25年财政收入温和修复，财政支出积极、节奏前置、"投资于人"特征明显，并实现了积极的化债成效。 展望2026年，财政依旧是刺激总需求，并最终影响银行资产扩张增速中枢的核心力量。积极的财政政策 定调下，该行预计狭义财政赤字率水平至少持平于2025年，财政节奏仍然有前置特征，助力银行信贷开 门红，并且在消费信贷领域的支持或有更广义的延展。该行测算信贷增速将在6.1%~6.6%运行，社融同 比增速在8.3%~9.0%运行。 2026年银行净息差有望企稳回升，负债成本改善仍是叙事主线，但资产端收益贡献或也边际改善 25年银行计息负债成本率显著改善，成为稳定息差表现的核心力量。展望26年，该行预测银行息差有望 企稳回升：1)负债端：存款重定价规模或有增加，幅度有所减弱，但对息差提振效果依旧可观。测算26 年进入重定价周期的存款规模约112万亿元，对计息负债成本率改善的贡献度约17.5BP，对净息差的支 撑效果约15.6BP。既有的模型大约表达了58%的负债成本改善效果，线性递推到26年，计息负债成本率 压降和对净息差的改善效果分别为30BP和27BP。2)资产端：重定价影响较为有限，关注新发贷款利率 拐点的或有出现。2 ...

该行认为可灵O1此次更新亮点在于：(1)O1为统一多模态视频模型，将视频参考、视频内容增删修改变 换、风格重绘、镜头延展等多任务，融合于大一统模型中，可一站式完成生成-修改-扩展的全部创作; (2)深层语义理解能力，基于上传的视频、图片、主体，精准生成视频的各种细节;(3)直接解决后端视频 一致性问题，多视角图创建主体、镜头流转变化，均能保持稳定的主体特征;(4)支持3~10秒自由叙述， 满足不同创作需求(偏C端社媒分享、偏B端专业创作)。 该行认为此次更新，市面上基本无完全可对标产品，意义在于一是延续可灵在专业创作者需求满足上的 迭代，二是前端输入更简易，门槛降低进一步扩大用户触达范围。具体来说： 东方证券发布研报称，预测快手-W(01024)25-27年经调整归母净利润为204/225/259亿元。维持此前给予 公司26年18xPE估值，对应合理价值为4,048亿CNY，折合4,454亿HKD(港币兑人民币汇率0.909)，目标 价103.06港元/股，维持"买入"评级。可灵发布O1模型，通过将视频生成、修改、扩展集成于统一模 型，帮助专业创作者提效，突破性迭代在于可对视频画面内某个单一元素进行修改，迎来 ...

Core Viewpoint - Dongfang Securities predicts Kuaishou-W (01024) adjusted net profit for 2025-2027 to be 20.4 billion, 22.5 billion, and 25.9 billion CNY respectively, maintaining a 2026 PE valuation of 18x, leading to a reasonable value of 404.8 billion CNY, equivalent to 445.4 billion HKD, with a target price of 103.06 HKD per share and a "Buy" rating [1] Group 1 - The release of the Keling O1 model integrates video generation, modification, and expansion into a unified model, enhancing efficiency for professional creators and marking a breakthrough in modifying single elements within video frames [1] - The O1 model features multi-modal capabilities, allowing for comprehensive creation processes including generation, modification, and expansion, addressing backend video consistency issues and supporting 3-10 second narratives for various creative needs [1][2] Group 2 - The update significantly enhances flexibility and convenience for B-end professional creators, implementing the MVL (Multi-modal visual language) concept, which improves interaction efficiency and expression of creator intent [2] - The lowered entry barriers further accelerate user penetration, enhancing C-end playability and expanding the audience for AI video models, with simplified prompts and the ability to easily replicate popular videos [2]

为促进万家中证A500交易型开放式指数证券投资基金（场内简称：A500ETF基金，基金代码： 159356）、万家沪深300交易型开放式指数证券投资基金（场内简称：沪深300指数ETF，基金代码： 159393）的市场流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服 务》及相关规定，自2025年12月5日起，本公司拟新增东方证券股份有限公司为上述基金的流动性服务 商。 万家基金管理有限公司 2025年12月5日 特此公告。 ...

