炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。浙商证券首席经 济学家、研究所联席所长李超团队获得宏观经济第一名。 "直挂云帆济沧海"，现场，李超用这句充满气势的表述，为2026年中国经济与资本市场定下乐观基调。 李超结合其首创的四层次分析框架，从宏观经济肌理、增长动力到市场机遇进行了系统解读，为投资者 勾勒出"十五五"开局之年的发展蓝图。 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 在他看来，市场的核心驱动力源自利率下行，2025年以来市场信心的持续提升，为流动性向资本市场的 传导扫清了障碍。随着2026年信心修复趋势的延续，利率下行的估值驱动效应将充分显现。 这一逻辑与国际市场经验高度契合。美国1984-2020年长达35年的利率下行周期中，股债双牛成为常 态，即便在经济复苏脆弱阶段，宽松货币环境仍支撑股市走高；日本2013-2019年实施大规模QE政策 后，也实现了利率下行背景下的股债双牛。中国当前的利率环境与信心修复节奏，正为复制这一逻辑创 造条件。 投资 ...

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony were held in Shanghai, gathering over 300 industry experts to discuss future opportunities in the Chinese capital market [1] - The top honor for the 7th Sina Finance Golden Unicorn Elite Analyst in the innovative drug sector was awarded to the Zheshang Securities research team, led by Chief Analyst Wu Tianhao [1] Group 2 - The strategy for the high-value consumables sector in 2026 indicates optimism due to policy optimization, with expectations for revenue recovery and new product launches [2] - The medical device sector is expected to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is anticipated to regain growth, supported by overseas expansion and recovery in revenue and profit growth in 2025 [2] Group 3 - Investment recommendations include high-value consumables companies with cleared procurement risks and new product launches, such as Microelectrophysiology, Aikang Medical, and Weikang Medical [3] - Medical device and home medical companies expected to see steady revenue growth include Mindray Medical, Meihua Medical, and Yuyue Medical, among others [3]

投资建议： 浙商证券王班 吴天昊、司清蕊医疗器械行业2026年策略指出，支付政策优化，看好高值耗材成长性。 高值耗材：大品类集采基本完成，支付政策优化下，看好业绩恢复以及新品放量弹性。2025年前三季度 高值耗材收入持续增长、利润同比增速转正（2024年收入恢复、2025年利润有望恢复）；2026年医保支 付政策优化、新品商业化加速等拉动下，看好业绩恢复及新品放量弹性。 医用设备：院内招标恢复、"一带一路"出海拉动，业绩恢复可期。2025年前三季度医用设备收入仍同比 有所增长，但利润同比下滑；2026年看好在院内招标恢复及"一带一路"持续布局下的业绩弹性。 家用医疗：成长性有望恢复。2025年前三季度收入利润同比增速恢复，看好出海等带来的成长性恢复； 低值耗材/IVD：看好新品拉动/技术壁垒较高企业。2025年前三季度量价影响下IVD板块收入利润增速 双降。 ①集采风险基本出清、新品进入放量期的高值耗材企业，如骨科、电生理、心脑血管介入、人工晶体等 相关方向，推荐微电生理、爱康医疗、爱博医疗、微创医疗、微创脑科学、南微医学等，关注先健科 技、赛诺医疗、心通医疗等；②招投标恢复以及出海拉动下，收入有望稳步增长的 ...

