Core Insights - The China Securities Association released the rankings for securities firms in 2025, reflecting their performance in investment banking, financial advisory, and bond business quality [1][2] Group 1: Evaluation Results - A total of 93 securities firms were evaluated for their investment banking quality, with 12 classified as A, 66 as B, and 15 as C [2][5] - The A-rated firms include Dongwu Securities, Guojin Securities, Guotai Junan, Guotou Securities, Guoxin Securities, Huatai United, Ping An Securities, Changcheng Securities, China Merchants Securities, CICC, CITIC Securities, and Bank of China Securities [6][11] Group 2: Financial Advisory Evaluation - The financial advisory business evaluation included 30 firms, with 5 rated A, 19 rated B, and 6 rated C [6][7] - A-rated financial advisory firms are Huatai United, Galaxy Securities, CICC, CITIC Jianan, and CITIC Securities [7] Group 3: Bond Business Evaluation - The bond business evaluation involved 95 firms, resulting in 14 rated A, 62 rated B, and 19 rated C [10][11] - A-rated bond firms include Caixin Securities, Dongwu Securities, Guojin Securities, Guotai Junan, Guoxin Securities, Ping An Securities, and others [10] Group 4: Future Directions - The China Securities Association aims to guide firms to enhance their professional capabilities and service quality, shifting from price competition to value competition [11]

Core Viewpoint - Chery Automobile has a rich historical background and is entering a new chapter in its new energy business and overseas expansion, with rapid revenue growth and stable profitability [1] Group 1: Company Overview - Chery Automobile was established in 1997 and has nearly 30 years of history [1] - The company is expected to enter a new era by 2025, transitioning into a new stage with the integration of smart technology and further evolution in new energy [1] - The company has a brand matrix consisting of five major brands: Chery, Jetour, iCAR, Exeed, and Zhijie, along with two overseas brands, Omoda and Jaecoo [1] Group 2: Domestic Market Performance - The company’s hybrid products are experiencing rapid sales growth, with increasing penetration rates, although overall new energy penetration remains low compared to the industry [2] - By the first half of 2025, the company has a variety of new energy models, but individual model sales are insufficient; the launch of the A9L in the second half of 2025 is expected to mark a new phase in the company’s new energy strategy [2] - The main brand Chery is focusing on a three-pronged approach of channels, products, and technology, while iCAR is leveraging internet operational thinking for new product launches [2] Group 3: Overseas Market Expansion - The company has been expanding its overseas business systematically and is currently in a comprehensive overseas expansion phase [3] - By 2025, the company plans to deepen local production overseas, with several new production capacities set to be launched [3] - The company is transitioning from a fuel vehicle export model to a multi-faceted, ecosystem-based overseas strategy, with extensive capacity and channel layouts [3] Group 4: Financial Forecast and Valuation - The company’s projected revenues for 2025, 2026, and 2027 are expected to be 301.46 billion, 361.66 billion, and 410.74 billion yuan, with growth rates of 11.70%, 19.97%, and 13.57% respectively [3] - The net profit attributable to the parent company is forecasted to be 18.60 billion, 21.41 billion, and 25.44 billion yuan for the same years, with year-on-year growth rates of 31.6%, 15.1%, and 18.9% respectively [3] - Earnings per share are expected to be 3.20, 3.69, and 4.38 yuan for 2025, 2026, and 2027 [3]

