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].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The coking coal online auction failure rate remains high, coke enterprises still expect a continuous decline in raw material spot prices, and their purchasing sentiment is relatively low. Downstream blast furnace production has decreased again on a week - on - week basis [4]. - The restoration of origin supply is still slow, but Mongolia maintains a high vehicle - passing volume, and the market still has strong expectations for the recovery of future source production. There are still differences in the overseas December interest rate decision, but the expectation of interest rate cuts has increased this week, and the overseas risk appetite has increased to some extent before Thanksgiving, with the US dollar index also falling on a week - on - week basis [5]. - The regulatory attitude of the National Development and Reform Commission indicates that coal is currently in a supply - guarantee cycle. The market has strong expectations for the recovery of future coal supply. Coupled with the blast furnace start - up data that has reached a phased peak, the demand space for coal and coke is also suppressed to some extent, causing the previously high valuation of coal and coke to decline significantly recently [5]. 3. Summary According to Relevant Catalogs 3.1 Coal and Coke Fundamental Data Changes - **Supply**: FW raw coal is 856.08 (+4.63), independent coking plants' daily average is 63.76 (+1.09); FW clean coal is 438.75 (+4.91), steel mills and coking enterprises' daily average is 46.32 (+0.10) [7]. - **Demand**: The hot metal output is 234.68 (-1.6) [7]. - **Inventory**: MS total inventory increases by 34.8, mine raw coal increases by 17.4, mine clean coal increases by 38.0, independent coking decreases by 5.6, independent coking inventory decreases by 27.9, steel mills increase by 3.2, steel mill coking increases by 4.2, ports increase by 6.5, ports increase by 3.0, and FW port increases by 0.3 [7]. - **Profit**: The profit of commercial coal is 559 (-28), and the average profit of coking enterprises is 46 (+27) [7]. - **Warehouse Receipt**: The warehouse receipt of Meng 5 in Tangshan is 1190, and the warehouse receipt of Rizhao quasi - first - grade coke is 1621 [7]. 3.2 Coking Coal Fundamental Data - **Supply - Weekly**: It includes data on the start - up rate of 523 sample mines, FW raw coal production, daily average clean coal production of 523 sample mines, and FW clean coal production [9]. - **Supply - Monthly**: It shows the monthly production data of coking bituminous coal and coking clean coal [11]. - **Supply - Mongolia Coal Customs Clearance**: It presents the customs clearance volume data of Mongolian coal at Ganqimaodu, Mandula, and Ceke ports, as well as the total customs clearance volume of the three ports [13][16][17][19]. - **Inventory - Pithead**: This week, the raw coal inventory of sample mines increased by 12.34 tons week - on - week to 168.15 tons, and the clean coal inventory increased by 9.56 tons week - on - week to 107.55 tons [24]. - **Inventory - Port**: This week, the coking coal port inventory is 294.5 tons, an increase of 3 tons week - on - week [26]. - **Inventory - Coking Plant**: It includes data on the inventory and available days of coking coal in independent coking enterprises, and the inventory data of 230 independent coking plants in different regions [29][31]. - **Inventory - By Capacity - Available Days**: It shows the inventory available days of coking coal in 230 independent coking plants with different production capacities [33]. - **Inventory - Steel Mill**: It includes data on the inventory, available days of coking coal in 247 steel enterprises and their sample coking plants, and the inventory data of 247 steel enterprises' sample coking plants in different regions [34]. 3.3 Coke Fundamental Data - **Supply - Capacity Utilization - Coking Plant**: It shows the capacity utilization rate data of independent coking enterprises and 230 independent coking plants with different production capacities and in different regions [37]. - **Supply - Capacity Utilization - Steel Mill**: It presents the capacity utilization rate data of 247 steel enterprises [39]. - **Supply - Output - Coking Plant**: It includes the daily output data of 230 independent coking plants and all - sample independent coking enterprises [41]. - **Supply - Output - Steel Mill**: It shows the daily output data of 247 steel enterprises' sample coking plants [43]. - **Inventory - Coking Plant**: It includes the inventory data of all - sample independent coking enterprises and 230 independent coking plants [45]. - **Inventory - Steel Mill**: It includes the inventory, average available days data of 247 steel enterprises' sample coking plants, and the inventory and available days data in different regions [46][48][49]. - **Inventory - All - Sample Summary**: It shows the total inventory data of coke and the supply - demand difference data [51][53]. - **Profit**: It presents the profit data of coke, including the disk profit of ton - coke and the average profit of independent coking enterprises [56][57]. 3.4 Coal and Coke Futures and Spot Prices - **Coking Coal Futures**: It provides the futures market data of coking coal 2601 and coking coal 2605, including closing prices, trading volumes, and open interests [60]. - **Coke Futures**: It offers the futures market data of coke 2601 and coke 2605, including closing prices, trading volumes, and open interests [62]. - **Coal and Coke Monthly Spread**: It shows the monthly spread data of coking coal and coke [65]. - **Coal and Coke Spot**: It presents the spot price data of different types of coking coal and coke [68]. - **Coal and Coke Basis**: The coke disk has shown signs of supplementary decline this week, and the basis of the 01 contract has turned positive, reaching a new phased high [71].

