为促进富国中证智能汽车主题交易型开放式指数证券投资基金（以下简称智能汽车，基金代 码:515250）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意广发证券股份有限公司自2025年12月30日起为智能汽车提供主 做市服务。 上证公告（基金）【2025】2704号 上海证券交易所 2025年12月29日 特此公告。 ...

上证公告（基金）【2025】2706号 为促进博时中证可转债及可交换债券交易型开放式指数证券投资基金（以下简称转债ETF，基金代 码:511380）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意广发证券股份有限公司自2025年12月30日起为转债ETF提供主 做市服务。 特此公告。 上海证券交易所 2025年12月29日 ...

上证公告（基金）【2025】2700号 为促进华夏上证科创板100交易型开放式指数证券投资基金（以下简称科创100C，基金代 码:588800）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意广发证券股份有限公司自2025年12月30日起为科创100C提供 主做市服务。 特此公告。 上海证券交易所 2025年12月29日 ...

上海证券交易所 为促进博时上证30年期国债交易型开放式指数证券投资基金（以下简称国债30年，基金代 码:511130）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意广发证券股份有限公司自2025年12月30日起为国债30年提供主 做市服务。 上证公告（基金）【2025】2707号 特此公告。 2025年12月29日 ...

Group 1 - The core theme of the event is "Professional Advancement, Moving Forward," highlighting the partnership between Guangfa Securities and the Guangzhou Huangpu Marathon, which has lasted for five years [1][9] - Guangfa Securities aims to integrate wealth management with a focus on "buy-side advisory," enhancing professional services for participants and promoting rational investment concepts [5][7] - The marathon route showcases a journey from a "source of technological innovation" to a "demonstration area for future cities," emphasizing the city's development and vitality [3] Group 2 - Guangfa Securities has optimized services throughout the marathon process, including pre-event interactions, on-course support, and post-race care, ensuring a comprehensive experience for participants [3][5] - The company employs strategies such as "buy-side advisory, asset allocation, and solution-oriented approaches" to transition from merely selling products to managing assets, reflecting a deep transformation in wealth management [7] - Guangfa Securities has received multiple industry awards for its research capabilities, reinforcing its reputation in serving institutional clients and contributing to the high-quality development of the real economy [7][9]

广发证券发表研报指，黄金珠宝行业迎来产业性变革，古法金成为高端化重要载体。得益于工艺迭代与 金价上涨提振，金饰消费趋向高端化与轻量化。古法金在工艺复杂性与设计表达上显著优于传统黄金， 推动金饰消费向高定价拓展，老铺黄金作为古法手工金器龙头品牌，有望持续受益。 该行预计公司2025至2027年归母净利润分别为48亿、68.9亿、87.1亿元，按年各升2.26倍、44%及26%。 考虑到公司差异化布局高端黄金赛道，海内外拓店叠加渠道优化可期，参考可比公司，给予公司2026年 18倍市盈率，对应合理价值775.64港元/股，首次覆盖给予"买入"评级。 ...

Core Viewpoint - The gold jewelry industry is undergoing a transformative change, with ancient gold becoming a significant carrier of high-end consumption due to craftsmanship iteration and rising gold prices [1] Group 1: Financial Projections - The company is expected to achieve net profits attributable to shareholders of 4.8 billion, 6.89 billion, and 8.71 billion yuan for the years 2025, 2026, and 2027 respectively [1] - A price-to-earnings ratio of 18 times for 2026 is suggested, leading to a reasonable value of 775.64 HKD per share [1] Group 2: Competitive Advantages - The company differentiates itself in the high-end gold market through three core elements: product, channel, and brand [2] - On the product side, the company employs a fixed pricing strategy with significantly higher average transaction prices and gross margins compared to peers, continuously launching differentiated designs that lead market aesthetics [2] - The company operates a fully direct sales model, creating an immersive shopping experience, with store locations concentrated in key business districts of first-tier and new first-tier cities, leading in same-store sales growth and average store efficiency [2] - The brand strategy focuses on cultural storytelling and membership services, attracting high-net-worth individuals [2] Group 3: Growth Drivers - The company is actively upgrading its core domestic stores, enhancing store locations and operational space, which drives single-store performance [3] - There is significant potential for domestic and international store expansion, with an estimated 40 additional stores available for development in Asia, benchmarking against brands like Bulgari, Cartier, Tiffany, and Van Cleef & Arpels [3]

