投资机会方面，如果指数上行则关注非银金融，除此之外，主要交易机会围绕中央经济工作会议等可能 会有的政策方向，重点关注涨价资源品、服务消费和科技领域自主可控。 转自：新华财经 编辑：林郑宏 新华财经上海12月1日电 招商证券研报分析认为，展望12月，市场在经历了三个月的震荡蓄势后，终于 要选择方向，而选择向上突破发动跨年行情的概率较高。结合三季报，十五五规划，增量资金和投资者 结构以及全球宏观环境变化，12月市场将会发动指数级别上行的跨年行情。 资金面方面，2025年1月实施了印发《关于推动中长期资金入市工作的实施方案》要求提升商业保险资 金A股投资比例，新增保费投入A股比例要提升，而每年一季度都是保险开门红，新增保费配置股票需 求增加，12月是提前布局的时机。而美元指数重新走弱和人民币汇率走强为外资重新流入提供了基础。 过去两整年基金业绩普遍较高，进入年底年初居民存款增加较多，居民配置权益基金的概率加大。12月 容易形成各路增量资金的共振，从而形成经典的跨年行情。 ...

活力集团向港交所主板递交上市申请，由招商证券国际和民银资本联席保荐。该公司是中国知名的综合 出行平台，提供多模式出行产品及服务，主要通过航班管家及高铁管家为个人旅客提供旅行相关服务， 并为企业客户提供数据及技术服务以及为品牌提供营销服务。业绩记录期内，公司收入主要来自旅行相 关服务。 2024年，活力集团在中国综合互联网出行服务市场总GMV中排名第八，市场份额约1.4%。在中国在线 火车票预订市场中，按2024年GMV计算，该公司是中国第三大第三方平台，市场份额约2.4%。 ...

Core Viewpoint - The A-share market is expected to experience an upward breakout in December, driven by improvements in fundamental expectations, macro liquidity, and policy catalysts, leading to a potential early start of the spring rally [1][9][11]. Group 1: Market Outlook - Most brokerages anticipate that December will see a recovery in fundamental expectations and macro liquidity, with policy and industry themes catalyzing market movements [1][7]. - The market has been in a three-month consolidation phase, and the likelihood of an upward breakout to initiate a year-end rally is high [1][9]. - Investors maintain confidence in the medium to long-term market outlook, suggesting that the current bull market is not over [11]. Group 2: Investment Strategies - Investors are advised to prepare for the year-end rally, with a focus on strategic positioning around key events such as the Federal Reserve's interest rate meeting and the Central Economic Work Conference [2][8]. - Emphasis on large-cap stocks with stable earnings is expected to outperform in December, while a balanced allocation between growth and value styles is recommended [12]. - Key sectors to watch include traditional manufacturing, resource revaluation, and companies with overseas expansion potential [4][8]. Group 3: Sector Focus - The technology sector is anticipated to rebound, particularly in areas with favorable cost-performance ratios, such as innovative pharmaceuticals and defense industries [6][7]. - The cyclical sectors, including basic chemicals and industrial technology, are expected to be foundational assets for the spring rally [5][6]. - Consumer sectors, particularly high-quality consumption like liquor and consumer building materials, are seen as mid-term investment opportunities [7][12].

Core Insights - The role of Chief Information Officers (CIOs) in the securities industry is evolving from a support function to a strategic engine driving business innovation [2][4][5] - There has been a significant increase in the hiring of new CIOs across various brokerages, indicating a heightened emphasis on information technology [3][4] - The trend reflects a broader digital transformation within the industry, moving from traditional cost-driven competition to value-driven strategies [5][6] Group 1: CIO Role Evolution - The recent wave of CIO appointments signifies a fundamental shift in the operational logic of brokerages, with digital transformation becoming a top strategic priority [4] - New CIOs often possess a hybrid background in both technology and business, which is increasingly favored in the hiring process [3][4] - The responsibilities of CIOs are shifting from traditional technical support to becoming central to business innovation strategies [4][5] Group 2: Increased Technology Investment - The securities industry is expected to see a 19.7% growth in IT investment by 2025, with the overall market size projected to exceed 74 billion yuan by 2027 [5] - Digital transformation is now viewed as a key variable for breaking through industry challenges, moving away from a focus on cost control [5][6] - Brokerages are accelerating their financial technology initiatives, with companies like Zhejiang Securities and Northeast Securities outlining strategic plans for technology integration [5][6] Group 3: Internet Subsidiaries and Digital Services - Several brokerages are establishing internet subsidiaries to create a digital service framework, with firms like China Galaxy and Dongwu Securities leading the way [7][8] - These internet subsidiaries are expected to become key platforms for AI technology application and customer engagement upgrades within the next three to five years [8]

