（原标题：直击2025证券时报分析师年会：洞见价值荣耀加冕 投研天团苏州论剑） 12月17日，资本圈年度盛会——2025证券时报分析师年会暨最佳分析师颁奖典礼在苏州盛大开幕。 本届年会由证券时报社主办、新财富杂志社承办。为期两天半的活动，亮点纷呈——17日下午重磅揭晓 2025年度最佳分析师获奖名单；18日~19日四大专场论坛相得益彰，汇聚研究智慧，把脉市场趋势，锚 定投资未来。 投研盛会隆重启幕 此外，年会还同步颁发了"远见投资机构"奖。该奖项依据机构对30个研究领域的投票结果与榜单匹配的 准确率排名得出。长信基金、东吴基金、富国基金、海富通基金、红土创新基金、交银施罗德基金、路 博迈基金、浦银理财有限责任公司、融通基金、申万菱信基金、鑫元基金、兴业基金、招商基金、中国 人寿资产管理有限公司、中欧基金荣膺该奖项。 本年度最佳分析师活动覆盖全部主流券商和投资机构，共有近50家证券公司的研究及销售机构积极报名 参与，超1300家海内外机构提交投票资格申请信息。根据活动规则，最终有800余家机构获得投票资 格，其管理的资产规模超100万亿元，跃上新台阶。 共同探讨2026年投资策略 本届年会以"行远自迩 踵事增华 ...

转自：新华财经 连接全球智慧，以国际化视野赋能财富管理 谈及投资策略，罗杰斯给出了忠告："坚守你所了解的领域，不要听信他人的热门建议，也不要被电视、网络的噪音干扰。"他寄语年轻投资者，摒弃浮躁心 态，专注自身擅长的领域，方能实现长期财富积累。 同时，国泰海通君弘App基于节目内容，为中国投资者提炼和延伸适合当下的投资策略，提供匹配大师策略的智能化工具，助力投资者把握2026年中国资本 市场投资机遇。 汇聚专业力量，以全周期陪伴筑牢投资根基 岁末年初，全球经济变局与市场机遇交织。12月18日，国泰海通君弘推出"开门红"特别直播，特邀投资中国40年、长期看多中国资本市场的国际投资大师吉 姆·罗杰斯，与国泰海通金牌投顾、国泰君安国际首席经济学家、君弘App主持人展开深度对话，围绕中国资产机会、全球经济局势及底层投资逻辑等关键议 题，为投资者带来穿透市场表象的洞察。 作为与巴菲特、索罗斯并列"三大投资家"的国际投资大师，吉姆·罗杰斯曾多次公开表态长期看好中国资本市场。他在节目中表示"我持有很多中国股票，我 对中国的未来持乐观态度。在下一个十年、下一个世纪，中国将成为世界上最重要的经济体，这意味着将会有很多机会"。具体 ...

岁末年初，全球经济变局与市场机遇交织，是投资者锚定投资方向的关键节点。国泰海通围绕建设一流投资银行战略目标，立足全球视 野，践行普惠金融，助力投资者提高长期投资胜率。12 月 18 日， 国泰海通君弘推出"开门红"特别直播， 特邀投资中国40年、长期看多 中国资本市场的国际投资大师吉姆·罗杰斯， 与国泰海通金牌投顾、国泰君安国际首席经济学家、君弘App主持人展开深度对话 ，围绕 中 国 资产机会、全球经济局势及底层投资逻辑等关键议题，为投资者带来穿透市场表象的洞察。 吉姆·罗杰斯与巴菲特、索罗斯并列为"三大投资家"，作为量子基金联合创始人，他曾创造10年4200%的投资组合收益成绩。尤为值得关 注的是， 罗杰斯是最早大举押注中国市场的外国投资者之一，曾多次公开表态长期看好中国资本市场。本次特别直播在国泰海通君弘 App、国泰海通灵犀App、凤凰网财经等十余平台播出。 罗杰斯在 节目中再次明确 表示，他 始终 持有中国资产并持续看好中国的资本市 场。 连接全球智慧，以国际化视野赋能财富管理 谈及投资策略，罗杰斯给出了忠告："坚守你所了解的领域，不要听信他人的热门建议，也不要被电视、网络的噪音干扰。"他寄语年轻投 ...

