专题：2025分析师大会：资本市场"奥斯卡"启幕 广发证券刘晨明：A股盈利研判框架生变，海外因素与新兴产业成明年关键 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在上海隆重举行。逾300名 权威学者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚一堂，共同探讨中国资本 市场的未来机遇。 在备受关注的颁奖环节，广发证券研究团队（首席分析师：刘晨明）荣获第七届新浪财经金麒麟策略研 究最佳分析师第一名。这是刘晨明转战广发证券后，连续第二年稳居策略研究榜首。 在本次分析师大会上，刘晨明分享了其对A股市场的最新观点。他指出，在经历近两年的估值提升后， 明年的企业盈利基本面将至关重要，并强调A股的盈利研判框架正发生重要变化，需更加关注海外收入 与新兴产业。这意味着对于我们策略研判框架，包括盈利研判框架有很大的调整，这时需要更多关注海 外部分，包括新兴产业。"刘晨明总结道。 刘晨明指出了一个"来之不易"的积极信号：在传统内需型ROE下行的背景下，A股整体ROE在连续16个 季度下滑后，已连续3个季度企稳回升。他认为，这标志着基本面出现了关键性的好转。 刘晨明对明年盈利基本面做出展 ...

2025 分析师大会 - 第七届新浪财经金麒麟分析师盛典 20251128 摘要 新浪财经通过专业报道和技术创新，提升市场效率和信息平权，为投资 者提供决策支持，并推动中国商业世界的健康发展，尤其是在 AI 技术应 用方面，重塑财经信息分发逻辑，实现专业内容与用户需求的精准匹配。 金麒麟评选注重年轻分析师的培养，结合互联网思维，为行业注入新活 力。券商研究部门需通过研究提升影响力，促进交易业务发展，并优化 考核机制，实现国家战略、公司利益及个人发展的多方共赢。 国际形势正经历深刻变化，包括特朗普归来的冲击、中美战略博弈态势 的演变、俄乌冲突的走向以及中东地缘政治的复杂性，这些变化共同影 响着全球格局，并对中国提出了新的挑战和机遇。 中国在全球经济中的地位日益提升，将继续推进开放，加强与全球南方 国家的合作。同时，社会融资结构正在经历从间接融资向直接融资的转 变，为资本市场发展带来新机遇。 利率下行趋势对实体经济有利，但对依赖息差收入的金融机构构成挑战。 货币政策需适应脱媒现象，探索新的政策工具，中介机构需转型提供综 合服务，以应对息差收窄的压力。 Q&A 新浪财经在推动中国经济发展方面有哪些具体举措？ 新浪财 ...

Group 1 - The core viewpoint is that the Industrial Securities Overseas Research Center has been recognized as the top analyst in the "Overseas Market Research" category at the 7th Sina Finance Golden Unicorn Best Analyst Awards [1][4] - The team, led by Zhang Yidong, has consistently won awards in the overseas research field, demonstrating its strong research capabilities and market recognition [4][6] - The Overseas Research Team covers a wide range of industries, including TMT, pharmaceuticals, advanced manufacturing, energy, social services, real estate, finance, textiles, food and beverage, and home appliances, with over 20 members [6] Group 2 - The Golden Unicorn Best Securities Analyst Awards, organized by Sina Finance, has been held for seven years and has gained significant support from the industry, with over a thousand analysts participating [7] - The evaluation process is recognized for its fairness and transparency, covering nearly 40 research areas including macro, strategy, industry, small and medium-sized enterprises, and overseas markets [7]

Core Viewpoint - The integration of embodied robots, specifically the Zhiyuan Expedition A2, into significant financial events signals a transformative trend in the perception and role of technology within the industry [3][10]. Group 1: Event Highlights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards took place in Shanghai, featuring over 300 prominent guests from capital markets and industry [3]. - The Zhiyuan Expedition A2 robot autonomously walked onto the stage to present an award, marking a shift in how technology is perceived in financial settings [5][9]. - The robot's interaction with the award recipient, Dai Chuan, showcased a blend of technology and human engagement, creating a light-hearted atmosphere [6][8]. Group 2: Industry Implications - The event highlighted the evolution of the robotics sector, with Dai Chuan noting the industry's resilience and growth despite macroeconomic challenges, emphasizing the increasing focus on AI-driven robotics since 2022 [9]. - The presence of the robot at a financial conference indicates a significant shift from viewing robots merely as research subjects to recognizing them as active participants in industry narratives [10]. - The performance of the Zhiyuan Expedition A2, including a dance, illustrated the potential for embodied intelligence to enter various social and business contexts, enhancing acceptance of technology within the industry [12].

专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，第七届新浪财经金麒麟最佳分析师评选结果揭晓。 最佳分析师荣誉榜，东方财富证券荣获1个领域研究大奖，菁英分析师荣誉榜，东方财富证券荣获1个领 域研究大奖，名单如下： 责任编辑：张恒星 ...

最佳分析师荣誉榜，开源证券荣获1个领域研究大奖，菁英分析师荣誉榜，开源证券荣获3个领域研究大 奖，名单如下： 责任编辑：凌辰 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，第七届新浪财经金麒麟最佳分析师评选结果揭晓，开源证券研究团队荣获"菁英研究机构第 十名"。 ...

Core Insights - The results of the 7th Sina Finance Golden Unicorn Best Analyst Awards were announced on November 28, highlighting the achievements of the Shenwan Hongyuan Securities research team [1] Group 1: Awards and Recognition - Shenwan Hongyuan Securities was awarded 6th place in the "Best Research Institution Award" and 1st place in the "Most Honorable Research Institution Award" [1] - The firm received a total of 14 research awards across various fields in the Best Analyst Honor Roll [1] - In the Elite Analyst Honor Roll, Shenwan Hongyuan Securities won 8 research awards across different sectors [1]

最佳分析师荣誉榜，民生证券荣获4个领域研究大奖，菁英分析师荣誉榜，民生证券荣获5个领域研究大 奖，1个行业荣获第一名，名单如下： 责任编辑：凌辰 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，第七届新浪财经金麒麟最佳分析师评选结果揭晓，民生证券研究团队荣获"菁英研究机构"第 八名。 ...

最佳分析师荣誉榜，国海证券荣获4个领域研究大奖，菁英分析师荣誉榜，国海证券荣获6个领域研究大 奖，1个行业荣获第一名，名单如下： 责任编辑：凌辰 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，第七届新浪财经金麒麟最佳分析师评选结果揭晓，国海证券研究团队荣获"最具特色研究机 构第四名"、"菁英研究机构第三名"。 ...

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 - GF Securities' research team was awarded "Best Research Institution Second Place" and "Most Honorable Research Institution Fifth Place" [1] - GF Securities won awards in 24 research fields, with 6 industries achieving first place [1] - Analyst Jiang Tao from GF Securities was honored with the "Golden Unicorn Securities Analyst - Future Star" award in the public utilities sector [1]