Core Insights - The 2025 Wind "Gold Analyst" awards were announced on December 10, recognizing outstanding research teams based on the number of report reads from buy-side institutions [1]. Group 1: Award Winners - The awards included 33 individual research field awards and 4 institutional awards, with participation from over 600 teams from 38 research institutions [1]. - Notable winners in various categories include: - Strategy Research: - First: Galaxy Securities - Second: Guosen Securities - Third: Zheshang Securities [3] - Fixed Income: - First: Zheshang Securities - Second: Huachuang Securities - Third: Dongwu Securities [3] - ESG Research: - First: Guosen Securities - Second: Galaxy Securities - Third: Zheshang Securities [5] - Restaurant and Tourism: - First: Guosen Securities - Second: Kaiyuan Securities - Third: Dantan Haidao [6] - Media: - First: Dongwu Securities - Second: Guohai Securities - Third: Kaiyuan Securities [7] Group 2: Sector-Specific Insights - In the Electric Power and Utilities sector: - First: Dongwu Securities - Second: Guosen Securities - Third: Tianfeng Securities [8] - In the Real Estate sector: - First: Kaiyuan Securities - Second: Everbright Securities - Third: Zhongxin Jian Investment [11] - In the Automotive sector: - First: Dongwu Securities - Second: Minsheng Securities - Third: Guosen Securities [31] - In the Non-Bank Financial sector: - First: Zhongxin Jian Investment - Second: Kaiyuan Securities - Third: Dongwu Securities [21] Group 3: Overall Trends - The awards reflect a competitive landscape among research institutions, with a significant number of teams participating and a diverse range of sectors represented [1][3]. - The methodology for the awards was based on objective metrics, specifically the reading counts of research reports by buy-side institutions, ensuring a transparent evaluation process [1].

智通财经APP获悉，浙商证券发布研报称，2025年11月销售各类挖掘机20027台，同比增长13.9%其中国 内销量9842台，同比增长9.1%;出口量10185台，同比增长18.8%。国内周期筑底上行主要受益于农林、 市政需求驱动小微挖需求增长。按8-10年为更新周期测算，预计2025年国内更新周期有望逐步启动，有 望周期筑底上行。中国工程机械行业是全球优势产业(性价比等优势)，有望从进口替代逐步走向供应全 球。该行建议持续聚焦行业龙头。 浙商证券主要观点如下： 11月挖掘机总销量同比增长14%，其中内销同比增长9%，外销同比增长19% 工程机械：海外市占率提升，国内更新周期逐步启动 1)出口：全球化持续推进，海外市占率有望不断提升。中国工程机械行业是全球优势产业(性价比等优 势)，有望从进口替代逐步走向供应全球。据KHL，2024年全球Top50工程机械制造商总销售额2376亿美 元，其中徐工机械/三一重工/中联重科市占率为5.4%/4.6%/2.4%(合计12.4%)，未来提升空间大。 2)内需：7月19日上午，雅鲁藏布江下游水电工程开工仪式在西藏自治区林芝市举行，工程总投资约1.2 万亿元。据智通财经 ...

浙商证券研报指出，巨星科技董事长仇建平近期连续4个交易日通过竞价交易形式增持合计40万股（累 计金额1321.8万元，占公司总股本为0.0336%，均价33.05元/股），彰显对公司发展信心。美国已进入降 息周期，工具行业景气度有望拾级而上。巨星科技作为我国工具行业出口龙头，全球化产能布局持续深 化，认为公司已锤炼出相当的外部风险抵御能力，明后年业绩增长有望进一步加速。当前市值对应 PE 为15.64/12.78/10.45 X，维持"买入"评级。 ...

Core Viewpoint - Dechang Co., Ltd. is a leading domestic enterprise in automotive EPS motors, extending its high-end motor technology into the robotics sector, particularly in joint motors, which is expected to yield significant domestic and international orders in the future [1] Group 1: Company Overview - Dechang Co., Ltd. has transitioned from a home appliance-focused company to a leader in automotive EPS motors, establishing a second growth curve with higher technical barriers and stronger profitability [1] - The company is currently in a growth phase, having entered a volume production period for its automotive EPS motor business, positioning itself as a leader among domestic competitors [1] Group 2: Future Prospects - By 2025, Dechang plans to leverage its high-end motor technology in the robotics field, specifically targeting joint motors, which is anticipated to lead to breakthroughs with key clients [1] - The company is also recognized as one of the top ten vacuum cleaner exporters, further enhancing its growth potential in the robotics joint motor business [1] Group 3: Financial Metrics - Based on the closing price on December 5, 2025, the price-to-earnings (PE) ratios are projected to be 41.5, 21.0, and 14.7 times, leading to an upgraded rating of "Buy" [1]

