钱文海 练强内功 抢抓机遇 党的二十届四中全会为做好"十五五"时期工作指明了前进方向、提供了根本遵循。中央金融工作会议擘 画了"加快建设金融强国"的宏伟蓝图。国有金融机构如何践行好使命担当、把握好发展机遇？钱文海认 为，强化自身建设是重中之重，只有自身高质量发展，才能更好地助力金融强国建设。 钱文海介绍，最近，浙商证券各级党组织全面掀起学习贯彻党的二十届四中全会精神的热潮，通过党委 理论中心组学习会、第一议题、"三会一课"等形式，全面系统深入开展学习，推动全会精神融会贯通、 一体落实。通过深入学习，公司党委对"十五五"发展有了更清晰的认识，对做好金融"五篇大文章"有了 更深刻的理解，对资本市场发展有了更坚定的信心，公司加快改革发展的步伐也更加坚定有力。 思想是行动的先导，理论是实践的指南。中央金融工作会议召开以来，浙商证券聚焦做好金融"五篇大 文章"开展了一系列改革，并出台改革促发展实施方案，聚焦4大业务改革、3大发展驱动和1项支撑保 障，形成了8个方面37项具体措施：在"大投行"改革方面，大力推进承揽综合化、承做平台化、承销前 置化，打通"三投联动"的各个堵点；在"大财富"改革方面，以"研究—投资—顾问"体 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年11月21日 1、 公告基本信息 ■ 注：管理人在每个收益集中支付日起两个交易日内，根据公告分配方案，以现金分红的形式向投资者支 付收益。 2、与收益支付相关的其他信息 ■ 注：（1）本基金收益支付方式暂不包括红利再投，因此不存在收益结转基金份额的情况。 （2）本基金采用摊余成本法估值，并通过计算暂估收益率的方法每日确认各类金融工具的暂估收益。 基金每万份基金暂估净收益和7日年化暂估收益率，与分红日实际每万份基金净收益和7日年化收益率存 在差异，原因是银行存款估值时以成本列示，每日按照约定利率预提收益，直至分红期末按累计收益除 以累计份额确定实际分配的收益率，具体的差异金额以公司官网展示为准。 （3）投资者当日申购的基金份额应当自下一个交易日起享有基金的分配权益；当日赎回的基金份额自 下一个交易日起不享有基金的分配权益。 （4）本基金收益每月集中支付一次。如投资者的累计实际收益为负，则为份额持有人缩减相应的份 额。投资者赎回基金份额时，其累计未支付收益不一并支付，将在月度分红时支付。投资者解约情形 下，管理人将按照当期年化暂估收益率与同 ...

Core Viewpoint - The 2025 China Securities Industry Investment Banking Summit Forum highlighted the transformation strategies of investment banks amid capital market changes, with a focus on the resurgence of Chinese enterprises listing in Hong Kong and the anticipated growth in IPO activities in 2025 [2]. Group 1: Market Trends - Since the second half of 2024, there has been a notable recovery in Chinese enterprises listing in Hong Kong, with a projected increase in IPO issuance in 2025, leading to a financing scale that is expected to rise by over 200% year-on-year [2]. - The average first-day increase for IPO companies is reported at 59.3%, indicating strong market performance [2]. - The hot trend in the Hong Kong stock market is expected to continue until 2026, presenting cross-border business opportunities for Chinese investment banks [2]. Group 2: Strategic Focus - Domestic investment banks are adopting "regional deep cultivation" and "track specialization" as their two core strategies to reshape the competitive landscape [2]. - Changjiang Securities has been exploring iterative deep cultivation models and plans to enhance its role as a "guide" for industries by serving local platform companies and forming funds to attract quality enterprises along the industrial chain [2]. Group 3: Forum Discussions - The forum featured two roundtable discussions focusing on investment banking strategic transformation and the integration of technology and finance [3]. - Key executives from various securities firms participated in discussions about navigating cycles and embracing new production capabilities in the context of technology finance [3]. Group 4: Awards - The forum also announced the results of the "2025 China Securities Industry Investment Banking Jun Ding Award," recognizing outstanding contributions in various categories, including underwriting and sponsorship [5][6][7][8][10][11][13][14][21].

