Core Viewpoint - Dongwu Securities maintains a "Buy" rating for XPeng Motors (09868), emphasizing its strategy of "range extension + overseas expansion" in the C-end market and leveraging its mass production capabilities to accelerate globalization [1] C-end Market - XPeng's core competitiveness lies in its ability to create mass-market hit products, focusing on large batteries and efficient range extenders to achieve long pure electric range and leading oil-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while aiming for a scale of tens of thousands of deliveries through localized production and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with projections indicating that the market could reach 83.1 billion yuan by 2030 [2] - XPeng's Robotaxi project is set to commence with pre-production vehicles rolling off the line in the second half of 2026, aiming to reshape the billion-dollar mobility market with its self-developed VLA 2.0 model and innovative business model [2] Partnership with Volkswagen - XPeng has successfully upgraded its positioning to that of a smart technology solution provider, deepening its collaboration with Volkswagen from joint development of the G9 platform to co-developing electronic and electrical architectures [3] - Volkswagen's sales in China are expected to exceed 2.6 million units by 2026, with a new energy penetration rate surpassing 10%, as XPeng collaborates on two full-size pure electric models and deepens cooperation on charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from the deep integration with its smart vehicle business, with the IRON robot combining "bionic body" and "AI brain" capabilities [4] - The IRON robot features a human-like spine, bionic muscles, and advanced dexterity, with plans for commercial trials in navigation and shopping services starting in 2026 [4] Flying Cars - XPeng is on the verge of mass production for its next-generation vertical take-off and landing flying car, the A868, which has achieved over 500 km of range during test flights [5] - As of October 2025, XPeng has received 7,000 pre-orders for the A868, with plans for global deliveries in the second half of 2026 [5]

Core Viewpoint - The China Securities 500 Value ETF (562330) opened with a gain of 3.58%, reaching a price of 1.215 yuan, indicating positive market sentiment towards this fund [1] Group 1: ETF Performance - The China Securities 500 Value ETF (562330) has a performance benchmark based on the China Securities 500 Value Index return [1] - Since its establishment on April 7, 2023, the fund has achieved a return of 17.33% [1] - The fund's return over the past month is reported at 0.19% [1] Group 2: Top Holdings Performance - Among the top holdings, Dongwu Securities opened with a gain of 1.55% [1] - Western Mining increased by 0.69% [1] - Suzhou Bank remained unchanged at 0.00% [1] - Yongtai Energy experienced a decline of 0.60% [1] - Jerry Holdings saw a slight increase of 0.06% [1] - Jiansheng Electronics remained unchanged at 0.00% [1] - Yuntianhua rose by 0.48% [1] - Tianshan Aluminum increased by 0.78% [1] - Shenhuo Co. gained 0.18% [1] - Shanghai Electric decreased by 0.35% [1]

Core Viewpoint - The spring market rally may occur earlier this year due to various catalysts and the late timing of the Spring Festival, with a shift in market focus from large-cap value stocks to small-cap growth stocks, particularly in the AI application sector [1][8]. Group 1: Spring Rally Dynamics - Historical patterns indicate that spring rallies are more likely when the market is in a state of speculation, particularly when there are divergences in the DDM three-factor model [2][9]. - The current economic environment is characterized by moderate recovery, making a spring rally a high-probability event under speculative conditions [2][9]. - The late timing of the Spring Festival this year may lead to earlier market movements influenced by policy changes, economic data, and risk events, similar to trends observed in 2013 and 2018 [2][9]. Group 2: Five-Year Planning Impact - The release of five-year planning proposals historically correlates with stronger spring rallies, as seen in the aftermath of proposals in 2010, 2015, and 2020 [3][11]. - The current proposal emphasizes a shift towards growth styles following the initial dominance of value styles, reflecting a broader trend observed in previous five-year plans [3][11]. - Key sectors highlighted in the five-year plans, such as high-end manufacturing, energy construction, and new technologies, tend to perform well during spring rallies [4][12]. Group 3: Strategic Focus of the 15th Five-Year Plan - The 15th Five-Year Plan focuses on optimizing traditional industries, expanding emerging industries, and forward-looking layouts for future industries, particularly in AI and technology [5][13]. - The plan prioritizes the construction of a modern industrial system, high-level opening up, and improving people's livelihoods, which are expected to drive economic growth [6][13]. - Specific sectors such as quantum technology, biotechnology, and renewable energy are identified as future growth points, aligning with global trends in technology and innovation [6][14]. Group 4: Investment Opportunities - The upcoming spring rally is expected to favor sectors related to technology trends, such as AI applications and consumer electronics, which have shown signs of stagnation [7][14]. - High-demand sectors like semiconductors, energy storage, and wind power are anticipated to benefit from the rally [7][14]. - The market is advised to pay attention to low-positioned technology sectors, including robotics and innovative pharmaceuticals, which may have rotation potential [7][14].

