Group 1 - 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 the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Elite Analyst selection were announced, highlighting the top analysts in the coal industry [2] Group 2 - The first place in the coal industry elite analyst ranking was awarded to the research team from Cinda Securities, led by chief analyst Zuo Qianming, with team members Gao Sheng, Li Rui, and Liu Bo [2] - The second place was secured by the research team from Zhongtai Securities, led by chief analyst Du Chong [2] - The third place was taken by the research team from Guohai Securities, led by chief analyst Chen Chen, with team member Wang Xuan [2] - The fourth place was awarded to the research team from Guoxin Securities, led by chief analyst Liu Mengluan, with team member Hu Ruiyang [2] - The fifth place went to the research team from Zheshang Securities, led by chief analyst Fan Jinlu [2]

（首席分析师：刘闯；团队成员：李强、林海霖、孙洁玲、陶宸冉） 第三名 国联民生证券研究团队 （首席分析师：郑薇；团队成员：郑愉、付鹏飞、夏禹、聂丽逻） 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隆重召开。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、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟菁英分析师评选结果隆重揭晓。 第七届新浪财经金麒麟创新药行业"菁英分析师"荣誉榜如下： 第一名 浙商证券研究团队 （首席分析师：吴天昊；团队成员：王班、郭双喜、司清蕊、丁健行、胡隽扬） 第二名 华源证券研究团队 专题：2025分析师大会：资本市场"奥斯卡"启幕 第四名 中泰证券研究团队 （首席分析师：祝嘉琦；联席首席：曹泽运；团队成员：谢木青、孙宇瑶、崔少煜、于佳喜、穆奕杉） 第五名 国海证券研究团队 （首席分析师：孔维崎；联席首席：年庆功；团队成员：万鹏辉、赵宁宁、李明、李畅、郭磊、林羽 茜） 责任编辑：凌辰 ...

专题：第七届新浪财经金麒麟最佳分析师荣誉榜 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隆重召开。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、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟最佳分析师评选结果隆重揭晓。 第七届新浪财经金麒麟海外市场研究"最佳分析师"荣誉榜如下： 第二名 光大证券研究团队 （首席分析师：付天姿；团队成员：陈彦彤、殷中枢、陈佳宁、张宇生、王贇、赵越、杨朋沛、黄铮、 董馨悦、王明瑞、吴佳青、汪航宇、聂博雅） 第三名 天风证券研究团队 （首席分析师：孔蓉；联席首席：吴立；团队成员：杨雨辰、王梦恺、曹睿、李泽宇、樊程安吉、刘诗 雨） 第四名 国海证券研究团队 （首席分析师：陈梦竹；团队成员：张娟娟、尹芮、马川琪、袁冠、陈重伊、詹广鹏、廖小慧） 第五名 国信证券研究团队 （首席分析师：张伦可；联席首席：王学恒；团队成员：陈淑媛、王颖婕、刘子谭、张昊晨、张熙、徐 祯霆） 第一名 兴业证券研究团队 第六名 国泰海通证券研究团队 （首席分析师：张忆东；联席首席：洪嘉骏；团队成员：宋健、李彦霖、余小丽、张博、 ...

专题：第七届新浪财经金麒麟最佳分析师荣誉榜 第一名 国海证券研究团队 （首席分析师：戴畅；团队成员：吴铭杰） 第二名 天风证券研究团队 （首席分析师：孙潇雅；团队成员：王彬宇、谢坤） 第三名 国投证券研究团队 （首席分析师：徐慧雄；团队成员：夏心怡、何冠男、者斯琪、杨颖） 第四名 兴业证券研究团队 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隆重召开。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、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 （首席分析师：董晓彬；团队成员：王凯丽、唐嘉俊、刘馨遥、刘思仪） 同时，第七届新浪财经金麒麟菁英分析师评选结果隆重揭晓。 第七届新浪财经金麒麟新能源汽车与零部件行业"菁英分析师"荣誉榜如下： 第五名 国泰海通证券研究团队 （首席分析师：刘一鸣；团队成员：张觉尹、房乔华、石佳艺、王猛、管正月） 责任编辑：郭栩彤 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 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隆重召开。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、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟最佳分析师评选结果隆重揭晓。 第七届新浪财经金麒麟石油和化工行业"最佳分析师"荣誉榜如下： 第一名 长江证券研究团队 第四名 国海证券研究团队 （首席分析师：董伯骏；联席首席：李永磊；团队成员：陈云、杨丽蓉、李娟廷、仲逸涵、李振方） 第五名 浙商证券研究团队 （首席分析师：李辉；团队成员：汤永俊、李佳骏、沈国琼） 第六名 华创证券研究团队 （首席分析师：杨晖；团队成员：郑轶、王鲜俐、吴宇、申起昊、陈俊新） 第七名 国联民生证券研究团队 （首席分析师：马太；联席首席：魏凯；团队成员：侯彦飞、王明、王岭峰、李禹默、王呈、孙国铭） 第二名 申万宏源证券研究团队 （首席分析师：宋涛；团队成员：马昕晔、任杰、邵靖宇、刘子栋、赵文琪、李绍程、陈悦） 第三名 天风证券研究团队 （首席分析师：张樨樨；联席首席：唐婕；团队成员：张峰、郭建奇、黄凯、 ...