Core Insights - The article discusses the performance of the banking sector in October 2025, highlighting a decline in credit demand and a shift in deposit trends, indicating ongoing challenges in the financial landscape [1][2][3]. Credit Performance - Excluding non-bank financial institutions, credit showed a negative growth in October, with a decrease in both retail and corporate loans. Residential loans fell by 360.4 billion yuan, a year-on-year decrease of 520.4 billion yuan, indicating a contraction in consumer credit demand [1][2]. - Corporate loans saw an increase of 350 billion yuan, but short-term loans decreased by 190 billion yuan, reflecting limited demand for medium to long-term projects [2]. Social Financing - In October, social financing increased by 815 billion yuan, a year-on-year decrease of 597 billion yuan. Government bond issuance was 489.3 billion yuan, down 560.2 billion yuan from the previous year, suggesting a weakening support from government debt [3]. Deposit Trends - The M1 growth rate decreased to 6.2%, while M2 growth was at 8.2%. There is a continued trend of deposits moving towards non-bank financial institutions, with total deposits increasing by 610 billion yuan, but household deposits fell by 1.3 trillion yuan [4]. - The total scale of wealth management products reached a historical high of 33.2 trillion yuan, reflecting a significant increase of 1.1 trillion yuan from the previous month [4]. Banking Sector Performance - For the first three quarters of 2025, listed banks showed resilience with revenue growth of 0.9% and profit growth of 1.6%. State-owned banks performed well, while the performance of smaller banks varied [5][6]. - The net interest margin for listed banks stabilized at 1.37%, with a slight improvement in the interest spread for smaller banks, indicating a recovery in profitability [9]. Investment Recommendations - The article suggests that the banking sector may experience a rebound in Q4, driven by a rebalancing of market styles and increased interest in high-dividend stocks. Recommendations include both smaller banks in economically developed regions and larger, stable banks [12].

Core Viewpoint - The company emphasizes the importance of financial culture in enhancing core competitiveness and achieving high-quality development, focusing on integrity, service to the real economy, and compliance with regulations [1][2][5] Financial Culture Construction - Integrity is highlighted as the foundation of the financial industry, with the company integrating integrity requirements into governance and business processes through a three-pronged system of institutional constraints, technical monitoring, and personnel education [2][3] - The company has established strict management measures, including the implementation of the "Integrity Management Measures" and "Reputation Risk Management Measures," embedding integrity into core management systems [2][3] - The company has completed nearly 90 billion yuan in equity and debt financing by October 2025, with significant contributions to technology innovation and rural revitalization projects [3] Risk Management - The company has developed a comprehensive risk management system, incorporating risk awareness into its operations and enhancing efficiency through technology, including AI applications for risk assessment [4][5] - A revised "Comprehensive Risk Management Measures" was published in 2025, detailing responsibilities and performance evaluation standards for risk management [4][5] Compliance Management - Compliance is deemed essential for financial institutions, with the company focusing on optimizing systems and building a professional compliance team, achieving a significant number of experienced compliance personnel by November 2025 [5][6] Innovation and Development - The company adopts a "guarding innovation" approach, ensuring that innovations align with actual needs and regulatory requirements, as demonstrated by the successful IPO of Zhejiang Jinhua New Materials [7] - A strict pre-approval mechanism for new products and services is in place to mitigate risks associated with innovation, ensuring that all new initiatives undergo thorough risk assessments and compliance checks [7]

Core Viewpoint - The macroeconomic outlook for 2026 suggests a positive start for China's economy, with a focus on technological self-reliance and new productivity cultivation, supported by resilient external demand and domestic fiscal policies aimed at boosting consumption and investment [3][5][6]. Economic Outlook - The GDP growth rate for 2026 is projected to be around 4.8%, with expectations of a strong start to the "15th Five-Year Plan" [6][7]. - Industrial growth is expected to remain stable, with a focus on high-tech industries and a supportive policy environment [7][8]. - The service sector is anticipated to benefit from improved industrial production and consumer spending recovery [8]. Consumption - The nominal growth rate of retail sales is expected to be 4.1% in 2026, driven by policies promoting consumption upgrades and the gradual lifting of restrictive measures [10][12]. - The "old-for-new" consumption policy is likely to continue, focusing on sectors such as elderly care and health [12][13]. - The easing of restrictions in the automotive and housing sectors is expected to support consumer demand [13][15]. Investment - Fixed asset investment growth is projected at 2.5% for 2026, with manufacturing and broad infrastructure investments expected to drive growth [17][18]. - Manufacturing investment is anticipated to grow by 6.5%, supported by large-scale equipment updates and favorable export conditions [18][19]. - Broad infrastructure investment is also expected to grow by 6.5%, driven by new policy financial tools and local government initiatives [21][22]. Trade and Exports - Export growth is projected at 4.7% for 2026, supported by global fiscal expansion and China's efforts to penetrate non-US markets [29][30]. - The trade surplus is expected to maintain a high level, with a growth rate of 13.1% [29][30]. - China's exports to non-US markets are likely to continue to grow, aided by investments and trade cycles [33][34].

