Core Insights - The Shenzhen Stock Exchange, in collaboration with the Hong Kong Stock Exchange and the Guangzhou Futures Exchange, hosted the 2025 Greater Bay Area Technology Conference focusing on "Entering the Era of Artificial Intelligence+" [1][3] - Key figures from various sectors, including government, financial markets, technology companies, and academic institutions, participated to share experiences and build consensus on the application of AI in capital markets [1][3] Agenda Summary November 28 Agenda - Keynote speeches included topics such as "Implementing the 'Artificial Intelligence+' Initiative for High-Quality Development of Capital Markets" and "Entering a New Era of Artificial Intelligence" [3] - A high-level dialogue on industry applications and governance of large models was also scheduled [3] November 29 Agenda - The agenda featured technical sharing sessions on various topics, including "Exploration and Practice of Observability in Trading Systems" and "Low-Latency Communication Optimization for Securities Trading Systems" [7][9] - Additional sessions covered the construction practices of core trading systems and the research on multi-level custody in clearing and settlement platforms [7][9] Financial AI Sub-Forum - The sub-forum included discussions on regulatory innovations and the practical applications of large models in the financial sector [8][10] - Presentations focused on the integration of AI in financial data management and the development of intelligent applications in the industry [10][11] Digital Transformation Sub-Forum - The forum addressed the transformation practices in core business and institutional services, emphasizing the role of digitalization in wealth management [12][14] - Topics included the application of digital solutions in inclusive finance and the management of customer classification [12][14]

专题：第七届新浪财经金麒麟最佳分析师荣誉榜 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟最佳分析师评选结果隆重揭晓。 第七届新浪财经金麒麟海外市场研究"最佳分析师"荣誉榜如下： 第二名 光大证券研究团队 （首席分析师：付天姿；团队成员：陈彦彤、殷中枢、陈佳宁、张宇生、王贇、赵越、杨朋沛、黄铮、 董馨悦、王明瑞、吴佳青、汪航宇、聂博雅） 第三名 天风证券研究团队 （首席分析师：孔蓉；联席首席：吴立；团队成员：杨雨辰、王梦恺、曹睿、李泽宇、樊程安吉、刘诗 雨） 第四名 国海证券研究团队 （首席分析师：陈梦竹；团队成员：张娟娟、尹芮、马川琪、袁冠、陈重伊、詹广鹏、廖小慧） 第五名 国信证券研究团队 （首席分析师：张伦可；联席首席：王学恒；团队成员：陈淑媛、王颖婕、刘子谭、张昊晨、张熙、徐 祯霆） 第一名 兴业证券研究团队 第六名 国泰海通证券研究团队 （首席分析师：张忆东；联席首席：洪嘉骏；团队成员：宋健、李彦霖、余小丽、张博、 ...

专题：第七届新浪财经金麒麟最佳分析师荣誉榜 第一名 国海证券研究团队 （首席分析师：戴畅；团队成员：吴铭杰） 第二名 天风证券研究团队 （首席分析师：孙潇雅；团队成员：王彬宇、谢坤） 第三名 国投证券研究团队 （首席分析师：徐慧雄；团队成员：夏心怡、何冠男、者斯琪、杨颖） 第四名 兴业证券研究团队 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 （首席分析师：董晓彬；团队成员：王凯丽、唐嘉俊、刘馨遥、刘思仪） 同时，第七届新浪财经金麒麟菁英分析师评选结果隆重揭晓。 第七届新浪财经金麒麟新能源汽车与零部件行业"菁英分析师"荣誉榜如下： 第五名 国泰海通证券研究团队 （首席分析师：刘一鸣；团队成员：张觉尹、房乔华、石佳艺、王猛、管正月） 责任编辑：郭栩彤 ...

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] Group 1: Event Overview - The event featured discussions on the future opportunities in the Chinese capital market [1] - The results of the 6th Sina Finance Golden Unicorn Best Analyst Awards were announced [1] Group 2: Award Winners - Ten analysts were awarded the title of Securities Analyst: Future Star, representing various institutions and research industries, including: - Wang Zihao from Changjiang Securities in the New Energy Vehicles and Components sector - Jiang Tao from GF Securities in the Public Utilities sector - Xue Hongwei from Dongfang Securities in the Electronics sector - Fang Yi from Guotai Junan Securities in Strategy Research - Pang Jiajun from CITIC Securities in the Electronics sector - Yang Jiani from Guojin Securities in Macroeconomic Research - Yang Xu from Zhongtai Securities in the Electronics sector - Liu Jie from Tianfeng Securities in the Banking sector - Lin Chengwei from Zheshang Securities in Macroeconomic Research - Dai Yongbo from Huafu Securities in Robotics and High-end Manufacturing [1]

Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for Inspur Digital Enterprise (00596) with a target price of HKD 13.25, highlighting its plan to raise approximately HKD 4.9 billion through a share placement to enhance R&D in AI and other fields [1] - The company has entered into a placement agreement to issue up to 68 million shares at a price of HKD 7.30 per share, with expected net proceeds of approximately HKD 4.90 billion, allocating about 70% for AI, cloud, and industrial software R&D and 30% for general working capital [1] - The company plans to change its registered office from the Cayman Islands to Hong Kong to simplify compliance and boost investor confidence, which is expected to enhance its market position in Hong Kong [2] Group 2 - The "Inspur Haiyue" large model has been recognized officially and is seen as a significant contributor to the intelligent transformation of state-owned enterprises, demonstrating the company's capabilities in supporting high-quality development and national strategic implementation [3] - The Haiyue model integrates enterprise knowledge bases and best practices, providing a framework for intelligent agent development, visual development configuration, and intelligent dialogue platforms, indicating a broad development space in the field of enterprise service intelligence [3]

Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for Inspur Digital Enterprise (00596) with a target price of HKD 13.25, highlighting its plan to raise approximately HKD 4.9 billion through a share placement to enhance R&D in AI and other fields [1] - The company has entered into a placement agreement to issue up to 68 million shares at a price of HKD 7.30 per share, expecting net proceeds of approximately HKD 4.90 billion, with 70% allocated for AI, cloud, and industrial software R&D and 30% for general working capital [1] - The company plans to change its registered office from the Cayman Islands to Hong Kong to simplify compliance and boost investor confidence, which is expected to enhance its market position in Hong Kong [2] Group 2 - The "Inspur Haiyue" large model has been recognized officially and is seen as a significant contributor to the intelligent transformation of state-owned enterprises, demonstrating the company's capabilities and prospects in this area [1][3] - The Haiyue model has been included in the seventh batch of typical cases for deepening the reform of state-owned enterprises by the Shandong Provincial State-owned Assets Supervision and Administration Commission, indicating its role in promoting high-quality development and supporting national strategies [3] - The model integrates enterprise knowledge bases and best practices, providing capabilities such as intelligent agent R&D frameworks and visual development configurations, indicating a broad development space in the field of enterprise service intelligence [3]

Group 1 - The article discusses the future outlook of various sectors, including commercial space, smart electric vehicles, and nuclear fusion, highlighting investment opportunities in these areas [3][4]. - It emphasizes the acceleration of China's commercial space development and its implications for the industry [4]. - The article provides insights into the expected growth of the global smart electric vehicle market by 2026, indicating significant investment potential [3][4]. Group 2 - The article outlines the 2026 outlook for the domestic and international large-scale energy storage industry, suggesting a growing market [4]. - It mentions the importance of nuclear fusion as a potential investment opportunity, reflecting ongoing advancements in this field [3][4]. - The event features discussions from industry leaders, providing a platform for investors to engage and explore these emerging sectors [3].

每经头条（nbdtoutiao）——灌水21万亿，高市早苗1.7万亿强化国防！日本负债率已远超债务危机时的 希腊，对美巨额投资致大规模资本外流，"卖出日元成国际趋势" 每经AI快讯，四方达（SZ 300179，收盘价：15元）发布公告称，2025年11月27日，四方达接受国泰海 通证券等投资者调研，公司董事兼总经理高华等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，四方达的营业收入构成为：制造业占比100.0%。 截至发稿，四方达市值为73亿元。 （记者 王晓波） ...

Group 1 - The core viewpoint of the report is that the spin-off of Mandi International from 3SBio is beneficial for both parties, allowing 3SBio to focus on innovative drug development while Mandi concentrates on consumer healthcare products [1] - The spin-off will enhance Mandi's image among customers, suppliers, and potential partners, improving its position for business negotiations and attracting more business [1][2] - Mandi International is recognized as a leading consumer pharmaceutical company in China, with a strong focus on skin health and weight management solutions [2] Group 2 - Mandi has established a leading position in the hair health sector within the skin health industry, with its flagship Minoxidil-based hair loss treatment products ranking first in the Chinese market for ten consecutive years [2] - Revenue projections for Mandi International from 2022 to 2024 are 982 million, 1.228 billion, and 1.455 billion yuan, respectively, with a CAGR of 21.7% [3] - Mandi's gross profit margins are expected to improve from 80.3% in 2022 to 82.7% in 2024, while net profit margins are projected to be 20.5%, 27.8%, and 26.8% for the same years [3]

Group 1 - The core viewpoint of the report is that the spin-off of Mandi International from 3SBio is beneficial for both companies, allowing 3SBio to focus on innovative drug development while Mandi specializes in consumer healthcare products [1] - The spin-off will enhance Mandi's image among customers, suppliers, and potential partners, improving its position for business negotiations and attracting more business [1] - The financial flexibility of both companies will increase, supporting sustainable growth through stable cash flow [1] Group 2 - Mandi International is recognized as a leading consumer pharmaceutical company in China, focusing on skin health and weight management solutions [2] - Mandi has established a leadership position in the hair health sector, with its flagship Minoxidil-based hair loss treatment products ranking first in the Chinese market for ten consecutive years, holding approximately 57% and 71% market shares in 2024 for hair loss and Minoxidil markets respectively [2] - The company is actively expanding into broader skin health and weight management areas to meet the growing consumer demand in China's rapidly developing consumer healthcare market [2] Group 3 - Mandi International has shown stable and rapid revenue growth from 2022 to 2024, with revenues of 982 million, 1.228 billion, and 1.455 billion yuan respectively, resulting in a CAGR of 21.7% [3] - The gross margins for the same period are projected to be 80.3%, 82.0%, and 82.7% [3] - Net profits are expected to increase from 202 million to 341 million and then to 390 million yuan, with net profit margins of 20.5%, 27.8%, and 26.8% respectively [3]