12月17日，被誉为"券商界奥斯卡"的第23届新财富最佳分析师评选结果正式出炉。 宏观经济领域，广发证券郭磊团队再获第一，华创证券张瑜、浙商证券李超、东吴证券芦哲、长江证券于博等研究小组分列其后。 策略研究领域，最佳分析师榜首为广发证券刘晨明研究小组，此后依次是申万宏源证券傅静涛、国联民生证券包承超、兴业证券张启尧、天风证券吴开达等 研究小组。 固收研究领域，华泰证券张继强位列第一，从2019年至今，团队已蝉联七届第一名；金融工程领域，兴业证券郑兆磊团队位列第一；银行领域，浙商证券梁 凤洁团队位列第一。 从机构直接投票选出的新财富最具影响力研究机构榜单来看，今年长江证券、广发证券、国泰海通证券、申万宏源证券、兴业证券摘得前五名。 从个人类奖项来看，浙商证券邱冠华获得巨匠分析师，长江证券邬博华、国联民生证券管泉森获得百星分析师，兴业证券孙媛媛、国盛证券何亚轩获得黄金 分析师。 | | | 東玲玲等 | | | --- | --- | --- | --- | | 3 | 浙商证券 | 研究小组（李超、林成炜、廖博、潘高 | 38987.917 | | | | 远、费瑾、陈冀、祁星等) | | | 4 | 东吴证券 ...

Group 1: Overall Rankings - The top-ranked research team is from GF Securities with a total score of 43316.423 [1] - The second place is held by Zheshang Securities with a score of 38987.917 [2] - The third position is occupied by Dongwu Securities with a score of 33427.801 [2] Group 2: Fixed Income Research - Huatai Securities ranks first in fixed income research with a score of 40340.296 [3] - Huaxi Securities follows in second place with a score of 31481.596 [3] - Yongan Securities is in third place with a score of 29564.247 [3] Group 3: Banking Sector - Zheshang Securities leads the banking sector with a score of 39943.811 [6] - Zhongtai Securities is in second place with a score of 32853.243 [6] - CITIC Construction Investment Securities ranks third with a score of 27210.612 [6] Group 4: Real Estate Sector - GF Securities ranks first in the real estate sector with a score of 46820.521 [7] - Changjiang Securities follows closely in second place with a score of 46290.409 [7] - Industrial Securities is in third place with a score of 31067.83 [7] Group 5: Electronics Sector - Zhongtai Securities leads the electronics sector with a score of 43237.391 [8] - Changjiang Securities is in second place with a score of 42166.206 [8] - GF Securities ranks third with a score of 29990.201 [8] Group 6: Chemical Sector - Shenwan Hongyuan Securities ranks first in the chemical sector with a score of 47658.726 [11] - Changjiang Securities follows in second place with a score of 46460.716 [11] - Guohai Securities is in third place with a score of 28746.495 [11] Group 7: Energy Sector - Changjiang Securities leads the energy sector with a score of 53802.76 [12] - Guosheng Securities is in second place with a score of 37234.974 [12] - GF Securities ranks third with a score of 26264.694 [12] Group 8: Transportation Sector - Changjiang Securities ranks first in the transportation sector with a score of 60044.382 [13] - Shenwan Hongyuan Securities is in second place with a score of 49153.183 [13] - Huachuang Securities ranks third with a score of 27952.359 [13] Group 9: Consumer Sector - Changjiang Securities leads the consumer sector with a score of 233982.376 [26] - Guotai Junan Securities is in second place with a score of 155271.877 [26] - GF Securities ranks third with a score of 140598.215 [26] Group 10: Best Research Teams - GF Securities is recognized as the best research team overall with a total score of 95012.572 [22] - Changjiang Securities follows in second place with a score of 92236.472 [22] - Guotai Haitong Securities ranks third with a score of 67717.896 [22]

