招 聘 启 事 团队介绍： 国信金工团队组建于2020年6月，团队目前共有7名成员，研究内容涵盖量化选股、FOF 投资、基金产品研究、行业轮动、资产配置、港股投资、CTA策略等多个方向，研究成 果受到机构投资者的广泛好评。 团队荣誉： 2024年证券时报 • 新财富杂志最佳分析师金融工程第4名 2021年第十九届新财富最佳分析师金融工程第5名 2021年第十五届卖方分析师水晶球奖金融工程 总榜单 第3名（公募榜单第1名） 金融工程分析师 职位介绍： 职位要求： 1、国内外院校数学、计算机、统计、金融工程、金融经济等相关专业硕士及硕士以上 学历的2026年应届毕业生or从事买方/卖方量化研究工作不超过5年的非应届生。 2024 年第十八届卖方分析师水晶球奖金融工程总榜单第3名（公募榜单第2名） 2023年第二十一届新财富最佳分析师金融工程第2名 2023年第十七届卖方分析师水晶球奖金融工程总榜单第2名（公募榜单第2名） 2022年第二十届新财富最佳分析师金融工程第1名 2022年第十六届卖方分析师水晶球奖金融工程总榜单第1名（公募榜单第1名） 2、具备扎实的数理统计知识和建模能力，熟练使用Python、Matl ...

12月2日，上交所披露数据，2025年11月A股新开户238.14万户，环比小幅增长3.1%，同比下降11.75%。 11月A股新开户数浮出水面。 综合来看，2025年前11个月已累计新开2484.02万户，同比增长7.95%，值得一提的是，2024年全年开户数合计为2499.89万 户，这意味着，今年前11个月开户数几乎追平去年全年，仅相差15.87万户。 11月新开户数环比微增 11月的A股市场，在创出阶段新高后迎来了震荡调整，上证指数全月下跌1.67%，深证成指和创业板指月度跌幅分别为2.95%和 4.23%，市场结构性分化显著。 在市场连续调整之下，11月A股新开户数表现如何？ 上交所披露详细数据，2025年11月A股新开户238.14万户，比10月230.99万户增长3.1%，较去年11月开户数269.84万户下降 11.75%。 具体而言，今年1月份开局平稳，当月新开户数为157万户；2月份环比大幅增长，达到283.59万户；3月份进一步增长，达到 306.55万户；今年4月份受当月A股市场整体调整的影响，新开户数下降至192.44万户；5月份受假期影响进一步回落至155.56 万户；6月份则小幅 ...

Core Insights - The "19th Shenzhen International Financial Expo and 2025 China Financial Institutions Annual Conference" highlighted opportunities and paths for high-quality development in the securities industry amidst new challenges [1] Group 1: Asset Management Industry Dynamics - The discussion emphasized the importance of public fund licenses for securities asset management, influencing business models and strategic layouts [2] - Companies like Caitong Asset Management have developed a diversified business model with a focus on active management and a dual-license approach, while still aiming to enhance client experience [2] - Huazhong Securities has focused on refining its private fund offerings despite not having a public fund license, achieving positive results through product diversification and investment capability enhancement [2][3] Group 2: Competitive and Cooperative Landscape - The relationship between securities asset management and other financial institutions is evolving from pure competition to a mix of competition and cooperation [4] - Securities asset management is positioned to serve high-net-worth clients and non-bank institutions, leveraging unique product offerings and asset allocation capabilities [4] - The challenges faced by bank wealth management present opportunities for securities asset management to collaborate and expand their client base [4] Group 3: Strategic Development and Value Creation - Securities asset management should leverage its strengths in fixed income, FOF, and derivatives to enhance risk-adjusted returns and improve client experiences [5][6] - The unique "brokerage gene" of securities asset management can be transformed into sustainable productivity, driving internal growth and enhancing service offerings [7] - Effective asset-liability management and a focus on client needs are crucial for the long-term success of securities asset management [8]

