Core Viewpoint - Multiple factors support the performance of Chinese equities, maintaining a tactical overweight view on A/H shares [1] Group 1: Market Conditions - Global risk appetite has significantly declined, leading to increased asset volatility and panic selling, which has greatly released micro trading risks [1] - The importance of economic growth at the start of the 14th Five-Year Plan is highlighted, with an approaching policy window period suggesting the market may establish new expectations [1] Group 2: Regulatory Environment - The regulatory authorities show strong determination and action plans to stabilize the capital market in the short term [1] Group 3: Valuation and Investment Outlook - Factors that previously caused valuation discounts in the stock market have been alleviated, with tail risks decreasing and the stabilization of RMB assets [1] - The Chinese capital market is in a cycle of valuation recovery and significant development, with potential for substantial upside [1] - Chinese equities offer a higher risk-return profile compared to other major asset classes [1]

2025年12月1日，众生药业（股票代码：002317）在公司会议室接待了机构调研，国泰海通证券股份有 限公司、上海睿郡资产管理有限公司分析师及研究员参与了现场交流。公司董事会秘书杨威、证券事务 代表陈子敏就核心产品进展、临床研发及商业化战略等问题与机构进行了深入沟通。 核心产品进展：昂拉地韦片全球首款优势显著，商业化路径清晰 研发战略升级：加码众生睿创持股，强化创新布局 调研中，公司明确表示将持续聚焦呼吸系统、代谢性疾病领域，通过增持控股子公司众生睿创股权强化 研发协同。众生睿创作为公司创新转型的核心平台，专注于上述领域创新药研发与商业化，此次持股比 例提升后，公司将进一步整合资金、资源与管理优势，加速推进在研项目落地。 早研管线方面，公司已布局多个差异化项目：呼吸系统领域，针对呼吸道合胞病毒（RSV）的小分子药 物已确定临床前候选化合物（PCC），国内尚无同类药物获批；代谢领域，超长效GLP-1/GIP/GCG三受 体激动剂RAY0221已进入临床前研究，同时探索Amylin类多肽、口服GLP-1RA小分子等前沿赛道，持 续丰富管线梯队。 公司强调，本次调研未涉及应披露重大信息，未来将继续以"高质量、加速 ...

Core Viewpoint - The Guotai Junan Zimeng team has achieved significant recognition in the food and beverage research sector, winning the title of "Best Analyst in the Food and Beverage Industry" at the 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Awards, reflecting their deep understanding of consumer trends and a mature research framework [1][2]. Group 1: Team Performance - The Guotai Junan Zimeng team moved from second place in the 2024 awards to first place in 2025, indicating a strong competitive potential and improvement in research capabilities [2]. - The competition landscape changed significantly, with the GF Securities team ranking second and Huachuang Securities team dropping to fourth place [2]. Group 2: Award Details - The Guotai Junan team members include Zimeng, Yan Huijing, Xu Yang, Yao Shijia, Li Yao, Cheng Biheng, Zhang Yuxuan, Chen Liyu, Li Meiyi, Pang Yuze, Miao Xin, Zhang Jiaying, Yang Liu, Yan Qinghui, and Li Yibing [1]. - The awards highlighted the top teams in the food and beverage sector, with Guotai Junan taking first place, GF Securities second, and Changjiang Securities third [3]. Group 3: Industry Insights - The Zimeng team believes that the liquor industry is currently undergoing a rapid clearing adjustment phase, with inventory levels decreasing and stock prices potentially rising amidst market pessimism [9]. - The beer industry is expected to clear earlier than the liquor sector, with increasing differentiation within the industry, suggesting investors should focus on regionally competitive beer leaders [9].

智通财经APP获悉，国泰海通证券发布研报称，维持钢铁行业"增持"评级。长期来看，产业集中度提 升、促进高质量发展是未来钢铁行业发展的必然趋势，具有产品结构与成本优势的钢企将充分受益;在 环保加严、超低排放改造与碳中和背景下，龙头公司竞争优势与盈利能力将更加凸显。 国泰海通证券主要观点如下： 需求环比下降，库存环比下降 上周(本报告中的上周均指2025年11月24日至11月28日当周)五大品种表观消费量为888万吨，环比降 0.69%，同比升1.2%;其中建材表观消费量318万吨，环比降1万吨;板材表观消费量570万吨，环比降5万 吨。五大品种钢材产量855.7万吨，环比增5.8万吨;总库存1401万吨，环比降32万吨，维持低位水平。根 据Mysteel数据，上周全国247家钢厂高炉开工率81.09%，较上一周降1.1个百分点;全国247家钢厂高炉产 能利用率为87.98%，较上一周降0.6个百分点;上周全国电炉开工率60.9%，较上一周降0.64个百分点;上 周电炉产能利用率为52.92%，较上一周升0.51个百分点。库存仍继续下降。 盈利率环比下降 上周45港进口铁矿库存15206万吨，环比增155万吨。上 ...

第七届新浪财经金麒麟最佳分析师荣誉榜出炉，非银金融业第一名为国泰海通证券刘欣琦团队。 新浪财经整理刘欣琦最新研究观点如下： 国泰海通证券刘欣琦：地产对上市险企影响有限，非银板块蓄势待发 本周（11月24日-30日）市场对涉房险企的资产端关注度提升。从历史数据以及交流情况来看，我们认 为目前上市保险公司涉房资产的占比均大幅下降，且资产质量相对此前均有所提升。因此，我们认为地 产对保险公司资产端的影响有限；而从保险负债端来看，越来越多的迹象表明负债端触底回升迹象显 现，2026年开门红将呈现超预期表现。 专题：2025分析师大会：资本市场"奥斯卡"启幕 【相关阅读】第七届新浪财经金麒麟最佳分析师荣誉榜 投资建议：我们预计资负共振推动上市险企26年开门红NBV较好增长，维持行业"增持"评级。 国泰海通证券刘欣琦："报行合一"更进一步，看好非银板块补涨机会 1．经纪业务：本周（17日-23日）日均股基成交额为19257亿元（前值21040亿元）；截至本周末，2025 年两市日均股基成交额19404亿元，同比变动67.05%。 2．投行业务：截至2025年11月21日，IPO和定增承销规模为9526亿元；截至2025年 ...

Core Insights - The financial industry has a high demand for specialized talent who understand both business and technology, which is currently hard to find [1] - Guotai Junan Securities aims to develop a self-cultivation system for talent, encouraging business personnel to actively participate in AI application implementation [1] - The company believes that composite talent will play a crucial role in the large-scale application of future model products [1] Group 1 - The financial sector requires professionals who are proficient in both business and technology, highlighting a gap in traditional educational models [1] - Guotai Junan is exploring a "Finance + AI" talent cultivation model to better align with industry needs [1] - The firm has designed a "business personnel participation mechanism" to lower the technical barriers for employees [1] Group 2 - The initiative aims to empower business personnel to independently address practical issues in their work through AI [1] - Guotai Junan seeks to continuously expand its talent pool by fostering internal practices and innovative mechanisms [1] - The emphasis on composite talent is seen as vital for the future scalability of AI applications within the company [1]

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].