东方证券发布研报称，维持华润万象生活(01209)"买入"评级，目标价52.55港元，其依托母公司华润置 地持有的优质物业资源，无需承担重资产投入与开发风险，即可享有稀缺的重奢资源与核心地段优势。 凭借强大的品牌议价能力、卓越的运营团队及持续扩大的管理规模，公司实现超越行业基本面的同店增 长，并通过经营杠杆效应不断提升利润率，展现出低风险、高盈利的强劲弹性。 风险提示 消费基本面下行超预期的风险。母公司交付不及预期。第三方项目拓展不及预期。数据统计可能存在遗 误/变动。假设条件变化影响测算结果。 东方证券主要观点如下： 母公司重资产持有大体量优质商场，华润万象轻资产商管享有空间卡位和规模优势 华润万象生活对商户具备强定价权，同店和规模成长驱动经营杠杆效用提升，未来商管业务的收入与盈 利增长确定性强，市场部分人习惯将万象系商场直接与龙湖集团的龙湖天街、新城控股（601155）的吾 悦广场类比，虽然三者同为内资购物中心，但后两家开发持有和运营集中于同一主体，享有租金收入的 同时需承担前期庞大资金沉淀、较长回报周期，以及苛刻的财务回报条件。而万象系商场由母公司华润 置地开发持有，商管环节则被拆分出来由华润万象生活运 ...

智通财经APP获悉，东方证券发布研报称，维持华润万象生活(01209)"买入"评级，目标价52.55港元， 其依托母公司华润置地持有的优质物业资源，无需承担重资产投入与开发风险，即可享有稀缺的重奢资 源与核心地段优势。凭借强大的品牌议价能力、卓越的运营团队及持续扩大的管理规模，公司实现超越 行业基本面的同店增长，并通过经营杠杆效应不断提升利润率，展现出低风险、高盈利的强劲弹性。 公司商管核心竞争优势在于对商户不断强化的议价能力，这主要源于母公司稳定增长的、大体量优质购 物中心的合约支持 母公司是中国购物中心领域早期进入者，抢先布局关键地区市场占据核心地段，此外其数量稳居行业第 一梯队，储备仍在有序增加，这为公司带来稀缺重奢资源、与品牌深度绑定的关系，以及调租换铺的强 势话语权等，结合公司专业、有创造力的团队不断在动态的市场变化中找寻最优解，得以形成客流-销 售额-品牌吸引/更新的正反馈，从而使得在管商场表现能够超越消费基本面，并且实现长期同店增长。 东方证券主要观点如下： 母公司重资产持有大体量优质商场，华润万象轻资产商管享有空间卡位和规模优势 华润万象生活对商户具备强定价权，同店和规模成长驱动经营杠杆效用提 ...

据同花顺（300033）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 （600930）募资181.71亿元，为1-10月的募资王。西安奕材、中策橡胶（603049）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（601211）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 74332.14万元。 国泰海通保荐了长江能科、联合动力（301656）、友升股份（603418）、悍高集团（001221）、首航新 能（301658）、浙江华业（301616）、浙江华远（301535）、常友科技（301557）、毓恬冠佳 （301173）、大明电子（603376）、丰倍生物（603334）11家企业上市，与华英证券、天风证券 （601162）担任了兴福电子的联合主承销商，与中信建投（601066）、中信证券（600030）、川财证 券、中金公司（601995）、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 ...

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 ...

Core Viewpoint - The report from Dongfang Securities maintains a "Buy" rating for Country Garden Services (06098) with a target price of HKD 6.83, highlighting the company's active expansion into community value-added services and its collaboration with Keda Nengtong in the electric vehicle charging business, aiming to cultivate new growth points and enhance future competitiveness through technology empowerment [1][2]. Group 1: Community Value-Added Services - The company is focusing on developing community value-added services, particularly in sectors such as automotive, home, retail, and services, with notable growth in community wine culture, achieving over 88% year-on-year growth in six trial regions for its wine business, generating revenue of HKD 190 million [2]. - The company is advancing its community charging business, providing a one-stop service for charging station equipment and an independently developed operational management platform, primarily targeting two-wheeled electric vehicles. As of mid-2025, the company operates approximately 600,000 charging sockets across over 5,000 communities, with more than 5.5 million registered users and over 200 million monthly active users [2]. Group 2: Clean Robot Deployment - The company has accelerated the deployment of its self-developed "Zero Resident" cleaning robots, which are now operational in 17 projects across cities like Guangzhou, Beijing, Shanghai, and Dalian, with over 130 units deployed. The plan is to expand this to 1,000 units within the year, aiming for standardized and large-scale applications in property management to achieve significant efficiency improvements and cost savings [3]. - The company intends to increase R&D investment to enhance the application capabilities of robots in complex scenarios, which is expected to create new competitive advantages in efficiency, quality, and cost control [3].

