投资方面：今年是丰收的一年，转债帐户18.5%，股票帐户36.2%，很幸运，累计收益金额突破 七位数。 上半年是持仓股票转债，整体跟上了一波上涨。八月中对转债进行减仓，本想找机会回补，但一 直没等到下跌。在发现仓位偏低后，在沽单保护下，进一步提高了股票配置比例。后面重点挑选 个股，又踩中了免税风口。总的来说，执行过程没有大的硬伤，没有出现情绪化或被迫性的操 作，结果也基本符合预期。当然，在回撤控制方面，仍需再提升。 我的投资主要以分散配置为主，不拘泥于单一风格或品种。只要盈利逻辑清晰，胜率赔率大致可 评估，就会纳入考量。在我看来，相较于选哪只个股，仓位的整体规划与动态调整更为重要。很 多时候，能不能买、能不能卖，都是由仓位决定的，择时反倒是其次。 在实际操作中，我遵循以下原则分配仓位： 坚持做下去，每天变好一点点。这听起来简单又励志，但在现实中，改变，确实比想象中困难得 多。旧的自己有着强大的惯性。我们对抗的并不只是某个习惯，而是一个由多年积累形成、彼此 支撑、高度自洽的系统。 要变，那是包括生活方式、自我认知、社会关系和情绪模式的整体改变。所以需要持续微小的碰 撞和积累，才能真正撼动这个系统的底层结构。学习 ...

葛小波 ◎记者 汤立斌 "近年来，资本市场一系列政策举措，从拓宽融资渠道、降低融资成本、优化市场环境等多方面，持续 提升科创企业的融资效力，促进了区域经济的协同发展。"国联民生总裁葛小波在接受上海证券报记者 专访时表示，在此背景下，证券公司需要深度嵌入产业链协同与区域创新生态，塑造与科创企业共生共 长共荣的关系，共筑新质生产力竞争壁垒。 在葛小波看来，资本市场在推动科技创新和产业创新融合发展的过程中发挥着重要枢纽功能，随着市场 制度的包容性与适应性不断提高，证券公司服务科技创新也被赋予了新的内涵和要求。 "首先是融资需求，企业在发展的不同阶段，需要不同类型的资金，如何助力其实现高效、便捷和低成 本的融资战略，是证券公司服务的主要内容。"葛小波表示，"其次是战略合作需求，证券公司帮助企业 融资仅仅是最基本的服务，更重要的是通过融资与战略伙伴建立起股权纽带关系。最后是并购需求，科 技企业通过并购实现规模扩张，构建第二发展曲线和产业链整合。" "在新形势下，只有在服务新质生产力和推动科技创新方面发挥出作用，形成自身的经营特色和服务能 力，证券公司才能在未来的竞争中立于不败之地。"葛小波说。 2024年4月，中国证监 ...

郭晨凯 制图 ◎记者 赵明超 时来天地皆同力。在近一年的行情中，公募基金"质效双升"，公募基金总规模已逼近37万亿元，ETF最 新规模高达5.8万亿元，部分绩优基金凭借业绩实现规模跃迁，成为影响市场的重要力量。 公募基金的市场话语权持续提升，深度重构A股市场的生态环境和价值发现逻辑，成为市场稳定器、价 值发现者，并引领着价值创造。 稳定器： ETF成为市场中流砥柱 今年以来，ETF规模实现爆发式增长。据Choice测算，截至12月19日，ETF总规模达5.83万亿元，较去 年底大增2万多亿元，再创历史新高。 从结构来看，权益类ETF成为"主力军"，最新规模合计为4.47万亿元，较去年底增长近1.3万亿元。 南方基金权益投资部总经理张延闽在接受上海证券报记者采访时表示，近年来监管层持续鼓励长线资金 入市，中央汇金等长线资金多次通过申购宽基ETF来稳定市场，起到了极强的风向标作用。新"国九 条"也明确建立ETF快速审批通道，推动指数化投资发展。指数基金产品线愈发完整，极大丰富了指数 基金生态。 "投资者需求也在发生变化。指数基金'低成本，更透明'的产品特性，与如今的投资者较为契合。越来 越多的机构投资者如保险、年 ...

