Core Viewpoint - The article highlights a significant shift in the A-share brokerage industry towards a new norm of "multiple dividends per year," driven by regulatory encouragement and a focus on shareholder returns [5][11][15]. Group 1: Dividend Frequency and Trends - As of December 18, 2025, 35 brokerages have implemented or planned to distribute dividends two times or more, representing 79.55% of all listed brokerages, indicating a transition from annual to multiple dividends [7][11]. - The number of brokerages issuing interim dividends has increased significantly, with 29 brokerages implementing mid-year dividends in 2025, compared to only one in 2023 [6][9]. - The introduction of quarterly dividends marks a notable change, with eight brokerages announcing plans for third-quarter dividends in 2025, a significant increase from previous years [6][10]. Group 2: Quality of Dividends - The "quality" of dividends, measured by the actual cash distributed per share, has become a key indicator of a brokerage's commitment to shareholder returns, with leading firms setting high benchmarks [9][10]. - In the first half of 2025, CITIC Securities led with a dividend of 29 yuan per hand (100 shares), while other major firms like CITIC Jiantou and Huatai Securities followed closely [9][10]. - The total dividend amounts for major brokerages have exceeded 40 billion yuan, with CITIC Securities alone distributing 84.48 billion yuan, showcasing their strong financial performance [10][11]. Group 3: Regulatory and Market Influences - The ongoing regulatory push for increased shareholder returns, including the "New National Nine Articles," has transformed dividend distribution from a flexible option to a mandatory responsibility for brokerages [11][15]. - Improved market conditions and performance have prompted brokerages to enhance their dividend frequency and amounts to attract long-term investors [11][15]. Group 4: Diversification of Return Mechanisms - Brokerages are increasingly exploring diverse return mechanisms beyond cash dividends, such as share buybacks, which can enhance earnings per share and net asset value for remaining shareholders [13][14]. - As of December 18, 2025, several brokerages have initiated share buybacks, with Guotai Junan leading with over 1.2 billion yuan in buyback funds [13][14]. - The combination of cash dividends and share buybacks is becoming a popular strategy among brokerages, providing flexibility in capital management and offering investors varied paths to realize value [13][14].

昨日A股三大指数涨跌不一，沪深两市成交额1.66万亿，较上一个交易日缩量1557亿。板块方面，医药 商业、银行、零售等板块涨幅居前，电池、电网设备等板块跌幅居前。截至昨日收盘，沪指涨0.16%， 深成指跌1.29%，创业板指跌2.17%。 在今天的券商晨会上，中信证券表示，看好半导体设备行业的投资机遇；中金公司预计，2026年煤价将 呈现前低后高走势；华泰证券提出，公募绩效考核优化，关注优质金融。 华泰证券：公募绩效考核优化 关注优质金融 华泰证券表示，12月《基金管理公司绩效考核管理指引（征求意见稿）》下发，强化长期业绩导向、提 高强制跟投比例，并明确量化降薪问责机制等，将基金公司及其核心投研人员的利益与投资者的长期利 益深度绑定。资本市场中长期稳步向上趋势不改，奠定资管产品发展基础。建议把握优质个股，银行推 荐零售及财富管理标杆，财富管理战略地位提升的公司；券商推荐大财富管理产业链具备较强优势的公 司。 本文转载自"智通财经"，智通财经编辑：陈筱亦。 中信证券认为，2025年9月以来，受下游大客户英特尔一系列注资合作、存储原厂陆续涨价等事件催 化，头部半导体设备公司股价快速上行。考虑到本轮存储上行周期以及 ...

Core Viewpoint - The article indicates that while the November CPI data marginally raises expectations for a Federal Reserve rate cut, the Fed may pause to observe due to significant noise in inflation and labor data [1] Group 1: Inflation and Economic Indicators - The impact of tariffs on inflation is relatively mild, as there has been no further increase in tariff rates and the transmission of tariffs to inflation shows no significant lag [1] - The risk of high inflation in the U.S. is manageable, but the decline in November inflation may be exaggerated by disruptive factors [1] Group 2: Federal Reserve's Actions - The upcoming December non-farm payroll and CPI data, which are less affected by government shutdowns, will provide more reliable information about the economy before the January meeting [1] - The Federal Reserve is currently in an observation period and is expected to pause rate cuts in January, with potential cuts of 1-2 times in the second half of next year after the new Fed chair takes office [1]

Core Viewpoint - The report from Huatai Securities indicates that infrastructure investment (excluding electricity, heat, gas, and water production and supply) has shown a cumulative year-on-year decline of 1.1% from January to November 2025, while real estate and manufacturing investments have decreased by 15.9% and increased by 1.9%, respectively. This reflects a pressure on investment demand [1] Group 1: Investment Trends - Infrastructure investment is expected to gain momentum as the central government emphasizes stabilizing growth through expanding domestic demand [1] - The cumulative year-on-year decline in real estate investment has worsened by 1.2 percentage points compared to the previous month, indicating ongoing challenges in the sector [1] - Manufacturing investment has shown a slight increase of 1.9%, but this is still below the desired growth levels [1] Group 2: Government Initiatives - Recent meetings of the Central Political Bureau and the Economic Work Conference have provided guidance for economic work in 2026, focusing on stabilizing investment and promoting recovery [1] - The government aims to reverse the downward trend in investment, particularly in infrastructure, which is seen as a key area for stimulating economic activity [1] - Huatai Securities expresses optimism about the potential for a spring rally in the infrastructure sector, driven by government initiatives [1]

人民财讯12月19日电，华泰证券研报称，12月《基金管理公司绩效考核管理指引（征求意见稿）》下 发，强化长期业绩导向、提高强制跟投比例，并明确量化降薪问责机制等，将基金公司及其核心投研人 员的利益与投资者的长期利益深度绑定。资本市场中长期稳步向上趋势不改，奠定资管产品发展基础。 建议把握优质个股，银行推荐零售及财富管理标杆，财富管理战略地位提升的公司；券商推荐大财富管 理产业链具备较强优势的公司。 ...

