转自：新华财经 12月4日至5日，以"智聚八桂 医路同行"为主题的"2025金融赋能医疗健康产业（广西）创新会议"在广西南宁成功举办。知名医药院校专家、医疗健康产业 龙头企业、金融投资机构及东盟代表，共同探讨在科技创新与制度变革双轮驱动下，如何构建"科技创新+资本赋能+产业落地"的闭环生态，助力广西打造 面向东盟的医疗健康产业高地。 这一活动由中共广西壮族自治区党委金融委员会办公室指导，国海证券、中恒集团、国海创新资本主办，广西（上海）产业合作中心协办，融中承办。 自治区党委金融办资本市场处负责人在致辞时表示，随着政策支持体系的持续完善和"科技创新+资本赋能+产业落地"的生态构建需求凸显，广西医疗健康 产业正迎来高质量发展的关键阶段，为金融资本深度参与、共创产业新蓝海提供了广阔空间。他希望各界聚焦广西"3+3"大健康产业体系，深耕重点领域， 加速科技成果在广西转化落地，精准匹配产业需求，推动创新链、产业链、资金链深度融合，助力广西打造面向东盟重要的生物医药制造基地，共拓东盟跨 境合作空间。 国海证券党委书记、董事长王海河表示，国海证券是扎根广西、服务全国的综合性上市券商，多年来始终将支持医疗健康产业发展作为服 ...

本次项目是国海证券推进"人工智能+"实践、深化数智化转型的重要一步。智能运营助手不仅助力国海 证券实现运营标准化与规模化，还通过智能工具释放人力，赋能一线团队向"服务型"组织转型，真正实 现专业有深度、服务有温度、体验有态度。 当前，大模型技术已进入应用场景落地的关键期。未来，恒生电子将持续以技术驱动业务创新，与更多 金融机构携手，共同推动券商运营模式革新与服务质量提升，助力证券行业数智化转型和高质量发展。 AI知识助手可实时响应业务规则、办理条件及问题解答等专业咨询；AI业务助手提供7×24小时业务流 程引导，自动衔接业务断点，实现业务办理自动化，使客户业务办理时间平均缩短50%，服务满意度显 著提升。智能分拣模块基于多模态识别技术，对身份证、营业执照等档案实现毫秒级分类与信息提取， 识别准确率超90%，分拣效率大幅提升，为集约化运营提供精准数据支撑。质检助手基于多维度规则引 擎与实时流式处理技术，对业务档案完整性、协议合规性进行毫秒级自动校验，实时提示风险并生成修 复建议，有效降低人工质检时长与业务驳回率，有力支撑集约化运营的质量管控和成本优化。 传统经纪业务办理流程复杂、断点多，高度依赖人工跨系统操作。 ...