Core Viewpoint - Guosen Securities reports that Chery Automobile (09973) has a strong historical foundation and is entering a new chapter in its new energy and overseas business, with rapid revenue growth and stable profitability. The company has a diverse brand matrix and rich production capacity both domestically and internationally, initiating coverage with an "Outperform" rating [1]. Group 1: Company Overview - Chery Automobile was established in 1997 and has nearly 30 years of history, with its development divided into five stages, experiencing both stagnation and growth. By 2025, the company is expected to enter a new era with advancements in smart integration and new energy evolution [2]. - The company is transforming its R&D system from a project-oriented approach to a platform-empowered model, integrating three major smart platforms into a "Smart Center" by 2025 [2]. Group 2: Domestic Market Performance - The company’s hybrid products are experiencing rapid sales growth, although the overall penetration rate of new energy vehicles remains low compared to the industry. As of the first half of 2025, while the number of new energy models is high, individual model sales are insufficient [3]. - The launch of the A9L model in the second half of 2025 is expected to mark a new phase for the company’s new energy segment, with improved product capabilities and significant market performance [3]. - The main brand Chery focuses on a three-pronged strategy of channels, products, and technology, while sub-brands like iCAR and Jietu are targeting specific market segments and adopting innovative operational strategies [3]. Group 3: Overseas Market Expansion - The company has an early overseas business layout and is currently in a phase of systematic and comprehensive international expansion. By 2025, it plans to deepen local production overseas, with several new production capacities set to launch [4]. - The company is shifting from a fuel vehicle export model to a multi-faceted, ecosystem-based international strategy, with extensive production and channel layouts and overseas R&D bases to meet regional demands and regulations [4]. - In Southeast Asia, the company is increasing resource investment to establish a significant overseas base, while in Europe, it has achieved localized production and is entering a phase of rapid growth [4]. Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 301.46 billion, 361.66 billion, and 410.74 billion yuan, with growth rates of 11.70%, 19.97%, and 13.57% respectively. Net profit attributable to the parent company is expected to be 18.60 billion, 21.41 billion, and 25.44 billion yuan, with year-on-year growth rates of 31.6%, 15.1%, and 18.9% respectively. Earnings per share are projected to be 3.20, 3.69, and 4.38 yuan [4].

腾讯：广告业务在AI赋能背景下继续保持快速增长水平，同时游戏出海为重要增量。2025年该行观察 到腾讯海外游戏明显加速，国内持续输出优质工业级别生产力支持，与海外工作室合作进一步加深，同 时伴随AI对手游出海投放渠道的改善，26年腾讯国际游戏增长或为重要看点。 智通财经APP获悉，国信证券发布研报称，展望2026年，需重点关注互联网巨头出海业务的进展，AI发 展趋势下，国内云厂商和游戏厂商面临出海增长的好机遇，叠加国产优质供应链升级，电商平台出海也 为补充内需疲软的重要增长方向。 国信证券主要观点如下： 复盘历史，港股很难脱离美元流动性和宏观因素 历年Q4恒生科技指数和恒生指数表现相对疲软，次年的Q1/Q2又会经历修复。因此当前港股市场承压， 主要也与流动性和宏观经济悲观预期相关。此外，2025年美团、阿里和京东三家巨头开启的外卖大战， 在2026年或进入到投入边际收缩的阶段，对三家平台的现金流和利润均为重要影响变量。 阿里：AI全栈自研厂商，26年重点关注。1）千问模型占据全球模型市场份额持续提升，开源社区积累 驱动阿里云出海增长；2）AI端侧与苹果合作落地后续云业务增量；3）下游Agent、应用放量带来的 ...

Group 1 - The core viewpoint of the news is the revision of the "Securities Company Investment Banking Business Quality Evaluation Measures," which introduces new evaluation indicators to enhance the quality of investment banking services provided by securities firms [1] - The revised evaluation measures include two new specialized indicators: one focuses on encouraging securities firms to invest more in financial advisory services and promote mergers and acquisitions, while the other aims to improve the pricing ability of new stock issuances and the quality of investment value reports [1] - The evaluation results are closely watched by the industry as they are linked to the classification evaluation mechanism for securities firms, serving as an important regulatory tool to enhance the quality of practice among these firms [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the National Securities Leader Index (399437) account for 79.05% of the index, with major companies including Dongfang Caifu (300059), CITIC Securities (600030), and Huatai Securities (601688) [2] - The Securities ETF Leader closely tracks the National Securities Leader Index to reflect the market performance of quality listed companies in the securities theme and provide investors with more diversified index investment tools [2]

