专题：资金已开始"抢跑"？券商预判2026年A股"春季躁动"或提前上演 435万元年薪为何仍不满？艾比森实控人丁彦辉回应"反对自己当董事长"：薪酬分配不科学、不合理， 要从自己开始进行改革 每经记者|吴泽鹏 王晶 每经编辑|廖丹 "我们公司和其他上市公司相反，现在是没人想减持，导致股权结构僵化。" 12月2日晚，艾比森（SZ300389，股价16.01元，市值59亿元）实际控制人、董事长丁彦辉在接受《每日 经济新闻》记者电话专访时，首次深度回应了其投票反对自己连任董事长的罕见举动。 他坦言，议案中写明的"对董事长岗位薪酬不满意"仅是表面理由，更深层的原因是公司治理结构、利益 分配机制及薪酬分配机制存在问题。 "我要下决心改革。从我开始。"丁彦辉说道。 几日前，艾比森发布公告，其第六届董事会第一次会议审议通过了多个议案，但在选举第六届董事会董 事长的议案中，丁彦辉本人投了反对票，理由是"对董事长岗位薪酬不满意"。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 艾比森2024年年报显示，丁彦辉当年从公司获得的税前报酬总额为435.56万元（包含员工持股计划的本 金和收益173.99万元 ...

Core Viewpoint - The recent board meeting of Aibisen highlighted a significant governance issue, as founder Ding Yanhui cast the only dissenting vote against the election of the new chairman, citing dissatisfaction with the chairman's compensation as the reason [1][3]. Group 1: Governance and Shareholder Structure - Ding Yanhui's dissenting vote was later clarified to reflect his concerns about the company's governance structure and incentive mechanisms rather than just salary dissatisfaction [4]. - He expressed that the company's ownership structure is overly concentrated, making it difficult for institutional and retail investors to participate effectively [6]. - Ding has been actively increasing his stake in the company, having acquired 41 million shares through a private placement in 2022, funded by a personal loan of 260 million yuan [6]. Group 2: Financial Performance - Aibisen reported strong financial results for the first three quarters of 2025, with revenue reaching 2.872 billion yuan, a year-on-year increase of 5.66% [6]. - The net profit attributable to shareholders was 185 million yuan, reflecting a substantial year-on-year growth of 57.33% [6]. - The net profit after excluding non-recurring gains and losses was 163 million yuan, showing an impressive growth rate of 107.40% compared to the previous year [6]. Group 3: Industry Context and Leadership - The situation with Ding Yanhui is not an isolated case, as it mirrors instances in other companies where founders have faced challenges in adapting to market changes and governance structures [8]. - The incident serves as a reminder of the need for effective communication mechanisms and reform paths when founder interests conflict with corporate governance [8]. - The governance attempt by Ding Yanhui is viewed as a significant step towards maturity in corporate governance practices [9].

Core Viewpoint - Nestlé is undergoing a significant restructuring, merging its Wyeth Nutrition and Nestlé Infant Nutrition units into a single Nestlé Nutrition business starting January 1, 2026, to enhance growth and consolidate its leadership in the Chinese infant nutrition market [1][9]. Group 1: Business Restructuring - The merger aims to reduce internal competition and leverage the strong brand influence of Wyeth and the operational advantages of Nestlé's infant nutrition team [10][9]. - Joel Seah will lead the newly formed Nestlé Nutrition business [1]. - The restructuring is part of a broader strategy to prioritize high-potential opportunities and foster a performance-oriented culture within the company [13]. Group 2: Market Dynamics - The infant formula market in China is experiencing stagnation, with a growth rate of only 0.6% in Q2 2025, as the new birth rate declines and marriage registrations drop by over 20% in 2024 [4]. - The ultra-premium segment is becoming mainstream, with a 13.3% year-on-year growth in the ultra-premium+ market, while other segments are declining [5]. - Domestic brands like Feihe and Yili have surpassed foreign brands in market share, indicating a shift in competitive dynamics [8]. Group 3: Financial Performance - Nestlé's organic growth rate in the Greater China region was -10.4% in Q3, continuing a downward trend from Q2, highlighting the operational pressures faced by the company [10]. - The overall sales figures for the first nine months of 2025 show a slight decline compared to the same period in 2024, with total sales of 65,869 million Swiss francs [3]. Group 4: Leadership Changes - Recent leadership changes include the appointment of a new CEO, who emphasizes a cautious approach to resource allocation and a focus on growth [12][13]. - The restructuring is being executed under the guidance of the new management team, which includes key personnel with experience in the Southeast Asian market [16][15].

