专题：2025分析师大会：资本市场"奥斯卡"启幕 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。 同时，第七届新浪财经金麒麟最佳分析师评选结果隆重揭晓。 第七届新浪财经金麒麟石油和化工行业"最佳分析师"荣誉榜如下： 第一名 长江证券研究团队 第四名 国海证券研究团队 （首席分析师：董伯骏；联席首席：李永磊；团队成员：陈云、杨丽蓉、李娟廷、仲逸涵、李振方） 第五名 浙商证券研究团队 （首席分析师：李辉；团队成员：汤永俊、李佳骏、沈国琼） 第六名 华创证券研究团队 （首席分析师：杨晖；团队成员：郑轶、王鲜俐、吴宇、申起昊、陈俊新） 第七名 国联民生证券研究团队 （首席分析师：马太；联席首席：魏凯；团队成员：侯彦飞、王明、王岭峰、李禹默、王呈、孙国铭） 第二名 申万宏源证券研究团队 （首席分析师：宋涛；团队成员：马昕晔、任杰、邵靖宇、刘子栋、赵文琪、李绍程、陈悦） 第三名 天风证券研究团队 （首席分析师：张樨樨；联席首席：唐婕；团队成员：张峰、郭建奇、黄凯、 ...

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] Group 1: Event Overview - The event featured discussions on the future opportunities in the Chinese capital market [1] - The results of the 6th Sina Finance Golden Unicorn Best Analyst Awards were announced [1] Group 2: Award Winners - Ten analysts were awarded the title of Securities Analyst: Future Star, representing various institutions and research industries, including: - Wang Zihao from Changjiang Securities in the New Energy Vehicles and Components sector - Jiang Tao from GF Securities in the Public Utilities sector - Xue Hongwei from Dongfang Securities in the Electronics sector - Fang Yi from Guotai Junan Securities in Strategy Research - Pang Jiajun from CITIC Securities in the Electronics sector - Yang Jiani from Guojin Securities in Macroeconomic Research - Yang Xu from Zhongtai Securities in the Electronics sector - Liu Jie from Tianfeng Securities in the Banking sector - Lin Chengwei from Zheshang Securities in Macroeconomic Research - Dai Yongbo from Huafu Securities in Robotics and High-end Manufacturing [1]

Core Perspective - The construction of a financial culture with Chinese characteristics is becoming a driving force for the stable and sustainable development of the securities industry, emphasizing integrity, innovation, and compliance [1] Group 1: Cultural Construction in the Securities Industry - Over the past six years, more than a hundred securities firms have integrated cultural construction with compliance risk control and service to the real economy, creating a cultural ecosystem that combines Chinese characteristics with international perspectives [1] - The principle of party leadership is fundamental to cultural construction in the securities industry, enhancing corporate image and core competitiveness while promoting sustainable development [1][2] - Zhejiang Securities has developed an innovative path for implementing Chinese financial culture through a system that integrates party leadership, cultural development, and governance [1][2] Group 2: Strategic Integration and Responsibility - Zhejiang Securities has established a three-dimensional guarantee system for cultural construction, focusing on ideological leadership, strategic collaboration, and responsibility transmission [2] - The company has implemented a "three-level responsibility closed loop" to ensure accountability in cultural construction, integrating it into the party's assessment system [2][3] Group 3: Social Responsibility and Investor Education - The securities industry is transitioning from fragmented participation in social responsibility to a systematic approach, integrating financial empowerment, industry support, and public welfare [6] - Companies like Shanghai Securities are extending their cultural responsibilities to rural revitalization, utilizing green bonds and investor education to support local economies [6] - The industry is enhancing investor education as a key component of inclusive finance, with increased participation in the capital market following recent policy changes [3][5] Group 4: Professional Culture and Market Impact - The current transition in the securities industry from "scale competition" to "functional enhancement" emphasizes the importance of professional culture in driving value creation and compliance [8] - Professional culture is seen as a means to build trust with stakeholders, creating a "trust premium" that enhances competitive advantage [8] - Companies like China Galaxy Securities highlight the role of cultural construction in reinforcing their mission to serve the real economy and manage financial risks [8]

Core Viewpoint - The report from Zheshang Securities indicates that Henglin Co., Ltd. has shown steady performance in Q3, with expectations for improved cross-border performance during the peak season [1] Group 1: Business Performance - The cross-border e-commerce business has experienced stable growth, driven by scale effects and strong cost control capabilities, leading to a gradual recovery in profit margins [1] - Key brands on Amazon in the U.S., including Sweetcrispy, Dumos, and Smug, have performed well from July to September, with Sweetcrispy's sales increasing by 34.5%, 32.3%, and 38.8% year-on-year respectively [1] - Popular products such as storage cabinets and office chairs have shown strong sales performance [1] Group 2: Profitability Outlook - As the profitability of the cross-border e-commerce business gradually improves and the contract manufacturing business shows operational enhancements, there remains potential for profit recovery [1] - The company has adjusted its profit forecasts considering changes in cross-border e-commerce operations and the impact of tariffs on the contract manufacturing business, while maintaining a "buy" rating [1]