Core Viewpoint - Multiple brokerages are optimistic about China's economy in 2026, expecting it to maintain resilience and enter a phase of high-quality development, with the A-share market continuing its upward trend, although some predict a slowdown in growth [1][3][5]. Economic Outlook - The first three quarters of 2023 showed steady progress in China's economy, with expectations that 2026 will mark the beginning of a new high-quality development phase [3]. - Macro policies are anticipated to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [3]. - External demand is expected to remain resilient, while internal demand will rely on fiscal efforts to boost investment in human capital and consumer supply [3]. A-share Market Trends - Since 2025, the A-share market has been on a volatile upward trajectory, with significant attention on whether this trend will continue into 2026 [5]. - Some institutions believe that the A-share market may reach a peak in spring 2026, with potential triggers for a comprehensive market rally [5]. - The market is expected to experience a critical verification period in 2026, with indices likely to remain volatile but on an upward trend [6]. Sector Focus - The technology, cyclical, and manufacturing sectors are highlighted as key areas of focus for 2026 [8]. - Specific recommendations include monitoring recovery trades in basic chemicals and industrial metals, as well as trends in AI, humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industries [8]. - Resource products may emerge as a new mainline direction following technology, driven by global monetary easing and domestic inventory cycles [9]. Investment Sentiment - The A-share market's current rally is significantly supported by retail investors, with a notable influx of high-risk preference funds [6]. - The upcoming five-year planning period is expected to yield positive market performance, aligning with policy directions [6].

A+H 权益组合业绩评价框架 ——主动量化研究系列 核心观点 本报告中，我们对 A+H 跨市场权益组合业绩评价体系进行了构建，并给出了具体测 算流程。从结果看，可对组合收益来源及能力圈进行较好的评价。 ❑ A+H 组合评价：需解决哪些问题 组合评价体系包括业绩和风险两部分，一般我们需要其满足如下要求：精细化， 全面，灵敏，稳健。在这个过程中，需考虑不同市场结构对行业、风格的影响， 同时也需考虑汇率的波动。 ❑ 跨市场权益组合评价体系 对于 A+H 跨市场组合评价体系，基于现有成熟的风险维度，首先分别搭建两个 市场的模型：包含敞口和收益。对标基准，按市场进行权重分配，纳入汇率收 益。得到单独市场的敞口和收益拆分结果，然后进行汇总。 相关报告 1 《物价回归，决战 2026》 2025.11.18 2 《主线切换：涨价逻辑首选化 工》 2025.11.16 3 《A 股新常态：主线切换，情 绪不减》 2025.11.09 ❑ 收益拆分：汇率、市场、行业、风格、选股 以模拟组合为例，对其进行分析。整体看，组合超配 materials，低配 banks；偏 小市值、高换手、高盈利、动量。港股仓位超额收益为正，A 股为 ...

Core Viewpoint - The article discusses the optimistic outlook for China's economy and A-share market in 2026, highlighting the potential for high-quality development and the importance of sectors such as technology, cyclical industries, and manufacturing [3][5][11]. Economic Outlook - Multiple institutions predict that China's economy will maintain resilience and enter a new phase of high-quality development in 2026, marking the beginning of the "15th Five-Year Plan" [5]. - Macro policies are expected to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [5]. - External demand is anticipated to remain robust, while internal demand will rely on fiscal efforts to stimulate investment in human capital and consumer supply [5]. A-share Market Trends - The A-share market has been on a rising trend since 2025, with active trading observed. There are differing opinions on whether this upward trend will continue in 2026, with some institutions expecting a comprehensive market rally while others foresee a slowdown in growth [7][8]. - By mid-2026, it is expected that the "policy bottom, market bottom, and economic bottom" will successively appear, potentially triggering a comprehensive market rally [8]. - The overall sentiment is that the A-share market's upward momentum is far from over, with expectations that it may challenge levels not seen in the past decade [8]. Sector Focus - Key sectors to watch in 2026 include technology, cyclical industries, and manufacturing, with specific attention to areas such as AI, robotics, energy storage, photovoltaics, pharmaceuticals, and military industries [11]. - Institutions suggest that resource products may emerge as a new mainline direction following technology, driven by global monetary easing, supply-demand gaps, and domestic inventory replenishment [11]. - The TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are expected to remain central to market dynamics, with potential for significant growth [11]. Capital Flow Insights - Residents are identified as the most significant source of funds in the A-share market, with current trends resembling those seen in 2015. High-risk preference funds have entered the market rapidly, while medium-risk preference funds may represent the next incremental growth phase [9].

