智通财经APP获悉，国泰海通证券发布研报称，维持钢铁行业"增持"评级。长期来看，产业集中度提 升、促进高质量发展是未来钢铁行业发展的必然趋势，具有产品结构与成本优势的钢企将充分受益;在 环保加严、超低排放改造与碳中和背景下，龙头公司竞争优势与盈利能力将更加凸显。 国泰海通证券主要观点如下： 需求环比下降，库存环比下降 上周(本报告中的上周均指2025年11月24日至11月28日当周)五大品种表观消费量为888万吨，环比降 0.69%，同比升1.2%;其中建材表观消费量318万吨，环比降1万吨;板材表观消费量570万吨，环比降5万 吨。五大品种钢材产量855.7万吨，环比增5.8万吨;总库存1401万吨，环比降32万吨，维持低位水平。根 据Mysteel数据，上周全国247家钢厂高炉开工率81.09%，较上一周降1.1个百分点;全国247家钢厂高炉产 能利用率为87.98%，较上一周降0.6个百分点;上周全国电炉开工率60.9%，较上一周降0.64个百分点;上 周电炉产能利用率为52.92%，较上一周升0.51个百分点。库存仍继续下降。 盈利率环比下降 上周45港进口铁矿库存15206万吨，环比增155万吨。上 ...

第七届新浪财经金麒麟最佳分析师荣誉榜出炉，非银金融业第一名为国泰海通证券刘欣琦团队。 新浪财经整理刘欣琦最新研究观点如下： 国泰海通证券刘欣琦：地产对上市险企影响有限，非银板块蓄势待发 本周（11月24日-30日）市场对涉房险企的资产端关注度提升。从历史数据以及交流情况来看，我们认 为目前上市保险公司涉房资产的占比均大幅下降，且资产质量相对此前均有所提升。因此，我们认为地 产对保险公司资产端的影响有限；而从保险负债端来看，越来越多的迹象表明负债端触底回升迹象显 现，2026年开门红将呈现超预期表现。 专题：2025分析师大会：资本市场"奥斯卡"启幕 【相关阅读】第七届新浪财经金麒麟最佳分析师荣誉榜 投资建议：我们预计资负共振推动上市险企26年开门红NBV较好增长，维持行业"增持"评级。 国泰海通证券刘欣琦："报行合一"更进一步，看好非银板块补涨机会 1．经纪业务：本周（17日-23日）日均股基成交额为19257亿元（前值21040亿元）；截至本周末，2025 年两市日均股基成交额19404亿元，同比变动67.05%。 2．投行业务：截至2025年11月21日，IPO和定增承销规模为9526亿元；截至2025年 ...

国泰海通保荐了长江能科、联合动力、友升股份、悍高集团、首航新能、浙江华业、浙江华远、常 友科技、毓恬冠佳、大明电子、丰倍生物11家企业上市，与华英证券、天风证券担任了兴福电子的联合 主承销商，与中信建投、中信证券、川财证券、中金公司、华泰联合担任了华电新能的联合主承销商， 与中金公司担任了屹唐股份的联合主承销商，与中信建投担任了禾元生物的联合主承销商，与东方证券 担任了海安集团的联合主承销商。 中国经济网北京12月1日讯（记者 华青剑）2025年1-11月，上交所、深交所及北交所共有98家上市 企业，其中主板33家企业上市，创业板有30家企业上市，科创板有12家企业上市，北交所有23家企业上 市。 据同花顺iFinD数据统计，这98家上市企业合计募资总额为1003.59亿元。华电新能募资181.71亿 元，为1-10月的募资王。西安奕材、中策橡胶分别募资46.36亿元、40.66亿元，分列募资额第二、三 名。 1-11月，共有34家券商参与了新增上市企业的保荐承销工作，合计赚得承销保荐费用49.46亿元。 其中，国泰海通成为2025年1-11月券商承销保荐费用的第一名，合计赚得承销保荐费用74332.14万 ...