Core Viewpoint - The report from Zheshang Securities highlights the rapid international expansion of Igor Transformers and AIDC products, driven by increasing demand in the photovoltaic energy storage and data center sectors, with significant growth in revenue and net profit projected from 2020 to 2024 [1] Group 1: Financial Performance - The company's operating revenue is expected to grow from 1.406 billion yuan to 4.639 billion yuan from 2020 to 2024, with a four-year CAGR of 35% [1] - The net profit attributable to the parent company is projected to increase from 51 million yuan to 293 million yuan during the same period, with a four-year CAGR of 54% [1] Group 2: Demand and Supply Dynamics - The demand side is driven by a surge in photovoltaic energy storage grid connection needs and significant growth in electricity consumption by data centers, leading to increased procurement of transformers by large developers, grid companies, and data center operators [1] - On the supply side, manufacturers are struggling to meet the surging demand due to labor and material shortages, resulting in existing production capacity being insufficient [1] Group 3: Competitive Position and Growth Opportunities - Domestic high-quality transformer manufacturers are expected to seize historic opportunities for international expansion due to their enhanced competitive capabilities [1] - The company's overseas business is experiencing rapid growth, with North America and Europe accounting for 70% of its international sales [1] - The company is strategically positioning itself in the data center sector, which is anticipated to open up additional growth avenues [1] Group 4: Product Focus and Market Strategy - The company focuses on the energy and information sectors, with a diverse product portfolio and significant advantages in overseas channels [1] - Products such as energy storage transformers, distribution transformers, and data center products are expected to drive accelerated performance growth for the company [1] - The report initiates coverage with a "Buy" rating for the company [1]

Core Viewpoint - The bond market has experienced significant volatility and downward pressure in 2023, leading to declines in bond fund net values and increased redemption pressures for investors [1] Group 1: Market Performance - The 30-year government bond futures have seen a cumulative decline of over 8% since their peak in February, with other maturities also experiencing price drops, albeit to a lesser extent [2] - As of December 5, nearly 800 bond funds reported negative annual returns, with 13 funds showing returns below -5% and 215 funds below -1% [6] Group 2: Market Influences - The recent downturn in the bond market is attributed to year-end profit-taking by institutions and a lack of clear positive catalysts, leading to increased selling pressure [4] - The stock market's weakness has also contributed to selling pressure in the bond market, which has not exhibited the typical "stock-bond seesaw" behavior, particularly in the long-end bonds [4] Group 3: Regulatory and Policy Impact - The "anti-involution" policy has led to an increase in bond yields, with new regulatory proposals adding to market uncertainty and prompting institutions to sell off bonds to avoid volatility [5] - The central bank's actions regarding government bonds are seen as more symbolic than substantive, with expectations of increased cooperation in the new year as fiscal measures are anticipated [7] Group 4: Future Outlook - Analysts suggest that the bond market's downward trend may continue due to a lack of willingness among major institutional investors to take a bullish stance [7] - There is a recommendation for investors to focus on short- and medium-term bond funds that are more sensitive to liquidity, while maintaining a cautious approach towards longer-term bonds until market trends become clearer [7]

Core Viewpoint - The bond market has experienced significant volatility and downward pressure in 2023, leading to net value declines for bond funds and increased redemption pressures for investors [1][5]. Group 1: Market Performance - Since the beginning of the year, the bond market has shown frequent fluctuations, with the 30-year treasury futures price retreating over 8% from its peak in February [2][3]. - As of December 5, nearly 800 bond funds reported negative annual returns, with 215 funds yielding less than -1% [7][8]. Group 2: Causes of Market Decline - The recent decline in the bond market is attributed to year-end profit-taking by institutions, a lack of clear positive catalysts, and selling pressure from the stock market affecting bond prices [5][6]. - The bond market has not exhibited the typical "stock-bond seesaw" behavior, particularly in the long-duration bonds, which have shown significant interest rate increases [5][6]. Group 3: Future Outlook - Analysts suggest that the bond market may face continued downward pressure due to a lack of willingness among major institutional investors to take a bullish stance [9]. - Despite the current challenges, there is potential for a rebound in the bond market after year-end adjustments, as institutions may still have a demand for increased allocations [9][10].

