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。 ...

Group 1 - The core theme of the Zhejiang Securities 2026 Capital Market Summit is "Riding the Trend," focusing on investment strategies and market outlook at the beginning of the 14th Five-Year Plan [2] - Zhejiang Securities identifies three key judgments for 2026: China's economy is expected to achieve a "good start," macro policies will return to normal and focus on new productive forces, and the A-share market has entered a phase of "systematic slow growth" with an "N" shaped trend for the Shanghai Composite Index [2][3] - The investment focus will be on consumption, technology growth, and high-end manufacturing, while also recognizing the stabilizing role of dividend assets [2][4] Group 2 - The chairman of Zhejiang Securities, Qian Wenhai, highlights three major opportunities: confidence in asset value reassessment amid global rebalancing, innovation driven by technological revolutions like AI and biotechnology, and reform opportunities that improve market ecology [3] - The chief economist of Zhejiang Securities, Li Chao, predicts that 2026 will show a "good start" for the Chinese economy, with macro policies focusing on technological self-reliance and new productive forces, supported by resilient external demand and fiscal policies aimed at boosting consumption [3][4] - The deputy director of the research institute, Liao Jingchi, states that the A-share market is entering a "systematic slow growth" phase characterized by a more balanced approach between cyclical and technology growth, with a focus on sectors benefiting from wealth effects, high-tech, and high-end manufacturing [4][5]

中证报中证网讯(记者马爽)11月19日，浙商证券研究所副所长、策略首席分析师廖静池在"浙商证券 2026年资本市场峰会主论坛"上进行主题分享时表示，预计2026年上证指数将呈现"N"型走势，市场风 格上顺周期与科技成长将更趋均衡，中大盘广义成长风格有望占据优势。行业配置建议采取多线布局策 略，重点关注三大方向：一是受益于财富效应的消费板块，二是高景气度的科技与高端制造领域，三是 享受传统产业优化"反内卷"政策红利的相关行业，同时可配置作为压舱石的红利资产。主题投资方面， 建议把握以AI算力、机器人为代表的"科技6+"和以内需为核心的"银发经济1+"主线。 ...

Core Viewpoint - The 2025 China Securities Industry Asset Management Summit highlighted the evolving landscape of the asset management industry, emphasizing the need for innovation and adaptation in response to market changes and new demands [2][3]. Group 1: Industry Trends - The asset management industry in China is experiencing a transformation with a more rational business structure and enhanced operational standards, leading to increased competitiveness [2]. - Three major trends are reshaping the securities asset management ecosystem: digital empowerment through AI and large model technologies, upgraded demand for innovative products like retirement and green investments, and a shift from traditional investment management to comprehensive solution providers [2][3]. Group 2: Challenges and Strategies - The asset management sector faces significant challenges, including asset scarcity, low interest rates, and high volatility, necessitating a transition from a single high-yield asset model to a multi-strategy approach [3]. - Firms must focus on brand cultivation and long-term development while enhancing active management capabilities and customer service to meet market demands effectively [3]. Group 3: Forum Highlights - The forum featured two roundtable discussions addressing opportunities and challenges in the post-public offering era and strategies for product layout in a low-interest-rate environment [4]. - The "2025 China Securities Industry Asset Management Jun Ding Award" was announced, recognizing outstanding contributions in the asset management field [4][6].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session has approved the "14th Five-Year Plan" proposal, emphasizing the optimization of financial institutions and the importance of cultural construction and social responsibility for high-quality development in the securities industry [1][2]. Group 1: Financial Institutions and High-Quality Development - The proposal aims to guide financial institutions, including securities companies, to focus on their core business and improve governance for high-quality development [1]. - The year 2026 marks the beginning of a new phase of high-quality development for China's capital market [2]. Group 2: Cultural Construction and Governance - Zhejiang Securities has established a system integrating "Party leadership, cultural foundation, and governance" to promote high-quality development [2]. - The company has implemented a three-dimensional guarantee system for cultural construction, including ideological guidance, strategic collaboration, and responsibility transmission [3]. Group 3: Mechanism Innovation - Zhejiang Securities has innovated its organizational structure to enhance party organization coverage and established a three-tier management system [4]. - The company has created a cultural talent matrix combining full-time and part-time roles to strengthen its cultural capabilities [5]. Group 4: Cultural Engineering Initiatives - The company has launched five cultural projects to enhance its comprehensive competitiveness, including political leadership, employee engagement, professional training, and brand influence [7][8][9]. - The "Zhejiang Red" brand has been recognized as a national exemplary case in party-building innovation, reflecting the company's commitment to cultural and social responsibilities [9]. Group 5: Value Creation and Social Responsibility - The integration of party leadership and cultural construction has led to improvements in brand value, operational efficiency, and social benefits [9][10]. - The company emphasizes the importance of aligning political and professional aspects to ensure sustainable development and adherence to national strategies [10][12].