Core Insights - The forum focused on the theme "Asset Management Towards Excellence: Intelligent New Journey," discussing global asset management market trends and high-quality development paths [1] - Three core transformations are reshaping China's 210 trillion yuan asset management industry: continuous improvement of regulatory frameworks, deep restructuring of asset structures, and increasingly rational investor behavior [1][3] - The importance of long-term and value investing is emphasized, with a warning against short-term speculative strategies [3][5] Group 1: Regulatory and Market Environment - Continuous improvement of regulatory frameworks is expected to lay a solid institutional foundation for high-quality development in the asset management industry over the next decade [1] - The deep restructuring of asset structures is leading to a revaluation of high-quality assets due to their scarcity [1] - The stability of the renminbi and the diversity of asset types in China are seen as favorable factors for global investors seeking risk diversification [3] Group 2: Investment Strategies and Trends - The core asset allocation directions for the next five years include self-controlled sectors, new consumption trends, mergers and acquisitions of leading enterprises, and innovation in traditional industries [3] - The need for a balanced approach to asset allocation, focusing on both growth potential and risk avoidance, is highlighted [5][8] - The integration of active and quantitative investment strategies is essential to keep pace with market pricing dynamics [5] Group 3: Wealth Management Evolution - Wealth management demand is evolving towards diversification and personalization, prompting changes in the asset management industry's value chain and business models [7] - The definition of "stability" in wealth management is being re-evaluated, with different institutions having varying focuses on absolute versus relative returns [7][8] - The importance of building a quality wealth management framework from the outset is emphasized, with a focus on client and product labeling [8] Group 4: Technological Impact - Artificial intelligence is recognized as a significant tool in investment, but its application should be cautious to maintain control over the investment process [6] - The need for collaboration with AI leaders in the industry is suggested to leverage their capabilities while avoiding over-reliance on automated systems [6]

Group 1 - The company, Petrochemical Machinery (SZ 000852), announced that it will accept investor research on November 25, 2025, with participation from the company secretary and securities representative [1] - For the first half of 2025, the company's revenue composition is as follows: Oil machinery accounts for 56.52%, oil and gas pipelines 17.22%, other industries 14.8%, drill series sales 10.01%, and hydrogen energy equipment 1.45% [1] - As of the report date, the market capitalization of Petrochemical Machinery is 6.7 billion yuan [1]

该股主要指标及行业内排名如下： 证券之星消息，截至2025年11月26日收盘，中银证券(601696)报收于12.7元，下跌0.63%，换手率 0.79%，成交量21.99万手，成交额2.81亿元。 11月26日的资金流向数据方面，主力资金净流出3876.59万元，占总成交额13.81%，游资资金净流出 1916.72万元，占总成交额6.83%，散户资金净流入5793.31万元，占总成交额20.63%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-26 | 12.70 | -0.63% | -3876.59万 | -13.81% | -1916.72万 | -6.83% | 5793.31万 | 20.63% | | 2025-11-25 | 12.78 | -0.31% | -7010.53万 | -20.18% | 1948.91万 | 5.61% | 5061.62万 ...

Core Insights - The future five years will see core asset allocation directions focusing on self-controllable and trendy consumption, mergers and acquisitions of leading enterprises, innovation in traditional industries, and the relocation of quality enterprises [1] Group 1 - The significant investment in the future will stem from transformation and upgrading, which may be challenging for individuals due to a lack of professional experience and time [1] - Wealth management institutions will play a crucial role in helping individuals navigate asset allocation across cycles [1]

新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：2025资产管理高峰论坛 11月26日，在经济观察报主办的"2025资产管理高峰论坛"上，中银证券全球首席经济学家管涛在主题演 讲中表示，中国长期资本市场前景看好但要关注警惕短期波动风险，在这个过程中，中国市场的机遇都 来自于经济的转型升级，转变就是改变，改变就是不确定，不确定就是风险，更需要我们倡导价值投 资，长期投资，不要想赚快钱。 ...

