金融工程月报：券商金股2025年12月投资月报-20251201

• The report highlights that in November 2025, the top-performing factors in the broker's gold stock pool were total market capitalization, single-quarter revenue surprise, and SUR, while factors like intraday return, analyst net upgrade magnitude, and analyst net upgrade ratio performed poorly[3][26] - For the year 2025, the best-performing factors were total market capitalization, single-quarter revenue growth, and SUR, whereas EPTTM, expected dividend yield, and BP underperformed[3][26] - The broker's gold stock performance enhancement portfolio achieved an absolute return of -1.06% for the month (20251103-20251128) and an excess return of 1.39% relative to the mixed equity fund index[5][41] - For the year (20250102-20251128), the portfolio achieved an absolute return of 33.65% and an excess return of 4.42% relative to the mixed equity fund index, ranking in the 35.37% percentile among active equity funds[5][41] - The broker's gold stock performance enhancement portfolio has consistently outperformed the mixed equity fund index from 2018 to 2022, ranking in the top 30% of active equity funds each year[12][37][43]