南方财经12月11日电，2025年以来，两融市场持续升温，券商业务调整动作频频，既能满足市场旺盛的 信用交易需求，也能进一步优化业务布局。11月以来，已有3家券商对两融业务做出调整：12月9日晚， 东吴证券公告将两融业务授信总规模调整为不超过净资本的600%，长江证券则宣布将信用业务规模上 限由520亿元调整为公司2024年末经审计合并净资本的300%；早前11月27日，东方证券也披露将修订 《公司融资融券业务管理办法》。据不完全统计，2025年内已有9家券商通过上调业务规模上限、调整 授信管理模式等方式优化两融业务布局，包括东吴证券、长江证券、东方证券、华泰证券、招商证券、 华林证券、山西证券、兴业证券、浙商证券等。（21世纪经济报道）查看原文：杠杆资金持续活跃 年 内已有9家券商优化两融业务布局刚刚 ...

Group 1 - The fund holders' meeting for the Galaxy Economic Industry Mixed Securities Investment Fund was held via communication, with voting from November 4, 2025, to December 9, 2025 [1] - The meeting aimed to discuss the proposal regarding the continuous operation of the fund, but failed to meet the legal quorum as the represented fund shares were less than half of the total shares on the record date [1] - The costs associated with the meeting, including legal and notarization fees, totaled 30,000 RMB, with 20,000 RMB for legal fees and 10,000 RMB for notarization [2] Group 2 - The company will report the meeting situation to the China Securities Regulatory Commission for record-keeping [3] - Various documents related to the meeting, including announcements and legal opinions, are available for review [4] - Investors can consult the company for further information through its website and customer service hotline [5]

在金融风险防控体系中，反洗钱工作是维护国家金融安全的关键防线。面对洗钱手段"数字化、隐 蔽化、全球化"的新特征，我国正处于迎接FATF第五轮反洗钱国际互评估的关键时期，浙商证券以合规 文化为引领，以新《反洗钱法》为遵循，以科技赋能为突破，系统性推进反洗钱工作向实质有效转型， 为金融市场稳健运行筑牢安全屏障。 制度为基：构建三维制度体系，打造三级人才梯队 "制度是反洗钱工作的'指南针'，人才是落实新规的'双支柱'。"浙商证券反洗钱牵头部门——合规 管理部负责人表示。公司紧扣新《反洗钱法》及2025年发布的反洗钱相关法律法规，构建起"顶层制度 +条线细则+实操指南"的三维制度体系，形成定期评估、动态更新的"制度体检"机制。 在制度建设方面，公司制定反洗钱统领性文件，明确组织架构、分工及总体工作要求；各业务条线 根据实际业务流程制定工作细则，编制图文并茂的实操手册，将客户尽职调查、风险等级划分、名单监 控等流程操作步骤可视化展示，让每项工作有章可循、有据可依。 在人才队伍建设方面，公司打造"总部—分公司—营业部"三级人才梯队：总部反洗钱部门配备专职 洗钱风险管理人员，相关业务部门和分支机构配备洗钱风险管理人员，分支 ...

浙商证券在投资者互动平台回答称，公司已如期向中国证监会及其派出机构上报整合方案，目前方案的 进展正常。 ...

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。 ...

格隆汇12月9日｜浙商证券研报指出，德昌股份是汽车EPS电机内资企业龙头，公司将高端电机的技术 壁垒延伸至机器人领域做关节电机等业务，未来有望获得国内外头部机器人本体订单，机器人业务预期 目前尚未充分体现。公司近几年已经从家电业务为主的公司逐步开拓有更高技术壁垒、更强盈利能力的 汽车EPS电机第二增长曲线业务，目前在内资中处于领先地位，已经进入放量期；公司25年将高端电机 的技术壁垒延伸至机器人领域做关节电机等业务，未来有望取得客户端突破。考虑到公司是十大吸尘器 出口企业以及汽车EPS电机内资企业龙头，机器人关节电机业务有望打开成长空间，基于2025年12月5 日收盘价计算PE为41.5、21.0、14.7倍，上调至"买入"评级。 ...

格隆汇12月9日｜浙商证券研报指出 ，"全球造，销全球"，伊戈尔变压器+AIDC产品加速出海。2020- 2024年，公司营业总收入分别从14.06亿元增长至46.39亿元，四年CAGR达到35%；归母净利润从0.51亿 元增长至2.93亿元，四年CAGR达到54%。需求端，受光伏储能并网需求激增、数据中心用电大幅增长 等驱动，大型开发商、电网公司、数据中心运营商加大变压器的采购，用以满足替代和新增的需求。供 给端，制造商难以应对劳动力和材料短缺的问题导致现有产能难以满足激增的需求。综合竞争力持续提 升的国内优质变压器厂商有望迎来历史性出海机遇。公司境外业务呈现高速发展态势，北美及欧洲占比 达到70%。此外，公司前瞻布局数据中心领域，有望打开成长空间。公司聚焦能源、信息行业，产品布 局丰富，海外渠道优势显著，储能变压器、配电变压器、数据中心产品有望驱动公司业绩加速增长。首 次覆盖，给予"买入"评级。 ...

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]