消息面上，广发证券研报指出，2025年市场活跃度回升，经纪两融高增，泛自营贡献分化弹性，券商业 绩高增但估值滞涨。2026年随着慢牛预期改善、政策利好，行业ROE持续提升，alpha有望更加突出， 催化机构资金增配。该行认为，行业景气度持续上行，春季躁动有望打开估值修复窗口期。建议关注受 益于格局优化主线、以及受益于泛财富管理提速回暖、投行资本化弹性的券商。 值得关注的是，年底重要政策窗口期临近。按照惯例，12月中上旬将召开中共中央政治局会议和中央经 济工作会议，部署2026年经济工作。中信证券指出，2025年中央经济工作会议大概率在"稳中求进"总基 调下，从消费扩张、科技创新、财政货币协调、房地产风险化解等方面形成系统部署。短期稳增长、稳 预期是核心任务，中期推动产业与投资结构优化，长期着力构建新质生产力和新发展模式。 中资券商股午后走高，截至发稿，弘业期货（001236）(03678)涨6.1%，报3.48港元；国联民生 （601456）(01456)涨3.9%，报5.6港元；华泰证券（601688）(06886)涨3.66%，报18.39港元；东方证券 （600958）(03958)涨3.27%，报6. ...

Core Viewpoint - The internationalization of Chinese securities firms is essential for enhancing industry competitiveness and integrating China's financial system into the global market [1][2]. Group 1: Importance of Internationalization - The internationalization of the securities industry is a core initiative responding to the national financial power strategy and is a necessary path for building a first-class investment bank [2]. - The globalization needs of Chinese enterprises create a service blue ocean for domestic securities firms, leading to diversified financial demands such as cross-border mergers and acquisitions, overseas listings, and global bond issuance [2]. - China's capital market's dual opening is deepening, providing policy channels for the internationalization of securities firms, supported by initiatives like the Belt and Road and global development initiatives [2]. Group 2: Successful Models of Foreign Investment Banks - Three mature development models of foreign investment banks are identified: 1. Project-driven model represented by Goldman Sachs and Morgan Stanley, focusing on M&A, IPOs, and structured financing [3]. 2. Comprehensive universal bank model represented by Citigroup and HSBC, integrating commercial banking with investment banking [3]. 3. Boutique investment bank model represented by Evercore and Lazard, specializing in specific sectors or services [3]. Group 3: Strategies for Chinese Securities Firms - Chinese securities firms should leverage international financing tools and acquisition opportunities while maintaining a focus on serving the real economy [4]. - The internationalization of Chinese securities firms requires a differentiated development path based on national conditions and advantages, avoiding simple imitation of international peers [4]. - Key strategies include aligning with the outbound expansion of Chinese industries, providing differentiated global asset allocation advice, and building a composite competitive advantage through technology and finance [4]. Group 4: Policy Recommendations for Internationalization - To build a financial powerhouse, a conducive ecosystem for internationalization must be established, involving policy, academia, industry, and media [5]. - Recommendations include improving top-level design for outbound policies, optimizing the policy environment for overseas institutions, and encouraging overseas acquisitions to enhance competitiveness [5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601456 | 說明 | | 上海證券交易所 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,237,952,806 | RMB | | 1 RMB | | 5,237,952,806 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,237,952,806 | RMB | | 1 RMB | | 5,237,952,806 | 本月底法定/註冊股本總額： RMB 5,680,592,806 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 截至月份: 2025年11月30日 狀態: 新提交 ...

Group 1 - The company Boss Electric announced that it will accept research from Guolian Minsheng Securities on December 2, 2025, with representatives Ren Fujia, Wang Gang, and Tao Yidi participating in the reception and answering investor questions [1] Group 2 - The news highlights a situation where a stock, Xiangyang Bearing, experienced a limit-up due to a post by a shareholder requesting the main force to drive the stock price up, raising concerns about platform review loopholes and market manipulation [1]

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 442,640,000 | | 0 | | 442,640,000 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 442,640,000 | | 0 | | 442,640,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交 ...

在杜昊旻看来，房地产行业最核心的变化正发生在需求侧。杜昊旻观察到，当前优质住宅的产品力已实 现质的飞跃：得房率从过去的75%-78%普遍跃升至90%以上，部分地区甚至突破100%；层高从压抑的 2.8-2.9米普遍提升至3.2米以上，高端项目可达3.6米，极大提升了空间感和舒适度。"当前中国的中高端 改善型住宅产品品质已位居世界前列。"杜昊旻评价道。 关于当科技创新成为经济的核心驱动力，房地产的角色是否会被边缘化？对此，杜昊旻给出了否定答 案。他援引国际经验指出，即便在城市化后期的美国，房地产业占GDP比重仍稳定在11%-12%；日本也 维持在高位。 反观中国，该比重此前约为7%-7.5%，近年因行业深度调整回落至5%左右。杜昊旻判断，随着市场企 稳，中国房地产业占GDP比重有望回升并稳定在6%-7%的区间。"房地产在经济结构中依然扮演着支柱 产业的角色。"他总结道。 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 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在上海圆满举行。本次大会 汇聚了逾300位权威学者、公私募基金负责人、上市公司董事长、顶 ...

