Core Insights - The article highlights the performance of brokerage firms' recommended stocks, known as "golden stocks," which have achieved over 50% returns in 2025, with some firms excelling by identifying and recommending stocks early in their upward trends [1][3]. Group 1: Performance of Golden Stocks - As of December 29, 2025, 10 brokerage firms' golden stock portfolios recorded returns exceeding 50%, with the highest being 83.73% from Guoyuan Securities [3]. - Other notable performers include Northeast Securities and Kaiyuan Securities, with returns of 67.47% and 67%, respectively [3]. - The golden stock strategy has become a mature business for many brokerage firms, showcasing their research capabilities and market insights [3]. Group 2: Strategies for Success - Early identification of stocks at low prices and consistent recommendations have been key strategies for achieving high returns [4]. - For instance, Kaiyuan Securities recommended Xinyisheng for four consecutive months, resulting in a total increase of 440% from May to August [5]. - Guoyuan Securities focused on sectors like media, pharmaceuticals, and machinery, with significant monthly gains from stocks like Giant Network and JiBit [4]. Group 3: Popularity of Tencent - Tencent Holdings emerged as the most recommended stock, being favored by around seven brokerage firms monthly, making it the top "golden stock" of the year [2][6]. - The popularity of stocks varies by quarter, with technology stocks dominating in the first quarter, consumer stocks in the second, financial stocks in the third, and a return to technology stocks in the fourth quarter [6]. Group 4: Market Trends and Recommendations - The article notes that not all popular stocks achieve high success rates, with less than 40% of the most recommended A-share stocks showing gains in the same month they were recommended [7].

Core Viewpoint - The Securities Association of China released the performance evaluation results for investment banking, bond underwriting, and financial advisory services for the year 2024, indicating a total of 93 securities firms engaged in investment banking, with 12 classified as A-level, 66 as B-level, and 15 as C-level [1][10]. Investment Banking - Among the 93 securities firms involved in investment banking, 12 firms received an A classification, including Dongwu Securities, Guojin Securities, Guotai Junan, and CITIC Securities [1][3]. - The majority of firms, 66, were classified as B, while 15 firms were rated C [1][10]. Bond Underwriting - For the bond underwriting and entrusted management business, 95 securities firms were evaluated, with 14 classified as A, 62 as B, and 19 as C [5][7]. - A-level firms in this category include Caixin Securities, Dongwu Securities, and Guotai Junan [5][7]. Financial Advisory - In the financial advisory sector, 30 securities firms were evaluated, with 5 classified as A, 19 as B, and 6 as C [5][10]. - A-level firms in financial advisory include Huatai United and Galaxy Securities [8][9]. Overall Evaluation - The evaluation results reflect the overall quality of practice among the firms and align with market expectations, promoting improvements in operational quality, internal control, and service capabilities [10].

2021年至2024年，公司营业收入分别为2.33亿元、3.29亿元、2.20亿元、1.64亿元，归属于上市公司股东 的净利润分别为-3,726.75万元、-851.05万元、-5,007.37万元、-5,930.62万元，归属于上市公司股东的扣除非 经常性损益的净利润分别为-4,980.51万元、-2,089.50万元、-5,487.12万元、-6,082.75万元，经营活动产生的 现金流量净额为-9,188.37万元、2,022.31万元、-4,030.40万元、843.71万元。 中国经济网北京12月30日讯 天迈科技(300807.SZ)2025年三季度报告显示，2025年前三季，公司实现营 业收入8768.63万元，同比增长57.08%；归属于上市公司股东的净利润-1535.07万元，同比增长70.97%；归属 于上市公司股东的扣除非经常性损益的净利润-1961.25万元，同比增长63.44%；经营活动产生的现金流量净 额为840.43万元，同比增长144.69%。 2019年12月19日，天迈科技在深交所创业板上市，发行股票1700万股，发行价格为17.68元/股，保荐人 （主承销商）为光大证券股 ...

Market Overview - The A-share market continues to experience a震荡上涨, with major indices showing recovery in both volume and liquidity. Weekly financing increased significantly, with stock ETFs seeing a net inflow of 36.34 billion yuan, indicating positive market sentiment following the Central Economic Work Conference in December [5][6]. Industry Insights - The copper price outlook remains positive, supported by the National Development and Reform Commission's emphasis on optimizing traditional industries, including copper smelting. Despite a decrease in cable companies' operating rates, the supply-demand dynamics for copper are expected to remain tight into 2026, favoring price increases [5]. - The steel sector is facing a high inventory level for hot-rolled coils, the highest in five years. The Central Economic Work Conference has reiterated the need for controlling crude steel production, which may lead to a more balanced supply and improved profitability for the steel sector in the long term [6]. Utilities Sector - The annual long-term contract bidding results in Guangdong met expectations, with the comprehensive on-grid electricity price remaining stable. Additionally, the capacity subsidy in Shanghai has increased to 165 yuan per kilowatt for 2026. As of November, the total electricity consumption increased by 6.2% year-on-year, and the cumulative installed power generation capacity rose by 17.1% year-on-year [8]. Pharmaceutical Sector - The approval of oral semaglutide for weight loss by the FDA is expected to catalyze industry growth. Recent clinical data from Structure and Gilead Pharmaceuticals has shown promising results, and collaborations between Pfizer and Fosun Pharma for oral small molecule weight loss drugs are underway. Furthermore, Shiyao Innovation has announced a platform integration for its GLP-1 business [8].

