Core Viewpoint - The 2025 Securities Times Analyst Annual Conference and Best Analyst Awards Ceremony was held in Suzhou, focusing on enhancing financial service quality and supporting the development of the real economy [2][4]. Group 1: Event Overview - The conference gathered over 60 securities firms, nearly 100 listed companies, and more than 300 financial institutions, totaling around 2,000 attendees [4]. - Keynote speeches were delivered by prominent figures, including the Chief Economist of Changjiang Securities and the Chairman of Jiemai Technology [4]. - The main forum emphasized the importance of financial services in supporting the real economy, with subsequent specialized forums addressing hot investment topics [4]. Group 2: Best Analyst Awards - The 2025 Best Analyst Awards were announced, showcasing a strong lineup of analysts in the Chinese securities research field [5]. - The Superior Super Research (SSR) team award was given to top firms including Changjiang Securities, GF Securities, and others, highlighting their industry influence [6]. - In macroeconomic research, GF Securities' research team led by Guo Lei won first place, followed by teams from Huachuang Securities and others [6]. Group 3: Investment Strategy Discussion - From December 18 to 19, top analysts discussed macroeconomic trends and investment strategies for 2026 with representatives from major investment institutions [8]. - Guo Lei noted two key characteristics for 2025's pricing: the rise of global narratives and the differentiation of economic fundamentals, with precious metals and emerging market stocks expected to perform well [8]. - Looking ahead to 2026, Guo Lei predicted a convergence of global narratives and a narrowing of domestic economic disparities, with potential for improved investment conditions [9].

Core Insights - The core viewpoint of the articles is that the Chinese securities industry is undergoing a significant transformation towards more frequent and substantial dividend distributions, reflecting a shift from a focus on financing to prioritizing shareholder returns [1][3][11]. Group 1: Dividend Frequency and Trends - In 2025, a notable change in the dividend practices of listed securities firms has emerged, with "multiple dividends per year" becoming the new norm [3][4]. - As of December 18, 2025, 35 securities firms have implemented or planned to distribute dividends two times or more, accounting for 79.55% of all listed firms [4][6]. - The trend of mid-term dividends (including interim and quarterly reports) has gained momentum, with 29 firms distributing mid-term dividends in 2025, a significant increase from previous years [3][4]. Group 2: Leading Firms and Dividend Quality - Leading firms are setting high benchmarks for dividend payouts, with CITIC Securities distributing 29 yuan per hand (100 shares), followed by CITIC Jiantou at 16.5 yuan, and Huatai Securities and Guotai Junan at 15 yuan each [6][7]. - The total dividend amounts for major firms like CITIC Securities and Guotai Junan have exceeded 40 billion yuan in 2025, with CITIC Securities alone reaching 84.48 billion yuan [7][9]. Group 3: Diversification of Shareholder Return Tools - In addition to cash dividends, share buybacks are becoming a key tool for securities firms to return value to shareholders and manage capital structure [9][10]. - As of December 18, 2025, several firms have initiated share buybacks, with Guotai Junan leading with over 1.2 billion yuan in buyback amounts [9][10]. - The combination of cash dividends and share buybacks is being increasingly adopted by firms to provide a more flexible capital operation space and diverse value realization paths for investors [9][10]. Group 4: Regulatory Influence and Market Environment - The ongoing regulatory emphasis on shareholder returns and the improved market environment are driving firms to enhance their dividend frequency and amounts [7][11]. - Policies such as the new "National Nine Articles" encourage multiple dividends per year, prompting firms to internalize dividend distribution as a rigid responsibility rather than a flexible option [7][11]. - The transformation reflects a broader cultural shift in the securities industry towards maturity, focusing on quality and sustainable shareholder returns [11].

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].

Group 1 - The 2025 Securities Times Analyst Annual Conference and Best Analyst Award Ceremony was held in Suzhou, featuring over 60 securities firms, nearly 100 listed companies, and around 2,000 guests [2][3] - The conference theme was "Going Far by Starting Small," focusing on enhancing financial service quality to support the real economy [2] - The event included a main forum and specialized forums, showcasing the strongest research teams and discussing investment hotspots [2][3] Group 2 - The 2025 Best Analyst Award winners were announced, with notable firms like Changjiang Securities, GF Securities, and others recognized for their research capabilities [3] - The award for "Visionary Investment Institutions" was given based on voting accuracy across 30 research areas, with several prominent funds receiving accolades [4] - Over 800 institutions participated in the voting process, managing assets exceeding 100 trillion yuan, marking a significant milestone [4] Group 3 - The conference included discussions on investment strategies for 2026, with insights from top analysts on macroeconomic trends and market directions [5] - Key themes included the rise of global narratives, economic differentiation, and the performance of precious metals and emerging market stocks [6] - Analysts expressed a cautious outlook for 2026, anticipating a narrowing of economic temperature differences and potential policy space in the real estate sector [6][7]

