责任编辑：凌辰 最佳分析师荣誉榜，东方证券荣获3个领域研究大奖，菁英分析师荣誉榜，东方证券荣获4个领域研究大 奖，1个行业荣获第一名，东方证券电子行业分析师薛宏伟荣获金麒麟证券分析师·未来之星殊荣。名单 如下： 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，第七届新浪财经金麒麟最佳分析师评选结果揭晓，东方证券研究团队荣获"最具特色研究机 构第九名"、"进步最快研究机构第六名"。 ...

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award 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 China's capital market [1] Group 1: Event Overview - The event highlighted the future opportunities in the Chinese capital market [1] - The 7th Sina Finance Golden Unicorn award results were announced during the conference [1] Group 2: Award Results - The top ten most distinctive research institutions recognized in the 7th Sina Finance Golden Unicorn awards are as follows: 1. Dongwu Securities 2. Guolian Minsheng Securities 3. Huachuang Securities 4. Guohai Securities 5. China Merchants Securities 6. Guojin Securities 7. Huafu Securities 8. Zhongtai Securities 9. Dongfang Securities 10. Huayuan Securities [1]

专题：2025分析师大会：资本市场"奥斯卡"启幕 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优秀研究机构评选结果隆重揭晓。 第七届新浪财经金麒麟进步最快研究机构荣誉榜如下： 第六名 东方证券 第七名 东吴证券 责任编辑：郭栩彤 第三名 中泰证券 第四名 国联民生证券 第五名 国金证券 第一名 华源证券 第二名 华福证券 ...

Core Insights - Government subsidies are a common and significant financial indicator for A-share listed companies, with a total of 890 companies receiving subsidies amounting to 3.354 billion yuan, covering 31 industries as of the first half of this year [1][12][14] Summary by Sections Government Subsidy Overview - Government subsidies can either serve as "lifelines" for companies to turn losses into profits or as "cover-ups" for operational difficulties [1] - The total amount of government subsidies received by listed companies reached 3.354 billion yuan, with 890 companies benefiting [1][12] Companies with Significant Subsidies - Eight companies received over 100 million yuan in subsidies, including China Petroleum (360 million yuan), Conch Cement (196.96 million yuan), and Gujia Home (139.35 million yuan) [3][4] - China Petroleum leads with a subsidy amount that is 1.8 times the average of the other seven companies, reflecting its status as a central enterprise in the energy sector [5] Industry Impact - The companies receiving substantial subsidies are primarily industry leaders or regional pillars, aligning with government goals to stabilize supply chains and promote industrial upgrades [4][9] - The medical device company Sainuo Medical received 2 million yuan in subsidies, which accounted for 133.53% of its net profit, indicating a heavy reliance on government support [6][8] Sector Analysis - The pharmaceutical and biological sector has the highest number of companies receiving subsidies, totaling 77, followed by machinery equipment (74) and basic chemicals (71) [13] - Traditional industries like textiles and retail have fewer companies receiving subsidies, indicating a policy focus on high-value-added and strategic emerging industries [14] ST Companies and Subsidy Reliance - Among 25 ST companies, only ST Juewei remains profitable, while others are in loss, highlighting the critical role of subsidies in avoiding delisting [10][11] - ST Yingfeitou received the highest subsidy of 6.9004 million yuan, while ST Saiwei received the lowest at 0.01 million yuan [11][10]

第三名 东方证券研究团队 （首席分析师：刘洋；团队成员：无） 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菁英分析师评选结果隆重揭晓。 第七届新浪财经金麒麟新金属材料行业"菁英分析师"荣誉榜如下： 第一名 广发证券研究团队 （首席分析师：宫帅；团队成员：王乐、陈琪玮） 第二名 申万宏源证券研究团队 （首席分析师：郭中伟；团队成员：马焰明、陈松涛） 专题：2025分析师大会：资本市场"奥斯卡"启幕 第四名 华福证券研究团队 （首席分析师：王保庆；团队成员：无） 第五名 浙商证券研究团队 （首席分析师：沈皓俊；团队成员：王南清、何玉静、沈家悦） 责任编辑：凌辰 ...

