-ROE对比：银行具有性价比。 ...

行业周报 | 非银金融 险资股票因子下调，看好券商板块盈利修复 金融行业周报（2025/12/7） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为 2.27%，跑 赢沪深 300 指数 0.99pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金融 指数涨跌幅分别为+1.14%、+5.08%、+0.49%。 2）本周银行（申万）涨跌幅 为-1.18%，跑输沪深 300 指数 2.46pct。其中，国有行、股份行、城商行、 农商行本周涨跌幅分别为-2.67%、-0.50%、-0.86%、+0.41%。 投资观点：保险：本周五保险指数大涨 5.80%，我们认为主要系以下几个因 素形成合力：1）长期股票持仓风险因子调降，虽短期对偿付能力改善有限， 但长期资金入市态度明确，点燃市场做多情绪；2）开门红预计将超预期： 在居民"挪储"需求背景下，分红险优势凸显，成为头部险企主力产品，明 年负债端稳健增长开始被市场交易； 3）12 月美国降息概率提升，全球流动 性改善利好保险等高弹性品种。我们认为，保险将是产业结构转型中金融业 最具成长性的方向，一旦总量政策进一步发力，通胀趋势加强，那么保险的 估值修复 ...

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， ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【12月6日国泰海通证券董事长朱健出任中证协新一届会长】12月6日，国泰海通证券董事长朱健出任中 证协新一届会长。他表示，中证协将聚焦主业、强化功能、完善制度，推动高质量发展。还会推动证券 行业功能有效发挥，健全投融资机制，指导"十五五规划"实施，引导行业融入国家战略。 ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【12月6日国泰海通证券董事长出任中证协新一届会长】12月6日，国泰海通证券董事长朱健出任中证协 新一届会长。他表示，中证协将紧扣防风险强监管主线，配合做好证券行业"十五五规划"顶层设计。还 会加快完善依托会员共建共治共享的治理规则，健全行业社会管理体系，预防系统性风险，推动行业提 升专业能力与核心。 ...

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]

会上，中国证券业协会第八届会长朱健和协会监事长王晟分别作为第八届理事会代表发言。 中国证券业协会第八届负责人名单公布（央广网记者 樊瑞 摄） 中国证监会党委书记、主席吴清以《加快打造一流投资银行和投资机构更好助推资本市场高质量发展》为题发言。吴清指出，中国证券业协会的新一届会长 将由行业代表担任，这对协会制度提出新的要求，无论是专职还是兼职，都要和舟共济，不断增强全体会员的认同感、向心力和参与度，切实提升共建、共 治、共享质效。 此次会员大会选举出中国证券业协会第八届负责人。中国证券业协会吴运浩当选协会常务理事、执行副会长，来自中国证券业协会的徐刚、张冀华、汪兆军 当选协会常务理事、专职副会长。 国泰海通证券董事长朱健当选中国证券业协会第八届理事会会长职务，另外还有九位行业人士当选协会常务理事、兼职副会长，分别是：中信建投证券刘 成、广发证券林传辉、申万宏源证券刘健、华泰证券周易、中信证券邹迎光、招商证券霍达、国信证券张纳沙、益盟股份曾山和来自中金公司的陈亮。 央广网北京12月6日消息（记者 樊瑞）12月6日下午，中国证券业协会第八次会员大会在北京举行。 ...

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 ...