Core Insights - The 2025 Securities Times Best Analyst results were announced, highlighting the top-performing teams and analysts in various categories [1] - The event saw participation from nearly 50 securities firms and over 1300 domestic and international institutions, with more than 800 institutions qualifying to vote [1] Group 1: Top Analysts and Teams - The macroeconomic first place was awarded to the team led by Guo Lei from GF Securities [1] - The top strategy research team was also from GF Securities, led by Liu Chenming [1] - The top analyst in the gold category was Sun Yuanyuan from Industrial Securities [1] Group 2: Participation and Voting - The voting institutions included over 160 public fund institutions, 30 insurance asset management companies, and 100 insurance companies, among others [1] - The total assets managed by the participating institutions exceeded 100 trillion yuan [1] Group 3: Performance Rankings - The rankings for various research teams in different categories were detailed, with GF Securities consistently performing well across multiple sectors [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32]

Core Insights - The core viewpoint emphasizes the necessity for technological innovation to be rooted in industrial applications, transitioning from theoretical concepts to practical implementations to drive solid economic growth [1][3]. Group 1: Economic and Market Outlook - The global economy is expected to enter a "tide receding" phase, with the end of the Russia-Ukraine conflict, a clear interest rate reduction path from the new Federal Reserve chair, and a significant decrease in trade policy uncertainty [1]. - Domestic economic growth will focus on three main drivers: enhancing industrial momentum through the establishment of a modern industrial system, boosting productivity via technological advancements, and increasing growth through consumer spending [1][2]. - These three aspects are interconnected and are anticipated to create more expectations for the capital market in 2026, opening up more space for value reassessment [1]. Group 2: Value Reassessment in A-shares - The three main sources of reassessment momentum for A-shares in 2026 include: the implementation of a modern industrial system leading to a rebound in PPI and recovery in manufacturing profits, the emphasis on practical technological applications to avoid "theoretical innovations," and the acceleration of consumer spending driven by changes in fiscal expenditure structure [2]. - The current discussions around the AI bubble in the US stock market highlight a "heavy burden" perspective, where US tech giants are expanding overseas to alleviate profit pressures, but potential triggers for a bubble burst could arise from unfulfilled commercial prospects or the Federal Reserve pausing interest rate cuts due to inflation concerns [2]. - The reassessment of A-shares this year is multifaceted, with macro-level factors such as the central government's elevated focus on the capital market and easing geopolitical tensions between the US and China contributing to the reassessment process [2]. Group 3: Key Economic Drivers - The three critical drivers for China's economy and capital market development in 2026 are: seeking momentum from industry, productivity from technology, and growth from consumer spending [3]. - It is essential for technological innovation to be effectively implemented to avoid value reassessment becoming unfounded, with investors advised to focus on the actual progress of technology transfer and industrial applications [3].

Group 1 - The Ministry of Industry and Information Technology officially announced the first batch of L3 conditional autonomous driving vehicle permits in China, marking a significant step towards the commercialization of L3 autonomous driving [1] - Two models, one from Changan Automobile and another from BAIC BluePark, have received conditional approval for L3 autonomous driving capabilities, with specific operational areas designated in Chongqing and Beijing [1] - The Changan SC7000AAARBEV can operate in congested traffic at speeds up to 50 km/h, while the Arcfox BJ7001A61NBEV can operate at speeds up to 80 km/h on designated highways [1] Group 2 - Multiple domestic automakers, including Changan, BYD, GAC, Dongfeng, SAIC, Geely, Xpeng, and Li Auto, have made substantial progress in the L3 autonomous driving sector, with several models receiving road testing permits [2] - Huawei's QianKun Intelligent Driving ADS L3 solution is undergoing internal testing across multiple cities and models, while GAC's A800 has obtained a license for L3 testing at speeds of up to 120 km/h in Guangzhou [2] - The PhiGo Max, developed by 4D Mapping and its subsidiary, is set for mass production in 2026, targeting the high-end L3 intelligent driving market [2]

中国经济网北京12月17日讯 深圳证券交易所上市审核委员会2025年第30次审议会议于昨日召开，审议 结果显示，深圳市尚水智能股份有限公司（以下简称"尚水智能"）首发符合发行条件、上市条件和信息 披露要求。这是今年过会的第95家企业（其中，上交所和深交所一共过会53家，北交所过会42家）。 尚水智能本次发行的保荐机构为国联民生证券承销保荐有限公司，保荐代表人为马小军、熊岳广。这是 国联民生今年保荐成功的第5单IPO项目。此前，4月18日，国联民生保荐的沈阳宏远电磁线股份有限公 司首发过会；7月10日，国联民生保荐的超颖电子电路股份有限公司首发过会；10月31日，国联民生保 荐的江西红板科技股份有限公司首发过会；12月11日，国联民生保荐的安徽林平循环发展股份有限公司 首发过会。 尚水智能主营业务围绕微纳粉体处理、粉液精密计量、粉液混合分散、功能薄膜制备等核心工艺环节展 开，产品可广泛用于新能源电池、新材料、化工、食品、医药、半导体等行业。 尚水智能的控股股东、实际控制人为金旭东。截至招股说明书签署之日，金旭东直接持有尚水智能 35.07%的股份，深圳市尚水商务服务合伙企业（有限合伙）（以下简称"尚水商务"）直 ...

