近日，据中国证券监督管理委员会网上办事服务平台信息显示，浙江证监局受理了浙江安特磁材股份有限公司提交的向不 特定合格投资者公开发行股票并在北京证券交易所上市辅导备案的申请，备案时间为2025年12月31日，辅导机构为国信证 券。 | ムオス付帯デムホ | | 排分以涨 | 채널 AM N A | 用受时间 新学校园 | I wound 报自宋里 | ROMAS | | --- | --- | --- | --- | --- | --- | --- | | 北京 天津 | | 浙江安特磁材股份有限公司 国信证券股份有限公司 | | 2025-12-31 辅导备案 | 浙江证监局 辅导备案报告 | 关于浙江安特磁材 ... | | 河北 | H 山西 | 江嘉泰激光科技股份有限 国联民生证券承销保存有限 2025-12-25 辅导备案 | | | 浙江证监局 | 关于浙江嘉泰激光 .. | | 内蒙古 辽宁 | | 公司 | 公司 | | | | 据辅导备案报告披露，国信证券与安特磁材辅导协议签署时间为2025年12月11日。另外，参与辅导工作的证券服务机构还 包括浙江六和律师事务所及天健会计师事务所（特殊普通合 ...

Core Viewpoint - The 26-year bull market is characterized by continued policy easing, an incomplete bull market cycle, and a shift in the market's fundamental recovery and structural dynamics [1][2][20]. Group 1: Unchanging Factors - The policy environment remains accommodative, similar to the 1999 bull market, with a focus on combating deflation through various monetary and fiscal measures [3][4][8]. - Historical patterns of bull and bear market cycles suggest that the current bull market is not yet at its peak, as market sentiment has not reached extreme levels [12][13]. Group 2: Changing Factors - The fundamental recovery is expected to expand from specific sectors to a broader market, supported by increased retail investor participation as the bull market progresses into its later stages [21][22][25]. - The technology sector is anticipated to shift from infrastructure development to application expansion, with traditional assets like liquor and real estate potentially facing revaluation opportunities [42][43].

Core Viewpoint - Guosen Securities (002736) has experienced a slight decline in stock price, closing at 13.12 yuan as of December 31, 2025, down 0.98% from the previous week, with a total market capitalization of 134.372 billion yuan [1] Group 1: Trading Information - On December 29, Guosen Securities recorded a block trade amounting to 4.0214 million yuan [2][7] - Shareholder changes include a reduction by FAW Equity Investment (Tianjin) Co., Ltd., which sold 22 million shares, representing 0.2148% of the total share capital, at an average price of 13.06 yuan per share [2][7] Group 2: Institutional Research Highlights - The company is innovating in investment advisory services by launching a "full account commission" advisory service and introducing products like "Stock Selection Treasure" and "North New Dynamic+" [3][7] - Wealth management business is acquiring clients through offline branches, online platforms, and banks, with an increasing proportion of online channel acquisitions [4] Group 3: Self-Operated Investment Strategy - The company plans to closely monitor changes in fundamentals and market risk preferences, adhering to a prudent investment approach and enhancing its asset allocation-focused investment system [5] Group 4: Asset Management Initiatives - The asset management subsidiary has officially commenced operations, focusing on risk control and compliance management while developing "fixed income+" products such as convertible bonds and derivatives [6] - The company has no immediate plans for capital replenishment but will assess market conditions and policies [6] Group 5: Dividend Policy - Since 2021, the company has maintained a cash dividend payout ratio exceeding 40% for four consecutive years, positioning itself favorably among large listed brokerages [6]

Core Viewpoint - The company emphasizes its commitment to high-quality development and innovation, aligning with national goals for modernization and financial strength, while achieving significant milestones in various sectors [2][5]. Group 1: Achievements and Developments - The company has maintained the highest international credit rating among domestic brokerages (Fitch "BBB+") and has received multiple awards for its governance and sustainable development practices [2][3]. - In the past year, the company has implemented 56 reform measures to enhance its comprehensive financial service capabilities and has successfully completed the acquisition of Wanhe Securities, promoting growth in the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port [3][10]. - The company has expanded its brand influence and received recognition for its governance, including being awarded the "Best Practice Case of the Board of Directors" for three consecutive years [2][11]. Group 2: Strategic Focus Areas - The company is committed to strengthening technology finance, providing a full range of financial services to technology enterprises, and has facilitated the launch of the first private equity science and technology bonds in the country [4][11]. - It has initiated carbon emission trading business to support the "dual carbon" goals and has issued the first green technology innovation bonds in the market [4][11]. - The company is enhancing its digital finance capabilities by embracing emerging technologies like AI, aiming to drive the construction of a "smart" financial platform [4][11]. Group 3: Future Vision - The company aims to become a world-class comprehensive investment bank with a global perspective and local advantages, focusing on serving the real economy and promoting new productive forces [5][12]. - The company plans to deepen its understanding of the Party's economic work and strengthen its leadership in financial services, aligning with the national strategy for building a financial powerhouse [5][12].

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]