Core Insights - The article discusses the phenomenon of top analysts in the brokerage research sector changing jobs at the end of the year, coinciding with the announcement of the 23rd New Fortune Best Analyst Awards [1][6] - The trend raises questions about the motivations behind these moves, particularly the balance between potential new opportunities and the loss of year-end bonuses [3][4] Group 1: Analyst Movements - Several prominent analysts have recently switched firms, including key figures from Guosheng Securities and Guotai Junan, indicating a trend of collective departures within research teams [2][5] - The departure of analysts often leads to a domino effect, where core team members follow suit, highlighting the collaborative nature of research work [5] Group 2: Year-End Bonuses and Negotiation Power - Analysts typically face the dilemma of forfeiting year-end bonuses when switching jobs, as most brokerages do not pay these bonuses until the following year [3][4] - However, analysts with strong reputations can negotiate compensation packages that may offset the loss of bonuses, making the transition more appealing [4][6] Group 3: Timing and Strategic Considerations - The timing of these job changes is strategically aligned with the New Fortune Best Analyst evaluation period, which incentivizes analysts to switch firms to enhance their career prospects [6][7] - The industry’s focus on the New Fortune awards creates a competitive environment where analysts seek to align with firms that can bolster their visibility and career advancement [6][8] Group 4: Market Dynamics and Revenue Pressures - The brokerage industry is experiencing revenue pressures, particularly in commission income, prompting firms to enhance talent acquisition efforts to drive business growth [8][9] - Smaller brokerages face significant challenges in retaining talent and maintaining client relationships, especially when key analysts leave, which can directly impact their revenue streams [9][10]

Group 1 - The core viewpoint is that the liquor industry, particularly the baijiu sector, is undergoing a significant transformation with a focus on inventory reduction and quality improvement, while the beer sector faces challenges due to weak demand recovery [1][2] - The baijiu sector has experienced a three-phase development in 2025, characterized by operational adjustments, deep market corrections, and a trend towards accelerated industry clearing [1][2] - Major liquor companies are prioritizing stable operations for 2026, moving away from aggressive channel growth, and are expected to continue inventory reduction and price recovery as economic conditions improve [2][3] Group 2 - The beer sector has seen a decline in sales volume due to external factors such as weak dining channel performance and restrictions, although average selling prices (ASP) have slightly increased due to cost advantages [2] - The overall revenue growth for the beer sector from Q1 to Q3 of 2025 was low single digits, while profits showed nearly double-digit growth, indicating a disparity between revenue and profit performance [2] - The consumption structure of liquor in China is heavily dominated by baijiu, but there is potential for growth in other liquor categories, particularly whisky and huangjiu, as market dynamics evolve [3]

除息差外，预计上市银行贷款增速稳中略降、资产质量稳中向好、中收业务平稳、其他非息业务或有一 定波动，边际来看，息差对银行2026年业绩的贡献将占主导，有望支撑收入增速显著提升，利润增速改 善。 资金面：板块股息持续性强，中长期资金有望持续增配 12月政治局会议召开，货币政策延续"适度宽松"定调，财政政策延续"更加积极"定调，该行认为总量上 看，2026年流动性充裕有望维持，财政赤字率有望提升支撑经济，结构上看货币、财政政策将协同发 力，向科技、消费等重点领域提供支持。 基本面：息差企稳可期，修复确定性强 价格方面，资产端，得益于银行破除"内卷式"竞争，银行新发贷款利率已连续维持在3.1%附近，往后 看，贷款利率已处于低位，进一步下降对贷款需求的刺激也较为有限，在lpr利率进一步下调前新发贷 款利率有望维持平稳;负债端，2026年高息存款重定价继续迎来高峰，多轮存款挂牌利率调降效果有望 显现，驱动负债成本下行。综合来看，2026年银行板块息差有望企稳或略回升。 方正证券发布研报称，一方面上市银行2026年营收、利润表现有望改善，将支撑板块低估值、高股息的 优势进一步凸显;另一方面，随监管持续指引中长期资金入市， ...

方正证券给予中航成飞买进的初始评级。 ...

