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今年以来新增超400人,券商分析师数量创历史新高
Zheng Quan Shi Bao· 2025-09-22 00:48
据记者对中国证券业协会数据的统计,截至9月19日,券商分析师数量达6162人,今年以来新增超400人。 证券时报记者 谭楚丹 券商分析师人数创下历史新高。 近日,证券时报记者查询中国证券业协会数据发现,券商分析师数量已突破6000大关,创历史新高。据了解,大型券商研 究所以内生培养为主,中小机构则倚重外部引进。 券商分析师队伍正加速扩张,但市场蛋糕却在缩小。受公募基金"费改"影响,上半年行业分仓佣金收入下滑超30%,券商 研究所转型迫在眉睫,需寻求非佣金类新业务增长点、实现收入结构多元化;同时,部分头部机构的增员速度有所放缓。 规模显著扩容 拉长时间维度看,券商分析师近两年来呈快速扩张态势。据东方财富Choice数据,2018年分析师数量突破3000,此后三年 间长期在4000人以内波动,直至2022年才跨越4000人大关;2024年分析师数量已突破5000人。 截至9月19日,共有3家券商分析师数量超过300人,较年初增加2家。其中,中金公司以344名分析师数量排名第一;国泰 海通证券因合并因素成为行业第二,拥有303名分析师;中信证券的分析师数量亦在今年突破300人。 东方财富证券增员数量紧随其后。据中证 ...
先为达生物递表港交所 摩根士丹利及中金公司为联席保荐人
Company Overview - The company, Xianwei Bio, has submitted a listing application to the Hong Kong Stock Exchange, with Morgan Stanley and CICC serving as joint sponsors [1] - The company focuses on addressing medical needs in the weight management sector and plans to launch its core product, Enoglutide Injection (XW003), in China [1] Product Details - Enoglutide Injection is expected to be the world's first cAMP-biased GLP-1 receptor agonist for the treatment of overweight/obesity and type 2 diabetes [1] - Clinical data indicates that Enoglutide Injection demonstrates superior weight loss effects in Chinese patients with overweight/obesity compared to Semaglutide, achieving the efficacy of Tirzepatide at a lower dosage [1] Market Potential - The global weight management drug market is substantial and steadily growing, projected to expand to $165.9 billion by 2029 [1] - The global market for overweight/obesity drugs is expected to show strong growth potential, with an estimated market size of $41.7 billion by 2029 and a compound annual growth rate (CAGR) of 19.8% [1]
中金公司:本轮行情可能更具备“长期”、“稳进”条件
Xin Lang Cai Jing· 2025-09-22 00:31
Core Viewpoint - The recent report from CICC indicates that the A-share market is currently in a short-term adjustment phase, but this does not alter the medium-term trend. The current market conditions may be more aligned with "long-term" and "steady progress" characteristics [1] Group 1: Market Trends - The growth style has recently shown characteristics of diffusion and rotation, expanding from technology growth to sectors such as innovative pharmaceuticals, high-end manufacturing, military industry, and new energy since the beginning of the year [1] - The strong sectors are expected to continue to alternate, indicating a potential for ongoing market dynamics [1] Group 2: Earnings and Policy Focus - As the third quarter draws to a close, investor attention towards the third-quarter earnings reports is likely to increase [1] - Important policy moments should be monitored for their implications on medium to long-term reform directions, particularly in areas benefiting from support for new productive forces, green development, and expanded openness [1] Group 3: Dividend Style - The dividend style remains a phase-specific and structural performance characteristic [1]
诚邀体验 | 中金点睛数字化投研平台
中金点睛· 2025-09-21 23:54
Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aimed at providing efficient, professional, and accurate research services through the integration of insights from over 30 specialized teams and extensive market coverage [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," integrates the wisdom of research analysts and offers a one-stop service for research reports, conference activities, and fundamental databases [1]. - The platform covers over 1,800 individual stocks, providing deep insights and analysis [1]. - Daily updates on research focus and timely article selections are part of the service, enhancing the accessibility of market insights [4]. Group 2: Features and Tools - The platform includes over 3,000 complete research reports covering macroeconomics, industry research, and commodities [9]. - It offers more than 160 industry research frameworks and 40 premium databases, facilitating comprehensive data analysis [10]. - Advanced features such as AI search, intelligent Q&A, and data dashboards are available to enhance user experience [10].
