Core Viewpoint - Guosen Securities is optimistic about the brand momentum recovery of Li Ning (02331), predicting net profits for 2025-2027 to be CNY 2.4 billion, CNY 2.68 billion, and CNY 3.06 billion respectively, driven by new products and marketing strategies [1] Industry Overview - The Chinese sports outdoor footwear and apparel market is expected to reach CNY 440 billion by 2025, with a current growth rate of around 6% after experiencing fluctuations due to the pandemic [2] - The market structure is changing significantly, with professional sports categories growing faster than fashion sports, and the market concentration decreasing from 76% in 2019 to 68% in 2025 [2] Company Performance Review - From 2019 to 2021, the company experienced significant growth, with net profits reaching CNY 4 billion in 2021, a 5.6 times increase from three years prior [3] - However, from 2022 to 2024, the company faced challenges due to a cooling of the "national trend" and macroeconomic pressures, leading to a slowdown in revenue growth and a decline in net profit margins [3] - By 2025, the company is expected to recover through inventory management and channel optimization, alongside securing core marketing resources for the 2028 Olympic cycle [3] Product Cycle - The company's leading categories have shifted from basketball and sports lifestyle to running, which is expected to grow at a rate of 25%-45% in 2023-2024, becoming the largest category at 34% [4] - Basketball shoes have stabilized in price after a decline, while the running shoe matrix continues to expand, with new technologies expected to drive growth [4] Channel Strategy - Starting in 2024, the company plans to reduce the number of direct stores and control store sizes, which is projected to improve direct operating profit margins from around 10% in 2023 to mid-double digits by the first half of 2025 [5] - The introduction of specialized stores, such as "Dragon Stores" and outdoor stores, aims to tap into niche markets [5] Marketing Efforts - The company plans to increase its marketing expense ratio to low double digits starting in 2025, focusing on securing core Olympic resources and enhancing exposure for new products through events and athlete endorsements [6] - Social media engagement is also being strengthened, with increases in post frequency, follower count, and interaction metrics [6]

Core Viewpoint - The company emphasizes the importance of strengthening its capital base as a solid support for achieving a leap in industry position, indicating a future focus on capital expansion while currently lacking a specific plan [1] Group 1 - The company plans to comprehensively assess relevant policies and market conditions to further enhance its capital strength [1] - There is currently no clear plan for additional capital injection [1]

Group 1: Company Innovation in Advisory Services - The company is actively promoting innovation in service models and product systems, implementing "full-account commission" advisory services to meet diverse client needs [1] - A new "advisory" service section has been launched on the JinTianSun APP, introducing products like "Stock Selection Treasure" and "North New Dynamic+" [2] - The company has established a wealth management brand "Leading 30," integrating product research, strategy production, and client needs [2] Group 2: Wealth Management Client Acquisition - Client acquisition for wealth management includes offline branches, online platforms, and banks, with online channels increasingly contributing to overall new client acquisition [2] - The quality of client acquisition is continuously improving [2] Group 3: Self-Managed Investment Strategy - The company will closely monitor changes in fundamental and market risk preferences, making investment decisions based on in-depth research [2] - A focus on stable investment and a robust asset allocation investment system is emphasized to enhance investment returns [2] Group 4: Asset Management Company Initiatives - The company’s asset management subsidiary has officially opened, focusing on increasing active management scale while emphasizing risk control and drawdown management [3] - Strategies include enhancing traditional fixed income business while exploring convertible bonds, derivatives, and REITs [3] Group 5: Dividend Policy - The company has maintained a consistent and stable cash dividend policy, achieving over 40% cash dividend ratio for four consecutive years since 2021, leading among large listed brokerages [3] - Future dividend policies will be developed in accordance with regulatory requirements and company bylaws, ensuring consistency and rationality in cash dividends [3]