事件 2025年12月19日，日本央行发布利率决议，将政策利率(无担保隔夜拆借利率)上调0.25个百分点至0.75%，达到1995年以后30年来的最高利率水平。此次加 息是2025年1月以后，日本央行年内第二次上调政策利率。 点评 1)本次加息25bp符合市场普遍预期，投资者更关注未来政策指引。利率决议公布前，市场已充分消化加息25bp的预期，不过对于2026年日本加息时点或幅 度仍有分歧。日本央行宣布12月加息后，市场对利率决议的解读总体偏中性，日本十年期国债收益率升破2.0%，日元在震荡交易中延续跌势，日本股市 则维持上涨态势。 2)本次加息是日本央行货币政策正常化进程的重要举措。本次加息获得12月日本央行会议"全票通过"，分歧较此前央行会议显著降低。这从侧面反映出日 本货币政策紧缩周期仍将延续，释放"加息未完结"信号。 3)近期日本通胀信心强化，工资和通胀很可能继续温和同步上升。11月最新数据显示日本核心CPI同比维持3.0%，持续高于日本央行2%的目标，一定程度 上打破此前对"通胀可持续性的犹豫"，为持续加息提供逻辑支撑。 4)日本央行认为，日本经济在一定程度上存在疲软，但正温和复苏，预计实际利率将维 ...

Core Viewpoint - The report from Founder Securities indicates that AVIC Xi'an Aircraft Industry Group is expected to achieve 23 billion in related transactions over the next 26 years, with stable profitability maintained [1] Group 1: Financial Performance - The company has maintained steady growth in its performance for the first three quarters, with military aircraft tasks completed on schedule and civil aircraft products delivered as planned [1] - Projected net profits attributable to shareholders for the years 2025 to 2027 are estimated to be 1.131 billion, 1.321 billion, and 1.592 billion respectively, with corresponding EPS of 0.41, 0.47, and 0.57 [1] Group 2: Product Strength and Market Position - The company's military aircraft products are well-recognized, and its civil aircraft products have received high praise from customers, enhancing its brand image both domestically and internationally [1] - The company is actively involved in the development of new domestic large aircraft models, being selected as a supplier for key components of the C929 aircraft [1] Group 3: Future Outlook - The company is expected to open up opportunities for military trade exports due to its strengthened market position and product recognition [1] - The projected price-to-earnings ratios for the years 2025 to 2027 are 59.14, 50.63, and 42.00 respectively, maintaining a "recommended" rating [1]

Core Viewpoint - Fangzheng Securities initiates coverage on China Jinmao (00817) with a "Buy" rating, highlighting the company's advantages from its parent company Sinochem, which provides a lower financing cost, and its increasing project acquisitions in first-tier and core second-tier cities, suggesting potential sales growth driven by its strong product offerings [1][9] Group 1: Revenue and Profitability - As of the first half of 2025, the company achieved a revenue of 25.113 billion yuan, a 14% increase year-on-year, primarily due to growth in property development and Jinmao services, with land and property development contributing 20.041 billion yuan (up 17%) and Jinmao services contributing 1.783 billion yuan (up 20%) [2][10] - The company reported a net profit attributable to shareholders of 1.123 billion yuan, a slight increase of 2% year-on-year, mainly due to a reduction in marketing and management expenses by 15% and 5% respectively compared to the same period last year [2][10] Group 2: Sales Performance and Land Acquisition - From January to November 2025, China Jinmao achieved a total sales amount of 100.7 billion yuan, surpassing the full-year sales of 98.3 billion yuan in 2024, marking it as one of the few real estate companies to experience positive sales growth [3][11] - The company recorded a total land acquisition amount of 33.9 billion yuan in the same period, compared to 18.7 billion yuan for the entire year of 2024, indicating an increased willingness to acquire land and confidence in its ability to manage quality residential projects [3][11] Group 3: REITs Market Expansion - On November 21, 2025, the company announced plans to list the Sanya Ritz-Carlton hotel with a base price of 2.265 billion yuan for asset securitization, aligning with the national policy that includes four-star and above hotel projects in the infrastructure REITs category [4][12] - This move is part of the company's strategy to "activate stock and optimize increment," aiming to replicate the success of the Changsha Meixi Lake project in asset securitization [4][12]

