东方证券研究所所长黄燕铭在本次策略会上表示，2026年股票市场可以简单总结为"横盘震荡，略有走 强"，整个市场将呈现横盘震荡逐级抬升的过程，这个过程需要较长时间逐步完成，大家不能有一蹴而 就、"快牛""疯牛"的想法。对于2026年投资机会，他认为，前期在中盘蓝筹股，后期还是在科技创新 股。 东方证券研究所宏观与战略团队表示，在这个全球充满不确定性的时代，中国政策的稳定性、连续性、 务实针对性和规划前瞻性是突出的比较优势，这正在成为更多全球投资者的共识。展望明年，由科技突 破、风险下降等叙事力量推动的资金再配置预计仍将延续，关注"十五五"时期政策新理念推动经济走向 再平衡。海外宏观环境将继续有利于中国资产表现，美国政策宽松未完待续，全球"政策偏松+经济不 差"的组合为风险资产提供温和"顺风"。 东方证券本次策略会精心设置了十二大分会场，聚焦不同投资主线，覆盖了科技、人工智能、新能源、 消费、多元资产配置等热点话题，深度探讨了行业前沿技术及投资机遇，展现了东方研究团队的专业锐 度。 12月18日，东方证券2026年度投资策略会在上海举行。本次策略会以"潮涌东方满江红"为主题，汇聚专 业学者、行业专家同东方证券核心 ...

东方证券研究所宏观与战略团队表示，在这个全球充满不确定性的时代，中国政策的稳定性、连续性、 务实针对性和规划前瞻性是一条突出的比较优势，这正在成为更多全球投资者的共识。展望明年，由科 技突破、风险下降等叙事力量推动的资金再配置预计仍将延续，关注"十五五"时期政策新理念推动经济 走向再平衡。海外宏观环境将继续有利于中国资产表现，美国政策宽松未完待续，全球"政策偏松+经 济不差"的组合为风险资产提供温和"顺风"。 人民财讯12月18日电，12月18日，东方证券2026年度投资策略会在上海拉开帷幕。东方证券研究所所长 黄燕铭在大会上表示，2026年股票市场可以简单总结为"横盘震荡，略有走强"，整个市场呈现横盘震荡 逐级抬升的过程，这个过程需要较长时间逐步完成，大家不能有一蹴而就、快牛疯牛的预期。支撑A股 略微走强的核心驱动因素在于大家对国家治理预期不断上升。2026年投资机会，前期在中盘蓝筹，后期 还是在科技创新。 ...

Group 1 - The core viewpoint of the news is the significant asset restructuring plan announced by China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, which aims for a share swap merger to enhance synergy and competitive advantages [1] - As of December 18, 2025, the Guozheng Securities Leading Index (399437) has decreased by 1.08%, with mixed performance among constituent stocks, including a 10% limit-up for Dongxing Securities and a 3.96% increase for CICC [1] - The trading volume remains active, fluctuating between 1.7 trillion to 2.0 trillion yuan, with a financing balance stabilizing at 2.48 trillion yuan, indicating a positive long-term trend in the market despite short-term volatility [1] Group 2 - The China Securities Regulatory Commission (CSRC) chairman mentioned optimizing evaluation indicators for quality institutions, moderately expanding capital space and leverage limits, and shifting from price competition to value competition [2] - Major brokerages have a low equity fund position of only 0.62%, with large brokerages having an average price-to-book (PB) ratio of 1.46x, indicating potential for improvement in leverage and profitability [2] - The top ten weighted stocks in the Guozheng Securities Leading Index account for 79.05% of the index, highlighting the concentration of market performance among leading securities firms [2]

Group 1 - The core viewpoint of the article highlights that the gold sector is experiencing increased attention due to the Federal Reserve's unexpected expansion of its balance sheet, which may lead to a significant increase in dollar liquidity and potentially harm the dollar's credibility, benefiting gold prices [1] - The onset of a super cycle for industrial metals is anticipated to drive inflation, further supporting gold prices in the medium to long term [1] - Investors are encouraged to consider participating in gold investments during subsequent pullbacks, particularly through tax-exempt physical gold investments and gold stock ETFs that cover the entire gold industry chain [1]

证券研究报告 金融 公募绩效考核优化，关注优质金融 华泰研究 2025 年 12 月 18 日│中国内地 行业月报 公募绩效考核优化，关注优质金融 25 年 11 月全市场发行理财产品 2631 份，环比+23.6%；公募基金新发份额 946 亿份，月环比+31%。12 月《基金管理公司绩效考核管理指引（征求意 见稿）》下发，强化长期业绩导向、提高强制跟投比例，并明确量化降薪问 责机制等，将基金公司及其核心投研人员的利益与投资者的长期利益深度绑 定。资本市场中长期稳步向上趋势不改，奠定资管产品发展基础。建议把握 优质个股，银行推荐零售及财富管理标杆招行 AH，财富管理战略地位提升 的宁波银行；券商推荐大财富管理产业链具备较强优势的广发 AH、东方 AH。 银行理财：存续规模微增，收益表现下行 根据基金业协会数据，截至 25Q2 末，券商资管规模为 6.14 万亿元，季度 环比+4%。2025 年 11 月新发份额 44.69 亿份，环比持平。从新发份额结构 上看，债券型占比最高，达 53.27%。 私募基金：存量规模环比增长，证券投资基金备案规模环比提升 根据基金业协会数据，截至 2025 年 10 月末，全 ...