Group 1 - Zhangjiang Hi-Tech's stock increased by 5.41%, reaching 42.44 CNY per share, with a trading volume of 1.842 billion CNY and a turnover rate of 2.91%, resulting in a total market capitalization of 65.726 billion CNY [1] - Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. was established on April 18, 1996, and listed on April 22, 1996. The company primarily engages in land development and land use rights management, as well as investment and operation of commercial high-tech projects. Its main business revenue is entirely derived from the real estate segment, accounting for 100% [1] Group 2 - According to data, a fund under Bank of China Securities holds a significant position in Zhangjiang Hi-Tech, with the Bank of China CSI 500 ETF Linked A (008258) holding 300 shares, ranking as the eighth largest holding. The estimated floating profit today is approximately 654 CNY [2] - The Bank of China CSI 500 ETF Linked A (008258) was established on May 14, 2020, with a current scale of 250 million CNY. Year-to-date returns are 20.48%, ranking 2286 out of 4206 in its category; the one-year return is 20.25%, ranking 2346 out of 3986; and since inception, the return is 38.48% [2] - The fund managers, Liu Xianzheng and Zhang Yimin, have tenures of 7 years and 5 years respectively. Liu's fund has a total asset scale of 794 million CNY, with the best return during his tenure being 118.04% and the worst being -34.66%. Zhang's fund also has a total asset scale of 794 million CNY, with the best return of 18.26% and the worst of -40.75% [2]

11月26日，泽璟制药涨5.47%，截至发稿，报113.52元/股，成交1.40亿元，换手率0.47%，总市值300.50 亿元。 资料显示，苏州泽璟生物制药股份有限公司位于江苏省昆山市玉山镇晨丰路262号，成立日期2009年3月 18日，上市日期2020年1月23日，公司主营业务涉及化学新药及生物新药的研发、生产及销售。主营业 务收入构成为：药品99.97%，医药中间体及原辅料0.02%，资产租赁0.00%。 截至发稿，李明蔚累计任职时间2年279天，现任基金资产总规模1.59亿元，任职期间最佳基金回 报-8.88%， 任职期间最差基金回报-8.88%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，中银证券旗下1只基金重仓泽璟制药。中银证券健康产业混合（002938）三季度减持4000 股，持有股数12.8万股，占基金净值比例为9.08%，位居第三大重仓股。根据测算，今日浮盈赚取约 75.39万元。 中银证券健康产业混合（002938） ...

Core Viewpoint - Zhongyin Securities reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating a robust operational strategy and market position [2] Financial Performance - The company achieved a revenue of 2.438 billion yuan, representing a year-on-year increase of 26.95% [2] - The net profit attributable to shareholders reached 854 million yuan, reflecting a year-on-year growth of 29.28% [2] Strategic Focus - The company aims to leverage its shareholder background to integrate internal and external resources effectively [2] - It plans to enhance its competitive position in the industry by focusing on the advantages of "investment banking + investment + commercial banking" [2] - The company is committed to high-quality development and continuous improvement of its overall strength and industry standing [2]

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

Market Overview - The recent global market downturn, driven by heightened risk aversion, has led to a significant adjustment in the A-share market, with the Shanghai Composite Index falling below 3900 points [2][3] - Key sectors such as new energy, photovoltaic, and power equipment have experienced notable pullbacks, while banking, shipbuilding, and consumer sectors have shown relative resilience [2] External Influences - The adjustment in the A-share market is primarily attributed to external factors, including concerns over the "AI bubble," a retreat in expectations for Federal Reserve interest rate cuts, and a cautious shift in market sentiment [3][4] - The volatility in global risk assets has been exacerbated by year-end fund settlement periods, prompting some investors to lock in profits and rankings through selling [3] Fundamental Support - Despite recent market fluctuations, the fundamental factors supporting the current rally in the Chinese stock market remain intact, including steady macroeconomic recovery, improved competitiveness of key industries, and enhanced capital market positioning [4][5] - The adjustment is viewed as a short-term disturbance rather than a fundamental shift in market dynamics, with expectations for a potential recovery as market sentiment stabilizes [4] Investment Opportunities - The current market adjustment presents a strategic opportunity for investors to reposition their portfolios ahead of the anticipated spring market rally in 2026 [6] - There is a consensus among institutions that the internal certainties of the Chinese market, such as new growth momentum and clear policy direction, will not be adversely affected by external disturbances [5][6] - Following the adjustment, sectors such as banking and insurance, along with consumer stocks with stable fundamentals, may present rotation opportunities before the technology sector regains momentum [6]