中金:A股“长期”、“稳进”的四大条件
中金点睛· 2025-09-21 23:54
Core Viewpoint - The report analyzes the recent upward trend in A-shares since September last year, highlighting that the Shanghai Composite Index has increased by over 40% over the past year, and compares this with historical upward phases in the A-share market over the last 20 years [2][3]. Historical Upward Phases - Historical upward phases in A-shares typically last 2-3 years, show significant overall gains, and are characterized by increased trading volume due to new capital entering the market. These phases often begin from historical lows, where investor sentiment is extremely pessimistic [2]. - The report identifies key historical phases: 2005-2007, 2013-2015, and 2019-2021, noting that the current phase since September 2024 has also experienced several adjustments and a differentiated entry of investors [2][3]. Driving Factors - The upward trends in A-shares have been driven by macroeconomic improvements, liquidity enhancements, and favorable trends in key industries. For instance, the 2007 rise was linked to rapid industrialization and strong commodity prices, while the 2015 rise was associated with economic transformation and monetary easing [3]. - The current upward trend is influenced by changes in the international monetary system and deepening narratives of innovation in China, with growth sectors like AI, innovative pharmaceuticals, and high-end manufacturing leading the charge [3][4]. Capital Market Reforms - Reforms in the capital market have played a crucial role in stimulating market vitality. Key reforms include the "National Nine Articles" and subsequent policies that have enhanced market structure and institutional participation [4]. - Recent reforms since the new "National Nine Articles" have focused on market management, long-term capital inflows, and support for innovative enterprises, indicating a commitment to further reform in the capital markets [4]. Earnings and Valuation - The report notes that previous upward phases were characterized by a combination of earnings growth and valuation expansion. Currently, A-share companies are expected to see a turnaround in earnings growth, with an estimated overall growth rate of around 3.5% for the year, particularly in non-financial sectors where growth may exceed 8% [5][11]. Mainline Characteristics of Upward Phases - The report outlines that previous mainline trends in the market have shown distinct characteristics, such as prolonged periods of broad market gains and significant sector rotations. The current mainline is driven by growth sectors, with AI, innovative drugs, and high-end manufacturing leading the way [6][7]. - Historical data indicates that even during clear upward trends, sectors may experience over 20% adjustments, but the overall long-term trend remains intact [7][8]. Long-term and Steady Conditions - The current market is viewed as having more "long-term" and "steady" conditions compared to previous phases. The government's increased focus on the capital market and its role in economic transformation is expected to enhance market stability and growth [9][10]. - The report emphasizes that the global monetary system's restructuring may still be in its early stages, providing further room for the revaluation of Chinese assets [10]. Valuation Context - Despite the significant rise in the index, the overall valuation of A-shares remains reasonable, with the CSI 300 index trading at a PE ratio of around 14 times, which is relatively low compared to other major global markets [11]. - The report highlights that the current market capitalization of A-shares exceeds 100 trillion yuan, but the ratio to GDP remains moderate, indicating that the market is not overvalued despite the recent gains [11][29]. Investment Strategy - The report suggests that growth styles are currently showing signs of expansion and rotation, with a focus on sectors benefiting from new productivity and green development. Investors are advised to pay attention to upcoming quarterly earnings reports and policy directions that support these sectors [12].
券商分析师数量已突破6000大关 创历史新高
Zheng Quan Shi Bao· 2025-09-21 23:13
截至9月19日,共有3家券商分析师数量超过300人,较年初增加2家。其中,中金公司以344名分析师数 量排名第一;国泰海通证券因合并因素成为行业第二,拥有303名分析师;中信证券的分析师数量亦在 今年突破300人。 券商分析师人数创下历史新高。 近日,证券时报记者查询中国证券业协会数据发现,券商分析师数量已突破6000大关,创历史新高。据 了解,大型券商研究所以内生培养为主,中小机构则倚重外部引进。 券商分析师队伍正加速扩张,但市场蛋糕却在缩小。受公募基金"费改"影响,上半年行业分仓佣金收入 下滑超30%,券商研究所转型迫在眉睫,需寻求非佣金类新业务增长点、实现收入结构多元化;同时, 部分头部机构的增员速度有所放缓。 规模显著扩容 据记者对中国证券业协会数据的统计,截至9月19日,券商分析师数量达6162人,今年以来新增超400 人。 拉长时间维度看,券商分析师近两年来呈快速扩张态势。据东方财富Choice数据,2018年分析师数量突 破3000,此后三年间长期在4000人以内波动,直至2022年才跨越4000人大关;2024年分析师数量已突破 5000人。 谈及分析师数量快速增长原因,业内人士认为,一是在公 ...