Core Insights - The report indicates that Li Auto (02015) is facing pressure on net profit and gross margin due to the MEGA recall, with Q3 2025 revenue dropping to 27.36 billion yuan, a year-on-year and quarter-on-quarter decline of 36.2% and 9.5% respectively [1][3] - The company is expected to deliver between 100,000 to 110,000 vehicles in Q4 2025, representing a year-on-year decrease of 37% to 30.7%, with projected total revenue between 26.5 billion to 29.2 billion yuan, a year-on-year decline of 40.1% to 34.2% [1][3] - CEO Li Xiang announced a return to a startup management model starting Q4 2025, focusing on deeper dialogues, user value, efficiency, and identifying key issues rather than creating information asymmetry [2][4] Financial Performance - In Q3 2025, Li Auto reported a GAAP net profit of -624 million yuan, a decline of 3.445 billion yuan year-on-year and 1.721 billion yuan quarter-on-quarter [1][3] - The gross margin for Q3 2025 was 16.3%, down 5.2 percentage points year-on-year and 3.8 percentage points quarter-on-quarter; excluding the impact of the MEGA recall, the gross margin would have been 20.4% [1][3] - The vehicle gross margin was 15.5%, down 5.4 percentage points year-on-year and 3.9 percentage points quarter-on-quarter, with an adjusted margin of 19.8% excluding recall costs [1][3] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 111.9 billion, 156.2 billion, and 178.6 billion yuan, reflecting year-on-year changes of -23%, +40%, and +14% respectively [2][4] - Projected net profit for the same period is 1.592 billion, 6.878 billion, and 10.975 billion yuan, with year-on-year changes of -80%, +332%, and +60% respectively [2][4] - The company plans to redefine its product form beyond electric vehicles to "embodied intelligent robots," with AI system products based on the self-developed M100 chip expected to start delivery in 2026 [2][4]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market had a slight correction in the latest week. From November 24th to 28th, the yield of the 10-year Treasury bond rose from 1.82% to 1.84%. There is a potential negative change in the institutional behavior pattern of the bond market at the end of the year, i.e., the willingness of rural commercial banks to buy bonds during corrections has decreased, which may amplify market fluctuations if there is a correction in the future [7][12]. - Rural commercial banks have been net buyers in the secondary market this year, with a cumulative net purchase of over 1 trillion yuan of 10Y Treasury bonds, 30Y Treasury bonds, and 10Y China Development Bank bonds as of November 28th, about twice that of previous years. They may have a lower allocation willingness due to their own duration assessment and other indicators [7][12]. - In the latest week, funds significantly net sold Treasury bonds and policy financial bonds, while the allocation of rural commercial banks to 10-year Treasury bonds was less than that of joint-stock banks. Other institutions may partially replace rural commercial banks in "undertaking" bonds, which may cause the interest rate to rise excessively during corrections. However, the market after the correction may still be a good buying point [7][13]. - The capital market was relatively stable this week. The duration of bond funds decreased overall, and large banks continued to buy medium- and short-term bonds [7][13]. 3. Summary by Relevant Catalogs 3.1 This Week's Bond Market Review - The bond market corrected this week. From November 24th to 28th, the yield of the 10-year Treasury bond rose from 1.82% to 1.84%. Rural commercial banks' willingness to buy bonds during corrections has decreased, which may amplify market fluctuations [7][12]. - Rural commercial banks have bought more and sold less this year. The bond market has mostly been in a state of shock and correction, and interest rate declines have been rapid, so they have had few opportunities to take profits. As of November 28th, their cumulative net purchase this year exceeded 1 trillion yuan, about twice that of previous years [7][12]. - Funds significantly net sold Treasury bonds and policy financial bonds this week, while rural commercial banks' allocation of 10-year Treasury bonds was less than that of joint-stock banks. The market after the correction may still be a good buying point. The capital market was stable, the duration of bond funds decreased, and large banks continued to buy medium- and short-term bonds [7][13]. 3.2 Bond Yield Curve Tracking 3.2.1 Key Maturity Interest Rates and Spread Changes - As of November 28th, compared with November 24th, the 1-year Treasury bond yield decreased by 0.17bp to 1.40%; the 10-year Treasury bond yield rose by 2.02bp to 1.84%; the 30-year Treasury bond yield rose by 2.65bp to 2.19%. - The spread between the 30-year and 10-year Treasury bonds rose by 0.63bp to 34.39bp, and the spread between the 10-year China Development Bank bond and the 10-year Treasury bond rose by 0.94bp to 13.28bp [15]. 3.2.2 Treasury Bond Term Spread Changes - As of November 28th, compared with November 24th, the 3Y - 1Y Treasury bond spread rose by 0.20bp to 3.34bp; the 5Y - 3Y Treasury bond spread rose by 2.36bp to 18.32bp; the 7Y - 5Y Treasury bond spread rose by 1.92bp to 12.49bp; the 10Y - 7Y Treasury bond spread decreased by 2.29bp to 9.80bp; the 20Y - 10Y Treasury bond spread rose by 1.48bp to 35.38bp; the 30Y - 20Y Treasury bond spread decreased by 0.85bp to -0.99bp [16]. 3.3 Bond Market Leverage and Capital Market 3.3.1 Balance of Interbank Pledged Repurchase - As of November 28th, compared with November 24th, the balance of interbank pledged repurchase decreased by 0.31 trillion yuan to 11.05 trillion yuan [19]. 3.3.2 Changes in Interbank Bond Market Leverage Ratio - As of November 28th, compared with November 24th, the interbank bond market leverage ratio decreased by 0.20pct to 106.58% [20]. 3.3.3 Pledged Repurchase Turnover - From November 24th to November 28th, the average daily turnover of pledged repurchase was 7.09 trillion yuan. The average daily overnight turnover was about 6.13 trillion yuan, and the average overnight turnover ratio was 86.66% [22][23]. 3.3.4 Operation of the Interbank Capital Market - From November 24th to November 28th, bank capital lending first increased and then decreased. As of November 28th, the net capital lending of large banks and policy banks was 4.40 trillion yuan, the net capital borrowing of joint-stock banks and urban and rural commercial banks was 0.63 trillion yuan, and the net capital lending of the banking system was 3.77 trillion yuan [28]. - Bank single-day capital lending first increased and then decreased. As of November 28th, the single-day capital lending of large banks and policy banks was 3.38 trillion yuan, and that of small and medium-sized banks was -0.67 trillion yuan [28]. - As of November 28th, DR001 was 1.3033%, DR007 was 1.4668%, R001 was 1.4252%, and R007 was 1.5222% [28]. 3.4 Duration of Medium- and Long-Term Bond Funds 3.4.1 Median Duration of Bond Funds - As of November 28th, the median duration of medium- and long-term bond funds (deleveraged) was 2.75 years, a decrease of 0.01 years compared with November 24th; the median duration (including leverage) was 2.93 years, a decrease of 0.03 years compared with November 24th [37]. 3.4.2 Median Duration of Interest Rate Bond Funds - As of November 28th, the median duration of interest rate bond funds (including leverage) was 3.89 years, a decrease of 0.02 years compared with November 24th; the median duration of credit bond funds (including leverage) was 2.72 years, a decrease of 0.01 years compared with November 24th. The median duration of interest rate bond funds (deleveraged) was 3.38 years, unchanged from November 24th; the median duration of credit bond funds (including leverage) was 2.51 years, unchanged from November 24th [41]. 3.5 Changes in Bond Lending Balance - As of November 28th, compared with November 24th, the borrowing volume of 10-year China Development Bank bonds showed fluctuations [45].

