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]

Core Viewpoint - The international gold price has surged past $4200 per ounce, marking a historical high with a year-to-date increase of over 60%, prompting predictions from 36% of institutions that it could exceed $5000 by 2026 [3][4] Group 1: Drivers Behind Gold Price Surge - The initiation of a Federal Reserve rate cut cycle, with a 25 basis point reduction in September, lowering real interest rates to 1.2%, significantly reducing the opportunity cost of holding gold [3] - Central banks globally have been accumulating gold, with annual purchases exceeding 1000 tons from 2022 to 2024, and a record increase of 217 tons in Q3 2025 [4] - Geopolitical risks have heightened demand for gold as a safe haven, with the U.S. debt surpassing $35 trillion and rising tensions in the Middle East, correlating the VIX fear index with gold prices at 0.78 [4] Group 2: Institutional Divergence - Bullish perspectives from Goldman Sachs and Bank of America, with price targets raised to $4900 and $5000 respectively, supported by a 42% increase in gold ETF holdings since 2020 and over $18 trillion in negative-yielding bonds [4] - Cautious viewpoints from CITIC Securities and Dongfang Securities, highlighting potential short-term risks with gold prices at historical highs and the possibility of a 10%-15% correction [4] - A consensus among 93% of institutions recognizing gold's strategic position in the "de-dollarization" trend, with expectations that surpassing $5000 is merely a matter of time [4] Group 3: Investment Strategies - Recommended allocation of 10%-15% of household financial assets to gold for hedging against currency devaluation and systemic risks, with dynamic adjustments based on price movements [5] - Various investment tools are suggested, including physical gold for long-term holders, gold ETFs for traders, and accumulation gold for regular investors [5] - Emphasis on timing strategies, focusing on technical indicators and key events such as the December Federal Reserve meeting and U.S. election policies [5] Group 4: Future Outlook for Gold - The monetary attribute of gold is being reinforced as multiple central banks link digital currencies to gold reserves, with Russia holding 10% of its digital ruble in gold [6] - Industrial demand for gold is expected to rise, particularly in the 5G and renewable energy sectors, with projections of reaching 1200 tons by 2025 [6] - The financial attributes of gold are evolving, with a significant increase in gold futures and options products, anticipating a global derivatives market size exceeding $300 billion by 2025 [6]

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]

Group 1 - 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] - The results of the 7th Sina Finance Golden Unicorn Outstanding Research Institution evaluation were announced, highlighting the fastest-growing research institutions in the industry [1] Group 2 - The top six fastest-growing research institutions recognized were: 1. Huayuan Securities 2. Huafu Securities 3. Zhongtai Securities 4. Guolian Minsheng Securities 5. Guojin Securities 6. Dongfang Securities [1]

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]