为促进华夏中证银行交易型开放式指数证券投资基金（以下简称银行指数，基金代码:515020）的 市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上市基金做市业 务》等相关规定，本所同意东海证券股份有限公司自2025年12月30日起为银行指数提供主做市服务。 特此公告。 上海证券交易所 2025年12月29日 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！ 上证公告（基金）【2025】2712号 ...

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！ 上证公告（基金）【2025】2697号 为促进华宝港股通恒生中国（香港上市）30交易型开放式指数证券投资基金（以下简称香港30，基 金代码:520560）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号 ——上市基金做市业务》等相关规定，本所同意东海证券股份有限公司自2025年12月30日起为香港30提 供主做市服务。 特此公告。 上海证券交易所 2025年12月29日 ...

上海证券交易所 特此公告。 上证公告（基金）【2025】2698号 为促进易方达上证科创板人工智能交易型开放式指数证券投资基金（以下简称科创AI，基金代 码:588730）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意东海证券股份有限公司自2025年12月30日起为科创AI提供主 做市服务。 2025年12月29日 ...

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！ 上证公告（基金）【2025】2699号 为促进华夏中证A500交易型开放式指数证券投资基金（以下简称A500E，基金代码:512050）的市 场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上市基金做市业 务》等相关规定，本所同意东海证券股份有限公司自2025年12月30日起为A500E提供主做市服务。 特此公告。 上海证券交易所 2025年12月29日 ...

Core Viewpoint - Jiahua Technology's stock price has dropped significantly, currently trading at 39.80 yuan, reflecting an 8.10% decline and is in a state of breaking the issue price [1] Group 1: Company Overview - Jiahua Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 20, 2020, with an initial issue price of 50.81 yuan per share [1] - The company issued a total of 19.334 million shares during its IPO, with a total fundraising amount of 982 million yuan and a net fundraising amount of 864 million yuan, exceeding the originally planned fundraising by 364 million yuan [1] Group 2: Fundraising and Use of Proceeds - The initial fundraising target was set at 500 million yuan, intended for the construction of an AI big data system for atmospheric environment and an AI research and development system [1] - The total issuance costs for the IPO amounted to 118 million yuan (excluding VAT), with underwriting and sponsorship fees accounting for 96.343 million yuan [1]

Core Viewpoint - The lithium battery industry is experiencing price negotiations between lithium iron phosphate manufacturers and downstream battery cell factories, indicating strong demand in the market [1][3]. Group 1: Price Negotiations and Market Dynamics - Lithium iron phosphate companies are in the second round of price negotiations with downstream battery manufacturers, while many other material manufacturers have yet to finalize the first round of negotiations [1][3]. - The adjustment of the spot trading settlement price model by Tianqi Lithium reflects the robust demand from downstream sectors [1][3]. Group 2: Production Cuts and Supply Impact - Companies such as Hunan Youneng, Deyang Nano, and Wanrun New Energy have announced production cuts, with Hunan Youneng reducing 15,000 to 35,000 tons of cathode material and Wanrun New Energy cutting 5,000 to 20,000 tons of lithium iron phosphate [2]. - The production cuts are expected to support price stability in the market, potentially allowing lithium prices to rise and be transmitted downstream [3]. Group 3: Inventory and Market Outlook - Lithium carbonate inventory has been decreasing for 19 consecutive weeks, with a current inventory of 109,773 tons, marking a reduction of 652 tons from the previous week [4]. - The total production capacity of lithium batteries in China is projected to be approximately 210 GWh in January 2026, a 4.5% decrease from the previous period, which is better than market expectations [4]. Group 4: Energy Storage Demand and Future Projections - The domestic energy storage sector is expected to benefit from declining costs and new policies, leading to improved profitability and increased demand [5]. - Global shipments of energy storage lithium batteries are forecasted to reach 620 GWh in 2025, a 77% year-on-year increase, and are expected to grow to 960 GWh in 2026, representing a 54.8% increase [5]. Group 5: Future Technologies and Demand Drivers - Solid-state batteries are anticipated to drive new demand for lithium, with projected shipments of 5.1 GWh in 2025 and nearly 80 GWh by 2030, reflecting a compound annual growth rate of 64% [6]. - The lithium consumption per kilowatt-hour for solid-state batteries is expected to double compared to current lithium battery systems, further increasing lithium demand [6]. Group 6: Investment Recommendations - Companies with significant growth potential in the mining sector include Tianhua New Energy, Shengxin Lithium Energy, Dazhong Mining, Guocheng Mining, Cangge Mining, Salt Lake Co., Yahua Group, Ganfeng Lithium, and Tianqi Lithium [7].