浙商汇金量化精选混合A（006449）基金经理为庞雅菁。 12月1日，仕佳光子涨5.05%，截至发稿，报80.05元/股，成交7.03亿元，换手率1.94%，总市值367.27亿 元。 资料显示，河南仕佳光子科技股份有限公司位于河南省鹤壁市淇滨区延河路201号，成立日期2010年10 月26日，上市日期2020年8月12日，公司主营业务涉及光芯片及器件、室内光缆、线缆材料三大板块,主 要产品包括PLC分路器芯片系列产品、AWG芯片系列产品、DFB激光器芯片系列产品、光纤连接器、 室内光缆、线缆材料等。主营业务收入构成为：光芯片与器件70.52%，室内光缆15.11%，线缆高分子 材料12.66%，其他(补充)1.72%。 从基金十大重仓股角度 数据显示，浙商证券资管旗下1只基金重仓仕佳光子。浙商汇金量化精选混合A（006449）三季度持有 股数10.3万股，占基金净值比例为4%，位居第十大重仓股。根据测算，今日浮盈赚取约39.65万元。 浙商汇金量化精选混合A（006449）成立日期2019年3月25日，最新规模1.83亿。今年以来收益 58.35%，同类排名458/8199；近一年收益52.56%，同类排名 ...

Core Viewpoint - The A-share market is expected to experience an upward breakout in December, driven by improvements in fundamental expectations, macro liquidity, and policy catalysts, leading to a potential early start of the spring rally [1][9][11]. Group 1: Market Outlook - Most brokerages anticipate that December will see a recovery in fundamental expectations and macro liquidity, with policy and industry themes catalyzing market movements [1][7]. - The market has been in a three-month consolidation phase, and the likelihood of an upward breakout to initiate a year-end rally is high [1][9]. - Investors maintain confidence in the medium to long-term market outlook, suggesting that the current bull market is not over [11]. Group 2: Investment Strategies - Investors are advised to prepare for the year-end rally, with a focus on strategic positioning around key events such as the Federal Reserve's interest rate meeting and the Central Economic Work Conference [2][8]. - Emphasis on large-cap stocks with stable earnings is expected to outperform in December, while a balanced allocation between growth and value styles is recommended [12]. - Key sectors to watch include traditional manufacturing, resource revaluation, and companies with overseas expansion potential [4][8]. Group 3: Sector Focus - The technology sector is anticipated to rebound, particularly in areas with favorable cost-performance ratios, such as innovative pharmaceuticals and defense industries [6][7]. - The cyclical sectors, including basic chemicals and industrial technology, are expected to be foundational assets for the spring rally [5][6]. - Consumer sectors, particularly high-quality consumption like liquor and consumer building materials, are seen as mid-term investment opportunities [7][12].

Core Insights - The seventh Sina Finance Golden Unicorn Best Analyst Awards were announced on November 28, highlighting the achievements of various research teams and analysts in the capital markets [1] Group 1: Awards and Recognitions - Zheshang Securities Research Team ranked seventh as the "Best Research Institution" and ninth as the "Most Honorable Research Institution" [1] - Zheshang Securities won 14 research awards across different fields, with three industries achieving first place [1] - The elite analyst honor list saw Zheshang Securities awarded nine research prizes, with one industry also securing first place [1] - Lin Chengwei, a macroeconomic analyst from Zheshang Securities, received the Golden Unicorn Securities Analyst "Future Star" award [1]

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] Group 1: Event Overview - The event highlighted the future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Outstanding Research Institution evaluation were announced [1] Group 2: Award Results - The top ten best research institutions were recognized, with Changjiang Securities taking first place, followed by GF Securities and Guotai Junan Securities in second and third respectively [1] - The complete ranking of the top ten institutions is as follows: 1. Changjiang Securities 2. GF Securities 3. Guotai Junan Securities 4. Industrial Securities 5. Tianfeng Securities 6. Shenwan Hongyuan Securities 7. Zheshang Securities 8. CITIC Securities 9. Guosheng Securities 10. Guoxin Securities [1]