本周三大指数，上证指数涨0.37%，深证成指涨1.26%，创业板指涨1.86%。后市将如何发展？看看机构 怎么说。 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！ 中信证券：当前市场震荡可能是基本面超预期变化出现前的常态 当前的市场震荡可能是基本面超预期变化出现前的常态，债市的调整导致股债平衡型策略在当下遭遇一 定挑战，对控制持仓波动率可能有更高的要求，也间接影响到股票配置策略。未来人民币的潜在升值压 力可能会带来超预期的货币宽松，这可能是超预期变化的来源并打破震荡格局，在此之前，配置上延续 资源/传统制造业定价权的重估和企业出海两个方向。 光大证券：国内外利好共振 市场有所回暖 市场大方向或仍处在牛市中，不过短期或进入宽幅震荡阶段。与往年牛市相比，当前指数仍然有相当大 的上涨空间，但是在国家对于"慢牛"的政策指引之下，牛市持续的时间或许要比涨幅更加重要。不过短 期来看，市场可能缺乏强力催化，叠加年末部分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势 为主。 华金证券：春季行情开启了吗？ 当前来看，明年春季行情可能于今年12 月中下旬提前开启。（1）短期政策和外部事件可能偏积极。一 ...

证券代码：601555 股票简称：东吴证券 公告编号：2025-059 东吴证券股份有限公司 2025年度第五期短期融资券兑付 完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 东吴证券股份有限公司（以下简称"公司"）于2025年7月17日成功发行东吴证券股份有限公司2025年度 第五期短期融资券，发行总额为人民币10亿元，票面利率为1.58%，期限为140天，兑付日期为2025年 12月4日。 2025年12月4日，公司完成兑付本期短期融资券本息共计人民币1,006,060,273.97元。 特此公告。 东吴证券股份有限公司董事会 2025年12月6日 ...

Core Points - The 2025 Fifth "21st Century Gold Medal Analyst" awards were announced, covering 33 industry analyst awards and 8 special awards, reflecting trends in traditional and emerging sectors like banking, non-bank finance, real estate, robotics, and innovative pharmaceuticals [1] - The special awards recognize institutions and individuals for their significant contributions in areas such as financial research, think tank studies, ESG research, overseas research, and influential brokerage research [1] Industry Awards - The awards included categories for various sectors, with notable winners such as: - **Banking**: First place went to GF Securities, followed by Zheshang Securities and Dongwu Securities [3][5] - **Strategy Research**: First place awarded to GF Securities, with Guotai Junan Securities and Tianfeng Securities following [3] - **Fixed Income**: Top honors went to Huachuang Securities, with Caitong Securities and Industrial Securities in the next positions [4] - **Real Estate and Construction**: GF Securities ranked first, followed by Shenwan Hongyuan and Changjiang Securities [8] Special Awards - The special awards recognized: - **Best Research Institution for Financial Articles**: Shenwan Hongyuan Research [16] - **Best Think Tank Research Institution**: Guotai Junan Securities Research Institute [17] - **Best ESG Research Institution**: Nanhua Futures Research Institute [17] - **Best Overseas Research Institution**: CITIC Securities Research Development Department [17] Individual Awards - Individual awards included: - **Influential Brokerage Research Institute Director**: Long River Securities [16] - **Best Chief Economist for High-Quality Development**: Li Xunlei from Zhongtai Securities [15] - **Growth Analyst**: Multiple analysts from various firms recognized [15]

