（文章来源：第一财经） 华泰证券研报表示，12月11日，华特迪士尼公司与OpenAI宣布达成为期三年的战略授权协议，首次将 迪士尼旗下跨品牌IP系统性引入生成式AI视频平台Sora。我们认为此举有望树立AI版权合作范式：1） 对迪士尼：依托Sora新型社交+AI创扩大IP价值、延长其生命周期，且粉丝UGC二创也有望反哺 Disney+的生态提升平台活跃度和订阅转化；此外，IP授权将扭转之前AI内容生成背景下的被动维权现 状，转为主动分享收益纳入商业体系。迪士尼也将用AI革新其自身内容生产流程。2）对Open AI：迪 士尼的顶级IP资源加持下，Sora和ChatGPT Images的产品竞争力增强，用户粘性有望提升；也树立了业 内领先的AI+IP合规应用范式，吸引其他IP资源公司的合作。 ...

一、适用基金及业务范围 ■ 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！ 为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司（以下简称"融通基金"）与华泰证 券股份有限公司（以下简称"华泰证券"）签署的销售协议，从2025年12月15日起，融通基金旗下融通新 能源灵活配置混合型证券投资基金新增华泰证券为销售机构，并开通定期定额投资业务、转换业务，以 及参加前端申购费率优惠活动。现将有关事项公告如下： 二、费率优惠内容 1.自本公告日起，投资者通过上述销售机构申购（含定期定额申购，如有）上述基金，其申购费率享有 优惠，基金具体折扣费率以上述销售机构活动公告为准。若申购费率是固定费用的，则按固定费用执 行，不再享有费率折扣。 1.华泰证券股份有限公司 网址：www.htsc.com.cn 2.申购费率优惠活动仅适用于处于正常申购期的基金产品的前端收费模式的申购手续费，不包括基金的 后端收费模式的申购手续费和处于基金募集期的基金认购费及基金其他业务的基金手续费。 3.费率优惠活动的具体结束日期以上述销售机构公告为准，本公司不再另行公告。 4.上述适用基金的原相关费率参见基金的相 ...

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Investment Rating - The report indicates a positive outlook for the insurance sector, recommending specific companies such as China Pacific Insurance, China Ping An, China Life (H), and China Taiping, while also recommending New China Life Insurance [4][17]. Core Insights - The financial industry experienced a mixed performance, with the non-bank financial index rising by 0.81%, outperforming the CSI 300 index by 0.89 percentage points. The insurance sector showed a notable increase of 2.36%, while the banking sector declined by 1.77% [2][11]. - The central economic work conference emphasized a proactive fiscal policy, which is expected to benefit the insurance sector by increasing infrastructure asset supply and improving credit risk perceptions [14][15]. - The report highlights the potential for valuation recovery in the brokerage sector, driven by regulatory changes that align public fund interests with long-term investor returns [18][19]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index rose by 0.81%, with the insurance sector outperforming the CSI 300 index by 2.44 percentage points [2][11]. - The banking sector underperformed, with a decline of 1.77%, attributed to macroeconomic policy expectations [3][21]. 2. Insurance Sector Data Tracking - The insurance sector's premium income showed steady growth, with life insurance and property insurance premiums increasing by 9.6% and 4.0% year-on-year, respectively [17][26]. - The report notes that the 10-year government bond yield decreased to 1.84%, which is favorable for the insurance sector's investment strategies [31]. 3. Brokerage Sector Data Tracking - The brokerage sector's PB valuation stands at 1.37x, indicating potential for valuation recovery as earnings improve [19][42]. - Regulatory changes in public fund sales are expected to enhance the industry's focus on long-term investor interests [18][19]. 4. Banking Sector Data Tracking - The banking sector's PB valuation is at 0.54x, suggesting it remains undervalued [21][25]. - The central economic work conference's focus on domestic demand and flexible monetary policy is expected to support the banking sector's growth [22][23].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The non-bank financial index increased by 0.81%, outperforming the CSI 300 index which decreased by 0.08%. The brokerage and insurance sectors continue to show good trends, with valuations at low levels and relatively stagnant performance throughout the year. The Federal Reserve's interest rate cuts are beneficial for the equity market, directly favoring the profitability of securities firms' overseas businesses due to lower liability costs and asset expansion [4][5] - The average daily trading volume of stock funds reached 2.39 trillion, a 15.1% increase month-on-month, indicating a recovery in trading activity. The cumulative average daily trading volume for the year is 2.05 trillion, a 69.5% year-on-year increase [5] - The China Securities Regulatory Commission's recent positive stance signals a potential "policy easing period" for the industry, which may lead to an increase in leverage limits and support for the profitability of the securities industry. The report recommends focusing on strategic opportunities in undervalued leading companies in the brokerage and insurance sectors [5][6] Summary by Sections Brokerage Sector - The Federal Reserve's interest rate cuts are favorable for the overseas business of brokerages, and new regulations are set to standardize fund sales practices. The report highlights three main lines of recommended stocks: Huatai Securities, Guotai Junan, and CICC for their advantages in overseas and institutional business; GF Securities and Dongfang Securities for their wealth management strengths; and Guosen Securities for its retail advantages [5][6][7] Insurance Sector - The liability side is expected to achieve a "good start," with the transformation of dividend insurance continuing to progress. The demand for "savings" from residents is likely to persist, and the insurance distribution channel is expected to maintain high growth. On the asset side, stable long-term interest rates and a favorable equity market are expected to boost investment returns in the medium to long term [6][7]