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]

Group 1 - The long-term trend of "de-dollarization" is driving some countries to reduce the proportion of U.S. Treasury bonds in their foreign exchange reserves and increase their gold holdings, a trend that is not weakened by the easing of U.S.-China trade disputes [1][2] - The liquidity easing brought by the Federal Reserve's interest rate cuts is accelerating the process of rising precious metals, with expectations for a price increase in 2025 due to the combination of these trends [1][2] - In 2026, the new Federal Reserve Chairman may adopt a more aggressive rate-cutting approach amid the backdrop of midterm elections, and continued increases in gold ETF holdings by European and American investors are expected to sustain the upward trend in precious metals [1][2] Group 2 - The demand for basic metals, particularly copper and aluminum, is expected to rise due to liquidity easing and increased physical demand driven by AI investments, while supply constraints in mining and smelting will support a steady increase in industrial metal prices [1][2] - For copper, the ongoing liquidity trend and significant potential demand from AI data centers and power grids will likely lead to a sustained upward movement in copper prices, with the possibility of exceeding expectations [1][2] - The aluminum sector is expected to maintain good profit levels due to tight supply and demand dynamics, with leading companies in the industry likely to achieve strong profitability through resource management and supply chain extension [1][2] Group 3 - The supply and demand for lithium carbonate is projected to return to a tight balance in 2026, with a significant increase in price levels driven by strong demand from energy storage and power applications [2] - The global demand for lithium carbonate is expected to grow by 24.2% in 2026, with a demand growth rate of approximately 50% from energy storage and just under 20% from power batteries [2] - The supply growth for lithium is forecasted at around 18.1%, indicating a shift from a loose balance to a tight balance in the lithium market [2] Group 4 - Domestic rare earth prices are expected to rise, benefiting companies in the rare earth magnetic materials sector, as the supply side faces constraints and demand from new energy policies strengthens [2] - The growth rate for demand from sectors such as new energy vehicles, wind power, and energy-efficient variable frequency air conditioners is projected to reach 29%, 18%, and 28% respectively by 2025 [2] - The tightening of domestic rare earth supply, coupled with overseas demand for replenishment, is likely to amplify price increases, providing a dual boost to the performance and valuation of rare earth magnetic material companies [2]

Core Viewpoint - The company has announced its participation in the Guotai Haitong Industrial Fund to expand its investment in various sectors including optical communication, data centers, automotive electronics, and robotics [1] Investment Details - The company will invest 35.4 million RMB as a limited partner in the Guotai Haitong Zhongji Xuchuang Technology Equity Investment Fund (Kunshan) [1] - The investment is made in collaboration with Guotai Junan Innovation Investment Co., Ltd., Jiangsu Qianrong Capital Management Co., Ltd., and other limited partners [1] Fund Registration - The fund has completed the registration and filing procedures as per relevant laws and regulations, with the fund name officially registered as Guotai Haitong Zhongji Xuchuang Technology Equity Investment Fund (Kunshan) [1] - The fund's registration number is SBKE21 [1]

Group 1 - Multiple financial institutions have responded to the fire disaster in Hong Kong's Tai Po district by donating funds and resources for emergency relief and recovery efforts [1][3][5][7] - Huatai Securities, in collaboration with Southern Fund and Southern Dongying, announced a donation of 10 million HKD to support emergency rescue, transitional housing, and community recovery efforts [1] - Guotai Junan International and Haitong International also pledged 10 million HKD for urgent disaster relief and support for affected residents [3] - Industrial Securities, through its charity foundation, donated 1 million RMB to assist in post-disaster relief efforts in Hong Kong [5] - Futu has initiated a donation of 10 million HKD aimed at providing emergency housing and essential supplies for affected families [7] Group 2 - The donations from these financial institutions will be used for various purposes, including emergency rescue, transitional housing, supply of living materials, and community facility repairs [1][3][5][7] - The companies expressed their condolences to the victims and appreciation for the rescue personnel working on the ground [3][7] - There is a commitment from these institutions to closely monitor the disaster situation and fulfill their social responsibilities in aiding recovery efforts [3][5][7]

