Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top analysts in the food and beverage industry for the 7th Sina Finance Golden Unicorn Awards are as follows: 1. First place: Guotai Junan Securities Research Team, led by Chief Analyst Zi Meng and Co-Chief Analyst Yan Huijing, with team members including Xu Yang, Yao Shijia, and others 2. Second place: GF Securities Research Team, led by Chief Analyst Fu Rong, with team members including Hao Yuxin, Wu Siying, and others 3. Third place: Changjiang Securities Research Team, led by Chief Analyst Dong Siyuan, with team members including Xu Shuang, Fan Chenhao, and others 4. Fourth place: Huachuang Securities Research Team, led by Chief Analyst Ouyang Yu, with team members including Fan Zipan, Tian Chenxi, and others 5. Fifth place: Zheshang Securities Research Team, led by Chief Analyst Yang Ji, with team members including Sun Tianyi, Du Wanze, and others 6. Sixth place: Huaxi Securities Research Team, led by Chief Analyst Kou Xing, with team members including Lu Zhouwei, Wu Yue, and others 7. Seventh place: Dongwu Securities Research Team, led by Chief Analyst Su Cheng, with team members including Guo Xiaodong, Li Yinqi, and others 8. Eighth place: Shenwan Hongyuan Securities Research Team, led by Chief Analyst Lv Chang, with team members including Zhou Yuan 9. Ninth place: Tianfeng Securities Research Team, led by Chief Analyst Zhang Xiaoqian and Co-Chief Analyst Chen Xiao, with team members including Tang Jiaquan, Li Benyuan, and others [3]

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1]. - The results of the 7th Sina Finance Golden Unicorn Elite Analyst selection were announced [2]. Group 2 - The top five teams in the computer industry "Elite Analyst" category of the 7th Sina Finance Golden Unicorn are as follows: 1. Guotai Junan Securities Research Team (Chief Analyst: Yang Lin; Team Members: Yang Meng, Wei Zong) 2. Minsheng Securities Research Team (Chief Analyst: Lü Wei; Team Members: Yang Litian, Guo Xinyu, Ding Chenhui, Zhao Yihua) 3. Dongwu Securities Research Team (Chief Analyst: Wang Zijing; Team Members: Li Kangqiao, Dai Chen, Wang Shijie, Zhang Wenjia) 4. Huachuang Securities Research Team (Chief Analyst: Wu Mingyuan; Team Members: Hu Xin'an, Zhu Xiaoqian) 5. CITIC Construction Investment Securities Research Team (Chief Analyst: Ying Ying; Team Members: Wang Jiahao, Zhang Min) [3].

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top analysts in the non-bank financial sector were recognized, with the following rankings: 1. Guotai Junan Securities Research Team (Chief Analyst: Liu Xinqi) 2. GF Securities Research Team (Chief Analyst: Chen Fu) 3. Huachuang Securities Research Team (Chief Analyst: Xu Kang) 4. Dongwu Securities Research Team (Chief Analyst: Sun Ting) 5. Industrial Securities Research Team (Chief Analyst: Xu Yizhou) 6. Guojin Securities Research Team (Chief Analyst: Xia Changsheng) 7. Changjiang Securities Research Team (Chief Analyst: Wu Yifan) [3]

Group 1 - The 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony was held on November 28, 2025, in Shanghai, gathering over 300 authoritative scholars, fund managers, and top analysts to discuss future opportunities in the Chinese capital market [1]. - The results of the 7th Sina Finance Golden Unicorn Elite Analyst selection were announced [2]. Group 2 - The top five macroeconomic research teams recognized in the 7th Sina Finance Golden Unicorn Elite Analyst Honor Roll are as follows: 1. First place: Guotai Junan Securities Research Team, led by Chief Analyst Liang Zhonghua and co-chiefs Wang Hao and Huang Runan, with a total of nine team members [3]. 2. Second place: Industrial Securities Research Team, led by Chief Analyst Duan Chao, with a total of eight team members [3]. 3. Third place: Minsheng Securities Research Team, led by Chief Analyst Tao Chuan, with a total of three team members [3]. 4. Fourth place: CITIC Construction Investment Securities Research Team, led by Chief Analyst Zhou Junzhi, with a total of twelve team members [3]. 5. Fifth place: Guojin Securities Research Team, led by Chief Analyst Song Xuetao, with a total of three team members [3].

专题：第七届新浪财经金麒麟最佳分析师荣誉榜 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 第四名 国联民生证券研究团队 （首席分析师：吴爽；团队成员：叶鑫） （首席分析师：彭磊；团队成员：杨天昊、宋博、周明頔） 第二名 国金证券研究团队 （首席分析师：杨晨；团队成员：任旭欢） 第三名 东方证券研究团队 （首席分析师：罗楠；团队成员：冯函） 同时，第七届新浪财经金麒麟菁英分析师评选结果隆重揭晓。 第七届新浪财经金麒麟军工行业"菁英分析师"荣誉榜如下： 第一名 国泰海通证券研究团队 （首席分析师：张恒晅；团队成员：陈瑞基、温晓、刘砚菲、牛先智） 责任编辑：郭栩彤 第五名 西部证券研究团队 ...

Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for Inspur Digital Enterprise (00596) with a target price of HKD 13.25, highlighting its plan to raise approximately HKD 4.9 billion through a share placement to enhance R&D in AI and other fields [1] - The company has entered into a placement agreement to issue up to 68 million shares at a price of HKD 7.30 per share, with expected net proceeds of approximately HKD 4.90 billion, allocating about 70% for AI, cloud, and industrial software R&D and 30% for general working capital [1] - The company plans to change its registered office from the Cayman Islands to Hong Kong to simplify compliance and boost investor confidence, which is expected to enhance its market position in Hong Kong [2] Group 2 - The "Inspur Haiyue" large model has been recognized officially and is seen as a significant contributor to the intelligent transformation of state-owned enterprises, demonstrating the company's capabilities in supporting high-quality development and national strategic implementation [3] - The Haiyue model integrates enterprise knowledge bases and best practices, providing a framework for intelligent agent development, visual development configuration, and intelligent dialogue platforms, indicating a broad development space in the field of enterprise service intelligence [3]

Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for Inspur Digital Enterprise (00596) with a target price of HKD 13.25, highlighting its plan to raise approximately HKD 4.9 billion through a share placement to enhance R&D in AI and other fields [1] - The company has entered into a placement agreement to issue up to 68 million shares at a price of HKD 7.30 per share, expecting net proceeds of approximately HKD 4.90 billion, with 70% allocated for AI, cloud, and industrial software R&D and 30% for general working capital [1] - The company plans to change its registered office from the Cayman Islands to Hong Kong to simplify compliance and boost investor confidence, which is expected to enhance its market position in Hong Kong [2] Group 2 - The "Inspur Haiyue" large model has been recognized officially and is seen as a significant contributor to the intelligent transformation of state-owned enterprises, demonstrating the company's capabilities and prospects in this area [1][3] - The Haiyue model has been included in the seventh batch of typical cases for deepening the reform of state-owned enterprises by the Shandong Provincial State-owned Assets Supervision and Administration Commission, indicating its role in promoting high-quality development and supporting national strategies [3] - The model integrates enterprise knowledge bases and best practices, providing capabilities such as intelligent agent R&D frameworks and visual development configurations, indicating a broad development space in the field of enterprise service intelligence [3]

每经头条（nbdtoutiao）——灌水21万亿，高市早苗1.7万亿强化国防！日本负债率已远超债务危机时的 希腊，对美巨额投资致大规模资本外流，"卖出日元成国际趋势" 每经AI快讯，四方达（SZ 300179，收盘价：15元）发布公告称，2025年11月27日，四方达接受国泰海 通证券等投资者调研，公司董事兼总经理高华等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，四方达的营业收入构成为：制造业占比100.0%。 截至发稿，四方达市值为73亿元。 （记者 王晓波） ...

Group 1 - The core viewpoint of the report is that the spin-off of Mandi International from 3SBio is beneficial for both parties, allowing 3SBio to focus on innovative drug development while Mandi concentrates on consumer healthcare products [1] - The spin-off will enhance Mandi's image among customers, suppliers, and potential partners, improving its position for business negotiations and attracting more business [1][2] - Mandi International is recognized as a leading consumer pharmaceutical company in China, with a strong focus on skin health and weight management solutions [2] Group 2 - Mandi has established a leading position in the hair health sector within the skin health industry, with its flagship Minoxidil-based hair loss treatment products ranking first in the Chinese market for ten consecutive years [2] - Revenue projections for Mandi International from 2022 to 2024 are 982 million, 1.228 billion, and 1.455 billion yuan, respectively, with a CAGR of 21.7% [3] - Mandi's gross profit margins are expected to improve from 80.3% in 2022 to 82.7% in 2024, while net profit margins are projected to be 20.5%, 27.8%, and 26.8% for the same years [3]

Group 1 - The core viewpoint of the report is that the spin-off of Mandi International from 3SBio is beneficial for both companies, allowing 3SBio to focus on innovative drug development while Mandi specializes in consumer healthcare products [1] - The spin-off will enhance Mandi's image among customers, suppliers, and potential partners, improving its position for business negotiations and attracting more business [1] - The financial flexibility of both companies will increase, supporting sustainable growth through stable cash flow [1] Group 2 - Mandi International is recognized as a leading consumer pharmaceutical company in China, focusing on skin health and weight management solutions [2] - Mandi has established a leadership position in the hair health sector, with its flagship Minoxidil-based hair loss treatment products ranking first in the Chinese market for ten consecutive years, holding approximately 57% and 71% market shares in 2024 for hair loss and Minoxidil markets respectively [2] - The company is actively expanding into broader skin health and weight management areas to meet the growing consumer demand in China's rapidly developing consumer healthcare market [2] Group 3 - Mandi International has shown stable and rapid revenue growth from 2022 to 2024, with revenues of 982 million, 1.228 billion, and 1.455 billion yuan respectively, resulting in a CAGR of 21.7% [3] - The gross margins for the same period are projected to be 80.3%, 82.0%, and 82.7% [3] - Net profits are expected to increase from 202 million to 341 million and then to 390 million yuan, with net profit margins of 20.5%, 27.8%, and 26.8% respectively [3]