炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 平安基金管理有限公司 关于新增广发证券股份有限公司为平安惠嘉 纯债债券型证券投资基金销售机构的公告 根据平安基金管理有限公司（以下简称"本公司"）与广发证券股份有限公司签署的销售协议，本公司自 2025年12月1日起新增以上机构为以下产品的销售机构。 现将相关事项公告如下： 一、自2025年12月1日起，投资者可通过以上机构办理以下产品的开户、申购、赎回、定投、转换等业 务。 ■ 注:同一产品各份额之间不能相互转换。 二、费率优惠 投资者通过销售机构申购或定期定额申购、转换上述基金，享受费率优惠，优惠活动解释权归销售机构 所有，请投资者咨询销售机构。本公司对其申购费率、定期定额申购费率以及转换业务的申购补差费率 均不设折扣限制，优惠活动的费率折扣由销售机构决定和执行，本公司根据销售机构提供的费率折扣办 理，若销售机构费率优惠活动内容变更，以销售机构的活动公告为准，本公司不再另行公告。 三、重要提示 1、定投业务是基金申购业务的一种方式。投资者可以通过销售机构提交申请，约定每期扣款时间、扣 款金额及扣款方式，由销售机构于每期约定扣款日在投 ...

Group 1 - The number of Hong Kong stock research reports has increased significantly, with a total of 10,859 reports published this year, up 34.8% from 8,057 last year [1] - In-depth reports have also seen substantial growth, with 1,317 reports this year compared to 854 last year, marking a 54.2% increase [1] - The surge in research reports is attributed to the integration and redistribution of industry research capacity, as mainland research institutions optimize their teams and structures to enhance Hong Kong stock research capabilities [1] Group 2 - Major brokerages are expanding their coverage of Hong Kong stock research, with CITIC Securities publishing 827 reports this year, a 75.58% increase, and GF Securities publishing 378 reports, up 31.7% [2] - The shift in research focus from A-shares to Hong Kong stocks is driven by significant inflows of southbound capital, which have altered the investor structure and reshaped research demand [2][3] - The number of reports covering specific Hong Kong companies, such as Pop Mart, has increased dramatically, indicating a growing interest and diverse opinions on their future growth potential [2] Group 3 - Southbound capital has net bought HKD 1.38 trillion in Hong Kong stocks this year, with its trading volume rising from about 25% to nearly 40% of the main board's total trading [3] - The changing investor structure necessitates more refined research that addresses the offshore market characteristics and investment preferences of mainland investors [3] - Analysts emphasize the need for research to provide forward-looking valuation analyses and pricing judgments, especially around company listings [3] Group 4 - The brokerage industry's commission income from stock trading has decreased by 34% to RMB 4.458 billion in the first half of 2025, while the number of analysts has continued to rise [4] - The transformation of the brokerage research model is underway, with Hong Kong stocks seen as a valuable growth area that can support commission income and provide research for IPOs [4] - Many brokerages are expanding dedicated Hong Kong research teams to maximize the value of their research efforts [4] Group 5 - Research institutions are focusing on three main areas to deepen their Hong Kong stock research: industry research, macro perspectives, and cross-market understanding [5][6] - Teams are developing a multi-dimensional analysis system for the Hong Kong market, providing comparative analysis and allocation suggestions across markets and industries [5] - There is an emphasis on enhancing collaboration between domestic and international teams to provide integrated research services for global investors [6]

Core Insights - The report from GF Securities indicates that the most unfavorable phase for institutions is about to pass, and a favorable "profit-making effect" window is expected to open soon [1] Group 1: Market Trends - The period from the Spring Festival to the Two Sessions is identified as a time with significant "profit-making effects," averaging around 20 trading days [1] - The likelihood of a "spring rally" increases when corporate earnings improve and there are no significant event shocks, especially with supportive liquidity [1] - The performance of the "spring rally" is significantly correlated with the overall market performance for the year, suggesting that current capital allocation should consider long-term strategies [1] Group 2: Investment Strategy - December to January is highlighted as an optimal time for positioning in the market, particularly for sectors with favorable earnings forecasts [1] - Companies with poor earnings forecasts should be monitored until late January for better entry points [1] - Many sectors have already experienced an average adjustment of around 20%, reaching historical levels, making December a suitable time for gradual observation and potential investment [1]

打破僵局只能是大超预期的基本面变化，今年是外需和出海，未来可能还是需要内需的重大变化打开市场高 度。在超预期的变化出现前，配置上建议延续资源/传统制造业定价权的重估以及企业出海两个方向。 广发证券："赚钱效应"最好的时间窗，即将打开 每年11月，市场涨跌与基本面相关性最弱，但进入12月，基本面定价的有效性会逐步加强。"赚钱效应"最好的 时间窗，即将打开。每年春季有两个重要时间点：春节、两会。在这期间（春节到两会），市场有很好的"赚 钱效应" ，也就是 "春季躁动"窗口期，平均持续约20个交易日。春节前后，市场从低胜率转向高胜率，从大盘 风格转向小盘风格。 12月到明年1月是春季躁动布局的很好时机，尤其是针对那些年报预告不太会爆雷且明年景气度趋势不错的方 向（年报预告不好的方向，可能最好等到明年1月末布局）。同时考虑截至上周五市场最低点，很多板块调整 幅度已经达到历史上主线品种的平均水平（20%左右），12月可以逐步纳入观察范围。 中信证券：需要内需的变化打开高度 市场呈现出低波慢牛的特征，主要宽基的波动率有所下降，回撤以及夏普比率亦好于过往。但主观多头的体感 改善相对有限，今年以来依旧跑输量化策略，仅略微跑赢 ...