Group 1: Retail Performance - Retail sales in China for clothing, shoes, and textiles showed a cumulative year-on-year growth of 3.5% from January to October 2025, maintaining a low single-digit growth rate, with October's textile retail sales growing by 6.3% year-on-year, likely influenced by seasonal consumption trends [1] - From January to November 2025, China's exports of textiles, clothing, and footwear decreased by 3.3% year-on-year to $305.5 billion, with a declining trend since March; however, textile exports turned positive in November, and the decline in clothing and footwear exports narrowed month-on-month [1] - The CITIC Textile and Apparel Index increased by 15.1% from January to November 2025, underperforming the Shanghai Composite Index by 0.9 percentage points, ranking 18th among 30 sectors in the CITIC first-level industry comparison [1] Group 2: Manufacturing Insights - Global apparel retail performance is mixed, with moderate growth in the UK and US, while Japan remains under pressure; US apparel retail inventory is stable, and the decline in wholesale inventory has narrowed [2] - Nike's revenue for FY2026 Q1, ending August 2025, showed a reduced year-on-year decline of 1% at constant exchange rates, indicating a potential turnaround in operations, with signs of recovery in North America and core categories like running [2] - The easing of trade relations between China and the US and the reduction of tariff impacts may enhance the certainty of manufacturing orders, with a continued trend of global capacity layout among textile and apparel manufacturers to meet supply chain risk diversification needs [2] Group 3: Brand and Market Trends - Domestic sports brand revenue growth showed a declining trend from Q1 to Q3 2025, yet most sports companies still achieved positive growth, demonstrating resilience amid consumer pressure; brands like Descente, KOLON, and Saucony experienced rapid revenue growth [3] - The outdoor market in China is expanding, with a compound annual growth rate of approximately 13.8% expected from 2019 to 2024, reaching a market size of about 102.7 billion yuan in 2024, with domestic brands growing at a compound rate of about 17.8% [3] - The upcoming Milan Winter Olympics is anticipated to boost winter sports activities, while brands that meet consumer demands for safety and comfort in products like cotton soft towels and sanitary napkins are expected to gain market share [3]

■"夯实文化软实力 积极履责显担当"系列专题报道 求木之长者，必固其根本；欲流之远者，必浚其泉源。坚持党的领导、加强党的建设，是我国国有企业 的光荣传统和独特优势，是国有企业的"根"和"魂"。 国联民生证券党委书记、董事长顾伟日前在接受中国证券报记者专访时表示，作为国有金融企业和资本 市场的重要参与者，国联民生证券始终高擎党建引领的火炬，深入贯彻新时代党的建设总要求，坚决贯 彻落实党的二十届四中全会精神，紧密对接国家"十五五"规划蓝图，持续探索党建与文化融合的新路 径，以红色精神铸魂育人，以文化力量汇聚共识，努力书写文化建设与业务发展同频共振的生动篇章， 为实现中华民族伟大复兴的中国梦贡献金融智慧与力量。 高举思想旗帜 把稳党建引领方向盘 据顾伟介绍，国联民生证券党委始终把政治建设摆在首位，深刻领悟"两个确立"的决定性意义，不断增 强"四个意识"、坚定"四个自信"、做到"两个维护"，将学习贯彻党的二十届四中全会精神作为当前和今 后一个时期的重大政治任务，确保公司发展始终与国家"十五五"规划方向同频。 顾伟表示，公司党委严格落实"第一议题"制度，及时传达贯彻党中央及上级党委决策部署和资本市场最 新政策，并于近期 ...