Market Performance - Global indices experienced a slight increase last week, with the MSCI Global down by 0.3%, MSCI Developed Markets down by 0.3%, and MSCI Emerging Markets up by 0.3% [1] - The Hang Seng Index's volatility reached its lowest level since 2022, while the Chinese technology sector saw gains, contrasting with significant pullbacks in developed market technology stocks [1] Earnings Expectations - Hong Kong's earnings expectations were marginally revised downwards, with the Hang Seng Index's 2025 EPS forecast adjusted from 2079 to 2060 [2] - In contrast, the S&P 500's 2025 EPS forecast remained stable at 273, and the Eurozone STOXX 50's forecast was maintained at 330 [2] Economic Outlook - Economic indicators showed a rebound in major markets, with the Citigroup Economic Surprise Index for the US, Europe, and China all rising, supported by factors such as anticipated Fed rate cuts and improved service sector performance in Europe [2] Capital Flows - The Federal Reserve is expected to cut rates by 25 basis points in December and restart bond purchases at a rate of $40 billion per month [3] - Market liquidity tightened, with the SOFR-OIS spread widening, while capital flows were primarily directed towards China, the US, Japan, India, and South Korea [3]

Group 1 - The total trading volume on the Longhu list has exceeded 60 trillion yuan, marking a growth of over 65% compared to the entire year of 2024, and setting a new historical record since the 2015 bull market [1] Group 2 - Dongfang Caifu Securities maintains its leading position with 7 branches in the top 100, achieving a total trading volume of 5119.37 billion yuan, with Lhasa Tuanjie Road No. 1 Securities Branch ranking first at 1233.75 billion yuan [3] - Guotai Haitong Securities has the highest number of branches in the top 100, with 13 branches totaling 4099.43 billion yuan, and the Shanghai Jing'an District New Zha Road branch notably rising from 559th to 13th place [3] - Foreign securities firms have seen significant ranking improvements, with UBS Shanghai Huayuan Shiqiao Road branch moving from 69th to 9th, and Goldman Sachs (China) Shanghai Pudong New District Century Avenue branch rising from 19th to 10th [3] - Smaller securities firms are also active, with Kaiyuan Securities Xi'an Xida Street branch jumping from 27th to 4th place, increasing its trading volume nearly eightfold [3] - Hualin Securities Beijing branch made a remarkable leap from 2588th to 28th place, improving its ranking by over 2500 positions [3] Group 3 - The advantages of internet branches continue to be evident, with Guosen Securities Zhejiang Internet branch's trading volume surging by 300% compared to the entire year of 2024, now ranking 11th on the Longhu list [4]

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A shares) and will be listed on the main board of the Shanghai Stock Exchange [1][2]. Group 1: IPO Details - The stock name is "Xihua Technology" with the stock code "603248" [2]. - The IPO will involve a total issuance of 100 million shares at a price of RMB 10.10 per share, representing 21.74% of the total share capital post-issuance [2][3]. - The initial strategic placement was set at 30 million shares, which is 30% of the total issuance, with the final strategic placement amounting to approximately 28.50% of the total issuance [3][4]. Group 2: Subscription and Allocation - The final allocation after the strategic placement resulted in 5,050.4951 million shares for offline issuance and 2,100 million shares for online issuance [3][4]. - The online subscription saw an initial effective subscription multiple of 7,423.41 times, leading to the activation of a mechanism to adjust the allocation between offline and online investors [4]. - The final online issuance quantity was 49,602,000 shares, accounting for 69.37% of the adjusted total, while the offline issuance was 2,190,295.51 shares, making up 30.63% [4][5]. Group 3: Financial Aspects - The total expenses for the IPO amounted to RMB 84.2343 million, including underwriting fees, audit fees, legal fees, and other costs [11]. - The underwriting fees were RMB 55.5 million, while audit and legal fees were RMB 1.33962 million and RMB 0.64151 million, respectively [11]. - The underwriting firm will cover all shares that were not subscribed by investors, totaling 307,509 shares, which is 0.31% of the total issuance [10].