Core Insights - The 2025 Securities Times Best Analyst results were announced, highlighting the top-performing teams and analysts in various categories [1] - The event saw participation from nearly 50 securities firms and over 1300 domestic and international institutions, with more than 800 institutions qualifying to vote [1] Group 1: Top Analysts and Teams - The macroeconomic first place was awarded to the team led by Guo Lei from GF Securities [1] - The top strategy research team was also from GF Securities, led by Liu Chenming [1] - The top analyst in the gold category was Sun Yuanyuan from Industrial Securities [1] Group 2: Participation and Voting - The voting institutions included over 160 public fund institutions, 30 insurance asset management companies, and 100 insurance companies, among others [1] - The total assets managed by the participating institutions exceeded 100 trillion yuan [1] Group 3: Performance Rankings - The rankings for various research teams in different categories were detailed, with GF Securities consistently performing well across multiple sectors [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32]

Core Insights - The 2025 Securities Times Best Analyst results have been released, showcasing the top research teams across various sectors in the investment banking industry [1]. Group 1: Macro Economy - The top three research teams in the macro economy sector are: 1. GF Securities with a score of 43,316.423 2. Huachuang Securities with a score of 41,109.579 3. Zheshang Securities with a score of 38,987.917 [3][4]. Group 2: Strategy Research - The leading teams in strategy research are: 1. GF Securities with a total score of 56,425.933 2. Jike Yiyuan with a score of 37,718.265 3. Guolian Minsheng Securities with a score of 36,072.893 [4]. Group 3: Fixed Income Research - The top teams in fixed income research include: 1. Huatai Securities with a score of 40,340.296 2. Huaxi Securities with a score of 31,481.596 3. Yongshimeixue with a score of 29,564.247 [5]. Group 4: Non-Banking Financial Institutions - The leading non-banking financial research team is: 1. Guotai Haitong Securities with a score of 42,038.478 [7]. Group 5: Real Estate - The top teams in real estate research are: 1. GF Securities with a score of 46,820.521 2. Changjiang Securities with a score of 46,290.409 3. Industrial Securities with a score of 31,067.83 [9]. Group 6: Electronics - The leading teams in electronics research are: 1. Zhongtai Securities with a score of 43,237.391 2. Changjiang Securities with a score of 42,166.206 3. GF Securities with a score of 29,990.201 [10]. Group 7: Computer - The top teams in computer research include: 1. Guosen Securities with a score of 35,633.713 2. Industrial Securities with a score of 31,972.141 [11]. Group 8: Chemical Industry - The leading team in the chemical sector is: 1. Jiangxi Securities with a score of 47,658.726 [13]. Group 9: Transportation and Storage - The top teams in transportation and storage research are: 1. Changjiang Securities with a score of 60,044.382 2. Jiachang Securities with a score of 49,153.183 [19]. Group 10: Food and Beverage - The leading teams in food and beverage research are: 1. Guotai Haitong Securities with a score of 45,045.012 2. Huachuang Securities with a score of 38,286.761 [20].

