Core Viewpoint - The article highlights the 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony, which gathered over 300 influential figures from academia, public and private equity, and top fund managers to discuss future opportunities in the Chinese capital market [2]. Macro Economic Research | Best Analysts - The top analysts in macroeconomic research were recognized, with Zhejiang Securities leading the list, followed by Guangfa Securities and Dongwu Securities [5]. - The ranking includes various institutions and their respective research teams, showcasing the competitive landscape in the analysis of macroeconomic trends [5]. Strategy Research | Best Analysts - Guangfa Securities topped the strategy research category, with a strong team recognized for their analytical capabilities [6]. - Other notable institutions include Shenwan Hongyuan Securities and Guolian Minsheng Securities, reflecting a diverse range of expertise in strategic analysis [6]. Financial Engineering | Best Analysts - The best analysts in financial engineering were led by Guosen Securities, indicating a strong focus on innovative financial solutions [8]. - Other institutions like Shenwan Hongyuan Securities and China Merchants Securities also featured prominently in the rankings [8]. Fixed Income Research | Best Analysts - Zhejiang Securities was recognized as the top firm in fixed income research, highlighting its expertise in this critical area [10]. - The rankings included several other firms, indicating a robust competition in fixed income analysis [10]. Banking Industry | Best Analysts - Zhejiang Securities emerged as the leader in the banking industry analysis, showcasing its strong research capabilities [12]. - Other firms like Zhongtai Securities and Dongfang Securities also made significant contributions to the rankings [12]. Non-Banking Financial Industry | Best Analysts - The top analysts in the non-banking financial sector were led by Guangfa Securities, reflecting its strong analytical team [13]. - Other notable firms included Dongwu Securities and Xinyuan Securities, indicating a competitive environment in this sector [13]. Real Estate Industry | Best Analysts - Guangfa Securities was recognized as the top analyst in the real estate sector, demonstrating its expertise in this critical market [15]. - Other firms like Changjiang Securities and China Merchants Securities also ranked highly, indicating a strong focus on real estate analysis [15]. Media Industry | Best Analysts - Guangfa Securities led the media industry analysis, showcasing its strong research capabilities [17]. - Other firms like Guohai Securities and Shenwan Hongyuan Securities also made significant contributions to the rankings [17]. Innovative Drug Industry | Best Analysts - The top analysts in the innovative drug sector were led by Industrial Securities, indicating a strong focus on healthcare research [18]. - Other notable firms included CITIC Securities and Dongwu Securities, reflecting a competitive landscape in this industry [18]. New Energy Equipment Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the new energy equipment sector, highlighting its expertise in this growing field [20]. - Other firms like Dongwu Securities and Tianfeng Securities also ranked highly, indicating a robust competition in new energy analysis [20]. Robotics and High-End Manufacturing Industry | Best Analysts - Guangfa Securities topped the rankings in the robotics and high-end manufacturing sector, showcasing its analytical strengths [21]. - Other firms like Changjiang Securities and Zhejiang Securities also made significant contributions to the rankings [21]. Public Utilities Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the public utilities sector, reflecting its strong research capabilities [24]. - Guangfa Securities and Huayuan Securities also ranked highly, indicating a competitive environment in public utility analysis [24]. Environmental Protection Industry | Best Analysts - Guangfa Securities led the environmental protection sector analysis, showcasing its expertise in sustainability [26]. - Other firms like Dongwu Securities and Tianfeng Securities also made significant contributions to the rankings [26]. Computer Industry | Best Analysts - Guolian Minsheng Securities was recognized as the top analyst in the computer industry, reflecting its strong research capabilities [29]. - Other notable firms included Guangfa Securities and Changjiang Securities, indicating a competitive landscape in computer analysis [29]. Home Appliances Industry | Best Analysts - Guolian Minsheng Securities topped the rankings in the home appliances sector, showcasing its analytical strengths [31]. - Other firms like Changjiang Securities and Kaiyuan Securities also ranked highly, indicating a robust competition in this industry [31]. Transportation and Logistics Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the transportation and logistics sector, reflecting its strong research capabilities [33]. - Other firms like Shenwan Hongyuan Securities and Huachuang Securities also made significant contributions to the rankings [33]. Military Industry | Best Analysts - Guangfa Securities led the military industry analysis, showcasing its expertise in defense-related research [34]. - Other firms like Industrial Securities and Changjiang Securities also ranked highly, indicating a competitive environment in military analysis [34].