Core Insights - The report emphasizes that new regulations in fund sales are reshaping the fund ecosystem, creating opportunities for investment as the spring market approaches [1][2] - The insurance sector is expected to see high growth in performance, supported by the introduction of a new commercial health insurance drug directory, which encourages product innovation [2][16] - The report suggests focusing on specific stocks within the insurance sector, including Xinhua Insurance, China Life, Ping An, and others, as they are likely to benefit from these developments [2][16] Weekly Performance - As of December 13, 2025, the Shanghai Composite Index reported a decrease of 0.34%, while the Shenzhen Component Index increased by 0.84% [11] - The average daily trading volume in the Shanghai and Shenzhen markets was 1.95 trillion yuan, reflecting a week-on-week increase of 15.14% [6] Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with long-term interest rate spreads showing marginal improvement [13][16] - The 10-year government bond yield was 1.84%, down 1 basis point from the previous week, providing a supportive environment for insurance stock valuations [13][16] Securities Sector - The issuance of the "Publicly Raised Securities Investment Fund Sales Behavior Norms (Draft for Comments)" aims to systematically regulate sales behavior and protect investor rights [17][18] - The new regulations mark a shift from a scale-driven approach to one focused on investor interests, promoting a fundamental transformation in the industry [18][23] Key Company Valuation and Financial Analysis - The report provides detailed valuation metrics for key companies in the insurance and securities sectors, indicating a "Buy" rating for several firms based on their projected earnings and price-to-earnings ratios [7][8] - For instance, Ping An is rated with a target price of 76.65 yuan per share, while Xinhua Insurance has a target price of 94.21 yuan per share, reflecting strong expected performance [7] Regulatory and Policy Environment - The national financial system work conference emphasized the need for risk prevention, strong regulation, and promotion of high-quality development in the financial sector [25][26] - The focus will be on stabilizing the market, enhancing financial governance, and addressing local government debt risks, which will shape the future landscape of the financial industry [25][29]

华泰证券，这家总资产突破万亿的头部券商，即将在董事会换届之际迎来新任"掌舵人"。 尽管目前公司方面对具体高层任命保持缄默，仅向《每日经济新闻》记者表示"请关注后续公告"，但来 自江苏国资体系的信号、监管层的政策松绑以及公司自身发展的内在需求，已显现出此次人事更迭的逻 辑。 业内认为，在"十五五"加快打造一流投行的监管愿景下，华泰证券未来的高层架构调整或将成为公司应 对行业变革、巩固头部地位的关键举措。 新任董事长呼之欲出 根据华泰证券此前的公告，公司第六届董事会将于今年12月底届满，业内预计，届时公司的高层将迎来 一轮更替。 公司现任董事长张伟已年满61岁，自2019年履职华泰证券董事长已有六年，超过了国企高管60岁的常规 退休年龄。随着其董事长任期即将届满，业内预计公司新任"掌舵人"将呼之欲出。与此同时，在当前证 券行业面临加速整合与科技金融浪潮已至的关键窗口，公司治理结构也亟需注入新活力。 股权结构上，华泰证券虽无控股股东，但穿透后实控人为江苏省国资委，其中，江苏高投持股比例 3.95%。江苏高投为国内最早一批设立的省级私募股权和创业投资机构，其背景与目前华泰证券新任董 事长呼声较高的王会清的履历形成深度 ...