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

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。 以下是全名单>> 宏观经济研究 | 最佳分析师 | 名次 | 机构 | 研究团队 | | --- | --- | --- | | 1 | | 李超、于科、林成炜、廖博、 | | | 浙商证券 | 潘高远、费瑾、王瑞明、靳 | | | | 风、陈冀、祁星 | | 2 | 广发证券 | 郭磊、陈礼清、陈嘉荔、钟林 | | | | 楠、王丹、吴棋滢、贺骁束、 | | | | 文永恒 | | 3 | 东吴证券 | 芦哲、张佳炜、刘子博、王 | | | | 洋、潘京、占烁、李昌萌、董 | | | | 含星、韦蓓 | | 4 | 东方证券 | 孙金霞、曹靖楠、王仲尧、陈 | | | | 至奕、孙国翔、戴思崴、吴泽 | | | | 青 | | 5 | 长江证券 | 于博、宋筱筱、刘承昊、黄帅 | | 6 | 未到证券 | 张瑜、陆银波、文若愚、殷雯 | | | | 卿、高拓、付春生、李星宇、 | | | | 夏雪、袁玲 ...

东方证券研报指出，近期被动元器件厂商均表示看好AI对行业的拉动，市场对于AI驱动被动元器件周 期向上的预期在提升。三环集团MLCC产品形成了丰富的产品矩阵，广泛应用于移动通信、智能终端、 新能源等行业，现已覆盖微小型、高容、高可靠、高压、高频系列，形成了全面的产品矩阵，市场认可 度逐步提升，国产替代加速推进。公司持续推进以固体氧化物燃料电池（SOFC）为代表的一系列新产 品的创新开发，推动产业转型升级。认为SOFC在北美的空间仍然被市场低估，公司通过SOFC隔膜板 的批量供应可以完全受益于北美AI电力建设的强劲增长。根据可比公司26年29倍PE估值，对应目标价 为54.23元，维持"买入"评级。 ...

Core Viewpoint - Changxin Technology has a broad customer base in the automotive electronics sector, covering over 70% of global vehicle brands, and has established a comprehensive supply chain for integrated modules [1] Group 1: Business Overview - The company provides a range of automotive electronic modules, including instrument panel modules, rearview mirror modules, central control screen modules, B-pillar modules, and head-up display modules [1] - Changxin Technology has completed the industrial chain layout for "on-board sensors + touch modules + cover plates + touch display integrated modules" [1] Group 2: Growth Potential - The company is expanding into fields such as UTG and UFG, which are expected to open up new growth opportunities [1] - Additionally, the company is entering the intelligent computing sector, aiming to build a full-chain computing service capability [1] Group 3: Valuation - Based on comparable companies' average 26-year PE valuation of 28 times, the target price is set at RMB 6.44, maintaining a "buy" rating [1]

公司将密切关注后续救灾情况，为受灾民众提供必要支持，助力其重建家园、恢复正常生活，积极履行 企业社会责任，彰显国有金融企业使命担当和人文关怀。 东方证券作为A+H股上市公司，在港提供全链条金融服务体系，与香港社会联系紧密、共生共荣。公 司对于香港火灾中的遇难同胞表示深切哀悼，向不畏艰险、奋战一线的救援人员致以崇高敬意，时刻心 系当地居民生命财产安全。 近日，申能集团携旗下东方证券（含汇添富基金）及其香港公司捐赠500万港元，通过香港白玉兰基金 会，驰援香港大埔火灾救助工作，专项用于香港大埔火灾受灾民众的救助与灾后重建工作。 ...

2025年11月28日，由东证期货与东方证券财富管理委员会联合主办"千钧奋起，万树花开"年度策略会在 上海浦东顺利召开，本次会议设置1个主论坛与4个分论坛，议程覆盖宏观经济与政策、大宗商品、产业 动态及大类资产配置等多个领域，为500余名各界投资者搭建了专业高效的交流平台。 东证期货党委副书记、总经理唐雷出席本次策略会并发表致辞。他表示，2025年宏观图景的核心脉络聚 焦"破"与"立"，期货行业已正式从"量的扩张"阶段迈入"质的突围"的全新发展阶段。当前，期货行业既 迎来了新的发展高度，也处于转型关键节点。面对行业变局与多重挑战，东证期货明确两大核心发力方 向：一是坚持研究下沉，扎实推进产业链深度研究，这份源自一线实践的"泥土气息"，正是公司稳健发 展的最坚实底气；二是深化科技赋能，推动金融科技从辅助工具升级为核心竞争力，将大数据平台"繁 微"打造为连接研究、决策与风险管理的智慧中枢，凭借技术优势突破传统业务瓶颈，为客户创造独特 价值。 策略会主论坛特别邀请复旦大学经济学院副院长陈钊教授，带来"在变化中把握机遇：创新、市场与 AI"的主题分享。陈钊教授指出，坚持创新发展是中国崛起的重要道路。企业必须具备国际视 ...