Xin Lang Cai Jing·2026-01-02 01:16Core Insights - The A-share market in 2025 closed positively, with major indices showing significant gains, and brokerage "golden stock" portfolios delivering impressive results [1] - The top ten brokerage golden stock portfolios achieved returns exceeding 50%, with the highest being Guoyuan Securities at 84.08% [1][5] Brokerage Performance - Guoyuan Securities led with a return of 84.08%, with its best stock being Zhongtung Gaoxin [2][5] - Northeast Securities ranked second with a return of 68.38%, highlighting its best stock as Wukuang Resources [2][6] - Other notable performers include Kaiyuan Securities (67.1%), Huaxin Securities (62.23%), and Dongxing Securities (61.98%) [2] Stock Selection Strategies - Guoyuan Securities focuses on selecting stocks based on China's new economic growth drivers and emerging industries, aiming to identify companies with strong fundamentals and market expectations [5] - Northeast Securities employs a collaborative approach with nearly 30 teams contributing to stock recommendations, emphasizing technology and cyclical sectors [6][7] - Dongguan Securities utilizes a systematic research framework that integrates macroeconomic analysis with industry insights to select high-quality stocks [8] Research Methodologies - Huazhong Securities emphasizes a dual approach, combining top-down macroeconomic analysis with bottom-up stock selection to identify high-potential sectors and individual stocks [9] - The overall performance of brokerage golden stock portfolios in 2025 significantly outperformed previous years, with the lowest return among the top 20 brokerages nearing 40% [5]