Group 1 - The core viewpoint of the news is the successful issuance of the "Fangchenggang Cultural Tourism Group 2025 Non-Public Corporate Bonds (Third Phase)" led by Guohai Securities, marking the first digital RMB corporate bond in Guangxi, with a total issuance scale of 400 million yuan and a subscription multiple of 2 times, achieving historical lows in interest rates for similar bonds in the region [1][2] - The issuer, Fangchenggang Cultural Tourism Group Co., Ltd., is a key state-owned enterprise responsible for significant infrastructure projects in Fangchenggang, contributing positively to the local economic development [1] - The issuance of this bond will effectively reduce the issuer's financing costs and optimize its financial structure, providing solid funding support for future business expansion and enhancing profitability and core competitiveness [1] Group 2 - Fangchenggang, as a pilot city for digital RMB, has established a digital RMB ecosystem covering 14 core scenarios, including innovative applications for cross-border trade settlements [1] - The bond issuance innovatively utilized digital RMB wallets for point-to-point fund transfers, enhancing transaction efficiency and reducing costs due to the unique advantages of digital RMB, such as immediate settlement and high security [1] - Guohai Securities, as a local listed brokerage in Guangxi, is committed to exploring innovative financing channels for enterprises in the region and aims to contribute to the high-quality development of the local real economy [2]

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 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards 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 Rankings - The top research institutions recognized were as follows: - 1st: Huachuang Securities - 2nd: Guojin Securities - 3rd: Guohai Securities - 4th: Guolian Minsheng Securities - 5th: Zhongtai Securities - 6th: Huayuan Securities - 7th: Dongwu Securities - 8th: Minsheng Securities - 9th: China Merchants Securities - 10th: Kaiyuan Securities [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 China's capital market [1] Group 1: Event Overview - The event highlighted the future opportunities in the Chinese capital market [1] - The 7th Sina Finance Golden Unicorn award results were announced during the conference [1] Group 2: Award Results - The top ten most distinctive research institutions recognized in the 7th Sina Finance Golden Unicorn awards are as follows: 1. Dongwu Securities 2. Guolian Minsheng Securities 3. Huachuang Securities 4. Guohai Securities 5. China Merchants Securities 6. Guojin Securities 7. Huafu Securities 8. Zhongtai Securities 9. Dongfang Securities 10. Huayuan Securities [1]

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards 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 China's capital market [1] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top analysts in the New Energy Equipment sector were recognized, with the following rankings: 1. Changjiang Securities Research Team (Chief Analyst: Wu Bohua) 2. Dongwu Securities Research Team (Chief Analyst: Zeng Duohong) 3. Tianfeng Securities Research Team (Chief Analyst: Sun Xiaoya) 4. CITIC Construction Investment Securities Research Team (Chief Analyst: Xu Lin) 5. Industrial Securities Research Team (Chief Analyst: Wang Shuai) 6. GF Securities Research Team (Chief Analyst: Chen Zikun) 7. Minsheng Securities Research Team (Chief Analyst: Deng Yongkang) 8. Guohai Securities Research Team (Chief Analyst: Li Hang) [3]

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards 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 2025 Analyst Conference is described as the "Oscar" of the capital market, highlighting its significance in the industry [1]. - The event featured discussions on the future opportunities within the Chinese capital market, indicating a focus on growth and investment prospects [1]. Group 2: Analyst Awards - The results of the 7th Sina Finance Golden Unicorn Elite Analyst selection were announced, showcasing top analysts in the semiconductor and consumer electronics sectors [2]. - The top five teams recognized for their excellence in analysis are: 1. Minsheng Securities Research Team, led by Chief Analyst Fang Jing [3]. 2. Industrial Securities Research Team, led by Chief Analyst Yao Kang [3]. 3. Guohai Securities Research Team, led by Chief Analyst Yao Dandan [3]. 4. Caitong Securities Research Team, led by Chief Analyst Zhang Yimin [3]. 5. Guotai Junan Securities Research Team, led by Chief Analyst Shu Di [3].