Greg Abel is set to take over as CEO of Berkshire Hathaway at the end of the year.The end of the year is fast approaching, and for Berkshire Hathaway (BRK.A +0.93%)(BRK.B +0.85%) shareholders, that means one important thing: Their company will have a new CEO. Warren Buffett, who has been at the helm of Berkshire for decades, is finally retiring. The billionaire investor has enjoyed a remarkably successful career, which will finally draw to a close.Losing its visionary and long-term leader will obviously be ...

Core Viewpoint - Recent adjustments in management fees for several public fund money market funds have drawn market attention, particularly as these funds yield around 1% while management fees reach as high as 0.85% to 0.9% [1][2]. Group 1: Management Fee Adjustments - Many of the funds adjusting their management fees are transformed from asset management collective products, which previously had a floating fee model [2][4]. - The recent decline in money market fund yields has triggered the fee adjustment mechanism, with many funds now showing a 7-day annualized yield below 1% [2][5]. - The average management fee for money market funds is currently around 0.23%, with a median of 0.2% [2][6]. Group 2: Historical Context and Fee Structure - The management fees were primarily set before the transformation of these funds, with some funds adjusting fees based on specific yield thresholds relative to bank deposit rates [3][4]. - A notable example includes a fund that adjusted its management fee from 0.90% to 0.30% based on its yield performance [3]. - The fluctuation in management fees is based on a rule where if the 7-day annualized yield is less than or equal to twice the current deposit rate, the management fee must decrease [4][6]. Group 3: Future Expectations - As the trend of lowering fees continues, it is expected that fund companies will adjust their management fees in line with market conditions [2][5]. - Currently, there are approximately 103 public funds that have transitioned from asset management collective products, with a total asset value nearing 200 billion [5][6]. - Among the transformed funds, 14 are money market funds, with a total scale exceeding 150 billion, and many of these have management fees above the average market level [5][6]. Group 4: Investment Strategy Considerations - The transformation of these funds often involves changes in fund managers, which can lead to shifts in investment strategies and risk-return profiles [7][8]. - Investors should pay attention to the changes in investment strategies and the performance of the new fund managers as these factors may significantly impact fund performance [7][8].

Core Insights - The report indicates that the transportation sector is facing significant profit impacts in 2025, with a general decline in ROE and net profit year-on-year. The market is currently pricing in a disconnection between stock prices and 2025 performance trends, highlighting a situation where profit and stock price bottoms are evident, but valuations appear high [3]. Transportation Sector Analysis - The report suggests that in 2026, the focus should be on identifying alpha within beta stocks, as different sub-industries will experience varying recovery paces. Key investment strategies include: 1. Domestic demand recovery is expected to precede external demand, with a low base in 2026 being a significant factor [3]. 2. Upstream sectors are anticipated to recover before downstream sectors, with initial signs of price and inventory recovery in Q3 2025 [3]. 3. Price increases are expected to precede volume growth, with supply constraints influencing the cyclical recovery across different sectors [3]. Macro Economic Outlook - The report provides a macroeconomic outlook for 2026, indicating that while U.S. broad market indices are relatively expensive, they are not at extreme levels. The Chinese stock market has potential for nominal growth recovery, which could lead to a re-evaluation of A-share valuations [3]. - The report also highlights that the current market breadth is healthy, suggesting a broad-based potential for upward movement in indices such as the S&P 500 and the CSI 300 [3].

Group 1 - The core investment logic revolves around understanding the underlying demand for products, such as Moutai being a social currency in China rather than just a beverage [2][3] - The shift in consumer behavior, with increased spending power among the public, has led to a rise in Moutai consumption during gatherings and business events [3] - Long-term holding of quality assets like Moutai can effectively dilute costs, making it a reliable investment compared to traditional savings [3] Group 2 - The investment in Pinggao Electric was based on recognizing the policy-driven opportunities and the industrial logic related to energy transmission amidst severe pollution issues [6] - The tire mold industry is characterized by consistent demand, as new cars require molds and old ones need replacement, indicating a clear growth potential for companies like Haomai [8] - The investment in China Shenhua and China Mobile during market panic highlighted the importance of focusing on core assets with high dividend yields and low valuations [13] Group 3 - The investment strategy has evolved from relying on luck to a more structured approach based on asset allocation and industry research, emphasizing the importance of investing in understandable and essential companies [16] - Companies with strong management and stable income sources, such as Standard Chartered, are seen as resilient investments due to their diversified revenue streams and consistent dividends [15]