Core Viewpoint - The gold jewelry industry is undergoing a transformative change, with ancient gold becoming a significant carrier of high-end consumption due to craftsmanship iteration and rising gold prices [1] Group 1: Financial Projections - The company is expected to achieve a net profit attributable to shareholders of 4.8 billion, 6.89 billion, and 8.71 billion yuan for the years 2025, 2026, and 2027 respectively [1] - A price-to-earnings ratio of 18 times for 2026 is suggested, leading to a reasonable value of 775.64 HKD per share [1] Group 2: Competitive Advantages - The company differentiates itself in the high-end gold market through three core elements: product, channel, and brand [2] - On the product side, the company employs a fixed pricing strategy with significantly higher average transaction prices and gross margins compared to peers, continuously launching differentiated designs that lead the market [2] - The company operates a fully direct sales model, creating an immersive shopping experience, with store locations concentrated in key business districts of first-tier and new first-tier cities, leading in same-store sales growth and average store efficiency [2] - The brand strategy focuses on cultural storytelling and membership services, consistently attracting high-net-worth individuals [2] Group 3: Growth Drivers - The company is actively upgrading its core domestic stores, enhancing store locations and operational space, which drives single-store performance [3] - There is significant potential for domestic and international store expansion, with an estimated 40 additional stores available for development in Asia, benchmarking against brands like Bulgari, Cartier, Tiffany, and Van Cleef & Arpels [3]

Electronic and 2025 年 12 月 28 日 看好 相关研究 《保险公司资产负债管理即将迈入全新阶 -非银金融行业周报 (2025/12/15- EG --- 2025/12/19)》 2025/12/21 《头部非银机构监管红利有望释放 -- 非 银金融行业周报 (2025/12/8- 2025/12/12)》 2025/12/14 《券商板块信心提振，补涨逻辑有望逐步 兑现 -- 非银金融行业周报 (2025/12/1- 2025/12/5)》 2025/12/07 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势 ——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略:权益浪潮 下的券商机遇：财富扩容,国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjg@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh ...

Core Viewpoint - The A-share market shows a mixed trend, with the Shanghai Composite Index continuing to rise, supported by strong inflows into broad-based indices like A500, leading to a seven-day consecutive increase in the index [1] Group 1: Market Performance - As of 11:30, the Securities ETF leader (560090) surged by 0.44%, aiming for a third consecutive day of gains, with trading volume exceeding 120 million yuan, surpassing the total trading volume of the previous day [1] - The majority of the constituent stocks of the Securities ETF leader (560090) experienced price increases, with Zhongyin Securities rising over 5% and Xingye Securities increasing over 3% [3] Group 2: Financial Performance - According to Ping An Securities, the performance of listed securities firms has shown significant improvement, with a year-on-year increase of 63.4% in net profit attributable to shareholders for the first three quarters [5] - The annualized ROE for 42 listed securities firms reached 8.65%, an increase of 2.6 percentage points compared to the entire year of 2024 [5] Group 3: Valuation Insights - Despite strong fundamentals, the valuation of the securities sector has not significantly improved, with a year-to-date increase of only 4.76% for securities companies, compared to an 18.6% increase in the Shanghai Composite Index [7] - The current price-to-book (PB) ratio stands at 1.5 times, indicating a rare combination of high growth and low valuation in the sector [7] Group 4: Future Outlook - The trend of "deposit migration" is evident, with the capital market expected to become a significant part of residents' asset allocation, supported by policies encouraging long-term investments [11] - The securities sector is viewed as a relatively undervalued asset with high year-on-year growth, making it an attractive investment opportunity [12]