Core Insights - The report from Zheshang Securities indicates a warming trend in pricing, with service consumption outperforming goods consumption, and a steady demand for tourism, while business travel shows signs of marginal recovery [1] Travel Industry - The travel sector is experiencing a beta phase, with business travel showing signs of recovery. Key factors influencing travel decisions include emotional value, time efficiency, and cost-effectiveness. The preference for travel is shifting from mere sightseeing to experiential activities [2] - In the OTA (Online Travel Agency) segment, accommodation services are performing better than transportation, with overall growth remaining stable. The competitive landscape for OTAs has not been significantly disrupted, and there is potential for improvement in OTA ARPU (Average Revenue Per User) [2] - For scenic spots, performance in 2025 is expected to vary, with natural attractions outperforming artificial ones. Increased competition and capacity limits during peak seasons are putting pressure on individual scenic spots, making asset integration a crucial growth strategy [2] - Hotel RevPAR (Revenue Per Available Room) is anticipated to rebound after two years of decline, with supply expected to stabilize. Leading hotel companies are likely to enhance their pricing power, and those with strong membership systems and operational capabilities may navigate through competitive pressures effectively [2] Offline Retail - The pricing environment is showing marginal improvement, benefiting same-store sales in supermarkets. The brand momentum of Fat Donglai continues to be released, and its benchmark status in adjustments is evident, leading to potential performance releases for leading players [3] Local Services - Competition in local services is expected to intensify by 2025, with a return to rational competition in home delivery services anticipated in 2026, which may lead to profit recovery. Platforms are increasing investments in instant retail, while the "takeaway war" in 2025 may exert continuous pressure on profitability [4] E-commerce - The e-commerce sector is experiencing moderate growth, with a focus on enhancing user experience and platform merchant ecosystems rather than solely on GMV (Gross Merchandise Volume) by 2025. Instant retail is emerging as a new growth engine, with significant participation from Alibaba and JD.com [5] - During the 2025 Double Eleven shopping festival, platforms extended promotional periods and simplified discount rules, indicating a shift towards rational sales strategies. Instant retail is expected to accelerate in 2026, with AI and e-commerce driving industry efficiency [5] Cross-border E-commerce - The sector is addressing short-term disruptions from tariffs and compliance policies, but the export side remains resilient due to China's stable supply chain advantages. Core markets are expected to expand from saturated regions to Southeast Asia and Latin America [6] - Focus is on two types of targets: those with strong barriers and stable performance, leveraging logistics, compliance, and digital capabilities, and strong cross-border sellers with robust branding and localized operations [6]

每经头条（nbdtoutiao）——灌水21万亿，高市早苗1.7万亿强化国防！日本负债率已远超债务危机时的 希腊，对美巨额投资致大规模资本外流，"卖出日元成国际趋势" （记者 王瀚黎） 每经AI快讯，美利信（SZ 301307，收盘价：40.61元）发布公告称，2025年11月26日14:00~15:00，美利 信接受浙商证券股份有限公司等投资者调研，公司董事长兼总经理余亚军等人参与接待，并回答了投资 者提出的问题。 2024年1至12月份，美利信的营业收入构成为：铝制零部件占比100.0%。 ...

