12月2日，由东吴证券与财视中国联合主办的"中国私募基金高峰论坛"在苏州隆重举行。本次论坛邀请了超过200位来自主观多头私募基金、量化私募基 金、FOF、信托、家族办公室、券商自营、银行、投资机构等领域的行业领袖，围绕私募行业的策略演进及生态共建展开深度交流。东吴证券党委副书 记、总裁薛臻，东吴证券公司执委、总裁助理丁文韬，东吴证券研究所所长郭晶晶，以及财视中国创始人兼首席执行官朱浩等嘉宾莅临现场。 论坛在东吴证券总裁薛臻的开幕致辞中正式拉开帷幕。薛臻在致辞中指出，"924"行情以来，资本市场发展超预期，中国正构建长期慢牛格局，为证券私 募基金带来重大发展机遇。量化策略表现尤为突出，受到投资者与渠道的广泛认可，这也对传统多头策略的收益稳定性提出了更高要求。 薛臻介绍，论坛主办方东吴证券坚持服务机构客户，推动业务差异化发展，在投行、研究与自营投资等领域形成特色优势。投行业务方面，东吴证券北交 所IPO数量位列行业前三，债券发行数量位居行业第六，江苏市场占有率达20%，且连续十多年实现领跑。研究业务方面，东吴证券深耕卖方服务，"十五 五"目标冲击行业前三。自营投资方面，东吴证券则精准把握权益和债券市场机遇，获业内 ...

市场昨日探底回升，沪深两市成交额1.55万亿，较上一个交易日缩量1210亿。板块方面，机器人、商业 航天等板块涨幅居前，海南、旅游、食品等板块跌幅居前。截至收盘，沪指跌0.06%，深成指涨0.4%， 创业板指涨1.01%。 在今天的券商晨会上，东吴证券表示，日历效应看，本月市场或呈现均衡偏中大盘特征，小盘成长股弱 势轮动；华创证券表示，科技主线向红利、"反内卷"资产的扩散已事实发生；中金证券认为，全球商业 航天蓬勃发展牵引火箭发射需求，国内复用火箭有望逐步成熟。 东吴证券：藏科技进攻的"锋"，待中盘蓝筹的"时" 东吴证券表示，日历效应看，本月市场或呈现均衡偏中大盘特征，小盘成长股弱势轮动。配置上立足中 期视角，兼顾短期择时，在估值适中、机构低配、波动率收敛的板块和行业中选择景气边际改善的品 种，关注全球供给重塑及金融属性加持的周期品、受益于政策刺激和结构升级的消费品以及能以业绩验 证预期的先进制造。 华创证券：科技主线向红利、"反内卷"资产的扩散已事实发生 华创证券认为短期看行业轮动强度回升，科技主线向红利、"反内卷"资产的扩散已事实发生，轮动强度 分位已回升至2021年以来52%分位；中长期看，政策&产业周 ...

每经AI快讯，宇邦新材（SZ 301266，收盘价：36.92元）发布公告称，2025年12月4日14:30-17:00，宇 邦新材接受东吴证券等投资者调研，公司董事、副总经理、董事会秘书林敏女士，董事、财务负责人蒋 雪寒女士，证券事务代表秦慧芸女士参与接待，并回答了投资者提出的问题。 2025年1至6月份，宇邦新材的营业收入构成为：光伏行业占比100.0%。 每经头条（nbdtoutiao）——让"铁疙瘩"从数万米高空精准"踩刹车"，中国商业航天"降本复用"只差"最 后一公里"！朱雀之后，同行排队接力 （记者 曾健辉） 截至发稿，宇邦新材市值为41亿元。 ...

Core Viewpoint - Dongwu Securities report indicates that Zhaoli Pharmaceutical plans to issue convertible bonds to build capacity and develop "Wuling + X" products, supporting long-term growth [1] Group 1: Production and Capacity Expansion - The production scale of Wuling capsules and Bailing capsules is expected to continue growing in the near future [1] - The new production base and capacity expansion project are necessary measures to ensure market supply, consolidate industry position, and support strategic goals [1] Group 2: Research and Development Investment - Increased R&D investment will enrich the Wuling product series [1] - The main purpose of the fundraising project is for the development of innovative drugs and health products in the Wuling series [1] Group 3: Shareholder Returns - The company has maintained a dividend payout ratio around 80% since 2022, ranking among the top in the industry [1] - Considering the company's combination of high growth and high dividends, and the expected continuous release of core product performance in 2026, a "buy" rating is maintained [1]

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

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隆重召开。逾 300名权威学者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共 同探讨中国资本市场的未来机遇。 以下是全名单>> 宏观经济研究 | 最佳分析师 | 名次 | 机构 | 研究团队 | | --- | --- | --- | | 1 | | 李超、于科、林成炜、廖博、 | | | 浙商证券 | 潘高远、费瑾、王瑞明、靳 | | | | 风、陈冀、祁星 | | 2 | 广发证券 | 郭磊、陈礼清、陈嘉荔、钟林 | | | | 楠、王丹、吴棋滢、贺骁束、 | | | | 文永恒 | | 3 | 东吴证券 | 芦哲、张佳炜、刘子博、王 | | | | 洋、潘京、占烁、李昌萌、董 | | | | 含星、韦蓓 | | 4 | 东方证券 | 孙金霞、曹靖楠、王仲尧、陈 | | | | 至奕、孙国翔、戴思崴、吴泽 | | | | 青 | | 5 | 长江证券 | 于博、宋筱筱、刘承昊、黄帅 | | 6 | 未到证券 | 张瑜、陆银波、文若愚、殷雯 | | | | 卿、高拓、付春生、李星宇、 | | | | 夏雪、袁玲 ...