截至目前，东海证券共与12个国家级脱贫县建立帮扶关系，开展了200余个帮扶项目，构建起"资本赋 能、文化铸魂、教育筑基、民生兜底"的多层次帮扶体系，将金融专业优势与乡村实际需求深度绑定， 不仅扎实巩固了前期帮扶成果，更以创新实践激活乡村发展内生动力，生动诠释了金融企业服务国家战 略、践行社会责任的使命担当。 精准施策促转型 打造乡村发展新引擎 乡村振兴是新时代赋予企业的重要社会责任。东海证券党委书记、董事长、总裁王文卓日前在接受中国 证券报记者专访时表示，公司始终秉持"务实、创新、规范、协同"的核心价值观，坚守"以人为本、突 出实效、合作共赢"的核心理念，将乡村振兴作为履行社会责任的核心战略支点，公司未来将紧扣国 家"十五五"规划建议中关于扎实推进乡村全面振兴的战略部署，进一步创新和深化帮扶模式。 此外，在云南省大理白族自治州永平县，东海证券以"古梅"为媒，融合古梅文化、丝绸之路文化、马帮 文化，开发"古道万梅"景观带，支持当地举办梅花精神文化学术研讨会暨名家画梅邀请展；公司依托当 地古梅资源，联合乡愁体验馆、元梅观赏等文旅项目，推动永平县花桥村获评省级乡村旅游示范基地， 让特色文化成为乡村发展的新引擎。 东 ...

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！ 东吴证券股份有限公司（以下简称"公司"）于2025年7月17日成功发行东吴证券股份有限公司2025年度 第五期短期融资券，发行总额为人民币10亿元，票面利率为1.58%，期限为140天，兑付日期为2025年 12月4日。 2025年12月4日，公司完成兑付本期短期融资券本息共计人民币1,006,060,273.97元。 特此公告。 东吴证券股份有限公司董事会 2025年12月6日 证券代码：601555 股票简称：东吴证券 公告编号：2025-059 东吴证券股份有限公司 2025年度第五期短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ...

Core Viewpoint - Dongwu Securities (601555) has shown a positive stock performance with a closing price of 9.03 yuan, reflecting a 1.69% increase from the previous trading day, and a total market capitalization of 44.867 billion yuan [1] Group 1: Stock Performance - The stock opened at 8.86 yuan, reached a high of 9.09 yuan, and a low of 8.82 yuan during the trading session [1] - The trading volume amounted to 5.28 billion yuan, with a turnover rate of 1.18% [1] Group 2: Financial Instruments - The company issued the fifth phase of short-term financing bonds for the year 2025 on July 17, 2025, totaling 1 billion yuan with a coupon rate of 1.58% and a maturity of 140 days [1] - The total amount of principal and interest paid on December 4, 2025, was 1,006,060,273.97 yuan [1]

证券代码：601555 股票简称：东吴证券 公告编号：2025-059 东吴证券股份有限公司 特此公告。 东吴证券股份有限公司董事会 2025 年 12 月 6 日 2025 年度第五期短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东吴证券股份有限公司（以下简称"公司"）于2025年7月17日 成功发行东吴证券股份有限公司2025年度第五期短期融资券，发行总 额为人民币10亿元，票面利率为1.58%，期限为140天，兑付日期为2025 年12月4日。 2025年12月4日，公司完成兑付本期短期融资券本息共计人民币 1,006,060,273.97元。 ...