Core Viewpoint - Guohai Securities reports that Alibaba's cloud intelligence group revenue for Q3 2025 increased by 34% year-on-year to 39.8 billion yuan, with external cloud revenue growing by 29% and AI-related revenue achieving triple-digit growth for nine consecutive quarters. Instant retail revenue surged by 60% to 22.9 billion yuan. The firm is optimistic about cloud business growth, steady progress in domestic e-commerce commercialization, and continued reduction of losses in non-core businesses, assigning a target market value of 334.55 billion yuan for Alibaba for FY2027, corresponding to a target price of 175 yuan per share [1][5]. Group 1: Financial Performance - For FY2026 Q2 (corresponding to calendar Q3 2025), Alibaba reported total revenue of 247.8 billion yuan, a year-on-year increase of 5% and a quarter-on-quarter increase of 0.1%. Operating profit was 5.4 billion yuan, down 85% year-on-year and quarter-on-quarter. Adjusted EBITDA was 17.3 billion yuan, down 64% year-on-year and 62% quarter-on-quarter. Net profit was 20.6 billion yuan, down 53% year-on-year and 51% quarter-on-quarter [2]. - As of September 30, 2025, Alibaba repurchased 17 million ordinary shares for a total of 253 million USD, with 19.1 billion USD remaining in the buyback program valid until March 2027 [2]. Group 2: E-commerce and Retail Performance - The Chinese e-commerce group's revenue for Q3 2025 grew by 16% year-on-year to 132.6 billion yuan, with customer management revenue increasing by 10%. Instant retail revenue rose by 60% to 22.9 billion yuan. The adjusted EBITDA for the segment was 10.5 billion yuan, down 76% year-on-year, with an adjusted EBITDA margin of 8% [3]. - The number of active consumers on the Taobao app increased significantly, with membership exceeding 56 million, reflecting double-digit year-on-year growth [3]. Group 3: International and Cloud Business - The international digital commerce group achieved a revenue increase of 10% year-on-year to 34.8 billion yuan, with an adjusted EBITDA of 200 million yuan, marking a return to profitability due to improved operational efficiency [4]. - The cloud intelligence group's revenue grew by 34% year-on-year to 39.8 billion yuan, with external cloud revenue up by 29%. AI-related revenue has seen triple-digit growth for nine consecutive quarters. The adjusted EBITDA for the cloud business increased by 35% year-on-year to 3.6 billion yuan, with an adjusted EBITDA margin rising by 0.2 percentage points to 9% [4]. Group 4: Profit Forecast and Investment Rating - The company is optimistic about cloud business growth, steady progress in domestic e-commerce commercialization, and continued reduction of losses in non-core businesses. Revenue forecasts for FY2026-2028 are 1,041.8 billion yuan, 1,160.5 billion yuan, and 1,282.1 billion yuan, respectively, with net profits of 125.1 billion yuan, 149.3 billion yuan, and 184.5 billion yuan. The target market value for FY2027 is set at 334.55 billion yuan, with a target price of 175 yuan per share [5].

