Core Viewpoint - The 2026 strategy report by Dongfang Caifu Securities indicates a continued revaluation logic for Chinese assets, with expectations of increased allocation to equity markets by both domestic and foreign investors, suggesting significant room for growth in domestic residents' equity asset allocation and the potential for new highs in A-shares [1] Group 1: Market Outlook - The Chinese stock market is expected to experience a "confidence revaluation bull" in 2025, with a market revaluation of technology G2 and the international context of the Chinese stock market, leading to valuation recovery without overheating [1] - A-share earnings are projected to end the downward cycle from 2022 to 2024, with earnings no longer falling below market expectations and signs of bottoming out and recovery becoming evident [1] Group 2: Investment Opportunities - The report highlights three areas of expected divergence: corporate earnings are likely to exceed expectations, advancements in AI in China are anticipated to surpass expectations, and the expansion of "pragmatic cooperation" between China and the U.S. is expected to exceed expectations [1] - There is an optimistic outlook for the Chinese stock market trend in 2026, with expectations of sustained inflow of incremental micro-capital [1] Group 3: Risk Considerations - Attention is drawn to new volatility risk points, particularly regarding U.S. re-inflation and the commercialization race of AI applications [1] - The consensus expectation is for a continuation of the bull market in 2026, but it is emphasized that managing volatility and understanding structural changes will be crucial for achieving excess returns [1]

Core Insights - The 2026 strategy report by Dongfang Caifu Securities highlights the ongoing asset revaluation logic in China, suggesting that both domestic and foreign investments are likely to increase in the equity market, indicating a potential for new highs in A-shares [1] Group 1: Market Outlook - The report anticipates a continued expansion of the AI industry chain's prosperity, alongside a recovery in the Producer Price Index (PPI) year-on-year, which is expected to support a warming profit cycle [1] - There is significant room for improvement in domestic residents' allocation to equity assets, which could lead to a resonance in market dynamics [1] Group 2: Economic Indicators - The current phase of broad de-inventory is expected to stabilize, with the real estate inventory-to-sales ratio returning to historical averages in the second half of the year, suggesting a gradual improvement in traditional economic chains [1] - The report emphasizes that the proportion of "new momentum" in the economy is set to increase further, indicating a shift in economic drivers [1]

Core Viewpoint - The 2026 asset revaluation logic in China is expected to continue, with both domestic and foreign capital likely to increase their allocation to the equity market, indicating a potential for A-shares to reach new highs [1] Group 1 - The 2026 strategy conference held by Dongfang Caifu Securities took place in Lujiazui, Shanghai on November 18-19 [1] - Chen Guo, Deputy Director and Chief Strategist of Dongfang Caifu Securities Research Institute, highlighted the broad potential for domestic residents to increase their allocation to equity assets [1]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 东方财富(300059.SZ)公告称，公司全资子公司天天基金与中国工商银行深圳华强支行合作，公司为天天基金向该行的还款提供担保，承担连带责 任保证，所担保的主债权最高金额不超过8亿元。 ...

证券代码：300059 证券简称：东方财富 公告编号：2025-079 东方财富信息股份有限公司 关于签署最高额保证合同的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、担保情况概述 8、天天基金最近一年又一期的主要财务指标： 单位：万元 因业务发展需要，东方财富信息股份有限公司（以下简称"公司"）全资子 公司上海天天基金销售有限公司（以下简称"天天基金"）与中国工商银行股份 有限公司深圳华强支行（以下简称"工行华强支行"）进行合作，公司为天天基 金根据相关合作协议约定向工行华强支行的还款提供担保，承担保证责任的方式 为连带责任保证，所担保的主债权最高金额不超过8.00亿元。保证期间为自主合 同确定的债权到期或提前到期之次日起三年。2025年11月18日，上述担保相关最 高额保证合同已完成签署。本次担保事项在公司2024年年度股东会授权范围内， 无需再次提交公司董事会及股东会审议。 二、被担保人基本情况 1、公司名称：上海天天基金销售有限公司 2、成立日期：2008 年 12 月 3 日 3、住所：上海市徐汇区龙田路 190 号 2 号楼二层 4、注 ...

核校：杨澎 东方财富证券研究所宏观首席分析师王笑笑带来了《百炼成钢 乘势而上——2026年宏观经济与资产配 置展望》主题演讲。他认为，展望2026年，"十五五"迎来开局，国内宏观政策将持续发力稳经济，财政 政策积极有为，货币政策保持适度宽松，"十五五"重大项目建设推进将提振投资，支持消费政策将接续 发力，海外关税风险也有所缓解，宏观经济将逐渐企稳改善。 东方财富首席科学家、AI总监曹巍博士在《前瞻财富管理：AI驱动下的行业变革与趋势洞察》主题分 享中表示，AI将重塑行业生态，将原本零散的用户信号、基础画像、操作路径、持仓与交易偏好、以 及近期关注与情绪脉络，融成一个不断迭代的认知闭环，形成"用得越久越懂你、越懂你越常用"的飞轮 效应。此外，跨行业AI协作更将延伸至养老金融领域，通过医疗看护与财富管理智能体联动，实现全 天候实时陪伴与动态资产配置，让"私人AI财富管家"成为可能，推动行业从标准化服务迈向深度定制化 的长期陪伴模式。 本次策略会为期两天，除主会场外，另设11个分会场，涵盖宏观、策略、通信、电子、计算机、传媒互 联网、新能源、新消费、家电、汽车、轻工纺服、食品饮料、煤炭有色、公用环保、化工、机械、军 ...

