Core Viewpoint - The focus on technological self-reliance and the development of new productive forces will be key to high-quality transformation in the context of major power competition, with policies expected to prioritize industry and technology in the upcoming year-end adjustments [1] Group 1: Technology Sector - The narrative shift within AI and the benefits of "high-cut low" strategies in AI edge and software applications (including media, computing, humanoid robots, and Hong Kong internet) are highlighted as significant areas of focus [1] - The domestic computing power industry chain is expected to benefit from the emphasis on "technological self-reliance" [1] Group 2: Market Trends - The anticipated easing of monetary policy by the Federal Reserve is expected to catalyze technological growth, which will be a decisive factor in the current market rally [1] - The upward trend in industry dynamics is expected to continue into next year, with a focus on innovative pharmaceuticals and military industries showing improved cost-effectiveness after adjustments [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 为促进华夏中证1000交易型开放式指数证券投资基金（159845）、华夏国证港股通科技交易型开放式指 数证券投资基金（159101）、华夏MSCI中国A50互联互通交易型开放式指数证券投资基金（159601） 的市场流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有 关规定，自2025年12月1日起，本公司新增国投证券股份有限公司为上述基金的流动性服务商。 特此公告 二〇二五年十二月一日 关于新增山西证券股份有限公司为部分基金流动性服务商的公告 为促进华夏中证1000交易型开放式指数证券投资基金（159845）、华夏中证红利质量交易型开放式指数 证券投资基金（159758）的市场流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2 号一一流动性服务》等有关规定，自2025年12月1日起，本公司新增山西证券股份有限公司为上述基金 的流动性服务商。 特此公告 华夏基金管理有限公司 二〇二五年十二月一日 关于新增兴业证券股份有限公司为部分基金流动性服务商的公告 为促进华夏国证航天航空行业交易型开放式 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 根据建信基金管理有限责任公司与兴业证券股份有限公司签署的销售协议，自2025年12月1日起，兴业 证券股份有限公司将销售本公司旗下基金如下： ■ 自2025年12月1日起，投资者可在以上销售机构的营业网点办理上述基金的业务，具体业务的办理请参 照本公司及以上销售机构的相关业务规则和流程。投资者欲了解基金产品的详细情况，请仔细阅读基金 产品的基金合同、招募说明书、基金产品资料概要等法律文件。 投资者通过以上券商办理业务时，请按照各代销网点的具体规定执行。 一、新增销售机构如下： 1.兴业证券股份有限公司 地址：福州市湖东路268号 客服电话：95562 网址：https://www.xyzq.com.cn/ 二、建信基金管理有限责任公司联系方式 客户服务热线：400-81-95533(免长途通话费)、010-66228000 网址：http://www.ccbfund.cn 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不保证基金一定盈利，也 不保证最低收益。投资者投 ...

Group 1 - The core viewpoint is that the Industrial Securities Overseas Research Center has been recognized as the top analyst in the "Overseas Market Research" category at the 7th Sina Finance Golden Unicorn Best Analyst Awards [1][4] - The team, led by Zhang Yidong, has consistently won awards in the overseas research field, demonstrating its strong research capabilities and market recognition [4][6] - The Overseas Research Team covers a wide range of industries, including TMT, pharmaceuticals, advanced manufacturing, energy, social services, real estate, finance, textiles, food and beverage, and home appliances, with over 20 members [6] Group 2 - The Golden Unicorn Best Securities Analyst Awards, organized by Sina Finance, has been held for seven years and has gained significant support from the industry, with over a thousand analysts participating [7] - The evaluation process is recognized for its fairness and transparency, covering nearly 40 research areas including macro, strategy, industry, small and medium-sized enterprises, and overseas markets [7]

打破僵局只能是大超预期的基本面变化，今年是外需和出海，未来可能还是需要内需的重大变化打开市场高 度。在超预期的变化出现前，配置上建议延续资源/传统制造业定价权的重估以及企业出海两个方向。 广发证券："赚钱效应"最好的时间窗，即将打开 每年11月，市场涨跌与基本面相关性最弱，但进入12月，基本面定价的有效性会逐步加强。"赚钱效应"最好的 时间窗，即将打开。每年春季有两个重要时间点：春节、两会。在这期间（春节到两会），市场有很好的"赚 钱效应" ，也就是 "春季躁动"窗口期，平均持续约20个交易日。春节前后，市场从低胜率转向高胜率，从大盘 风格转向小盘风格。 12月到明年1月是春季躁动布局的很好时机，尤其是针对那些年报预告不太会爆雷且明年景气度趋势不错的方 向（年报预告不好的方向，可能最好等到明年1月末布局）。同时考虑截至上周五市场最低点，很多板块调整 幅度已经达到历史上主线品种的平均水平（20%左右），12月可以逐步纳入观察范围。 中信证券：需要内需的变化打开高度 市场呈现出低波慢牛的特征，主要宽基的波动率有所下降，回撤以及夏普比率亦好于过往。但主观多头的体感 改善相对有限，今年以来依旧跑输量化策略，仅略微跑赢 ...

