中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 策略 Strategy 下一阶段的行业选择思路 >>点击图片查看全文<< 往前看应该如何配置，是当下市场普遍关心的问题：是咬定科技不放松，还是平衡更多到分红，又或是可以提前布局已经无人问津很久 的内需消费？我们认为，信用周期，不仅可以指引整体的宏观走向，也是一个行之有效的比较框架，可以帮助我们选择配置方向。综合 而言，投资者仍可延续"哑铃型"组合（红利+科技互联网）作为配置底仓，并结合拥挤度动态调整组合权重，可以起到较好的对冲和平 衡效果。在此基础上，外需拉动的顺周期（铜铝等有色、化工、工程机械、甚至地产链）和创新药倒可以作为组合弹性选择，尤其是在 一季度。相反，内需消费板块依然会受基本面拖累。 2025.12.01 | 刘刚 张典 02 大类资产 Strategy 布局年末政策窗口期 >>点击图片查看全文<< 海外，随着美联储会议时点接近，我们预期市场关注点可能重回美联储降息，在FOMC会议召开之前，全球股债商金等资产表现可能有 所改善。进入2026年，随着美国通胀进一步上升，美联储可能放慢降息节奏，我们预期12月FOMC会议之后，美元流 ...

《上海卫星互联网产业报告（2025）》统计数据显示，近10年来我国卫星发射年复合增长率超过27%。 随着千帆星座、星网星座、鸿鹄星座等主要项目的常态化发射，未来将加速增长。 中金公司（601995）表示，当前全球商业航天正呈现出蓬勃发展的良好局面，这一趋势正强力牵引着火 箭发射需求不断攀升。建议密切关注全球商业航天发展动态以及国内复用火箭的研发进展，把握其中蕴 含的投资机会，提前布局相关优质标的，分享商业航天发展带来的红利。 本周，A股小幅震荡上扬，上证指数收复3900点，深证成指也回到13000点之上，并创半个月来新高， 北证50则再度站上1400点。周成交进一步降低至8.48万亿元，创近5个月来新低（完整周）。 融资客本周再度加仓99.89亿元，其中电子行业获得逾29亿元融资净买入，机械设备、有色金属等行业 均获得逾27亿元净买入，国防军工、汽车、食品饮料等行业也都获得超10亿元净买入。公用事业行业则 被融资净卖出9.9亿元，电力设备、基础化工、计算机、传媒等行业也被净卖出超亿元。 数据统计显示，电子行业全周获得逾313亿元主力资金净流入，机械设备行业获得逾296亿元净流入，通 信行业获得逾218亿元净流 ...

来源：花椒财经 年底了，投行员工们的年终奖开始发了。不过，不是今年的，而是2024年的。 最近，多家媒体报道，中金公司于近期发放了2024年年终奖。 这是一个万众瞩目的年终奖，不仅是券商行业的人关心，甚至国内整个金融行业都在紧盯。 2、中金发了多少，其他央国企金融机构也有了参照。 根据社交媒体爆料，最多有香港员工有20个月的，普通的水平是2-3个月。 1、中金发了，其他还未发的央国企券商和金融机构也可以偷偷的跟着发了 由于中金官方并没有对此事有任何说法，我们就不多讨论了，但有一点可以肯定，中金公司这份年终 奖，不仅来得晚，比以前还明显缩水了。 这也正常。金融行业降薪潮下，占比不低的年终奖，缩水再正常不过了。 根据Wind数据，2024年，中金公司的人均薪酬大概是64万元，比高峰期已经缩水近半。 有人觉得缩水太多了。 但如果看一下中金公司的人均创收、人均创利水平，你可能就不会这么认为了。 这家顶级投行，2024年的人均创收，排在A股公司的第2005位。而人均薪酬，却排在37位。 01 曾经平均年薪超80万，中金公司人均薪酬"三连降" 中金公司过去是行业内的薪酬"天花板"。 根据Wind数据，2020年、2021 ...

Core Insights - The satellite internet and commercial aerospace sectors are experiencing a rebound, with the China Satellite Industry Index rising by 1.3% as of 11:00 AM, driven by significant gains in stocks such as Platinum (up over 10%), Guangku Technology (up over 7%), and Aopu Optoelectronics (up over 5%) [1] Group 1: Market Performance - The China Satellite Industry Index has shown a positive trend, indicating strong market interest and investment potential in the satellite sector [1] - Key stocks within the index have demonstrated substantial price increases, reflecting investor confidence and market momentum [1] Group 2: Industry Developments - The "Thousand Sails Constellation" communication project has successfully met its expected performance metrics, with international application testing underway, including successful demonstrations in Kazakhstan [1] - The commercial rocket launch market in China has significant growth potential compared to global standards, with increasing demand driven by the expansion of large satellite constellations [1] Group 3: Investment Opportunities - The China Satellite Industry Index includes 50 companies across satellite manufacturing, launching, and application sectors, providing comprehensive coverage of the industry chain [1] - The E Fund Satellite ETF (563530) tracks this index, offering investors a streamlined way to capitalize on opportunities within the satellite industry [1]

Core Viewpoint - Gaohong Pharmaceutical has submitted an application to list on the Hong Kong Stock Exchange, with CICC and China Merchants Jinling International serving as joint sponsors [1] Company Overview - Gaohong Pharmaceutical is an innovative company focused on developing therapies for patients with autoimmune and inflammatory diseases globally [1] - The company has established a unique advantage in the field of neuroinflammation, particularly with candidate drugs for Alzheimer's disease and Parkinson's disease [1] Product Pipeline - The company has built a differentiated asset portfolio that includes multiple candidates for various autoimmune and neurodegenerative disease indications, with four candidates in clinical stages and several in preclinical stages [1] - Its core product, TLL-018, is the only highly selective TYK2/JAK1 inhibitor globally, expected to be a first-in-class and best-in-class therapy for chronic spontaneous urticaria and rheumatoid arthritis [1] - Gaohong Pharmaceutical is conducting two Phase III registration trials for TLL-018 and plans to submit a New Drug Application (NDA) to the National Medical Products Administration by the end of 2026 [1]

