12月9日，国信证券发布公告称，董事会已审议通过相关议案，同意推荐顾湘晴担任万和证券总经理人选。 根据中国证券业协会从业人员执业信息，顾湘晴是一名国信证券"老员工"，供职已超过20年。 2014年顾湘晴获批成为国信证券四川第二分公司负责人，后担任四川分公司总经理。2020年左右，顾湘晴回到国信证券总部，历任机构事业部副总裁、资产 托管部总经理。 8月21日，证监会发布批复称，核准国信证券成为万和证券主要股东，核准深圳市投资控股有限公司成为万和证券实际控制人。 ...

狄耐克于2020年11月12日在深交所创业板上市，发行数量为3000万股，发行价格为24.87元/股，保 荐机构为国信证券股份有限公司，保荐代表人为金晶磊、王跃先。 上市首日，狄耐克盘中最高价报83.60元，为该股上市以来最高价。 狄耐克首次公开发行股票募集资金总额为7.46亿元，扣除发行费用后，募集资金净额为6.96亿元。 狄耐克最终募集资金净额较原计划多1920.27万元。招股说明书显示，狄耐克拟募集资金6.77亿元，分别 用于制造中心升级与产能扩建项目、研发中心升级建设项目、营销及服务网络扩建项目及补充流动资金 项目。 中国经济网北京12月12日讯 狄耐克（300884.SZ）2025年三季度报告显示，2025年前三季，公司实 现营业收入4.61亿元，同比下降11.29%；归属于上市公司股东的净利润-159.79万元，同比下降 109.10%；归属于上市公司股东的扣除非经常性损益的净利润-1495.79万元，同比下降6269.25%；经营 活动产生的现金流量净额1335.35万元，同比增长123.26%。 | | 本报告期 | 本报告期比上年 同期增减 | 年初至报告期末 | 年初至报告期末比 上年同期 ...

专题："业绩为王"时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临"降薪" 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！ 近期《基金管理公司绩效考核管理指引（征求意见稿）》（下称《指引》）面向行业征求意见，指引对 基金公司给股东的分红进行约束规定，引发热议。 指引要求，基金公司在加强资本积累、强化投研、风险防范、信息科技、投资者教育与社会责任等方面 投入的前提下，根据基金产品中长期业绩和投资者盈亏情况，审慎确定分红频率与分红比例。对于过去 三年基金产品业绩不佳、投资者亏损较大的，应当适当降低分红频率与分红比例。 根据国信证券2024年报数据，鹏华基金营业收入35.94亿元，净利润7.51亿元。国信证券持有鹏华基金 50%的股权，获得了2.31亿元的分红。即鹏华基金给股东的分红总额为4.62亿元，分红率为61.52%。 依此类推，近十年（从2015到2024），鹏华基金累计净利润69.52亿元，累计给股东分红34.01亿元。近 十年国信证券累计从鹏华基金获得分红17.01亿元。 | | | | 鹏华基金分红率情况 | | | | --- | --- | --- | --- | ...

责任编辑：何俊熹 来源：川商传媒 来源：川商传媒 责任编辑：何俊熹 ...

Core Insights - The Central Economic Work Conference serves as a key indicator for the current economic situation and sets the tone for macroeconomic policies for the following year, emphasizing stability and quality improvement in economic work [2][3] - The policy focus has shifted from short-term stabilization to long-term high-quality development driven by technological innovation, aiming to stimulate endogenous growth [3][4] - The integration of existing and new policies is expected to enhance macroeconomic governance effectiveness, with a clear emphasis on strategic emerging industries such as AI and energy revolution [3][4] Economic Policy Review and Main Lines - The policy tone has evolved from stabilizing growth and employment in 2022 to promoting innovation and structural adjustment in 2023, and further to enhancing quality and efficiency in 2024 and 2025 [4][5] - Fiscal policy has transitioned from a focus on increasing strength to a more targeted approach, emphasizing strategic areas and key livelihoods, while maintaining necessary fiscal deficits and total debt levels [5][6] - Monetary policy is expected to remain moderately loose, with a focus on supporting economic stability, reasonable price recovery, and key sectors such as technology innovation and small and medium enterprises [5][6] Industry Development Dynamics - The concept of "new quality productivity" has become a central theme in recent conferences, with a strong push for the development of strategic emerging industries and future industries [5][6] - The real estate policy has shifted from short-term stabilization measures to long-term structural optimization, focusing on supply-side reforms and the establishment of a long-term mechanism [6][7] - The historical experience indicates that top-level design-driven industrial upgrades are the core engine of structural market trends, with current focuses on AI and energy revolution expected to lead future market investments [3][8] Investment Opportunities - The report highlights that the economic work conference and the five-year plan point towards investment opportunities driven by industrial policies, particularly in technology and innovation sectors [8][11] - The historical patterns of bull markets suggest that industry policies are clear signals for leading sectors, with technology and innovation expected to dominate the market in the upcoming years [11][12] - The focus on innovation-driven growth and the establishment of international technology innovation centers in key regions is anticipated to benefit the technology sector significantly [11][12]