报告导读： 从技术面来看， Wind 全 A 指数依旧处于 SAR 反转点位之下；均线强弱指数 在指数绝对点位上升幅度并不大的情况下出现上行，表明市场依旧存在下行可能；情绪模 型继续显示市场情绪较弱。我们认为，市场下周维持震荡可能性较大。 下周（20251201-20251205，后文同）市场观点：市场下周维持震荡可能性较大。 从量化指标上看，基于沪深300指数的流动性冲击指标周五为0.50，高 于前一周（0.15），意味着当前市场的流动性高于过去一年平均水平0.50倍标准差。上证50ETF期权成交量的PUT-CALL比率震荡，周五为1.02，持平于前 一周（1.02），投资者对上证50ETF短期走势相对谨慎。上证综指和Wind全A五日平均换手率分别为0.98%和1.59%，处于2005年以来的65.67%和 73.47%分位点，交易活跃度有所下降。从宏观因子上看，上周人民币汇率震荡，在岸和离岸汇率周涨幅分别为0.43%、0.48%。日历效应上，2005年以 来，上证综指、沪深300、中证500、创业板指在12月上半月上涨概率分别为 70% 、 65% 、 55% 、 60% ，涨幅均值分别为 1.81% 、 ...

Core Viewpoint - The insurance industry is experiencing a marginal decline in premium growth for life insurance as of October 2025, with a shift in focus towards business preparations for 2026, particularly in new business value (NBV) growth for life insurance [1][2][4]. Life Insurance Summary - From January to October 2025, the cumulative premium income for the life insurance sector reached 39,924 billion yuan, reflecting a year-on-year growth of 9.6%. The breakdown includes life insurance at 32,748 billion yuan (up 12.0%), health insurance at 6,850 billion yuan (up 0.1%), and accident insurance at 326 billion yuan (down 9.2%) [2]. - In October 2025, the monthly premium income for life insurance was 1,040 billion yuan, showing a decline of 5.1% year-on-year [2]. - The decline in premium growth is attributed to insurance companies shifting their operational focus towards 2026 due to the satisfactory achievement of business goals for 2025 [2]. Non-Life Insurance Summary - The cumulative premium income for the non-life insurance sector from January to October 2025 was 14,908 billion yuan, with a year-on-year growth of 4.0%. This includes motor insurance at 7,612 billion yuan (up 3.2%) and non-motor insurance at 7,297 billion yuan (up 4.9%) [3]. - In October 2025, the monthly premium income for non-life insurance was 1,196 billion yuan, down 5.5% year-on-year, with motor insurance premiums at 776 billion yuan (down 6.6%) and non-motor insurance premiums at 420 billion yuan (down 3.4%) [3]. - The slowdown in motor insurance growth is expected due to a marginal decline in the number of insured vehicles, while non-motor insurance growth is facing pressure from seasonal underwriting factors and the implementation of policy changes [3]. Future Outlook - The company anticipates that the life insurance sector will see a positive growth in NBV for the 2026 opening, driven by the transformation of participating insurance products and improved investment returns from leading insurers [4]. - For non-life insurance, the comprehensive governance of non-motor insurance is expected to further improve the combined operating ratio (COR) [4]. - The overall investment recommendation remains "overweight" for the insurance sector, with expectations of good growth in NBV for listed insurance companies in 2026 [5].

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]

Core Insights - The financial industry has a high demand for specialized talent who understand both business and technology, which is currently hard to find [1] - Guotai Junan Securities aims to develop a self-cultivation system for talent, encouraging business personnel to actively participate in AI application implementation [1] - The company believes that composite talent will play a crucial role in the large-scale application of future model products [1] Group 1 - The financial sector requires professionals who are proficient in both business and technology, highlighting a gap in traditional educational models [1] - Guotai Junan is exploring a "Finance + AI" talent cultivation model to better align with industry needs [1] - The firm has designed a "business personnel participation mechanism" to lower the technical barriers for employees [1] Group 2 - The initiative aims to empower business personnel to independently address practical issues in their work through AI [1] - Guotai Junan seeks to continuously expand its talent pool by fostering internal practices and innovative mechanisms [1] - The emphasis on composite talent is seen as vital for the future scalability of AI applications within the company [1]