Core Insights - The article discusses the results of the 2025 Securities Times Best Analyst Awards, highlighting the top-performing research teams and their scores across various categories [1]. Macro Economy - The top research team in the macroeconomic category is from GF Securities, scoring 43316.423 points [4]. - Other notable teams include Zheshang Securities and Dongwu Securities, with scores of 38987.917 and 33427.801 respectively [6]. Fixed Income Research - Huatai Securities leads in fixed income research with a score of 40340.296 [7]. - Other top teams include Huaxi Securities and Huachuang Securities, scoring 31481.596 and 29564.247 respectively [7]. Financial Engineering Research - The top team in financial engineering is from Industrial Securities, scoring 41139.758 [7]. - Guosheng Securities and Changjiang Securities follow with scores of 36381.614 and 36238.989 respectively [7]. Banking - Zheshang Securities ranks first in the banking category with a score of 39943.811 [8]. - Other teams include Zhongtai Securities and CITIC Construction Investment, with scores of 32853.243 and 27210.612 respectively [8]. Non-Banking Financial - Guotai Junan Securities tops the non-banking financial category with a score of 42038.478 [9]. - GF Securities and Dongwu Securities follow with scores of 36687.686 and 36036.066 respectively [9]. Real Estate - GF Securities leads in real estate research with a score of 46820.521 [10]. - Changjiang Securities and Industrial Securities follow closely with scores of 46290.409 and 31067.83 respectively [10]. Electronics - The top team in electronics is from Zhongtai Securities, scoring 43237.391 [10]. - Changjiang Securities and GF Securities follow with scores of 42166.206 and 29990.201 respectively [10]. Computer - Guosheng Securities ranks first in the computer category with a score of 35633.713 [11]. - Industrial Securities and Tianfeng Securities follow with scores of 31972.141 and 31527.817 respectively [11]. Media and Culture - GF Securities leads in media and culture research with a score of 48879.888 [11]. - Dongwu Securities and Guohai Securities follow with scores of 34768.707 and 33765.945 respectively [11]. Chemical - Jiguangyuan Securities ranks first in the chemical category with a score of 47658.726 [12]. - Changjiang Securities and Guohai Securities follow with scores of 46460.716 and 28746.495 respectively [12]. Energy and Utilities - Huayuan Securities leads in energy and utilities research with a score of 54301.389 [13]. - Changjiang Securities and GF Securities follow with scores of 52990.649 and 35645.292 respectively [13]. Overall Rankings - The overall top research team is from Changjiang Securities with a score of 53802.76 [14]. - Guosheng Securities and GF Securities follow with scores of 37234.974 and 26264.694 respectively [14]. Best Industry Research Teams - In the financial sector, GF Securities ranks first with a total score of 95012.572 [26]. - In technology, GF Securities also leads with a score of 138087.874 [28]. - In energy and materials, Changjiang Securities ranks first with a score of 336474.84 [29].

Group 1 - The A-share market saw a significant rise in securities stocks, with Huatai Securities increasing nearly 7% and GF Securities rising over 3% [1] - Other securities firms also experienced gains, including Dongfang Securities, Industrial Securities, Guotai Junan, CITIC Securities, and Changjiang Securities, all rising over 2% [1] Group 2 - Huatai Securities (stock code: 601688) rose by 6.90%, with a total market capitalization of 215.4 billion and a year-to-date increase of 38.93% [2] - GF Securities (stock code: 000776) increased by 3.40%, with a market cap of 166.6 billion and a year-to-date rise of 38.88% [2] - Dongfang Securities (stock code: 600958) saw a rise of 2.89%, with a market cap of 93.7 billion and a year-to-date increase of 6.64% [2] - Industrial Securities (stock code: 601377) increased by 2.93%, with a market cap of 63.6 billion and a year-to-date rise of 19.48% [2] - Guotai Junan (stock code: 601211) rose by 2.56%, with a market cap of 366.7 billion and a year-to-date increase of 13.98% [2] - CITIC Securities (stock code: 601066) saw a rise of 2.24%, with a market cap of 212.8 billion and a year-to-date increase of 7.15% [2] - Changjiang Securities (stock code: 000783) increased by 2.37%, with a market cap of 45.5 billion and a year-to-date rise of 23.26% [2]

