Core Viewpoint - China Galaxy Securities (06881) is positioned to leverage its strengths in risk management, customer base, and policy advantages, with expectations for continued growth potential amid industry recovery and business optimization, targeting a price of HKD 12.66 and maintaining a "Buy" rating [1] Group 1: Financial Performance - The company achieved a revenue of CNY 22.75 billion for the first three quarters of 2025, a year-on-year increase of 44.4%, with net profit attributable to shareholders reaching CNY 10.97 billion, up 57.5% year-on-year [2] - The weighted average ROE reached 8.77%, an increase of 2.97 percentage points year-on-year, indicating significant improvement in profitability [2] - In Q3 alone, net profit attributable to shareholders was CNY 4.48 billion, soaring 73.9% year-on-year and 29.0% quarter-on-quarter, marking the best quarterly performance in history [2] Group 2: Brokerage and Margin Financing - The brokerage business net income was CNY 6.31 billion, a year-on-year increase of 70.7%, accounting for approximately 28% of total revenue, with Q3 income reaching CNY 2.66 billion, up 125% year-on-year [3] - The average daily trading volume in the market increased by 113% year-on-year to CNY 1.81 trillion, contributing to the growth in brokerage income [3] - The margin financing balance reached CNY 2.39 trillion, a year-on-year increase of 66.2%, reflecting a robust customer base and effective conversion capabilities [3] Group 3: Investment Performance - The net investment income (including fair value changes) for the first three quarters was CNY 12.103 billion, achieving a year-on-year growth of 42.4% [4] - The financial asset scale reached CNY 417 billion by the end of Q3, a 9% increase from the beginning of the year, with other debt investments rising by 16.3% to CNY 256.7 billion [4] - The ratio of equity securities and derivatives to net capital increased from 27.27% at the beginning of the year to 32.69%, indicating strong investment and risk control capabilities [4] Group 4: Investment Banking - The investment banking net income for the first three quarters was CNY 480 million, a year-on-year increase of 29.9%, although its impact on overall performance remains limited [5] - The scale of equity underwriting reached CNY 24.1 billion, a staggering increase of 1,420% year-on-year, with a market share increase of 1.68 percentage points to 2.5% [5] - The bond underwriting scale was CNY 576.1 billion, up 76.1% year-on-year, with a market share increase of 1.44 percentage points to 4.7%, ranking sixth in the industry [5]

12月11日至13日，每日经济新闻与海南国际经济发展局联合主办的2025第十四届上市公司发展年会暨海 南自贸港开放机遇交流大会系列活动在海口举行。广开首席产业研究院院长兼首席经济学家连平12日发 表主旨演讲时指出，随着房地产政策调整加之市场下行，大量资金从楼市溢出转向其他市场，过去以房 产为主导的居民资产构成逐步转向多元配置。房产、理财产品等资产的投资收益大幅降低，让投资者进 行资产配置的需求明显上升，权益类资产成为最优选择。 （文章来源：每日经济新闻） ...

资产配置 | 策略报告 当低利率邂逅风偏回归，资产配置被动为 盾，主动为矛 ——2026 年多资产配置展望 研究结论 报告发布日期 2025 年 12 月 12 日 | 王晶 | 执业证书编号：S0860510120030 | | --- | --- | | | wangjing@orientsec.com.cn | | | 021-63325888*6072 | | 周仕盈 | 执业证书编号：S0860125060012 | | 021-63326320 | | --- | | 交易平稳，预期主导：——资产配置月报 | 2025-12-03 | | --- | --- | | 202512 | | | 资产配置策略中低波分化，行业策略转 | 2025-12-03 | | 向：——资产配置模型月报 202512 | | | 资产配置不仅仅是风险分散：——主动型 | 2025-11-27 | | 资产配置新思路 | | | 全天候模型仓位平稳，行业策略推荐科技/ | 2025-11-03 | | 有色/新能源等板块：——资产配置模型月 | | | 报 202511 | | | 关注权益和商品机会：——资产配置月 ...

证券研究报告 | 2025年12月12日 | 晨会纪要 | | --- | | 数据日期:2025-12-11 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3873.31 | 13147.38 | 4552.18 | 13968.17 | 3831.12 | 1325.83 | | 涨跌幅度（%） | -0.69 | -1.26 | -0.86 | -1.42 | -1.49 | -1.54 | | 成交金额（亿元） | 7643.50 | 10927.62 | 4324.31 | 3540.74 | 5132.25 | 532.40 | 【常规内容】 宏观与策略 策略快评:AI 赋能资产配置（三十一）-对冲基金怎么用 AI 做投资 策略快评:AI 赋能资产配置（三十）-投研效率革命已至，但 AI 边界在 哪？ 行业与公司 化工行业快评:2026 年度制冷剂配额核发公示点评-2026 年制冷剂配额 公示，年底配额调整幅度较小 食品饮料行业 2 ...

