格隆汇12月3日｜华安证券研报指出，富创精密2025年第三季度归母净利润2521万元，同比减少63%， 环比减少27%；公司利润端承压，主要是公司为应对未来需求，主动实施产能、技术、人才前置战略， 导致成本大幅增加。坚定推行产能与人才前置战略，研发投入持续加码公司着眼于长期国产替代与国际 化竞争机遇，坚定加大关键资源投入。2025年第三季度研发费用约7400万元，同比增长35%，研发费率 提升至7%。前三季度公司在生产及研发运营类人才上投入显著增加，为高效运行和技术突破提供保 障。随着新产能规模效应逐步释放以及人才团队成熟，公司有望在未来构筑更强的交付能力，逐步消化 前期投入。由于公司投入增大，调整2025-2027年公司归母净利润为0.98、1.72、4.01亿元（前值分别为 3.25、4.39、6.44亿元），对应的EPS分别为0.32、0.56、1.31元，最新收盘价对应 PE 分别为199x、 114x、49x，维持"增持"评级。 ...

Core Viewpoint - Huazhong Company is expected to achieve a net profit of 500 million yuan in Q3 2025, representing a year-on-year increase of 28% and a quarter-on-quarter increase of 29% [1] Group 1: Financial Performance - The etching equipment revenue for the first three quarters reached approximately 6.1 billion yuan, showing a year-on-year growth of 38% [1] - The revenue from new film products, including LPCVD and ALD, surged to about 400 million yuan in the first three quarters, marking an increase of over 1300% year-on-year [1] Group 2: Product Development - The company has significantly increased the shipment volume of high-end products for critical etching processes in advanced logic and memory device manufacturing [1] - The silicon and germanium silicon epitaxial (EPI) equipment has been shipped to clients for mass production verification, indicating continuous improvement in the company's semiconductor equipment layout [1] Group 3: Future Outlook - The company is advancing towards becoming a platform-based equipment company, with ongoing projects covering six types of equipment and over 20 new products [1]

MACD金叉信号形成，这些股涨势不错！ 格隆汇12月3日｜华安证券研报指出，东鹏饮料H股发行更近一步，重申三大逻辑。本次H股所募资金拟 用于海外产能布局推进、供应链&渠道建设与优化、品牌营销打造等实质性落地工作，有望看到公司出 海战略加速落地。公司具全国化+平台化+国际化三大长期成长逻辑，当前H股发行稳步推进，预示特饮 将有创新和海外双重突破+特饮之外品类拓展不断，三大逻辑下的高成长性具充分看点。当前股价对应 PE分别为30/24/19倍（考虑到近期A股企业登陆H股实际发行时基本存在一定折价，假设以9折测算，公 司对应26年H股估值仅22x，为近年相对低位），展望26年，重申"买入"评级。 ...

唐泳则认为，在牌照有限的情况下，券商资管仍可以立足于现有"根据地"，把业务做精做细。他表示，尽 管华安资管尚未取得公募牌照，但公司通过聚焦"私募小集合"业务，不断强化产品收益、丰富产品线，同时加 强投资能力的持续培养，已取得了很好的效果。 证券时报记者 谭楚丹 近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在分论坛"2025中国证券业 资产管理高峰论坛"上，资管行业众多精英共同探讨了新形势下证券业高质量发展的机遇与路径。 在"后公募化时代，券商资管发展机遇与挑战"圆桌讨论环节中，参与讨论的嘉宾有华安证券副总裁、华安 资管董事长唐泳，山证资管总经理李宏宇，申万宏源资管首席投资官顾伟，财通资管总经理助理、权益投资总 监李响。本次圆桌讨论的主持人，由国信证券非银金融行业首席分析师孔祥担任。 与会嘉宾围绕"牌照、竞合、基因、协同"等关键词，就券商资管在行业变革期的定位选择、差异化发展路 径以及内部协同机制等议题分享见解，为行业转型升级提供了有益思路。 公募牌照并非唯一路径 公募牌照是券商资管无法绕开的话题，它影响着券商资管的业务模式与战略布局。手握牌照者无不思考如 何差异化，暂未入场者则在 ...

华安证券研报指出，北方华创2025年第三季度归母净利润19亿元，同比增加15%，环比增加18%；受益 于国内集成电路装备市场需求增长，以及高效研发推动的市占率稳步提升，公司第三季度业绩快速增 长。公司坚持高强度的研发策略，前三季度研发费用约33亿元，同比增长48%。持续的技术投入有效提 升了工艺覆盖度，为公司长期的高质量发展奠定了坚实基础。公司发布新一期股权激励，设定积极的考 核条件，有利于充分激发核心团队积极性，将员工利益与公司长远发展深度绑定。维持公司"买入"评 级。 ...

每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ 每经AI快讯，华安证券12月1日发布研报称，给予金牌家居（603180.SH，最新价：20.66元）"增持"评 级。评级理由主要包括：1）概况：专业家居定制，智能化、国际化领航；2）行业：政策持续刺激家居 消费，行业开启2.0时代；3）公司：品类渠道扩张，出海势头强劲。风险提示：宏观环境和房地产市场 波动风险，市场竞争加剧风险，原材料价格上涨和人力成本上升风险，经销商销售模式风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 曾健辉） ...