编者按 为学习宣传贯彻党的二十届四中全会精神，中国证券报联合中国证券业协会推出"夯实文化软实力 积极 履责显担当"系列专题报道，旨在通过分享证券公司在加强文化建设以及服务经济、社会、环境和谐发 展方面的典型案例与先进经验，体现证券公司近年来在培育中国特色金融文化、践行行业文化理念、履 行社会责任的积极成效，共同推动证券行业高质量发展。本篇为系列报道第二十九篇。 求木之长者，必固其根本；欲流之远者，必浚其泉源。坚持党的领导、加强党的建设，是我国国有企业 的光荣传统和独特优势，是国有企业的"根"和"魂"。 国联民生（601456）证券党委书记、董事长顾伟日前在接受中国证券报记者专访时表示，作为国有金融 企业和资本市场的重要参与者，国联民生证券始终高擎党建引领的火炬，深入贯彻新时代党的建设总要 求，坚决贯彻落实党的二十届四中全会精神，紧密对接国家"十五五"规划蓝图，持续探索党建与文化融 合的新路径，以红色精神铸魂育人，以文化力量汇聚共识，努力书写文化建设与业务发展同频共振的生 动篇章，为实现中华民族伟大复兴的中国梦贡献金融智慧与力量。 据顾伟介绍，国联民生证券党委始终把政治建设摆在首位，深刻领悟"两个确立"的决定性 ...

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！ 刚刚！一家头部券商任命新领导班子！核心高管多为"中信系"出身！ 来源：企业上市 "国联民生证券"公司（股票代码：601456）在2025年12月15日开完新一届董事会后发布的，主要讲的是 公司新领导班子的任命情况。简单来说就是"谁当什么官"的结果公示。 核心高管多为"中信系"出身，专业色彩浓厚： 顾伟 当选为公司新一任董事长。 2． 核心高管"四巨头" 葛小波：被聘为公司 总裁（相当于总经理，负责日常经营）。 王捷：被聘为 董事会秘书（负责对外信息披露、投资者关系等）。 江志强：被聘为 首席风险官（负责全面风险管理）。 戴洁春：被聘为 合规总监（负责确保公司合规经营）。 3． 其他高级管理人员（副总裁等） 总裁葛小波、副总裁尹磊、李钦、杨海，董秘王捷，都有长期在中信证券工作的背景。中信是中国券商 的"黄埔军校"，这批人的专业能力和风控意识普遍较强，他们的上位有助于提升公司的专业运营水准。 最年轻的高管：副总裁 胡又文 是 85后（1985年生），非常年轻，他原来是顶尖的计算机行业分析师， ...

今年以来共有142家公司实施定增，合计募资金额8544.99亿元。 以增发上市日为基准统计，今年以来共有142家公司实施定向增发，合计定增记录156条，累计增发 1076.53亿股，增发金额合计8544.99亿元。 板块分布显示，增发已实施公司中，深市主板有30家，合计募资498.41亿元；沪市主板有57家，合计募 资7127.83亿元；创业板有26家，合计募资368.24亿元；科创板有29家，合计募资548.51亿元。按所属行 业统计，今年已实施增发公司涉及申万24个行业，定增实施家数较多的行业有电子、电力设备、基础化 工等，分别有23家、16家、15家公司增发，募资金额居前的行业有银行、非银金融、电子等，募资金额 分别为5200.00亿元、566.84亿元、564.03亿元。 区间分布显示，增发金额超100亿元的有10家，增发金额50亿元—100亿元的有13家，增发金额20亿元— 50亿元的有20家，增发金额10亿元—20亿元的有27家，增发金额10亿元以下的有72家，其中，增发不足 5亿元的有47家。 已实施增发公司中，募资金额最多的是中国银行，募资金额1650.00亿元，其次是邮储银行、交通银行 等， ...

Group 1 - Guolian Minsheng has appointed Gu Wei as Chairman and Ge Xiaobo as President, indicating an optimization of the company's governance structure and potential strengthening of strategic execution [1] - The new management team includes five non-independent directors and three independent directors, with a focus on enhancing business adjustment expectations in the brokerage sector [1] - The changes in the financial sector's senior management are seen as positive signals, increasing market expectations for deeper financial reforms and highlighting structural investment opportunities [1] Group 2 - Dongfang Caifu has completed a management restructuring aimed at creating a flatter organizational structure, enhancing operational efficiency and market responsiveness [2] - Huang Jianhai, the new General Manager, is expected to strengthen the company's risk control and resource allocation capabilities due to his financial background [2] - The restructuring is likely to invigorate the internet brokerage sector and may lead to a reassessment of strategic transformation potential in financial technology firms [2] Group 3 - Over 60% of QDII funds are currently under purchase restrictions or have suspended subscriptions, reflecting a sustained high demand for overseas asset allocation [3] - The total scale of restricted funds amounts to 507.997 billion yuan, indicating a structural imbalance in global asset allocation [3] - This situation may lead to increased price volatility in the secondary market for certain products and could affect cross-border investment sentiment [3] Group 4 - A total of 138 public fund institutions have actively engaged in self-purchase, with a net subscription amount reaching 255.087 billion yuan, marking a significant increase compared to the previous year [4] - The surge in self-purchase activity, exceeding 17 times the previous year's figures, demonstrates institutions' confidence in the long-term value of the market [4] - This behavior is expected to boost market attention on related fund products and support equity assets, potentially leading to a valuation recovery in the broader financial sector [4]