Core Viewpoint - Guosen Securities has launched the "Xinzhi Diagnosis" full-account fund diagnosis tool in collaboration with Morningstar, marking a significant breakthrough in the post-sale service of public funds, aimed at assisting investors in their fund investments [1][3]. Group 1: Investor-Centric Approach - The collaboration between Guosen Securities and Morningstar aims to explore new models for post-sale services in public funds, focusing on investor needs [2]. - Guosen Securities is a large national comprehensive securities company with over 10,000 employees, excelling in client service capabilities and holding pilot qualifications for public fund advisory services [2]. Group 2: Features of "Xinzhi Diagnosis" - "Xinzhi Diagnosis" allows for the import of E-account files, making it easier and more accurate for investors to access their holding information [4]. - The tool provides a comprehensive account diagnosis report that penetrates user holdings at a deeper level, utilizing Morningstar's global stock industry classification system for consistent analysis across different countries and regions [5]. Group 3: Service System and Support - Investors using "Xinzhi Diagnosis" not only receive a diagnosis report but also have the opportunity to access designated share advisory services from Guosen Securities' fund advisory brand, "Guosen Xinzhi Investment" [6]. - The service is designed to provide tailored support for public fund investors, combining online and offline resources to create a more comprehensive post-sale service system [6][7]. Group 4: Strategic Positioning - The launch of "Xinzhi Diagnosis" represents an important strategic move for Guosen Securities in the buy-side advisory service sector, aiming to provide systematic professional services to a broader range of public fund investors [7].

Core Points - The company Yongxin Zhicheng (688244.SH) reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 142 million yuan, down 17.72% year-on-year, and a net loss attributable to shareholders of 54.85 million yuan [1] - In 2024, the company achieved a revenue of 356.33 million yuan, a decrease of 9.99% compared to the previous year, and a net profit of 8.48 million yuan, down 72.73% year-on-year [2][3] - The net cash flow from operating activities for 2024 was -46.30 million yuan, worsening from -18.55 million yuan in the previous year [2][3] Financial Performance - For the first three quarters of 2025, Yongxin Zhicheng's revenue was 142 million yuan, with a net profit of -54.85 million yuan and a net cash flow from operating activities of -48.41 million yuan [1] - In 2024, the company reported a revenue of 356.33 million yuan, a net profit of 8.48 million yuan, and a net cash flow from operating activities of -46.30 million yuan [2][3] - The net profit excluding non-recurring gains and losses for 2024 was -2.06 million yuan, compared to a profit of 11.03 million yuan in the previous year [2][3] Fundraising and Use of Proceeds - Yongxin Zhicheng raised a total of 575.91 million yuan, with a net amount of 506.05 million yuan after deducting issuance costs, which was 34.17 million yuan less than originally planned [4] - The company initially aimed to raise 847.73 million yuan for various projects, including a network security training program and a high-performance cloud technology project [4]

Core Insights - The article highlights the transformation of education in Dahu Town, driven by a collaborative support team from Shenzhen Women's Federation, Shenzhen Customs, and Guosen Securities, focusing on the principle of "talent revitalization, education first" [1][3] Group 1: Hardware Improvements - The support team coordinated funding to build standardized facilities such as a plastic track and basketball court, updated teaching equipment, and improved classroom lighting [3] - Over 2.3 million yuan (approximately 230,000 USD) has been invested in materials and funds to enhance educational resources [1][3] Group 2: Mental and Emotional Support - The "Sunny Childhood" project was implemented to provide psychological counseling and educational courses, helping left-behind children become more confident and expressive [3] - Activities like picture book reading were organized to foster emotional growth and social skills among students [3] Group 3: Smart Education Initiatives - The team collaborated with Tencent to donate 30 laptops for teachers and established a teaching platform to share quality courses [3] - A rural ocean library was built with funding from the Ocean Foundation, along with various educational activities to stimulate student interest [3] Group 4: Future Plans - The support team aims to deepen long-term mechanisms, shifting from "resource input" to "capacity enhancement" [5] - Plans include optimizing existing projects, expanding scholarship coverage, and exploring the integration of agriculture, culture, tourism, and education to develop research courses [5]

