Investment Rating - The report indicates a positive outlook for the insurance sector, recommending specific companies such as China Pacific Insurance, China Ping An, China Life (H), and China Taiping, while also recommending New China Life Insurance [4][17]. Core Insights - The financial industry experienced a mixed performance, with the non-bank financial index rising by 0.81%, outperforming the CSI 300 index by 0.89 percentage points. The insurance sector showed a notable increase of 2.36%, while the banking sector declined by 1.77% [2][11]. - The central economic work conference emphasized a proactive fiscal policy, which is expected to benefit the insurance sector by increasing infrastructure asset supply and improving credit risk perceptions [14][15]. - The report highlights the potential for valuation recovery in the brokerage sector, driven by regulatory changes that align public fund interests with long-term investor returns [18][19]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index rose by 0.81%, with the insurance sector outperforming the CSI 300 index by 2.44 percentage points [2][11]. - The banking sector underperformed, with a decline of 1.77%, attributed to macroeconomic policy expectations [3][21]. 2. Insurance Sector Data Tracking - The insurance sector's premium income showed steady growth, with life insurance and property insurance premiums increasing by 9.6% and 4.0% year-on-year, respectively [17][26]. - The report notes that the 10-year government bond yield decreased to 1.84%, which is favorable for the insurance sector's investment strategies [31]. 3. Brokerage Sector Data Tracking - The brokerage sector's PB valuation stands at 1.37x, indicating potential for valuation recovery as earnings improve [19][42]. - Regulatory changes in public fund sales are expected to enhance the industry's focus on long-term investor interests [18][19]. 4. Banking Sector Data Tracking - The banking sector's PB valuation is at 0.54x, suggesting it remains undervalued [21][25]. - The central economic work conference's focus on domestic demand and flexible monetary policy is expected to support the banking sector's growth [22][23].

Investment Rating - The report maintains a positive outlook on the non-banking financial sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market in the coming months [66]. Core Insights - The report highlights that the central government's economic meetings have emphasized the need for structural reforms in the financial sector, aiming for a more efficient capital market and improved financial supply-side reforms [2][21]. - The insurance sector is expected to undergo a systematic revaluation, driven by the asset side's influence on company valuations, with a focus on sustainable business models and risk management [2][10]. - The brokerage sector is currently experiencing a mismatch between fundamentals and valuations, with potential catalysts including mergers and acquisitions and upcoming performance reports [2][5]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,580.95 with a slight decline of -0.08%, while the non-banking index rose by 0.81% to 1,991.97. The brokerage, insurance, and diversified financial sectors reported respective changes of +0.31%, +2.36%, and -1.62% [5][6]. Non-Banking Industry Data - As of December 12, 2025, the average daily trading volume in the stock market was 18,247.40 billion yuan, reflecting a decrease of 14.23% from the previous month [15][44]. - The financing balance in the margin trading market reached 25,079.82 billion yuan, an increase of 34.5% compared to the end of 2024 [15][48]. Non-Banking Industry News - The central bank reported that in the first eleven months of 2025, RMB loans increased by 15.36 trillion yuan, and the total social financing scale reached 33.39 trillion yuan, exceeding last year's total [16]. - The China Securities Regulatory Commission is set to introduce new regulations on public fund sales to address long-standing issues in the industry [17]. Individual Stock Highlights - China Life Insurance reported total premiums exceeding 700 billion yuan as of November 30, 2025 [29]. - The brokerage sector saw significant stock performance, with Guotai Junan and CITIC Securities leading in gains [7][12].