◎林玉莲 记者 徐锐 并购基金与S基金（私募股权二级市场基金）正逐渐成为一级市场的重要力量。 日前，第八届创投责任投资论坛在上海举行。与会嘉宾表示，并购基金从资产收购转向产业赋能，S基 金从单一份额交易升级为重组解决方案，方能破解"价值发现难，价格博弈大，流动性不足"的行业痛 点。 "价值发现的重要性占比超60%" 一村资本创始合伙人、总经理于彤判断，中国并购市场已从"规模扩张"转向"产业链重塑"。并购投资分 为价值发现、价值创造等不同环节，其中价值发现的重要性占比超过60%。 在"并购六条"政策落地满一年、并购市场实现跨越式增长的背景下，并购投资的价值发现与增值逻辑成 为热议焦点。尽管热度居高不下，但市场竞争激烈，如何寻找优质资产始终是摆在投资人面前的一道难 题。 在并购标的选择上，于彤认为，应重点关注四大核心指标：第一，是否形成较高的技术壁垒；第二，是 否拥有稳定的TOB客户资源，如汽车产业链等领域中标的企业拥有大量长期客户，构成重要竞争壁垒； 第三，是否具备持续的造血能力，与小比例股权投资侧重成长性相比，并购投资更看重标的现金流稳定 性与应用场景爆发潜力；第四，能否在持有期间带来额外的价值回报。 上海证 ...

党的十八大以来，我国坚持把创新作为引领发展的第一动力，全面实施创新驱动发展战略，加快推进科 技自立自强。中央企业作为科技创新的"国家队"，在攻克关键核心技术及构建新型举国体制中发挥着不 可替代的枢纽作用。然而，国资央企长期面临"估值洼地"困境，特别是科技央企低估问题尤为突出，不 仅制约了企业的再融资能力，更阻碍了"科技创新—价值创造—价值实现"的良性循环。究其原因，长期 资金支持偏弱与适配金融产品供给不足，共同制约了资源的配置效率。需从供需两端协同发力，为央企 科创企业提供兼具韧性与深度的资本市场环境。 一、国资央企科技创新的战略地位、市场作用与现实挑战 （一）国资央企科技创新的战略意义与成果 进入新时代，党中央把科技创新摆在国家发展全局的核心位置，把科技自立自强作为国家发展的战略支 撑。随着新一轮科技革命和产业变革深入发展，高技术领域成为国际竞争最前沿和主战场。企业是创新 的主体，中央企业作为科技创新的"国家队"，通过充分发挥新型举国体制优势，勇当关键核心技术攻坚 的"排头兵"，高效统筹高校与国家实验室资源，打造原始技术从"0"到"1"突破的策源地，夯实科技产业 创新的"底座"，构建"基础研究—技术攻关—产 ...

Core Viewpoint - The construction of a financial system that adapts to the development of future industries is a complex system engineering task, requiring a balance between effective markets and proactive government intervention, while breaking path dependence and institutional barriers [1][22]. Group 1: Future Industry Characteristics - Future industries are characterized by the deep integration of technological and industrial innovation, representing a shift towards disruptive innovation driven by cutting-edge technologies [4]. - These industries face fundamental differences in financing needs compared to traditional industries, primarily due to their inherent uncertainty and the lack of established market applications [4][3]. - The rise of future industries necessitates a profound structural reform of the financial supply side to create a modern financial ecosystem that effectively accommodates their unique risk-return characteristics [3][4]. Group 2: Financial System Requirements - The financial system must develop mechanisms for prudent management of uncertainty, flexible operational mechanisms, inclusive development mechanisms, and transparent regulatory mechanisms to adapt to the uncertainties of future industries [4]. - There is a need for a financial infrastructure that can price and manage innovation-related uncertainties, utilizing financial technology for real-time risk monitoring and developing diversified investment tools [9][10]. Group 3: Capital Market Development - The capital market must evolve to support a modern industrial system, focusing on maintaining a reasonable proportion of manufacturing and enhancing the service capabilities of various market segments [5][7]. - A multi-layered capital market system should be established to enhance the service capabilities for specialized small and medium enterprises, particularly those with high intangible asset ratios [7][12]. Group 4: Investment and Financing Coordination - A seamless and complementary financing ecosystem is required to support the growth trajectory of future industries, necessitating a diverse "toolbox" of financing options tailored to different stages of enterprise development [12]. - The financial system should transition from a focus on collateral-based lending to a value discovery approach, emphasizing the importance of intangible assets and future growth potential [6][13]. Group 5: Innovation in Financial Products - Financial products must be innovated to align with the characteristics of future industries, including the development of green finance, digital finance, and inclusive finance to support various sectors of the economy [17][20]. - The establishment of a comprehensive financial service standard system is essential to support the growth of future industries and ensure that financial resources are effectively allocated [18][19]. Group 6: Regulatory Framework - A modern regulatory framework is necessary to ensure that financial resources are effectively directed towards innovation while managing risks, requiring a shift towards functional and penetrating regulation [21]. - The financial system must be equipped to handle systemic risks while promoting a culture of investment in innovative sectors, ensuring that financial resources are available for long-term projects [21].