Core Viewpoint - Guotai Junan has launched the upgraded version of its AI-native investment app, Lingxi APP 2.0, which aims to enhance user experience through full AI interaction and lifecycle support, marking a significant evolution in the brokerage industry's intelligent service model [1][17]. Group 1: AI Interaction and User Experience - Lingxi APP 2.0 features an integrated interface for monitoring, trading, dialogue, and live streaming, allowing AI services to be deeply embedded in the investment decision-making process [2]. - The app introduces six different AI investment assistants with various personas, providing 24/7 support and transforming AI from a tool into a partner for users [2][5]. Group 2: Advanced Dialogue and Understanding - The app's dialogue system has advanced to provide professional companionship throughout the investment journey, integrating vast financial databases and real-time market data [5]. - It utilizes a memory intelligence system to accurately capture user preferences and trading habits, enhancing the AI's ability to understand user needs [5][11]. Group 3: Comprehensive Investment Support - Lingxi APP 2.0 offers a full-cycle AI service that supports users before, during, and after investments, enhancing long-term investment success rates [11]. - The app combines market analysis with personal diagnostics and strategy tracking, providing a one-stop investment decision-making engine [11]. Group 4: Innovative Trading Features - The app introduces a dual-layout trading interface that improves user experience and efficiency, allowing for quick access to key information without navigating away [13]. - Users can execute trades using natural language commands, enhancing responsiveness and precision in a dynamic market environment [13]. Group 5: Ecosystem and Future Development - Guotai Junan is committed to an "open securities" philosophy, collaborating with various AI platforms to expand service scenarios and enhance user experience [16]. - The transition from version 1.0 to 2.0 has resulted in significant improvements, including a 135% increase in service scenario replacement rate and a 105% increase in the accuracy of AI responses [16].

12月17日，被誉为"券商界奥斯卡"的第23届新财富最佳分析师评选结果正式出炉。 宏观经济领域，广发证券郭磊团队再获第一，华创证券张瑜、浙商证券李超、东吴证券芦哲、长江证券于博等研究小组分列其后。 策略研究领域，最佳分析师榜首为广发证券刘晨明研究小组，此后依次是申万宏源证券傅静涛、国联民生证券包承超、兴业证券张启尧、天风证券吴开达等 研究小组。 固收研究领域，华泰证券张继强位列第一，从2019年至今，团队已蝉联七届第一名；金融工程领域，兴业证券郑兆磊团队位列第一；银行领域，浙商证券梁 凤洁团队位列第一。 从机构直接投票选出的新财富最具影响力研究机构榜单来看，今年长江证券、广发证券、国泰海通证券、申万宏源证券、兴业证券摘得前五名。 从个人类奖项来看，浙商证券邱冠华获得巨匠分析师，长江证券邬博华、国联民生证券管泉森获得百星分析师，兴业证券孙媛媛、国盛证券何亚轩获得黄金 分析师。 | | | 東玲玲等 | | | --- | --- | --- | --- | | 3 | 浙商证券 | 研究小组（李超、林成炜、廖博、潘高 | 38987.917 | | | | 远、费瑾、陈冀、祁星等) | | | 4 | 东吴证券 ...

Group 1: Overall Rankings - The top-ranked research team is from GF Securities with a total score of 43316.423 [1] - The second place is held by Zheshang Securities with a score of 38987.917 [2] - The third position is occupied by Dongwu Securities with a score of 33427.801 [2] Group 2: Fixed Income Research - Huatai Securities ranks first in fixed income research with a score of 40340.296 [3] - Huaxi Securities follows in second place with a score of 31481.596 [3] - Yongan Securities is in third place with a score of 29564.247 [3] Group 3: Banking Sector - Zheshang Securities leads the banking sector with a score of 39943.811 [6] - Zhongtai Securities is in second place with a score of 32853.243 [6] - CITIC Construction Investment Securities ranks third with a score of 27210.612 [6] Group 4: Real Estate Sector - GF Securities ranks first in the real estate sector with a score of 46820.521 [7] - Changjiang Securities follows closely in second place with a score of 46290.409 [7] - Industrial Securities is in third place with a score of 31067.83 [7] Group 5: Electronics Sector - Zhongtai Securities leads the electronics sector with a score of 43237.391 [8] - Changjiang Securities is in second place with a score of 42166.206 [8] - GF Securities ranks third with a score of 29990.201 [8] Group 6: Chemical Sector - Shenwan Hongyuan Securities ranks first in the chemical sector with a score of 47658.726 [11] - Changjiang Securities follows in second place with a score of 46460.716 [11] - Guohai Securities is in third place with a score of 28746.495 [11] Group 7: Energy Sector - Changjiang Securities leads the energy sector with a score of 53802.76 [12] - Guosheng Securities is in second place with a score of 37234.974 [12] - GF Securities ranks third with a score of 26264.694 [12] Group 8: Transportation Sector - Changjiang Securities ranks first in the transportation sector with a score of 60044.382 [13] - Shenwan Hongyuan Securities is in second place with a score of 49153.183 [13] - Huachuang Securities ranks third with a score of 27952.359 [13] Group 9: Consumer Sector - Changjiang Securities leads the consumer sector with a score of 233982.376 [26] - Guotai Junan Securities is in second place with a score of 155271.877 [26] - GF Securities ranks third with a score of 140598.215 [26] Group 10: Best Research Teams - GF Securities is recognized as the best research team overall with a total score of 95012.572 [22] - Changjiang Securities follows in second place with a score of 92236.472 [22] - Guotai Haitong Securities ranks third with a score of 67717.896 [22]