- The **Macroeconomic Scoring Model** is used to assess asset allocation preferences based on macroeconomic factors. It evaluates domestic and global conditions, including monetary policy, inflation, and credit, to generate asset-specific timing views. For December, the model turned cautious on the CSI 800 and 10-year government bonds due to tightening domestic monetary conditions, while maintaining a positive outlook on the S&P 500, crude oil, and copper[18][19][20] - The **US Equity Timing Model** monitors economic indicators and market sentiment to identify optimal entry points for US equities. It highlights that, before the Federal Reserve's December meeting, uncertainty around rate cuts may suppress risk appetite. However, fiscal expansion post-government reopening could stabilize the economy, presenting potential buying opportunities if equity prices decline[21][22][24] - The **Gold Timing Model** tracks factors such as fiscal pressure, central bank policies, and global de-dollarization trends. The latest indicator value is -0.54, reflecting marginal weakening due to reduced fiscal expansion. However, the model suggests that gold's medium-term upward trend remains intact, supported by global de-dollarization and potential rate cut expectations[25][26][27] - The **Crude Oil Timing Model** evaluates demand, inventory levels, macro risks, and investor sentiment. The current oil sentiment index is -0.1, indicating a cautious outlook. While global demand shows marginal improvement, other factors, including inventory and macro risks, have weakened, suggesting a deteriorating fundamental outlook for crude oil[27][29][31] - The **Asset Allocation Strategy** uses quantitative signals and macro factor adjustments to allocate risk budgets across asset classes. For November, the strategy achieved a return of -0.2%, with a 12.2% return over the past year and a maximum drawdown of 2.9%. The December allocation reduced exposure to the CSI 800 and 10-year government bonds while increasing allocations to the S&P 500, gold, and copper[3][32][34] Model Backtesting Results - **Macroeconomic Scoring Model**: December views include cautious stances on the CSI 800 and 10-year government bonds, while maintaining positive views on the S&P 500, crude oil, and copper[18][19][20] - **US Equity Timing Model**: Indicates medium-term opportunities for US equities post-Federal Reserve meeting, contingent on fiscal expansion and economic stabilization[21][22][24] - **Gold Timing Model**: Latest indicator value is -0.54, with medium-term support from global de-dollarization and potential rate cut expectations[25][26][27] - **Crude Oil Timing Model**: Current sentiment index is -0.1, reflecting a cautious outlook due to weakening fundamentals[27][29][31] - **Asset Allocation Strategy**: November return of -0.2%, 12-month return of 12.2%, and maximum drawdown of 2.9%. December allocation adjustments include increased exposure to the S&P 500, gold, and copper, with reduced exposure to the CSI 800 and 10-year government bonds[3][32][34]

每经AI快讯，博实结发布公告称，2025年12月2日，博实结接受华夏基金、浙商证券调研，公司副总经 理、董事会秘书向碧琼、证券事务代表王占超参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 （记者 王瀚黎） ...

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 12 月 03 日 交易性择时每日一图版本更新说明 ——债市专题报告 核心观点 本报告在原有交易性择时体系基础上进行多资产扩展。自 9 月以来，交易性择时策略 在趋势阶段对利率下行行情形成了较高覆盖度，在回调与震荡时期则主动收敛暴露， 体现出右侧确认与趋势跟随框架下的稳健性。本次迭代进一步引入权益、黄金与商品 择时信号，实现多市场间的交叉验证，有望提升利率交易方向识别的有效性、降低择 时失真与回撤水平，并在复杂宏观环境下增强策略执行与风险管理能力。未来策略优 化将增强空头过滤功能，并加强复合信号在震荡阶段的稳定性。 ❑ 9 月以来交易性择时信号回顾 交易性择时模型在利率下行周期保持了对趋势行情的高敏感度，各类信号在关键 阶段呈现出较强一致性，并在多个交易窗口连续触发复合信号，在捕捉利率主升 段方面表现突出。近期随着利率企稳回调，模型信号明显收敛甚至短暂消失。该 现象并非策略失效，而是由于策略本身逻辑并不承担主动做空判断，而是基于右 侧确认选择降低暴露度，以避免震荡期的无效交易和频繁换手，更好地体现了策 略在复杂行情中的 ...