投资咨询业务资格：证监许可【2012】669号 12月FOMC会议较预期偏鸽，白银再创新高 ——中信期货晨报20251212 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | | | | THE MAN MALL PROPERTY CONTRACT PRODUCTION 日度涨跌幅 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 品种 | 现价 | | 周度涨跌幅 | 月度涨跌幅 | 季度涨跌幅 今年涨跌幅 | | | | 沪深300期货 | 4539.6 | -0.76% | -0.76% | 0.75% | -1.70% | 15.78% | | 股指 | 上证50期货 | 2969.8 | -0.37% | -0.92% | 0.22% | -0.64% | 10.90% | | | 中证500期货 | ...

Core Insights - The gold market in 2025 is experiencing unprecedented volatility, with prices soaring from $2,650 per ounce at the beginning of the year to a peak of $4,304.6 in October, marking an annual increase of over 60%, the highest since 1979 [1][4] - The surge in gold prices has led to the emergence of illegal betting traps, causing significant financial losses for many investors [1][6] Group 1: Decision-Making Challenges - The core issue in decision-making is the fundamental shift in gold pricing logic, where the correlation between real interest rates and gold prices has changed since 2022, leading to a positive correlation instead [4] - Central banks' strategic gold purchases are reshaping market fundamentals, with China's central bank increasing its reserves to 2,305.39 tons as of November 2025, and global central banks' net gold purchases rising by 36% month-on-month to 53 tons in October [4][6] Group 2: Timing Difficulties - The extreme volatility in the market is exemplified by a single-day drop of 6% in gold prices on October 21, the largest decline since 2013, resulting in significant losses for investors who chased high prices [6] - Illegal platforms are luring investors with offers like "1,500 yuan to lock in 100 grams of gold" while providing 60 times leverage, which are not connected to legitimate markets, leading to direct betting against investors [6][8] Group 3: Holding Challenges - Holding gold at high prices is becoming increasingly difficult, with risk levels reaching 71.67 after prices surpassed $4,000, indicating increased short-term correction pressure [9] - The costs associated with physical gold storage and the significant discounts on liquidation, combined with the risks of illegal online platforms, create anxiety for investors [9] Group 4: Strategic Recommendations - To address decision-making challenges, two core trends should be anchored: the long-term support from central bank gold purchases and the favorable monetary policy environment following the Federal Reserve's interest rate cuts [12] - Legal investment tools, such as gold ETFs, are recommended for timing difficulties, as they offer advantages like T+0 trading and no storage costs, allowing for precise tracking of gold prices [14] - For holding challenges, it is advised to limit gold and silver allocations to no more than 10% of the portfolio to balance potential gains with risk management [16]

同样是"足金999"，你在这家店花1328元买下一克，心满意足；转身走进隔壁商场，一模一样的标签，标价却是1232元。 还没走出这条街，你手里的金子，每克已经无声地蒸发了一百块。这不是魔术，这是2025年12月11日，发生在中国各大城市珠宝店里的真实一幕。 国际金价刚刚经历了一轮调整，上海黄金交易所的盘面数字跳动着，可落到全国大大小小的珠宝柜台，这金价就像被吹乱的风向标，指东指西，让人彻底懵 了。昨天，国际金价还微涨了0.4%，今天又掉头向下了一点。可这点波动，跟店里动辄一两百块的差价比起来，简直是小浪花。 你跑断了腿，就想买个镯子。周大福的柜台，灯光打得金器璀璨夺目，店员微笑着报出今日金价：1328元一克。你心里默算，一个三十克的镯子，光金价就 奔着四万块去了，这还没算上那笔躲不开的工艺费。老师傅拿着一个新款，工艺复杂，花纹精致，"这设计费，一克得多加50"，他说得理所当然，仿佛那金 子上雕刻的不是花纹，是艺术。 你觉得肉疼，换到隔壁的菜百首饰。导购员手指敲着玻璃，底下是两排价格牌："您看，我们家的首饰金，1290一克。这边是投资金条，1080。实在多了 吧？"这一下，又比刚才那家便宜了将近四十块。可你还是 ...