Core Viewpoint - The AI industry is expected to transition from divergence to consensus in performance trends by 2025, with 2026 anticipated to be a significant year for domestic hard technology advancements [2] Group 1: AI Industry Trends - The AI large model's reasoning capabilities are continuously iterating, forming a closed loop with edge applications, while the demand for computing and storage hardware remains high [1] - The electronic industry's downturn since 2021 is showing signs of recovery, with a notable performance boost driven by AI innovations [2] - The global capital expenditure of the eight major cloud service providers (CSPs) is projected to grow by 40% to over $600 billion by 2026, with AI server shipments expected to increase by 20.9% [3] Group 2: Computing and Storage - Domestic chip manufacturers are actively updating their products, with Huawei planning to launch the Ascend 950PR in Q1 2026 and the Atlas 950 SuperPoD in Q4 2026 [4] - The demand for DRAM is expected to increase by 26% year-on-year in 2026, driven by AI needs, while NAND shortages are anticipated to persist, with prices rising over 40% from September to December 2025 [4] Group 3: Power and Connectivity - The optimization of data transfer and communication within servers is becoming a crucial breakthrough for enhancing computing power, with the global high-speed interconnect chip market expected to grow at a CAGR of 21.2% from 2024 to 2030 [5] - The power consumption of data center chips is projected to increase significantly, necessitating advancements in power supply architectures towards HVDC solutions [6] Group 4: AI Edge Applications - The evolution of AI from a tool to an autonomous agent capable of understanding user intent is reshaping human-computer interaction, with various consumer electronics expected to integrate these capabilities [7] - Major tech companies are expected to drive market sentiment and investment consensus through continuous exploration and innovation in AI hardware [7] Group 5: Semiconductor Industry - China's semiconductor sales are projected to account for 28% of the global market by 2024, but the domestic supply ratio remains low at 4.5% [8] - The semiconductor sector is experiencing a recovery phase, with significant growth expected in AI data centers and applications like autonomous driving and humanoid robots [8] Group 6: Key Companies to Watch - Companies such as Semiconductor Manufacturing International Corporation, Industrial Fulian, and Cambrian are highlighted as key players in the semiconductor and AI sectors [9]

Core Viewpoint - The article emphasizes the importance of rational, objective, and in-depth professional research as the foundation for identifying long-term value in the capital market amidst a plethora of information and opinions [1][16]. Group 1: Award Recipients - The "2025 Capital Market Professional Voices" list highlights top research leaders and seasoned investors who provide critical insights and decision-making support through solid research and prudent judgment [1][15]. - Notable individuals on the list include: - Chen Guo, Deputy Director and Chief Strategist at Dongfang Caifu Securities - Huang Yanming, Director of Dongfang Securities Research Institute - Li Chao, Chief Economist at Zheshang Securities - Lin Yuan, Chairman of Lin Yuan Investment - Liu Chenming, Chief Strategy Analyst at GF Securities - Luo Zhiheng, Chief Economist and Director of Research Institute at Yuekai Securities - Wang Qing, Chairman of Chongyang Investment - Wang Sheng, General Manager and Chief Strategy Analyst at Shenwan Hongyuan - Wang Yiping, Founder of Evolutionary Assets - Xun Yugen, Chief Economist and Director of Research Institute at Guosen Securities [2][17]. Group 2: Evaluation Criteria - The selection process adheres to principles of fairness, justice, and transparency, utilizing a comprehensive assessment system that combines quantitative data and professional evaluations [2][13]. - Specific evaluation metrics and their weights include: - Weibo comprehensive data (35%): Assessed based on total posts, effective reading volume, exposure volume, interaction numbers, and interaction volume [2][13]. - Baidu Index (35%): Evaluated based on daily average indices to reflect sustained attention and influence across the internet [2][13]. - Professional recommendations (30%): Involves consulting seasoned institutional investors, brokerage research heads, financial media leaders, and academics to assess the professionalism, depth, and market impact of their views [2][13].

Core Viewpoint - The report from Guosen Securities emphasizes that boosting domestic demand will be a key focus for economic development in 2026, with significant potential for growth in service consumption compared to overseas markets, supported by monetary, temporal, and supply-side constraints [1] Group 1: Sector Overview - Overall, there is a moderate recovery in the consumption sector, with service consumption growth outpacing goods consumption and restaurant growth, leading to an increasing share of service consumption [1] - Changes in demand, policy, and technology are driving structural shifts in the market, with younger consumers favoring experiential spending, while B2B demand remains at a low point [1] - Policy factors and globalization are influencing corporate decisions, leading to market reshuffling and transformations in industries like high-end dining, while outbound consumption remains a significant growth curve [1] Group 2: Market Performance - The consumer services sector has underperformed year-to-date, with overall gains of 14.55%, lagging behind the CSI 300 by 3.81 percentage points; however, the sector has shown signs of stabilization since Q4, outperforming the benchmark [2] - The proportion of holdings in consumer services sector funds has dropped to a historical low of 0.29% as of Q3 2025, down 0.10 percentage points from Q2 2025 [2] Group 3: Sub-industry Insights - Duty-Free: Domestic duty-free is expected to gradually capture high-end demand due to policy support and strengthened supply chains, potentially leading to a new cycle and valuation uplift [3] - Hotels: Opportunities arise from improving supply-demand dynamics, with steady growth in leisure tourism and a gradual bottoming out of business travel demand [3] - Scenic Areas: The performance of scenic areas is influenced by calendar effects, with a focus on trends that align with demographic changes and local asset integration [3] - OTA: Online Travel Agencies are likely to benefit directly from service consumption policies, with stable profit margins being the main trend [3] - Chain Dining: As delivery subsidies taper off, leading brands are innovating product lines to address market pressures, with potential for recovery if CPI trends improve [3] Group 4: Education Sector - The education sector is expected to maintain its attractiveness due to strong employment orientation and the relative lag in public examination recruitment and vocational training, alongside advancements in AI applications [4] Group 5: Human Resources - Human resources are viewed as a barometer for economic recovery, with a focus on improving labor sentiment among enterprises and the empowerment of AI technology [5]