Core Viewpoint - The A-share market is experiencing strong momentum driven by significant contracts, with nearly 70 companies announcing major strategic collaborations and contracts since October, leading to notable stock price increases [1][2]. Group 1: Major Contracts and Their Impact - Nearly 70 A-share companies have disclosed major positive news since October, significantly outperforming the market average [1]. - Key sectors benefiting from large orders include machinery, power equipment, construction decoration, and automotive, with machinery and power equipment being the primary focus [1]. - Notable contracts include a 616 million yuan independent energy storage project by Hongying Intelligent, a 581 million yuan nuclear project contract by Lanshi Heavy Industry, and a 1.9 to 2.4 billion USD order for an offshore floating production storage and offloading (FPSO) vessel by Bomaike [1]. Group 2: Market Reactions - The average stock price increase for these companies on the first trading day after announcements was 1.45%, while the CSI 300 index fell by 0.09% [2]. - From the announcement date to the latest closing date, these companies' stock prices rose over 6%, contrasting with a 0.95% decline in the CSI 300 index [2]. - Companies like Haibosi Chuang and Huo Pu Co. saw significant stock price surges, with Haibosi Chuang's stock rising due to a long-term energy storage cooperation agreement with CATL [2]. Group 3: Institutional Interest - As of November 17, 20 of the aforementioned companies received institutional research attention, with 15 companies visited by over 10 institutions [4]. - Companies like Chengsheng Technology attracted over 150 institutional visits due to a strategic cooperation agreement, highlighting a significant increase in product sales [4]. - Analysts predict that companies such as Chengsheng Technology, Leidi Ke, and Lanjian Intelligent will see net profit growth exceeding 25% in 2025 and 2026, with Jin Gu Co. and Huitian New Materials expected to exceed 100% growth in 2025 [4]. Group 4: Market Analysis - Analysts note that major contract announcements serve as catalysts for stock prices, providing investors with clear and reliable performance certainty [5]. - In the current market environment, funds are increasingly favoring companies with solid fundamentals, as substantial contracts secure future revenue and profits, reducing investment uncertainty [5]. - The trend indicates a shift from speculative trading to value discovery, with investors focusing more on companies' intrinsic growth capabilities and actual operational results [5].

Core Viewpoint - The current market environment is characterized by uncertainty and challenges, necessitating a proactive approach to identify value and navigate through complexities [2]. Group 1: Event Overview - The 19th China Investment Annual Conference and Limited Partner Summit is scheduled for November 26-27, 2025, in Shanghai, focusing on the theme "Paddling in Midstream" [2]. - The summit aims to gather significant capital sources, including state-owned capital, active market-oriented mother funds, and insurance funds, to address structural challenges in the current market [2][9]. Group 2: Key Discussions - Three high-level closed-door discussions will be held, targeting core industry issues and facilitating deep dialogues among top LPs, GPs, and industry leaders [4]. - The first discussion focuses on the high-quality development of state-owned capital and its role as a driving force in the industry [4]. - The second discussion addresses asset allocation strategies between LPs and GPs, exploring new consensus and collaborative paths in the new cycle [5]. - The third discussion delves into S transactions as a critical tool for value discovery and innovative exit strategies [5]. Group 3: Important Releases - The conference will feature the launch of a new book titled "History of Venture Capital in China," providing a comprehensive review of the sector's 20-year development [7]. - The "2025 Annual Limited Partner List" will be published to recognize outstanding institutions in investment practices over the past year, highlighting investment trends and hotspots [7]. - A report on the "Development Index of China's Venture Capital Market" will be released, offering authoritative data and trend analysis to guide investment decisions [7]. Group 4: Capital Gathering - The summit will continue to leverage its strong capital gathering capability, bringing together various capital sources to share insights and strategic thoughts on industry trends and market evolution [9]. - The event is positioned as a platform for industry leaders to collectively address uncertainties and seek actionable strategies for navigating the evolving landscape [10].