Core Viewpoint - Despite recent fluctuations in the Hong Kong stock market, it continues to attract southbound capital inflows, with A-shares also maintaining strong appeal [1] Group 1: Market Performance - Since the beginning of the fourth quarter, both A-shares and Hong Kong stocks have experienced a decline, with major indices showing significant drops. As of November 27, the Shanghai Composite Index fell by 0.19%, the STAR 50 Index dropped by 12.34%, and the ChiNext Index decreased by 3.29%. In the Hong Kong market, the Hang Seng Tech Index plummeted by 14.06%, while the Hang Seng Index fell by 3.29% [6] - Despite the fourth-quarter pullback, both A-shares and Hong Kong stocks have recorded substantial gains for the year. As of November 27, the Hang Seng Index and Hang Seng Tech Index rose by 29.34% and 25.29% respectively, while the Shanghai Composite Index increased by 15.62% and the STAR 50 Index by 32.54%. The Hong Kong innovative drug sector performed exceptionally well, with related indices showing over 90% growth [6] Group 2: Capital Inflows - There has been a notable trend of capital flowing into ETFs as investors seek opportunities. As of November 27, the top two stock ETFs by net inflow in the fourth quarter were from Guotai Junan Securities and Huabao Securities, with net inflows of 89.51 billion and 59.55 billion respectively. The Huaxia STAR 50 ETF also saw a net inflow of 51.65 billion, ranking third [6][7] - In terms of year-to-date net inflows, various themes such as securities, chemicals, robotics, and banking have been popular, with eight stock ETFs exceeding 10 billion in net inflows. Additionally, 11 cross-border ETFs related to the Hang Seng Tech or Hong Kong Stock Connect have also attracted significant capital, each exceeding 10 billion in net inflows [7] Group 3: AH Share Premium - The AH share premium index has been declining, currently around 120. Historically, A-shares of "A+H" companies have traded at a premium, but now some Hong Kong stocks are outperforming their A-share counterparts. For instance, as of November 28, the Hong Kong-listed NIO's stock price was 472 HKD per share, compared to 373.2 CNY for its A-share [9] - The continuous inflow of southbound capital is influencing the pricing power of Hong Kong stocks, with expectations that the AH premium will return to a more reasonable range as the interconnectivity mechanism improves [10] Group 4: Long-term Outlook - The long-term return outlook for A-shares is positive, with an expected annualized return of 7.7% over the next 10 to 15 years, based on three main drivers: economic resilience, ongoing shareholder return policies, and improved corporate governance [12]

韩国股市在2025年有望创下25年来最大涨幅，KOSPI指数年内累计上涨61%。此轮行情由总统李在明提出的"5000点目标"、全球人工智能热潮以及国 内企业治理改革共同推动。摩根大通和花旗集团近期纷纷上调目标点位，前者将5000点作为基准预期，后者预测2026年底可达5500点。然而，市场对 AI估值过高、散户杠杆交易激增以及指数过度依赖少数权重股等问题表示担忧。 韩国总统李在明在竞选期间提出的"Kospi指数5000点"目标，成为点燃本轮股市行情的政策催化剂。 这一罕见的政治承诺叠加全球AI芯片需求激增， 令三星电子和SK海力士股价飙升，带动整体市场大幅上涨。摩根大通和花旗集团近期纷纷上调目标点位，前者将5000点作为基准预期，后者预测2026 年底可达5500点。 然而，韩国股市涨势过快也引发市场担忧。近半数涨幅来自三星电子和SK海力士两只个股，散户杠杆交易创纪录高位，AI估值泡沫忧虑导致股指上周 五暴跌近4%。 韩国股市今年有望创下25年来最强涨幅，KOSPI指数从年初约2400点暴涨61%，突破4000点大关，表现领跑全球市场。 政治承诺点燃史诗级涨势 韩国交易所本月在巨型屏幕上以醒目黄色字体展示"K ...