Core Viewpoint - The report from Guosen Securities indicates a slow recovery in the restaurant industry, with a cumulative year-on-year growth of 3.3% in national dining revenue from January to November 2025, lagging behind the 4.1% growth in retail sales [1][2] Group 1: Restaurant Industry Overview - The restaurant sector is experiencing a weak recovery, with major players employing diverse strategies to seek growth amid supply-side adjustments [2] - The online channel is seeing structural growth, particularly benefiting coffee and fast food segments, although brands are becoming more cautious in their approach to delivery services [2] - Brand building strategies are shifting from creating single-hit products to enhancing supply chain efficiency and focusing on member value [2] Group 2: Market Performance - Year-to-date, leading coffee and tea brands have seen significant stock price increases, with Gu Ming, Mi Xue Group, and Luckin Coffee rising by 185.8%, 45.4%, and 39.2% respectively, driven by increased consumer frequency and enthusiasm from franchisees [2] - Restaurant leaders show varied stock performance, with strong same-store sales and rapid expansion for brands like Guoquan, which increased by 98%, while others like Guangzhou Restaurant and Yum China saw more moderate gains [2] Group 3: Sub-industry Analysis - The ready-to-drink tea segment has benefited from the current delivery subsidy war, with seven listed tea brands reporting a 32.5% increase in revenue and a 58.0% increase in adjusted net profit for H1 2025, further accelerating from 2024 [3] - The restaurant sector's revenue growth has been stable due to various factors, including price reductions and policy disruptions, but net profit for H1 2025 increased by 7.5%, indicating improved operational efficiency [3] Group 4: Investment Framework - The valuation of leading tea and restaurant brands is shifting due to changes in performance expectations, with same-store revenue growth serving as a key valuation anchor [4] - Store expansion rates can amplify valuations, with aggressive expansion during growth periods potentially leading to valuation and performance boosts [4] - New product development is essential for providing fresh momentum, requiring supportive incentive structures to balance interests between new and existing brand teams [4]

Core Insights - The report highlights that the four active quantitative strategies have outperformed the stock-based index this week, with the technology innovation sector leading the gains [1][12] - The report tracks the performance of various active quantitative strategies, including the Excellent Fund Performance Enhancement Portfolio, the Exceeding Expectations Selected Portfolio, the Broker's Golden Stock Performance Enhancement Portfolio, and the Growth Stability Portfolio [12][13] Excellent Fund Performance Enhancement Portfolio - This portfolio achieved an absolute return of 3.01% this week and a year-to-date return of 32.05, ranking in the 48.34 percentile among active stock funds [1][23] - The strategy aims to outperform the median return of active stock funds by utilizing a quantitative approach based on the holdings of top-performing funds [3][19] Exceeding Expectations Selected Portfolio - The portfolio recorded an absolute return of 2.92% this week and 44.40% year-to-date, ranking in the 28.39 percentile among active stock funds [1][31] - It selects stocks based on exceeding expectations events and combines fundamental and technical analysis to identify stocks with strong support [4][24] Broker's Golden Stock Performance Enhancement Portfolio - This portfolio achieved an absolute return of 4.59% this week and 41.60% year-to-date, ranking in the 32.69 percentile among active stock funds [1][38] - The strategy focuses on optimizing a selection of stocks from the broker's golden stock pool to ensure alignment with the performance of active stock funds [5][59] Growth Stability Portfolio - The portfolio achieved an absolute return of 3.07% this week and 55.51% year-to-date, ranking in the 15.80 percentile among active stock funds [2][43] - It employs a two-dimensional evaluation system for growth stocks, prioritizing those closer to their earnings report dates to capture potential excess returns [6][39] Market Performance Overview - The median return for stocks this week was 0.97%, with 63% of stocks rising and 37% falling; for active stock funds, the median return was 2.78%, with 86% rising and 14% falling [2][44] - Year-to-date, the median return for stocks was 23.42%, with 80% rising and 20% falling; for active stock funds, the median return was 31.65%, with 97% rising and 3% falling [2][44]