Core Insights - The aging population in China is a significant strategic issue for national development, and actively addressing aging and developing the silver economy is crucial for sustainable development [3][4] - The report emphasizes the need for policy innovation, financial empowerment, and social collaboration to build an inclusive and sustainable elderly care ecosystem [1][3] Industry Overview - The "14th Five-Year Plan" has highlighted the "active response to population aging" as a national strategy, with a focus on developing a coordinated policy mechanism for elderly care and industry [3] - Financial policies are increasingly recognizing "pension finance" as a key growth area for high-quality development [3] Company Positioning - The company, as a state-owned financial enterprise, prioritizes national strategy and social responsibility, particularly in the important area of pension finance [4] - The company has been a pioneer in personal pension finance, being one of the first brokerages to pilot personal pension product distribution, and currently holds nearly 700,000 personal pension investment accounts [4] - The company's pension financial products have shown strong performance, with its first pension target fund achieving a return of 84.25% since inception, and its three-year investment yield ranking first among similar products [4] Future Outlook - The company plans to continue deepening its practices in the pension finance sector, guided by the "15th Five-Year Plan," by enriching its pension financial product offerings and enhancing wealth management services throughout the lifecycle [5] - There will be increased investment in financial technology to improve services for the elderly, along with efforts to educate investors and promote knowledge of pension finance [5] - The company aims to collaborate with various sectors to innovate products and upgrade services, believing that collective efforts will help address aging challenges and activate new momentum in the silver economy [5]

Group 1 - The aging population has become a significant strategic issue for national development in China, with a focus on actively addressing aging and developing the silver economy as key points for sustainable development [3][4] - The "14th Five-Year Plan" emphasizes the need for a national strategy to actively respond to population aging, while the upcoming "15th Five-Year Plan" will further clarify policies for the coordinated development of elderly care and industry [3][4] - The government is committed to creating a robust institutional foundation for the construction of the elderly care ecosystem through continuous and precise policy support [3] Group 2 - Industrial Securities has established itself as a leader in the personal pension finance sector, having opened nearly 700,000 personal pension investment accounts and managing a total scale of nearly 6 billion yuan in its subsidiary's pension fund [4] - The company's first pension target fund has achieved a return of 84.25%, with the highest investment yield among similar products over the past three years [4] - Looking ahead, Industrial Securities aims to deepen innovation in the pension finance field, enhance product offerings, and improve services tailored for the elderly, while also promoting financial literacy and collaboration across various sectors [4][5]

兴业证券联合兴业证券慈善基金会，通过福建省红十字会紧急捐赠人民币100万元，驰援香港大埔灾后 援助，与香港同胞同心聚力、共渡难关。 ...

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]

答：目前下游客户面对的市场需求尚未明显暖，市场新项目有限，竞争也仍旧激烈，增量业务的毛利率依 然处于较低水平。但对于公司而言，我们坚决贯彻 "通过增量占领存量"的竞争策略，只要是具有战略意 义的客户、项目，我们一定会尽全力拿下，所以在部分增量业务项目中有所降价，毛利率较以前确实有所 下滑。目前增量业务毛利率已经处于很低的水平，根据我们的判断，增量业务毛利率再大幅下降的可能性 不大，且随着竞争的加剧，市场向头部企业集中的趋势更明显，有利于公司提升增量市场份额。在现在的 市场环境下，比起增量业务毛利率，公司更看重增量业务能为未来存量业务提供的坚实基础。公司存量业 务的毛利率相对稳定。 证券之星消息，2025年11月28日中密控股（300470）发布公告称南方基金秦乾一 王天瑜 严必行、兴业证 券郭亚男、华福证券邓娴仪、东证资管李疆、华宝基金贺喆、杨国泰基金陈雨、太平养老张凯、华泰资产 丑凯亮、易方达基金郑涛岳、长江资管施展于2025年11月28日调研我司。 具体内容如下： 问：目前行业发展格局处于什么阶段？ 答：机械密封全球市场是一个较集中的市场，竞争格局保持相对稳定，约翰·克兰、伊格尔·博格曼、福斯 三家国际巨 ...