来源：东方证券股份有限公司 研究结论 2026 年资产配置有一长一短两个挑战。中长期来看，我国进入低利率时期，过去很长时间在我国资产 配置中发挥重要作用的股债对冲效果将不及过往。短期来看，过去几年我国进入新旧动能切换，投资者 风险偏好向两端走。及至当前，海内外对我国国家治理能力的信心与日俱增，经济和通胀数据仍有待修 复但我国科技产业发展的态势欣欣向荣，悲观者修正预期，乐观者更加理性，投资者风险偏好正在从两 端向中间回归。 低利率背景下资产配置关注增收和降波。增收主要通过拓宽两类资产，降波主要用好三项工具。许多成 熟市场都曾经历过低利率阶段，以长期业绩亮眼的耶鲁捐赠基金和桥水基金为例，可见拓展海外资产和 另类资产是低利率时期实现增收的重要途径。但资产类型的拓展不可避免会带来不确定性上行，从而需 要通过风险对冲、风险转嫁、风险规避等手段进行更精细化的风险管理。 风偏回归背景下关注低波策略加弹性、高波策略控风险。前者包括固收类资产关注境内交易机会和境外 票息机会，权益资产从红利逐渐转向中盘蓝筹，其他资产关注黄金等商品机会；后者主要包括海外资产 从美股向其他国家适当分散，A 股将部分科技转向中盘蓝筹，组合层面关注商品 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The non-bank financial index increased by 0.81%, outperforming the CSI 300 index which decreased by 0.08%. The brokerage and insurance sectors continue to show good trends, with valuations at low levels and relatively stagnant performance throughout the year. The Federal Reserve's interest rate cuts are beneficial for the equity market, directly favoring the profitability of securities firms' overseas businesses due to lower liability costs and asset expansion [4][5] - The average daily trading volume of stock funds reached 2.39 trillion, a 15.1% increase month-on-month, indicating a recovery in trading activity. The cumulative average daily trading volume for the year is 2.05 trillion, a 69.5% year-on-year increase [5] - The China Securities Regulatory Commission's recent positive stance signals a potential "policy easing period" for the industry, which may lead to an increase in leverage limits and support for the profitability of the securities industry. The report recommends focusing on strategic opportunities in undervalued leading companies in the brokerage and insurance sectors [5][6] Summary by Sections Brokerage Sector - The Federal Reserve's interest rate cuts are favorable for the overseas business of brokerages, and new regulations are set to standardize fund sales practices. The report highlights three main lines of recommended stocks: Huatai Securities, Guotai Junan, and CICC for their advantages in overseas and institutional business; GF Securities and Dongfang Securities for their wealth management strengths; and Guosen Securities for its retail advantages [5][6][7] Insurance Sector - The liability side is expected to achieve a "good start," with the transformation of dividend insurance continuing to progress. The demand for "savings" from residents is likely to persist, and the insurance distribution channel is expected to maintain high growth. On the asset side, stable long-term interest rates and a favorable equity market are expected to boost investment returns in the medium to long term [6][7]

来源：乔叔观潮 2023年，龚德雄来到东方证券，没多久公司风格就变了。过去的稳妥做法被他打破，新官上任没等风 凉，他直接动手，把核心高管团队换了一遍，旗下的明星资管和基金公司也接连换了领导。 这一波操作让东方证券整个气场都不一样了。数据不会骗人，2025年前三季度，公司营业收入、净利润 都涨了不少，经纪、投行和自营业务也一路高歌 最抢眼的是基金投顾，服务了二十多万投资者，这数目在行业里很能打。 但是，改革总是有两面，资产管理规模缩水了近四成，一度让人忧心。可第三季度资产管理收入开始回 温，证明他的改革方案开始见效。 正当大家关注东方证券的业绩能不能持久时，龚德雄却突然离开了，"强基固本"的评价也成了送别他的 最好注脚。 上海国际集团：更大的舞台和新角色 龚德雄的新头衔，是上海国际集团党委副书记兼总裁。 相比东方证券，这家公司属于更高一层的上海金融"指挥台"，控制着几家大银行、保险巨头，还刚完成 国泰君安和海通证券的合并，能掌舵这样的平台，压力和机会都不是一个量级。 这几年，上海力推金融国资整合，不只拼资产，更拼协同。 上海国际集团承担的不只是资产投入，更重要的是让旗下的证券、银行、保险和金融市场平台实现资源 ...

Core Insights - The report emphasizes that new regulations in fund sales are reshaping the fund ecosystem, creating opportunities for investment as the spring market approaches [1][2] - The insurance sector is expected to see high growth in performance, supported by the introduction of a new commercial health insurance drug directory, which encourages product innovation [2][16] - The report suggests focusing on specific stocks within the insurance sector, including Xinhua Insurance, China Life, Ping An, and others, as they are likely to benefit from these developments [2][16] Weekly Performance - As of December 13, 2025, the Shanghai Composite Index reported a decrease of 0.34%, while the Shenzhen Component Index increased by 0.84% [11] - The average daily trading volume in the Shanghai and Shenzhen markets was 1.95 trillion yuan, reflecting a week-on-week increase of 15.14% [6] Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with long-term interest rate spreads showing marginal improvement [13][16] - The 10-year government bond yield was 1.84%, down 1 basis point from the previous week, providing a supportive environment for insurance stock valuations [13][16] Securities Sector - The issuance of the "Publicly Raised Securities Investment Fund Sales Behavior Norms (Draft for Comments)" aims to systematically regulate sales behavior and protect investor rights [17][18] - The new regulations mark a shift from a scale-driven approach to one focused on investor interests, promoting a fundamental transformation in the industry [18][23] Key Company Valuation and Financial Analysis - The report provides detailed valuation metrics for key companies in the insurance and securities sectors, indicating a "Buy" rating for several firms based on their projected earnings and price-to-earnings ratios [7][8] - For instance, Ping An is rated with a target price of 76.65 yuan per share, while Xinhua Insurance has a target price of 94.21 yuan per share, reflecting strong expected performance [7] Regulatory and Policy Environment - The national financial system work conference emphasized the need for risk prevention, strong regulation, and promotion of high-quality development in the financial sector [25][26] - The focus will be on stabilizing the market, enhancing financial governance, and addressing local government debt risks, which will shape the future landscape of the financial industry [25][29]