Core Viewpoint - Dalian Meidele Industrial Automation Co., Ltd. has been approved for IPO on the Beijing Stock Exchange, marking it as the 82nd company to pass the review this year, with a total of 35 companies approved on the Beijing Stock Exchange [1]. Group 1: Company Overview - Dalian Meidele is a leading supplier of intelligent conveyor systems in China, focusing on the research, design, manufacturing, and sales of intelligent manufacturing equipment, with main products including modular conveyor systems and industrial components [2]. - The company plans to publicly issue up to 16 million shares on the Beijing Stock Exchange, with a potential additional 2.4 million shares if the over-allotment option is exercised, bringing the total to a maximum of 18.4 million shares [3]. Group 2: Financial Aspects - Meidele aims to raise 645 million yuan (approximately 64.5 million) through this IPO, which will be allocated to several projects including the fourth phase of Meidele's construction project and the development of high-end intelligent conveyor systems [3]. Group 3: Underwriting and Approval - The underwriting institution for Meidele's IPO is Guotai Junan Securities Co., Ltd., marking the 12th successful IPO project for the firm this year [2]. - The review meeting raised inquiries regarding the compliance of revenue recognition and the sustainability of operating performance, particularly in light of declining performance from major end customers and slowed capacity expansion [4].

Core Points - On November 26, a significant fire occurred in the Hong Kong New Territories, specifically in the Wang Fuk Court, resulting in major casualties and drawing widespread attention from various sectors of society [1] - In response to the disaster, Guotai Junan International (1788.HK), along with its parent company Guotai Haitong (601211.SH) and subsidiaries Haitong International and Haitong Hengxin (1905.HK), decided to urgently donate 10 million HKD to support emergency relief efforts, the resettlement of affected individuals, and subsequent reconstruction in the Hong Kong region [1]

Group 1: Wealth Management Companies - The top-performing wealth management companies based on average returns over the past three years are Hangyin Wealth Management, Nanyin Wealth Management, and Suyin Wealth Management, ranking first, second, and third respectively [2][5] - Hangyin Wealth Management excels in RMB pure fixed-income and "fixed income plus" products, while its mixed and equity products perform poorly [2] - Nanyin Wealth Management's strong performance is attributed to its RMB "fixed income plus" products, with average returns ranking high in 2024 and 2022 [2] Group 2: Public Funds - The leading public fund companies based on performance are E Fund, Southern Fund, and Tianhong Fund, with E Fund achieving the highest scores [8][15] - Guohai Franklin Fund ranks first in terms of pure bond fund performance, with high average Sharpe ratios and decent returns from active equity products [8] - Funds with lower performance include Fuanda Fund, Great Wall Fund, and Tongtai Fund [9] Group 3: Securities and Asset Management Companies - The highest-rated securities and asset management companies for 2024 are Zhongyou Securities, Century Securities, and First Entrepreneur Securities, with Zhongyou Securities achieving a score of 87.66 [19] - Zhongyou Securities' strong performance is driven by its collective wealth management products, which have shown high average returns [19] - Companies with lower performance include Guorong Securities, Huachuang Securities, and Jianghai Securities [18] Group 4: Trust Companies - The top three trust companies based on comprehensive performance are Huarun Trust, Foreign Trade Trust, and CITIC Trust, with Huarun Trust leading in net profit [22][24] - Huarun Trust's net profit for 2024 is 1,033.16 billion, making it the only trust company to exceed 1 trillion [22] - The overall competitive position of leading trust companies remains strong, with Huarun Trust scoring 97.55 in product competitiveness [26]

Core Viewpoint - Guichuang Tongqiao (02190) is covered for the first time by Guotai Junan with a "Buy" rating, predicting EPS for 2025-2027 to be 0.70/0.89/1.14 CNY, and setting a target price of 33.5 CNY/36.4 HKD based on a 48X PE for 2025 [1] Group 1: Product and Market Positioning - The company focuses on peripheral and neurovascular interventional medical devices, establishing a comprehensive product pipeline with 73 products and R&D projects as of August 2025, of which 51 have received NMPA approval and 8 have EU CE certification [1] - The company has effectively capitalized on centralized procurement opportunities, leading to rapid revenue growth due to its deep platform layout [1] Group 2: Commercialization and Sales Growth - Since the launch of a major product at the end of 2020, the company has built a wide distribution network covering over 3,000 hospitals, with significant sales growth in neurovascular and peripheral vascular interventions [1] - In the first half of 2025, sales revenue for neurovascular intervention products increased by 25.0% year-on-year, while peripheral vascular intervention products saw a 46.2% increase [1] Group 3: International Expansion - The company's international business grew by 36.9% year-on-year in the first half of 2025, primarily driven by markets in Europe and Asia [2] - The company has established sales of 22 products across 27 overseas countries/regions, with a focus on penetrating markets in France, Germany, and Italy, as well as expanding into emerging markets like Brazil, India, and South Africa [2] - Strategic partnerships with over 60 local partners have enabled the company to cover channels in 52 countries and regions globally [2]