Core Insights - AI has emerged as a revolutionary tool for investment research efficiency, enabling rapid analysis of vast financial texts and automated decision-making in asset allocation and policy analysis, significantly shortening research cycles [2][3] - The historical reliance and data limitations are the core obstacles for AI to generate excess returns, as AI models are trained on historical data and excel at summarizing the past but struggle to predict future structural turning points lacking historical precedents [2][4] - A "human-machine collaboration" model is essential to address model risks and regulatory requirements, as complete reliance on AI's "black box" decisions faces challenges from model failure and increasingly stringent financial regulations [2][10] AI Empowerment in Investment Research - Major Wall Street firms, such as Citadel, have positioned AI assistants as "super co-pilots" for investment managers, focusing on rapid information processing and automated analytical support [3] - AI enhances macro and policy analysis efficiency by deep processing unstructured data, allowing for a comprehensive understanding of policy context and sentiment [3] - In complex asset allocation frameworks, AI optimizes traditional model weight distributions and strategy backtesting by quickly analyzing vast structured and unstructured data to uncover market volatility patterns and asset interrelationships [3] Limitations of AI - AI's retrospective learning model limits its ability to identify future structural turning points that lack historical precedents, as emphasized by Citadel's founder Ken Griffin [4][7] - AI faces inherent challenges in speed of response, prediction accuracy, and model generalization, often referred to as the "impossible triangle" [4][5] - When dealing with assets characterized by long-term trends or non-converging data, AI's predictive capabilities are fundamentally challenged, necessitating the incorporation of forward-looking data to compensate for its retrospective focus [7][8] Risks of AI Models - AI may generate illusory correlations, leading to "hallucination" risks where it produces content that lacks factual basis due to its focus on statistical fluency rather than factual accuracy [8][10] - Over-reliance on limited historical patterns can result in overfitting, where models perform well on training data but fail in real market conditions [8][10] - The "black box" nature of AI conflicts with regulatory demands for transparency and traceability in investment decision-making, creating significant pressure during compliance reviews [10][11] Systemic Risks and Homogenization - Strategy homogenization can lead to resonance risks, where widespread adoption of similar AI models results in correlated trading signals that amplify market volatility during stress periods [11] - The collective failure of models in the face of unknown market conditions can exacerbate downturns, as seen in the "volatility crisis" of 2018, where similar quantitative strategies triggered large-scale sell orders [11] AI's Role in Investment Research - AI is a powerful cognitive extension tool but not a substitute for human cognition, as it lacks the ability to define problems and create paradigms [12][17] - The future investment research paradigm will require deep collaboration between human insights and AI capabilities, with humans taking on roles as architects, validators, and ultimate responsibility bearers [18][19]

智通财经APP获悉，国信证券发布研报称，顺应新消费趋势，挖掘供给升级机会。该行认为2026年大众 品板块有以下投资主线：1)产品及服务的高质价比改造，既包括传统线下门店业态的提质与折扣化改 造，也包括厂商推出品质更优或能彰显个性、提升情绪价值的差异化产品;2)渗透率持续提升的高景气 品种，具备健康属性的品种可在长期持续替代相近品类;3)前期受损较重行业的预期反转，包括酒水、 餐饮行业及牧业;4)个股逻辑主导下业绩确定性较强的标的;5)高股息或高综合股东回报标的。 国信证券主要观点如下： 回顾2025年：内需相对疲弱，行业整体降速 2025年前三季度中国城镇居民人均可支配收入同比增速4.4%，增幅放缓，消费信心未有明显修复，年 中限酒条例亦形成短期扰动。受此影响，2025年食品饮料板块继续表现弱势，2025年年初以来，食品饮 料板块下跌5.3%，跑输沪深300指数19.4个百分点。子板块中，软饮料行业维持相对较高的景气度，零 食行业呈现分化表现，量贩零食龙头继续开店、魔芋零食放量形成局部亮点，相关个股表现良好。 展望2026年：结构性机会仍存，渠道分化、供给升级 在需求总量温和复苏的基本假设下，该行判断大众品仍 ...

