证券代码：601788 股票简称：光大证券 公告编号：临 2025-035 H 股代码：6178 H 股简称：光大证券 光大证券股份有限公司 议案表决情况：同意 13 票，反对 0 票，弃权 0 票。 1 三、审议通过了《关于修订部分董事会专门委员会议事规则的议 案》，同意修订《光大证券股份有限公司风险管理委员会议事规则》 《光大证券股份有限公司薪酬、提名与资格审查委员会议事规则》《光 大证券股份有限公司战略与可持续发展委员会议事规则》。 第七届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 光大证券股份有限公司（以下简称公司）第七届董事会第十一次 会议通知于 2025 年 11 月 27 日以电子邮件方式发出。会议于 2025 年 12 月 5 日以通讯方式召开。本次会议应到董事 13 人，实到董事 13 人。本次会议的召开符合有关法律、行政法规、部门规章和公司章程 的有关规定。 公司董事经认真审议，通过了以下决议： 一、审议通过了《关于聘任公司副总裁的议案》，同意聘任李振 宇先生为公司副总裁。 ...

光期研究 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2201-2205 2301-2305 2401-2405 2501-2505 2601-2605 -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 04 05 2105-2109 2205-2209 2305-2309 2405-2409 2505-2509 2605-2609 资料来源：Wind，Mysteel, 光大期货研究所 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 5 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | - ...

Market Overview - The market experienced a significant rebound, with major indices rising sharply in the afternoon, led by the financial sector, and the Shanghai Composite Index reclaiming the 3900-point level [1] - Total market turnover reached 1.7 trillion yuan, an increase of over 100 billion yuan compared to the previous trading day, with more than 4300 stocks rising [1] - The Shanghai Composite Index rose by 0.7% to close at 3902.81 points, while the Shenzhen Component Index increased by 1.08% to 13147.68 points [1] Financial Sector Performance - The financial sector showed strong performance, with insurance and brokerage stocks leading the gains; China Pacific Insurance rose over 5% and Zhongyin Securities hit the daily limit [1] - Morgan Stanley, known as the "whistleblower" of A-shares, added China Pacific Insurance to its focus list and raised its target price for A-shares from 70 yuan to 85 yuan, and for H-shares from 70 HKD to 89 HKD [1] Commercial Aerospace Sector - The commercial aerospace sector continued to perform well, with several stocks such as Aerospace Power and Superjet Co. hitting the daily limit [1] - Dongwu Securities indicated that the development of large-capacity, low-cost, and reliable reusable rockets is imminent, with new models expected to launch by the end of 2025, which could accelerate the deployment of low-orbit satellite constellations in China [1] Sector Fund Flows - Main funds focused on sectors such as communication equipment, power grid equipment, and optical electronics, with notable net inflows into stocks like Shida Group and Yongding Co. [2] Regional Economic Development - Fujian Province is planning significant initiatives for its marine economy as part of its 14th Five-Year Plan, aiming to strengthen its maritime development [3] - Wuhan aims to exceed a total economic output of 3 trillion yuan by 2030, with a focus on becoming a national economic center and enhancing its technological innovation capabilities [4] Solar Industry Update - The solar industry chain has seen a reduction in production plans for December across multiple segments, including silicon materials and modules, due to self-discipline measures and insufficient terminal demand [5] - Industry insiders believe that the continued production cuts are essential for resolving supply-demand imbalances and that prices in the solar sector are expected to gradually recover by 2026 [5] Market Outlook - Zhongtai Securities predicts that the index is likely to maintain a volatile pattern in the near term, with robotics and brokerage sectors expected to be key focuses leading up to the Spring Festival [6] - Dongfang Securities suggests that the market remains weak in the short term, advising investors to selectively accumulate technology stocks [7] - Everbright Securities anticipates a potential rebound in the index, particularly in the phosphate chemical sector, coinciding with the upcoming Phosphate-Lithium Industry High-Quality Development Conference [9]

Group 1 - The core viewpoint of the news highlights the strong performance of the Free Cash Flow ETF (159201), which has seen a 1.26% increase and a trading volume exceeding 4.4 billion yuan, leading its category [1] - The ETF has experienced continuous capital inflow for 20 consecutive trading days, totaling a net inflow of 2.106 billion yuan, indicating growing investor interest [1] - The current size of the Free Cash Flow ETF (159201) has reached 7.615 billion yuan with 6.405 billion shares, both marking all-time highs since its inception [1] Group 2 - According to Everbright Securities, the recent rise in the A-share market is driven by multiple favorable factors, including expectations of a Federal Reserve rate cut in December and easing concerns over the AI bubble in the US stock market [1] - The market is expected to remain in a bull phase, but the duration of the bull market may be more significant than the magnitude of the increase, as guided by national policies promoting a "slow bull" [1] - In terms of asset allocation, short-term focus should be on defensive and consumer sectors, as previously lagging sectors may perform better during market fluctuations, particularly high dividend and consumer stocks [1][2]