Market Overview - On December 1, the securities sector rose by 0.44% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Guolian Minsheng (601456) closed at 10.54, with a gain of 3.03% and a trading volume of 720,300 shares, amounting to a transaction value of 760 million [1] - Other notable gainers included: - Zhuhai Dream Travel (601211) at 19.62, up 2.40% [1] - Changjiang Securities (000783) at 8.12, up 2.27% [1] - Conversely, Tianfeng Securities (601162) saw a significant decline of 7.66%, closing at 4.46 with a trading volume of 6,572,300 shares [2] - Dongfang Caifu (300059) decreased by 1.32%, closing at 23.09 with a transaction value of 7.102 billion [2] Capital Flow Analysis - The securities sector experienced a net outflow of 1.852 billion from institutional investors, while retail investors saw a net inflow of 1.846 billion [2] - Notable capital flows included: - Guolian Minsheng had a net inflow of 25.68 million from institutional investors, but a net outflow of 52.52 million from retail investors [3] - Xinyang Securities (601377) had a net inflow of 14.65 million from institutional investors, with retail investors contributing a net inflow of 363.22 million [3]

Core Viewpoint - The A-share market is expected to experience an upward breakout in December, driven by improvements in fundamental expectations, macro liquidity, and policy catalysts, leading to a potential early start of the spring rally [1][9][11]. Group 1: Market Outlook - Most brokerages anticipate that December will see a recovery in fundamental expectations and macro liquidity, with policy and industry themes catalyzing market movements [1][7]. - The market has been in a three-month consolidation phase, and the likelihood of an upward breakout to initiate a year-end rally is high [1][9]. - Investors maintain confidence in the medium to long-term market outlook, suggesting that the current bull market is not over [11]. Group 2: Investment Strategies - Investors are advised to prepare for the year-end rally, with a focus on strategic positioning around key events such as the Federal Reserve's interest rate meeting and the Central Economic Work Conference [2][8]. - Emphasis on large-cap stocks with stable earnings is expected to outperform in December, while a balanced allocation between growth and value styles is recommended [12]. - Key sectors to watch include traditional manufacturing, resource revaluation, and companies with overseas expansion potential [4][8]. Group 3: Sector Focus - The technology sector is anticipated to rebound, particularly in areas with favorable cost-performance ratios, such as innovative pharmaceuticals and defense industries [6][7]. - The cyclical sectors, including basic chemicals and industrial technology, are expected to be foundational assets for the spring rally [5][6]. - Consumer sectors, particularly high-quality consumption like liquor and consumer building materials, are seen as mid-term investment opportunities [7][12].

Core Insights - The asset management industry is entering a new phase of high-quality development, with a focus on how securities firms can strategically position themselves in this evolving landscape [1][3] - The "post-public offering era" presents both opportunities and challenges for securities firms in asset management, prompting discussions on differentiation and internal collaboration [3][4] Group 1: Industry Trends - The forum highlighted the importance of "licenses, competition, genes, and collaboration" as key themes for securities firms navigating industry transformation [3] - Securities firms are exploring diverse development paths, with a focus on leveraging their unique advantages in the asset management space [4][9] Group 2: Business Strategies - Securities firms with public offering licenses are considering how to differentiate their offerings, while those without are seeking to optimize their existing frameworks [4][6] - Financial institutions like Huazhong Securities are focusing on "private small collective" products to enhance product returns and diversify their offerings [6][8] Group 3: Competitive Landscape - The relationship between securities firms and other financial institutions, such as banks and public funds, is evolving from pure competition to a mix of competition and collaboration [9][11] - Securities firms are increasingly targeting high-net-worth clients and non-bank institutions, utilizing a variety of tools such as ABS, REITs, and quantitative strategies [9][11] Group 4: Internal Collaboration and Value Creation - The unique "brokerage gene" of securities firms can be transformed into sustainable productivity, driving internal growth and enhancing client services [14][15] - Asset management can serve as a talent development base for other business lines within securities firms, providing valuable insights and strategies [15][16]

Core Viewpoint - The asset management industry is entering a new stage of high-quality development, with a focus on how securities firms can strategically position themselves in this evolving landscape [1][2]. Group 1: Industry Trends and Challenges - The "2025 China Securities Industry Asset Management Summit Forum" recently held in Shenzhen gathered key players in the asset management sector to discuss paths and opportunities for high-quality development under new circumstances [2]. - Discussions highlighted the importance of "licenses, competition, cooperation, genes, and synergy" in shaping the positioning and development paths of securities firms during this transformative period [4]. Group 2: License and Business Strategy - The topic of "public offering licenses" is crucial for securities firms, influencing their business models and strategic layouts. Firms with licenses are exploring differentiation, while those without are seeking to excel within existing frameworks [5]. - Financial management firms like Caitong Asset Management have developed a diversified business model over the past decade, focusing on active management and a dual-license strategy that includes public and private offerings [5][7]. - Despite challenges, firms like Huazhong Securities are enhancing their product lines and investment capabilities, focusing on "private small collective" products to maintain growth [7][9]. Group 3: Competitive Landscape and Collaboration - The relationship between securities asset management and other financial institutions is evolving from pure competition to a mix of competition and cooperation. This shift is seen as an opportunity for securities firms to redefine their roles [10]. - Securities asset management is increasingly focusing on high-net-worth clients and non-bank institutions, utilizing various tools such as ABS, REITs, and quantitative strategies to offer multi-asset solutions [10][12]. - The collaboration potential with bank wealth management is significant, especially as banks face transformation pressures, allowing securities firms to leverage their strengths [12]. Group 4: Strategic Development and Client Experience - The future goal for the asset management industry is to enhance user experience through better product offerings, tapping into the vast market of household savings [12][14]. - Securities firms should leverage their strengths in fixed income, FOF, and derivatives to build a multi-strategy platform that maximizes risk-adjusted returns [14]. - The unique "brokerage gene" of securities firms can be transformed into sustainable productivity, enhancing their internal growth and client service capabilities [15]. Group 5: Internal Synergy and Talent Development - Asset management can serve as a talent development base for other business lines within securities firms, providing valuable insights and resources across the organization [15][16]. - The strategic value of asset management is growing, with firms encouraged to refine customer needs and create tailored strategies to enhance client engagement [16].