Group 1 - The market is characterized by a slow bull trend with reduced volatility and improved Sharpe ratios compared to the past, but subjective long positions have limited improvement and continue to underperform quantitative strategies [2] - The current market structure shows an increase in allocation funds and quantitative funds, while subjective stock-picking funds are limited, leading to a higher demand for valuation and safety margins from subjective long positions [2] - A significant change in domestic demand is needed to unlock market potential, with recommendations to focus on resource and traditional manufacturing sectors, as well as companies expanding overseas [2] Group 2 - December is expected to open a favorable window for "profit-making effects," with the correlation between market movements and fundamentals being weaker in November [3] - The "spring market" period, which lasts about 20 trading days from the Spring Festival to the Two Sessions, is anticipated to provide good profit opportunities, especially for stocks with positive earnings forecasts [3] - Many sectors have already adjusted by approximately 20%, making December a suitable time for observation and potential investment [3] Group 3 - The cross-year market is supported by easing overseas disturbances and improved risk appetite, with expectations for clearer economic and industrial development guidance from year-end meetings [4] - The market is advised to maintain a bullish outlook and continue to invest in Chinese assets, focusing on high-growth sectors such as AI, advantageous manufacturing, and structural recovery in domestic demand [5] - Key sectors to watch include resource products, new consumption, and technology growth, particularly in AI and domestic computing power industries [5] Group 4 - The market is likely to choose an upward direction after three months of consolidation, with a high probability of a cross-year rally in December [6] - Investment opportunities are expected to arise from the political bureau meeting and central economic work meeting, focusing on resource products, service consumption, and technology sectors [6] - The dual focus on large-cap indices like the Shanghai 50 and the Sci-Tech 50 is recommended for the upcoming cross-year market [6] Group 5 - The market sentiment is expected to improve as December approaches, with significant policy observations anticipated, which could catalyze the cross-year market [8] - Key investment themes include commercial aerospace, AI applications, energy storage, military industry, and innovative pharmaceuticals, particularly those related to the "14th Five-Year Plan" [8] - The improvement in overseas liquidity and the adjustment of previous high-performing sectors are also expected to benefit the market [8] Group 6 - Historical data indicates that policy factors are crucial for the initiation of cross-year rallies, with macroeconomic data playing a less decisive role [9] - The cross-year rally typically starts before a weak market, driven by expectations of policy easing and improved liquidity [9] - Key sectors to focus on include semiconductors, energy storage, robotics, AI applications, and pharmaceuticals, especially if new policy directions emerge from the central economic work meeting [9]

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].

【文/羽扇观金工作室】 招商基金网站11月27日消息，招商基金发布高级管理人员变更公告称，王颖自2025年11月27日起任招商 基金董事长，公司总经理钟文岳不再代任董事长职务。 综合公开资料与公告文件显示，王颖，出生于1972 年11月，南京大学政治经济学专业硕士，经济师职 称。 王颖于1997年1月加入招商银行，历任招商银行北京分行行长助理、副行长，天津分行行长，深圳分行 行长，招商银行行长助理。 2023年2月，他获监管核准出任招商银行行长助理，从此正式进入核心高管序列。2023年11月，仅半年 之后再获监管核准升任至副行长一职。可以说，王颖是一位资深的招行系老将。 展望后续的发展，招商基金在接受《中国证券报》采访时表示，招商基金表示，未来将在股东的鼎力支 持下，继续保持战略定力，坚持战略规划的稳定性和延续性，聚焦新三年规划，着力提升战略执行能 力，为新三年创造良好的开局；同时，公司将进一步融入股东发展战略，更好立足"深度研究共享""优 质资产组织和产品创设""创新试验田"三个定位，夯实与股东的战略协同基础，持续构建战略联动，丰 富合作内容，提升合作质效，以更加立体化、全方位的战略协同做好"客户投资的产品 ...

最佳分析师荣誉榜，招商证券荣获4个领域研究大奖；菁英分析师荣誉榜，招商证券荣获4个领域研究大 奖，名单如下： 责任编辑：郭栩彤 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，招商证券研究团队荣获"最具特色研究机 构第五名"、"菁英研究机构第九名"。 ...

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 highlighted the future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Outstanding Research Institution evaluation were announced [1] Group 2: Award Rankings - The top research institutions recognized were as follows: - 1st: Huachuang Securities - 2nd: Guojin Securities - 3rd: Guohai Securities - 4th: Guolian Minsheng Securities - 5th: Zhongtai Securities - 6th: Huayuan Securities - 7th: Dongwu Securities - 8th: Minsheng Securities - 9th: China Merchants Securities - 10th: Kaiyuan Securities [1]

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]