中信建投证券研报指出，税友股份2025年前三季度实现归母净利润1.10亿元，同比下降4.74%；受益于 AI产品驱动业务收入增长以及经营效率提升，Q3单季度业绩超预期，实现归母净利润0.39亿元，同比 增长42.33%；充分验证公司AIBM战略的商业化价值以及未来潜在成长力。电商进入严监管阶段，财税 合规与筹划需求释放有望打开公司全新增长空间，公司有望核心受益。给予"买入"评级。 ...

中信建投证券日前研报指出，量价共同助力下25Q3爱玛科技实现收入80. 62亿元，同比增长17.3%。在产品结构向上的拉动之下，Q3公司盈利能力同比略有提升，整体看，Q3在渠道积极备货 ...

格隆汇11月27日｜中信建投证券研报指出，九号公司Q3营收同比增长56.82%，在两轮车、割草机等业 务的带动下公司整体依旧延续了此前的高增态势。盈利端，受到研发费用短期投入节奏等问题的影响， 管理和研发费用率略有波动，导致公司净利率略低于此前市场预期，Q3实现净利率7.49%，同比下降 1.33pct，单季度实现净利润5. 46亿元，同比提升45.86%，实现扣非净利润4.86亿元，同比增长37%。长 期来看，公司在国内外持续进行品类开拓，长期成长空间依然可期，维持"买入"评级。 ...

格隆汇11月27日｜中信建投证券研报指出，中国太保前三季度实现归母净利润同比+19.3%至457.00亿 元。从负债端看，寿险业务纵深推进"长航"转型，转型成效逐步显现，代理人渠道强化高质量队伍建 设，打造"Cπ康养财富规划师"等品牌队伍，招募优质新人，提升了分红险销售能力，代理人渠道新保 期缴中分红险占比进一步提升，达58.6%；产险业务加速AI 应用落地，同时积极做好防汛工作，有效防 范风险， 经营成果得到进一步巩固。从资产端来看，公司精准把握A股投资机会，充分发挥红利策略对 应低利率环境优势， 为稳定投资业绩提供有力支撑。长期来看，公司着力提升分红险销售占比、打造 更加均衡的产品结构，有望进一步夯实公司在低利率环境下的长期稳健经营能力，进而为公司长期估值 中枢提升打开空间。估值方面，截至11月21日收盘，公司2025年PEV为0.54倍，看好利率企稳回升背景 下的估值修复投资机会。预计公司2025/2026/2027年的NBV增速分别为30.5%/19.0%/14.1%，给予公司未 来12个月目标价47.97元，维持"买入"评级。 ...

Group 1 - The market for humanoid robots is in a phase of consolidation, awaiting new catalysts, with significant developments such as Tesla's Optimus mass production orders and Gen3 prototype release supporting market expectations [2] - The overall market performance on November 26 showed a mixed trend, with the Shanghai Composite Index down by 0.15%, while the Shenzhen Component Index and the ChiNext Index increased by 1.02% and 2.14% respectively [1] - The trading volume in the Shanghai and Shenzhen markets was 1.78 trillion, a decrease of 28.8 billion compared to the previous trading day [1] Group 2 - The mechanical industry strategy report from Galaxy Securities highlights that the machinery equipment index outperformed the market in 2025, with strong growth in sectors related to humanoid robots, AI PCB equipment, and lithium battery equipment [3] - Key investment themes for the mechanical equipment sector in 2026 include AI infrastructure, future industries, and cyclical recovery, with a focus on sectors such as humanoid robots and commercial aerospace [3] - The report suggests selecting high-quality stocks with upward beta characteristics in cyclical industries, including engineering machinery and wind power equipment [3]

Core Viewpoint - The current market has weak expectations for automotive stimulus policies and overall production and sales volume for next year, indicating a weakening of the automotive cyclical attributes. The core focus is shifting towards technology attributes and emerging growth directions [1] Group 1: Market Expectations - The market's anticipation for automotive stimulus policies and production/sales volume for next year is low [1] - The cyclical nature of the automotive industry is diminishing, leading to a focus on technology and growth sectors [1] Group 2: Future Trends - The year 2026 is highlighted as a significant year for new vehicles from Huawei, which is worth monitoring [1] - Companies like Xiaopeng, GAC, and Changan showcased self-developed robotic products during the auto show, indicating a shift towards integrating robotics in the automotive sector [1] - The upcoming technological iterations and mass production of Tesla's FSD V14, Robotaxi, and Optimus in 2026 are expected to create a turning point in the industry, with automotive and robotics as key applications of physical AI [1] - The technological attributes of automotive stocks may undergo a re-evaluation as these trends develop [1]

（文章来源：第一财经） 中信建投研报称，机器人板块行情在经历10月大幅调整后，11月行情进入预期整固后的去伪存真阶段， 产业在0-1的趋势兑现前夕，特斯拉Optimus量产订单发包、Gen3样机定型发布等重要节点支撑市场预 期，预期上修需要新一轮催化落地或产业节奏兑现，当前建议守机待时，重点关注近期宇树上市新进 展。 ...