智通财经APP获悉，国信证券发布研报称，2026年二代制冷剂履约削减，三代制冷剂配额制度延续， R32、R134a、R125等品种行业集中度高；三代制冷剂品种间转化比例同比增长，企业生产调配灵活性 提升，预计2026年主流三代制冷剂将保持供需紧平衡。制冷剂配额约束收紧为长期趋势方向，在此背景 下，看好R32、R134a、R125等主流制冷剂景气度将延续，价格长期仍有较大上行空间；对应制冷剂配 额龙头企业有望保持长期高盈利水平。此外看好液冷产业对氟化液与制冷剂需求的提升。 国信证券主要观点如下： 三代制冷剂：R32、R125、R134a较2025年初配额有所增加，R143a、R152a、R227ea有所减少，两次 年内配额调整比例合计上调至30%，供给在配额约束下更具灵活性 根据《2026年度氢氟碳化物生产、进口配额核发表》，2026年三代制冷剂生产配额总量为79.78万吨， 相较2025年初生产配额增长5963吨；三代制冷剂内用配额总量为39.41万吨，较2025年初增加4502吨。 分品种看，R32生产配额28.15万吨，增加1171吨，内用配额18.52万吨，增加770吨；R134a生产配额 21.15万 ...

智通财经APP获悉，国信证券发布研报称，全球锡矿新增项目主要集中在2027年及以后，国内主要来自 银漫二期，海外主要来自非洲和欧洲。预计2025-2027年全球锡矿产量分别为28.3/30.8/31.2万吨。半导 体销售同环比仍保持增长，锡的需求预计稳中有升，预计2025-2027年全球需求分别为38.6/39.6/40.1万 吨。2025年全球精锡明显短缺，在资源紧缺和开采成本抬升的作用下，锡价有望进一步上行。 国信证券主要观点如下： 锡是不可或缺的重要小金属，资源稀缺程度逐年加剧 锡具备熔点低、导电导热性较好的特点，且价格相对经济，因此锡焊料一定程度上具备不可替代性，锡 金属是一种不可或缺的重要小金属。截至2024年末全球锡资源储量420万吨，2024年全球锡矿产量30万 吨。由于增储进度比开采进度缓慢，锡的全球储采比从2010年的20年左右下降至2024年的14年，这一储 采比在小金属里属于非常低的水平。全球锡资源储量分布相对集中，中国、缅甸、澳大利亚、俄罗斯、 巴西和玻利维亚锡资源储量分别为100/70/62/46/42/40万吨，前五大资源国储量合计占比76.5%。 预计2025年全球精锡供需约有1 ...

随着中国公募基金规模的不断扩容，"投前热、投后冷"一直是困扰财富管理行业的难题。对于 投资者而言，持有基金数量多、分布散、底仓不清，账户往往成了一本"糊涂账"。 如何为投资者提供全面、深度的账户诊断，厘清基金投资？ 近日， 国信证券联合晨星资讯重磅推出"鑫智诊"全账户基金诊断工具 ，标志着双方在探索"以 投资者为中心"的服务模式上迈出了关键一步。 01 直击痛点： 从 "单只基金" 到 "全账户视角" 传统的基金诊断往往局限于单只产品的业绩回顾，难以从整体账户层面评估风险与配置的合理 性，此次上线的"鑫智诊"，有效解决了账户分析难题。 全账户持仓一键汇总： 针对投资者持仓分散的痛点，"鑫智诊"除支持自主录入外，更 支持导入E账户文件 ，帮助投资者更为便利、准确地汇总其在全市场的公募基金持仓， 实现个人基金资产的全面梳理。 底层标的穿透式分析： 依托晨星全球数据库，"鑫智诊"工具能够识别并穿透用户持仓 的底层标的，而非仅依据基金分类进行简单加总。大类资产分布、区域分布、行业分 布、股票风格分布、债券类型分布、相关度分析、账户综合费用……都能基于底层资 产数据进行精准分析。 02 晨星投顾解决方案专业赋能 区别于 ...