编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | ■其他 2025 苏州上市公司投资者集体接待日活动 | | 参与单位名称及 | | | | 参与 2025 苏州上市公司投资者集体接待日活动的广大投资者 | | 人员姓名 | | | 时间 | 2025 年 12 月 2 日 | | 地点 | 网络远程方式，全景网"投资者关系互动平台" | | | （https://ir.p5w.net） | | 上市公司接待人 | | | | 财务总监、董事会秘书窦蔷彬先生，证券事务代表许伟先生。 | | 员姓名 | | | | 一、回复投资者提出的相关问题： | | | 1、报告提及公司签署了股权收购意向协议，但未提供详细信 | | | 息。能否透露更多关于这次收购的目标公司、行业领域以及 | | | 预期对公司未来业绩的影响? | | | 答：尊敬的投资者，您好！公司收购苏州市凌臣采集计算机 | | | 有限公司事项已经有最新进展情况，详情您可参见公 ...

Core Points - The article discusses the implementation of the Central University of Finance and Economics' Graduate Academic Exchange Reward Program to enhance academic enthusiasm among graduate students and expand the school's disciplinary influence [1] Group 1 - The "6th Peking University Economic Science Doctoral Forum" was held to promote academic exchange among universities and provide a platform for young scholars in economics [2] - A graduate student from the International Economics and Trade School presented a paper at the forum, which was accepted after expert review [2] - The paper titled "The Occupational Mobility Effect of Imports: A Study Based on Microdata from China" found that imports significantly promote occupational mobility in the labor market, with skill stratification effects observed [4] Group 2 - The research indicates that high-skilled workers experience lower mobility due to "skill lock-in," while low-skilled workers, despite being forced to adjust, see wage increases [4] - The uncertainty caused by China-US trade tensions has severely suppressed labor market mobility in China [4] - The student expressed that engaging with experts at the forum provided critical feedback for their research and deepened their understanding of macroeconomic policies from a micro perspective [6]

Investment Rating - The report maintains a GDP growth forecast of 5% for the year and 4.5% for Q4 2025, indicating a stable outlook for the industry [5][8]. Core Insights - China's fiscal spending growth is below expectations, primarily due to strong export growth, which allows for a 5% annual growth target to be achievable. This has led to a tightening of fiscal policy in October, but some policy space is reserved for 2026 to ensure a strong start [5][8]. - The focus of China's economic policy for the coming year will be on stabilizing domestic demand, supporting high-tech manufacturing, and stabilizing the real estate market, with key discussions expected in upcoming political meetings [8][12]. - The labor market shows slight improvement but remains at historical lows, limiting consumer recovery. Consumer confidence has improved slightly, influenced by the stock market, but overall consumer spending remains weak [9][10]. Summary by Sections Fiscal Policy - In October, fiscal spending growth was lower than market expectations, leading to an unexpected tightening of broad fiscal indicators. However, the report maintains a GDP growth forecast of 5% for the year [5][6]. Consumer Market - October retail sales data showed accelerated growth in categories like cosmetics and jewelry due to the Double Eleven shopping festival, but this is expected to decline in November. Sales of home appliances and automobiles, supported by trade-in subsidies, have lagged behind other categories, indicating that price promotions and temporary subsidies cannot sustain durable goods consumption [6][7]. Labor Market and Consumer Confidence - The labor market remains weak, with historical low employment levels limiting consumer recovery. Consumer confidence showed slight improvement, potentially due to stock market performance, but overall consumer spending is still weak [9][10]. Fixed Asset Investment (FAI) - FAI growth has significantly slowed, dropping to approximately -11% in October. The decline in real estate investment, along with reductions in infrastructure and manufacturing investments, has contributed to this downturn. The report suggests that only 40% of the decline can be attributed to known factors, with the remaining 60% possibly due to statistical adjustments [13][14]. Policy Recommendations - To stimulate household consumption, the report suggests measures such as creating job opportunities, increasing minimum wage standards, and enhancing service consumption supply. Specific policies include subsidies for the service industry and labor-intensive sectors, as well as relaxing restrictions on high-end consumption [12][16]. Investment Opportunities - The report identifies 35 policy-supported industries that account for approximately 60% of the total market capitalization of listed companies. These industries are expected to provide better investment returns based on the analysis of the Fifteenth Five-Year Plan [15][16].