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]

Core Viewpoint - The most unfavorable phase for institutions is about to pass, with a shift in market dynamics expected as December approaches, leading to a stronger correlation between market movements and fundamentals [1] Group 1: Market Timing and Trends - The period from December to January is identified as an excellent time for positioning in the market, particularly for sectors with favorable annual report forecasts [1] - The "spring market excitement" window, lasting approximately 20 trading days, is anticipated between the Spring Festival and the Two Sessions, characterized by a shift from low to high win rates and a transition from large-cap to small-cap styles [1] Group 2: Market Adjustments - Many sectors have already experienced an average adjustment of around 20%, aligning with historical averages for mainline varieties, suggesting that December is a suitable time to start monitoring these sectors [1]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].

Market Performance - The Sci-Tech 50 Index increased by 3.21% and the ChiNext Index rose by 4.54% over the last five trading days, while the large-cap value index decreased by 0.21% [1] - The large-cap growth index gained 2.63%, the Shanghai 50 Index rose by 0.47%, and the small-cap index represented by the CSI 2000 increased by 4.50% [1] - The communication and electronics sectors performed well, while the oil, petrochemical, and banking sectors lagged behind [1] Valuation Levels - As of November 28, 2025, the static PE of the CSI All Share Index is at a percentile of 79%, with the Shanghai 50 and CSI 300 at 75% and 71% respectively [1] - The ChiNext Index is close to the 48th percentile, while the CSI 500 and CSI 1000 are at 60% and 57% respectively, indicating that the ChiNext Index's valuation is relatively at the historical median level [1] ETF and Fund Flows - In the last five trading days, ETF inflows amounted to 8.2 billion yuan, while margin trading decreased by approximately 19.1 billion yuan [2] - The average daily trading volume across both markets was 172.38 billion yuan [2] Thematic Investment Focus - The latest thematic investment focus includes traditional Chinese medicine, banking, and high-dividend stocks, specifically targeting indices such as the CSI Traditional Chinese Medicine Index, CSI Banking Index, and the Shanghai State-Owned Enterprises Dividend Index [2][3] Long-term Market Sentiment - The report includes observations on the proportion of stocks above the 200-day moving average, indicating long-term market sentiment [13] Risk Preference Tracking - The report tracks the risk preference between equity and bond assets, providing insights into market behavior [14] Financing Balance - The report discusses the financing balance, which is crucial for understanding market liquidity and investor sentiment [16] Individual Stock Performance - A statistical distribution of individual stock performance year-to-date based on return intervals is provided, highlighting the performance landscape [18] Oversold Indices - The report notes instances of oversold conditions in certain indices, which may present potential buying opportunities [20]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Views - The insurance sector is preparing actively for the 2026 "opening red" period, with a focus on dividend insurance products, which are expected to outperform traditional insurance due to higher yield rates [6] - The brokerage sector continues to show high profitability, with wealth management, investment banking, and overseas business expected to drive earnings improvement [5][7] - The long-term interest rates are stabilizing at the bottom, which is expected to support the asset side logic and improve the liability cost for insurance companies [6] Summary by Sections Insurance Sector - The insurance companies are gearing up for the 2026 "opening red" with dividend insurance becoming the main product, offering a yield rate significantly higher than traditional insurance [6] - The market share of listed insurance companies is expected to increase due to the expansion of bank insurance channels and the release of "storage demand" [6] - The overall outlook for the liability side is optimistic, with potential improvements in the value rate of dividend insurance supported by rate adjustments and structural optimization [6] Brokerage Sector - The average daily trading volume of stock funds from January to November increased by 77.1% year-on-year, indicating strong market activity [7] - The China Securities Regulatory Commission has proposed to include commercial real estate in the public REITs pilot program, which is expected to enhance the market for REITs [7] - Major brokerage firms are expected to see significant ROE expansion under the current growth-oriented strategy, with low valuations presenting strategic allocation opportunities [7] Recommended Stocks - Recommended stocks include China Pacific Insurance, Ping An Insurance, China Life Insurance H, Huatai Securities, Guotai Junan, and others [8]

Group 1 - The core viewpoint is that the non-ferrous metals industry is expected to outperform in 2025, driven by weakening US dollar credit and the AI technology revolution [1] - Non-ferrous metals are anticipated to become the "oil" of a new round of industrial chain transformation, widely used in semiconductors, AI computing infrastructure, and new energy systems [1] - Significant price increases for industrial metals like COMEX copper and LME tin are expected in 2025, although the supply-demand gap is not apparent, indicating financial pricing attributes for future supply-demand relationships [1] Group 2 - By 2026, as global narratives may converge, non-ferrous metals will shift from long-term pricing to a combination of short and long-term pricing, with real demand pricing power increasing [1] - Structural support may arise from "anti-involution" policies and export demand driven by industrialization in southern countries [1] - The Non-Ferrous 60 ETF (159881) tracks the CSI Non-Ferrous Index (930708), which selects representative stocks from the non-ferrous metals industry, covering sectors like copper, aluminum, lithium, and rare earths [1]