Core Viewpoint - The launch of the "Xin Zhi Zhen" full-account fund diagnosis tool by Guosen Securities in collaboration with Morningstar marks a significant breakthrough in the post-sale service sector of public funds, aiming to assist investors in their fund investments [1][3]. Group 1: Investor-Centric Approach - Guosen Securities and Morningstar are jointly exploring new models for post-sale services in public funds, focusing on investor needs and leveraging innovative tools and professional teams [3]. - Guosen Securities is a large national comprehensive securities company with over 10,000 employees, excelling in client service capabilities and holding qualifications for public fund advisory services [3]. Group 2: Features of "Xin Zhi Zhen" - "Xin Zhi Zhen" addresses investor issues by allowing the import of E-account files for more accurate and convenient holding information retrieval [5]. - The tool provides a comprehensive analysis of user holdings, utilizing a unified global stock industry classification system for consistent categorization and evaluation [6]. Group 3: Comprehensive Service System - Participants in the "Xin Zhi Zhen" service receive an account diagnosis report and have the opportunity to access designated fund advisory services from Guosen Securities, tailored for public fund investors [7]. - The service combines online and offline approaches to create a more complete post-sale service system for public funds, enhancing the overall investor experience [7].

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。 以下是全名单>> 宏观经济研究 | 最佳分析师 | 名次 | 机构 | 研究团队 | | --- | --- | --- | | 1 | | 李超、于科、林成炜、廖博、 | | | 浙商证券 | 潘高远、费瑾、王瑞明、靳 | | | | 风、陈冀、祁星 | | 2 | 广发证券 | 郭磊、陈礼清、陈嘉荔、钟林 | | | | 楠、王丹、吴棋滢、贺骁束、 | | | | 文永恒 | | 3 | 东吴证券 | 芦哲、张佳炜、刘子博、王 | | | | 洋、潘京、占烁、李昌萌、董 | | | | 含星、韦蓓 | | 4 | 东方证券 | 孙金霞、曹靖楠、王仲尧、陈 | | | | 至奕、孙国翔、戴思崴、吴泽 | | | | 青 | | 5 | 长江证券 | 于博、宋筱筱、刘承昊、黄帅 | | 6 | 未到证券 | 张瑜、陆银波、文若愚、殷雯 | | | | 卿、高拓、付春生、李星宇、 | | | | 夏雪、袁玲 ...

Group 1 - The report indicates a continued trend of "loose monetary policy + credit easing," with a low risk of tightening in the funding environment, which supports macroeconomic and asset performance [1][13][19] - In October, China's new social financing was 816.1 billion yuan, lower than the expected 1,537.7 billion yuan, and new RMB loans were 220 billion yuan, also below the expected 451.2 billion yuan, indicating a slight pullback in credit pulses but an overall continuation of the upward trend for the year [1][13] - The report suggests that the A-share market is expected to stabilize towards the end of the year, with limited short-term upside or downside, and anticipates a potential upward momentum in the first quarter of the following year [2][3] Group 2 - The report highlights that the bond market remains resilient despite weak fundamentals, with the overall bond market showing stability amid a backdrop of declining interest rates [3][31] - In November, the 10-year government bond yield decreased by 6.9 basis points to 1.73%, indicating a stable bond market environment [31] - The report notes that the commodity price trends are diverging, with oil prices under pressure and gold prices experiencing fluctuations, influenced by global economic conditions and geopolitical factors [4][31] Group 3 - The report emphasizes a focus on large-cap growth stocks due to the recovery in the domestic economy, with China's manufacturing PMI at 49.2, indicating a better outlook compared to the US [19][20] - The report suggests that the overall economic recovery is favorable for growth sectors, with industrial value-added growth of 6.1% year-on-year from January to October [19][20] - The report recommends an asset allocation strategy favoring equities over commodities and bonds, with specific allocations for aggressive and conservative strategies [24][26]

国信证券股份有限公司研究员张衡2023年5月4日发布研报《汤姆猫：头部游戏IP运营商AIGC场景落地 优势显著》称，首次覆盖予以汤姆猫"增持"评级。 中国经济网北京12月3日讯汤姆猫（300459）(300459.SZ)今日收报4.70元，跌幅3.29%。 2023年5月4日，汤姆猫盘中达到近8年高点9.47元。 ...