Core Insights - The company emphasizes the integration of cultural values with business development, focusing on compliance, integrity, professionalism, and stability in the securities industry [1][6] - The successful issuance of technology innovation bonds reflects the company's commitment to supporting innovative enterprises and enhancing financing efficiency in the bond market [2][3] Group 1: Cultural Values and Business Integration - The company has deeply integrated the "守正创新" (Upholding Integrity and Innovation) culture into its technology financial services, making culture a driving force for business innovation [1] - The company aims to enhance its service capabilities to support the national strategy of innovation-driven development and supply-side structural reform [1][3] Group 2: Technology Financial Bonds Issuance - The company acted as the lead underwriter for the issuance of two technology innovation bonds, with "25同创伟业PPN001" at a scale of 300 million yuan and a subscription multiple of 3.37, and "25盛景嘉成PPN001" at 200 million yuan with a subscription multiple of 2.85 [2] - Both bonds received support from the People's Bank of China's risk-sharing tools, improving their credit quality and market recognition [2] Group 3: Regional Economic Development - The company is committed to enhancing its service capabilities to support regional economic development, aligning its growth with local industrial upgrades [3][4] - The establishment of the "芜湖弘盛基金" (Wuhu Hongsheng Fund) aims to invest in strategic emerging industries, focusing on technology-driven enterprises with high growth potential [4] Group 4: Professional Development and Cultural Activities - The company prioritizes professional development as a core competitive advantage, conducting systematic cultural activities to enhance employee skills and cultural alignment [5] - The recent financial technology cultural festival engaged over 1,500 participants and included various activities aimed at fostering professional growth and innovation [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：002736 证券简称：国信证券 公告编号：2025-097 国信证券股份有限公司 第五届董事会第四十七次会议（临时）决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 国信证券股份有限公司（以下简称"公司"）于2025年12月19日发出第五届董事会第四十七次会议（临 时）（以下简称"本次会议"）书面通知。本次会议于2025年12月26日以通讯方式召开。本次会议应出席 董事11名，实际出席董事11名。截至2025年12月26日，公司董事会秘书收到11名董事送达的通讯表决 票。本次会议的召开符合《公司法》等相关法律法规和《公司章程》的规定。 出席会议的董事审议了会议通知所列明的议案，并通过决议如下： 二、审议通过《关于2026年度公司财富管理业务数字化运营费用立项的议案》 议案表决情况：十一票赞成、零票反对、零票弃权。 三、审议通过《关于智算资源池建设项目立项的议案》 议案表决情况：十一票赞成、零票反对、零票弃权。 四、审议 ...

第三，突发事件引发市场急跌时要敢于加仓。突发事件出现时，投资者情绪受到影响，股市往往突然大跌，优质公司短期被错杀，提供了以低价买入好公 司的难得机会，需要行动的勇气。股市急跌后往往又快速反弹，此时是适度减仓、现金比例回到正常值的时机。 11月10日，巴菲特在年度致股东信中宣布于年底正式退休。作为全球最具影响力的投资大师之一，其掌舵的伯克希尔·哈撒韦公司自1965年至2024年累计 收益达55022倍、年化收益率19.9%，显著跑赢同期标普500累计收益390倍、年化收益率10.4%。因为长期卓越的复合收益，巴菲特被誉为"股神"，其出色 的选股能力不言而喻。近两年伯克希尔的现金持仓持续攀升，截至2025Q3比例突破30%。股神的减仓行为值得我们深思。本文通过历史数据回顾分析巴 菲特的择时效果。 1. 伯克希尔有6次明显加减仓 分析伯克希尔季度资产负债表中实际股票持仓变化，需对原始数据进行加工处理。我们主要分析股票持仓与现金头寸两个指标，增持股票+现金占比下降 意味着加仓，减持股票+现金占比上升则代表减仓。 国信证券经济研究所首席经济学家团队发布研究报告称，巴菲特作为一代投资大师，历经多轮牛熊周期且保持卓越收益率 ...