Core Viewpoint - Hangyang Co., Ltd. is identified as a leading player in China's industrial gas sector, characterized by both cyclical and growth potential, with a promising outlook for performance recovery as the industry is at the cyclical bottom [1] Industry Summary - The gas industry is currently at a cyclical low, indicating potential for upward performance recovery in the future [1] - The company is accelerating its layout in the controllable nuclear fusion field, which is expected to open a second growth curve [1] Company Summary - In the event of macroeconomic recovery, the retail gas segment shows significant potential for performance elasticity [1] - Even without considering economic recovery, the company can maintain steady performance growth through pipeline gas (volume delivery) and equipment business (Xinjiang coal chemical and overseas demand) [1] - The total signed oxygen production capacity for 2024 is projected to reach 3.5 million Nm³/h, representing an 8.6% year-on-year increase (300,000 Nm³/h), which supports steady growth in pipeline gas volume [1] - The potential performance elasticity from retail gas is expected to be substantial [1] - The company is also cultivating new growth points such as electronic special gases and aims to achieve integrated production and storage applications for neon, helium, krypton, and xenon, thereby expanding its growth space [1] - The investment rating is maintained at "Buy" [1]

12月2日，浙商证券宣布，浙商证券旗下国都证券（香港）有限公司、浙商国际金融控股有限公司，启 动捐赠总计200万港元善款至香港特区政府"大埔宏福苑援助基金"。该笔经费将用于支持受灾同胞的安 置及社区重建工作。 ...

Group 1 - The company, Juran Smart Home, announced that it will accept investor research from Zheshang Securities and others on December 2, 2025, with the company's board secretary Wang Jianliang participating in the reception and answering investor questions [1] Group 2 - The stock market witnessed a situation where a shareholder requested a main force to push the stock price to the limit, and the next day, the stock indeed reached the limit, indicating potential market manipulation and platform review loopholes behind the surge in Xiangyang Bearing's stock [1]

Core Insights - The film "Zootopia 2" has exceeded expectations with a cumulative box office of over 1.94 billion yuan within five days of its release, with a projected total box office of 4.25 billion yuan [1][2] - The film's strong performance is attributed to a high screening ratio of 76.8% during a weak release period, significantly higher than its predecessor and other competing films [2] - Upcoming films for the New Year and Spring Festival are expected to contribute positively to box office performance, indicating a recovery trend in the industry [1][6] Film Industry Performance - The film industry has shown signs of recovery, with a total box office of 44.465 billion yuan from January to October 2025, reflecting a year-on-year growth of 16.2% [5] - The Spring Festival box office reached a record high of 9.514 billion yuan in 2025, marking an 18.69% increase compared to the previous year [4] - The summer box office also saw a slight increase of 2.77% year-on-year, while the National Day box office experienced a decline of 12.83% due to a lack of innovative content [4] Future Outlook - The upcoming New Year and Spring Festival periods are expected to see a strong box office performance, with several high-potential films confirmed for release [6] - The industry is projected to reach a box office scale of 48.1 to 58 billion yuan in 2026, continuing the recovery trend [7] - Companies such as Wanda Film, Bona Film Group, and China Film are highlighted as having significant performance elasticity in the upcoming key periods [7]

Core Viewpoint - The report from Zheshang Securities highlights Yinlun's leadership in automotive thermal management and its expansion into new growth areas such as data centers and robotics [1] Business Structure - The company's passenger vehicle segment is performing strongly, leading the market [1] - The digital energy business is experiencing rapid growth, while the commercial vehicle and non-road segments maintain stable contributions [1] - The robotics business is positioned for future benefits due to anticipated market expansion [1] Industry Position - As a veteran in domestic thermal management, the company is expected to benefit from the increasing penetration of new energy vehicles in the passenger car sector [1] - The commercial vehicle and non-road segments are likely to see industry recovery and breakthroughs with overseas clients [1] Future Growth Potential - The company is leveraging its extensive experience and technological reserves in its core business to expand into emerging fields such as AI liquid cooling and embodied intelligent robotics [1] - This strategic expansion is aimed at ensuring sustainable development in the future [1] Investment Rating - The company has been given a "Buy" rating based on its strong market position and growth prospects [1]

证券代码：601878 证券简称：浙商证券 公告编号：2025-071 浙商证券股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 12 月 02 日 （星期二） 至 12 月 08 日 （星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 zszq@stocke.com.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 浙商证券股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 09 日 （星期二） 14:00-15:00 举行 2025 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、 说明会类型 ...