浙商证券研报指出，浙江荣泰25Q3业绩环比提升明显，行业逆风仍维持较高增速和较高水平盈利质 量。"最严电池安全令"提升绝缘防火云母需求，主业预计稳健增长。公司产品云母结构件为新能源车热 失控防护关键材料，需求预计持续提升。公司大力投入布局，人形机器人零部件业务推进顺利，预计将 迎来爆发。公司作为新能源云母材料赛道龙头，护城河牢固、业绩高成长，人形机器人业务打开成长空 间，维持"买入"评级。 ...

Core Insights - Zhejiang Shangjiash (Lishui) Venture Capital Fund Partnership has been established with a total investment of 1 billion yuan, focusing on venture capital investments in unlisted companies and private equity investments [1][2] Group 1: Company Overview - The fund is a limited partnership type enterprise registered in Lishui City, Zhejiang Province, with a business duration from October 17, 2025, to 2040 [2] - The main operational scope includes venture capital limited to unlisted enterprises and private equity investment management [1][2] Group 2: Investment Structure - The fund is primarily funded by Lishui Lianying Technology Industry Development Co., Ltd. (99% stake) and Zhejiang Shangjiash Capital Management Co., Ltd. (1% stake) [2] - Zhejiang Shangjiash Capital Management Co., Ltd. is a wholly-owned subsidiary of Zhejiang Zheshang Securities Co., Ltd. [1][2]

Core Insights - The Zhejiang Securities 2026 Capital Market Summit was held in Shanghai, focusing on investment strategies and market outlook as China embarks on its 14th Five-Year Plan [1] - Keynote speeches highlighted the structural shifts in China's capital market, emphasizing high-quality development and innovation as fundamental drivers [2][3] Group 1: Trends and Opportunities - Three major trends were identified: 1. "Confidence Opportunity" due to the global rebalancing and reassessment of Chinese asset values 2. "Innovation Opportunity" driven by technological revolutions in AI, biotechnology, and renewable energy 3. "Reform Opportunity" through institutional optimization improving market ecology [2] - The capital market is experiencing a structural turning point, with a focus on high-quality development and reform innovation [2] Group 2: Economic Outlook - The chief economist of Zhejiang Securities forecasts a "good start" for China's economy in 2026, with expectations of a structural market characterized by low volatility dividends and technological growth [3] - The A-share market is entering a "systematic slow bull" phase, with an anticipated "N" shaped trend for the Shanghai Composite Index, balancing cyclical and technological growth styles [3] Group 3: Industry Development - The public fund industry is poised for high-quality development, emphasizing the need to expand equity asset management, deepen registration system reforms, and optimize fund governance [3] - The summit served as a platform for over 500 listed companies to engage in closed-door discussions, promoting deep dialogue and collaboration among global investors, industry representatives, and experts [4]

人民财讯11月20日电，企查查APP显示，近日，浙商佳晟（丽水）创业投资基金合伙企业（有限合伙） 成立，出资额10亿元，经营范围包含：创业投资（限投资未上市企业）；以私募基金从事股权投资、投 资管理、资产管理等活动。企查查股权穿透显示，该企业由浙商证券（601878）全资子公司浙江浙商资 本管理有限公司等共同出资。 ...