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]

中信建投证券研报指出，中国人寿持续深化资负联动，前三季度归母净利润在上年同期高基数上大幅增 长60.5%。公司深入推进产品和业务多元，积极落实预定利率与市场利率挂钩及动态调整机制，大力发 展浮动收益型业务，前三季度浮动收益型业务首年期交保费占比同比提升超45个百分点。今年以来，股 票市场回稳向好势头不断巩固，公司积极推进中长期资金入市，加大权益投资力度， 前瞻布局新质生 产力相关领域，投资收益同比大幅提升， 总投资收益率同比提升104个基点。长期来看公司作为头部险 企在监管引导行业高质量发展的政策环境下相对更为受益，竞争优势长期来看有望进一步凸显。预计公 司2025/2026/2027年的NBV增速分别为41.2%/11.5%/14. 1%，给予公司未来12个月目标价49.82元，维 持"买入"评级。 ...

格隆汇11月26日｜中信建投证券研报指出，广电运通2025年前三季度，公司营收端保持稳健，利润端短 期承压，单Q3呈现出向好态势，为近期中期分红奠定坚实基础。公司持续推进"AI in All"战略，人工智 能业务再获3.08亿大单，并以软件项目为主，标志着公司AI能力逐步向"AI+生命健康"领域渗透落地。 公司成员企业广电汇通正式获得香港MSO牌照，正式具备合规的跨境资金结算与外汇兑换资质，跨境 支付业务布局取得关键性进展。中金支付+MSO牌照构建跨境支付闭环，公司全球化服务能力与金融科 技综合实力得到进一步夯实。给予"买入"评级。 ...

格隆汇11月26日｜中信建投证券研报指出，泰格医药2025年三季报业绩符合预期。前三季度公司临床运 营业务受多重因素影响，收入及毛利率短期承压。公司顺应国内外临床研究需求复苏趋势，持续加强订 单引入及转化，前三季度净新签订单保持良好增长，25Q3收入及利润端环比呈现改善趋势。后续公司 有望受益于新行业周期的发展机遇，获得更多优质客户订单；海外临床业务有望迎来进一步增长。公司 持续推进降本增效措施和AI技术应用，期待后续订单价格复苏后利润率水平进一步改善。公司作为国 内临床CRO行业龙头公司，后续随着行业需求恢复有望持续受益，维持"买入"评级。 ...