Group 1 - Chinese brokerage stocks rose in the afternoon, with notable increases: Hongye Futures up 6.1% to HKD 3.48, Guolian Minsheng up 3.9% to HKD 5.6, Huatai Securities up 3.66% to HKD 18.39, Dongfang Securities up 3.27% to HKD 6.95, and Everbright Securities up 2.67% to HKD 9.22 [1] - According to a report by GF Securities, market activity is expected to rebound in 2025, with significant growth in brokerage and margin trading, while self-operated contributions will show differentiated elasticity. The brokerage industry's performance is projected to grow significantly, but valuations may lag [1] - By 2026, with improved expectations of a slow bull market and favorable policies, the industry's ROE is expected to continue rising, and alpha is likely to become more prominent, catalyzing institutional capital allocation [1] - The report suggests focusing on brokerages benefiting from optimized market structures and those that will gain from the accelerated recovery of wealth management and investment banking capital elasticity [1] Group 2 - The important policy window period at the end of the year is approaching, with the Central Political Bureau meeting and the Central Economic Work Conference expected to take place in mid-December, which will outline economic work for 2026 [2] - CITIC Securities indicates that the 2025 Central Economic Work Conference will likely focus on "seeking progress while maintaining stability," addressing consumption expansion, technological innovation, fiscal and monetary coordination, and real estate risk mitigation [2] - The core tasks in the short term will be to stabilize growth and expectations, while mid-term efforts will aim to optimize industrial and investment structures, and long-term goals will focus on building new productive forces and development models [2]

智通财经APP获悉，中资券商股午后走高，截至发稿，弘业期货(03678)涨6.1%，报3.48港元；国联民生 (01456)涨3.9%，报5.6港元；华泰证券(06886)涨3.66%，报18.39港元；东方证券(03958)涨3.27%，报6.95 港元；光大证券(06178)涨2.67%，报9.22港元。 值得关注的是，年底重要政策窗口期临近。按照惯例，12月中上旬将召开中共中央政治局会议和中央经 济工作会议，部署2026年经济工作。中信证券指出，2025年中央经济工作会议大概率在"稳中求进"总基 调下，从消费扩张、科技创新、财政货币协调、房地产风险化解等方面形成系统部署。短期稳增长、稳 预期是核心任务，中期推动产业与投资结构优化，长期着力构建新质生产力和新发展模式。 消息面上，广发证券研报指出，2025年市场活跃度回升，经纪两融高增，泛自营贡献分化弹性，券商业 绩高增但估值滞涨。2026年随着慢牛预期改善、政策利好，行业ROE持续提升，alpha有望更加突出， 催化机构资金增配。该行认为，行业景气度持续上行，春季躁动有望打开估值修复窗口期。建议关注受 益于格局优化主线、以及受益于泛财富管理提速回暖、投行 ...

Market Overview - The Shanghai Composite Index rose by 0.71%, the Shenzhen Component Index increased by 1.11%, and the ChiNext Index gained 1.04% as of 14:02 [1] Key Factors Influencing Market Movement - Signals of capital market opening: The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized in a People's Daily article the need to "steadily expand high-level institutional opening of the capital market," including improvements to the Qualified Foreign Institutional Investor system, which enhances expectations for foreign capital inflow [1] - Increased probability of Federal Reserve rate cuts: U.S. economic officials hinted at a possible 25 basis point rate cut in December, with market betting probabilities reaching 89%. This led to a significant rise in the Dow Jones by 400 points overnight, a weaker dollar, and a shift of global funds towards emerging markets. A-shares, being high beta assets, are expected to benefit from the anticipated external liquidity easing [1] - Focus of main funds on high-growth sectors: Key sectors such as optical communication, CPO, and commercial aerospace saw net inflows from main funds, with leading stocks like Changguang Huaxin hitting the daily limit and reaching historical highs, thereby strengthening the technology growth style [1] Sector Performance - Financial stocks experienced a midday surge, with notable increases in companies such as Ruida Futures, Chuangshi Technology, Weidun, Huijin Shares, and Bank of China Securities [1] Market Outlook - According to Everbright Securities, the index is expected to rebound as it shows signs of bottoming out with reduced trading volume, aligning with the classic volume-price signal characteristic of "low volume indicating low price" [1]