Group 1 - 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] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top analysts in the electronic industry according to the 7th Sina Finance Golden Unicorn Awards are as follows: 1. First place: Zhongtai Securities Research Team, led by Chief Analyst Wang Fang [3] 2. Second place: Changjiang Securities Research Team, led by Chief Analyst Yang Yang [3] 3. Third place: GF Securities Research Team, led by Chief Analyst Geng Zheng [3] 4. Fourth place: Guojin Securities Research Team, led by Chief Analyst Fan Zhiyuan [3] 5. Fifth place: Guosheng Securities Research Team, led by Chief Analyst Zheng Zhenxiang [3] 6. Sixth place: CITIC Securities Research Team, led by Chief Analyst Liu Shuangfeng [3] 7. Seventh place: Zheshang Securities Research Team, led by Chief Analyst Wang Lingtao [3] 8. Eighth place: Huachuang Securities Research Team, led by Chief Analyst Yue Yang [3] 9. Ninth place: Dongfang Securities Research Team, led by Chief Analyst Kuai Jian [3]

（首席分析师：李超；团队成员：于科、林成炜、廖博、潘高远、费瑾、王瑞明、靳风、陈冀、祁星） 第二名 广发证券研究团队 （首席分析师：郭磊；团队成员：陈礼清、陈嘉荔、钟林楠、王丹、吴棋滢、贺骁束、文永恒） 第三名 东吴证券研究团队 （首席分析师：芦哲；团队成员：张佳炜、刘子博、王洋、潘京、占烁、李昌萌、董含星、韦祎） 第四名 东方证券研究团队 （首席分析师：孙金霞；团队成员：曹靖楠、王仲尧、陈至奕、孙国翔、戴思崴、吴泽青） 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宏观经济研究"最佳分析师"荣誉榜如下： 第一名 浙商证券研究团队 第六名 华创证券研究团队 （首席分析师：张瑜；团队成员：陆银波、文若愚、殷雯卿、高拓、付春生、李星宇、夏雪、袁玲玲、 韩港） 第七名 国盛证券研究团队 （首席分析师：熊园；团队成员：刘新宇、杨涛、穆仁文、 ...

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award 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 is described as the "Oscar" of the capital market, highlighting its significance in the industry [1]. - The conference featured discussions on the future opportunities within the Chinese capital market, indicating a focus on growth and investment prospects [1]. Group 2: Analyst Awards - The results of the 7th Sina Finance Golden Unicorn Elite Analyst selection were announced, showcasing top analysts in the media industry [2]. - The top five analysts recognized were: 1. **First Place**: Dongfang Securities Research Team, led by Chief Analyst Xiang Wenqian [3]. 2. **Second Place**: CITIC Construction Investment Securities Research Team, led by Chief Analyst Yang Aili [3]. 3. **Third Place**: Zheshang Securities Research Team, led by Chief Analyst Feng Cuiting [3]. 4. **Fourth Place**: Zhongtai Securities Research Team, led by Chief Analyst Kang Yawen [3]. 5. **Fifth Place**: Huafu Securities Research Team, led by Chief Analyst Yang Xiaofeng [3].

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]

Core Viewpoint - Bull Group's net profit attributable to shareholders for the first three quarters of 2025 reached 2.979 billion yuan, a year-on-year decrease of 8.72% [1] - The company is facing short-term pressure in its main business, but the acceleration of new business incubation opens up long-term opportunities [1] Financial Performance - Q3 net profit attributable to shareholders was 919 million yuan, down 10.29% year-on-year [1] - The company has adjusted its profit forecasts for 2025-2026 downwards while increasing the profit forecast for 2027 [1] Market Position and Outlook - The company is expected to leverage its strong channel and brand barriers to replicate success in new sectors and overseas markets [1] - A target price of 47 yuan is set based on a 20x PE for 2026, maintaining a "Buy" rating [1]