（文章来源：第一财经） 华泰证券指出，虽然11月CPI数据边际推高美联储降息预期，但由于通胀和劳工数据噪音较大，美联储 可能暂停降息进行观察（以及明年下半年降息1-2次的预测）。由于关税税率未进一步上行，且关税对 通胀传导没有明显时滞，关税对通胀的影响较为温和，美国高通胀的风险可控，但11月通胀的下行或因 扰动因素而被放大。明年1月会议前将公布的12月非农和CPI数据受政府关门影响较小，能够提供对于 经济更加可靠的信息。因此，美联储当前处于观察期，由于就业市场或逐步改善，明年1月联储将暂缓 降息的基准判断，待新任联储主席上任后的明年下半年降息1-2次。 ...

Core Insights - The securities industry is experiencing a significant increase in monthly active users (MAU) for trading apps, reaching 172 million in November, a month-on-month growth of 2.06% [1] - Brokerages are leveraging AI tools to enhance service models and improve user experience amid a competitive landscape for customer acquisition [4][5] Group 1: Monthly Active Users and Account Growth - In November, the total number of new accounts opened in the market was 2.5506 million, reflecting a month-on-month increase of 3.38% [2] - Eleven brokerage apps had monthly active users exceeding 6 million, with Huatai Securities and Guotai Junan leading at 11.8149 million and 10.1848 million respectively, both showing month-on-month growth of over 2% [2] - Smaller brokerages like Guojin Securities and Chengtong Securities achieved significant month-on-month growth rates of 9.58% and 4.61% respectively, despite having lower user volumes [3] Group 2: Competitive Landscape and AI Integration - The competition among brokerages is intensifying, with a focus on mobile app functionality and service innovation, particularly through the integration of AI [4] - AI has become a central element in app updates, with features like "AI Dashboard" and AI-driven investment assistants being introduced to enhance user engagement and provide real-time market insights [4][5] - The application of intelligent technology is expected to improve response efficiency and personalized service levels, aiding brokerages in transitioning to comprehensive wealth management service providers [5][6] Group 3: Future Outlook and Strategic Directions - The ongoing evolution of financial technology positions intelligent solutions as a standard in the securities industry, with a focus on enhancing professional service levels and creating value for investors [6] - Large institutions are expected to leverage their resources to build comprehensive intelligent wealth management platforms, while smaller brokerages can focus on niche markets to establish competitive advantages [6]

新华财经上海12月18日电华泰证券研报分析认为，医药研发生产外包（CXO）行业外部扰动因素已边 际改善，伴随海外降息、国内复苏、叠加产业升级三重驱动，行业已开启新一轮高景气周期。 （文章来源：新华财经） 市场部分投资者认为国内CXO企业在新分子领域的布局优势尚不明显，区别于市场，上述研报详细阐 述了产业升级对于中国CXO行业的重要机遇，分析得到多肽、ADC、寡核苷酸等新分子在后续商业化 阶段的广阔外包潜力。外需型CXO已于2024年下半年陆续走出困境，2025年前三季度订单、收入同比 双增，美国降息+新分子订单拉动下有持续提速潜力；内需型CXO经历2023-2024年集中降价后目前订 单端已量增价稳，收入端有望于2026年起陆续迎来曙光。华泰证券看好CXO板块后续有望迎来业绩与 估值的戴维斯双击，推荐外需型且具备新分子布局优势的龙头。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月18日，证券板块高开低走，中金公司、信达证券涨幅收窄至5%，中银证券跌超3%， 中信建投、华泰证券跟跌。 ...

Group 1 - On December 17, Huatai Securities experienced a stock price increase of 6.09%, with a trading volume of 4.629 billion yuan. The margin trading data indicated a financing buy of 744 million yuan and a repayment of 713 million yuan, resulting in a net financing purchase of 30.61 million yuan. The total margin trading balance reached 6.144 billion yuan as of December 17 [1] - The financing balance of Huatai Securities on December 17 was 6.128 billion yuan, accounting for 3.54% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low level of financing [1] - In terms of securities lending, on December 17, Huatai Securities repaid 79,700 shares and sold 149,400 shares, with a selling amount of 3.5378 million yuan based on the closing price. The remaining securities lending volume was 703,700 shares, with a balance of 16.6636 million yuan, which exceeds the 90% percentile level over the past year, indicating a high level of securities lending [1] Group 2 - As of September 30, Huatai Securities had 195,500 shareholders, a decrease of 6.96% from the previous period. The average number of circulating shares per person increased by 7.62% to 38,566 shares [2] - For the period from January to September 2025, Huatai Securities reported operating revenue of 27.129 billion yuan, a year-on-year decrease of 13.67%. The net profit attributable to shareholders increased by 1.69% to 12.733 billion yuan [2] - Since its A-share listing, Huatai Securities has distributed a total of 42.893 billion yuan in dividends, with 13.994 billion yuan distributed in the last three years [3]