Core Viewpoint - The securities sector experienced a decline on December 18, with related indices showing a drop of 0.8% as of the report time [1]. Market Performance - The broker index opened at 11,415.07 and closed at 11,321.83, reflecting a decrease of 90.82 points or 0.80% [2]. - The trading volume reached 13 billion, with a turnover of 8.6 billion [2]. - The highest price recorded was 11,426.34, while the lowest was 11,306.22 [2]. Individual Stock Movements - China International Capital Corporation (CICC) and Xinda Securities saw their gains narrow to below 5%, after initially opening at the daily limit and nearly 7% higher, respectively [2]. - Dongxing Securities led the gainers with a price of 14.44, reflecting a rise of 9.98% [3]. - Xinda Securities and CICC reported increases of 4.89% and 4.84%, respectively [3]. - On the downside, Zhongyin Securities fell over 4%, with other firms like CITIC Securities, Huatai Securities, and China Galaxy also experiencing declines [4].

Core Insights - The 2025 Securities Times Best Analyst results were announced, highlighting the top-performing teams and analysts in various categories [1] - The event saw participation from nearly 50 securities firms and over 1300 domestic and international institutions, with more than 800 institutions qualifying to vote [1] Group 1: Top Analysts and Teams - The macroeconomic first place was awarded to the team led by Guo Lei from GF Securities [1] - The top strategy research team was also from GF Securities, led by Liu Chenming [1] - The top analyst in the gold category was Sun Yuanyuan from Industrial Securities [1] Group 2: Participation and Voting - The voting institutions included over 160 public fund institutions, 30 insurance asset management companies, and 100 insurance companies, among others [1] - The total assets managed by the participating institutions exceeded 100 trillion yuan [1] Group 3: Performance Rankings - The rankings for various research teams in different categories were detailed, with GF Securities consistently performing well across multiple sectors [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32]

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][6][21] Core Insights - Recent regulatory changes by the China Securities Regulatory Commission (CSRC) aim to enhance the quality of the public fund industry, focusing on performance evaluation, sales behavior, and aligning the interests of fund managers with those of investors [3][4][17] - The new regulations emphasize a shift from "scale-driven" to "investor return-driven" approaches, promoting a healthier investment culture and protecting investor interests [4][14][17] - The performance evaluation system has been refined to include specific quantitative requirements, linking fund managers' compensation to long-term performance metrics [5][7][17] Summary by Sections Regulatory Changes - The CSRC has issued guidelines for performance evaluation and sales behavior, which include stricter management of compensation, performance assessment, and accountability mechanisms [3][4] - The new rules require that at least 80% of performance evaluation metrics focus on long-term results, with significant weight given to investor outcomes [5][7] Market Impact - The regulations are expected to lead to a strategic shift towards passive and enhanced index products, as fund managers will face reduced incentives for short-term performance chasing [8][14][17] - There may be short-term market volatility as fund managers adjust to the new evaluation criteria, potentially leading to increased "herding" behavior in investment strategies [14][17] Investment Recommendations - The report suggests that sectors currently underweighted by public funds, such as securities, may see increased capital inflows, leading to valuation improvements [17] - Specific recommendations include leading brokerage firms like CITIC Securities and Huatai Securities, which are currently undervalued compared to industry averages [17]

Group 1 - The core viewpoint of the articles highlights a positive outlook for the securities industry, driven by policy support and market reforms aimed at enhancing capital market functions [1][2] - The National Securities Leading Index (399437) has shown a strong increase of 2.46%, with key stocks like Huatai Securities (601688) rising by 6.77% and GF Securities (000776) by 3.49%, indicating robust market performance [1] - The Central Economic Work Conference emphasized the need for continuous deepening of capital market reforms, positioning brokerages as essential service providers for direct financing and wealth management [1] Group 2 - According to CITIC Securities research, the securities sector is expected to enter a new growth cycle in 2025, with performance driven by favorable policies and market conditions [2] - The report identifies three core positive drivers: service to new productive forces, long-term capital inflow, and internationalization opportunities for brokerages, which are not yet fully priced into the market [2] - As of November 28, 2025, the top ten weighted stocks in the National Securities Leading Index account for 79.05% of the index, indicating a concentrated market structure [2]

Group 1 - The A-share market saw a significant rise in securities stocks, with Huatai Securities increasing nearly 7% and GF Securities rising over 3% [1] - Other securities firms also experienced gains, including Dongfang Securities, Industrial Securities, Guotai Junan, CITIC Securities, and Changjiang Securities, all rising over 2% [1] Group 2 - Huatai Securities (stock code: 601688) rose by 6.90%, with a total market capitalization of 215.4 billion and a year-to-date increase of 38.93% [2] - GF Securities (stock code: 000776) increased by 3.40%, with a market cap of 166.6 billion and a year-to-date rise of 38.88% [2] - Dongfang Securities (stock code: 600958) saw a rise of 2.89%, with a market cap of 93.7 billion and a year-to-date increase of 6.64% [2] - Industrial Securities (stock code: 601377) increased by 2.93%, with a market cap of 63.6 billion and a year-to-date rise of 19.48% [2] - Guotai Junan (stock code: 601211) rose by 2.56%, with a market cap of 366.7 billion and a year-to-date increase of 13.98% [2] - CITIC Securities (stock code: 601066) saw a rise of 2.24%, with a market cap of 212.8 billion and a year-to-date increase of 7.15% [2] - Changjiang Securities (stock code: 000783) increased by 2.37%, with a market cap of 45.5 billion and a year-to-date rise of 23.26% [2]