Core Viewpoint - The expectation is that major central banks will maintain accommodative policies in the first half of 2026 to stabilize the economy, with potential support for emerging markets and Hong Kong stock markets [1] Group 1: Economic Outlook - The U.S. tariff policy and record number of government shutdown days are expected to have a short-term impact on market sentiment [1] - A potential interest rate cut in the U.S. in the first half of next year is anticipated to support capital flows into emerging markets [1] Group 2: Market Predictions - There is an opportunity for the Hang Seng Index to exceed 30,000 points again next year [1] - Key sectors to watch for investment opportunities in 2026 include Chinese financials, smart technology, energy and non-ferrous metals, and local financials [1]

受益于化工品持续涨价潮，作为关键原材料的磷矿石价格持续高位运行。据百川盈孚数据，12月2日， 国内30%品位磷矿石市场均价为1016元/吨，28%品位磷矿石市场均价为945元/吨，25%品位磷矿石市场 均价为758元/吨。 东方证券认为，1）储能增长对磷矿需求拉动效应提升：在全球能源体系出现重大变革的当下，储能行 业的发展进一步使得磷资源成为能源转型中的重要载体。从粮食安全到能源安全，磷矿价值也正迎来新 的重估。2）磷矿石供给侧议价能力提升增强紧平衡持续性：市场对磷矿景气一直以来的担忧主要在于 磷矿自2021年景气上行至高位后，未来大量新增项目的供给陆续释放会带来磷矿景气高位崩塌的风险。 虽然近两年磷矿景气的依旧坚挺以及磷矿大型项目进展的不确定性一定程度上缓解了市场的担忧，但部 分投资者对磷矿未来景气的判断主要还是高位震荡后下行。3）储能增长下磷产业链景气预期曲线有望 上修：基于对未来储能出货增速的情景测算，即使不考虑磷矿下游大头农业等传统需求的增长潜力，在 设定的未来储能高增情景下，储能对磷矿石需求的拉动效应将超过动力领域，接力成为新的磷产业链需 求核心增长动能。 光大证券认为，1）6月开始进入磷酸一铵及磷 ...

Group 1 - The core point of the article is that the wave of securities firms applying for public fund licenses has come to an end, with all applications withdrawn by November 28, 2025, marking the conclusion of this "application frenzy" [1] - The approval process for public fund licenses was initially stimulated by the implementation of the "Supervision and Administration Measures for Publicly Raised Securities Investment Fund Managers" in May 2022, which relaxed restrictions on the number of licenses held by the same entity [1][2] - In 2023, there was a peak in applications, with six securities firms submitting requests, but by late 2023, all applicants had withdrawn their applications, indicating a complete retreat from the public fund license pursuit [1][2] Group 2 - The shift away from seeking public fund licenses is attributed to the recognition that securities asset management firms can pursue alternative paths beyond public fund licenses, focusing on differentiation and collaboration as key strategies [2] - Securities asset management firms are expected to concentrate on high-net-worth clients and non-bank institutions, utilizing various financial instruments such as ABS, REITs, and quantitative tools to develop multi-asset and multi-strategy businesses [2] - The unique advantage of securities asset management firms lies in their "securities firm gene," which can be transformed into sustainable productivity through collaboration across the entire business chain [2] Group 3 - Currently, 14 securities firms or their asset management subsidiaries hold public fund licenses, but most of them are considered "mid-tier" or "lower-tier" in terms of asset management scale [3] - According to Wind data, only Dongfanghong Asset Management has over 200 billion in managed assets, while most firms manage around 100 billion, ranking between 60th and 100th in the industry [3] Group 4 - The financial performance of 12 securities asset management firms in the first half of the year shows mixed results, with nine firms reporting year-on-year revenue growth [4][5] - Notably, Xingsheng Asset Management led with over 40% revenue growth, while Huatai Securities Asset Management achieved the highest net profit of 713 million [5] Group 5 - The retreat from public fund license applications reflects a reassessment by securities firms regarding the public fund sector, shifting from impulsive expansion to a more calculated cost-benefit analysis [6] - For those already in the market, the challenge lies in finding differentiated development paths to transition from merely holding a license to achieving genuine profitability in a competitive environment [6]