Macro and Strategy - The fixed income investment strategy focuses on long-term bond wave operations, with a significant decline in default amounts in December, indicating a potential recovery in credit markets [7][8] - Domestic economic growth is expected to slow down, with GDP growth forecasted at approximately 4.3% for Q4 2025, remaining within the government's target range of around 5% [7][8] - The monetary policy meeting in Q4 removed references to "low price operation," indicating a shift in focus towards addressing supply-demand imbalances in the economy [8] Industry and Company - In the transportation sector, improvements in oil exchange rates are beneficial for the airline sector, while leading express companies are strengthening their competitive advantages [3][20] - The banking sector is expected to perform well leading up to the Spring Festival, with historical data showing a high success rate for bank stocks during this period [24][25] - The mechanical industry is seeing significant developments, with the establishment of a standardization committee for humanoid robots and ByteDance planning to invest $23 billion in AI [26][27] - The social services sector has seen a notable increase in duty-free sales in Hainan, with a 54.9% year-on-year growth, indicating strong consumer demand [33][34] - The express delivery industry is benefiting from price increases due to anti-involution policies, with major players like ZTO and YTO showing improved growth rates [22][23]

Industry News - The Ministry of Finance and the State Administration of Taxation announced a new policy on the value-added tax for personal housing sales, effective from January 1, 2026. Homes sold within two years of purchase will incur a 3% VAT, while those sold after two years will be exempt from VAT [3]. - The Ministry of Education plans to continue promoting artificial intelligence in education, with related policy documents expected to be released next year [3]. - The Ministry of Industry and Information Technology and other departments issued a digital transformation implementation plan for the automotive industry, aiming for significant improvements in manufacturing capabilities and digital levels by 2027 [3]. - In November 2025, global automobile sales reached 8.59 million units, a year-on-year increase of 1%, with China's global market share rising to 40%, up 1 percentage point from the previous year [3]. - A new generation of the Honghu HH-200 commercial drone developed by Aviation Industry Corporation of China was unveiled, marking a breakthrough in low-altitude logistics transportation technology [4]. - In 2026, China will accelerate the construction of a digital economy, implementing the "East Data West Computing" project and fostering a national integrated data market [4]. - The Beijing Municipal Health Commission issued measures to support the innovation and development of the artificial intelligence industry in the healthcare sector for 2026-2027 [4]. Company News - Tianpu Co., Ltd. announced a cumulative stock price increase of 718.39% from August 22 to December 30, leading to a suspension for verification [5]. - Zijin Mining announced a projected net profit increase of 59%-62% for 2025, driven by rising sales prices of gold, copper, and silver [5]. - Wuzhou New Spring reported a recent reduction of 2.73% in total share capital by its controlling shareholder [5]. - Superjet Co., Ltd. announced the completion of its controlling shareholder's reduction plan [5]. - Jinpan Technology signed a contract for an overseas data center project worth approximately 696 million yuan [5]. - Shengxin Lithium Energy plans to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan, with the latter's lithium mine under development [5]. - Mindray Bio-Medical Electronics announced a cash acquisition of 100% of Wuhan Bikaier Rescue Supplies Co., Ltd., expected to constitute a major asset restructuring [5]. - China National Airlines plans to purchase 60 Airbus A320NEO aircraft at a total catalog price of approximately 9.53 billion USD, with deliveries scheduled between 2028 and 2032 [5].