Core Viewpoint - China Jinmao (00817) is rated "Recommended" by Founder Securities, benefiting from its parent company Sinochem's financing advantages and increasing project acquisitions in first-tier and core second-tier cities, which may enhance sales performance through its strong product offerings [1] Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 25.113 billion yuan, a 14% year-on-year increase, driven by growth in property development and Jinmao services [2] - The land and property development segment generated 20.041 billion yuan in revenue, up 17% year-on-year, while Jinmao services contributed 1.783 billion yuan, reflecting a 20% increase [2] - The company reported a non-net profit attributable to shareholders of 1.123 billion yuan, a 2% year-on-year increase, primarily due to a reduction in marketing and management expenses by 15% and 5%, respectively [2] Group 2: Sales and Land Acquisition - From January to November 2025, China Jinmao achieved a total sales amount of 100.7 billion yuan, surpassing the full-year sales of 98.3 billion yuan in 2024, marking it as one of the few real estate companies with positive sales growth [2] - The company recorded a total equity land acquisition amount of 33.9 billion yuan from January to November 2025, compared to 18.7 billion yuan for the entire year of 2024, indicating increased confidence in its ability to manage quality residential projects [2] Group 3: REITs Market Expansion - On November 21, 2025, the company announced the listing of the Sanya Ritz-Carlton hotel with a base price of 2.265 billion yuan, aimed at asset securitization [3] - In December 2025, the National Development and Reform Commission released guidelines that included four-star and above hotel projects in the infrastructure REITs sector, allowing for the issuance of REITs in this area [3] - This listing is part of the company's strategy to "activate stock and optimize increment," potentially setting a precedent for asset securitization following the successful REITs listing of Changsha Meixi Lake [3]

Core Viewpoint - The report from Founder Securities highlights the importance of isostatic pressing technology in the production of solid-state batteries, emphasizing its advantages over traditional methods [1][2]. Group 1: Isostatic Pressing Technology - The core principle of isostatic pressing is based on Pascal's principle, where pressure is uniformly distributed in all directions within a high-pressure container [1]. - Isostatic equipment can be categorized into hot isostatic pressing, warm isostatic pressing, and cold isostatic pressing, with warm isostatic pressing being more suitable for solid-state battery applications due to its cost-effectiveness and ability to achieve higher pressure [1][2]. - The introduction of isostatic pressing in solid-state battery production allows for precise control of key parameters such as electrode density, thickness, and porosity, leading to improved ionic conductivity and mechanical strength [2]. Group 2: Industry Landscape - Overseas companies, particularly Quintus Technologies from Sweden and Hana Technology from South Korea, are leading in isostatic pressing technology, while domestic companies are rapidly advancing [3]. - Notable domestic firms that have successfully developed isostatic pressing technology include Sichuan Lieneng (20% owned by Rongqi Technology), Chuanxi Machinery (a subsidiary of AVIC), and Xian Dao Intelligent [3]. - Other domestic companies such as Liyuanheng, Naconoer, Litong Technology, and Xizhuang Co. are also expected to enter the isostatic equipment market, with a focus on companies like Xian Dao Intelligent, Rongqi Technology, and Naconoer [3].

Core Viewpoint - The recent trend of shareholder reductions in major brokerage firms, including Guosen Securities, is primarily driven by short-term asset allocation needs rather than a lack of confidence in the companies' long-term prospects [1][6][11]. Group 1: Shareholder Reduction Plans - Guosen Securities announced that its shareholders, China Resources Shen Guo Trust and FAW Equity Investment (Tianjin), plan to reduce their holdings by up to 74 million shares, representing 0.72% of the total share capital [1][5]. - China Resources Shen Guo Trust holds 2.137 billion shares (20.87% ownership), while FAW Investment holds 114 million shares (1.11% ownership) [5]. - The reduction plans are attributed to asset allocation adjustments and the need for operational funding [5][6]. Group 2: Market Context and Performance - The A-share brokerage sector has seen significant growth, with Guosen Securities' stock price increasing by 19.47% year-to-date as of December 10, ranking 11th among securities firms [3][9]. - Other brokerage firms, such as Dongfang Wealth and Fangzheng Securities, have also announced shareholder reduction plans, indicating a broader trend in the sector [7][12]. Group 3: Regulatory Environment and Future Outlook - Recent regulatory signals indicate a potential easing of restrictions for high-quality brokerage firms, which may enhance capital utilization and leverage limits [14][15]. - Analysts believe that these policy changes could lead to increased market liquidity and improved pricing efficiency, benefiting the brokerage sector [16][17]. - The overall sentiment in the market remains optimistic, with expectations of a recovery in the brokerage sector driven by favorable policies and a stable capital market environment [18][19].