Core Insights - The story of a woman from Northeast China highlights the long-term value of gold as an asset, contrasting its price appreciation with wage growth over 40 years [2][4]. Group 1: Historical Context - In 1984, the woman purchased 50 grams of gold for 2,350 yuan, equivalent to nearly five years of a typical worker's salary at that time [2][5]. - Today, the same gold is valued at approximately 50,000 yuan, reflecting a price increase from 47 yuan per gram to around 1,000 yuan per gram, a nearly 20-fold increase [2][5]. Group 2: Economic Analysis - Despite the significant increase in gold prices, its value relative to wage growth has diminished, as the current worth of the gold is only about ten months of a typical worker's income [5]. - The average disposable income for residents in the first three quarters of 2025 reached 32,509 yuan, indicating a shift in purchasing power over the decades [5]. Group 3: Investment Perspective - Gold has transitioned from a mere preservation tool to a strategic asset in investment portfolios, driven by geopolitical tensions and economic uncertainties [6]. - Central banks have been increasing their gold reserves to mitigate foreign exchange risks, reflecting a fundamental change in the rationale behind gold investment [6]. Group 4: Wealth Management Insights - The comparison between gold and wage growth emphasizes the importance of investing in human capital, such as education and skills, which have outpaced gold price increases over the years [8]. - A diversified asset allocation strategy is crucial for wealth growth, incorporating equities, stable income assets, and quality real estate [8]. Group 5: Conclusion - The woman's decision to retain her gold rather than sell it suggests that its value transcends market price, embodying personal and familial significance [10]. - True wealth wisdom lies in balancing financial asset management with personal growth and family well-being, which are seen as reliable forms of "hard currency" in any economic cycle [10].

尽管Costco金条和美国造币厂金币销售在社交媒体上引起了热议，但报告指出，与黄金ETF资金流入相 比，美国实物黄金需求微不足道——今年迄今仅11至15吨，而ETF净买入约400吨。 美国私人投资者对黄金的低配置与主要机构和市场人士的建议形成鲜明对比，包括花旗、瑞银、摩根士 丹利、贝莱德和桥水创始人瑞·达利欧（Ray Dalio），他们都建议投资者在投资组合中增加黄金，比例 应为中高个位数百分比。 高盛表示，尽管黄金今年创下历史新高，但美国私人投资者的黄金持仓很低，这意味着金价可能还有更 大上涨空间。 尽管黄金价格屡创新高，但美国私人投资组合中的黄金配置几乎没有变化。根据高盛周三发布的分析， 自2000年代中期黄金ETF推出以来，黄金ETF在私人非现金金融投资组合中的占比仍比2012年峰值低6 个基点（0.06个百分点）。 高盛分析师写道，美国私人投资者的黄金配置如此之低的原因很简单："过去十年，其投资组合增长速 度超过了黄金价格和交易量的增长。" 尽管黄金价格在2025年飙升至新的历史高点，但高盛分析显示，这轮涨势并未转化为美国投资者实际持 有量的显著增加。 截至第二季度，黄金ETF仅占美国私人非现金金融投 ...

以下文章来源于阿尔法工场DeepFund ，作者基哥 截至2025年三季度末，全市场指数基金数量达到接近3000只，合计规模达到6.72万亿元（剔除 ETF联接基金）。在ETF爆发式增长的助推下，指数基金继续呈现快速增长态势。今年以来新成 立的ETF数量达到328只，新发规模也突破2500亿元，均创下历史新高。 在快速发展的同时，各家机构却陷入无差异的"发行战、费率战、规模战"循环。背后的原因，主 要是很多机构仅仅将指数产品当做扩张规模的"工具"，而忽视了每个产品对于投资者来说，都是 财富保值增值的媒介。 作为一家具有互联网基因、长期服务最广大多元投资者群体的基金公司，天弘基金深刻理解投资 者的财富保值增值需求，凭借自身技术积淀与客户服务经验，在指数基金赛道实现了从"工具提 供"到"全方位解决方案"的升维突破。 这一突破，恰好切中了当前行业快速发展背后的核心痛点：同质化竞争对基金公司和投资者都会 造成显著的资源浪费与潜在损失，对于基金公司来说，为了争夺市场份额难免会陷入价格战和营 销战，压缩利润空间；对于投资者来说，跟踪同一指数的产品大量涌现，增加了选择的难度。 功守道 阿尔法工场DeepFund . 专注基 ...