Core Viewpoint - Hubei state-owned assets are actively acquiring stakes in listed companies to enhance industrial upgrading and regional economic development, with a focus on strategic emerging industries such as new energy and semiconductors [1][2][3] Group 1: Acquisition Activities - Jingjiang Industry, a subsidiary of Hubei state-owned assets, proposed a 2.437 billion yuan acquisition plan to acquire an 18.66% stake in ST Yishite, aiming for control through voting rights arrangements [1] - In 2023-2025, Hubei state-owned platforms are expected to control or plan to control approximately 15 A-share companies, including key players in the optoelectronics and new energy sectors [3] - The acquisition of companies like Kailong and Taiji reflects Hubei's strategy to build an industrial cluster covering various emerging sectors [2][3] Group 2: Strategic Framework - Hubei's "51020" modern industrial cluster strategy aims to establish five trillion-level pillar industries, ten 500 billion-level advantageous industries, and twenty 100 billion-level characteristic industrial clusters [1][2] - The provincial government has set ambitious goals for state-owned enterprises, including entering the ranks of the world's top 500 companies by 2027 [2] Group 3: Unique Acquisition Model - Hubei's acquisition model emphasizes maximizing capital efficiency, with strategies such as acquiring voting rights at a lower cost and quickly integrating acquired companies into existing projects [5][6] - The model includes a focus on global asset selection, integrating external assets into Hubei's industrial chain, and implementing risk prevention measures in acquisition agreements [5][6] Group 4: Impact on Local Economy - The acquisitions are expected to enhance the credit ratings of the acquired companies, reduce financing costs, and improve governance structures, thereby increasing operational efficiency and profitability [8] - Hubei state-owned assets aim to create a "technology + capital + industry" ecosystem, integrating local resources with industry trends to foster growth in strategic sectors [7][8]

关于 长江证券股份有限公司 人员变动的临时受托管理事务报告 | 债券简称：23 | 长江 | Y1 | 债券代码：148221.SZ | | --- | --- | --- | --- | | 债券简称：24 | 长江 | Y1 | 债券代码：148659.SZ | | 债券简称：25 | 长江 | Y1 | 债券代码：524103.SZ | | 债券简称：25 | 长江 | D1 | 债券代码：134482.SZ | | 债券简称：25 | 长江 | D2 | 债券代码：134511.SZ | 债券受托管理人 2025 年 12 月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》，长江证券股份有限公司（以下简称"发行人"或"公司"）就存续公 司债券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"）及 其它相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等，由 受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托管 理人"）编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资料 或说明。 本报告不构成对投资者进行或不进行某 ...

| 债券简称： | 25 长江 K2 | 债券代码： | 524558.SZ | | --- | --- | --- | --- | | | 25 长江 08 | | 524535.SZ | | | 25 长江 07 | | 524493.SZ | | | 25 长江 06 | | 524492.SZ | | | 25 长江 05 | | 134443.SZ | | | 25 长江 04 | | 134418.SZ | | | 25 长江 03 | | 524355.SZ | | | 25 长江 K1 | | 524310.SZ | | | 25 长江 01 | | 524206.SZ | | | 24 长江 07 | | 148997.SZ | | | 24 长江 05 | | 148949.SZ | | | 24 长江 03 | | 148919.SZ | | | 24 长江 02 | | 148813.SZ | | | 24 长江 01 | | 148597.SZ | | | 23 长江 06 | | 148523.SZ | | | 23 长江 04 | | 148489.SZ | | | 23 长江 ...

Core Viewpoint - Zhongwei Co., Ltd. completed its H-share issuance and listing on the Hong Kong Stock Exchange on November 17, 2025, marking a key step in its strategy of technological diversification, global development, digital operation, and industrial ecology, and positioning itself as a new starting point for Chinese new energy material companies to serve the global zero-carbon economy [1] Group 1: Company Performance - The company's shipments of ternary precursor materials continued to grow quarter-on-quarter in Q3 2025, indicating a sustained recovery in market conditions [1] - The shipments of cobalt tetroxide materials remained at a high level quarter-on-quarter, with a significant year-on-year increase expected due to the high demand in the consumer battery supply chain [1] - The shipments of iron phosphate are expected to see slight quarter-on-quarter growth, with capacity utilization already at a high level [1] Group 2: Future Outlook - Looking ahead, Zhongwei Co., Ltd. is expected to see continued growth in its ternary precursors and cobalt tetroxide businesses, with growth rates likely to exceed industry averages and market share continuing to increase [1] - The recovery in the ternary precursor market and ongoing growth in cobalt tetroxide are anticipated to drive sustained increases in shipments [1] - The company is projected to achieve a net profit attributable to shareholders of 2.2 billion yuan in 2026, with continued recommendations for investment [1]