Core Viewpoint - BYD's November sales reached 480,000 units, showing a month-on-month decline of 5.3% but a year-on-year increase of 8.7% [1] - Cumulative sales from January to November totaled 4.182 million units, representing a year-on-year growth of 11%, with overseas sales accounting for 913,000 units, or 22% of total sales [1] Sales Performance - November domestic sales were 348,000 units, reflecting a month-on-month decrease of 27% and a year-on-year decrease of 3% [1] - Cumulative domestic sales for the year reached 3.269 million units, showing a year-on-year increase of 1.1% [1] - November overseas sales were 132,000 units, indicating a month-on-month increase of 326% and a year-on-year increase of 57% [1] - Cumulative overseas sales for the year reached 913,000 units, representing a year-on-year growth of 182% [1] Future Projections - The company expects total sales for the year to be between 4.7 million and 4.9 million units, reflecting a year-on-year growth of 10-15% [1] - Export sales are projected to reach 1.05 million units, with a significant year-on-year growth of 152% [1] Pricing and Profitability - The average selling price (ASP) is expected to increase due to higher prices in high-end and overseas markets [1] - Battery installations in November increased by 23%, with external battery supply continuing to grow significantly [1] Earnings Forecast - The company has revised its net profit forecasts for 2025-2027 to 35 billion, 50.9 billion, and 66.4 billion yuan, respectively, down from previous estimates of 45 billion, 58.9 billion, and 71 billion yuan [1] - The revised profit forecasts indicate year-on-year changes of -13%, 45%, and 30% for the respective years [1] - Corresponding price-to-earnings (PE) ratios are projected at 25x, 17x, and 13x for 2025, 2026, and 2027 [1] Investment Rating - The company maintains a "Buy" rating with a target price of 140 yuan for 2026, based on a PE of 25x [1]

智通财经APP获悉，东吴证券发布研报称，预期网龙(00777)2025–2027年归母净利润分别为4.0/6.7/6.8亿 元，当前市值对应PE分别为13.6/8.1/8.0倍。SOTP估值法下，公司目标市值85.0亿人民币，对应港股目 标价17.59港元/股。该行看好公司存量游戏稳健运营，教育业务受益设备更新周期，AI全面赋能游戏教 育，多元投资贡献业绩增量。首次覆盖，给予"买入"评级。 东吴证券主要观点如下： 游戏：长青IP构筑基本盘，AI赋能助力降本增效 教育：教育互动显示设备龙头，AI+SaaS开启转型新周期 子公司Mynd.ai为全球教育互动显示设备龙头，其中2016-2024年普罗米休斯累计销量达137万台，2024 年全球存量设备市场市占率近16%位居全球第一，覆盖全球100万间以上教室。考虑北美2020–2021年疫 情高峰期采购的教育设备陆续到期，下一轮替换周期渐进，长期市场空间广阔。2025H1公司SaaS生态 初步成型，Explain Everything延续增长趋势，公司通过收购Merlyn Mind引入AI语音助手提升用户对硬 件的语音控制能力并实现软件端的教学资源库与SaaS工具联 ...

Core Insights - The CSI 500 Quality Growth Index has shown a positive performance, with notable increases in stocks such as Jerry Holdings (10.00%) and Giant Star Technology (5.77) [1] - The Federal Reserve's interest rate decisions and the Central Economic Work Conference's directives are key variables affecting the market in December [1] - Artificial intelligence is identified as a crucial factor for China's economic development, presenting investment opportunities in infrastructure, AI applications, and edge devices [1] Group 1: Index Performance - As of December 3, 2025, the CSI 500 Quality Growth Index increased by 0.43%, with the CSI 500 Quality Growth ETF rising by 0.52% [1] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.53% of the index [2] Group 2: Key Stocks - The top ten stocks by weight include Huagong Technology (3.37%), Kaiying Network (2.96%), and Dongwu Securities (2.46%) [3] - Jerry Holdings and Jinchengxin have shown significant increases in their stock prices, contributing to the overall index performance [1][3] Group 3: Investment Focus - The focus for investment should be on sectors such as traditional manufacturing and resource industries, as well as companies expanding overseas [1] - The CSI 500 Quality Growth ETF selects 100 companies with strong profitability, sustainable earnings, and robust cash flow from the CSI 500 Index [1]

Core Viewpoint - The China Securities 500 Growth ETF (562340) opened with a slight increase of 0.24%, indicating a stable market performance despite fluctuations in its constituent stocks [1] Group 1: ETF Performance - The China Securities 500 Growth ETF (562340) opened at 1.229 yuan [1] - Since its establishment on April 25, 2024, the fund has achieved a return of 22.72% [1] - The fund's performance over the past month has seen a decline of 3.99% [1] Group 2: Constituent Stocks Performance - Among the major holdings, Huagong Technology decreased by 0.19%, and Kaiying Network fell by 0.13% [1] - Dongwu Securities increased by 0.22%, while Hengxuan Technology dropped by 0.81% [1] - Other notable movements include a 7.81% increase in Jereh Holdings and a 0.03% increase in Shunluo Electronics [1]