Group 1: Fund Industry Adjustments - The fund industry is experiencing concentrated adjustments in product risk levels, with many funds seeing their risk ratings increased since October 15 [1] - Notably, 15 out of 17 asset management products sold by CITIC Bank had their risk levels raised, alongside similar adjustments by other public fund institutions [1] - Key factors for the risk level increases include rising volatility, increased maximum drawdown multiples, and declining fund sizes, particularly affecting bond funds [1] Group 2: Insurance Asset Management Performance - As of October, 92.7% of insurance asset management products reported positive returns this year, with equity products averaging a return of 28% [1] - Insurance institutions are increasingly focusing on long-term investments and diversifying their revenue sources through alternative investments [1] Group 3: Agricultural Bank Stock Performance - Agricultural Bank's stock has seen a 13-day consecutive rise, reaching a new high, with a closing price of 7.88 yuan per share [3] - The bank's market-to-book ratio has surpassed 1, indicating a positive valuation recovery for state-owned banks [3] - High dividend yields and stable performance are attracting significant capital inflows into bank stocks [3] Group 4: Lithium Market Dynamics - The price of lithium hexafluorophosphate has surged by 44% since September 15, driven by strong demand recovery and supply constraints [3] - The utilization rate of lithium iron phosphate production has reached 73.46%, indicating a thriving market environment [3] Group 5: Storage Chip Market Trends - The storage chip market is entering a "super cycle" driven by AI, with significant demand for data center storage and smart devices [4] - Analysts predict that the price increase for AI server storage products may continue until 2026, benefiting domestic storage companies [4] Group 6: Third Quarter Earnings Reports - Over 70% of the 360 listed companies that have disclosed their third-quarter earnings reported profit growth compared to the previous year [5][6] - The electronics sector has the highest number of companies reporting growth, driven by advancements in AI technology and expanding application scenarios [6] Group 7: Commercial Aerospace Industry Growth - The commercial aerospace industry in China is experiencing unprecedented growth, transitioning towards scale, marketization, and capitalization [7] - Several leading companies are initiating listing guidance, indicating strong interest from the capital market [7] Group 8: E-commerce and Logistics Developments - The "Double 11" shopping festival has begun, with e-commerce platforms launching promotional strategies to boost consumer engagement [8] - Major logistics companies are enhancing their operations through smart upgrades to meet the anticipated surge in demand [8] Group 9: Smart Glasses Market Forecast - The global smart glasses market is projected to reach 4.065 million units shipped by mid-2025, with a 64.2% year-on-year growth [9] - China's market share is expected to grow significantly, with a compound annual growth rate of 55.6% from 2024 to 2029 [9]

Group 1 - A significant wave of major shareholder buybacks in the A-share market is observed in the second half of 2025, indicating a renewed assessment of market value by industrial capital [1] - A total of 130 listed companies received substantial investments from major shareholders, with 49 companies seeing buybacks exceeding 10 million shares [1] - The top 15 companies in terms of buyback volume each exceeded 40 million shares, showcasing the strong confidence and financial capability of major shareholders [1] Group 2 - The banking, energy, and high-end manufacturing sectors are the main contributors to this buyback trend, with notable actions from executives at Suzhou Bank and Huaxia Bank expressing optimism about their companies' futures [1] - The buyback amounts have significantly increased compared to the same period in 2024, reflecting industrial capital's recognition of the current valuation levels in the A-share market [1] Group 3 - Major shareholder buybacks are often interpreted as a "confidence declaration," with undervaluation being a primary driver for these actions [2] - Enhancing control is another important consideration for major shareholders, as seen with Hengyi Petrochemical increasing its holding percentage to strengthen governance [4] Group 4 - Buybacks that meet certain criteria, such as significant percentage increases and management's personal investments, tend to show more stable subsequent stock price performance [6] - Companies in the energy and chemical sectors that receive buybacks during industry recovery periods often indicate a turning point in performance [6] Group 5 - Investors should focus on companies with low price-to-book ratios and high dividend yields, as these often yield long-term returns post-buyback [8] - Attention should also be given to high-end manufacturing and new energy companies that benefit from policy incentives, as their buybacks align with fundamental improvements [9] Group 6 - The current buyback wave is seen as a potential market bottom indicator, but it also raises questions about the motivations behind these actions, particularly regarding state-owned and private enterprises [9] - The distinction between buybacks as a tool for value discovery versus a means of market value management is crucial for investors to understand [9]