Core Insights - The 2026 strategy conference held by Dongfang Caifu Securities focused on the theme "Intelligent Wave: Rising East," discussing new missions and opportunities in the Chinese capital market [3] - The logic of asset revaluation in China is expected to continue, with both domestic and foreign investments likely to increase in the equity market, indicating potential for new highs in A-shares [9] Group 1: Economic and Market Outlook - Dongfang Caifu Securities' Chief Strategist Chen Guo predicts that the logic of asset revaluation will persist into 2026, with significant room for improvement in domestic residents' equity asset allocation [9] - The macroeconomic environment is expected to stabilize, supported by proactive fiscal policies and continued monetary easing, as well as the advancement of major projects under the 14th Five-Year Plan [11] Group 2: AI and Industry Transformation - The application of AI is seen as a core driver for upgrading China's real economy, transforming the financial system, and deepening the functions of the capital market [8] - AI is anticipated to reshape industry ecosystems, creating a feedback loop that enhances user understanding and engagement, leading to a more personalized service model in finance [11] Group 3: Investment Strategies and Expectations - The market is expected to experience a "confidence revaluation bull market" in 2025, with corporate earnings projected to recover and exceed market expectations [9] - Investors are advised to focus on three key expectations: corporate earnings exceeding forecasts, advancements in AI, and the potential for increased pragmatic cooperation between China and the U.S. [9]

Core Viewpoint - The 2026 strategy conference held by Dongfang Caifu Securities emphasizes the ongoing asset revaluation logic in China, with expectations for increased allocation to equity markets by both domestic and foreign investors, indicating a potential for new highs in A-shares [2][8]. Group 1: Economic and Market Outlook - The year 2026 marks the beginning of the "14th Five-Year Plan," focusing on the transformation towards intelligent, green, and integrated industries, which is central to national development strategy [5]. - The application of AI is seen as a pivotal factor in determining China's new position in the global economy, with expectations for per capita GDP to exceed $20,000 by 2030 and a securities rate surpassing 200% [7]. - The macroeconomic environment is expected to stabilize, supported by proactive fiscal policies and continued monetary easing, alongside significant project construction under the "14th Five-Year Plan" [11]. Group 2: Investment Opportunities - The chief strategist of Dongfang Caifu Securities, Chen Guo, forecasts a "confidence revaluation bull market" in 2025, with corporate earnings expected to exceed market expectations and a recovery from the previous downward cycle [9]. - Key areas of focus for 2026 include potential outperformance in corporate earnings, advancements in AI, and the expansion of pragmatic cooperation between China and the U.S. [9]. - The integration of AI into various sectors is anticipated to create a personalized wealth management experience, enhancing service models from standardized to deeply customized offerings [11].

智通财经APP获悉，东方财富证券发布研报称，今年以来经济运行稳中向好，资本市场整体回暖，带动 前三季度券商业绩显著改善，未来预计在稳增长政策持续发力下流动性仍然有望持续宽松。"十五五"规 划赋予资本市场"财富蓄水池"与"消费放大器"战略定位，政策支持与内在需求正共同推动证券行业向更 高层次发展，行业有望迈向"头部做优做强"与"中小特色化发展"的新格局，以更优的结构、更强的功能 服务资本市场高质量发展。 东方财富证券主要观点如下： 业绩显著改善，各业务线全面开花 在监管明确支持头部机构通过并购重组、组织创新等方式提升核心竞争力的背景下，头部券商迎来了做 优做强的战略机遇期，其发展路径主要表现为三条主线：一是通过外延与内生双重手段实现规模的快速 扩张，2025Q3末前10家上市券商总资产规模同比+28%，跑赢行业水平(25%)；二是推动业务模式向提 升资本效率和经营韧性转型，例如推动重资本业务向客需驱动转型和构建一体化智能生态体系；三是积 极拓展发展边界，布局全球市场与虚拟资产等创新业务。 2025Q1-3我国经济运行整体稳中有进，向好因素累积增多，一级市场股权融资、二级市场股基交易额 同比高增。在此背景下，券商 ...

Group 1: Core Insights - The report from Dongfang Caifu Securities is optimistic about the rapid development of leading internet technology companies and the media sector, driven by favorable policy changes for film companies and well-resourced gaming companies [1] - The media industry has outperformed the market, with the Shenwan Media Index rising by 27.45% as of November 12, 2025, surpassing the Shanghai and Shenzhen 300 Index's increase of 18.07% [1] - The Hang Seng Technology Index has increased by 32.8% year-to-date, attributed to significant inflows of southbound capital and the rapid development of the domestic AI internet industry [1] Group 2: Sector Analysis - The gaming industry maintains high prosperity, with long-standing IP games seeing continuous revenue and user growth, and multi-platform connectivity becoming a new trend [2] - The film industry is experiencing a recovery driven by top films boosting box office revenues, with a rich reserve of domestic and foreign films expected by 2026 [2] - The advertising sector is witnessing moderate growth in spending, with programmatic advertising creating new growth momentum and innovative advertising formats like elevator ads exploring new consumer scenarios [2] Group 3: Cloud Computing and AI Development - The cloud computing market is rapidly growing, with projections indicating that China's cloud computing market will maintain over 20% annual growth for the next five years, potentially reaching over 3 trillion by 2030 [3] - The gap between domestic and international AI capabilities is narrowing, with leading domestic model platforms like Deepseek, Alibaba Qwen, and Tencent Hunyuan achieving significant technological advancements [3]