【国信金工】券商金股12月投资月报

Group 1 - The core viewpoint of the article emphasizes the performance of the "brokerage golden stocks" and their ability to track the performance of mixed equity funds, showcasing the analytical capabilities of brokerage firms [2][9]. - In November 2025, the top-performing stocks in the brokerage golden stock pool included Blue Cursor, Yanjiang Co., and Suzhou Tianmai, with significant monthly increases [1][4]. - The top three brokerages in terms of monthly returns were Guolian Minsheng Securities, Guoyuan Securities, and Huaxin Securities, with returns of 4.48%, 3.40%, and 0.64% respectively, while the mixed equity fund index and the CSI 300 index both saw negative returns [6][8]. Group 2 - As of December 1, 2025, a total of 41 brokerages released their golden stocks for the month, resulting in 264 unique A-shares after deduplication [21][28]. - The current allocation of brokerage golden stocks is heavily weighted in the electronics (15.38%), basic chemicals (7.96%), and machinery (7.43%) sectors, with notable increases in food and beverage, media, and consumer services sectors [28][21]. - The performance of the brokerage golden stock performance enhancement portfolio showed an absolute return of -1.06% for the month and a return of 33.65% year-to-date, outperforming the mixed equity fund index by 1.39% and 4.42% respectively [36][32]. Group 3 - The article highlights the performance of various selection factors within the brokerage golden stock pool, noting that total market capitalization and quarterly revenue growth rates performed well recently, while analyst net adjustment ratios showed weaker performance [20][16]. - The brokerage golden stock index has been able to track the mixed equity fund index effectively, indicating a strong correlation between the two [9][14]. - The article also discusses the importance of analyst recommendations in increasing market attention for lesser-known stocks within the brokerage golden stock pool [24][22].