Core Viewpoint - Food stocks are rising, with companies like Anji Food, Huifa Food, and Haixin Food leading the gains. The outlook for the food and beverage sector is optimistic for 2026, driven by several key factors [1]. Group 1: Market Trends - As the end of the year approaches, institutions are positioning for the new fiscal year, with a bullish outlook for the food and beverage sector in 2026 [1]. - The sector is expected to exhibit dividend characteristics, indicating that there is still room for valuation growth [1]. - Consumer (C-end) spending remains the fundamental basis of the industry, but business (B-end) and commercial scenarios may recover more quickly [1]. Group 2: Sector Analysis - There is a structural differentiation in consumer goods, with the leisure snack segment continuing to thrive, while soft drinks are entering a low season [1]. - Leading companies are maintaining stability and actively developing new growth avenues [1]. - The dairy industry is approaching a supply-demand improvement inflection point, with deep processing production gradually coming online, which is expected to enhance the performance and profit elasticity of upstream dairy farming and midstream dairy companies [1]. Group 3: Competitive Landscape - The post-pandemic restaurant industry is experiencing demand pressure, shifting from incremental competition to stock competition, leading to a price-driven volume strategy among companies [1]. - It is anticipated that supply will clear before demand starting in 2024, with corporate performance stabilizing by the third quarter of 2025 [1]. - Companies are leveraging product innovation, channel expansion, and strategic adjustments to capitalize on their advantages, initiating effective differentiation competition supported by brand and customer strengths [1].

股指期货持仓日度跟踪 投资咨询业务资格： 2025 年 12 月 2 日星期二 证监许可【2011】1292 号 联系信息： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2509 | 总持仓小幅上升 | 国君多头增仓超 1000 手 | | 上证 | 50 | IH2509 | 总持仓小幅上升 | 中信多空头各增仓超千手 | | 中证 | 500 | IC2509 | 总持仓小幅下降 | 中信多空头各减仓 2000 手以上 | | 中证 | 1000 | IM2509 | 总持仓小幅下降 | 中信多空头各减仓超 3000 手 | -3,201.0 1,252.0 -4,945.0 -10,392.0 2,426.0 2,830.0 -3,110.0 -6,814.0 -12,000 -10,000 -8,000 -6,000 -4,000 - ...

Core Insights - The report indicates a significant net redemption of 40.51 billion yuan in stock ETFs during the week of November 24 to November 28 [1] - Among broad-based ETFs, the Shanghai 50 ETF saw the highest net subscription of 2.56 billion yuan, while the consumer sector ETF experienced the least net redemption of 734 million yuan [1] - The dividend ETF had the highest net subscription among thematic ETFs, amounting to 1.236 billion yuan [1] Group 1: ETF Performance - The report highlights that the valuation percentiles for the ChiNext ETFs are relatively low compared to other categories [1] - In terms of sector performance, the consumer and large financial sector ETFs have moderate valuation percentiles [1] - Among specific themes, the liquor ETF is noted to have a relatively low valuation percentile [1] Group 2: Bond Market Activity - Despite recent adjustments in the bond market, the Sci-Tech bond ETFs remain active and continue to attract capital [1] - Data from Wind shows that on November 28, the Sci-Tech bond ETF had the highest net inflow of funds, reaching 1.436 billion yuan, with Tianhong's Sci-Tech bond ETF attracting over 100 million yuan [1]

Core Viewpoint - Junsheng Electronics (均胜电子) is set to be included in the Hong Kong Stock Connect, which will significantly enhance its stock liquidity and provide investors with a more convenient allocation channel [1] Group 1: Market Position and Growth Drivers - Junsheng Electronics is a leading provider of smart automotive technology solutions, with a strong market position in automotive electronics and safety solutions, serving over 100 global automotive brands [2] - The company’s automotive safety business ranks second globally, while its intelligent cockpit domain control ranks fourth globally and second in China [2] - In 2024, the company expects 74.7% of its sales to come from overseas, supported by a robust order structure with a total lifecycle value of new projects amounting to 839 billion yuan [2] Group 2: Innovation and Product Development - The company is strategically positioned in key areas of automotive electronics, including intelligent cockpits, driving, and connectivity, with innovative products like the JoySpace+ immersive cockpit gaining international attention [3] - Collaborations with companies like Momenta for advanced projects in intelligent driving and the development of high-voltage fast-charging products are part of the company’s innovation strategy [3] Group 3: Robotics Business and Future Growth - Junsheng Electronics is leveraging its automotive parts R&D and manufacturing advantages to establish a robotics solutions system, including AI components and controllers [3] - Strategic partnerships with companies such as Zhiyuan Robotics and Alibaba Cloud aim to enhance the company's robotics capabilities and create a closed-loop iteration model [3] Group 4: Investment Logic - The inclusion in the Hong Kong Stock Connect is expected to activate the market vitality of Junsheng Electronics, with strong investment logic based on its leading position in automotive electronics and safety, advantages in new energy orders, and growth potential in the robotics sector [4]