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 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 Results - The top ten best research institutions were recognized, with Changjiang Securities taking first place, followed by GF Securities and Guotai Junan Securities in second and third respectively [1] - The complete ranking of the top ten institutions is as follows: 1. Changjiang Securities 2. GF Securities 3. Guotai Junan Securities 4. Industrial Securities 5. Tianfeng Securities 6. Shenwan Hongyuan Securities 7. Zheshang Securities 8. CITIC Securities 9. Guosheng Securities 10. Guoxin Securities [1]

智通财经APP讯，天风证券(601162.SH)发布公告，公司于2025年11月28日收到中国证监会下发的《立案 告知书》(编号：证监立案字【0052025018】号)。因涉嫌信息披露违法违规、违法提供融资，中国证监 会决定对公司立案。 ...

Core Viewpoint - Tianfeng Securities has reported significant growth in revenue and market value, attributed to the strategic initiatives implemented by Hubei Hongtai Group, marking a successful transformation under the "New Tianfeng" strategy [1][2]. Financial Performance - From January to September, Tianfeng Securities achieved a total revenue of 2.112 billion yuan, representing a year-on-year increase of 57.53% [1]. - As of the end of October, the company's total market value reached 59.23 billion yuan, an increase of 27.57 billion yuan since March 2023 [1]. Strategic Initiatives - Hubei Hongtai Group has taken substantial steps to strengthen its control over Tianfeng Securities, including completing the share transfer in February 2023 and increasing its shareholding to 28.14% through a 4 billion yuan private placement [1][2]. - The "Second Entrepreneurship" initiative launched in April 2025 has been pivotal in driving performance improvements across various business lines [2]. Business Development - The investment banking segment has shown strong performance, ranking 8th in corporate bond underwriting and 12th in IPO underwriting during the first nine months of the year [2]. - Tianfeng Securities has also excelled in proprietary investments, significantly outperforming the Shanghai Composite Index during the same period [2]. Governance and Management - Under the leadership of Hubei Hongtai Group, Tianfeng Securities has enhanced its corporate governance, focusing on efficiency and streamlined management [2][3]. - The company's regulatory evaluation and credit ratings have improved, with the Shanghai Stock Exchange rating upgraded from C to B, and maintaining an AAA rating domestically [3]. Future Outlook - Tianfeng Securities aims to leverage new opportunities in the evolving market landscape, focusing on high-quality development and establishing itself as a new type of brokerage firm with strong governance and operational excellence [3].

目前，公司各项生产经营活动正常有序开展，在立案调查期间，公司将积极配合中国证监会的相关调查 工作，并严格按照有关法律法规及监管要求履行信息披露义务。 登录新浪财经APP 搜索【信披】查看更多考评等级 格隆汇11月28日丨天风证券(601162.SH)公布，公司于2025年11月28日收到中国证券监督管理委员会 （以下简称"中国证监会"）下发的《立案告知书》（编号：证监立案字【0052025018】号）。因涉嫌信 息披露违法违规、违法提供融资，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法 律法规，中国证监会决定对公司立案。 ...

目前，公司各项生产经营活动正常有序开展，在立案调查期间，公司将积极配合中国证监会的相关调查 工作，并严格按照有关法律法规及监管要求履行信息披露义务。 格隆汇11月28日丨天风证券(601162.SH)公布，公司于2025年11月28日收到中国证券监督管理委员会 （以下简称"中国证监会"）下发的《立案告知书》（编号：证监立案字【0052025018】号）。因涉嫌信 息披露违法违规、违法提供融资，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法 律法规，中国证监会决定对公司立案。 ...

天风证券：公司因涉嫌信息披露违法违规、违法提供融资被立案】天风证券公告，公司于2025年11月28日收到中国证监会下发的《立案告知书》，因涉嫌信息披露违法违规、违法提供融资，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司立案。 ...

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 retail and social services sector were recognized, with the first place awarded to the Changjiang Securities Research Team led by Chief Analyst Zhao Gang, followed by the Guangfa Securities Research Team and the Guotai Haitong Securities Research Team in second and third places respectively [3] - The awards highlighted the contributions of various research teams, including those from Industrial Securities, Dongwu Securities, Zheshang Securities, and Tianfeng Securities, showcasing a diverse range of expertise in the industry [3]

专题：2025分析师大会：资本市场"奥斯卡"启幕 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优秀研究机构评选结果隆重揭晓。 第一名 申万宏源证券 第二名 长江证券 第三名 国泰海通证券 第四名 天风证券 第五名 广发证券 第六名 国信证券 第七名 兴业证券 第八名 中信建投证券 第九名 浙商证券 第十名 国联民生证券 责任编辑：凌辰 第七届新浪财经金麒麟最具荣耀研究机构荣誉榜如下： ...

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 food and beverage industry for the 7th Sina Finance Golden Unicorn Awards are as follows: 1. First place: Guotai Junan Securities Research Team, led by Chief Analyst Zi Meng and Co-Chief Analyst Yan Huijing, with team members including Xu Yang, Yao Shijia, and others 2. Second place: GF Securities Research Team, led by Chief Analyst Fu Rong, with team members including Hao Yuxin, Wu Siying, and others 3. Third place: Changjiang Securities Research Team, led by Chief Analyst Dong Siyuan, with team members including Xu Shuang, Fan Chenhao, and others 4. Fourth place: Huachuang Securities Research Team, led by Chief Analyst Ouyang Yu, with team members including Fan Zipan, Tian Chenxi, and others 5. Fifth place: Zheshang Securities Research Team, led by Chief Analyst Yang Ji, with team members including Sun Tianyi, Du Wanze, and others 6. Sixth place: Huaxi Securities Research Team, led by Chief Analyst Kou Xing, with team members including Lu Zhouwei, Wu Yue, and others 7. Seventh place: Dongwu Securities Research Team, led by Chief Analyst Su Cheng, with team members including Guo Xiaodong, Li Yinqi, and others 8. Eighth place: Shenwan Hongyuan Securities Research Team, led by Chief Analyst Lv Chang, with team members including Zhou Yuan 9. Ninth place: Tianfeng Securities Research Team, led by Chief Analyst Zhang Xiaoqian and Co-Chief Analyst Chen Xiao, with team members including Tang Jiaquan, Li Benyuan, and others [3]

Core Insights - The 2025 Analyst Conference highlighted the importance of corporate earnings fundamentals for the upcoming year, following a period of valuation increases in the A-share market [1][3]. Group 1: A-share Market Analysis - A-share overall Return on Equity (ROE) has stabilized after 16 consecutive quarters of decline, marking three consecutive quarters of recovery [3]. - The share of overseas income for A-share companies has increased from approximately 10% a decade ago to 20% currently [3]. - The profitability of overseas operations has improved, with gross margins rising from 17%-18% a decade ago to 20%, while domestic business gross margins have decreased to 15% [3]. Group 2: Structural Changes and Future Outlook - The proportion of traditional industries in profit structure has decreased from 70%-80% ten years ago to about 50%-60% [3]. - The adjustment in the profit analysis framework necessitates a greater focus on overseas operations and emerging industries [4]. - Factors such as slowing domestic Producer Price Index (PPI) decline, overseas fiscal expansion, low inventory replenishment cycles, and the U.S. political cycle are expected to support continued stabilization of A-share ROE in the coming year [4].