Core Viewpoint - Huatai Securities is undergoing a leadership change with the upcoming board re-election, which is seen as a strategic move to adapt to industry transformations and maintain its leading position in the market [1] Group 1: Leadership Change - The current chairman, Zhang Wei, is expected to step down as he has surpassed the typical retirement age for state-owned enterprise executives [1] - The new leadership is anticipated to bring fresh energy to the company's governance structure amid a rapidly evolving financial landscape [1] Group 2: Shareholding Structure and Potential New Chairman - Huatai Securities does not have a controlling shareholder, but its actual controller is the Jiangsu Provincial State-owned Assets Supervision and Administration Commission [2] - Wang Huiqing, who has strong ties to Jiangsu Gaotou, is a leading candidate for the new chairman position, having previously served as the chairman of Jiangsu Gaotou and significantly contributing to its growth [2] Group 3: Financial Performance and Industry Position - Huatai Securities has total assets exceeding 1 trillion yuan, but it lags behind competitors like CITIC Securities and Guotai Junan, which have assets over 2 trillion yuan [3] - The company has not engaged in significant mergers or acquisitions recently, relying solely on organic growth, which raises concerns about its competitive position [3] Group 4: Strategic Opportunities - Recent regulatory changes by the China Securities Regulatory Commission may provide Huatai Securities with opportunities to restart previously shelved refinancing plans [5] - Wang Huiqing's experience in capital management could help the company design capital replenishment plans that align with new regulatory guidelines [5]

Core Viewpoint - The article discusses the recent adjustments in the margin financing and securities lending (two-in-one) business by various brokerage firms in China, highlighting the increase in business scale and changes in credit management practices to meet market demand and enhance competitiveness [1][9]. Group 1: Business Adjustments - At least 9 brokerage firms have publicly adjusted their two-in-one business this year, including raising business scale limits and modifying credit management methods [1]. - The adjustments can be categorized into two types: increasing the "total business scale," which directly affects operational boundaries, and adjusting the "total credit limit," primarily driven by internal operational needs [3]. Group 2: Credit Management Models - There are two main models for managing the total credit limit in the two-in-one business: a static fixed limit model and a dynamic capital-linked model [5]. - The dynamic capital-linked model, which ties the credit limit to the firm's net capital, has become the industry standard, allowing for flexibility in meeting market demands while adhering to regulatory guidelines [6]. Group 3: Capital Strength as a Competitive Edge - The continuous adjustments in the two-in-one business are influenced by increased market demand, improved policy environment, and competitive pressures within the industry [9]. - Major brokerages are actively enhancing their net capital through methods such as private placements and bond issuances, which is crucial for expanding their business capabilities in the two-in-one sector [8].

Group 1 - The core viewpoint of the article highlights that capital strength has become a key factor influencing the operations and development of securities firms, leading them to actively issue bonds to supplement capital and enhance competitiveness in a favorable market environment [1][2]. Group 2 - Securities firms have significantly increased their bond issuance this year, with a total of 925 bonds issued, amounting to 1.8 trillion yuan, representing a 44.79% increase compared to the same period last year [2]. - The issuance includes 502 corporate bonds totaling 1.08 trillion yuan, 311 short-term financing bonds amounting to 540.87 billion yuan, and 112 subordinated bonds totaling 181.29 billion yuan [2]. - Factors driving this increase include a strong desire for business expansion, a low-interest-rate environment reducing financing costs, and the need to continuously supplement capital in response to increasing industry competition [2][3]. Group 3 - A total of 54 securities firms have successfully issued 70 technology innovation bonds this year, raising 82.44 billion yuan, with Guotai Junan leading at 18 billion yuan [2]. - The issuance of technology innovation bonds reflects the firms' commitment to supporting the real economy and aligning with national strategies [3]. Group 4 - Among the 75 firms that issued bonds, four major firms led the market with issuance exceeding 100 billion yuan, including China Galaxy at 146.9 billion yuan, Guotai Junan at 135.3 billion yuan, Huatai Securities at 125.6 billion yuan, and CITIC Securities at 102.7 billion yuan [3]. - Additionally, seven firms have issued 30 bonds in overseas markets, raising a total of 4.703 billion USD, a 33.12% increase from the previous year [3]. Group 5 - The industry is focusing on improving debt financing mechanisms and enhancing capital efficiency, with firms like Dongwu Securities and CITIC Securities implementing strategic frameworks for financing and capital management [4]. - The overall financing pace in the securities industry is expected to accelerate, with a shift towards high-capital and high-return businesses, potentially enhancing overall profitability and driving high-quality development [4].