Core Viewpoint - The non-ferrous metals industry remains relatively stable, with slight increases in copper and aluminum prices indicating strong resilience [1] Industry Summary - The overall performance of upstream resource products is still at low levels, but the non-ferrous metals industry inventory remains high and fluctuates, with a narrowing price decline leading to a recovery in industry prosperity [1] - In the industrial metals sector, although upstream raw materials are gradually emerging from the bottom, the replenishment efforts are constrained by certain industries, resulting in a relatively mild performance [1] - Overall, the non-ferrous metals industry shows relative stability amid increasing differentiation in the upstream sector, with slight price increases in copper and aluminum providing support for the industry [1] ETF Information - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects listed companies involved in precious metals and industrial metals mining to reflect the overall performance of securities related to the non-ferrous metals mining industry [1]

Group 1 - The report defines "Quantitative Fixed Income+" as a type of fund that focuses on fixed income assets as the core, using quantitative models to enhance asset allocation in equities and convertible bonds while controlling volatility and maximum drawdown to pursue "fixed income + excess returns" [7][8] - Key features of Quantitative Fixed Income+ include a stable core of pure bond assets, quantitative-driven strategies for stock selection, and various operational methods such as collaboration between fixed income and quantitative fund managers [8][10] Group 2 - Common strategies in Quantitative Fixed Income+ include focusing on single clear return-driving factors, using broad-based indices as benchmarks, and diversifying across multiple independent risk factors to achieve more stable excess returns [10][12] - The report highlights the performance of the "Dividend Low Volatility" strategy, which aims to invest in companies with stable cash flows and low stock price volatility to achieve favorable risk-adjusted returns over the long term [13][22] Group 3 - The report provides a comparative analysis of the performance of various indices, showing that the "Dividend Low Volatility Index" outperformed both the "CSI 300" and "CSI Dividend" indices over the past 20 years [15][22] - The report details the characteristics of representative funds employing the Dividend Low Volatility strategy, including their investment types, benchmarks, and total assets under management [25][26] Group 4 - The report discusses the asset allocation strategies of the funds, emphasizing the importance of adjusting positions based on market trends and maintaining a balance between equities and bonds to achieve stable long-term growth [27][49] - It also highlights the management of duration in bond investments, indicating that the funds adjust duration based on market conditions to optimize returns [49][104] Group 5 - The report outlines the performance of funds using the Index Enhancement strategy, which aims to increase equity returns through quantitative models that optimize asset allocation based on various factors [73][85] - It emphasizes the importance of flexible asset allocation and proactive position adjustments in response to market conditions to enhance overall fund performance [86][127] Group 6 - The report describes the Multi-Factor strategy as a core approach for equity asset selection, utilizing a multi-dimensional factor model to identify high-quality stocks and optimize overall portfolio performance [129][183] - It highlights the importance of dynamic adjustment of industry weightings based on factor performance, allowing for a diversified approach to asset allocation [167][182]

每经AI快讯，汉桑科技发布公告称，2025年12月2日，汉桑科技接受国信证券调研，公司董事、董事会 秘书、财务总监刘皎和证券事务代表黎梦莎参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 （记者 胡玲） ...