Core Insights - The 2025 Greater Bay Area Exchange Technology Conference held in Shenzhen focuses on the theme "Towards the Era of Artificial Intelligence+" and highlights the transition of AI technology in the securities industry from conceptual exploration to deep implementation, presenting both opportunities for efficiency enhancement and challenges for governance system adaptation [1][2] Group 1: AI Technology in Securities Industry - AI technology is seen as a core driving force for high-quality development in the capital market, pushing the securities industry into a more vibrant and resilient digital intelligence phase [1][2] - The integration of AI technology is reshaping the service forms within the securities industry, promoting continuous evolution towards intelligence, efficiency, and inclusiveness [1][2] Group 2: Implementation and Regulatory Framework - Companies like Guotai Junan Securities have completed the systematic construction and large-scale promotion of AI applications, with over 150 AI-related applications implemented, creating a new development pattern of "ubiquitous digital intelligence" [2] - Regulatory bodies are actively integrating AI technology into the entire regulatory process to enhance regulatory efficiency and ensure compliance within the industry [2][3] Group 3: Challenges and Solutions - Challenges such as data security, algorithm governance, and regulatory collaboration exist, but they are not insurmountable as the industry deepens its understanding of AI technology and adapts its regulatory framework [3] - The implementation of AI must prioritize compliance and safety, focusing on high ROI business scenarios for initial practices before expanding to more complex areas [3] Group 4: Future Directions - The Shenzhen Stock Exchange plans to advance its digital and intelligent infrastructure across six key areas during the 14th Five-Year Plan, including the construction of intelligent computing infrastructure and the integration of AI in core business areas [4]

Core Insights - In the 2025 Sina Finance Golden Unicorn Best Analyst Awards, Guotai Junan Securities Research Institute won a total of 29 awards, ranking as the "Best Research Institution" and "Most Honorable Research Institution" in the top three [1] - Seventeen research teams received the "Best Analyst" award, with the Food & Beverage and Non-Bank Financial sectors ranking first [1] - Eight research teams were awarded the "Elite Analyst" title, with Macroeconomics, Computer Science, and Military Industry sectors also ranking first [1] Awards Summary - **Best Research Institution**: Guotai Junan Securities ranked first in "Best Research Institution" and third in "Most Honorable Research Institution" [4] - **Best Analysts**: - **1st Place**: Food & Beverage, Non-Bank Financial [5] - **3rd Place**: Innovative Drugs, Medical Devices, Retail and Social Services [5] - **4th Place**: Construction and Building Materials, Environmental Protection [5] - **5th Place**: Communication, Robotics and High-End Manufacturing [5] - **6th Place**: Real Estate, New Metal Materials, Home Appliances, Transportation and Logistics, Light Industry and Textile [5] - **7th Place**: Media [5] - **8th Place**: Oil and Chemical [5] - **Elite Analysts**: - **1st Place**: Macroeconomics [6] - **1st Place**: Computer Science [6] - **1st Place**: Military Industry [6] - **2nd Place**: Agriculture, Forestry, Animal Husbandry, and Fishery [6] - **4th Place**: Strategy, Fixed Income [6] - **5th Place**: Electronics, Automotive and Parts [6]

Group 1 - Multiple financial institutions have responded to the fire disaster in Hong Kong's Tai Po district by donating funds and resources for emergency relief and recovery efforts [1][3][5][7] - Huatai Securities, in collaboration with Southern Fund and Southern Dongying, announced a donation of 10 million HKD to support emergency rescue, transitional housing, and community recovery efforts [1] - Guotai Junan International and Haitong International also pledged 10 million HKD for urgent disaster relief and support for affected residents [3] - Industrial Securities, through its charity foundation, donated 1 million RMB to assist in post-disaster relief efforts in Hong Kong [5] - Futu has initiated a donation of 10 million HKD aimed at providing emergency housing and essential supplies for affected families [7] Group 2 - The donations from these financial institutions will be used for various purposes, including emergency rescue, transitional housing, supply of living materials, and community facility repairs [1][3][5][7] - The companies expressed their condolences to the victims and appreciation for the rescue personnel working on the ground [3][7] - There is a commitment from these institutions to closely monitor the disaster situation and fulfill their social responsibilities in aiding recovery efforts [3][5][7]