中经记者 郭建杭 北京报道 银行揽储的营销活动随着年末临近持续升温。 《中国经营报》记者注意到，伴随今年存款利率多轮下调、国有大型银行集体下架五年期大额存单产品 等市场变化，中小银行在2026年"开门红"营销即将到来之际表现出更为精细化的揽储策略。不仅通过上 浮利率、发行大额存单、存款送积分等传统方式揽储，还有部分银行对存款产品设定不同起存门槛、不 同利率，以及上浮利率须满足额外限定政策等条件。 业内人士指出，银行存款利率上浮整体来看比往年更克制，而客户分层则更为细致。这既能优化存款结 构、降低整体付息成本，又能筛选出高净值客户做交叉销售。 存款利率议价再现 杭州银行（600926.SH）近期发布的限定地区专属定存产品，三年期定期产品的起购门槛分别为5万 元、20万元和50万元，对应利率水平分别为1.65%、1.75%和1.8%。 12月1日，内蒙古农商银行多家支行发布第七期金彩社保盈·存款产品公告，根据公告可知，该期产品销 售期限为12月1日至12月31日，个人存款产品分为社保卡专属和非社保卡专属两类，起存门槛也分为100 元起存和20万元起存。其中，社保卡专属的"金彩社保盈"系列产品，100元起存的一年期 ...

本报记者 周尚伃 在部署明年经济工作重点任务时，会议明确，坚持创新驱动，加紧培育壮大新动能。黄燕铭分析称，从具体措施来看，涉 及教育与人才、国际科技创新中心、知识产权保护制度、服务业扩能提质、重点产业链高质量发展、"人工智能+"及其治理、 科技金融服务等一系列主题。这一变化背后体现的是"新动能"的指向变得更加广泛，不仅是科技本身，还包括科技带动的制 度、产业、社会治理、金融乃至服务业的升级，最终形成正向循环。 在支持战略性新兴产业和改造提升传统产业方面，结合一些既有政策，黄燕铭认为三大方向值得期待： 一是推动民间投资与财政支持"双向奔赴"。其中，既要继续发挥超长期特别国债、专项债、各地产业投资基金等工具对重 大项目、科技项目的拉动作用，也要鼓励民间投资以及企业本身担当更加重要的角色。 二是以需求侧牵引产业升级，包括但不限于鼓励政府以更大比例采购首台（套）重大技术装备、首批次新材料、首版次软 件产品，以及数字化、绿色化改造后的传统产品、在"两新"或其他消费品补贴的实施中进一步向智能、绿色产品倾斜，开放更 多智慧公路、低空遥感、智能电网等场景，鼓励企业在应用中创新。 三是使金融成为科技创新与产业升级的生力军，把活 ...

参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9589，近一年增长61.37%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 调研情况显示，伟创电气正全面推进"一核两新"战略布局，在机器人领域取得显著进展，近期发布了 12mm-21mm微型无框电机、6-16mm空心杯电机、轴向磁通电机等新品，并推出6DOF腱绳仿生驱动灵 巧手、超短款谐波关节模组等具身智能核心部件，产品精准适配AGV/AMR、服务机器人等应用场景， 公司凭借技术积累获得移动机器人产业联盟颁发的"十年荣耀 移动机器人供应链质量标杆奖"。 在船舶与海工领域，公司AC800系列及AC310-Pro系列变频器已获得中国船级社型式认可证书，推出涵 盖电力推进、轴带发电、电池/氢燃料电池混合动力直流组网以及纯电新能源船舶等应用场景的产品与 系统解决方案；绿色能源方面，公司围绕光伏、储能、氢能等方向，成功推出光伏扬水系统、VPS系列 微电网混合逆变器、制氢系统及电动 ...

东方证券股份有限公司（以下简称"东方证券"）于12月8日晚间发布公告称，董事长龚德雄因工作调动，向董事会递交辞呈，申请辞去董事长、执行董事及 董事会战略与可持续发展委员会主任委员、薪酬与提名委员会委员等职务。辞职后，龚德雄将不再担任东方证券及控股子公司任何职务。 根据公告，龚德雄的辞职报告自送达董事会之日起生效。其原定任期至2027年11月21日，此次离任属于提前卸任。东方证券表示，龚德雄的离任不会导致董 事会成员低于法定人数，其本人已确认与董事会之间并无意见分歧。此次人事变动此前已有征兆，上海发布在11月14日的信息已披露，龚德雄拟提名任市管 企业经理班子正职。 根据东方证券《公司章程》规定，在新任董事长选举产生前，由副董事长鲁伟铭代为履行董事长、法定代表人及香港联交所授权代表职责，以确保公司治理 和经营管理的平稳过渡。 ...