Core Viewpoint - The 2025 Shenzhen Financial Innovation Competition aims to enhance the financial services of local institutions and promote Shenzhen as a globally influential financial center, showcasing the innovation level of the financial industry in Shenzhen [1][4]. Summary by Category Competition Overview - The competition was announced in September 2025, receiving submissions from 113 units with a total of 173 projects [4]. - After various evaluation stages, 30 projects were selected for awards, including 3 first prizes, 6 second prizes, 12 third prizes, 3 most potential awards, 3 best growth awards, and 3 innovation breakthrough awards [4]. Awarded Projects - **First Prize Projects**: - Financial model full-stack self-research technology system and scenario construction project by China Merchants Bank and WeBank [6]. - Hong Kong-Shenzhen cross-border data verification platform [6]. - Agricultural insurance prevention and rescue system based on data elements by Ping An Property & Casualty Insurance [6]. - **Second Prize Projects**: - Cross-border wealth management navigation plan by China Merchants Bank Wealth Management [6]. - New generation derivative rapid trading platform for global markets by CITIC Securities [6]. - Technology financial empowerment plan for new quality productivity development by Bank of China Shenzhen Branch [6]. - **Third Prize Projects**: - AI and multi-data integration service for early-stage technology enterprises by Shenzhen Credit Service [6]. - New employment form ride-hailing driver insurance project by Taiping Property Insurance [6]. - **Most Potential Award Projects**: - "Housing Dream" project for large-scale urban village renovation by the National Development Bank Shenzhen Branch [7]. - New energy "technology + insurance" model construction by Ping An Property & Casualty Insurance Shenzhen Branch [7]. - **Best Growth Award Projects**: - New model for marine pastoral + insurance + N by Taiping Property Insurance [7]. - **Innovation Breakthrough Award Projects**: - "WeChat Quick Compensation" proactive claim model by Weimin Insurance Agency [7]. - Online self-service tax refund mini-program "Xing Shui Tong" by Guangdong Huaxing Bank Shenzhen Branch [7].

Core Insights - The "Shenzhen State-owned Enterprises New Media Information Release Observation List" was launched to evaluate the information dissemination of state-owned enterprises and listed companies in Shenzhen, focusing on reading volume as a key indicator of influence [3] - The November 2025 observation list includes 54 accounts, comprising 31 primary accounts of Shenzhen state-owned enterprises and 23 accounts of listed companies controlled or invested by Shenzhen state-owned assets [3] Group 1: Activity and Engagement - In November, the activity level of primary accounts significantly increased, with over 70% of accounts publishing more articles compared to the previous month [4] - Shenzhen Bus Group led with 80 articles published, an increase of 19 articles, followed by Deep Trading and Special Development Group, which increased by 19 and 16 articles respectively [4][5] - Conversely, some accounts, such as Deep Agricultural Investment, saw a decrease of 11 articles [4] Group 2: Reading Volume - Shenzhen Metro maintained the highest reading volume at 474,000+, despite a significant drop of 394,000+ from the previous month [6] - Guoxin Securities experienced a reading volume increase of 13,804, reaching 171,000+, while Shenzhen Eastern Bus ranked third with 105,000+ [6] - Nearly half of the accounts saw a decline in reading volume, with notable decreases from Shenzhen Metro, Shenzhen Energy, and Shenzhen Airport [6] Group 3: Likes and Recommendations - Shenzhen Metro, Shenzhen Bus Group, and Guoxin Securities ranked highest in likes, receiving 4,543, 2,119, and 1,085 likes respectively [7] - In terms of recommendations, Shenzhen Metro led with 1,577, followed by Shenzhen Bus Group with 1,435 [8] - Several accounts, including Shenzhen Duty-Free and Special Development Group, received very low engagement, with some accounts having zero likes or recommendations [7][8] Group 4: Listed Companies Performance - Among the 23 listed company accounts, over half experienced a decline in article output, with more than 30% reaching a low in activity [21] - Special Information topped the list with 24 articles published, an increase of 16, while China Ping An and Shenzhen Airlines saw significant drops in reading volume [22][23] - China Ping An and Shenzhen Airlines had the highest likes, but both experienced substantial declines in reading volume, indicating a potential challenge in maintaining engagement [24][26]