清科集团 倪正东 今年二级市场回暖,前三季度VC/PE机构持有的 新增被投中企IPO账面股份价值超4100亿元，创 下近三年的新高纪录。 LAND LAND WAND SHENZHEN CHINA 第二十五届中国 股权投资年度大会 THE 25" CHINA VENTURE CAPITAL & PRIVATE EQUITY ANNUAL FORUM | 投资外 第 二 十 五 届 中 国 股 权 投 资 年 度 大 会，现 场 精 彩 一 瞥 。 报道 /投资界PEdaily II OK 北极光创投 邓锋 早期投资不是今年市场情况好就多投一点，明年 情况不好就少投一点，而应该保持一个相对比较 平稳的节奏,因为创新机会的多少,并不取决于 当年的投资环境，更多在于产业的发展趋势。 中金公司 王曙光 我们高度认可推动私募股权市场高质量发展的根 本在于进一步发挥私募股权的包容性特征，因为 只有包容,才能激发出真正的创新。今年7月份 中央政治局会议提出增强国内资本市场的吸引力 和包容性、巩固资本市场回稳向好势头，我们认 为这是面向未来发展的战略再重申,为下一步的 改革带来了巨大的机会和动力。 HFNZHFN CHINA ...

Core Viewpoint - Gaoguang Pharmaceutical has submitted an application to list on the Hong Kong Stock Exchange, focusing on drug development for autoimmune/inflammatory diseases and neuroinflammation, including Alzheimer's and Parkinson's diseases [1] Company Overview - Gaoguang Pharmaceutical is co-sponsored by China International Capital Corporation and CMB International [1] - The company possesses end-to-end capabilities from target selection to clinical development, with a differentiated asset portfolio that includes four clinical-stage and multiple preclinical-stage candidates [1] Key Products - The core product TLL-018, along with TLL-041 and TLL-009, is the world's only highly selective TYK2/JAK1 inhibitor, expected to be a first-in-class and best-in-class therapy for chronic spontaneous urticaria (CSU) and rheumatoid arthritis (RA) [1] - TLL-018 is currently undergoing two Phase III registration trials for CSU and RA in China, with plans to submit a New Drug Application (NDA) to the National Medical Products Administration by the end of 2026 [1]

Market Overview - The market experienced a rebound after hitting a low, with the Shanghai and Shenzhen stock exchanges recording a trading volume of 1.55 trillion, a decrease of 121 billion compared to the previous trading day. The Shanghai Composite Index fell by 0.06%, while the Shenzhen Component Index rose by 0.4%, and the ChiNext Index increased by 1.01% [1]. Sector Performance - Sectors such as robotics and commercial aerospace saw significant gains, while sectors like Hainan, tourism, and food experienced declines [1]. Analyst Insights - Dongwu Securities indicated that the market may exhibit a balanced trend with a focus on large-cap stocks this month, while small-cap growth stocks may show weakness [2]. - Huachuang Securities noted that the rotation strength among industries has increased, with the technology sector expanding into dividend and "anti-involution" assets. The rotation strength has risen to the 52nd percentile since 2021, and both policy and industrial cycles are accelerating this trend [3]. - CICC highlighted the robust growth of global commercial aerospace, which is driving demand for rocket launches. The number of global space launches is expected to increase from 112 in 2020 to 263 in 2024, with domestic reusable rockets anticipated to mature [4]. Investment Focus - Dongwu Securities suggested focusing on sectors with improved marginal performance, including cyclical goods benefiting from global supply reshaping, consumer goods influenced by policy stimulus and structural upgrades, and advanced manufacturing that can validate expectations through performance [2]. - Huachuang Securities emphasized that cyclical assets with high weight in dividend assets are likely to benefit from the narrowing inflation level, which has improved from -3.6% to -2.1% year-on-year as of October [3].

Core Viewpoint - Nobikang has passed the listing hearing on the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as its sole sponsor [1] Company Overview - The core business of the company is to provide integrated software and hardware solutions for monitoring, testing, and operation and maintenance in industries such as rail transit, electricity, and urban governance [1] - Nobikang's self-developed AI platform, NBK-INTARI, integrates functions such as data collection, preprocessing, labeling, analysis, model training, and optimization, and is recognized as a leading foundational AI technology platform in China [1] Market Position - According to a report by Zhaoshang Consulting, Nobikang is the second-largest provider of AI-powered power detection and monitoring systems in China in 2024, with a market share of approximately 5.9% [1] - The company ranks third among AI-powered detection and monitoring solution providers in the Chinese rail transit industry, holding a market share of about 1.8% [1]

Core Insights - The report from CICC highlights the robust growth of the global commercial aerospace sector, which is driving the demand for rocket launches [1] Group 1: Global Launch Demand - The demand for rocket launches is being propelled by the construction of commercial remote sensing and communication satellite constellations [1] - Global space launches are projected to increase from 112 times in 2020 to 263 times in 2024, with commercial rockets becoming the mainstay of global launches [1] Group 2: Domestic Rocket Development - Since 2014, domestic commercial rocket companies have rapidly developed, achieving consecutive successful launches and executing commercial launch missions [1] - Reusable rocket models such as Zhuque-3 and Tianlong-3 are expected to have their maiden flights concentrated between 2025 and 2026, which is anticipated to significantly enhance domestic rocket capacity [1]