Market Overview - On December 8, the Zhejiang state-owned enterprise reform sector rose by 0.93% compared to the previous trading day, with Zhejiang Xiantong leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Top Gainers in Zhejiang State-Owned Enterprises - Jiangxi Xianyun (603239) closed at 21.46, up 6.40%, with a trading volume of 163,000 shares and a transaction value of 340 million [1] - Yong'an Futures (600927) closed at 15.63, up 4.97%, with a trading volume of 221,500 shares and a transaction value of 345 million [1] - Yilida (002686) closed at 7.50, up 4.46%, with a trading volume of 718,200 shares and a transaction value of 532 million [1] - Hangzhou Hydrogen (002430) closed at 29.27, up 4.20%, with a trading volume of 122,300 shares and a transaction value of 641 million [1] - Juhua Co., Ltd. (600160) closed at 35.34, up 3.97%, with a trading volume of 298,900 shares and a transaction value of 1.05 billion [1] Top Losers in Zhejiang State-Owned Enterprises - Zhejiang Zhenyuan (000705) closed at 9.91, down 1.49%, with a trading volume of 86,400 shares [2] - Kang En Bei (600572) closed at 4.65, down 1.48%, with a trading volume of 334,600 shares [2] - Zhongjie Resources (002021) closed at 2.67, down 1.48%, with a trading volume of 323,300 shares [2] Capital Flow Analysis - The net inflow of main funds in the Zhejiang state-owned enterprise reform sector was 40.66 million, while retail funds saw a net inflow of 58.29 million [2] - Speculative funds experienced a net outflow of 98.95 million [2] Individual Stock Fund Flow - Juhua Co., Ltd. (600160) had a main fund net outflow of 50.89 million, with a retail net inflow of 14.95 million [3] - Yilida (002686) saw a main fund net inflow of 44.27 million, but a retail net outflow of 27.83 million [3] - Hangzhou Oxygen (002430) had a main fund net inflow of 39.64 million, with a retail net outflow of 19.51 million [3]

近年来，浙商期货不仅为农户送去了金融工具，更在田间地头播下希望的种子：在淳安，15场金融知识 培训覆盖1620名农户，让"风险管理"不再陌生；在武城，3000万元信贷支持让种粮大户敢于扩大规 模......那些曾经捂紧钱袋子的农户，如今开始主动学习看行情、用工具，从"被动等救助"变成"主动谋发 展"。 "十四五"以来，浙商证券（601878）坚持以服务实体经济为根本宗旨，通过创新金融服务模式和深化产 融结合，持续加大对重点领域和薄弱环节的支持力度，精准对接实体经济发展需求，全面赋能中小企业 成长壮大，积极构建全链条、多层次、综合化的服务体系，有效提升金融服务实体经济的质效和水平。 其下属单位浙商期货充分发挥金融板块专业优势，通过"保险+期货"等特色金融工具，在服务国家战 略、支持产业发展、促进农民增收等重点领域积极作为，充分彰显了国有金融企业使命担当。 从"价格焦虑"到"安心种植"：一张保单背后的暖心故事 "保险+期货"模式通过将复杂的风险管理工具转化为农户易懂易用的价格保险，有效化解农业生产的价 格波动风险，为农户提供稳定预期的安心保障。 2022年，生猪均价腰斩。浙江淳安县的养殖户老程因猪肉价格下跌愁得整 ...

Core Viewpoint - The increase in shareholding by the controlling shareholder of Meili Xin reflects confidence in the company's development, with expectations that performance in the liquid cooling and semiconductor equipment sectors will exceed market expectations [1] Group 1: Company Performance and Strategy - The company's private placement will help accelerate capacity construction in key sectors, solidifying its leading advantage [1] - The company's "heat dissipation + die-casting" products are applicable in high-end heat dissipation areas such as 5G-A communication base station heat dissipation components, thermal management flow plates for new energy vehicles, and cold plates for intelligent driving controllers in new energy vehicles [1] - The company is one of the earliest and few enterprises in the global communication industry to achieve large-scale production of such products [1] Group 2: Future Outlook - The timing for the company's performance upgrade is approaching, with 2025 identified as a critical year for deepening transformation and solidifying the foundation [1] - The company has completed strategic layout in its core sectors, with confidence that these initiatives will translate into growth momentum by 2026, driving a return to rapid development [1] - Due to the company's increased focus on liquid cooling and semiconductors, along with the controlling shareholder's plan to increase holdings, the company's rating has been upgraded to "Buy" [1]