Core Viewpoint - The livestock farming industry is expected to experience a resonance of cycles and growth opportunities by 2026, with the swine sector reaching a critical point of de-stocking, leading to potential value recovery for cost-leading enterprises. The beef industry is projected to maintain a high prosperity cycle until 2027, while the poultry sector shows a clear upward price trend due to supply contraction [1]. Swine Sector - The swine sector is witnessing a significant slowdown in production capacity due to ongoing losses and declining pig prices, reaching a de-stocking critical point. Leading companies with low-cost advantages are expected to realize value release, with recommendations for companies like Muyuan Foods, Wens Foodstuff Group, and Dekang Agriculture. Smaller pig farming companies with growth potential are also suggested for attention [2]. Beef Sector - The beef sector is in a high prosperity cycle, with slow supply recovery and rising global beef prices driven by import policy restrictions. The main upward wave of the cycle is anticipated to begin in 2026, with recommendations for companies such as Youran Dairy, Modern Farming, and China Shengmu Organic Milk [3]. Poultry Sector - In the poultry sector, the yellow chicken segment is experiencing capacity de-stocking due to continuous losses, although parent stock remains high. Companies with rapid capacity expansion and strong cost control, such as Lihua Agricultural Science and Technology, are favored. The white feather chicken segment is awaiting a cycle reversal, with recommendations for integrated leaders like Shennong Development and upstream chick leaders like Yisheng Livestock and Poultry [4]. Feed Sector - The feed sector emphasizes cost control and industry chain extension, focusing on companies with strong cost management capabilities and established overseas operations. Recommended companies include Haida Group and Bangji Technology [5]. Animal Health Sector - The animal health sector highlights the importance of research and innovation, recommending companies that can avoid price wars. Key focuses include product layout in the pet segment and breakthroughs in high-value pet pharmaceuticals. Recommended companies include Reap Bio, which benefits from the recovery of livestock prices, and companies like Kexin Bio, Plank Bio, and Zhongmu Bio with strong competitive advantages [6]. Planting Industry - The planting industry is expected to see grain prices stabilize, influenced by high production and inventory levels. Grain security remains a priority, with a shift from cyclical to growth valuations in the seed industry. Recommended companies include Beidahuang and Suqian Agricultural Development, with attention to seed companies like Kangnong Seed Industry and Longping High-Tech [7]. Pet Industry - The pet industry is thriving, driven by domestic demand and exports, with rapid growth of domestic brands. Key companies to watch include pet food brands like Guibao Pet and Zhongchong Co., and pet supplies companies like Yuanfei Pet and Tianyuan Pet [8].

Group 1 - The core viewpoint of the news is that ShenNan Circuit has seen a significant increase in stock price, rising by 5.09% to 211.11 CNY per share, with a total market capitalization of 140.756 billion CNY [1] - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards (60.01%), packaging substrates (16.64%), electronic assembly (14.14%), other supplementary products (5.80%), and other products (3.40%) [1] Group 2 - From the perspective of fund holdings, one fund under Zheshang Securities Asset Management has a significant position in ShenNan Circuit. The Zheshang Huijin Quantitative Selected Mixed A Fund (006449) held 44,000 shares in the third quarter, unchanged from the previous period, accounting for 5.2% of the fund's net value [2] - The Zheshang Huijin Quantitative Selected Mixed A Fund (006449) was established on March 25, 2019, with a current scale of 183 million CNY. Year-to-date returns are 56.72%, ranking 391 out of 8134 in its category, while the one-year return is 52.25%, ranking 605 out of 8056 [2]

Core Points - Ningbo Ocean announced that Zheshang Securities is the sponsor for its initial public offering (IPO) project, with a continuous supervision period from December 8, 2022, to December 31, 2024 [1] - Due to the existence of unsold shares that have not been fully unlocked, Zheshang Securities will continue to fulfill its supervisory duties related to the company's IPO project [1] - A change in the designated representatives for continuous supervision has occurred, with Wan Jun replacing Zheng Zhou, who is no longer able to serve due to job changes [1] Summary by Sections - **Company Announcement** - Ningbo Ocean has appointed Zheshang Securities as the sponsor for its IPO project [1] - The continuous supervision period is set from December 8, 2022, to December 31, 2024 [1] - **Supervisory Duties** - Zheshang Securities is required to continue its supervisory responsibilities due to pending matters related to unsold shares [1] - **Change in Representatives** - Wan Jun has been appointed to replace Zheng Zhou as the representative for continuous supervision [1] - The remaining representative for the project is Gao Xiaohong [1]

未来，公司将持续深化大模型技术在投教领域的应用，拓展多模态交互、个性化内容推送等更多场景，让专业的投教服务更具温度、更易触达，为推动资 本市场投资者教育普及、保护中小投资者合法权益贡献更大力量。 新商证券 中国人民银行 THE PEOPLE'S BANK OF CHINA & 2024年度金融科技发展奖 近日，中国人民银行公布2024年度金融科技发展奖（简称"金发奖"）获奖名单。浙商证券自主研发的"基于大模型引擎的新一代全生态投教平台"，凭借其 在投教内容创新与信息技术深度融合方面的突出表现，成功斩获三等奖。 作为我国金融业唯一的省部级科技奖项，"金发奖"前身为1992年设立的"银行科技发展奖"，2021年升级后将评选范围拓展至全金融行业，代表着金融科技 领域的最高行业认可。此次奖项竞争汇聚了银行、证券、保险等全行业的顶尖科技创新成果，浙商证券能够脱颖而出，不仅是其科技创新硬实力获得国家 级权威认证的有力证明，更是对公司"投教是一片旷野而非一条轨道"创新理念的生动实践。 在技术创新层面，公司自主研发的"水滴智擎"AI大模型原生应用平台，通过标准化接口显著降低大模型应用门槛。平台整合投教数据知识库、模型管理系 ...