Core Viewpoint - Guosen Securities has launched the "Xinzhi Diagnosis" full-account fund diagnosis tool in collaboration with Morningstar, marking a significant breakthrough in the post-sale service of public funds, aimed at assisting investors in their fund investments [1][3]. Group 1: Investor-Centric Approach - The collaboration between Guosen Securities and Morningstar aims to explore new models for post-sale services in public funds, focusing on investor needs [2]. - Guosen Securities is a large national comprehensive securities company with over 10,000 employees, excelling in client service capabilities and holding pilot qualifications for public fund advisory services [2]. Group 2: Features of "Xinzhi Diagnosis" - "Xinzhi Diagnosis" allows for the import of E-account files, making it easier and more accurate for investors to access their holding information [4]. - The tool provides a comprehensive account diagnosis report that penetrates user holdings at a deeper level, utilizing Morningstar's global stock industry classification system for consistent analysis across different countries and regions [5]. Group 3: Service System and Support - Investors using "Xinzhi Diagnosis" not only receive a diagnosis report but also have the opportunity to access designated share advisory services from Guosen Securities' fund advisory brand, "Guosen Xinzhi Investment" [6]. - The service is designed to provide tailored support for public fund investors, combining online and offline resources to create a more comprehensive post-sale service system [6][7]. Group 4: Strategic Positioning - The launch of "Xinzhi Diagnosis" represents an important strategic move for Guosen Securities in the buy-side advisory service sector, aiming to provide systematic professional services to a broader range of public fund investors [7].

Core Viewpoint - Longi Green Energy Technology Co., Ltd. successfully issued a green corporate bond aimed at professional investors, marking a significant step in supporting private enterprise financing and aligning with national strategies for technological and green finance [1][2]. Group 1: Bond Issuance Details - The bond issuance scale is 1.48 billion yuan, with a term of 3+2 years and a coupon rate of 2.89%, categorized as a high-growth industry bond [1]. - Special arrangements have been made for investor protection and information disclosure, highlighting the bond's characteristics such as reliable information disclosure and active market trading [1]. Group 2: Company Mission and Strategy - Longi Green Energy aims to become the world's most valuable solar technology company, focusing on technological innovation and creating a product matrix that supports global zero-carbon development, including green electricity and hydrogen products [2]. - The successful issuance of the green corporate bond reflects strong support from the capital market for private enterprise financing and aligns with national strategies [2]. Group 3: Role of Guosen Securities - Guosen Securities acted as the lead underwriter and has provided various financing services to Longi Green Energy since 2012, raising a total of 26.19 billion yuan [2]. - The successful bond issuance demonstrates Guosen Securities' commitment to providing comprehensive financial services and supporting green development initiatives [2][3]. Group 4: Future Focus - Guosen Securities will continue to focus on serving the real economy, emphasizing technological innovation and green finance to contribute to high-quality development in the capital market and the real economy [3].

Core Viewpoint - Guosen Securities maintains an "outperform" rating for the retail sector, anticipating potential market resilience in 2026 due to policy support and corporate improvements [1] 2025 Review - In the first nine months of 2025, China's retail sales reached 365.877 billion yuan, a year-on-year increase of 4.5%, with retail sales of non-automotive consumer goods growing by 4.9% [1] - Cosmetics sales increased by 3.9%, while gold and jewelry sales surged by 11.5% due to a low base last year and rising gold prices [1] - Cross-border e-commerce imports and exports amounted to approximately 2.06 trillion yuan, reflecting a 6.4% growth despite external tariff impacts [1] Structural Highlights - The consumption landscape in 2025 shows structural highlights in sectors like pets, trendy toys, personal care, and jewelry, driven by new consumer insights and product innovation [2] - The new consumption industry trends and the reversal expectations of traditional consumption are identified as two core themes, with initial positive market performance followed by a cooling phase [2] 2026 Outlook - New Market: Exploration of incremental growth opportunities in domestic markets and continued overseas expansion as a key strategy for Chinese brands [3] - New Demand: Insights into emerging consumer preferences will drive product innovation focused on emotional and practical value [3] - Platformization: In a competitive environment, companies need to develop platform mechanisms and explore new opportunities to ensure sustainable growth [3]