Core Viewpoint - Dongfang Securities maintains a "Buy" rating and a target price of HKD 6.83 for Country Garden Services (06098), highlighting the company's active expansion into community value-added services and its collaboration with Keda Nengtong in the electric vehicle charging business, aiming to cultivate new growth points and enhance future competitiveness through technology empowerment [1][2]. Group 1: Community Value-Added Services - The company is focusing on developing community value-added services, particularly in sectors such as automotive, home, retail, and services, with notable growth in community wine culture, achieving over 88% year-on-year growth in six trial regions, generating revenue of CNY 190 million [2]. - The company is advancing its community charging business, providing a one-stop service for charging station equipment and an independently developed operational management platform, with over 5000 communities operating approximately 600,000 charging sockets and a registered user base exceeding 5.5 million [2]. Group 2: Clean Robot Deployment - The company has accelerated the deployment of its self-developed "Zero Resident" cleaning robots, with over 130 units operational across 17 projects in cities like Guangzhou, Beijing, and Shanghai, and plans to expand to 1000 units within the year, aiming for standardized and large-scale applications in property management [3]. - Increased R&D investment is planned to enhance the robots' capabilities in complex scenarios, potentially creating new competitive advantages in efficiency, quality, and cost control [3].

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]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Views - The insurance sector is preparing actively for the 2026 "opening red" period, with a focus on dividend insurance products, which are expected to outperform traditional insurance due to higher yield rates [6] - The brokerage sector continues to show high profitability, with wealth management, investment banking, and overseas business expected to drive earnings improvement [5][7] - The long-term interest rates are stabilizing at the bottom, which is expected to support the asset side logic and improve the liability cost for insurance companies [6] Summary by Sections Insurance Sector - The insurance companies are gearing up for the 2026 "opening red" with dividend insurance becoming the main product, offering a yield rate significantly higher than traditional insurance [6] - The market share of listed insurance companies is expected to increase due to the expansion of bank insurance channels and the release of "storage demand" [6] - The overall outlook for the liability side is optimistic, with potential improvements in the value rate of dividend insurance supported by rate adjustments and structural optimization [6] Brokerage Sector - The average daily trading volume of stock funds from January to November increased by 77.1% year-on-year, indicating strong market activity [7] - The China Securities Regulatory Commission has proposed to include commercial real estate in the public REITs pilot program, which is expected to enhance the market for REITs [7] - Major brokerage firms are expected to see significant ROE expansion under the current growth-oriented strategy, with low valuations presenting strategic allocation opportunities [7] Recommended Stocks - Recommended stocks include China Pacific Insurance, Ping An Insurance, China Life Insurance H, Huatai Securities, Guotai Junan, and others [8]

金价疯涨冲破4200美元！36%机构押注明年破5000，现在上车还来得及吗？ 一、金价狂飙背后的三重推力 1. 美联储降息周期开启 - 政策催化：9月美联储宣布降息25个基点，实际利率降至1.2%（2022年来最低），持有黄金的机会成 本显著下降 - 预期差效应：市场对2026年降息幅度预期达75个基点，推动黄金期货多头持仓量突破历史峰值 2025年10月，国际金价以雷霆之势突破每盎司4200美元大关，创下历史新高。年内累计涨幅超60%，让 黄金成为全球资产市场的"耀眼明星"。面对高盛、美国银行等36%机构"2026年破5000美元"的预测，普 通投资者该如何抉择？本文结合最新市场动态与机构研判，拆解黄金投资的三大核心逻辑与五维风控策 略。 2. 全球央行"囤金潮" - 购金规模：2022-2024年全球央行年度购金量连续超1000吨，2025年Q3单季增持217吨（创季度新高） - 去美元化：新兴市场央行黄金储备占比从10%提升至18%，俄罗斯、土耳其等国清空美债转投黄金 3. 地缘政治风险溢价 - 避险需求：美国债务规模突破35万亿美元，政府"停摆"危机叠加中东局势紧张，VIX恐慌指数与金价 相关系数达0 ...