Core Insights - The South Korean stock market is expected to achieve its strongest growth in 25 years, with the KOSPI index surging 61% from around 2400 points at the beginning of the year to surpass 4000 points, leading global markets [1][3] - President Yoon Suk-yeol's commitment to push the KOSPI index towards 5000 points has been a catalyst for this rally, coinciding with a surge in global AI chip demand, significantly boosting the stock prices of Samsung Electronics and SK Hynix [1][4] - Major financial institutions like JPMorgan and Citigroup have raised their target levels, with JPMorgan setting a baseline expectation of 5000 points and Citigroup predicting a rise to 5500 points by the end of 2026 [1] Market Dynamics - Nearly half of the market's gains are attributed to Samsung Electronics and SK Hynix, raising concerns about the rapid increase in stock prices and record-high retail investor leverage, which contributed to a nearly 4% drop in the index last week due to AI valuation bubble fears [3][5] - The KOSPI index's recent milestone of 4000 points was celebrated as a remarkable achievement, especially given the previous market conditions influenced by governance issues and a "Korea discount" [4] Valuation and Governance - Despite the significant rise, analysts remain optimistic, citing that the AI-driven demand could initiate a "super cycle" for Korean chip stocks, with Samsung and SK Hynix still having relatively low forward P/E ratios of 10x and 7x, compared to the regional tech average of 16x and Nvidia's 27x [5][6] - The key to sustaining the next phase of growth lies in further corporate governance reforms, with investors closely monitoring legislative progress on reducing dividend tax rates and mandatory stock buyback votes [5][7] Risks and Concerns - There are concerns regarding the execution of governance reforms, as Samsung Electronics has yet to disclose its specific plans for enhancing shareholder returns [6][7] - The increase in retail investor leverage poses additional risks, with margin trading levels hovering around 26 trillion KRW (approximately 17 billion USD), marking a 50% increase over six months [7]

Core Viewpoint - The seminar on "State-Owned Economy" highlighted the significant role of state-owned enterprises (SOEs) in China's economic transformation, emphasizing their contributions to national strategic missions and the stability of the economic environment for private enterprises [2][3]. Group 1: Role of State-Owned Enterprises - SOEs serve as a leading force in fulfilling national tasks and strategic missions, playing a crucial role in the transformation of the Chinese economy by focusing on safety, foresight, and public service industries [2]. - The essence of state capital in a socialist market economy reflects public, strategic, and instrumental characteristics, distinguishing it from Western notions of state capital as merely a market supplement [2]. - SOEs are described as "cornerstone organizations" that integrate economic functions, political responsibilities, and social construction, demonstrating strong mobilization and organizational capabilities [2]. Group 2: Innovation and Development - During the "14th Five-Year Plan" period, SOEs have significantly enhanced their innovation capabilities, becoming key players in overcoming critical core technology challenges [3]. - SOEs are encouraged to strengthen their mission, build an innovation ecosystem, optimize resource allocation, and increase basic research investment to enhance their innovation capacity [3]. - There is a need to explore new theories for fair market competition participation by SOEs and to improve their role in ESG practices [3]. Group 3: Value and Governance - Current issues of undervaluation of SOEs necessitate the establishment of a new value assessment system that reflects their social value under multiple objectives [3]. - SOEs should focus on strategic security, industry leadership, and public service functions to optimize the layout of state capital and enhance its value [3]. - Governance reforms in SOEs should aim to clarify the boundaries of various governance entities, improve board authorization mechanisms, and promote digital transformation in corporate governance [3].

Core Viewpoint - The Chinese stock market has shown resilience and growth potential despite geopolitical risks and economic challenges, with the MSCI China Index up 36.22% year-to-date as of October 29, 2025 [1][2]. Group 1: Investment Themes - Theme 1: Global Impactful Innovative Companies - China is nurturing globally influential companies, particularly in the healthcare sector, where local pharmaceutical firms are increasingly licensing intellectual property to global firms, leading to potential revenue from royalties [3]. - The cultural export capability of China is also growing, exemplified by the character Labubu, which is gaining international popularity and is expected to generate more overseas revenue than domestic by 2025 [3]. - Theme 2: Diversified Export Markets - China's global export total continues to rise, driven by strong growth in exports to Latin America and emerging Asian markets, indicating potential investment opportunities in companies focusing on non-U.S. markets [4]. - Theme 3: Industries Benefiting from "Anti-Involution" Policies - The Chinese government is implementing policies to address over-competition in various sectors, which may lead to improved pricing and profitability in targeted industries such as solar energy, electric vehicles, and agriculture [5][6]. - Theme 4: Market Share Expansion by Industry Leaders - As the Chinese economy transitions to high-quality development, local industry leaders in sectors like fintech and apparel are seizing opportunities to expand market share despite economic headwinds [7]. - Theme 5: Opportunities from Corporate Governance Reforms - Recent governance reforms in China are enhancing corporate profitability and shareholder returns, with stock buybacks positively impacting earnings per share, presenting opportunities for investors in companies exceeding market expectations in governance [8]. Group 2: Broader Emerging Market Perspective - The Chinese market, often viewed as complex, holds unique advantages and opportunities that can provide excess return potential for investors [9]. - Emerging market equities remain under-allocated and undervalued, with compelling investment stories emerging from sectors like artificial intelligence and structural reforms in countries like India [9]. - Investors are encouraged to look beyond geopolitical concerns and recognize the diversification and growth opportunities presented by China and other emerging markets [9].