Core Viewpoint - The 2025 Analyst Conference highlighted the potential for a bull market in A-shares, attracting global capital into the Chinese capital market [1] Group 1: Real Estate Industry Insights - The real estate sector remains a pillar of the economy, even as technology innovation drives development [1] - In developed economies like the US and Japan, real estate contributes approximately 11%-12% to GDP, while in China, it has decreased to around 5% due to cyclical adjustments [2] - The real estate sector's GDP contribution in China is expected to stabilize between 6%-7% as the market gradually stabilizes [2] Group 2: Urbanization and Population Trends - As urbanization progresses, population concentration in major metropolitan areas will increase, following patterns observed in developed economies [2] - Currently, the population in provincial capitals in China accounts for only 11%-14% of the total provincial population, indicating significant potential for urban agglomeration [2] - The Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area are identified as key regions for future population growth and real estate demand [2] Group 3: Future Outlook - The real estate industry is expected to integrate deeply into the development of core metropolitan areas, driven by population and industrial concentration [2]

Core Viewpoint - The real estate industry is nearing the end of its downward cycle, with supply-demand structure optimization leading to recovery [2][9] Group 1: Market Conditions - The real estate industry has been in a downward cycle for nearly five years and is approaching a stabilization point based on international experience [2][9] - Key indicators show significant progress in market adjustments: the narrow inventory (completed unsold residential properties) has decreased from approximately 470 million square meters at the beginning of the year to nearly 400 million square meters [2][9] - New construction area has returned to levels seen in 2002-2003 and is expected to hit bottom by 2026, with real estate development investment likely to stabilize and recover gradually [2][9] Group 2: Demand Structure Changes - A fundamental change in the demand structure for real estate is anticipated, with improvement-type demand expected to account for 40%-50% of total demand, becoming the absolute mainstream [3][10] - The quality of improvement-type residential products has significantly improved, with usable area rates rising from 75%-78% to over 90%, and some projects exceeding 100% [3][10] - Height standards have increased from 2.8-2.9 meters to 3.2 meters or even 3.45-3.6 meters, along with enhancements in decoration standards, public space design, property service quality, and community facilities [3][10] Group 3: Path to Recovery - Two core paths to quickly exit the low point of the industry are identified: the natural market clearing process is nearing completion, and further policy support is needed [4][11] - Recommendations include implementing more substantial measures on the demand side, such as lifting restrictive measures, providing home purchase interest subsidies, or combining with interest rate cuts to lower purchasing costs and boost market confidence [4][11] Group 4: Economic Role and Urbanization - Despite technological innovation being a core driving force, the real estate sector's pillar status in the economy remains unchanged, with its GDP share expected to stabilize around 6%-7% [5][12] - As urbanization enters its later stages, the trend of population concentration in core urban areas is expected to become more pronounced, providing long-term support for real estate development in major city clusters [5][12] Group 5: Investment Insights - Risks from past debt defaults and policy fluctuations have largely been reflected in expectations and stock prices, with the industry clearing entering its later stages [6][13] - Even during the industry adjustment period, companies with "alpha" characteristics have emerged, with several mid-sized real estate firms growing into industry leaders since 2019 [6][14] - An important positive signal is the upward trend in gross profit margins reported by some real estate companies in their mid-2025 reports, with expectations for clearer recovery trends in 2026-2027 [6][14]

Core Viewpoint - The 2025 Analyst Conference highlighted the potential for a bull market in A-shares, attracting global capital into the Chinese capital market [1] Group 1: Industry Insights - The real estate sector remains a pillar of the economy in China, even as technology innovation drives economic development [1][2] - The proportion of real estate in China's GDP has decreased to approximately 5%, down from 7%-7.5% due to cyclical adjustments, but is expected to stabilize between 6%-7% as the market stabilizes [2] - The population is expected to concentrate in major urban areas, creating stronger urban radiation groups, similar to trends observed in developed economies [2] Group 2: Regional Development - The Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area are identified as key regions for future population concentration, which will support local real estate market demand [2] - Current population ratios in provincial capitals indicate significant room for growth in core urban areas, with only 11%-14% of provincial populations residing in these cities [2] Group 3: Future Outlook - The real estate industry is anticipated to integrate deeply into the development of core urban areas, driven by population and industrial clustering, leading to new and higher-quality growth dynamics [2]

Group 1 - The company Meirui New Materials announced that it will hold an investor meeting on December 2, 2025, from 16:00 to 17:00, where the company’s board secretary and CFO, Du Yingtao, along with securities representative Wang Yue, will participate and answer investor questions [1] Group 2 - The news highlights a situation involving Xiangyang Bearing, where a stock market manipulation incident has emerged, raising concerns about platform review loopholes and market manipulation [1]