“稳”字打底 “活”力提升 一揽子政策显效 资本市场向好势头持续巩固
Group 1 - The core viewpoint of the news is the introduction of a comprehensive set of policies by the People's Bank of China, the Financial Regulatory Administration, and the Securities Regulatory Commission to stabilize growth, markets, and expectations, signaling strong financial support for high-quality economic development [1] - The A-share market has shown increased activity, with daily trading volumes exceeding 3 trillion yuan and margin financing balances surpassing 2.4 trillion yuan, indicating a solid foundation for market stability and a vibrant ecosystem [1][2] - The implementation of a "1+N" policy system has led to breakthroughs in funding supply, market structure, and ecological construction, enhancing the market's attractiveness and inclusivity [1][4] Group 2 - Key indicators show that the A-share market's vitality is being continuously released, with a significant increase in trading activity and investor participation [2] - The margin financing balance has risen to 24,024.65 billion yuan, reflecting a growing optimism among investors [2] - The number of new A-share accounts opened in August reached 2.6503 million, a 34.97% month-on-month increase and a 165% year-on-year increase, indicating heightened investor interest [2] Group 3 - The continuous rise in financing balances and private fund sizes, along with active individual investor account openings, suggests a robust inflow of new capital into the market [3] - The collaborative effect of various policies has provided solid support for market stabilization and confidence restoration [4] Group 4 - The foundation of market stability has been reinforced by the implementation of significant financial policies since September 24 of the previous year, enhancing macro policy coordination [4] - Multiple policy initiatives have been introduced to improve market resilience and depth, including reforms in the Sci-Tech Innovation Board and new regulations for major asset restructuring [4][5] Group 5 - The push for long-term capital to enter the market is crucial for enhancing market vitality and stability, with new guidelines aimed at addressing issues related to insufficient long-term capital [5] - Legal measures to combat fraudulent activities and improve market order are being implemented to foster a high-quality market environment [5] Group 6 - Future policies are expected to focus on deepening capital market reforms and enhancing the investment value of listed companies, which will further strengthen market stability and attractiveness [6] - Recommendations include improving the regulatory framework for long-term capital investments and enhancing the quality of listed companies [7][8]
券商分析师数量创历史新高 规模扩容遭遇市场“降温”冲击
Zheng Quan Shi Bao· 2025-09-21 17:41
券商分析师人数创下历史新高。 近日,证券时报记者查询中国证券业协会数据发现,券商分析师数量已突破6000大关,创历史新高。据 了解,大型券商研究所以内生培养为主,中小机构则倚重外部引进。 券商分析师队伍正加速扩张,但市场蛋糕却在缩小。受公募基金"费改"影响,上半年行业分仓佣金收入 下滑超30%,券商研究所转型迫在眉睫,需寻求非佣金类新业务增长点、实现收入结构多元化;同时, 部分头部机构的增员速度有所放缓。 规模显著扩容 据记者对中国证券业协会数据的统计,截至9月19日,券商分析师数量达6162人,今年以来新增超400 人。 拉长时间维度看,券商分析师近两年来呈快速扩张态势。据数据,2018年分析师数量突破3000,此后三 年间长期在4000人以内波动,直至2022年才跨越4000人大关;2024年分析师数量已突破5000人。 谈及分析师数量快速增长原因,业内人士认为,一是在公募基金"费改"政策出台前,随着机构投资者群 体快速扩容,券商研究所人才缺口较大,持续扩招,包括在应届生中大规模选拔,这些新入职的研究员 在从业两三年后,如今陆续注册成为分析师;二是部分中小券商所正发力卖方研究赛道,通过招兵买马 以期实现" ...
券商本月调研紧盯上市公司“出海”进展
Zheng Quan Ri Bao· 2025-09-21 15:40
Group 1 - Securities firms have conducted a total of 3,845 research activities involving 644 listed companies since September 21, with a focus on industries such as industrial machinery and electronic components [1][2] - The most frequently researched company is Lanke Technology, which has been surveyed by 54 securities firms, followed by Juguang Technology with 40 surveys [1] - Leading securities firms include CITIC Securities and Guotai Junan, each conducting 175 surveys, while Changjiang Securities has conducted 135 surveys [1] Group 2 - Among the 644 listed companies, 76 are in the industrial machinery sector, and 42 are in the electronic components sector, indicating a preference for these industries [2] - As of September 19, 288 of the surveyed stocks have seen price increases this month, with 24 stocks rising over 30%, led by World with a 76.94% increase [2] Group 3 - Key issues of interest in the surveys include companies' overseas expansion strategies, with Juguang Technology actively integrating its acquisitions in Switzerland and Singapore [3] - Companies like Kaiying Network reported a 59.57% year-on-year increase in overseas revenue in the first half of the year, focusing on enhancing their product matrix for international markets [3] - Analysts predict that a number of Chinese companies will emerge as influential players in international markets, potentially leading to greater valuation premiums for leading domestic firms [3]
【一图看懂】券商债券融资升温!今年境内发债规模已超万亿元
Sou Hu Cai Jing· 2025-09-21 14:21
Core Insights - The bond financing activities of securities firms in China have significantly increased this year, with a total issuance exceeding 1 trillion yuan [4][2]. - As of September 19, 2023, 71 securities firms have issued 657 bonds, marking a year-on-year growth of 64.25% [4]. - The total bond issuance scale for the year has reached 1.18 trillion yuan, representing a year-on-year increase of 69.93% [4]. Group 1: Bond Issuance Data - The top 10 securities firms by bond issuance scale as of 2025 include China Galaxy (107.9 billion yuan), Huatai Securities (93.7 billion yuan), and Guotai Junan (75.8 billion yuan) [5]. - Other notable firms in the top 10 include GF Securities (68.52 billion yuan) and China Merchants Securities (62.7 billion yuan) [5][6]. Group 2: Bond Holding Data - As of September 19, 2023, the total bond holding scale of 76 securities firms is 2.96 trillion yuan [7]. - The top 10 firms by bond holding scale include Guotai Junan (252.6 billion yuan), China Galaxy (188.6 billion yuan), and Huatai Securities (188 billion yuan) [7][8]. Group 3: Recent Approvals for Bond Issuance - In September, several securities firms, including Guotai Junan and CITIC Securities, received approval to issue bonds to professional investors [9]. - CITIC Securities has been approved to issue bonds with a face value of up to 60 billion yuan [13].