Core Viewpoint - The article emphasizes the need for a rational perspective on investment opportunities in the Chinese stock market, which has shown significant growth despite geopolitical challenges and economic slowdowns. The MSCI China Index has increased by 36.22% year-to-date as of October 29, 2025, while the MSCI Emerging Markets Index rose by 30.42% during the same period [1][3]. Group 1: Investment Themes - Theme 1: Companies with Global Influence in Innovation - China has nurtured a number of globally influential companies, particularly in the healthcare sector, where Chinese pharmaceutical firms are increasingly licensing intellectual property to global firms. This trend is expected to generate patent royalties and is less politically sensitive compared to sectors like semiconductors [5][6]. - Theme 2: Companies Diversifying Export Markets - China's global export total continues to rise, driven by strong growth in exports to Latin America and other emerging markets, despite trade tensions with the U.S. Companies focusing on non-U.S. markets may present overlooked investment opportunities [8]. - Theme 3: Industries Benefiting from "Anti-Involution" Policies - The Chinese government has implemented policies to address over-competition, known as "involution," which aim to improve quality of life and promote sustainable economic growth. These policies are expected to positively impact industries such as solar energy, electric vehicles, and agriculture by reducing excess capacity and improving profitability [10]. - Theme 4: Industry Leaders Increasing Domestic Market Share - As China transitions to high-quality development, local industry leaders in sectors like fintech, sportswear, and functional beverages are seizing opportunities to expand their market share, demonstrating resilience against economic challenges [12]. - Theme 5: Opportunities from Corporate Governance Reforms - Recent governance reforms in China aim to enhance shareholder returns and improve corporate governance. Companies with strong governance are likely to generate substantial excess returns, as evidenced by high levels of profitability and stock buybacks in the market [14]. Group 2: Broader Emerging Market Perspective - The article suggests that emerging markets, including China, are often misunderstood but hold unique advantages and opportunities. Investors should recognize the potential for excess returns from companies benefiting from the discussed trends [16][17]. - Emerging market equities remain an under-allocated and undervalued asset class, with compelling investment narratives emerging from sectors like artificial intelligence and structural reforms in countries like India [16].

Market Performance - The Nikkei 225 index reached a historical high of 52434.06 points before closing down 1.74% at 51497.2 points on November 4, while the KOSPI index fell by 2.37% to 4121.74 points, marking the largest decline among Asia-Pacific indices on that day [1][4] - Other Asia-Pacific markets also experienced declines, with the Australian S&P/ASX200 index dropping nearly 1%, and stock markets in Indonesia, Thailand, and Singapore also recording losses [1] Economic Impact - The U.S. government shutdown, which entered a critical week on November 3, is expected to reduce the annualized GDP growth rate by 1 to 2 percentage points in Q4, leading to an estimated economic output loss of $7 billion to $14 billion that cannot be recovered [1] - The strong U.S. dollar has been identified as a factor suppressing equity asset valuations, alongside the recent sell-off of high-flying assets and ongoing trade uncertainties [2] Japanese and Korean Markets - The Nikkei 225 index has seen a cumulative increase of over 15% since early October, with a year-to-date rise of 29.8%, while the KOSPI index surged nearly 72% this year, driven by factors such as corporate governance reforms and AI industry growth [3] - The recent downturn in Japanese and Korean markets is attributed to profit-taking and the strengthening dollar, which raised concerns about market intervention and policy uncertainty [4] Southeast Asian Markets - Despite good performance in October, Southeast Asian markets have recently weakened, with the Thai SET index up 2.77% and the Indonesian JKSE up 1.28% for the month, but facing declines thereafter [5][6] - Vietnam's stock market outperformed its Southeast Asian counterparts, attributed to institutional reforms and foreign investment expectations following its upgrade to emerging market status by FTSE [6][7] Currency and Intervention Concerns - The Japanese yen has been weakening against the dollar, prompting warnings from the Japanese government about potential market intervention, with the yen reaching 154 against the dollar [7] - Market analysts suggest that while the risk of intervention is rising, actual intervention is not expected in the short term, as the last intervention occurred in July of the previous year [7]