Core Insights - The investment banking sector is experiencing a recovery with significant growth in net income and IPO activities, particularly in A-shares and H-shares [1][2][3] Group 1: Market Performance - In the first three quarters of 2025, listed brokers achieved a net investment banking income of 251.5 billion yuan, a year-on-year increase of 24% [1][2] - A-shares and H-shares IPO scales grew by 61% and 237% respectively, with Hong Kong IPOs ranking first globally [1][2] - The top five companies in the investment banking sector accounted for 52% of the market share, with several mid-sized brokers experiencing growth rates exceeding 50% [1][3] Group 2: Future Outlook - The investment banking industry anticipates that hard technology, mergers and acquisitions, and green finance will be core hotspots in 2026 [1][4] - The deepening of the registration system and the demand for cross-border financing are expected to drive market expansion [1][3] Group 3: Strategic Initiatives - Companies are enhancing their organizational mechanisms and focusing on industry-specific strategies to improve service efficiency and client support [5][6] - Investment banks are actively responding to policy changes, such as the "Eight Articles of the Sci-Tech Innovation Board" and "Six Articles of Mergers and Acquisitions," to capitalize on market opportunities [5][6] - Firms are building comprehensive platforms for merger opportunities and establishing dedicated departments to streamline merger and acquisition processes [6][8] Group 4: Cross-Border Expansion - Major investment banks are strengthening their presence in the Hong Kong market, leveraging cross-border integration advantages to enhance service capabilities [7][8] - Companies like Huatai have completed numerous Hong Kong IPO projects, positioning themselves among the top in the market [7]

【导读】国海证券以"桂启新程"为题，11月26日在注册地广西南宁举办2026资本市场年会 面对新格局、新机遇，如何以金融赋能区域高质量发展成为金融行业的重要命题。11月26日，国海证券 以"桂启新程"为题，在注册地广西南宁举办2026资本市场年会，这也是其近年来首次在南宁"办会"。 在变局中突围 展望2026年，国海证券首席经济学家夏磊认为，我国经济发展根基扎实、潜力巨大，具备长期向好的诸 多有利条件。在宏观政策系统的规划部署下，经济运行有望总体平稳。促消费、稳投资激发内生动力， 锚定新质生产力、推动产业升级，实现经济质升量增。中国经济必将在变局中突围，在突围中成长。 夏磊表示，消费是经济增长的主引擎。2025年前三季度，最终消费支出对经济增长贡献率达53.5%，拉 动GDP增长2.8个百分点。从总量看，我国消费仍有较大提升空间。 据了解，本次年会为期三天，以"一大主会场+八大平行分会场+上市公司交流"的方式召开，吸引500余 家上市公司、60余位各领域专家、超过35位企业掌门人、国内主要公募保险等机构投资者以及区内投资 者，首日现场参会者超过2000人。 首次在"主场"南宁举办年度策略会 中共广西壮族自治区 ...

【导读】 国海证券 以 "桂启新程 " 为题， 11月26日在 注册地 广西南宁举办2026资本市场年会 中国基金报记者 江右 面对新格局、新机遇，如何以金融赋能 区域 高质量发展成为金融行业的重要命题。 11月26日，国海证券 以 "桂启新程 " 为题， 在 注册 地 广西南宁举办2026资本市场年会，这也是 其 近年来首次在南宁"办会" 。 据了解， 本次年会为期三天，以"一大主会场+八大平行分会场+上市公司交流"的方式召开，吸引500余家上市公司、60余位各领域专家、 超过35位企业掌门人、国内主要公募保险等机构投资者以及区内投资者，首日现场参会 者超过 2000人。 中国工业经济学会名誉会长，国务院原副秘书长，国家数据专家咨询委员会主任江小涓 在 发表主题演讲时 表示，"十五五"平稳发展基础 稳固：创新能力显著提高、超大规模经济体优势、人力资本具有综合竞争力、数智经济发展快规模大、全球竞争力均衡。 复旦大学美国研究中心副主任、教授、博士生导师赵明昊在主题演讲中谈到，近期美国国内政治出现一些重要变化，特朗普的执政 面临 新 的压力，2026 年11月 的 美国中期选举更是重要考验，通胀居高不下、生活成本 ...

Company Overview - Sanxia Tourism (SZ 002627) announced an investor research meeting scheduled for November 27, 2025, from 10:00 to 11:30, with participation from the company's board secretary and securities affairs representative [1] Revenue Composition - For the first half of 2025, the revenue composition of Sanxia Tourism is as follows: - Travel agency business: 35.76% - Waterway tourism passenger transport: 27.58% - Passenger travel services: 20.23% - Trade logistics: 19.24% - Tourism port services: 9.21% - Vehicle extension services: 8.89% [1] Market Capitalization - As of the report, Sanxia Tourism has a market capitalization of 4.6 billion yuan [1]