Core Viewpoint - The current market has weak expectations for automotive stimulus policies and overall production and sales volume for next year, indicating a weakening of the automotive cyclical attributes. The core focus is on technology attributes and emerging growth directions [1] Group 1: Market Trends - The Guangzhou Auto Show has opened, with multiple automakers unveiling new models for 2026 [1] - GAC has launched the brand "Qijing" in collaboration with Huawei, marking the eighth brand created through partnerships between Huawei and automakers [1] - The Zun界 S800 has achieved over 18,000 pre-orders within 175 days of its launch, demonstrating rapid brand momentum [1] Group 2: Technological Developments - Companies such as XPeng, GAC, and Changan showcased self-developed robotic products during the auto show [1] - XPeng recently released its second-generation VLA large model and humanoid robot Iron, boosting market expectations [1] - The year 2026 is anticipated to be significant for new vehicle launches from Huawei, especially with the expected advancements in Tesla's FSD V14, Robotaxi, and Optimus technologies [1] Group 3: Industry Implications - The integration of automotive and robotics as core applications of physical AI is expected to catalyze a turning point in industry trends [1] - The technological attributes of automotive stocks may undergo reassessment as these advancements unfold [1]

01 探索低空无限可能，把握军工投资新趋势 13:00-15:00 核心看点： 想亲睹南非特技飞行队的XA42战机如何演绎"死亡翻滚"？中国"红星"表演队的初教-6又将展现哪 些空军教官的绝技？近30款eVTOL飞行器集中亮相，谁将定义未来低空出行？ 嘉宾： 祁世超丨航空航天ETF天弘基金经理 刘杨丨央视、省级卫视军事特约评论员，航空领域作家 发牌手杰克丨财经博主 张雨濛丨天弘基金指数观察员 林荣华丨天弘基金策略分析师 03 瑞银展望2026：中国智能驾驶产业趋势 16:00-17:00 扫码预约 02 潮起之江，筑力新征程——浙商资管2026年度权益投资策略会 14:00-18:00 核心看点： 想知道2026年"系统性慢牛"第二阶段将如何演绎？科技成长主线能否继续领跑？低波红利资产又该 如何配置？浙商资管"潮起之江，筑力新征程"2026年度权益投资策略会，将为您深度解析"十五 五"开局之年的投资机遇，共话新周期下的资产配置蓝图 嘉宾： 张雷丨基金经理 扫码预约 核心看点： 想了解2026年中国智能驾驶如何实现关键突破？Robotaxi何时能迎来规模化部署并实现单车盈 利？激光雷达市场的增长逻辑与核心玩家是 ...

Core Insights - The China Securities Regulatory Commission (CSRC) has approved several brokerages, including Guolian Minsheng, Western Securities, and Northeast Securities, to conduct pilot programs for optimizing account management functions, which are crucial for operational efficiency and customer investment experience [1][2] Group 1: Account Management Optimization - The approved pilot programs aim to enhance the account management system of brokerages to keep pace with the increasing diversity of financial products and services in the market [1] - The regulatory guidelines emphasize the importance of customer fund safety, proper management of fund transfers, and compliance with identity verification and risk management protocols [1][2] Group 2: Customer-Centric Approach - Guolian Minsheng plans to establish a comprehensive account core system to achieve unified identity recognition, risk management, and centralized asset management for clients, moving away from traditional isolated account management [2] - The optimization of account management functions is expected to improve customer experience by allowing for a panoramic view of various assets and facilitating easier fund transfers, thereby enhancing fund utilization efficiency [2][3] Group 3: Industry Trends - There is a growing demand for wealth management among Chinese residents, with a significant increase in new investor accounts, totaling 24.67 million in the first ten months of the year, reflecting a 9.32% year-on-year growth [3] - Brokerages are increasingly focusing on customer service efficiency and quality as key competitive factors in the wealth management sector, with firms like Northeast Securities and招商证券 implementing customer-centric organizational structures and service systems [3]